Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core View The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 17, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 81080, LME price is 10060, ratio is 8.06; March domestic price is 80890, LME price is 10120, ratio is 8.02. Spot import equilibrium ratio is 8.10, profit is - 564.88 [1]. - **Zinc**: Spot domestic price is 22230, LME price is 3011, ratio is 7.38; March domestic price is 22285, LME price is 2970, ratio is 5.76. Spot import equilibrium ratio is 8.55, profit is - 3503.32 [1]. - **Aluminum**: Spot domestic price is 20950, LME price is 2714, ratio is 7.72; March domestic price is 20970, LME price is 2699, ratio is 7.78. Spot import equilibrium ratio is 8.36, profit is - 1760.95 [1]. - **Nickel**: Spot domestic price is 121550, LME price is 15221, ratio is 7.99. Spot import equilibrium ratio is 8.17, profit is - 1549.65 [1]. - **Lead**: Spot domestic price is 16975, LME price is 1946, ratio is 8.71; March domestic price is 17095, LME price is 1996, ratio is 11.17. Spot import equilibrium ratio is 8.82, profit is - 219.00 [3]. Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 130, - 110, - 120, - 120 respectively, theoretical spreads are 507, 912, 1326, 1740 [4]. - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 30, 50, 80, 80 respectively, theoretical spreads are 214, 334, 455, 575 [4]. - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 45, 20, 15 respectively, theoretical spreads are 216, 332, 449, 566 [4]. - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 70, - 55, - 65, - 25 respectively, theoretical spreads are 211, 318, 424, 531 [4]. - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 310, 460, 650, 770 respectively [4]. - **Tin**: 5 - 1 spread is 860, theoretical spread is 5651 [4]. Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 95 and - 225 respectively [4]. - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are 5 and 35 respectively [4][5]. - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are 175 and 105 respectively [5]. Cross - Variety Arbitrage Tracking - **Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc**: Shanghai (three - continuous) ratios are 3.63, 3.86, 4.73, 0.94, 1.23, 0.77 respectively; London (three - continuous) ratios are 3.38, 3.73, 5.04, 0.91, 1.35, 0.67 respectively [5].

Report Industry Investment Rating - Not provided in the content Core Views - The port inventory pressure of methanol remains high, but after the resumption of downstream MTO Xingxing, the port basis has slightly bottomed out and rebounded, and the port inventory accumulation rate may slow down, but the arrival pressure is still large, and the subsequent changes mainly depend on when the Iranian winter inspection plan will be announced [2] - The lowest point of coal - based methanol start - up in the inland has passed, but it will not return to a high level until the second half of the month; the inventory of inland methanol factories is still low, and the overall situation is that the inland is stronger than the port. The port back - to - inland window is an important variable supporting the lower limit of port prices [3] Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - The report shows multiple figures related to methanol basis, including methanol Taicang basis and methanol main contract, and methanol basis in different regions relative to the main futures contract, as well as the price differences between different methanol futures contracts [7][9][22] II. Methanol Production Profit, MTO Profit, Import Profit - The figures in this part cover the production profit of Inner Mongolia coal - based methanol, the profit of East China MTO (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [26][27][31] III. Methanol Start - up, Inventory - The figures present the total port inventory of methanol, MTO/P start - up rate (including integration), inland factory sample inventory, and China's methanol start - up rate (including integration) [34][35][37] IV. Regional Price Differences - The figures display the price differences between different regions such as Lubei - Northwest, East China - Inner Mongolia, Taicang - Lunan, etc [39][47][50] V. Traditional Downstream Profits - The figures include the production gross profit of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [51][56][58]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties of Baocheng Futures on September 16, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from September 9 to September 15, 2025. The basis on September 15 was - 115.4 yuan/ton, while the spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - Data on the basis, ratio, and other indicators of energy commodities such as fuel oil, crude oil, and asphalt from September 9 to September 15, 2025 are presented. For example, the basis of INE crude oil on September 15 was 99.61 yuan/ton, and the ratio of crude oil to asphalt was 0.1408 [7]. 