有色套利早报 研究中心有色团队 2025/05/27 铜：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 78525 - - 三月 77600 9614 8.15 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 22580 - - 三月 22055 2713 6.20 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 20350 - - 三月 20090 2466 8.18 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 124100 - - 均衡比价 盈利 现货进口 - -3470.81 铅：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 16650 - - 三月 16795 1994 11.12 均衡比价 盈利 现货进口 - - 跨期套利跟踪 2025/05/27 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 100 -190 -420 -700 理论价 ...

有色套利早报 研究中心有色团队 2025/05/21 铜：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 78340 9475 8.25 三月 76900 9472 8.23 均衡比价 盈利 现货进口 8.25 -23.85 现货出口 -364.39 锌：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 22610 2642 8.56 三月 22080 2672 6.29 均衡比价 盈利 现货进口 8.70 -369.59 铝：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 20210 2437 8.29 三月 20030 2439 8.23 均衡比价 盈利 现货进口 8.71 -1031.75 镍：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 124500 15251 8.16 均衡比价 盈利 现货进口 8.30 -3221.31 跨期套利跟踪 2025/05/21 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -630 -920 -1110 -1310 理论价差 491 880 1278 1676 ...

有色套利早报 研究中心有色团队 2025/05/20 铜：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 78070 9497 8.27 三月 77020 9481 8.19 均衡比价 盈利 现货进口 8.25 -103.15 现货出口 5.75 锌：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 22650 2656 8.53 三月 22120 2688 6.28 均衡比价 盈利 现货进口 8.69 -435.22 铝：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 20230 2471 8.19 三月 20065 2470 8.14 均衡比价 盈利 现货进口 8.70 -1280.43 镍：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 125000 15388 8.12 均衡比价 盈利 现货进口 8.30 -3655.82 理论价差 451 773 理论价差 121 252 锌 当月合约-现货 次月合约-现货 价差 -150 -405 理论价差 168 280 铅 当月合约-现货 次月合约-现货 价差 120 125 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The report provides cross - market, cross - period, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on May 15, 2025 [1][3][7] According to Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 15, 2025, the domestic spot price was 78,875, the LME spot price was 9,639, with a spot ratio of 8.13; the domestic three - month price was 78,460, the LME three - month price was 9,625, with a three - month ratio of 8.16. The equilibrium ratio for spot import was 8.25, with a loss of 227.87, and a profit of 256.73 for spot export [7] - **Zinc**: The domestic spot price was 22,880, the LME spot price was 2,705, with a spot ratio of 8.46; the domestic three - month price was 22,580, the LME three - month price was 2,728, with a three - month ratio of 6.20. The equilibrium ratio for spot import was 8.68, with a loss of 595.29 [7] - **Aluminum**: The domestic spot price was 20,210, the LME spot price was 2,521, with a spot ratio of 8.02; the domestic three - month price was 20,240, the LME three - month price was 2,520, with a three - month ratio of 8.01. The equilibrium ratio for spot import was 8.70, with a loss of 1,729.07 [7] - **Nickel**: The domestic spot price was 126,350, the LME spot price was 15,594, with a spot ratio of 8.10. The equilibrium ratio for spot import was 8.29, with a loss of 3,771.87 [7] - **Lead**: The domestic spot price was 16,800, the LME spot price was 1,975, with a spot ratio of 8.48; the domestic three - month price was 16,950, the LME three - month price was 1,982, with a three - month ratio of 11.40. The equilibrium ratio for spot import was 8.93, with a loss of 887.82 [1][2] Cross - Period Arbitrage Tracking - **Copper**: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 510, 30, - 330, and - 570 respectively, while the theoretical price differences were 494, 886, 1287, and 1689 [3] - **Zinc**: The price differences were 210, 80, - 50, and - 145 respectively, and the theoretical price differences were 216, 337, 459, and 580 [3] - **Aluminum**: The price differences were 240, 205, 160, and 140 respectively, and the theoretical price differences were 211, 323, 436, and 548 [3] - **Lead**: The price differences were 15, 30, 10, and 15 respectively, and the theoretical price differences were 210, 315, 421, and 526 [3] - **Nickel**: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 2230, 2410, 2580, and 2770 respectively [3] - **Tin**: The price difference between the 5 - month and 1 - month contracts was - 650, and the theoretical price difference was 5501 [3] Cross - Product Arbitrage Tracking - **Ratio of Shanghai Contracts**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.88, 4.63, 0.90, 1.19, and 0.75 respectively [4] - **Ratio of LME Contracts**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.80, 4.81, 0.91, 1.27, and 0.72 respectively [4] Spot - Futures Arbitrage Tracking - **Copper**: The price differences between the current - month and next - month contracts and the spot were - 460 and 50 respectively, and the theoretical price differences were 16 and 527 [3] - **Zinc**: The price differences were - 380 and - 170 respectively, and the theoretical price differences were 45 and 178 [3] - **Lead**: The price differences were 120 and 135 respectively, and the theoretical price differences were 94 and 206 [4]

