1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Aluminum follows the trend of copper, alumina is influenced by the "involution" policy orientation, and cast aluminum alloy follows the trend of electrolytic aluminum [1] - Trump's administration plans to take control of the power grid from states to prioritize power supply for AI data - centers, facing opposition from state regulatory agencies [2] - NVIDIA is leading a shift to 800V DC architecture in data - centers, causing a reshuffle of the industrial chain. There are short - term high investment thresholds but a long - term TCO reduction of about 30% [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum**: The closing price of the SHFE aluminum main contract is 22405, up 220 from T - 5 and 1800 from T - 66; the LME aluminum 3M closing price is 2957, up 1 from T - 5 and 367 from T - 66. Trading volume and open interest have fluctuated [1] - **Alumina**: The closing price of the SHFE alumina main contract is 2793, up 293 from T - 5 and down 187 from T - 66. The trading volume and open interest have also changed [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract is 21390, up 155 from T - 5. Trading volume and open interest have decreased [1] 3.2 Spot Market - **Aluminum - related**: The LME aluminum ingot inventory is 52.11 million tons, with a slight change compared to previous periods; the domestic aluminum ingot social inventory is 61.20 million tons, with a change of 5.10 million tons from T - 5 [1] - **Alumina - related**: The average domestic alumina price is 2697, down 61 from T - 5 and 491 from T - 66; the alumina CIF price in Lianyungang is 2780 yuan/ton, down 65 from T - 5 and 475 from T - 66 [1] - **Aluminum Alloy - related**: The theoretical profit of ADC12 is - 2, with a change compared to previous periods; the price of Baotai ADC12 is 21500, up 300 from T - 5 and 1200 from T - 66 [1] 3.3 Other Information - The trend intensity of aluminum, alumina, and aluminum alloy is all 1, indicating a neutral trend [2]

Group 1: Cross - Market Arbitrage Tracking Copper - Domestic spot price is 97,800, three - month price is 98,860, LME three - month price is 12,133, and the ratio is 8.11 [1] Zinc - Domestic spot price is 23,200, three - month price is 23,215, LME three - month price is 3,087, and the ratio is 5.62 [1] Aluminum - Domestic spot price is 22,020, three - month price is 22,470, LME three - month price is 2,957, and the ratio is 7.54 [1] Nickel - Domestic spot price is 128,750, and the profit from spot import is 45.32 [1] Lead - Domestic spot price is 17,225, three - month price is 17,535, LME three - month price is 2,000, and the ratio is 11.58 [3] Group 2: Cross - Period Arbitrage Tracking Copper - The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 2,730, 2,870, 2,930, and 2,910 respectively, while the theoretical spreads are 582, 1,062, 1,551, and 2,040 respectively [4] Zinc - The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 140, 185, 230, and 250 respectively, while the theoretical spreads are 218, 342, 466, and 591 respectively [4] Aluminum - The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 210, 275, 300, and 345 respectively, while the theoretical spreads are 222, 345, 468, and 591 respectively [4] Lead - The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 275, 255, 255, and 250 respectively, while the theoretical spreads are 211, 319, 426, and 534 respectively [4] Nickel - The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 1,770, 2,050, 2,410, and 2,860 respectively [4] Tin - The spread between the 5 - month and 1 - month contracts is 1,350, and the theoretical spread is 6,941 [4] Group 3: Spot - Futures Arbitrage Tracking Copper - The spreads between the current - month and next - month contracts and the spot are - 1,740 and 990 respectively, while the theoretical spreads are 149 and 1,087 respectively [4] Zinc - The spreads between the current - month and next - month contracts and the spot are - 170 and - 30 respectively, while the theoretical spreads are 146 and 281 respectively [4] Lead - The spreads between the current - month and next - month contracts and the spot are 55 and 330 respectively, while the theoretical spreads are 153 and 268 respectively [5] Group 4: Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 4.26, 4.40, 5.64, 0.97, 1.28, and 0.76 respectively [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 26, 2025 [1][4][5] Group 3: Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 94825, March price is 96370, LME March price is 12133, and the ratio is 7.86 [1] - **Zinc**: Domestic spot price is 23090, March price is 23095, LME March price is 3087, and the ratio is 5.59 [1] - **Aluminum**: Domestic spot price is 21980, March price is 22325, LME March price is 2957, and the ratio is 7.51 [1] - **Nickel**: Domestic spot price is 126100, and the profit of spot import is 45.32 [1] - **Lead**: Domestic spot price is 17125, March price is 17315, LME March price is 2000, and the ratio is 11.52 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 350, 510, 580, 640 respectively, with theoretical spreads of 581, 1061, 1549, 2037 [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 125, - 95, - 50, - 20 respectively, with theoretical spreads of 219, 344, 469, 594 [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 20, 70, 120, 135 respectively, with theoretical spreads of 222, 346, 469, 592 [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 75, 75, 60, 50 respectively, with theoretical spreads of 211, 318, 426, 533 [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 2240, - 1930, - 1690, - 1280 respectively [4] - **Tin**: The 5 - 1 spread is 1780, with a theoretical spread of 6890 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 1130 and 1480 respectively, with theoretical spreads of 570 and 1145 [4] - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 151 and 286 [4] - **Zinc (another record)**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 198 and 332 [5] - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 115 and 190 respectively, with theoretical spreads of 165 and 279 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 4.17, 4.32, 5.57, 0.97, 1.29, 0.75 respectively [5]

