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 January 9, 2026, 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 December 31, 2025, to January 8, 2026, shows that the basis was negative, ranging from - 123.4 yuan/ton on December 31, 2025, to - 104.4 yuan/ton on January 8, 2026. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 31, 2025, to January 8, 2026, are presented, with values varying over different dates. For example, the basis of INE crude oil was 48.88 yuan/ton on January 8, 2026 [6] - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from December 31, 2025, to January 8, 2026, shows different values. For instance, the basis of rubber was - 270 yuan/ton on January 8, 2026 [8] - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - month minus 1 - month spread of LLDPE was 223 yuan/ton [10] - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 31, 2025, to January 8, 2026, are given. For example, the LLDPE - PVC spread was 1730 yuan/ton on January 8, 2026 [10] 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 31, 2025, to January 8, 2026, are presented. For example, the basis of rebar was 172.0 yuan/ton on January 8, 2026 [20] - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 55.0 yuan/ton [19] - Inter - variety spreads for the ratio of rebar to iron ore, rebar to coke, coke to coking coal, and rebar minus hot - rolled coil from December 31, 2025, to January 8, 2026, are given. For example, the ratio of rebar to iron ore was 3.87 on January 8, 2026 [19] 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from December 31, 2025, to January 8, 2026, are presented. For example, the basis of copper was 600 yuan/ton on January 8, 2026 [29] - **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 on January 8, 2026, are provided. For example, the LME spread of copper was 16.75 [32] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 31, 2025, to January 8, 2026, are presented. For example, the basis of soybeans No.1 was - 307 yuan/ton on January 8, 2026 [39] - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 64 yuan/ton [39] - Inter - variety spreads for the ratio of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from December 31, 2025, to January 8, 2026, are given. For example, the ratio of soybeans No.1 to corn was 1.95 on January 8, 2026 [38] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 31, 2025, to January 8, 2026, are presented. For example, the basis of CSI 300 was 19.25 on January 8, 2026 [50] - Inter - period spreads for the next - month minus the current - month and the next - quarter minus the current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus the current - month spread of CSI 300 was - 12.4 [50]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report is a daily data report on futures variety arbitrage from Baocheng Futures, covering multiple futures varieties including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. It provides data on basis, inter - month spreads, and inter - commodity spreads for different trading dates [1][2][8][10][18][19][20][28][31][38][49]. 3. Summary by Directory 3.1 Thermal Coal - The report presents the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from December 30, 2025, to January 7, 2026. During this period, the basis gradually increased from - 131.4 yuan/ton to - 108.4 yuan/ton, while the inter - month spreads remained at 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 30, 2025, to January 7, 2026, along with price ratios for some commodities [6]. 3.2.2 Chemical Commodities - **Basis**: The report shows the basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from December 30, 2025, to January 7, 2026. For example, the basis of rubber decreased from - 370 yuan/ton to - 430 yuan/ton [8]. - **Inter - month Spreads**: It presents the inter - month spreads (5 - 1, 9 - 1, 9 - 5) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol [10]. - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) for different dates from December 30, 2025, to January 7, 2026, are provided [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from December 30, 2025, to January 7, 2026, are given. For example, the basis of rebar decreased from 186.0 yuan/ton to 153.0 yuan/ton [20]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) for rebar, iron ore, coke, and coking coal are presented. Note that the main contract months of rebar are January, May, and October [19]. - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) for different dates from December 30, 2025, to January 7, 2026, are provided [19]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 30, 2025, to January 7, 2026, are shown. For example, the basis of copper increased from - 1600 yuan/ton to 480 yuan/ton on January 7, 2026 [28]. 3.4.2 London Market - The report provides data on LME spreads, Shanghai - London ratios, CIF, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on January 7, 2026 [31]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 30, 2025, to January 7, 2026, are presented. For example, the basis of soybeans No. 1 decreased from - 204 yuan/ton to - 324 yuan/ton [38]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) for 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 [38]. - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) for different dates from December 30, 2025, to January 7, 2026, are provided [38]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 30, 2025, to January 7, 2026, are shown. For example, the basis of CSI 300 increased from 12.69 to 23.67 on January 7, 2026 [49]. - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [49].

