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].

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月7日 | 品种 | 历史1年分位数 | 全历史分位数 | 价差 | 展新值 | 较前一日变化 | | | | | | | | | | | -12.69 | 8.05 | 62.70% | 33.70% | 上期间处差 | H期现价去 | 3.04 | 3.98 | 83.60% | 74.30% | 期现价差 | | | | | | | IC期现价差 | 43.70% | 27.46 | 76.20% | -27.74 | -102.50 | 44.20 | 55.00% | IM期现价差 | 16.40% | 次月-当月 | -10.60 | 0.80 | 60.6096 | 37.90% | | | 零月-当月 | -17.40 | - ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 7 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 801.0 | 797.0 | 4.0 | I05-I09 | 21.0 | 22.0 | -1.0 | | I09 | 780.0 | 775.0 | 5.0 | I09-I01 | -46.0 | -39.5 | -6.5 | | I01 | 826.0 | 814.5 | 11.5 | I01-I05 | 25.0 | 17.5 | 7.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 220 ...

1. Report Industry Investment Rating - No relevant information provided in the given content. 2. Core View of the Report - This is a futures research report from Baocheng Futures, presenting daily arbitrage data for various futures varieties on January 6, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Power Coal - The report shows the basis of power coal from December 26, 2025, to January 5, 2026, with the basis on January 5, 2026, being - 116.4 yuan/ton. The spreads between May - January, September - January, and September - May contracts are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For fuel oil, crude oil, and asphalt, data such as basis, ratio, and other indicators are presented from December 26, 2025, to January 5, 2026. For example, on January 5, 2026, the basis of INE crude oil is 26.43 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 26, 2025, to January 5, 2026, are provided. For instance, on January 5, 2026, the basis of rubber is - 240 yuan/ton [8]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the May - January spread of rubber is 35 yuan/ton [9]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the LLDPE - PVC spread is 1736 yuan/ton [9]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of rebar is 166.0 yuan/ton [19]. - **Inter - period Spreads**: The spreads between May - January, September(10) - January, and September(10) - May contracts of rebar, iron ore, coke, and coking coal are provided. The May - January spread of rebar is 23.0 yuan/ton [18]. - **Inter - commodity Spreads**: The spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the rebar/iron ore ratio is 3.91 [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 26, 2025, to January 5, 2026, are given. On January 5, 2026, the basis of copper is - 770 yuan/ton [28]. 3.4.2 London Market - Data such as LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 5, 2026, are presented. For example, the LME premium of copper is 38.60, and the import profit/loss is (1543.51) [31]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans - 1, soybeans - 2, soybean meal, soybean oil, and corn from December 26, 2025, to January 5, 2026, are provided. On January 5, 2026, the basis of soybeans - 1 is - 163 yuan/ton [37]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of soybeans - 1, soybeans - 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. The May - January spread of soybeans - 1 is 56 yuan/ton [37]. - **Inter - commodity Spreads**: The spreads of soybeans - 1/corn, soybeans - 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the soybeans - 1/corn ratio is 1.92 [37]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of CSI 300 is 20.75 [48]. - **Inter - period Spreads**: The spreads of next - month - current - month and next - quarter - current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. The next - month - current - month spread of CSI 300 is - 10.6 [48].

知识图强,求实奉献,客户至上,合作共赢 | 集运产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2026年1月5日 | | | | 叶倩宁 | Z0016628 | | 集运指数 | | | | | | | 结算价指数 | 12月29日 | 12月22日 | 涨跌 | 涨跌幅 | 单位 | | SCFIS (欧洲航线) | 1742.64 | 1589.20 | 153.4 | 9.66% | 点 | | SCFIS (美西航线) | 1301.41 | 952.10 | 349.3 | 36.69% | | | 上海出口集装箱运价 | 12月19日 | 12月12日 | 涨跌 | 涨跌幅 | 单位 | | SCFI综合指数 | 1552.92 | 1506.46 | 46.5 | 3.08% | 点 | | SCFI (欧洲) | 1533 | 1538 | -5.0 | -0.33% | 美元/TEU | | SCFI (美西) | 1992 | 1780 | 212.0 | 11.9 ...

| 集运产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | | | | 叶倩宁 | Z0016628 | | 2025年12月30日 | | | | | | | 集运指数 | | | | | | | 结算价指数 | 12月22日 | 12月15日 | 涨跌 | 涨跌幅 | 单位 | | SCFIS (欧洲航线) | 1589.20 | 1510.56 | 78.6 | 5.21% | ਜ਼ | | SCFIS (美西航线) | 952.10 | 924.36 | 27.7 | 3.00% | | | 上海出口集装箱运价 | 12月26日 | 12月19日 | 涨跌 | 涨跌幅 | 单位 | | SCFI综合指数 | 1552.92 | 1506.46 | 46.5 | 3.08% | 点 | | SCFI (欧洲) | 1690 | 1533 | 157.0 | 10.24% | 美元/TEU | | SCFI (美西) | 2188 | 1992 | 196.0 | 9.84% | 美元 ...