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]

Report Summary 1) Report Industry Investment Rating - No investment rating information provided in the report. 2) Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 25, 2025, which can help investors find potential arbitrage opportunities [1][3][4]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 94,660, LME price is 12,243, and the ratio is 7.62; March domestic price is 96,230, LME price is 12,224, and the ratio is 7.80. The equilibrium ratio for spot import is 7.98, with a loss of 2,003.83, and a profit of 1,716.73 for spot export [1]. - **Zinc**: Spot domestic price is 23,270, LME price is 3,097, and the ratio is 7.51; March domestic price is 23,270, LME price is 3,126, and the ratio is 5.49. The equilibrium ratio for spot import is 8.39, with a loss of 2,720.57 [1]. - **Aluminum**: Spot domestic price is 22,030, LME price is 2,933, and the ratio is 7.51; March domestic price is 22,385, LME price is 2,968, and the ratio is 7.50. The equilibrium ratio for spot import is 8.35, with a loss of 2,479.20 [1]. - **Nickel**: Spot domestic price is 129,900, LME price is 15,697, and the ratio is 8.28. The equilibrium ratio for spot import is 8.06, with a profit of 45.32 [1]. - **Lead**: Spot domestic price is 17,025, LME price is 1,960, and the ratio is 8.69; March domestic price is 17,200, LME price is 1,998, and the ratio is 11.63. The equilibrium ratio for spot import is 8.63, with a profit of 106.45 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 2,360, 2,490, 2,530, and 2,560 respectively, while the theoretical spreads are 571, 1,039, 1,517, and 1,995 respectively [4]. - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 165, 205, 235, and 250 respectively, while the theoretical spreads are 218, 343, 467, and 591 respectively [4]. - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 200, 255, 275, and 315 respectively, while the theoretical spreads are 222, 344, 467, and 590 respectively [4]. - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 245, 220, 245, and 255 respectively, while the theoretical spreads are 210, 316, 422, and 528 respectively [4]. - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 4,960, 5,210, 5,370, and 5,720 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts is 1,660, and the theoretical spread is 7,006 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 920 and 1,440 respectively, while the theoretical spreads are 302 and 1,169 respectively [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 205 and - 40 respectively, while the theoretical spreads are 154 and 290 respectively [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are - 45 and 200 respectively, while the theoretical spreads are 145 and 259 respectively [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 4.14, 4.30, 5.59, 0.96, 1.30, and 0.74 respectively; for LME (three - continuous) are 3.94, 4.11, 6.10, 0.96, 1.48, and 0.65 respectively [5].

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].

Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2) Core View - The reports mainly focus on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 23, 2025, presenting relevant prices, ratios, spreads, and profit data [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 23, 2025, the domestic spot price was 93,770, LME spot price was 11,976, and the spot ratio was 7.73. The three - month domestic price was 94,370, LME price was 11,969, and the ratio was 7.87. The equilibrium ratio for spot import was 8.00, with a profit of - 1754.65, and the profit for spot export was 1058.03 [1]. - **Zinc**: The domestic spot price was 23,130, LME spot price was 3059, and the spot ratio was 7.56. The three - month domestic price was 23,155, LME price was 3092, and the ratio was 5.47. The equilibrium ratio for spot import was 8.42, with a profit of - 2628.45 [1]. - **Aluminum**: The domestic spot price was 21,940, LME spot price was 2919, and the spot ratio was 7.51. The three - month domestic price was 22,270, LME price was 2960, and the ratio was 7.49. The equilibrium ratio for spot import was 8.35, with a profit of - 2459.99 [1]. - **Nickel**: The domestic spot price was 120,850, LME spot price was 15,051, and the spot ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 557.70 [1]. - **Lead**: The domestic spot price was 16,800, LME spot price was 1932, and the spot ratio was 8.71. The three - month domestic price was 16,920, LME price was 1979, and the ratio was 11.66. The equilibrium ratio for spot import was 8.67, with a profit of 85.37 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1320, 1370, 1430, and 1480 respectively, while the theoretical spreads were 567, 1032, 1506, and 1980 respectively [4]. - **Zinc**: The spreads were 50, 90, 110, and 110 respectively, and the theoretical spreads were 218, 343, 467, and 591 respectively [4]. - **Aluminum**: The spreads were 100, 150, 180, and 205 respectively, and the theoretical spreads were 222, 344, 467, and 589 respectively [4]. - **Lead**: The spreads were 70, 70, 90, and 140 respectively, and the theoretical spreads were 209, 315, 420, and 525 respectively [4]. - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 4520, 4620, 4920, and 5190 respectively [4]. - **Tin**: The 5 - 1 spread was 1400, and the theoretical spread was 6999 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 665 and 655 respectively, and the theoretical spreads were 355 and 1065 respectively [4]. - **Zinc**: The spreads were - 65 and - 15 respectively, and the theoretical spreads were 166 and 301 respectively [4]. - **Lead**: The spreads were 50 and 120 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking - On December 23, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.08, 4.24, 5.58, 0.96, 1.32, and 0.73 respectively, and in London (three - continuous contracts) were 3.87, 4.05, 6.05, 0.95, 1.49, and 0.64 respectively [5].

