Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Report's Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on May 16, 2025, presenting the basis, inter - period spreads, and inter - commodity spreads of various commodities in multiple sectors including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Power Coal - The basis of power coal on May 15, 2025, was - 187.4 yuan/ton, showing a continuous decline compared to previous days [2]. - The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0.0 [2]. 3.2 Energy Chemicals - **Energy Commodities** - For crude oil, the basis is presented through a graph, with the basis calculated as the difference between the spot price of Chinese Shengli crude oil and the closing price of the active contract of INE crude oil [6]. - For fuel oil, the basis is shown as the difference between the FOB Singapore spot price and the closing price of the active contract of fuel oil [7]. - The ratio of crude oil to asphalt on May 15, 2025, was 0.1386 [9]. - **Chemical Commodities** - The basis of various chemical commodities such as natural rubber, methanol, PTA, LLDPE, and PP on different dates from May 9 to May 15, 2025, is provided. For example, the basis of natural rubber on May 15 was - 90 yuan/ton [10]. - The inter - period spreads (5 - month to 1 - month, 9 - month to 1 - month, 9 - month to 5 - month) and inter - commodity spreads (e.g., LLDPE - PVC, LLDPE - PP) of chemical commodities are also given [10]. 3.3 Black Metals - **Basis** - The basis of rebar, iron ore, coke, and coking coal on different dates from May 9 to May 15, 2025, is presented. For example, the basis of rebar on May 15 was 102.0 yuan/ton [15]. - **Inter - period Spreads** - The inter - period spreads of rebar (5 - month to 1 - month, 10 - month to 1 - month, 10 - month to 5 - month) and other black metals are provided [15]. - **Inter - commodity Ratios and Spreads** - Ratios such as rebar to iron ore, rebar to coke, coke to coking coal, and spreads like rebar - hot rolled coil on different dates are given [15]. 3.4 Non - ferrous Metals - **Domestic Market** - The basis of copper, aluminum, zinc, lead, nickel, and tin in the domestic market on different dates from May 9 to May 15, 2025, is provided. For example, the basis of copper on May 15 was 980 yuan/ton [24]. - **London Market** - Information about LME non - ferrous metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits and losses for copper, aluminum, zinc, lead, nickel, and tin on May 15, 2025, is presented. For example, the LME spread of copper was 39.74, and the import loss was - 318.78 yuan/ton [30]. 3.5 Agricultural Products - **Basis** - The basis of soybeans (No. 1 and No. 2), soybean meal, soybean oil, and other agricultural products on different dates from May 9 to May 15, 2025, is given. For example, the basis of soybean No. 1 on May 15 was - 232 yuan/ton [39]. - **Inter - period Spreads** - The inter - period spreads of various agricultural products are provided, such as the 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of soybeans, soybean meal, etc. [39]. - **Inter - commodity Spreads** - Ratios and spreads like soybean No. 1 to corn, soybean oil to soybean meal, and soybean meal - rapeseed meal on different dates are presented [37]. 3.6 Stock Index Futures - **Basis** - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from May 9 to May 15, 2025, is provided. For example, the basis of CSI 300 on May 15 was 34.40 [47]. - **Inter - period Spreads** - The inter - period spreads (e.g., next month - current month, current quarter - current month) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given [47].

