Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 12, 2025, including basis, inter - period spreads, and inter - variety spreads for different commodity categories such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Thermal Coal - Basis data from November 5 to November 11, 2025, shows that the basis increased from - 2.4 yuan/ton on November 5 to 29.6 yuan/ton on November 11 [1][2]. 3.2 Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and crude oil/asphalt from November 5 to November 11, 2025, is provided, with values such as - 74.14, - 31.93, etc. [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from November 5 to November 11, 2025, shows different trends. For example, the basis of rubber changed from - 500 yuan/ton on November 5 to - 395 yuan/ton on November 11 [9]. - Inter - period spreads for rubber, methanol, PTA, etc., are presented, such as the 5 - month minus 1 - month spread for rubber being 75 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, etc., are given, with values like 2203 yuan/ton for LLDPE - PVC on November 11 [10]. 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from November 5 to November 11, 2025, shows fluctuations. For example, the basis of rebar increased from 146 yuan/ton on November 5 to 175 yuan/ton on November 11 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided, such as the 5 - month minus 1 - month spread for rebar being 61 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, etc., are given, with values like 3.97 for rebar/iron ore on November 11 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from November 5 to November 11, 2025, shows different trends. For example, the basis of copper changed from - 350 yuan/ton on November 5 to 20 yuan/ton on November 11 [29]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, etc., on November 11, 2025, are presented. For example, the LME spread of copper is (21.28) [32]. 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 5 to November 11, 2025, shows fluctuations. For example, the basis of soybeans No.1 changed from - 103 yuan/ton on November 5 to - 92 yuan/ton on November 11 [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, etc., are provided, such as the 5 - month minus 1 - month spread for soybeans No.1 being 44 yuan/ton [39]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, etc., are given, with values like 1.90 for soybeans No.1/corn on November 11 [38][39]. 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 5 to November 11, 2025, shows different trends. For example, the basis of CSI 300 changed from 30.66 on November 5 to 25.37 on November 11 [50]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided, such as the next - month minus current - month spread for CSI 300 being - 144 [50].

Report Industry Investment Rating - No relevant content found Core View of the Report - The report provides multi - dimensional arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 11, 2025, covering cross - market, cross - term, spot - futures, and cross - variety arbitrage [1][2][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 11, 2025, the domestic spot price was 86,530, the LME price was 10,765, with a ratio of 7.99; the three - month domestic price was 86,520, the LME price was 10,780, with a ratio of 8.03. The equilibrium ratio for spot import was 8.08, and the profit was - 519.15. The profit for spot export was 112.61 [1] - **Zinc**: The domestic spot price was 22,560, the LME price was 3,254, with a ratio of 6.93; the three - month domestic price was 22,710, the LME price was 3,077, with a ratio of 5.69. The equilibrium ratio for spot import was 8.50, and the profit was - 5,080.28 [1] - **Aluminum**: The domestic spot price was 21,490, the LME price was 2,866, with a ratio of 7.49; the three - month domestic price was 21,725, the LME price was 2,882, with a ratio of 7.52. The equilibrium ratio for spot import was 8.33, and the profit was - 2,390.99 [1] - **Nickel**: The domestic spot price was 122,800, the LME price was 14,899, with a ratio of 8.24. The equilibrium ratio for spot import was 8.18, and the profit was - 1,720.63 [1] - **Lead**: The domestic spot price was 17,300, the LME price was 2,042, with a ratio of 8.47; the three - month domestic price was 17,505, the LME price was 2,054, with a ratio of 11.02. The equilibrium ratio for spot import was 8.72, and the profit was - 503.78 [6] Cross - Term Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 560, 600, 610, and 610 respectively, while the theoretical spreads were 532, 961, 1400, and 1838 [2] - **Zinc**: The spreads were 10, 50, 45, and 85, and the theoretical spreads were 216, 339, 461, and 583 [2] - **Aluminum**: The spreads were 130, 175, 175, and 185, and the theoretical spreads were 219, 339, 458, and 578 [2] - **Lead**: The spreads were 145, 145, 130, and 155, and the theoretical spreads were 212, 320, 427, and 535 [2] - **Nickel**: The spreads were 540, 710, 920, and 1190 [2] - **Tin**: The spread for 5 - 1 was - 630, and the theoretical spread was 5926 [2] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 570 and - 10 respectively, and the theoretical spreads were 59 and 619 [2] - **Zinc**: The spreads were 100 and 110, and the theoretical spreads were 103 and 235 [2] - **Lead**: The spreads were 60 and 205, and the theoretical spreads were 100 and 215 [3] Cross - Variety Arbitrage Tracking - On November 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 3.81, 3.98, 4.94, 0.96, 1.24, and 0.77 respectively; in London (three - continuous), they were 3.50, 3.76, 5.24, 0.93, 1.39, and 0.67 [3]

