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 ...

跨期套利跟踪 2025/12/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1820 1860 1840 1760 理论价差 557 1012 1475 1939 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 485 495 515 505 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 290 345 360 375 理论价差 221 344 466 588 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 70 85 110 120 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 450 610 860 1100 锡 5-1 价差 530 理论价差 6540 期现套利跟踪 2025/12/08 铜 当月合约-现货 次月合约-现货 价差 -565 1255 理论价差 138 909 锌 当月合约-现货 次月合约-现货 价差 -300 185 理论价差 137 272 免责声明: 锌 当月合约-现货 次月合约-现货 价差 -30 ...

有色套利早报 研究中心有色团队 2025/12/05 铜：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 91250 11526 7.75 三月 91020 11476 7.94 均衡比价 盈利 现货进口 8.03 -1611.35 现货出口 - 锌：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22980 3302 6.96 三月 22905 3060 5.63 均衡比价 盈利 现货进口 8.43 -4870.73 铝：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22010 2868 7.68 三月 22115 2899 7.63 均衡比价 盈利 现货进口 8.32 -1844.30 镍：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 120300 14694 8.19 均衡比价 盈利 现货进口 8.13 -1266.98 铅：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 17150 1966 8.70 三月 17235 2005 11.43 均衡比价 盈利 现货进口 8.68 39.38 ...

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]

(棉花&棉纱) 今天郑棉继续上涨,价格突破震荡区间之后连续走强,棉花现货主流销售基差变动不大,部分咯有下调。虽然 今年新棉增产幅度较大,但商业库存并不高,销售进度偏快,也给盘面带来较强的支撑。目前处于淡季，但需 求总体持稳，关注春节前需求能否出现小旺季。市场对于国内新年度的种植有一定的利多预期，目标价格或有 所变化。关注郑棉突破后的走势，短期上涨空间仍偏谨慎。截至11月27号，累计加工皮棉528.5万吨，同比增加 79.1万吨，较过去四年均值增加157.2万吨。截至11月15号，棉花商业库存为363.97万吨,同比减少20.43万 吨。纯棉纱价格整体持稳,新增订单不足,少数大型纺企有让利去库现象,精梳高支纱走货尚可。郑棉突破 后,产业可以关注套保机会,操作上暂时观望或逢低轻仓试多。 (白糖) 隔夜美糖回调。巴西方面,虽然今年甘蔗压榨量和出糖率下降,但是制糖比例有所增加,弥补了食糖产量损 失，巴西的食糖产量将继续维持高位。北半球方面，印度和泰国开榨，由于天气条件较好,预计食糖产量同比 增加，关注后续生产情况。国内方面,郑糖弱势运行。10月份我国糖浆进口量同比下降，但是食糖进口较多， 供给端依然存在一定压力。从交 ...

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]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - 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 December 2, 2025 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 2, 2025, the domestic spot price was 89280, the LME spot price was 11311, and the spot ratio was 7.74. The equilibrium ratio for spot import was 8.03, with a profit of - 1332.99. The domestic March price was 89320, the LME March price was 11242, and the ratio was 7.93 [1] - **Zinc**: The domestic spot price was 22550, the LME spot price was 3334, and the spot ratio was 6.76. The equilibrium ratio for spot import was 8.43, with a profit of - 5558.00. The domestic March price was 22620, the LME March price was 3066, and the ratio was 5.55 [1] - **Aluminum**: The domestic spot price was 21730, the LME spot price was 2852, and the spot ratio was 7.61. The equilibrium ratio for spot import was 8.30, with a profit of - 1955.44. The domestic March price was 21900, the LME March price was 2880, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 119850, the LME spot price was 14698, and the spot ratio was 8.15. The equilibrium ratio for spot import was 8.13, with a profit of - 1597.05 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1941, and the spot ratio was 8.75. The equilibrium ratio for spot import was 8.69, with a profit of 117.55. The domestic March price was 17055, the LME March price was 1983, and the ratio was 11.37 [3] Cross - Period Arbitrage Tracking - **Copper**: On December 2, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 1810, 1850, 1820, and 1710 respectively, and the theoretical spreads were 539, 977, 1423, and 1869 respectively [4] - **Zinc**: The spreads were 205, 235, 250, and 270 respectively, and the theoretical spreads were 215, 336, 457, and 578 respectively [4] - **Aluminum**: The spreads were 265, 300, 310, and 320 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4] - **Lead**: The spreads were 20, 0, 25, and 25 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 1120, 1330, 1510, and 1800 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 330, and the theoretical spread was 6322 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1725 and 85 respectively, and the theoretical spreads were 36 and 792 respectively [4] - **Zinc**: The spreads were - 165 and 40 respectively, and the theoretical spreads were 132 and 264 respectively [4] - **Lead**: The spreads were 80 and 100 respectively, and the theoretical spreads were 137 and 250 respectively [5] Cross - Variety Arbitrage Tracking - On December 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.95, 4.08, 5.24, 0.97, 1.28, and 0.75 respectively, and in the London (three - continuous) market were 3.63, 3.89, 5.62, 0.93, 1.45, and 0.65 respectively [5]

有色套利早报 研究中心有色团队 2025/12/01 铜：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 87440 11040 7.88 三月 87400 10995 7.94 均衡比价 盈利 现货进口 8.03 -1071.50 现货出口 869.25 锌：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 22370 3261 6.86 三月 22450 3037 5.62 均衡比价 盈利 现货进口 8.44 -5161.67 铝：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 21450 2819 7.61 三月 21650 2845 7.56 均衡比价 盈利 现货进口 8.31 -1969.45 镍：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 119500 14663 8.15 均衡比价 盈利 现货进口 8.13 -1633.66 铅：跨市套利跟踪 2025/12/01 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市 ...