ᵕ䍝⹊ガᣛ ᣋ䍺䈘ѐࣗ䍺Ṳφ䇷ⴇ䇮ਥɋ2011Ɍ1778ਭ ᇓคᵕ䍝〃ྍᮦᦤᰛᣛδ2025ᒪ 12ᴾ 22ᰛε | | ֌ս | Ԉԃ䑘ͧҫ | ⩰ͨ | | | --- | --- | --- | --- | --- | | ߊޙ | ׂٛ | ߃ ߃ | ߃ ߃ | ߃ ߃ | | 2025/12/19 | -98.4 | 0.0 | 0.0 | 0.0 | | 2025/12/18 | -90.4 | 0.0 | 0.0 | 0.0 | | 2025/12/17 | -83.4 | 0.0 | 0.0 | 0.0 | | 2025/12/16 | -74.4 | 0.0 | 0.0 | 0.0 | | 2025/12/15 | -64.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 ᶣᐔᐸ≸ᱥ䐥8ਭݹޢཝড়ђ㼏ᾲ1-5ቸ ➚࣑ࣞжȽ ᵕ䍝⹊ガᣛ | | ֌ս | ਈ࢛͹ׂٛͧҫ⩰ͨ | џࡁ | | --- | --- | --- | --- | | ߊޙ | /4 + ࡝Խ | ࡝މࣆ | 㿿ற ࡝Խ | | 2025/12/19 | -1.47 | 88.52 | 0 ...

期货研究报告 宝城期货品种套利数据日报（2025 年 12 月 22 日） 投资咨询业务资格：证监许可【2011】1778 号 一、动力煤 | 商品 | | | | 动力煤 | （元/吨） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 基差 | | | 5月-1月 | | 9月-1月 | 9月-5月 | | 2025/12/19 | -98 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/18 | -90 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/17 | -83 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/16 | -74 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/15 | -64 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 ...

国泰君安期货·有色及贵金属 周报合集 国泰君安期货研究所·有色及贵金属团队 王 蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan@gtht.com 王宗源 （联系人）从业资格号：F03142619 wangzongyuan@gtht.com 2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint 1 CONTENTS 01 黄金：宏观水温舒适 白银：稳步爬升 02 03 铜：近远端缺乏共振，或限制价格上涨空间 铝：再度上攻22000关口，关注突破有效性 氧化铝：底部磨盘继续，周度产量环比小降 金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年12月21日 04 铸造铝合金：成本刚性，价格高位震荡 05 锌：23000一线相对均衡，等待新驱动 06 铅：供需双弱，价格震荡 07 08 锡 ...

铂钯周报 国泰君安期货研究所 有色及贵金属 刘雨萱 投资咨询从业资格号：Z0020476 杨蕤（联系人）从业资格号：F03151404 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铂金：继续脉冲式上涨；钯金：突破前高向前迈进 强弱分析：铂金偏强、钯金偏强 本周广铂及广钯强势拉升，周涨幅均在15%以上。境外铂钯（伦敦及纽 约）同样强势，整周都处在境内外双市场共振上涨的行情之中。涨势如 虹一方面因为美元弱势，支撑具有金融属性品种价格；更多的还是因为 伦敦市场现货紧张，境内外投资情绪高涨，"薄盘效应"下铂钯的价格 更容易被抬升。 在本周，铂钯的跨市场和期现套利窗口均迅速打开，在周四达到阶段性 峰值，周五由于广期所规定单日开仓上限500手，叠加亚盘外盘金银有 所撤步，广铂周五收阴，广钯小幅收涨，随后周五夜盘境外铂钯走势重 回强劲。由于伦敦铂金的现货紧张局面不改，同时铂钯ETF持续流入；技 术面上铂钯已经强势突破许多关键点位，和6 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2025 年 12 月 18 日） 一、动力煤 | 商品 | | | | 动力煤 | （元/吨） | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 基差 | | | 5月-1月 | | | 9月-1月 | 9月-5月 | | | 2025/12/17 | -83 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/16 | -74 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/15 | -64 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/12 | -56 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/11 | -48 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | www. ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on December 16, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - month spreads, and inter - commodity spreads. 3. Summary by Directory Power Coal - Basis data from December 9 to December 15, 2025 shows that the basis on December 15 was - 64.4 yuan/ton, gradually decreasing from - 32.4 yuan/ton on December 9 [2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 9 to December 15, 2025 are provided. For example, the basis of INE crude oil on December 15 was 55.24 yuan/ton [7]. - **Chemical Commodities**: Inter - month spreads and inter - commodity spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For instance, the 5 - month minus 1 - month spread of LLDPE is 36 yuan/ton, and on December 15, the LLDPE - PVC spread was 2270 yuan/ton [9]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 9 to December 15, 2025 are given. For example, the basis of rebar on December 15 was 176.0 yuan/ton [20]. - Inter - month spreads and inter - commodity spreads data are also provided. For example, the 5 - month minus 1 - month spread of rebar is - 15.0 yuan/ton, and on December 15, the rebar/iron ore ratio was 407 [19]. Non - Ferrous Metals - **Domestic Market**: Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 9 to December 15, 2025 are shown. For example, the basis of copper on December 15 was - 180 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals on December 15, 2025 are provided. For example, the LME spread of copper was (4.39), and the import loss was (1202.68) yuan/ton [33]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 9 to December 15, 2025 are presented. For example, the basis of soybeans No.1 on December 15 was - 110 yuan/ton [42]. - Inter - month spreads data for multiple agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 is 38 yuan/ton. - Inter - commodity spreads data such as soybeans No.1/corn, soybean oil/soybean meal are provided. On December 15, the soybeans No.1/corn ratio was 1.85 [42]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 9 to December 15, 2025 are provided. For example, the basis of CSI 300 on December 15 was 6.46 [53]. - Inter - month spreads data for the next - month minus the current - month and the next - quarter minus the current - quarter of the above - mentioned stock indices are given. For example, the next - month minus the current - month spread of CSI 300 is - 160 [53].