知识图强,求实奉献,客户至上,合作共赢 | -0.85% | 50.50% | 5676 | -48 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 5628 | -2 | -0.03% | 折算价:6517硅锰:内蒙-湖北仓单 | 5862 | 24.60% | 硅罐 (SM603) | 5860 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 5.43% | 螺纹钢(RB2605) | 170 | HRB40020mm: 上海 | 3300 | 3130 | 67.20% | -7 | -0.21% | 3280 | 3287 | 15.30% | Q235B: 4.75mm: 上海 | 热卷(HC2605) | | | | | | રા | 折算价:62.5%巴混粉(BRBF)：淡水河谷:日照港 | 7.69% | 797 | 48.00% | 铁矿石 (12605) | 858 | ...

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports [1][2][3][4] 2. Core Views of the Reports 2.1. Index Futures Spread Report - Presents detailed data on various index futures spreads including IF, IH, IC, and IM, such as current values, changes from the previous day, historical 1 - year and all - time percentiles [1] 2.2. Bond Futures Basis and Spread Report - Provides data on bond futures basis (TS, TF, T, TL) and spreads, including IRR, current values, changes from the previous day, and percentiles since listing [2] 2.3. Precious Metals Spot - Futures Report - In the long - term, gold prices may rise due to early capital allocation. Short - term, the market will be in a strong - side shock. For silver, beware of the risk of speculative long - positions taking profits at high levels. Platinum and palladium are expected to rise in the medium - to - long - term, but there may be short - term corrections [3] 2.4. Container Shipping Industry Spot - Futures Report - Shows data on container shipping indexes, futures prices, basis, and fundamental data, including shipping capacity supply, port - related indicators, export amounts, and overseas economic data [4] 3. Summary of Each Report by Section 3.1. Index Futures Spread Report 3.1.1. Spread Data - IF spread: F - period spread is 7.12, H - period spread is 1.16, with corresponding changes and percentiles [1] - IH, IC, IM spreads: Provide current values, changes, and percentiles for different spread types (e.g., inter - period spreads) [1] 3.1.2. Cross - Variety Ratios - Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., with current values, changes, and percentiles [1] 3.2. Bond Futures Basis and Spread Report 3.2.1. Basis Data - TS, TF, T, TL basis: Provide IRR, current values, changes, and percentiles since listing [2] 3.2.2. Spread Data - Inter - period spreads for TF, T, TL, and cross - variety spreads (e.g., TS - TF, TS - T) with current values, changes, and percentiles [2] 3.3. Precious Metals Spot - Futures Report 3.3.1. Futures Closing Prices - Domestic futures (AU2602, AG2602, etc.) and foreign - market futures (COMEX gold, COMEX silver, etc.) with closing prices, changes, and percentage changes [3] 3.3.2. Spot Prices - London gold, London silver, and domestic spot prices (SGE gold, SGE silver, etc.) with prices, changes, and percentage changes [3] 3.3.3. Basis and Ratios - Basis data (e.g., gold TD - Shanghai gold main contract) and price ratios (e.g., COMEX gold/silver) with current values, changes, and percentiles [3] 3.3.4. Interest Rates and Exchange Rates - 10 - year US Treasury yield, 2 - year US Treasury yield, etc., with current values, changes, and percentage changes [3] 3.3.5. Inventory and Positions - Shanghai Futures Exchange gold and silver inventories, COMEX gold and silver inventories, etc., with values, changes, and percentage changes [3] 3.4. Container Shipping Industry Spot - Futures Report 3.4.1. Shipping Indexes - SCFIS (European and US - West routes), SCFI comprehensive index, and its sub - indexes (European, US - West, US - East) with prices, changes, and percentage changes [4] 3.4.2. Futures Prices and Basis - Futures contract prices (EC2602, EC2604, etc.) and basis (main contract) with values, changes, and percentage changes [4] 3.4.3. Fundamental Data - Shipping capacity supply, port - related indicators (Shanghai port on - time rate, port calls), export amounts, and overseas economic data (eurozone PMI, US manufacturing PMI, etc.) with values, changes, and percentage changes [4]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - **Precious Metals**: At the end of the year, driven by multiple factors, some investors choose to "pre - emptively" allocate precious metals, with ETF holdings and derivatives positions increasing. In the short - term, without clear negative factors, the market will maintain a strong - side shock. For silver, as the COMEX silver approaches the last trading day, the physical delivery demand decreases, and the increase in domestic inventory may ease the bullish sentiment. During the sharp rise of silver, attention should be paid to the number of open contracts, warehouse receipts, and regulatory measures to prevent the risk of speculative long - positions taking profits at high levels. For platinum and palladium, in the medium - to - long - term, they are expected to continue to rise in a volatile manner due to strong fundamentals and undervalued prices compared to gold. However, in the short - term, there may be significant pullbacks due to low liquidity in the domestic market and regulatory measures [3]. - **Container Shipping**: The settlement price indices of SCFIS for European and US - West routes, and the SCFI comprehensive index and sub - indices for different routes show certain fluctuations. The futures prices of related contracts also change. Fundamentals such as port on - time rates, port calls, export balances, and overseas economic indicators also have corresponding changes, which jointly affect the container shipping market [5]. 