Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on May 29, 2025 [1][3][4] 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 78450, LME price is 9622, and the ratio is 8.14; March domestic price is 77650, LME price is 9578, and the ratio is 8.15. Spot import equilibrium ratio is 8.22 with a profit of - 796.53, and spot export profit is 332.65 [1] - **Zinc**: Spot domestic price is 22840, LME price is 2666, and the ratio is 8.57; March domestic price is 22035, LME price is 2686, and the ratio is 6.24. Spot import equilibrium ratio is 8.73 with a profit of - 434.37 [1] - **Aluminum**: Spot domestic price is 20340, LME price is 2476, and the ratio is 8.22; March domestic price is 20025, LME price is 2475, and the ratio is 8.15. Spot import equilibrium ratio is 8.66 with a profit of - 1103.93 [1] - **Nickel**: Spot domestic price is 123200, LME price is 14966, and the ratio is 8.23. Spot import equilibrium ratio is 8.28 with a profit of - 3261.72 [1] - **Lead**: Spot domestic price is 16600, LME price is 1957, and the ratio is 8.47; March domestic price is 16700, LME price is 1975, and the ratio is 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 879.74 [3] Cross - Period Arbitrage Tracking - **Copper**: For different months compared to the spot month, the spreads are - 340, - 560, - 780, - 1010 respectively, while the theoretical spreads are 493, 884, 1284, 1684 [3] - **Zinc**: The spreads are - 375, - 550, - 675, - 750 respectively, and the theoretical spreads are 216, 338, 460, 582 [3] - **Aluminum**: The spreads are - 40, - 110, - 160, - 190 respectively, and the theoretical spreads are 212, 324, 437, 550 [3] - **Lead**: The spreads are - 100, - 105, - 140, - 120 respectively, and the theoretical spreads are 209, 314, 419, 524 [3] - **Nickel**: The spreads are - 2220, - 2030, - 1820, - 1550 respectively [3] - **Tin**: The 5 - 1 spread is 6050, and the theoretical spread is 5358 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts compared to the spot are - 270 and - 610 respectively, and the theoretical spreads are 278 and 662 [3] - **Zinc**: The spreads are - 255 and - 630 respectively, and the theoretical spreads are 49 and 182 [3] - **Lead**: The spreads are 205 and 105 respectively, and the theoretical spreads are 165 and 276 [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 3.52, 3.88, 4.65, 0.91, 1.20, 0.76 respectively; for LME (three - continuous) are 3.56, 3.87, 4.82, 0.92, 1.25, 0.74 respectively [4]

Report Industry Investment Rating - No information provided Report's 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 May 22, 2025 [1][4][5] Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,440 (domestic) and 9,590 (LME) with a ratio of 8.11; March price is 77,550 (domestic) and 9,576 (LME) with a ratio of 8.17. Spot import equilibrium ratio is 8.23 with a profit of - 527.73, and spot export profit is 62.48 [1] - **Zinc**: Spot price is 22,760 (domestic) and 2,698 (LME) with a ratio of 8.44; March price is 22,285 (domestic) and 2,727 (LME) with a ratio of 6.19. Spot import equilibrium ratio is 8.67 with a profit of - 634.36 [1] - **Aluminum**: Spot price is 20,310 (domestic) and 2,484 (LME) with a ratio of 8.17; March price is 20,140 (domestic) and 2,491 (LME) with a ratio of 8.10. Spot import equilibrium ratio is 8.69 with a profit of - 1,273.39 [1] - **Nickel**: Spot price is 124,650 (domestic) and 15,324 (LME) with a ratio of 8.13. Spot import equilibrium ratio is 8.28 with a profit of - 3,303.64 [1] - **Lead**: Spot price is 16,775 (domestic) and 1,960 (LME) with a ratio of 8.53; March price is 16,900 (domestic) and 1,987 (LME) with a ratio of 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 770.47 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is 270, March - spot month is 10, April - spot month is - 170, May - spot month is - 370; theoretical spreads are 490, 877, 1274, and 1671 respectively [4] - **Zinc**: Sub - month - spot month spread is - 25, March - spot month is - 150, April - spot month is - 235, May - spot month is - 285; theoretical spreads are 215, 336, 458, and 579 respectively [4] - **Aluminum**: Sub - month - spot month spread is 65, March - spot month is 15, April - spot month is - 15, May - spot month is - 45; theoretical spreads are 212, 324, 437, and 550 respectively [4] - **Lead**: Sub - month - spot month spread is 55, March - spot month is 55, April - spot month is 45, May - spot month is 40; theoretical spreads are 209, 314, 420, and 525 respectively [4] - **Nickel**: Sub - month - spot month spread is 580, March - spot month is 820, April - spot month is 1020, May - spot month is 1220 [4] - **Tin**: 5 - 1 spread is - 1010, theoretical spread is 5535 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current - month contract - spot spread is - 885, sub - month contract - spot spread is - 615; theoretical spreads are 283 and 756 respectively [4] - **Zinc**: Current - month contract - spot spread is - 325, sub - month contract - spot spread is - 350; theoretical spreads are 120 and 253 respectively [4] - **Lead**: Current - month contract - spot spread is 70, sub - month contract - spot spread is 125; theoretical spreads are 172 and 284 respectively [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.48, 3.85, 4.59, 0.90, 1.19, and 0.76 in Shanghai (three - continuous), and 3.54, 3.86, 4.83, 0.92, 1.25, and 0.73 in London (three - continuous) [5]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - 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 May 7, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 7, 2025, the domestic spot price was 78,210, LME price was 9,464, and the ratio was 8.21; the domestic three - month price was 77,230, LME price was 9,443, and the ratio was 8.23. The equilibrium ratio for spot import was 8.26, with a profit of - 38.41, and the profit for spot export was - 179.59 [1] - **Zinc**: The domestic spot price was 22,860, LME price was 2,607, and the ratio was 8.77; the domestic three - month price was 22,075, LME price was 2,646, and the ratio was 6.31. The equilibrium ratio for spot import was 8.74, with a profit of 80.76 [1] - **Aluminum**: The domestic spot price was 19,860, LME price was 2,408, and the ratio was 8.24; the domestic three - month price was 19,725, LME price was 2,434, and the ratio was 8.14. The equilibrium ratio for spot import was 8.76, with a profit of - 1,241.99 [1] - **Nickel**: The domestic spot price was 125,800, LME price was 15,471, and the ratio was 8.13. The equilibrium ratio for spot import was 8.30, with a profit of - 4,073.54 [1] - **Lead**: The domestic spot price was 16,575, LME price was 1,921, and the ratio was 8.64; the domestic three - month price was 16,710, LME price was 1,939, and the ratio was 11.55. The equilibrium ratio for spot import was 8.96, with a profit of - 609.18 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 150, - 220, - 600, and - 890 respectively, and the theoretical spreads were 489, 877, 1,273, and 1,669 respectively [4] - **Zinc**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 310, - 590, - 745, and - 815 respectively, and the theoretical spreads were 216, 339, 461, and 583 respectively [4] - **Aluminum**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 190, - 250, - 300, and - 335 respectively, and the theoretical spreads were 211, 323, 435, and 547 respectively [4] - **Lead**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 100, - 90, - 80, and - 110 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [4] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 930, 1,100, 1,240, and 1,510 respectively [4] - **Tin**: The spread of the 5 - 1 contract was - 110, and the theoretical spread was 5,410 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts against the spot were - 725 and - 575 respectively, and the theoretical spreads were 86 and 541 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts against the spot were - 195 and - 505 respectively, and the theoretical spreads were 32 and 165 respectively [4] - **Lead**: The spreads of the current - month and next - month contracts against the spot were 225 and 125 respectively, and the theoretical spreads were 138 and 249 respectively [5] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.50, 3.92, 4.62, 0.89, 1.18, and 0.76 respectively; in the London (three - continuous) market were 3.62, 3.93, 4.96, 0.92, 1.26, and 0.73 respectively [5]

Core Insights - The article discusses market inefficiencies in fixed-income listed securities, highlighting a specific arbitrage opportunity in exchange-traded traditional preferred stocks [2]. Group 1: Investment Strategies - The company focuses on closed-end funds, monitoring them for directional and arbitrage opportunities due to market price deviations [1]. - Features of the investment service include frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [2]. Group 2: Analyst Position - The analyst has a beneficial long position in the shares of CTA.PR.B, indicating a vested interest in the performance of this security [2].