Group 1: Report Title and Date - The report is titled "Meal Daily Report" and is dated January 7, 2026 [1] Group 2: Researcher Information - The researcher is Chen Jiezheng, with a futures practice certificate number of F3045719 and an investment consulting certificate number of Z0015458. The contact email is chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - For soybean meal, the 01 contract closed at 3171 with a gain of 21, the 05 contract at 2811 with a gain of 35, and the 09 contract at 2888 with a gain of 17. The spot basis in different regions showed various changes. For example, in Tianjin, it rose from 340 to 370 [3] - For rapeseed meal, the 01 contract closed at 2677 with a gain of 40, the 05 contract at 2419 with a gain of 29, and the 09 contract at 2465 with a gain of 28. The spot basis also changed in different regions, like in Nantong, it decreased from 110 to 81 [3] Monthly Spreads - For soybean meal, the 15 spread was 360 (down 14 from yesterday), the 59 spread was -77 (up 18), and the 91 spread was -283 (down 4). For rapeseed meal, the 15 spread was 258 (up 11), the 59 spread was -46 (up 1), and the 91 spread was -212 (down 12) [3] Cross - Variety Futures Spreads - The 01 spread between soybean meal and rapeseed meal was 494 (down from 513 yesterday), and the 09 spread was 423 (down from 434 yesterday). The 01 oil - meal ratio was 2.583 (down from 2.584 yesterday) [3] Spot Spreads - The spread between soybean meal and rapeseed meal was 601 (up 25 from yesterday), the spread between rapeseed meal and sunflower meal was 270 (down 10), and the spread between soybean meal and sunflower meal was 841 (up 5) [3] Group 4: Market Review - The US soybean market continued to rise, possibly supported by recent good exports but with limited overall impact. The domestic soybean meal market also showed significant upward movement, with cost support and concerns about future supply. Rapeseed meal rose following the trend, with limited self - driven positive factors. The spread between soybean meal and rapeseed meal increased, and the monthly spreads of soybean meal and rapeseed meal showed different trends [3] Group 5: Fundamental Analysis International Market - The overall supply - demand of the US soybean market is still relatively loose, with obvious downward price pressure in the follow - up. South America's supply - side influence has increased recently. Brazil's new crop planting progress has accelerated but remains at a relatively low level compared to the historical average. Most institutions predict a bumper harvest for Brazil's new crop, and the export volume is expected to increase significantly, but it still depends on the actual yield. Brazil's old crop has shown good export and crushing performance, with obvious export growth. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly [4] Domestic Market - The domestic spot market is still in a state of relatively loose supply - demand. The oil mill operating rate remains high, the market supply is sufficient, and the提货 volume has increased, while the inventory remains at a high level. Market transactions have recently decreased, and the overall market demand has increased, but there are still uncertainties about future supply. As of January 2, the actual soybean crushing volume of oil mills was 1.7533 million tons, the operating rate was 48.23%, the soybean inventory was 7.1025 million tons (an increase of 0.5581 million tons compared to last week, a growth rate of 8.53%, and an increase of 1.158 million tons year - on - year, a growth rate of 19.48%), and the soybean meal inventory was 1.1702 million tons (an increase of 0.0026 million tons compared to last week, a growth rate of 0.22%, and an increase of 0.4866 million tons year - on - year, a growth rate of 71.18%). The domestic rapeseed meal demand has continued to weaken recently, the oil mill operation has basically stopped, the rapeseed supply remains at a low level, and the granular rapeseed meal inventory remains high, with overall supply pressure still existing [5] Group 6: Logic Analysis - The US soybean market showed a certain rebound after the downward pressure was fully reflected, but the demand support is limited. If the supply side remains at a high level, the overall pressure will still exist. Brazil's short - term weather conditions are good, and the harvest is expected to proceed smoothly, with the pressure of a bumper harvest likely to continue to be reflected. The overall supply - demand of the international soybean market is still relatively loose, and the price is expected to face certain pressure. The recent South American quotes are still firm, and the near - term supply may tighten, which has a certain supporting effect on the price. The domestic soybean arrivals will decrease in the follow - up, and the soybean meal supply may also decrease, providing support for the spot market and driving the recent market. In the medium - to - long - term, the supply is still relatively loose, and the price pressure remains. The recent demand for rapeseed meal is still average, and it showed a downward trend due to the influence of supply - side changes. However, affected by the subsequent improvement of the soybean meal spot market, rapeseed meal also showed a follow - up rebound. As the soybean meal spot market is expected to be stronger in the follow - up, the spread between them is expected to narrow. The monthly spread of soybean meal showed a significant strengthening trend, but its sustainability is expected to be limited under the condition of loose future supply. The monthly spread of rapeseed