Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily arbitrage data report for various futures varieties of Baocheng Futures on September 3, 2025, presenting the basis, inter - period, and inter - variety data of different commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Commodity Category Power Coal - Basis data from August 27 to September 2, 2025, shows that the basis has been negative and gradually decreasing, from - 108.4 yuan/ton on August 27 to - 117.4 yuan/ton on September 2. The 5 - 1, 9 - 1, and 9 - 5 spreads are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and crude oil/asphalt from August 27 to September 2, 2025, along with their ratios are presented. For example, on September 2, the basis of INE crude oil is 21.11 yuan/ton, and the ratio of crude oil/asphalt is 0.1378 [7] - **Chemical Commodities** - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 27 to September 2, 2025, are provided. For instance, the basis of rubber on September 2 is - 870 yuan/ton [9] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber is 100 yuan/ton [10] - **Inter - variety**: Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 27 to September 2, 2025, are shown. On September 2, the LLDPE - PVC spread is 2369 yuan/ton [10] Black Metals - **Inter - period**: Inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar is 52.0 yuan/ton [19] - **Inter - variety**: Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 27 to September 2, 2025, are provided. On September 2, the rebar/iron ore ratio is 4.04 [19] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from August 27 to September 2, 2025, are given. On September 2, the basis of rebar is 103.0 yuan/ton [20] Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 27 to September 2, 2025, are provided. On September 2, the basis of copper is 410 yuan/ton [26][27] - **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 September 2, 2025, are presented. For example, the LME spread of copper is (69.58) [35] Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 27 to September 2, 2025, are given. On September 2, the basis of soybeans No.1 is 90 yuan/ton [41] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of various agricultural products are provided. For example, the 5 - 1 spread of soybeans No.1 is 47 yuan/ton [41] - **Inter - variety**: Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 27 to September 2, 2025, are shown. On September 2, the soybean oil/soybean meal ratio is 2.74 [41] Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 27 to September 2, 2025, are presented. On September 2, the basis of CSI 300 is 9.25 [53] - **Inter - period**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 is - 6.2 [53]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 3, 2025, aiming to help investors find potential arbitrage opportunities [1][4][5]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 80140, LME price is 9818, and the ratio is 8.15; March price in China is 79600, LME price is 9888, and the ratio is 8.08. The equilibrium ratio for spot import is 8.13, with a profit of - 38.94, and the profit for spot export is - 423.72 [1]. - **Zinc**: Spot price in China is 22150, LME price is 2872, and the ratio is 7.71; March price in China is 22315, LME price is 2852, and the ratio is 5.91. The equilibrium ratio for spot import is 8.60, with a profit of - 2542.17 [1]. - **Aluminum**: Spot price in China is 20710, LME price is 2624, and the ratio is 7.89; March price in China is 20710, LME price is 2619, and the ratio is 7.92. The equilibrium ratio for spot import is 8.41, with a profit of - 1369.16 [1]. - **Nickel**: Spot price in China is 122000, LME price is 15185, and the ratio is 8.03. The equilibrium ratio for spot import is 8.20, with a profit of - 1683.11 [1]. - **Lead**: Spot price in China is 16650, LME price is 1953, and