有色套利早报 研究中心有色团队 2025/05/14 铜：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 78160 9584 8.20 三月 77600 9565 8.13 均衡比价 盈利 现货进口 8.24 -370.77 现货出口 512.42 锌：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 22720 2665 8.52 三月 22185 2693 6.29 均衡比价 盈利 现货进口 8.68 -413.51 铝：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 20015 2482 8.06 三月 19960 2480 8.05 均衡比价 盈利 现货进口 8.71 -1596.65 镍：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 124800 15411 8.10 均衡比价 盈利 现货进口 8.29 -3291.29 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 铅：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 16800 1991 8.41 三月 ...

期货研究院 股指期货日度策略报告 Stock Index Futures Strategy Daily Report 金融衍生品研究中心 | 作者： | 李彦森 | | --- | --- | | 从业资格证号： | F3050205 | | 投资咨询证号： | Z0013871 | | 联系方式： | 010-68518392 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年05月13日星期二 更多精彩内容请关注方正中期官方微信 摘要 【行情复盘】 周一股指上行步伐有所加快，沪指收涨0.82%。期指主力合约也全 面走升。成交持仓方面，四个品种成交持仓均上升，市场情绪有所 好转。 【重要资讯】 行业来看，31个一级行业大多数上涨，行业涨跌差异上升，结合行 业在指数中所占权重看，非银金融对300和50带动最强，电力设备 带动300，国防军工、电子带动500和1000，医药生物是四大指数 主要拖累。资金方面，主要指数资金全面流入。消息面上看，央行 今日公开市场操作净投放流动性430亿元，短端资金成本小幅下降 。消息显示，中美关税谈判取得突破性进展，双方联合声明确认将 4月2日后增量关税降至 ...

跨期套利跟踪 2025/05/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -440 -980 -1430 -1770 理论价差 491 881 1279 1678 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -375 -630 -775 -850 理论价差 216 338 459 581 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -65 -150 -205 -205 理论价差 209 320 430 540 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 60 50 40 60 理论价差 209 313 418 523 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -90 10 250 510 锡 5-1 价差 490 理论价差 5366 期现套利跟踪 2025/05/12 铜 当月合约-现货 次月合约-现货 价差 -295 -735 理论价差 109 478 锌 当月合约-现货 次月合约-现货 价差 -225 -600 理论价差 5 137 免责声明: 以上内容所依据的信息均来源于交易所、媒体及 ...