meal fluctuates slightly, with limited demand support, and the spread is still under pressure due to the previous upward performance [6] Group 7: Trading Strategies - Unilateral: It is recommended to reduce long positions - Arbitrage: Narrow the MRM spread - Options: Sell the wide - straddle strategy [7] Group 8: Soybean Pressing Profit - The report provides the pressing profit data of Brazilian soybeans from February to August 2026, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and the changes in pressing profit compared to yesterday [8]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the arbitrage data of various futures varieties on January 5, 2026, including basis, inter - period spreads, and inter - variety spreads for different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][8] 3. Summary by Directory 3.1 Thermal Coal - The report provides the basis data of thermal coal from December 25, 2025, to December 31, 2025. During this period, the basis values are - 125.4, - 129.4, - 131.4, - 131.4, and - 123.4 respectively, and the spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month are all 0.0 [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - It presents the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 25, 2025, to December 31, 2025 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 25, 2025, to December 31, 2025, are provided [8] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [9] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from December 25, 2025, to December 31, 2025, are presented [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 25, 2025, to December 31, 2025, are provided [19] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month(10) vs 1 - month, 9 - month(10) vs 5 - month) of rebar, iron ore, coke, and coking coal are given [18] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 25, 2025, to December 31, 2025, are presented [18] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 25, 2025, to December 31, 2025, are provided [27] 3.4.2 London Market - The LME spreads, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 31, 2025, are presented [30] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 25, 2025, to December 31, 2025, are provided [36] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [36] - **Inter - variety Spreads**: The inter - variety spreads 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 December 25, 2025, to December 31, 2025, are presented [36] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 25, 2025, to December 31, 2025, are provided [47] - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given [47]

Report Summary 1. Industry Investment Rating - Platinum: Neutral [3] - Palladium: Neutral [3] 2. Core Viewpoints - Platinum and palladium have entered a consolidation period and are seeking a more rational price point to restart. The overall volatility of precious metal varieties is expected to decline next week [3][5] - The prices of Guangbo and Guangpalladium retreated significantly this week, but their fundamentals remain unchanged. The capital outflow from the precious metal sector may be due to profit - taking or pre - holiday risk - aversion. After the market sentiment was cooled, platinum and palladium will gradually find a reasonable price [5] 3. Summaries by Directory Trading Aspect (Price, Spread, Capital, and Position) - **Price and Volume**: This week, Guangbo and Guangpalladium followed silver in a significant retreat. The main platinum contract fell 22.08% and the main palladium contract fell 15.33%. Both were heavily reduced in position, with palladium having a larger reduction. The trading volume and position of the main contracts are significantly larger than those of non - main contracts [5][6][8] - **Overseas Spot - Futures Spread**: The spread between London platinum spot and NYMEX platinum main contract converged and inverted, and the spread between NYMEX platinum continuous and main contract was slightly at a discount. The spread between London palladium spot and NYMEX palladium main contract also converged [11][13] - **Arbitrage Opportunities**: There are profit opportunities in platinum and palladium spot - futures positive arbitrage, near - far month cross - month positive arbitrage, and import parity arbitrage [15][17][19][21][23][25] - **Recycling Spread**: As the absolute prices of platinum and palladium declined, the recycling discounts of platinum and palladium converged to - 60 yuan/gram and - 50 yuan/gram respectively [27] - **ETF Holdings**: This week, platinum ETF holdings increased by 1.02 tons (about 32,700 ounces) and palladium ETF holdings increased by 0.61 tons (about 19,500 ounces). The growth rate of platinum ETF holdings is rising, and that of palladium is slower but stronger than last week [29] Fundamental Aspect (Inventory and Import - Export Data) - **Forward Premium/Discount Rate**: In the past month, the overseas forward markets of platinum and palladium have been in a discount structure. Recently, the platinum discount in the domestic market has risen significantly, and the palladium discount structure has returned to near - month > far - month [34] - **Inventory and Registered Warehouse Receipt Ratio**: This week, NYMEX platinum inventory increased slightly to 652,800 ounces (about 20.30 tons), and the registered warehouse receipt ratio rose to 55%. NYMEX palladium inventory continued to flow in slightly to 210,000 ounces (about 6.53 tons), and the registered warehouse receipt ratio fell to 67% [35][38] - **China's Import - Export Data**: Since September 2025, platinum