the ratio is 8.56; March price in China is 16865, LME price is 1996, and the ratio is 11.16. The equilibrium ratio for spot import is 8.85, with a profit of - 555.67 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month, March, April, and May minus the spot month are - 110, - 170, - 180, and - 220 respectively, while the theoretical spreads are 501, 900, 1308, and 1715 [4]. - **Zinc**: The spreads of next - month, March, April, and May minus the spot month are 175, 165, 165, and 165 respectively, and the theoretical spreads are 214, 334, 453, and 573 [4]. - **Aluminum**: The spreads of next - month, March, April, and May minus the spot month are 60, 50, 35, and 20 respectively, and the theoretical spreads are 214, 330, 445, and 560 [4]. - **Lead**: The spreads of next - month, March, April, and May minus the spot month are 40, 55, 55, and 85 respectively, and the theoretical spreads are 209, 314, 419, and 524 [4]. - **Nickel**: The spreads of next - month, March, April, and May minus the spot month are - 690, - 490, - 340, and - 190 respectively [4]. - **Tin**: The 5 - 1 spread is 640, and the theoretical spread is 5672 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 305 and - 415 respectively, and the theoretical spreads are 205 and 633 [4]. - **Zinc**: The spreads of the current - month and next - month contracts minus the spot are 0 and 175 respectively, and the theoretical spreads are 147 and 276 [4]. - **Lead**: The spreads of the current - month and next - month contracts minus the spot are 160 and 200 respectively, and the theoretical spreads are 144 and 255 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.57, 3.84, 4.72, 0.93, 1.23, and 0.76 respectively, and in London (three - continuous) are 3.48, 3.81, 5.01, 0.91, 1.31, and 0.70 respectively [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The methanol market has a loose supply situation, with high domestic methanol开工率 and increasing imports. Port inventories are at a record high, while downstream demand is relatively stable. Against this backdrop, the strategy is to short at high prices rather than chase short positions [5][6]. 3. Summary by Directory Market Review - **Futures Market**: The futures price fluctuated and closed at 2372 (+13/+0.55%) [3]. - **Spot Market**: Different regions have different spot prices. For example, in production areas, Inner Mongolia's southern line is priced at 2040 yuan/ton, and the northern line at 2030 yuan/ton. In consumption areas, the market price in southern Shandong is 2250 yuan/ton [3]. Important Information - From August 23 - 29, 2025, the international methanol (excluding China) production was 1,066,107 tons, an increase of 17,400 tons from the previous week. The device capacity utilization rate was 73.08%, a 1.19% increase from the previous week. During this period, Iranian plants were operating normally, while some plants in other regions had different operating conditions [4]. Logical Analysis - **Supply**: The coal - producing areas in the northwest have increased coal mine开工率 and falling coal prices. The coal - to - methanol profit is around 650 yuan/ton, and the domestic supply is loose. Import prices decreased slightly last week, and the import profit margin expanded. Iranian plants are mostly operating normally, and non - Iranian plants have stable operations [5]. - **Demand**: Traditional downstream industries are in the off - season with a decline in开工率, while the MTO device开工率 has rebounded. Some MTO plants have different operating loads [5]. - **Inventory**: Port inventories are increasing due to more imports, and the basis is strong. Inland enterprise inventories fluctuate slightly [5]. Trading Strategies - **Single - side**: Short at high prices, do not chase short positions [6]. - **Arbitrage**: Wait and see [9]. - **Options**: Sell call options [9].