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 10, 2025, providing data on various futures products including power coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Power Coal - The report presents the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from November 3 to November 7, 2025 [2] 2. Energy and Chemicals Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 3 to November 7, 2025, are provided [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from November 3 to November 7, 2025, are presented [9] - Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [10] - Inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 3 to November 7, 2025, are provided [10] 3. Black Metals Inter - period Spreads - Inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal are presented. The main contracts for rebar are in January, May, and October [19] Inter - commodity Spreads - Inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from November 3 to November 7, 2025, are provided [19] Basis - The basis data of rebar, iron ore, coke, and coking coal from November 3 to November 7, 2025, are given [20] 4. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 3 to November 7, 2025, are presented [28] London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on November 7, 2025, are provided [34] 5. Agricultural Products Basis - The basis data of soybeans (first - grade, second - grade), soybean meal, soybean oil, and corn from November 3 to November 7, 2025, are given [42] Inter - period Spreads - Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [42] Inter - commodity Spreads - Inter - commodity spreads (soybeans (first - grade)/corn, soybeans (second - grade)/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from November 3 to November 7, 2025, are provided [41] 6. Stock Index Futures Basis - The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 3 to November 7, 2025, are presented [53] Inter - period Spreads - Inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [53]

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 7, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. Report Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Category 1. Thermal Coal - **Basis Data**: The basis data from October 31 to November 6, 2025, shows changes, such as a basis of - 314 on October 31 and 66 on November 6 [2]. 2. Energy and Chemicals Energy Commodities - **Basis and Ratio**: Data from October 31 to November 6, 2025, shows the basis and ratio of fuel oil, crude oil, and asphalt. For example, the basis of INE crude oil was - 74.14 on November 6 [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 31 to November 6, 2025, shows fluctuations. For instance, the basis of rubber was - 285 on October 31 and - 695 on November 6 [9]. - **Inter - period**: The inter - period spreads of rubber, methanol, PTA, etc., for 5 - 1, 9 - 1, and 9 - 5 months are presented. For example, the 5 - 1 month spread of rubber is 95 [10]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from October 31 to November 6, 2025, are provided. For example, the LLDPE - PVC spread was 2218 on October 31 and 2161 on November 6 [10]. 3. Black Metals - **Inter - period**: The inter - period spreads of rebar, iron ore, coke, and coking coal for 5 - 1, 9(10) - 1, and 9(10) - 5 months are given. For example, the 5 - 1 month spread of rebar is 68 [19]. - **Inter - variety**: The inter - variety spreads like rebar/iron ore, rebar/coke, etc., from October 31 to November 6, 2025, are shown. For example, the rebar/iron ore ratio was 3.90 on October 31 and 3.91 on November 6 [19]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from October 31 to November 6, 2025, shows changes. For example, the basis of rebar was 104 on October 31 and 163 on November 6 [20]. 4. Non - ferrous Metals Domestic Market - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 31 to November 6, 2025, shows fluctuations. For example, the basis of copper was 750 on October 31 and - 260 on November 6 [28]. London Market - **LME Premium/Discount and Shanghai - London Ratio**: The LME premium/discount and Shanghai - London ratio data of copper, aluminum, zinc, etc., on November 6, 2025, are presented. For example, the LME premium/discount of copper was (30.96) and the Shanghai - London ratio was 8.02 [33]. 5. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc., from October 31 to November 6, 2025, shows changes. For example, the basis of soybeans was - 122 on October 31 and - 126 on November 6 [41]. - **Inter - period**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc., for 5 - 1, 9 - 1, and 9 - 5 months are given. For example, the 5 - 1 month spread of soybeans is 40 [41]. - **Inter - variety**: The inter - variety spreads such as soybean/corn, soybean meal/rapeseed meal, etc., from October 31 to November 6, 2025, are provided. For example, the soybean/corn ratio was 1.93 on both October 31 and November 6 [40]. 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 31 to November 6, 2025, shows fluctuations. For example, the basis of CSI 300 was 9.27 on October 31 and 22.60 on November 6 [52]. - **Inter - period**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for the next - month - current - month and next - quarter - current - quarter are presented. For example, the next - month - current - month spread of CSI 300 is - 124 [52].