exports have surged, and the net inflow has slowed down. Since 2020, palladium has been in a pure import state, and the net inflow increased in November [45] - **London Fixing Supply - Demand Balance**: This week, the average supply - demand balance of London platinum fixing was 100 kg. The supply - demand balance of London palladium fixing was negative only for 2 days with a small absolute value [47][49]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On December 24, the black metal futures showed a pattern of "range - bound oscillation under weak supply and demand". Rebar was supported by inventory depletion and supply contraction and oscillated strongly. Iron ore was under pressure due to high port inventory and weak demand. Coking coal and coke rebounded slightly due to winter storage replenishment expectations and cost support. Ferrosilicon and silicomanganese maintained low - level oscillations due to loose supply and demand. There was a lack of short - term unilateral drivers, and attention should be paid to policy implementation and winter storage rhythm [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - Contract Market - On December 24, the Black Chain Index opened at 112.33 points, oscillated upward during the session, reaching a maximum of 112.92 points and a minimum of 111.68 points, and finally closed at 112.66 points, up 0.3 points from the previous trading day. The total trading volume was 3.588 million lots, a decrease of 195,000 lots from the previous day. The total open interest dropped to 6.602 million lots, a decrease of 33,232 lots from the previous trading day [2] 3.2 Spot Market - On December 24, 2025, the black metal market showed an overall oscillating trend. Affected by the cold wave, demand weakened, but construction rush in some southern regions provided support. The trading atmosphere was average, futures prices fluctuated within a narrow range, and spot quotes were mainly stable. The change in basis reflected the divergence of market expectations [3] - The average price of 20mm grade - 3 earthquake - resistant rebar in 31 major cities across the country was 3,327 yuan/ton, a decrease of 2 yuan/ton from the previous day. The price of Zhongtian Iron and Steel brand HRB400 Φ20 rebar in the Shanghai market was 3,290 yuan/ton, and 3,300 yuan/ton in the Hangzhou market. The average price of 4.75mm hot - rolled coil in 24 major cities was 3,294 yuan/ton, unchanged from the previous day. The price of hot - rolled open - flat plates (Q235B 4.75×1500×6000) of Ansteel and Bengang brands in the Anshan market was 3,250 yuan/ton. Due to the decline in real estate and infrastructure demand and the impact of the cold wave, steel mills faced significant order - taking pressure, and prices were expected to be under pressure [5] - The price difference of 61% Fe between Caofeidian Port and Qingdao Port was 16 yuan/dry ton, and the price difference between Lianyungang and Qingdao Port was 0 yuan/dry ton, indicating stable regional price differences. The price difference between iron ore and rebar contracts 01 was 2,323 yuan/ton, with changes in arbitrage space [5] - The spot price of main coking coal (A＜10.5, S＜1.3, G＞80) in Jiexiu, Shanxi was 1,300 yuan/ton, the price of Kaijia No. 1 brand was 1,450 yuan/ton, and the medium - sulfur coking coal price index was 1,353.5 yuan/ton, all showing a slight downward trend [5] - The market price of 72% FeSi qualified blocks of ferrosilicon in Ningxia was 5,330 yuan/ton with intraday fluctuations. The market price of high - silicon silicomanganese (FeMn65Si25) was 6,200 yuan/ton, with a stable price. The price difference between silicomanganese and ferrosilicon contracts 01 was 264 yuan/ton, and the arbitrage opportunity narrowed. The basis between Inner Mongolia and Ningxia regions was in the range of - 330 to - 240 yuan/ton, and the market information disturbances led to wide - range oscillations [5] 3.3 Market Outlook - The black metal futures on December 24 presented a "range - bound oscillation under weak supply and demand" pattern. Rebar oscillated strongly supported by inventory depletion and supply contraction, iron ore was under pressure due to high port inventory and weak demand, coking coal and coke rebounded slightly due to winter storage replenishment expectations and cost support, and ferrosilicon and silicomanganese maintained low - level oscillations due to loose supply and demand. There was a lack of short - term unilateral drivers, and attention should be paid to policy implementation and winter storage rhythm [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Oil**: South American soybean growth is good with a high probability of a bumper harvest, and US soybean exports are slow, leading to weak CBOT soybean futures prices. In the domestic market, concerns about soybean customs clearance have supported domestic bean prices, but overall soybean and soybean oil supplies are sufficient, suppressing price increases. With ample supply and limited short - term bullish drivers, it is advisable to hold short positions lightly. The support level for the main 05 contract is 7600 - 7650 yuan/ton, and the resistance level is 7900 - 7950 yuan/ton [1]. - **Rapeseed Oil**: Rapeseed oil futures fluctuated on Monday. The current inventory is in a destocking state. With Australian rapeseed not yet in the crushing stage, the market's bullish sentiment has increased. The near - month contract prices have risen rapidly, but the upside of the 05 contract is limited due to expected supply increases. In the short - term, it is expected to remain volatile. In the long - term, supply