新能源及有色金属日报 | 2025-12-12 社会库存稳中回落 重要数据 现货方面：LME锌现货升水为158.52美元/吨。SMM上海锌现货价较前一交易日变化40元/吨至23110元/吨，SMM 上海锌现货升贴水65元/吨；SMM广东锌现货价较前一交易日40元/吨至23030元/吨，广东锌现货升贴水-15元/吨； 天津锌现货价较前一交易日40元/吨至23000元/吨，天津锌现货升贴水-45元/吨。 期货方面：2025-12-11沪锌主力合约开于23050元/吨，收于22995元/吨，较前一交易日-70元/吨，全天交易日成交93062 手，全天交易日持仓88499手，日内价格最高点达到23095元/吨，最低点达到22920元/吨。 库存方面：截至2025-12-11，SMM七地锌锭库存总量为12.82万吨，较上期变化-0.78万吨。截止2025-12-11，LME 锌库存为60350吨，较上一交易日变化550吨。 市场分析 锌锭社会库存持续稳重回落，呈现出季节性去库走势，下游开工率整体继续保持平稳，广东地区现货贴水大幅度 修复，下游接货偏谨慎，贸易商积极出货，近月合约价差收至平水，更多缘于现货市场供应减少。矿 ...

跨期套利跟踪 2025/12/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 430 530 510 400 理论价差 561 1020 1488 1956 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -85 -80 -45 -45 理论价差 218 343 467 592 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 50 110 155 195 理论价差 220 342 463 584 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 90 95 80 115 理论价差 210 317 423 529 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -280 -90 140 350 锡 5-1 价差 620 理论价差 6602 期现套利跟踪 2025/12/12 铜 当月合约-现货 次月合约-现货 价差 -855 -425 理论价差 40 613 锌 当月合约-现货 次月合约-现货 价差 -40 -125 理论价差 65 200 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资 ...

