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 ...

甲醇聚烯烃早报 研究中心能化团队 2025/12/09 | 日期 | 西北电石 | 山东烧碱 | 电石法-华 | 乙烯法-华 | 电石法-华南 | 电石法-西 | 进口美金价 （CFR中 | 出口利润 | 西北综合利 | 华北综合利 | 基差(高端 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 东 | 东 | | 北 | 国） | | 润 | 润 | 交割品) | | 2025/12/02 | 2500 | 742 | 4560 | - | - | 4180 | 640 | 339 | - | - | -70 | | 2025/12/03 | 2550 | 742 | 4550 | - | - | 4180 | 640 | 177 | - | - | -50 | 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/12/0 2 801 2125 2100 2435 ...

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 9 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 | | 2025/12/08 | -22.4 | 0.0 | 0.0 | 0.0 | | 2025/12/05 | -16.4 | 0.0 | 0.0 | 0.0 | | 2025/12/04 | -10.4 | 0.0 | 0.0 | 0.0 | | 2025/12/03 | -3.4 | 0.0 | 0.0 | 0.0 | | 2025/12/02 | 1.6 | 0.0 | 0.0 | 0.0 | 期货研究报告 二、能源化工 www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/12/08 2025/12/05 2025/12/04 2025/12/03 2025/12/02 32. ...

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 8 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 | | 2025/12/05 | -16 | 4 . | 0 | 0 . | 0 | 0 . | 0 | 0 . | | 2025/12/04 | -10 | 4 . | 0 | 0 . | 0 | 0 . | 0 | 0 . | | 2025/12/03 | -3 . | 4 | 0 | 0 . | 0 | 0 . | 0 | 0 . | | 2025/12/02 | 1 6 . | | 0 | 0 . | 0 | 0 . | 0 | 0 . | | 2025/12/01 | 6 6 . | | 0 | 0 . | 0 | 0 . | 0 | 0 . | www.bcqhgs.com 1 杭州市求是路8号公元大厦东 ...

甲醇日报 | 2025-12-05 港口去库继续兑现 甲醇观点 市场要闻与重要数据 地区价差方面：鲁北-西北-280价差-78元/吨（+0），太仓-内蒙-550价差-446元/吨（-10），太仓-鲁南-250价差-373元 /吨（+0）；鲁南-太仓-100价差23元/吨（+0）；广东-华东-180价差-202元/吨（+5）；华东-川渝-200价差-253元/吨（-10）。 市场分析 港口方面。港口库存延续回落，回流内地套利支撑港口提货，江苏、浙江、华南三地均兑现去库。伊朗装置装置 已集中兑现冬检，但仍要等待12月装船减少的兑现，因11月装船量级仍高，且11月部分卸港延后至计入12月，12 月进口压力预计年内高位，短期港口库存压力仍大。另外，关注太仓主流仓储企业对伊朗船的接货意愿。 内地方面，煤头开工仍同期偏高，内地工厂库存小幅回升；MTO方面，阳煤MTO检修中，鲁西MTO低负荷状态； 关注联泓二期MTO年底投产进度。传统下游开工小幅回升，醋酸开工延续低位，甲醛淡季负荷小幅反弹，MTBE 开工继续维持高位。 策略 单边：MA2605谨慎逢低做多套保 跨期：MA2605-MA2609价差逢低做扩 跨品种：无 内地 ...