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 2, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period data of power coal from August 26 to September 1, 2025. The basis was - 105.4 yuan/ton on August 26, gradually decreasing to - 113.4 yuan/ton on September 1, while the 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It provides the basis data of fuel oil, crude oil/asphalt, and INE crude oil from August 26 to September 1, 2025, along with some ratio data such as the comparison between crude oil and asphalt [7] 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 26 to September 1, 2025 are presented. For example, the basis of rubber was - 935 yuan/ton on August 26 and - 910 yuan/ton on September 1 [9] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 inter - period spread of rubber is 90 yuan/ton [10] - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 26 to September 1, 2025 are provided [10] 3.3 Black Metals - **Inter - period Data**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 inter - period spread of rebar is 43.0 yuan/ton [20] - **Inter - variety Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 26 to September 1, 2025 are given [20] - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from August 26 to September 1, 2025 are shown. For example, the basis of rebar was 177.0 yuan/ton on August 26 and 125.0 yuan/ton on September 1 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 26 to September 1, 2025 are provided. For example, the basis of copper was 310 yuan/ton on August 26 and 100 yuan/ton on September 1 [28] 3.4.2 London Market - On September 1, 2025, the LME forward premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, and tin) are presented. For example, the LME forward premium/discount of copper is (86.27) [35] 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from August 26 to September 1, 2025 are shown. For example, the basis of soybeans No.1 was 86 yuan/ton on August 26 and 95 yuan/ton on September 1 [41] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of multiple agricultural products such as soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [41] - **Inter - variety Data**: The inter - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from August 26 to September 1, 2025 are provided [41] 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 26 to September 1, 2025 are presented. For example, the basis of CSI 300 was 3.59 on August 26 and 13.11 on September 1 [53] - **Inter - period Data**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [55]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views - The report provides daily arbitrage data for various futures products including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on August 29, 2025, along with historical data from August 25 - 28, 2025 [1][2][7][9]. 3. Summaries by Category Power Coal - Displays the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) from August 25 - 29, 2025. The basis decreased from - 97.4 on August 25 to - 111.4 on August 29, while the spreads remained 0.0 during this period [1][2]. Energy Chemicals Energy Commodities - Presents the basis and price ratios for fuel oil, INE crude oil, and other energy products from August 25 - 29, 2025. For example, the basis of INE crude oil changed over these days [7]. Chemical Commodities - The basis data for rubber, methanol, PTA, LLDPE, V, and PP from August 25 - 29, 2025 are provided. The basis values of different chemicals fluctuated during the period. - Also shows the inter - delivery spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) and inter - commodity spreads for chemicals [9][10]. Black Metals - Provides inter - delivery spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal, as well as inter - commodity spreads (such as rebar/iron ore, rebar/coke, etc.) from August 25 - 29, 2025 [19]. Non - Ferrous Metals Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from August 25 - 29, 2025 are given. The basis values of these metals changed over the days [27]. London Market - Displays LME spreads, Shanghai - London price ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on August 29, 2025 [33]. Agricultural Products - Includes basis, inter - delivery spreads (5 - 1 month, 9 - 1 month, 9 - 5 month), and inter - commodity spreads for various agricultural products such as soybeans, soybean meal, soybean oil, etc. from August 25 - 29, 2025 [39]. Stock Index Futures - Presents the basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from August 25 - 29, 2025, as well as inter - delivery spreads (next month - current month, next quarter - current quarter) [51].