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Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the daily arbitrage data of various futures varieties on December 18, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing the basis, inter - period and inter - variety spreads of different commodities [1][5][20][26][41][51] Summary by Directory 1. Power Coal - The report shows the basis data of power coal from December 11 to December 17, 2025. The basis on December 17 was - 83.4 yuan/ton, showing a continuous decline trend compared with previous days [1][2] 2. Energy Chemicals (1) Energy Commodities - It provides the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 11 to December 17, 2025. For example, the basis of fuel oil on December 17 was - 19.33 yuan/ton [7] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 11 to December 17, 2025 are presented. For instance, the basis of rubber on December 17 was - 340 yuan/ton [9] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber was - 45 yuan/ton [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 11 to December 17, 2025 are shown. On December 17, the LLDPE - PVC spread was 2110 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of螺纹钢, iron ore, coke, and coking coal from December 11 to December 17, 2025 are provided. For example, the basis of螺纹钢 on December 17 was 206.0 yuan/ton [20] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. The 5 - 1 month spread of螺纹钢 was - 13.0 yuan/ton [19] - **Inter - variety Spreads**: The inter - variety spreads of螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - 热卷 from December 11 to December 17, 2025 are given. On December 17, the 螺/矿 ratio was 4.03 [19] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 11 to December 17, 2025 are provided. For example, the basis of copper on December 17 was - 660 yuan/ton [28] (2) London Market - On December 17, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin in the London market are presented. For example, the LME spread of copper was (15.30) [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 11 to December 17, 2025 are shown. The basis of soybeans No.1 on December 17 was - 70 yuan/ton [41] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of various agricultural products are provided, such as the 5 - 1 month spread of soybeans No.1 was 39 yuan/ton [41] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on December 17, 2025 are given. The ratio of soybeans No.1 to corn was 1.85 [41] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 11 to December 17, 2025 are presented. The basis of CSI 300 on December 17 was 1.68 [52] - **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 shown. The next month - current month spread of CSI 300 was - 194 [52]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on December 16, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - month spreads, and inter - commodity spreads. 3. Summary by Directory Power Coal - Basis data from December 9 to December 15, 2025 shows that the basis on December 15 was - 64.4 yuan/ton, gradually decreasing from - 32.4 yuan/ton on December 9 [2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 9 to December 15, 2025 are provided. For example, the basis of INE crude oil on December 15 was 55.24 yuan/ton [7]. - **Chemical Commodities**: Inter - month spreads and inter - commodity spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For instance, the 5 - month minus 1 - month spread of LLDPE is 36 yuan/ton, and on December 15, the LLDPE - PVC spread was 2270 yuan/ton [9]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 9 to December 15, 2025 are given. For example, the basis of rebar on December 15 was 176.0 yuan/ton [20]. - Inter - month spreads and inter - commodity spreads data are also provided. For example, the 5 - month minus 1 - month spread of rebar is - 15.0 yuan/ton, and on December 15, the rebar/iron ore ratio was 407 [19]. Non - Ferrous Metals - **Domestic Market**: Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 9 to December 15, 2025 are shown. For example, the basis of copper on December 15 was - 180 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals on December 15, 2025 are provided. For example, the LME spread of copper was (4.39), and the import loss was (1202.68) yuan/ton [33]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 9 to December 15, 2025 are presented. For example, the basis of soybeans No.1 on December 15 was - 110 yuan/ton [42]. - Inter - month spreads data for multiple agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 is 38 yuan/ton. - Inter - commodity spreads data such as soybeans No.1/corn, soybean oil/soybean meal are provided. On December 15, the soybeans No.1/corn ratio was 1.85 [42]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 9 to December 15, 2025 are provided. For example, the basis of CSI 300 on December 15 was 6.46 [53]. - Inter - month spreads data for the next - month minus the current - month and the next - quarter minus the current - quarter of the above - mentioned stock indices are given. For example, the next - month minus the current - month spread of CSI 300 is - 160 [53].