3. Summaries by Related Catalogs **Futures Index Price Difference Daily Report** - **Futures - Spot Price Difference**: For example, the IC futures - spot price difference is - 111.64, the IM futures - spot price difference is - 178.78, etc. Each index has different price differences and percentile changes compared to the previous day and historical levels [1]. - **Inter - period Price Difference**: There are various inter - period price differences such as next - month minus current - month, zero - month minus current - month, etc., with different values and percentile changes for different indices [1]. - **Cross - variety Ratio**: Ratios like IC/IF, IC/IH, etc. are provided, along with their latest values, changes from the previous day, and historical percentile positions [1]. **Treasury Bond Futures Price Difference Daily Report** - **Basis**: The TS basis is 1.6874, the TF basis is 1.6734, etc., with corresponding changes and historical percentile positions [2]. - **Inter - period Price Difference**: For different contracts like TF, T, TL, there are inter - period price differences such as current - season minus next - season, with their values, changes, and historical percentile positions [2]. - **Cross - variety Price Difference**: Cross - variety price differences such as TS - TF, TS - T, etc. are presented, along with their values, changes, and historical percentile positions [2]. **Precious Metals Futures - Spot Daily Report** - **Domestic Futures Closing Price**: The AU2602 contract closed at 1014.68 yuan/gram on December 24, with a 0.04% increase; the AG2602 contract closed at 17609 yuan/kilogram, with a 7.10% increase, etc. [3]. - **Foreign Futures Closing Price**: The COMEX gold main contract closed at 4505.40 on December 24, with a - 0.21% decrease; the COMEX silver main contract closed at 71.88 dollars/ounce, with a 0.37% increase, etc. [3]. - **Spot Price**: London gold was at 4479.39 on December 24, with a - 0.12% decrease; Shanghai Gold Exchange silver T + D was at 17714 yuan/kilogram, with a 7.88% increase, etc. [3]. - **Basis**: The gold TD - Shanghai gold main contract basis is - 7.46, with a 0.33 increase and a 1.20% historical one - year percentile; the silver TD - Shanghai silver main contract basis is 105, with a 126 increase and a 99.50% historical one - year percentile, etc. [3]. - **Price Ratio**: The CONEX gold/silver ratio is 62.68, with a - 0.58% decrease; the Shanghai Futures Exchange gold/silver ratio is 57.62, with a - 6.59% decrease, etc. [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.15, with a - 0.7% decrease; the US dollar index is 97.95, with a 0.05% increase, etc. [3]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 93711, with no change; the COMEX silver inventory is 451352686, with a 0.10% increase, etc. [3]. **Container Shipping Industry Futures - Spot Daily Report** - **Container Shipping Index**: The SCFIS (European route) settlement price index on December 22 is 1589.20 points, with a 5.21% increase compared to December 15; the SCFI comprehensive index on December 19 is 1506.46 points, with a 7.79% increase compared to December 12 [5]. - **Futures Price and Basis**: The EC2602 (main contract) futures price on December 24 is 1795.8 points, with a - 0.60% decrease compared to December 23; the main - contract basis is - 206.6, with a - 4.97% change [5]. - **Fundamental Data**: The global container shipping capacity supply on December 24 is 3364.19 million TEU, with no change; the port on - time rate in Shanghai in November is 40.00, with an 18.50% decrease compared to October; the euro - zone composite PMI in December is 51.90 points, with a - 1.70% decrease compared to November [5].

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਨ | | 昨日收盘价 | 涨跌 | 基美 | 昨日成交昼 | | 昨日持仓屋 | 持仓变动 | | | EC2512 | | 1631.0 | 0.06% | -41.8 | 100 | | 1956 | -27 | | | EC2602 | | 1871.8 | 8.84% | -282.6 | 52704 | | 36510 | 5003 | | | EC2604 | | 1166.8 | 3.37% | 422.4 | 11708 | | 20471 | 1634 | | | EC2606 | | 1320.0 | 2.46% | 269.2 | 587 | | 2184 | -36 | | | EC2608 | | 1486.2 | 2.27% | 103.0 | 256 | | 1197 | -91 | | 期货 | EC2610 | | 1061.0 | 1.02% | ...