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 5 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 | | 2025/12/04 | -10 | 4 . | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/03 | -3 . | 4 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/02 | 1 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/01 | 6 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/11/28 | 14 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the arbitrage data of various futures products on December 4, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data for power coal from November 27 to December 3, 2025, shows a decreasing trend, from 16.6 yuan/ton on November 27 to - 3.4 yuan/ton on December 3. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For energy commodities, the basis data of fuel oil, INE crude oil, and crude oil/asphalt from November 27 to December 3, 2025, are presented, along with their price ratios and changes [7]. 3.2.2 Chemical Commodities - In the chemical sector, inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided, as well as inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 27 to December 3, 2025 [9]. 3.3 Black Metals - Inter - period spreads for rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month. Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 27 to December 3, 2025, are also presented. The basis data for rebar, iron ore, coke, and coking coal from November 27 to December 3, 2025, are shown [18][20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from November 27 to December 3, 2025, are provided [29]. 3.4.2 London Market - For the London market, LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on December 3, 2025, are presented [34]. 3.5 Agricultural Products - The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 27 to December 3, 2025, are given. Inter - period spreads for multiple agricultural products, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, are provided, as well as inter - commodity 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 November 27 to December 3, 2025 [40][41]. 3.6 Stock Index Futures - The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 27 to December 3, 2025, are presented. Inter - period spreads such as next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are also provided [52].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on December 3, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - Basis data for power coal from November 26 to December 2, 2025, is presented, but specific numerical values in the table are incomplete [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 26 to December 2, 2025, are provided, including specific numerical values such as basis and ratio [7] 3.2.2 Chemical Commodities - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 26 to December 2, 2025, are given [9] - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [10] - Inter - variety spreads data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 26 to December 2, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from November 26 to December 2, 2025, are presented [20] - Inter - period spreads data of rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads [19] - Inter - variety spreads data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 26 to December 2, 2025, are provided [19] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 26 to December 2, 2025, are presented [29] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on December 2, 2025, are provided [34] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 26 to December 2, 2025, are presented [42] - Inter - period spreads data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [42] - Inter - variety spreads data of 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 November 26 to December 2, 2025, are provided [41] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 26 to December 2, 2025, are presented [53] - Inter - period spreads data of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter spreads, are given [53]