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on May 14, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to help investors understand the market situation through the analysis of basis, inter - period spread, and inter - variety spread. 3. Summary by Category 3.1 Power Coal - **Basis**: On May 13, 2025, the basis was - 182.4 yuan/ton, showing a continuous negative value trend in recent days [2]. 3.2 Energy Chemicals - **Energy Commodities** - **Basis**: The basis data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt are presented, with the basis of INE crude oil and fuel oil fluctuating in recent days [6]. - **Chemical Commodities** - **Basis**: The basis data of natural rubber, methanol, PTA, LLDPE, PP, etc. are provided, with significant fluctuations in the basis of natural rubber in recent days [7]. - **Inter - period Spread**: The inter - period spreads of natural rubber, methanol, PTA, etc. are given, such as the 5 - 1 month spread of natural rubber being - 1045 yuan/ton [7]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, etc. are presented, with the LLDPE - PVC spread being 2309 yuan/ton on May 13, 2025 [7]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal are provided, with the basis of rebar showing an upward trend in recent days [12]. - **Inter - period Spread**: The inter - period spreads of rebar, iron ore, coke, and coking coal are given, such as the 5 - 1 month spread of rebar being - 69.0 yuan/ton [12]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, etc. are presented, with the rebar/iron ore ratio being 4.31 on May 13, 2025 [12]. 3.4 Non - ferrous Metals - **Domestic Market** - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin are provided, with significant fluctuations in the basis of copper in recent days [20]. - **Import and Export Data**: The LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of various non - ferrous metals are presented, with all non - ferrous metals showing import losses except lead [26]. - **London Market**: The LME basis, Shanghai - London ratio, and import profit and loss data of non - ferrous metals are presented [26]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. are provided, with the basis of soybeans showing a negative value in recent days [36]. - **Inter - period Spread**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc. are given, such as the 5 - 1 month spread of soybeans being 48 yuan/ton [36]. - **Inter - variety Spread**: The inter - variety spreads of soybean/corn, soybean oil/soybean meal, etc. are presented, with the soybean/corn ratio being 1.77 on May 13, 2025 [34]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided, with the basis of all indices showing positive values on May 13, 2025 [44]. - **Inter - period Spread**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given, such as the next - month - current - month spread of CSI 300 being - 40.8 [44].

Report Summary 1. Report Industry Investment Rating No investment rating information was provided in the report. 2. Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on May 12, 2025, presenting the basis, spreads, and other data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, helping investors understand market conditions. 3. Summary by Category 3.1 Thermal Coal - Basis data from April 30 to May 9, 2025, showed a continuous decline in the basis, reaching - 171.4 yuan/ton on May 9 [2]. - Spreads such as 5 - 1, 9 - 1, and 9 - 5 were all 0 during the period [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For INE crude oil, the basis on May 9 was - 35.58 yuan/ton; for fuel oil, the ratio was 0.1369, and the basis was 33.60 yuan/ton [6]. 3.2.2 Chemical Commodities - Basis data for various chemicals from April 30 to May 9, 2025, showed fluctuations. For example, the basis of natural rubber on May 9 was - 20 yuan/ton [9]. - Spread data included information on different months (5 - 1, 9 - 1, 9 - 5) for various chemicals, such as the 5 - 1 spread of natural rubber being - 1065 yuan/ton [9]. - Cross - commodity spread data, like LLDPE - PVC being 2191 yuan/ton on May 9 [9]. 3.3 Black Metals - Basis data from April 30 to May 9, 2025, for black metals such as rebar, iron ore, coke, and coking coal showed changes. For example, the basis of rebar on May 9 was 128.0 yuan/ton [14]. - Spread data included different months for rebar (5 - 1, 10 - 1, 10 - 5) and other black metals (5 - 1, 9 - 1, 9 - 5) [14]. - Cross - commodity data such as the ratio of rebar to iron ore being 4.34 on May 9 [14]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Basis data from April 30 to May 9, 2025, for domestic non - ferrous metals like copper, aluminum, zinc, etc., showed fluctuations. For example, the basis of copper on May 9 was 930 yuan/ton [22]. 3.4.2 London Market - Data on LME non - ferrous metals on May 9, 2025, included LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss. For example, the LME spread of copper was 49.19, and the Shanghai - London ratio was 8.28 [28]. 