Core Insights - The "14th Five-Year Plan" emphasizes the steady development of futures, derivatives, and asset securitization, elevating the strategic position of the derivatives market, which is significant for capital market development [1] - The A-share market is expected to mature, moving away from single stock strategies towards more complex combinations and strategies, raising the knowledge threshold for investors [1][3] Group 1: Market Dynamics - In international markets, stock trading activity is lower than in the A-share market, with many listed companies having an annual turnover rate of less than 100%, primarily due to the limited direct stock holdings by retail investors [1] - Retail investors typically invest through mutual funds, which handle stock transactions via subscription and redemption, offsetting these transactions before executing stock trades [1][2] Group 2: Role of Derivatives - Mutual funds prioritize using financial derivatives to manage equity changes, minimizing direct stock trading to maintain portfolio stability [1][2] - Financial products like leveraged funds, bull and bear certificates, and index futures/options allow funds to achieve asset allocation without directly buying or selling stocks [2] Group 3: Future Investment Landscape - The future landscape will see institutional investors and funds as the primary shareholders, focusing on company fundamentals rather than stock price fluctuations, leading to a decrease in retail investor participation [2][3] - Investment strategies will shift from simple stock trading to utilizing derivatives for implied volatility, strike prices, and arbitrage opportunities, resulting in lower expectations for direct stock trading returns [3]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report Core View - The report provides 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 November 6, 2025 [1][4][5] Group 3: Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85,470, March price is 85,690, LME March price is 10,668, and the ratio is 8.00 [1] - **Zinc**: Domestic spot price is 22,500, March price is 22,690, LME March price is 3,072, and the ratio is 5.70 [1] - **Aluminum**: Domestic spot price is 21,300, March price is 21,435, LME March price is 2,857, and the ratio is 7.47 [1] - **Nickel**: Domestic spot price is 122,000, and the profit of spot import is - 1,264.30 [1] - **Lead**: Domestic spot price is 17,275, March price is 17,495, LME March price is 2,022, and the ratio is 11.16 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 30, - 10, 20, and 10 respectively, while the theoretical spreads are 531, 959, 1397, and 1834 [4] - **Zinc**: The spreads are 35, 75, 80, and 80 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4] - **Aluminum**: The spreads are - 30, 10, 10, and 15 respectively, and the theoretical spreads are 218, 337, 456, and 576 [4] - **Lead**: The spreads are 85, 105, 95, and 80 respectively, and the theoretical spreads are 212, 320, 428, and 536 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 640, 840, 1020, and 1310 respectively [4] - **Tin**: The 5 - 1 spread is - 370, and the theoretical spread is 5834 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are 395 and 365 respectively, and the theoretical spreads are 259 and 727 [4] - **Zinc**: The spreads are 115 and 150 respectively, and the theoretical spreads are 131 and 254 [4][5] - **Lead**: The spreads are 115 and 200 respectively, and the theoretical spreads are 127 and 242 [5] 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 3.78, 4.00, 4.90, 0.94, 1.23, and 0.77 respectively [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the arbitrage data of various futures varieties on November 5, 2025, including basis, inter - month spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data for different dates from October 29 to November 4, 2025, shows that the basis was - 31.4 on October 29 - 30, - 31.4 on October 31, - 21.4 on November 3, and - 13.4 on November 4. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 during this period [1][2] Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided for different dates from October 29 to November 4, 2025. For example, the basis of fuel oil was - 75.56 on October 29 [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are presented for different dates. For instance, the basis of rubber was - 875 on October 29, - 600 on October 30, - 285 on October 31, - 445 on November 3, and - 275 on November 4 [9] - Inter - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month vs 1 - month spread of rubber is 75 [11] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol are provided for different dates [11] Black Metals - Basis data for rebar, iron ore, coke, and coking coal are shown for different dates from October 29 to November 4, 2025. For example, the basis of rebar was 117 on October 29, 104 on October 30 - 31, 131 on November 3, and 146 on November 4 [21] - Inter - month spreads for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month vs 1 - month spread of rebar is 67.0 [20] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil are provided for different dates [20] Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin are given for different dates from October 29 to November 4, 2025. For example, the basis of copper was - 930 on October 29, - 30 on October 30, 750 on October 31, - 490 on November 3, and 650 on November 4 [28] London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin are provided for November 4, 2025 [33] Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. are presented for different dates from