increases and a global bumper harvest will put pressure on prices, while anti - dumping duties and high import costs provide some support. It is advisable to wait and see for single - side operations and consider the arbitrage opportunity of going long on palm oil and short on rapeseed oil [1]. - **Palm Oil**: Palm oil fluctuated weakly on Monday. The fundamentals of the main producing areas have improved slightly, but the market still expects Malaysia's palm oil inventory to continue to accumulate in December, limiting price rebounds. With long - term deep import profit inversion and stagnant ship purchases in the past two weeks, there is some bottom support. In the short - term, prices may fluctuate. It is advisable to wait and see for single - side operations and consider the arbitrage opportunity of going long on palm oil and short on rapeseed oil [2]. - **Other Products**: For other products such as soybeans, corn, and their derivatives, as well as livestock and poultry products like pigs and eggs, the report provides detailed market analyses, support and resistance levels, and corresponding trading strategies based on supply - demand relationships, inventory situations, and market sentiment [1][2][3][4][5][6]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: The 05 contract of soybeans (domestic) is expected to be oscillating strongly, and it is recommended to hold short - term long positions; the 05 contract of soybeans (imported) is expected to rise first and then fall, and it is recommended to sell on rallies [9]. - **Oils**: The 05 contract of soybean oil is expected to be oscillating bearishly, and it is recommended to sell on rallies; the 05 contract of rapeseed oil is expected to oscillate, and it is advisable to wait and see; the 05 contract of palm oil is expected to oscillate, and it is advisable to turn to a wait - and - see stance [9]. - **Proteins**: The 05 contract of soybean meal is expected to rise first and then fall, and it is recommended to sell on rallies; the 05 contract of rapeseed meal is expected to oscillate, and it is advisable to wait and see [9]. - **Energy and By - products**: The 03 contract of corn is expected to be oscillating strongly, and it is recommended to take a short - term long - position approach; the 03 contract of corn starch is expected to be oscillating strongly, and it is recommended to take a short - term long - position approach [9]. - **Livestock Farming**: The 03 contract of pigs is expected to find a bottom through oscillation, and it is recommended to try long positions with a light position; the 05 contract of eggs is expected to find a bottom through oscillation, and it is recommended to buy at low prices [9]. 3.1.2 Commodity Arbitrage - **Inter - delivery Arbitrage**: For different products, the report provides current values, previous values, price changes, and corresponding arbitrage strategies, including waiting and seeing, positive spreads (buying near - term contracts and selling far - term contracts), and negative spreads (selling near - term contracts and buying far - term contracts) [10][11]. - **Inter - commodity Arbitrage**: For different product combinations, the report provides current values, previous values, price changes, and corresponding arbitrage strategies, such as waiting and seeing, bearish operations [11]. 3.1.3 Basis and Spot - Futures Strategies The report provides spot prices, price changes, and basis changes of various products, including oilseeds, oils, proteins, energy and by - products, and livestock farming products [12]. 3.2 Second Part: Key Data Tracking Tables 3.2.1 Oils and Oilseeds - **Daily Data**: It includes import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, such as CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing profit is zero [14][15]. - **Weekly Data**: It includes inventory changes and operating rates of various oils and oilseeds, such as soybean (port) inventory, soybean meal (oil mill) inventory, and soybean oil (port) inventory [16][17]. 3.2.2 Feed - **Daily Data**: It includes the import cost data of corn from different countries and months [17]. - **Weekly Data**: It includes indicators such as the consumption of corn by deep - processing enterprises, corn inventory, starch enterprise operating rate, and starch enterprise inventory [18]. 3.2.3 Livestock Farming - **Daily Data**: It includes daily data of pigs and eggs, such as spot prices, price changes, and basis changes [19][20]. - **Weekly Data**: It includes weekly key data of pigs and eggs, such as spot prices, breeding costs, profits, and inventory data [22][23]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock Farming (Pigs and Eggs)**: It includes charts of the closing prices of the main contracts of pigs and eggs, spot prices, and related price indicators [24][25][26]. - **Oils and Oilseeds**: It includes charts related to palm oil, soybean oil, and peanuts, such as production, exports, inventory, and basis [33][40][48]. - **Feed**: It includes charts related to corn, corn starch, rapeseed meal, and soybean meal, such as closing prices, spot prices, basis, and inventory [51][58][63][70]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils The report provides charts of historical volatility, trading volume, and open interest of options for various products, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts [86][88]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils The report provides charts of warehouse receipt quantities of various products, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [94][96][97][100][102].