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 of Baocheng Futures on December 12, 2025, presenting data on basis, inter - period spreads, and inter - variety spreads for multiple futures varieties across different sectors. 3. Summary by Directory 3.1 Power Coal - **Basis Data**: The basis of power coal on December 11, 2025, was - 48.4 yuan/ton, showing a downward trend compared to previous days. The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [1][2]. 3.2 Energy and Chemicals - **Energy Commodity Basis**: For fuel oil and INE crude oil, the basis on December 11, 2025, was - 1.64 yuan/ton and - 2.37 yuan/ton respectively. The ratio of crude oil to asphalt was 0.1485 [7]. - **Chemical Commodity Basis**: On December 11, 2025, the basis of rubber was - 285 yuan/ton, methanol was 51 yuan/ton, PTA was - 14 yuan/ton, LLDPE was 466 yuan/ton, V was 84 yuan/ton, and PP was 148 yuan/ton [9]. - **Chemical Commodity Inter - period Spreads**: For the 5 - 1 inter - period, rubber was - 30 yuan/ton, methanol was 57 yuan/ton, etc.; for the 9 - 1 inter - period, rubber was - 10 yuan/ton, methanol was 54 yuan/ton, etc.; for the 9 - 5 inter - period, rubber was 20 yuan/ton, methanol was - 3 yuan/ton, etc. [10]. - **Chemical Commodity Inter - variety Spreads**: On December 11, 2025, LLDPE - PVC was 2267 yuan/ton, LLDPE - PP was 377 yuan/ton, etc. [10]. 3.3 Black Metals - **Black Metal Basis**: On December 11, 2025, the basis of rebar was 181.0 yuan/ton, iron ore was 33.0 yuan/ton, coke was 113.5 yuan/ton, and coking coal was 135.0 yuan/ton [20]. - **Black Metal Inter - period Spreads**: For the 5 - 1 inter - period, rebar was - 10.0 yuan/ton, iron ore was - 20.0 yuan/ton, etc.; for the 9(10) - 1 inter - period, rebar was 22.0 yuan/ton, iron ore was - 43.5 yuan/ton, etc.; for the 9(10) - 5 inter - period, rebar was 32.0 yuan/ton, iron ore was - 23.5 yuan/ton, etc. [19]. - **Black Metal Inter - variety Spreads**: On December 11, 2025, the ratio of rebar to iron ore was 4.05, the ratio of rebar to coke was 2.0289, etc. [19]. 3.4 Non - ferrous Metals - **Domestic Market Basis**: On December 11, 2025, the domestic basis of copper was 170 yuan/ton, aluminum was - 80 yuan/ton, zinc was 125 yuan/ton, lead was 5 yuan/ton, nickel was 3350 yuan/ton, and tin was - 600 yuan/ton [29]. - **London Market Data**: On December 11, 2025, the LME copper premium/discount was 24.76, aluminum was (26.68), etc.; the Shanghai - London ratio of copper was 7.93, aluminum was 7.65, etc.; the CIF price of copper was 94072.03, aluminum was 23768.13, etc.; the domestic spot price of copper was 92950.00, aluminum was 21910.00, etc.; the import profit/loss of copper was (1122.03), aluminum was (1858.13), etc. [34]. 3.5 Agricultural Products - **Agricultural Product Basis**: On December 11, 2025, the basis of soybeans No.1 was - 153 yuan/ton, soybeans No.2 was - 60.11 yuan/ton, soybean meal was 310 yuan/ton, soybean oil was 534 yuan/ton, and corn was 37 yuan/ton [42]. - **Agricultural Product Inter - period Spreads**: For soybeans No.1, the 5 - 1 inter - period was 11 yuan/ton, 9 - 1 was 14 yuan/ton, 9 - 5 was 38 yuan/ton; for other products, similar data are provided [42]. - **Agricultural Product Inter - variety Spreads**: On December 11, 2025, the ratio of soybeans No.1 to corn was 1.86, soybeans No.2 to corn was 1.69, etc. [41]. 3.6 Stock Index Futures - **Stock Index Futures Basis**: On December 11, 2025, the basis of CSI 300 was 12.58, SSE 50 was 7.23, CSI 500 was 8.49, and CSI 1000 was 7.40 [53]. - **Stock Index Futures Inter - period Spreads**: For the CSI 300, the next - month minus current - month was - 16.0, the next - quarter minus current - quarter was - 43.6; for other indices, similar data are provided [53].

钢材产业期现日报 投资咨询业务资格：证监许可 【2011】1292号 2025年12月9日 周敏波 Z0010559 | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | --- | --- | --- | --- | --- | --- | | 螺纹钢现货(华东) | 3280 | 3290 | -10 | 163 | | | 螺纹钢现货(华北) | 3180 | 3200 | -20 | ಲಿ | | | 螺纹钢现货(华南) | 3310 | 3330 | -20 | 193 | | | 螺纹钢05合约 | 3123 | 3157 | -34 | 157 | | | 螺纹钢10合约 | 3164 | 3192 | -28 | 116 | | | 螺纹钢01合约 | 3117 | 3137 | -20 | 163 | | | 热卷现货(华东) | 3280 | 3300 | -20 | -10 | 元/吨 | | 热卷现货(华北) | 3220 | 3240 | -20 | -70 | | | 热卷现货(华南) | 3310 | 3330 | -20 | 8 | | | 热卷05合约 | 32 ...