有色套利早报 研究中心有色团队 2025/12/26 铜：跨市套利跟踪 2025/12/26 国内价格 LME价格 比价 现货 94825 - - 三月 96370 12133 7.86 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/12/26 国内价格 LME价格 比价 现货 23090 - - 三月 23095 3087 5.59 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/12/26 国内价格 LME价格 比价 现货 21980 - - 三月 22325 2957 7.51 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/12/26 国内价格 LME价格 比价 现货 126100 - - 均衡比价 盈利 现货进口 - 45.32 跨期套利跟踪 2025/12/26 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 350 510 580 640 理论价差 581 1061 1549 2037 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -125 -95 -50 -20 理论价差 219 344 469 5 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties, including power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on December 25, 2025, covering aspects such as basis, inter - month spreads, and inter - commodity spreads [1] Summary by Directory 1. Power Coal - Power coal basis data from December 18 to December 24, 2025 are provided, showing a continuous decline from - 90.4 yuan/ton on December 18 to - 120.4 yuan/ton on December 24. The inter - month spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0.0 [2] 2. Energy and Chemicals (1) Energy Commodities - Basis data of fuel oil and crude oil/asphalt from December 18 to December 24, 2025 are provided, along with the ratio of crude oil to asphalt and the basis of INE crude oil [7] (2) Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 18 to December 24, 2025 are presented [9] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [11] - **Inter - commodity Spreads**: Inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from December 18 to December 24, 2025 are given [11] 3. Black Metals - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from December 18 to December 24, 2025 are provided [21] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented, with a note that the main contracts of rebar are in January, May, and October [20] - **Inter - commodity Spreads**: Inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from December 18 to December 24, 2025 are given [20] 4. Non - ferrous Metals (1) Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 18 to December 24, 2025 are provided [30] (2) London Market - 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 December 24, 2025 are presented [35] 5. Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 18 to December 24, 2025 are provided [43] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [43] - **Inter - commodity Spreads**: Inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from December 18 to December 24, 2025 are given [43] 6. Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 18 to December 24, 2025 are provided [54] - **Inter - month Spreads**: Inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [54]

跨期套利跟踪 2025/12/25 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 2360 2490 2530 2560 理论价差 571 1039 1517 1995 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 165 205 235 250 理论价差 218 343 467 591 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 200 255 275 315 理论价差 222 344 467 590 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 245 220 245 255 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 4960 5210 5370 5720 锡 5-1 价差 1660 理论价差 7006 期现套利跟踪 2025/12/25 铜 当月合约-现货 次月合约-现货 价差 -920 1440 理论价差 302 1169 锌 当月合约-现货 次月合约-现货 价差 -205 -40 理论价差 154 290 免责声明: 以上内容所依据的信息均来源于交易所 ...

| 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/12/22 | -106.4 | 0.0 | 0.0 | 0.0 | | 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 | 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 23 日） 一、动力煤 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 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/12/22 2025/12/19 2025/12/18 2025/12/17 2025/12/1 ...

有色套利早报 研究中心有色团队 2025/12/23 铜：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 93770 11976 7.73 三月 94370 11969 7.87 均衡比价 盈利 现货进口 8.00 -1754.65 现货出口 1058.03 锌：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 23130 3059 7.56 三月 23155 3092 5.47 均衡比价 盈利 现货进口 8.42 -2628.45 铝：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 21940 2919 7.51 三月 22270 2960 7.49 均衡比价 盈利 现货进口 8.35 -2459.99 镍：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 120850 15051 8.03 均衡比价 盈利 现货进口 8.09 -557.70 铅：跨市套利跟踪 2025/12/23 国内价格 LME价格 比价 现货 16800 1932 8.71 三月 16920 1979 11.66 均衡比价 盈利 现货进口 8.67 8 ...

易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 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 2025/12/19 有色套利早报 研究中心有色团队 2025/12/19 铜：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 92190 - - 三月 92660 11715 7.90 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 23110 - - 三月 23045 3066 5.46 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 21740 - - 三月 22000 2894 7.58 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 11585 ...

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].

有色套利早报 研究中心有色团队 2025/12/15 铜：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 93630 11919 7.73 三月 94170 11898 7.89 均衡比价 盈利 现货进口 8.01 -1469.82 现货出口 1046.05 锌：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 23690 3283 7.22 三月 23635 3192 5.36 均衡比价 盈利 现货进口 8.42 -3937.82 铝：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 22050 2863 7.70 三月 22170 2896 7.67 均衡比价 盈利 现货进口 8.30 -1719.93 镍：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 118200 14444 8.18 均衡比价 盈利 现货进口 8.11 -1091.76 铅：跨市套利跟踪 2025/12/15 | 国内价格 | | LME价格 | 比价 | | 均衡比价 | 盈利 | | --- | --- | --- | --- | --- | - ...

国泰君安期货·能源化工 甲醇周度报告 国泰君安期货研究所 黄天圆 投资咨询从业资格号： Z0018016 杨鈜汉 投资咨询从业资格号： Z0021541 日期：2025年12月14日 Guotai Junan Futures all rights reserved, please do not reprint 综述：震荡反弹 01 资料来源：隆众资讯，钢联，国泰君安期货研究 本周甲醇总结：震荡反弹 供应 • 本周(20251205-1211)中国甲醇产量为2039705吨，较上周增加16240吨，装置产能利用率为89.81%，环比涨0.81%。本周国内甲醇恢复涉及产能产出量多于 检修、减产涉及产能损失量，导致本周产能利用率上涨。下周，中国甲醇产量及产能利用率周数据预计：产量205.54万吨左右，产能利用率90.50%左右， 较本期上涨。下周计划检修及减产涉及产能少于计划恢复涉及产能，因此或将导致产能利用率上涨，产量增加。（隆众资讯） 需求 • 烯烃：联泓格润MTO装置投产负荷陆续提升，不过叠加前期停车检修装置，行业周均开工仍有降低。 • 传统下游：二甲醚下周，心连心装置存停车预期，其他装置暂无停开车预期，预计 ...