Report Industry Investment Rating The report does not provide an overall industry investment rating. Core Viewpoints - The non - ferrous metals sector is strong but volatile. The general continuation of monetary easing and ongoing contradictions in the non - ferrous metal mining end support the sector's performance. Japan's intervention in the foreign exchange market has weakened the US dollar, which is favorable for non - ferrous metals. However, the appreciation of the RMB may cause the overseas market to perform relatively stronger. During the Christmas period, capital outflows increased volatility, but the domestic non - ferrous and precious metals markets remained strong, and the US market followed the domestic market for a catch - up rise [10]. - Different non - ferrous metals have different fundamentals, showing a pattern of strong and weak differentiation within the sector. It is necessary to pay attention to the resonance opportunities between macro and micro factors. For example, copper has tight supply - demand fundamentals in the long - term, and the funds' enthusiasm remains high. The copper price has reached a new high, driving the upward rotation of the sector [10]. Summary by Directory First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro - logic**: The non - ferrous metals sector is strongly influenced by macro factors. Monetary easing continues, and there are continuous contradictions in the mining end. Japan's intervention in the exchange market weakens the US dollar, which is beneficial for non - ferrous metals. During the Christmas period, capital outflows increase volatility, but the domestic market is stronger, and the US market follows the domestic market [10]. - **Investment Recommendations for Each Metal**: - **Copper**: The acceptance of high copper prices by domestic downstream industries is increasing, and terminal demand is in the seasonal peak season. The production of copper products has reached a high level this year and is expected to continue rising in December. The long - term processing fees for copper concentrate in 2026 have decreased significantly, indicating future supply shortages. It is recommended to buy on dips, with the short - term upper pressure range at 105,000 - 110,000 yuan/ton and the lower support range at 99,000 - 100,000 yuan/ton [3][11]. - **Aluminum and Aluminum Alloys**: The aluminum market has complex supply - demand conditions. The theoretical operating capacity of the electrolytic aluminum industry is increasing, while the operating capacity of alumina has decreased. The downstream demand is in the off - season. It is recommended to buy on dips for aluminum and hold short positions for alumina [12]. - **Zinc**: The domestic non - ferrous metals sector is strong, and zinc is expected to follow the upward trend. The processing fees are decreasing, and the domestic zinc spot inventory is falling. It is recommended to buy on dips when the price does not fall below the support level, with the upper pressure range at 23,500 - 23,600 yuan and the short - term lower support at 22,800 - 23,000 yuan [6]. - **Lead**: The domestic non - ferrous metals sector is strong, and lead has strengthened significantly in the second half of the week. There may be production cuts in some recycled lead due to environmental protection measures, and there is cost support. However, the demand is weak. It is recommended to pay attention to the price trends with the short - term lower support at 16,700 - 16,800 yuan and the upper pressure at 17,500 - 17,700 yuan [6]. - **Nickel and Stainless Steel**: The non - ferrous metals sector is strong, and nickel has outstanding performance. There are expectations of supply reduction and cost increase in the nickel industry. Stainless steel has followed nickel's upward trend. It is recommended to be cautiously bullish on nickel and buy on dips for stainless steel [7][13]. - **Tin**: The non - ferrous metals sector is strong, and tin has a small upward trend. It is recommended to wait and see, paying attention to the mining end situation and policy regulation. The upper pressure range is 350,000 - 355,000 yuan, and the lower support range is 310,000 - 320,000 yuan [6]. Second Part: Non - ferrous Metals Market Review - **Futures Price Changes**: The report provides the closing prices and percentage changes of various non - ferrous metal futures in the past week. For example, copper closed at 98,720 yuan with a 5.95% increase, and aluminum closed at 22,405 yuan with a 1.66% increase [14]. Third Part: Non - ferrous Metals Spot Market - **Spot Price Changes**: The report presents the spot prices and percentage changes of various non - ferrous metals, such as the Yangtze River Non - ferrous copper spot price at 98,040 yuan/ton with a 3.09% increase, and the Yangtze River Non - ferrous 0 zinc spot average price at 23,220 yuan/ton with a 0.56% increase [18]. Fourth Part: Key Data Tracking of Non - ferrous Metals Industry Chain - **Copper**: The report includes charts on exchange copper inventory changes, SMM social copper inventory changes, copper concentrate refining fees, and the relationship between the US dollar index and copper prices [20][22]. - **Zinc**: Charts on zinc inventory changes, zinc concentrate processing fees, zinc spot market prices, and related production and inventory seasonality are provided [24][27]. - **Aluminum and Alumina**: Information on the relationship between aluminum inventory and price, alumina production capacity, and inventory changes is presented [36][44]. - **Other Metals**: Similar data tracking charts are provided for tin, lead, nickel, stainless steel, and other metals [54][60][70]. Fifth Part: Non - ferrous Metals Arbitrage - **Arbitrage Recommendation**: A reverse arbitrage opportunity between the copper 2602 - 2603 contracts is recommended. The supply - end constraints are increasing, and the Fed's entry into the interest - rate cut and balance - sheet expansion cycle is favorable for the far - month contracts [14]. Sixth Part: Non - ferrous Metals Options - **Option Strategies**: For different non - ferrous metals, different option strategies are recommended. For example, for copper, it is recommended to buy deep out - of - the - money long - term call options; for zinc, hold a strangle strategy; for lead and nickel, use a covered call strategy [4][6][7].

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

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on December 23, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. 3. Summary by Relevant Catalogs 3.1 Power Coal - The report provides the basis data of power coal from December 16 to December 22, 2025. During this period, the basis values were - 74.4, - 83.4, - 90.4, - 98.4, and - 106.4 yuan/ton respectively, and the 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads were all 0 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It shows the basis, price ratio, and other data of fuel oil, INE crude oil, and crude oil/asphalt from December 16 to December 22, 2025. For example, the basis of INE crude oil on December 22 was 34.10 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 16 to December 22, 2025 are provided. For instance, the basis of rubber on December 22 was - 405 yuan/ton [8]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber was - 40 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 16 to December 22, 2025 are given. For example, the LLDPE - PVC spread on December 22 was 1693 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 16 to December 22, 2025 are shown. For example, the basis of rebar on December 22 was 194.0 yuan/ton [20]. - **Inter - period**: The 5 - month - 1 - month, 9(10) - month - 1 - month, and 9(10) - month - 5 - month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar was - 2.0 yuan/ton [19]. - **Inter - variety**: The inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 16 to December 22, 2025 are presented. For example, the rebar/iron ore ratio on December 22 was 4.00 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 16 to December 22, 2025 are provided. For example, the basis of copper on December 22 was - 510 yuan/ton [27]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit - loss data of copper, aluminum, zinc, lead, nickel, and tin on December 22, 2025 are given. For example, the LME spread of copper was 6.58 [34]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 16 to December 22, 2025 are shown. For example, the basis of soybeans No.1 on December 22 was - 85 yuan/ton [41]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 was 49 yuan/ton [41]. - **Inter - variety**: The inter - variety data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from December 16 to December 22, 2025 are given. For example, the soybeans No.1/corn ratio on December 22 was 1.87 [41]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 16 to December 22, 2025 are provided. For example, the basis of CSI 300 on December 22 was 46.82 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 15.2 [52].