October 29 to November 4, 2025. For example, the basis of soybeans No.1 was - 133 on October 29, - 123 on October 30, - 122 on October 31, - 96 on November 3, and - 35 on November 4 [39] - Inter - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 is 41 [39] - Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. are provided for different dates [39] Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 are shown for different dates from October 29 to November 4, 2025. For example, the basis of CSI 300 was 15.24 on October 29, 19.91 on October 30, 9.27 on October 31, 18.60 on November 3, and 29.70 on November 4 [50] - Inter - month spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the spread of the next - month vs current - month for CSI 300 is - 67.0 [52]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port inventory remains high, and the arrival pressure in November is still significant. The overseas supply pressure is large as Iran has not announced winter inspections. Attention should be paid to the implementation progress of the December Fude maintenance plan and the opening of the window for methanol to flow back to the mainland as port prices fall [3] - The mainland inventory is continuously accumulating. Mainstream CTO enterprises have started to show purchasing intentions at low prices. The coal - based methanol start - up rate has further increased in November, and the mainland inventory has been rebuilt from a low level. The demand from mainland MTO has declined, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. The mainland is also in an inventory accumulation cycle, and the degree of support for the port remains to be observed [3] Summary by Directory 1. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis and inter - term structure, including methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) compared with the main futures contract, and the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][7][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), and import price differences such as the difference between Taicang methanol and CFR China and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][26][27] 3. Methanol Start - up and Inventory - The report includes figures on methanol port total inventory, MTO/P start - up rate (including integrated ones), mainland factory sample inventory, and China's methanol start - up rate (including integrated ones) [6][35][36] 4. Regional Price Differences - There are figures showing regional price differences, such as the price differences between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][40][49] 5. Traditional Downstream Profits - Figures present the production profits of traditional downstream products, including the production profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][53][59]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - **Zinc**: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - **Aluminum**: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - **Nickel**: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - **Lead**: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - **Zinc**: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - **Aluminum**: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - **Lead**: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - **Tin**: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - **Zinc**: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - **Lead**: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].

Core Viewpoint - Since October, the prices of government bond futures have shown a strong upward trend, reversing the weak performance of the third quarter, primarily due to the central bank's increased open market operations and the resumption of government bond trading, leading to a more relaxed market liquidity environment [1][29]. Group 1: Market Analysis - The average daily trading volume of government bond futures in October was 318,100 contracts, a decrease of 13.76% month-on-month, mainly due to the National Day holiday [4]. - The average open interest increased by 10.49% month-on-month to 678,000 contracts, indicating strong hedging demand in the market [4]. - The central bank's open market operations have resulted in a slight net injection of liquidity, maintaining a relatively stable overall funding rate [4][22]. Group 2: Economic Indicators - The U.S. ADP employment figures for September showed a decrease of 32,000 jobs, which was below expectations and previous values, leading to increased risk aversion [8]. - The U.S. Consumer Price Index (CPI) for September rose by 0.3% month-on-month and 3.0% year-on-year, slightly above the previous value but below market expectations, indicating moderate inflation [8]. - The central bank's decision to cut interest rates by 25 basis points on October 29 was influenced by the soft employment data and the government shutdown, which affected the release of several economic indicators [8]. Group 3: Policy and Future Outlook - The central bank has resumed government bond trading operations to stabilize market expectations and enhance liquidity, which is expected to support government bond prices [26][27]. - The central bank is likely to continue implementing a supportive monetary policy stance, providing both short-term and long-term liquidity arrangements to maintain relatively loose financing conditions [27]. - Despite achieving consensus in U.S.-China trade negotiations, external uncertainties remain, and the domestic economy is facing challenges, particularly in the real estate sector, which continues to show weakness [29].