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures products on August 29, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing their basis, inter - period spreads, and inter - commodity spreads over a period from August 22 to August 28, 2025. 3. Summary by Category Power Coal - **Basis**: On August 28, 2025, the basis of power coal was - 109.4 yuan/ton, compared to - 108.4 yuan/ton on August 27, - 105.4 yuan/ton on August 26, - 97.4 yuan/ton on August 25 and August 22 [2]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 spreads were all 0.0 yuan/ton from August 22 to August 28 [2]. Energy Chemicals Energy Commodities - **Basis**: For fuel oil, the basis on August 28 was 14.00 yuan/ton; for INE crude oil, it was 52.47 yuan/ton on August 28. The ratio of crude oil to asphalt and other data are also presented for different dates [6]. - **Price Ratios**: The price ratios of different energy commodities on different dates are provided, such as 11.95, 28.31, etc. [6]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 22 to August 28 are given. For example, the basis of rubber was - 1045 yuan/ton on August 28 [8]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, etc. are presented. For instance, the 5 - 1 spread of rubber was 85 yuan/ton [10]. - **Inter - commodity Spreads**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. from August 22 to August 28 are shown. For example, the LLDPE - PVC spread was 2418 yuan/ton on August 28 [10]. Black Metals - **Basis**: The basis data of螺纹钢, iron ore, coke, and coking coal from August 22 to August 28 are provided. For example, the basis of螺纹钢 was 151.0 yuan/ton on August 28 [20]. - **Inter - period Spreads**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of螺纹钢, iron ore, etc. are presented. For example, the 5 - 1 spread of螺纹钢 was 41.0 yuan/ton [19]. - **Inter - commodity Spreads**: The inter - commodity spreads such as螺/矿, 螺/焦炭, etc. from August 22 to August 28 are shown. For example, the 螺/矿 ratio was 3.99 on August 28 [19]. Non - Ferrous Metals Domestic Market - **Basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin from August 22 to August 28 are given. For example, the basis of copper was 210 yuan/ton on August 28 [27]. London Market - **LME Premiums and Discounts**: The LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin on August 28 are presented. For example, the LME premium/discount of copper was (82.79) [35]. - **Shanghai - London Ratios**: The Shanghai - London ratios of these metals on August 28 are provided, such as 8.06 for copper [35]. - **CIF and Domestic Spot Prices**: The CIF and domestic spot prices of these metals on August 28 are given, along with the import profit and loss data [35]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, etc. from August 22 to August 28 are presented. For example, the basis of soybeans No.1 was 133 yuan/ton on August 28 [40]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of various agricultural products are shown. For example, the 5 - 1 spread of soybeans No.1 was 48 yuan/ton [40]. - **Inter - commodity Spreads**: The inter - commodity spreads such as 豆一/玉米, 豆油/豆粕, etc. from August 22 to August 28 are given. For example, the 豆一/玉米 ratio was 1.81 on August 28 [40]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 22 to August 28 are provided. For example, the basis of CSI 300 was 3.38 on August 28 [52]. - **Inter - period Spreads**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 7.8 [52].

Core Viewpoint - The rebar steel market is experiencing a downturn due to various negative factors, despite some supportive policies in the real estate sector. The overall market sentiment is shifting, leading to a decline in prices and increasing inventory levels [1][2][3]. Group 1: Price Trends - Since mid-August, rebar futures prices have weakened significantly, with the main contract dropping from 3274 CNY/ton to 3097 CNY/ton, a decline of nearly 5.4% [1]. - Spot prices have also decreased, with mainstream regions in East China seeing declines of 80 to 110 CNY/ton [1]. - As of August 22, the total inventory of rebar reached 6.0704 million tons, an increase of 198,500 tons week-on-week, marking four consecutive weeks of accumulation [1]. Group 2: Production and Supply - The weekly production of rebar is reported at 2.1465 million tons, a decrease of 65,300 tons over two weeks, primarily due to long-process steel mills shifting production to steel billets [2]. - The average capacity utilization rate of 90 independent electric arc furnace steel mills is at 75.69%, indicating limited room for supply contraction [2]. - There are expectations of production restrictions around Beijing, which could boost market sentiment if implemented [2]. Group 3: Demand Indicators - Rebar demand remains