3.2.2 Chemical Commodities - The basis, spread, and cross - variety spread data of chemical commodities such as rubber, methanol, PTA, LLDPE, V, and PP are provided. For instance, the basis of rubber on September 15 was - 995 yuan/ton, and the LLDPE - PVC spread on September 15 was 2304 yuan/ton [9][10]. 3.3 Black Metals - Cross - period and cross - variety spread data of black metals including rebar, iron ore, coke, and coking coal are given. For example, the 5 - 1 cross - period spread of rebar was 65.0 yuan/ton, and the screw/ore ratio on September 15 was 3.92 [20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of non - ferrous metals such as copper, aluminum, zinc, lead, nickel, and tin from September 9 to September 15, 2025 are presented. For example, the basis of copper on September 15 was 10 yuan/ton [28]. 3.4.2 London Market - Data on LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 15, 2025 are provided. For example, the LME spread of copper was (61.93), and the Shanghai - London ratio was 8.02 [34]. 3.5 Agricultural Products - The basis, cross - period, and cross - variety spread data of agricultural products such as soybeans, soybean meal, soybean oil, corn, and rapeseed meal are provided. For example, the basis of soybeans on September 15 was 121 yuan/ton, and the soybean/corn ratio on September 15 was 1.81 [39]. 3.6 Stock Index Futures - The basis and cross - period spread data of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 from September 9 to September 15, 2025 are presented. For example, the basis of CSI 300 on September 15 was 5.26, and the next - month - to - current - month spread was - 9.2 [51].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - 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 September 16, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price in China is 80930, LME is 10020, with a ratio of 8.13; March price in China is 80910, LME is 10082, ratio 8.02. Spot import equilibrium ratio is 8.10, profit - 307.15 [1] - **Zinc**: Spot price in China is 22240, LME is 2983, ratio 7.46; March price in China is 22315, LME is 2956, ratio 5.80. Spot import equilibrium ratio is 8.56, profit - 3280.38 [1] - **Aluminum**: Spot price in China is 20950, LME is 2691, ratio 7.78; March price in China is 21025, LME is 2687, ratio 7.82. Spot import equilibrium ratio is 8.37, profit - 1587.60 [1] - **Nickel**: Spot price in China is 121500, LME is 15209, ratio 7.99. Spot import equilibrium ratio is 8.18, profit - 2378.18 [1] - **Lead**: Spot price in China is 17000, LME is 1966, ratio 8.62; March price in China is 17190, LME is 2014, ratio 11.08. Spot import equilibrium ratio is 8.82, profit - 391.22 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 420, - 450, - 460, - 460 respectively, theoretical spreads are 509, 916, 1331, 1747 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 65, 80, 100 respectively, theoretical spreads are 214, 335, 455, 575 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 265, - 260, - 285, - 305 respectively, theoretical spreads are 217, 336, 454, 573 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 160, 190, 195, 190 respectively, theoretical spreads are 210, 316, 422, 528 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 780, 1020, 1180, 1390 respectively [4] - **Tin**: 5 - 1 spread is 420, theoretical spread is 5673 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 450 and 30 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 10 and 70 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 0 and 160 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.63, 3.85, 4.71, 0.94, 1.22, 0.77 in Shanghai (three - continuous), and 3.42, 3.77, 5.09, 0.91, 1.35, 0.67 in London (three - continuous) [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX is expected to have a short - term rebound due to a decline in short - term device operation rates and a tight - balance situation, but remains weak in the fourth quarter. PTA is in a tight - supply - demand balance, with concerns about future supply increases. MEG has a weak unilateral trend but limited downside space [2][10][11] Content Summary by Categories Market Quotes - **Futures**: PX, PTA, PF, and SC futures prices rose, while MEG futures prices fell. The PX11 - 1 and PTA11 - 1 month - spreads increased, the MEG1 - 5 and SC11 - 12 month - spreads decreased, and the PF11 - 12 month - spread remained unchanged [4] - **Spot**: PX, PTA, and naphtha MOPJ spot prices rose, while MEG and Dated Brent spot prices fell. PX - naphtha spread and