3.5 Agricultural Products - Basis data from April 30 to May 9, 2025, for agricultural products such as soybeans, corn, etc., showed changes. For example, the basis of soybean No. 1 on May 9 was - 213 yuan/ton [37]. - Spread data included different months (5 - 1, 9 - 1, 9 - 5) for various agricultural products, such as the 5 - 1 spread of soybean No. 1 being 26 yuan/ton [35]. - Cross - commodity data such as the ratio of soybean No. 1 to corn being 1.75 on May 9 [35]. 3.6 Stock Index Futures - Basis data from April 30 to May 9, 2025, for stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 showed fluctuations. For example, the basis of CSI 300 on May 9 was 37.56 [45]. - Spread data for different months (next month - current month, current quarter - current month, etc.) for various stock index futures, such as the next month - current month spread of CSI 300 being - 33.2 [45].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the arbitrage data of various futures varieties on May 9, 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 [1][5][13][21][38][45] Summary by Directory 1. Power Coal - **Basis Data**: From April 29 to May 8, 2025, the basis values were - 149.4, - 151.4, - 153.4, - 161.4, - 166.4 yuan/ton respectively, showing a downward trend. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0 [2] 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratio Data**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented from April 29 to May 8, 2025. For example, the basis of INE crude oil on May 8 was - 35.28 yuan/ton [6] (2) Chemical Commodities - **Basis Data**: From April 29 to May 8, 2025, the basis of various chemical products such as natural rubber, methanol, PTA, LLDPE, and PP changed. For example, the basis of natural rubber on May 8 was - 160 yuan/ton [9] - **Inter - period Spread Data**: The inter - period spreads of different chemical products (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided. For example, the 5 - 1 month spread of natural rubber was - 1030 yuan/ton [9] - **Inter - variety Spread Data**: The inter - variety spreads of chemical products like LLDPE - PVC, LLDPE - PP, and PP - PVC are presented. For example, the LLDPE - PVC spread on May 8 was 2169 yuan/ton [9] 3. Black Metals - **Basis Data**: From April 29 to May 8, 2025, the basis of black metal products such as rebar, iron ore, coke, and coking coal changed. For example, the basis of rebar on May 8 was 138.0 yuan/ton [14] - **Inter - period Spread Data**: The inter - period spreads of black metal products (5 - 1 month, 9 - 1 month, 9 - 5 month) are given. For example, the 5 - 1 month spread of coke was 88.0 yuan/ton [14] - **Inter - variety Spread Data**: The inter - variety spreads of black metal products such as rebar/iron ore, rebar/coke, and coke/coking coal are presented. For example, the rebar/iron ore ratio on May 8 was 4.40 [14] 4. Non - ferrous Metals (1) Domestic Market - **Basis Data**: From April 29 to May 8, 2025, the basis of domestic non - ferrous metals such as copper, aluminum, zinc, and lead changed. For example, the basis of copper on May 8 was 1220 yuan/ton [22] (2) London Market - **LME Premium/Discount, Shanghai - London Ratio, etc.**: On May 7, 2025, the LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of LME non - ferrous metals such as copper, aluminum, and zinc are provided. For example, the LME premium of copper was 21.65 [28] 5. Agricultural Products - **Basis Data**: From April 29 to May 8, 2025, the basis of agricultural products such as soybeans, soybean meal, and corn changed. For example, the basis of soybean No.1 on May 8 was - 214 [38] - **Inter - period Spread Data**: The inter - period spreads of agricultural products (5 - 1 month, 9 - 1 month, 9 - 5 month) are presented. For example, the 5 - 1 month spread of soybean No.1 was 18 yuan/ton [36] - **Inter - variety Spread Data**: The inter - variety spreads of agricultural products such as soybean No.1/corn, soybean oil/soybean meal are provided. For example, the soybean No.1/corn ratio on May 8 was 1.76 [36] 6. Stock Index Futures - **Basis Data**: From April 29 to May 8, 2025, the basis of stock index futures such as CSI 300, SSE 50, CSI 500, and CSI 1000 changed. For example, the basis of CSI 300 on May 8 was 36.90 [46] - **Inter - period Spread Data**: The inter - period spreads of stock index futures (next month - current month, current quarter - current month, next quarter - current month, etc.) are given. For example, the next month - current month spread of CSI 300 was - 30.2 [46]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the basis, inter - period, and inter - variety data of various commodities on different dates, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, which can help investors analyze the price relationships and trends of these commodities [2][8][13]. Summary by Relevant Catalogs 1. Power Coal - Basis data from April 25 to May 6, 2025, shows that the basis values are negative and gradually decreasing, with values of - 146.4, - 147.4, - 149.4, - 151.4, - 153.4 respectively. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads are all 0 [2]. 