1. Report Industry Investment Rating No information provided in the report regarding industry investment ratings. 2. Core Views of the Report Steel Industry - Steel prices are expected to fluctuate within a certain range. The reference range for rebar is 3000 - 3200 yuan/ton, and for hot-rolled coils, it is 3250 - 3400 yuan/ton. Consider long rebar and short iron ore arbitrage operations for the January contract, as well as the convergence arbitrage of the spread between hot-rolled coils and rebar for the January contract [2]. Iron Ore Industry - Iron ore futures are expected to continue to fluctuate strongly, with an operating range of 750 - 820 [5][7]. Coke and Coking Coal Industry - Coke futures are expected to rebound in a single - sided fluctuation, with a reference range of 1550 - 1700. The recommended arbitrage strategy is a reverse spread between the January and May contracts. - Coking coal futures are also expected to rebound in a single - sided fluctuation, with a reference range of 1050 - 1150. The recommended arbitrage strategy is a reverse spread between the January and May contracts [8]. 3. Summary According to Relevant Catalogs Steel Industry Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally increased. For example, the rebar 05 contract rose from 3117 to 3167 yuan/ton, and the hot - rolled coil 05 contract rose from 3288 to 3320 yuan/ton. - Steel production costs and profits showed different changes. The cost of Jiangsu electric - arc furnace rebar increased by 12 yuan/ton, and the profit of East China hot - rolled coils increased by 19 yuan/ton [2]. Production and Inventory - The daily average pig iron output decreased by 0.7%, and the output of five major steel products increased by 0.7%. Rebar production decreased by 0.9%, while hot - rolled coil production increased by 0.9%. - The inventory of five major steel products decreased by 2.3%, the rebar inventory decreased by 4.0%, and the hot - rolled coil inventory decreased by 0.3% [2]. Demand - The building materials trading volume increased by 19.6%, but the apparent demand for five major steel products decreased by 0.7%, the apparent demand for rebar decreased by 1.2%, and the apparent demand for hot - rolled coils decreased by 1.3% [2]. Iron Ore Industry Prices and Spreads - The inventory cost of some iron ore varieties increased slightly, and the basis of some varieties changed. For example, the inventory cost of Carajás fines increased by 1.2%, and the 01 - contract basis of Carajás fines increased by 40.5% [5]. Supply and Demand - The weekly arrival volume at 45 ports decreased by 4.2%, the global weekly shipping volume increased by 1.4%, and the national monthly import volume decreased by 4.3%. - The demand indicators such as the daily average pig iron output of 247 steel mills decreased by 0.7%, and the monthly national pig iron and crude steel output also decreased [5]. Inventory - The 45 - port inventory increased by 0.7%, and the imported ore inventory of 247 steel mills decreased by 0.7% [5]. Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures prices rebounded, while some spot prices decreased. For example, the coke 01 contract rose by 2.9%, and the coking coal 01 contract rose by 2.4%. The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) decreased by 3.04% [8]. Supply - Coke production increased slightly. The daily average output of all - sample coking plants increased by 1.7%, and the daily average output of 247 steel mills increased by 0.2%. - Some coal mines stopped production, with a total approved capacity of 540 million tons, and are expected to resume production after short - term rectification [8]. Demand - The pig iron output of 247 steel mills decreased by 0.7%, and the demand for coking coal and coke weakened to some extent [8]. Inventory - The total coke inventory increased by 0.5%, with coking plants and steel mills accumulating inventory and ports reducing inventory. - The overall coking coal inventory increased slightly, with coal washing plants, ports, and coking enterprises reducing inventory, and coal mines, ports of entry, and steel mills accumulating inventory [8].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This is a futures research report from Baocheng Futures, presenting variety arbitrage data on December 2, 2025, covering multiple sectors such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Summary by Directory 1. Thermal Coal - The report shows the basis data of thermal coal from November 25 to December 1, 2025. The basis on December 1 was 6.6 yuan/ton, showing a decreasing trend compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 2. Energy Chemicals (1) Energy Commodities - It provides basis and price ratio data of fuel oil, INE crude oil, and crude oil/asphalt from November 25 to December 1, 2025. For example, the basis of INE crude oil on December 1 was 3.54 yuan/ton [6] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 25 to December 1, 2025 are presented. For instance, the basis of rubber on December 1 was - 450 yuan/ton [8] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc. are given. For example, the 5 - month vs 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity Spread**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. from November 25 to December 1, 2025 are shown. For example, the LLDPE - PVC spread on December 1 was 2238 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 25 to December 1, 2025 are provided. For example, the basis of rebar on December 1 was 176.0 yuan/ton [20] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month(10) vs 1 - month, and 9 - month(10) vs 5 - month for rebar, iron ore, etc. are presented. For example, the 5 - month vs 1 - month spread of rebar was 22.0 yuan/ton [19] - **Inter - commodity Spread**: The inter - commodity spreads such as rebar/iron ore, rebar/coke, etc. from November 25 to December 1, 2025 are given. For example, the rebar/iron ore ratio on December 1 was 3.92 [19] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, etc. from November 25 to December 1, 2025 are shown. For example, the basis of copper on December 1 was - 70 yuan/ton [27] (2) London Market - Data including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on December 1, 2025 are provided. For example, the LME spread of copper was 69.10, and the import loss was (1359.37) [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, etc. from November 25 to December 1, 2025 are presented. For example, the basis of soybeans No.1 on December 1 was - 106 yuan/ton [40] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for soybeans No.1, soybeans No.2, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 was 41 yuan/ton [40] - **Inter - commodity Spread**: The inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, etc. from November 25 to December 1, 2025 are shown. For example, the soybeans No.1/corn ratio on December 1 was 1.84 [40] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 25 to December 1, 2025 are provided. For example, the basis of CSI 300 on December 1 was 21.09 [51] - **Inter - period Spread**: The inter - period spreads of the next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc. are presented. For example, the next - month vs current - month spread of CSI 300 was - 16.0 [51]