PTA processing fees decreased, short - fiber and bottle - chip processing fees increased, and MOPJ naphtha - Dubai crude oil spread remained unchanged [4] Market Dynamics - **PX**: On September 10, Asian PX prices rose, supported by rising crude oil prices and concerns about supply shortages. The PX supply remains tight, and downstream polyester activities in China are strong [5][8] - **PTA**: The PTA spot price rose to 4,625 yuan/ton, with mainstream basis at 01 - 63 [8] - **MEG**: The MEG inner - market fluctuated slightly, with the current spot basis at a premium of 116 - 120 yuan/ton to the 01 contract [8] - **Polyester**: The sales of polyester yarn in Jiangsu and Zhejiang improved locally, with an estimated average sales volume of about 90%. The sales of direct - spun polyester staple fibers also improved, with an average sales volume of 54% [9] Trend Intensity - The trend intensity of PX and PTA is 1, and the trend intensity of MEG is 0 [10] Views and Suggestions - **PX**: In the short - term, there may be a rebound. In the long - term, it is weak in the fourth quarter. Suggestions include buying on dips (range: 6,590 - 6,780), 11 - 01 calendar spread long, 1 - 5 calendar spread short, long PX short EB, long naphtha short PX, and 01/05 long PX short PTA [10] - **PTA**: It is in a tight - supply - demand balance, but there are concerns about future supply increases. The supply is expected to be sufficient in the future [10] - **MEG**: The unilateral trend is weak, but the downside space is limited. Suggest buying on dips [11]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 11, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, and profit margins [1][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 11, 2025, the domestic spot price was 79,760, the LME spot price was 9,884, and the spot price ratio was 8.07. The equilibrium price ratio for spot import was 8.11, with a profit of - 232.79 [1] - **Zinc**: The domestic spot price was 22,100, the LME spot price was 2,896, and the spot price ratio was 7.63. The equilibrium price ratio for spot import was 8.57, with a profit of - 2,724.25 [1] - **Aluminum**: The domestic spot price was 20,750, the LME spot price was 2,629, and the spot price ratio was 7.89. The equilibrium price ratio for spot import was 8.38, with a profit of - 1,287.79 [1] - **Nickel**: The domestic spot price was 119,450, the LME spot price was 14,992, and the spot price ratio was 7.97. The equilibrium price ratio for spot import was 8.18, with a profit of - 1,447.10 [1] - **Lead**: The domestic spot price was 16,700, the LME spot price was 1,932, and the spot price ratio was 8.64. The equilibrium price ratio for spot import was 8.83, with a profit of - 368.54 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 110, 80, 60, and 30 respectively, while the theoretical spreads were 500, 899, 1306, and 1714 [3] - **Zinc**: The spreads were 155, 150, 145, and 150 respectively, and the theoretical spreads were 213, 333, 452, and 571 [3] - **Aluminum**: The spreads were 50, 40, 30, and - 5 respectively, and the theoretical spreads were 215, 330, 446, and 562 [3] - **Lead**: The spreads were - 75, - 50, - 35, and 15 respectively, and the theoretical spreads were 209, 315, 420, and 525 [3] - **Nickel**: The spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 330, 470, 640, and 920 [3] - **Tin**: The 5 - 1 spread was 580, and the theoretical spread was 5606 [3] Spot - Futures Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the current - month contract, secondary - month contract and the spot were - 25 and 85 respectively, and the theoretical spreads were 129 and 586 [3] - **Zinc**: The spreads were - 40 and 115 respectively, and the theoretical spreads were 103 and 232 [3] - **Lead**: The spreads were 170 and 95 respectively, and the theoretical spreads were 116 and 227 [3] Cross - Variety Arbitrage Tracking - On September 11, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.59, 3.84, 4.74, 0.94, 1.24, and 0.76 respectively; in London (three - continuous) were 3.47, 3.81, 5.04, 0.91, 1.32, and 0.69 respectively [6]