2. Energy Chemicals (1) Energy Commodities - For INE crude oil, fuel oil, and the crude oil/bitumen ratio, basis and ratio data from April 25 to May 6, 2025, are presented. For example, the INE crude oil basis on May 6 is - 40.14 [6]. (2) Chemical Commodities - **Basis**: From April 25 to May 6, 2025, basis data for natural rubber, methanol, PTA, LLDPE, and PP are provided. For instance, the natural rubber basis on May 6 is - 115 [8]. - **Inter - period**: Inter - period spreads for different chemicals are given, such as the 5 - 1, 9 - 1, and 9 - 5 spreads for natural rubber, methanol, etc. The 5 - 1 spread of natural rubber is - 930 [8]. - **Inter - variety**: Inter - variety spreads like LLDPE - PVC, LLDPE - PP, etc., are presented for different dates [8]. 3. Black Metals - **Basis**: Basis data for rebar, iron ore, coke, and coking coal from April 25 to May 6, 2025, are shown. For example, the rebar basis on May 6 is 113.0 [13]. - **Inter - period**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. The 5 - 1 spread of rebar is - 78.0 [13]. - **Inter - variety**: Inter - variety relationships such as rebar/iron ore, rebar/coke, etc., are presented for different dates [13]. 4. Non - ferrous Metals (1) Domestic Market - Basis data for copper, aluminum, zinc, lead, nickel, and tin from April 25 to May 6, 2025, are given. The copper basis on May 6 is 770 [22]. (2) London Market - Data on LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME copper spread on April 30 is 20.23 [29]. 5. Agricultural Products - **Basis**: Basis data for soybeans, soybean meal, soybean oil, corn, etc., from April 25 to May 6, 2025, are provided. The soybean basis on May 6 is - 269 [37]. - **Inter - period**: Inter - period spreads for various agricultural products are given. The 5 - 1 spread of soybean is 23 [37]. - **Inter - variety**: Inter - variety relationships such as soybean/corn, soybean oil/soybean meal, etc., are presented for different dates [37]. 6. Stock Index Futures - **Basis**: Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from April 25 to May 6, 2025, are shown. The CSI 300 basis on May 6 is 42.34 [45]. - **Inter - period**: Inter - period spreads for different stock index futures are provided. The next - month - current - month spread of CSI 300 is - 30.6 [45].

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The report presents the arbitrage data of various futures varieties on April 29, 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**: From April 22 to April 28, 2025, the basis of power coal was - 141.4, - 143.4, - 144.4, - 146.4, - 147.4 yuan/ton respectively, showing a downward trend. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis Data**: For crude oil, fuel oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented. For example, on April 28, 2025, the basis of INE crude oil was - 40.24 yuan/ton, and the ratio of crude oil to asphalt was 0.1469 [9]. 3.2.2 Chemical Commodities - **Basis Data**: For commodities like natural rubber, methanol, PTA, LLDPE, PP, etc., basis data from April 22 to April 28, 2025 are provided. For example, the basis of natural rubber on April 28 was - 180 yuan/ton [10]. - **Inter - period Spreads**: Inter - period spreads for multiple chemical commodities are given, such as the 5 - month to 1 - month spread of natural rubber being - 985 yuan/ton [10]. - **Inter - variety Spreads**: Inter - variety spreads like LLDPE - PVC, LLDPE - PP, etc. are presented. For example, on April 28, 2025, the LLDPE - PVC spread was 2170 yuan/ton [10]. 3.3 Black Metals - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from April 22 to April 28, 2025 are shown. For example, the basis of rebar on April 28 was 121.0 yuan/ton [15]. - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was - 97.0 yuan/ton [15]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, etc. are presented. For example, on April 28, 2025, the ratio of rebar to iron ore was 4.40 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis Data**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from April 22 to April 28, 2025 are given. For example, the basis of copper on April 28 was - 40 yuan/ton [24]. 3.4.2 London Market - **LME Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on April 28, 2025 are presented. For example, the LME spread of copper was 28.60, and the Shanghai - London ratio was 8.27 [30]. 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from April 22 to April 28, 2025 are provided. For example, the basis of soybeans No.1 on April 28 was - 265 yuan/ton [39]. - **Inter - period Spreads**: Inter - period spreads for multiple agricultural products are given, such as the 5 - month to 1 - month spread of soybeans No.1 being 8 yuan/ton [37]. - **Inter - variety Spreads**: Inter - variety spreads like the ratio of soybeans No.1 to corn, soybean oil to soybean meal, etc. are presented. For example, on April 28, 2025, the ratio of soybeans No.1 to corn was 1.79 [37]. 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from April 22 to April 28, 2025 are shown. For example, the basis of CSI 300 on April 28 was 51.02 [47]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was - 32.8 [47].