weak, with weekly demand recorded at 1.9480 million tons, continuing to be at a low level compared to recent years [2]. - Key indicators such as cement dispatch and concrete delivery have also shown declines of 16.5% and 7.8% year-on-year, respectively, further confirming the sluggish demand in the construction market [2]. Group 4: Market Outlook - Despite the re-emergence of favorable policies in the real estate market, the overall industry remains in a weak recovery phase [3]. - The recent increase in rebar futures arbitrage activity may lead to a profit-taking window, potentially increasing pressure on demand [3]. - The current supply-demand imbalance suggests that steel prices will remain under pressure, although rising costs may limit further declines, with expectations of a fluctuating bottoming-out trend in prices [3].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoint The report is a daily arbitrage data report for futures varieties from Baocheng Futures on August 27, 2025, presenting detailed data on basis, inter - period spreads, and inter - commodity spreads for various futures products. 3. Summary by Relevant Catalogs 3.1 Power Coal - **Basis**: On August 26, 2025, the basis was - 105.4 yuan/ton, compared to - 97.4 yuan/ton on August 25 and previous trading days [2]. - **Inter - period spreads**: The spreads of 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month were all 0.0 yuan/ton from August 20 to 26, 2025 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - **Basis**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, the basis data from August 20 to 26, 2025, are presented, such as the basis of INE crude oil being 11.95 yuan/ton on August 26 [6]. 3.2.2 Chemical Commodities - **Basis**: From August 20 to 26, 2025, the basis of rubber, methanol, PTA, LLDPE, PVC, and PP are provided. For example, the basis of rubber was - 935 yuan/ton on August 26 [8]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - month to 1 - month spread of rubber is 105 yuan/ton [10]. - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 20 to 26, 2025, are presented. For example, the LLDPE - PVC spread was 2401 yuan/ton on August 26 [10]. 3.3 Black Metals - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month (10) to 1 - month, and 9 - month (10) to 5 - month spreads of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - month to 1 - month spread of rebar is 36.0 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 - hot rolled coil from August 20 to 26, 2025, are provided. For example, the rebar/iron ore ratio was 4.01 on August 26 [19]. - **Basis**: The basis of rebar, iron ore, coke, and coking coal from August 20 to 26, 2025, are presented. For example, the basis of rebar was 177.0 yuan/ton on August 26 [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis of copper, aluminum, zinc, lead, nickel, and tin from August 20 to 26, 2025, are provided. For example, the basis of copper was 310 yuan/ton on August 26 [27]. 3.4.2 London Market - **LME Premium/Discount**: On August 26, 2025, the LME premium/discount of copper was (84.82), aluminum was 3.25, etc. [35]. - **Shanghai - London Ratio**: The Shanghai - London ratios of copper, aluminum, zinc, lead, nickel, and tin were 8.07, 7.92, 7.94, 8.45, 7.99, and 7.96 respectively on August 26, 2025 [35]. - **CIF and Domestic Spot Prices**: The CIF and domestic spot prices of these non - ferrous metals are given, along with the import profit and loss data on August 26, 2025 [35]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 20 to 26, 2025, are presented. For example, the basis of soybeans No.1 was 86 on August 26 [39]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided [39]. - **Inter - commodity spreads**: The ratios of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, and spreads of soybean meal - rapeseed meal, soybean oil - palm oil, etc. from August 20 to 26, 2025, are given [39]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on August 20 to 26, 2025, are presented. For example, the basis of CSI 300 was 3.59 on August 26 [51]. - **Inter - period spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [53].

Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides a comprehensive analysis of various financial and commodity markets, including macro - strategies, agricultural products, black metals, non - ferrous metals, and energy chemicals. It evaluates market trends, influencing factors, and offers corresponding investment suggestions based on different market segments. Summary by Catalog 1. Financial News and Reviews 1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - **News**: Trump's potential removal of Fed governors may affect the Fed's independence, and the US housing price growth in June 2023 was the slowest since 2023 [11][12]. - **Review**: Trump's actions pose a challenge to the Fed's independence, putting downward pressure on the US dollar index [13]. - **Investment Suggestion**: The US dollar index faces downward pressure [14]. 1.2 Macro Strategy (US Stock Index Futures) - **News**: The US consumer confidence index in August fell slightly to 97.4, and the Fed responded to Trump's attempt to fire a governor [15][16]. - **Review**: If Trump successfully fires the governor and nominates a dovish official, market expectations of interest - rate cuts will rise, and US stocks may perform well [18]. - **Investment Suggestion**: Interest - rate cut trading continues to support market risk appetite, and US stocks are expected to fluctuate strongly [19]. 1.3 Macro Strategy (Stock Index Futures) - **News**: The State Council promotes high - quality development of service trade, and China will implement the "Artificial Intelligence +" action [20][21]. - **Review**: The A - share market sentiment has cooled slightly, but there is still upward momentum from the perspective of sentiment and capital [21]. - **Investment Suggestion**: Hold long positions in stock index futures [22]. 1.4 Macro Strategy (Treasury Bond Futures) - **News**: The 17th meeting of the 14th National People's Congress Standing Committee will be held from September 8th to 12th, and the central bank conducted a 405.8 - billion - yuan 7 - day reverse repurchase operation [23][24]. - **Review**: The bond market is mainly in a volatile state, and it is difficult to have a sustainable upward trend without special circumstances [26]. - **Investment Suggestion**: Be cautious with unilateral long positions; consider using long bond positions to hedge potential stock price corrections [26]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - **News**: Malaysia's palm oil production decreased in August, the US may exempt tariffs on Indonesian palm oil, and Malaysia seeks tax exemption for palm oil raw materials [27][28]. - **Review**: The oil market is in a weak and volatile state, and the impact of production changes is not significant [29]. - **Investment Suggestion**: The oil market is in a volatile state, and it is recommended to buy on dips [30]. 2.2 Black Metals (Coking Coal/Coke) - **News**: The price of metallurgical coke in Lvliang is strong, and some coking enterprises have proposed an 8th - round price increase [31]. - **Review**: The coking coal futures may adjust in the short term, but there is strong support below [32]. - **Investment Suggestion**: The futures price has short - term adjustment pressure, but strong support after adjustment [33]. 2.3 Agricultural Products (Sugar) - **News**: Pakistan initially bought 30,000 tons of sugar, India urged the sugar industry to reach a consensus on export quotas, and Brazil's sugar exports in August increased slightly [34][35][36]. - **Review**: Zhengzhou sugar futures fell due to factors such as approaching delivery and weak market sentiment [36]. - **Investment Suggestion**: Pay attention to the opportunity of going long on the 1 - month contract after a correction, with a target price of around 5,500 yuan/ton [37]. 2.4 Black Metals (Rebar/Hot - Rolled Coil) - **News**: The daily output of key steel enterprises in mid - August increased, and the national construction machinery start - up rate in July was 44.43% [38][39]. - **Review**: Steel prices continued to fluctuate downward, and the market sentiment was slightly weak [39]. - **Investment Suggestion**: Adopt a volatile trading strategy for steel prices [40]. 2.5 Agricultural Products (Pigs) - **News**: Aonong Bio's net profit in the first half of 2025 was 361 million yuan [41]. - **Review**: Near - month pig futures have limited rebound space, and there is a safety margin for the reverse spread structure [41]. - **Investment Suggestion**: Hold a short - term volatile view on the single - side, and pay attention to reverse spread opportunities [41]. 2.6 Agricultural Products (Red Dates) - **News**: The growth of red dates in Xinjiang is normal, and the futures price of the main contract is slightly up [42]. - **Review**: The supply and demand of red dates are weak, and there is uncertainty in production [43]. - **Investment Suggestion**: Adopt a wait - and - see strategy and focus on weather and research results [43]. 2.7 Agricultural Products (Corn Starch) - **News**: Corn starch continues to be weak in both production and sales areas [44]. - **Review**: The spot price of starch is weak, and the CS11 - C11 spread is under pressure [44]. - **Investment Suggestion**: Pay attention to the opportunity of widening the spread [44]. 