Report Industry Investment Rating - No information provided Report's Core View - The report provides 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 May 9, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 9, 2025, the domestic spot price was 78,450, the LME price was 9,409, and the ratio was 8.33. The equilibrium ratio for spot import was 8.29, with a profit of - 252.05. The profit for spot export was - 332.50. The ratio for the three - month contract was 8.30 [1] - **Zinc**: The domestic spot price was 22,850, the LME price was 2,569, and the ratio was 8.90. The equilibrium ratio for spot import was 8.78, with a profit of 308.41. The ratio for the three - month contract was 6.45 [1] - **Aluminum**: The domestic spot price was 19,620, the LME price was 2,376, and the ratio was 8.26. The equilibrium ratio for spot import was 8.78, with a profit of - 1,237.36. The ratio for the three - month contract was 8.22 [1] - **Nickel**: The domestic spot price was 125,000, the LME price was 15,323, and the ratio was 8.16. The equilibrium ratio for spot import was 8.33, with a profit of - 4,119.54 [1] - **Lead**: The domestic spot price was 16,700, the LME price was 1,934, and the ratio was 8.60. The equilibrium ratio for spot import was 8.98, with a profit of - 745.16. The ratio for the three - month contract was 11.50 [3] Cross - Period Arbitrage Tracking - **Copper**: On May 9, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 830, - 1,380, - 1,830, and - 2,240 respectively, while the theoretical spreads were 493, 884, 1,283, and 1,683 respectively [4] - **Zinc**: The spreads were - 500, - 755, - 915, and - 1,000 respectively, and the theoretical spreads were 216, 339, 461, and 584 respectively [4] - **Aluminum**: The spreads were - 70, - 170, - 230, and - 235 respectively, and the theoretical spreads were 209, 319, 429, and 539 respectively [4] - **Lead**: The spreads were 125, 135, 115, and 110 respectively, and the theoretical spreads were 208, 313, 417, and 521 respectively [4] - **Nickel**: The spreads were - 610, - 410, - 210, and 20 respectively [4] - **Tin**: The 5 - 1 spread was - 50, and the theoretical spread was 5,415 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 260 and - 1,090 respectively, and the theoretical spreads were 126 and 439 respectively [4] - **Zinc**: The spreads were - 175 and - 675 respectively, and the theoretical spreads were - 2 and 131 respectively [4] - **Lead**: The spreads were - 50 and 75 respectively, and the theoretical spreads were 91 and 203 respectively [5] Cross - Variety Arbitrage Tracking - On May 9, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 3.50, 3.96, 4.57, 0.89, 1.16, and 0.77 respectively. The ratios for the LME (three - continuous) contracts were 3.60, 3.91, 4.85, 0.92, 1.24, and 0.74 respectively [5]

跨期套利跟踪 2025/04/30 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -160 -410 -690 -880 理论价差 491 880 1277 1675 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -240 -465 -605 -675 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -80 -150 -190 -195 理论价差 211 323 435 547 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -95 -110 -100 -135 理论价差 210 316 422 528 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -340 -200 10 280 锡 5-1 价差 780 理论价差 5402 期现套利跟踪 2025/04/30 铜 当月合约-现货 次月合约-现货 价差 -255 -415 理论价差 260 668 锌 当月合约-现货 次月合约-现货 价差 -170 -410 理论价差 77 210 有色套利早报 研究中心有色团队 202 ...

二 〇 二 五 年 度 2025 年 4 月 27 日 国债期货周报 | 唐立 | 投资咨询从业资格号：Z0021100 | Tangli@gtht.com | | --- | --- | --- | | 林致远 | 投资咨询从业资格号：Z0021471 | linzhiyuan@gtht.com | | 孙嘉良（联系人） | 从业资格号：F03129093 | sunjialiang@gtht.com | 报告导读： ◼ 摘要： 风险提示： 货币政策力度不及预期、权益市场情绪超预期 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 期货研究 1. 周度聚焦与行情跟踪 国债期货合约周度下行，其中 TS、TF 合约分别下行 0.15%、0.27%，T、TL 合约分别下行 0.21%、 0.03%。 图 1：活跃合约走势 图 2：活跃合约周度涨跌幅 资料来源：Wind，国泰君安期货研究 资料来源：Wind，国泰君安期货研究 100 105 110 115 120 125 TS TF T TL (0.15) (0.27) (0.21) (0.03) -0.3 -0.25 -0.2 -0.15 - ...