Core Viewpoint - The launch of five futures and options products on the Shanghai Futures Exchange (SHFE) marks a significant development in the derivatives market, particularly for cultural paper products, enhancing risk management capabilities in the paper industry [1][7]. Group 1: Market Activity - On the first trading day, the main contract for胶版印刷纸 (coated printing paper) opened at 4150 CNY/ton and closed at 4208 CNY/ton, a decrease of 10 CNY/ton or 0.24% from the listing benchmark price [3]. - The total trading volume for胶版印刷纸 futures reached 21,900 contracts, with a transaction value of 3.703 billion CNY and an open interest of 2,900 contracts, resulting in a trading-to-open interest ratio of 7.42 [3]. - The trading activity was characterized by a significant influx of industry participants, including major paper manufacturers and trading companies, indicating strong market demand [4][5]. Group 2: Pricing and Demand Factors - The benchmark price of 4218 CNY/ton was set slightly below the current spot market price of approximately 4400 CNY/ton, creating a balanced trading environment that attracted both long and short positions [5]. - The demand for胶版印刷纸 is driven by its importance in the cultural paper sector, with industry players actively seeking hedging tools to manage price volatility [4][6]. Group 3: Industry Context - The introduction of胶版印刷纸 futures fills a gap in the cultural paper derivatives market, supporting the green and low-carbon transformation of the paper industry in China [7]. - China is the world's largest producer and consumer of cultural paper, with an expected production of 136 million tons in 2024, maintaining its leading position in the global paper industry [7]. - The new futures and options products are expected to enhance the risk management framework for the paper industry, providing more flexible hedging options for companies [7][9]. Group 4: Future Outlook - Despite the positive developments, the long-term outlook for胶版印刷纸 indicates a persistent oversupply situation, with new production capacity continuing to come online and insufficient demand growth [8]. - The SHFE plans to continue expanding its product offerings and enhancing interaction between finance and industry to support high-quality economic development [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 5, 2025, presenting the basis, inter - period, and inter - variety data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis data of thermal coal from August 29, 2025, to September 4, 2025, are - 111.4, - 113.4, - 117.4, - 120.4, - 121.4 yuan/ton respectively, and the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 29, 2025, to September 4, 2025, are presented, such as the basis of INE crude oil on September 4 is 142.49 yuan/ton, and the ratio of crude oil to asphalt is 0.1382 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 29, 2025, to September 4, 2025, are provided. For example, the basis of rubber on September 4 is - 910 yuan/ton [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber is 75 yuan/ton [11]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, LLDPE - PVC is 2354 yuan/ton [11]. 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 48.0 yuan/ton [21]. - **Inter - variety**: The inter - variety data such as the ratio of rebar to iron ore, rebar to coke, coke to coking coal, and rebar - hot rolled coil from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, the ratio of rebar to iron ore is 3.97 [21]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 29, 2025, to September 4, 2025, are given. For example, the basis of rebar on September 4 is 93.0 yuan/ton [22]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 29, 2025, to September 4, 2025, are presented. For example, the basis of copper on September 4 is 250 yuan/ton [29]. 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of copper, aluminum, zinc, lead, nickel, and tin on September 4, 2025, are provided. For example, the LME premium/discount of copper is (67.16) [35]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 29, 2025, to September 4, 2025, are given. For example, the basis of soybeans No.1 on September 4 is 95 yuan/ton [42]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are presented. For example, the 5 - 1 month spread of soybeans No.1 is 46 yuan/ton [42]. - **Inter - variety**: The inter - variety data such as the ratio of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, etc. from August 29, 2025, to September 4, 2025, are provided. For example, on September 4, the ratio of soybeans No.1 to corn is 1.80 [42]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 29, 2025, to September 4, 2025, are presented. For example, the basis of CSI 300 on September 4 is 15.81 [54]. - **Inter - period**: The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month minus the current - month spread of CSI 300 is - 9.4 [54].