2.8 Agricultural Products (Corn) - **News**: The growth of new - season corn in Henan is basically normal, with some local drought [45]. - **Review**: Corn futures fluctuate around 2,150 yuan/ton, and attention should be paid to new - crop production [46]. - **Investment Suggestion**: Hold short positions and 11 - 3 reverse spreads, and pay attention to 11 - 1 reverse spreads if the spread strengthens [46]. 2.9 Black Metals (Steam Coal) - **News**: The price of steam coal in Beigang was stable on August 26 [47]. - **Review**: The seasonal pressure on coal prices is increasing, and prices are expected to be weak [48]. - **Investment Suggestion**: Coal prices are expected to remain seasonally weak [48]. 2.10 Black Metals (Iron Ore) - **News**: The scale of the air - conditioning market from January to July reached 172 billion yuan [49]. - **Review**: Iron ore prices are in a weak and volatile state, and the impact of short - term factors on iron ore is limited [49]. - **Investment Suggestion**: Iron ore prices are expected to continue weak and volatile with limited decline [49]. 2.11 Non - Ferrous Metals (Lead) - **News**: Tibet Summit's metal production increased significantly in the first half of the year, and the US may add lead to the key minerals list [50][51]. - **Review**: Lead prices fluctuated upward, but there are concerns about supply and demand [51]. - **Investment Suggestion**: Adopt a wait - and - see strategy in the short term [53]. 2.12 Non - Ferrous Metals (Zinc) - **News**: Tibet Summit's metal production increased significantly in the first half of the year [54]. - **Review**: Zinc prices may fluctuate due to the influence of macro and fundamental factors [55]. - **Investment Suggestion**: Adopt a wait - and - see strategy for single - side trading, and pay attention to mid - line positive spread opportunities [55]. 2.13 Non - Ferrous Metals (Polysilicon) - **News**: Tongwei sold 161,300 tons of polysilicon in the first half of the year, and there were new developments in photovoltaic project component procurement [56][57]. - **Review**: The price of polysilicon is expected to rise, but there are concerns about over - supply [58]. - **Investment Suggestion**: Adopt a bullish view on dips for single - side trading, and pay attention to the 11 - 12 reverse spread opportunity at around - 2,000 yuan/ton [59]. 2.14 Non - Ferrous Metals (Industrial Silicon) - **News**: The US may add industrial silicon to the key minerals list [60]. - **Review**: The fundamentals of industrial silicon are weakening, but the price may be affected by other factors [61]. - **Investment Suggestion**: Pay attention to the production resumption of large factories and trade within the range of 8,200 - 9,500 yuan/ton [61][62]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - **News**: Galan plans to start production of a lithium project in Argentina in the first half of 2026 [63]. - **Review**: The short - term inventory reduction may support the price, but there is supply uncertainty [64]. - **Investment Suggestion**: Pay attention to the opportunity of going long on dips and positive spreads [64]. 2.16 Non - Ferrous Metals (Nickel) - **News**: Indonesia's sovereign wealth fund signed a framework agreement with GEM to develop a green nickel processing center [65]. - **Review**: Nickel prices may be affected by factors such as inventory and supply - demand [66]. - **Investment Suggestion**: Pay attention to short - term trading opportunities and mid - line short - selling opportunities [67]. 2.17 Non - Ferrous Metals (Copper) - **News**: The US may add copper to the key minerals list, and there are developments in copper mining projects [68][69][70]. - **Review**: Copper prices are in a high - level volatile state, and the short - term upward trend is not obvious [71]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy for single - side trading and a wait - and - see strategy for spreads [71]. 2.18 Energy Chemicals (Crude Oil) - **News**: API crude oil and refined product inventories decreased [72]. - **Review**: Oil prices are in a range - bound state, waiting for new drivers [72]. - **Investment Suggestion**: Maintain range - bound trading and wait for new drivers [73]. 2.19 Energy Chemicals (Carbon Emissions) - **News**: The closing price of CEA on August 26 was 69.69 yuan/ton [73]. - **Review**: The carbon market price is in a narrow - range volatile state [73]. - **Investment Suggestion**: CEA prices are expected to fluctuate in the short term [74]. 2.20 Energy Chemicals (Caustic Soda) - **News**: The price of caustic soda in Shandong was stable on August 26 [75]. - **Review**: The price of caustic soda is expected to remain high, but the upward space is limited [77]. - **Investment Suggestion**: Be cautious when chasing high prices [77]. 2.21 Energy Chemicals (Pulp) - **News**: The price of imported wood pulp showed mixed trends [78]. - **Review**: The fundamentals of pulp are weak, and the price is expected to fluctuate [78]. - **Investment Suggestion**: The pulp market is expected to fluctuate [79]. 2.22 Energy Chemicals (PVC) - **News**: The price of PVC powder decreased slightly [80]. - **Review**: The fundamentals of PVC are weak, but the price is expected to fluctuate [80]. - **Investment Suggestion**: The PVC market is expected to fluctuate in the short term [80]. 2.23 Energy Chemicals (Bottle Chips) - **News**: The export price of bottle chips was partially raised [81]. - **Review**: The inventory of bottle chips is decreasing, but attention should be paid to new capacity [83]. - **Investment Suggestion**: Pay attention to the impact of new capacity on processing fees [83]. 2.24 Energy Chemicals (PTA) - **News**: A 2.5 - million - ton PTA plant in East China will be under maintenance [84]. - **Review**: The short - term supply - demand pattern of PTA has improved, and the price is expected to be strong [84]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy [85]. 2.25 Energy Chemicals (Styrene) - **News**: A 500,000 - ton/year styrene plant in Shandong is under maintenance [86]. - **Review**: The situation of styrene in September has improved marginally, but there may be pressure in the fourth quarter [87]. - **Investment Suggestion**: Pay attention to policy variables at home and abroad [87]. 2.26 Energy Chemicals (Soda Ash) - **News**: The production of a 5 - million - ton/year soda ash plant in Inner Mongolia is reduced [88]. - **Review**: The price of soda ash is weak, and the market sentiment is not strong [88]. - **Investment Suggestion**: Adopt a short - selling strategy on rallies and pay attention to supply - side disturbances [88]. 2.27 Energy Chemicals (Float Glass) - **News**: The price of float glass in Shahe was stable on August 26 [89]. - **Review**: The glass market is in a volatile state, and the demand improvement is limited [89]. - **Investment Suggestion**: Be cautious with single - side trading and focus on spread trading [90]. 2.28 Shipping Index (Container Freight Rate) - **News**: Premier Alliance adjusted its shipping routes [91]. - **Review**: The spot freight rate is weak, and the supply - demand situation is not optimistic [92]. - **Investment Suggestion**: The 10 - month contract will test the support level of 1,300 yuan/FEU [92].

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for August 26, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Industry Investment Rating - Not provided in the report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various commodities and stock index futures, which can help investors understand the price relationships and potential arbitrage opportunities in different markets Summary by Commodity Category 1. Thermal Coal - Basis data from August 19 - 25, 2025 shows that the basis on August 19 was - 99.4 yuan/ton, and from August 20 - 25 it was - 97.4 yuan/ton. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0.0 during this period [2] 2. Energy Chemicals Energy Commodities - For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, data on basis, ratio, etc. from August 19 - 25, 2025 are provided. For example, the basis of INE crude oil on August 25 was 91.81 yuan/ton [7] Chemical Commodities - Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 19 - 25, 2025 are given. For instance, the basis of rubber on August 25 was - 1055 yuan/ton. Inter - month spreads (5 - 1, 9 - 1, 9 - 5) and inter - commodity spreads (e.g., LLDPE - PVC) are also presented [9][11] 3. Black Metals - Inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 spread of rebar was 34.0 yuan/ton. Inter - commodity spreads (e.g., rebar/iron ore) and basis data from August 19 - 25, 2025 are also included [20][21] 4. Non - Ferrous Metals Domestic Market - Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 19 - 25, 2025 are shown. For example, the basis of copper on August 25 was - 250 yuan/ton [28] London Market - Data on LME non - ferrous metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss on August 22, 2025 are provided [35] 5. Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 19 - 25, 2025 are presented. Inter - month spreads (5 - 1, 9 - 1, 9 - 5) and inter - commodity spreads (e.g., soybeans No.1/corn) are also included [39] 6. Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 19 - 25, 2025 are provided. Inter - month spreads (next month - current month, next quarter - current quarter) are also given [51][53]