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily arbitrage data report for various futures varieties of Baocheng Futures on September 3, 2025, presenting the basis, inter - period, and inter - variety data of different commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Commodity Category Power Coal - Basis data from August 27 to September 2, 2025, shows that the basis has been negative and gradually decreasing, from - 108.4 yuan/ton on August 27 to - 117.4 yuan/ton on September 2. The 5 - 1, 9 - 1, and 9 - 5 spreads are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and crude oil/asphalt from August 27 to September 2, 2025, along with their ratios are presented. For example, on September 2, the basis of INE crude oil is 21.11 yuan/ton, and the ratio of crude oil/asphalt is 0.1378 [7] - **Chemical Commodities** - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 27 to September 2, 2025, are provided. For instance, the basis of rubber on September 2 is - 870 yuan/ton [9] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber is 100 yuan/ton [10] - **Inter - variety**: Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 27 to September 2, 2025, are shown. On September 2, the LLDPE - PVC spread is 2369 yuan/ton [10] Black Metals - **Inter - period**: Inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar is 52.0 yuan/ton [19] - **Inter - variety**: Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 27 to September 2, 2025, are provided. On September 2, the rebar/iron ore ratio is 4.04 [19] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from August 27 to September 2, 2025, are given. On September 2, the basis of rebar is 103.0 yuan/ton [20] Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 27 to September 2, 2025, are provided. On September 2, the basis of copper is 410 yuan/ton [26][27] - **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 September 2, 2025, are presented. For example, the LME spread of copper is (69.58) [35] Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 27 to September 2, 2025, are given. On September 2, the basis of soybeans No.1 is 90 yuan/ton [41] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of various agricultural products are provided. For example, the 5 - 1 spread of soybeans No.1 is 47 yuan/ton [41] - **Inter - variety**: Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 27 to September 2, 2025, are shown. On September 2, the soybean oil/soybean meal ratio is 2.74 [41] Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 27 to September 2, 2025, are presented. On September 2, the basis of CSI 300 is 9.25 [53] - **Inter - period**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 is - 6.2 [53]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 2, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period data of power coal from August 26 to September 1, 2025. The basis was - 105.4 yuan/ton on August 26, gradually decreasing to - 113.4 yuan/ton on September 1, while the 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It provides the basis data of fuel oil, crude oil/asphalt, and INE crude oil from August 26 to September 1, 2025, along with some ratio data such as the comparison between crude oil and asphalt [7] 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 26 to September 1, 2025 are presented. For example, the basis of rubber was - 935 yuan/ton on August 26 and - 910 yuan/ton on September 1 [9] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 inter - period spread of rubber is 90 yuan/ton [10] - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 26 to September 1, 2025 are provided [10] 3.3 Black Metals - **Inter - period Data**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 inter - period spread of rebar is 43.0 yuan/ton [20] - **Inter - variety Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 26 to September 1, 2025 are given [20] - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from August 26 to September 1, 2025 are shown. For example, the basis of rebar was 177.0 yuan/ton on August 26 and 125.0 yuan/ton on September 1 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 26 to September 1, 2025 are provided. For example, the basis of copper was 310 yuan/ton on August 26 and 100 yuan/ton on September 1 [28] 3.4.2 London Market - On September 1, 2025, the LME forward premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, and tin) are presented. For example, the LME forward premium/discount of copper is (86.27) [35] 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from August 26 to September 1, 2025 are shown. For example, the basis of soybeans No.1 was 86 yuan/ton on August 26 and 95 yuan/ton on September 1 [41] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of 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 [41] - **Inter - variety Data**: The inter - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from August 26 to September 1, 2025 are provided [41] 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 26 to September 1, 2025 are presented. For example, the basis of CSI 300 was 3.59 on August 26 and 13.11 on September 1 [53] - **Inter - period Data**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [55]