1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - This report is the Baocheng Futures variety arbitrage data daily report for November 18, 2025, presenting the basis, inter - period, and inter - variety data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis of thermal coal on November 17, 2025, was 32.6 yuan/ton, consistent with November 14 - 13, 2025, and up from 29.6 yuan/ton on November 11, 2025. The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 11 - 17, 2025, were presented, such as the basis of fuel oil being - 21.45 on November 17, 2025 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 11 - 17, 2025, was provided. For example, the basis of rubber was - 515 yuan/ton on November 17, 2025 [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 were given. For instance, the 5 - 1 month spread of rubber was 75 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 11 - 17, 2025, were presented. For example, the LLDPE - PVC spread was 2263 yuan/ton on November 17, 2025 [10]. 3.3 Black Metals - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 11 - 17, 2025, was shown. For example, the basis of rebar was 143.0 yuan/ton on November 17, 2025 [20]. - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal were provided. For example, the 5 - 1 month spread of rebar was 52 yuan/ton [19]. - **Inter - variety**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 11 - 17, 2025, were presented. For example, the rebar/iron ore ratio was 3.94 on November 17, 2025 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 11 - 17, 2025, was given. For example, the basis of copper was 50 yuan/ton on November 17, 2025 [29]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 17, 2025, were presented. For example, the LME spread of copper was (32.62) [34]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 11 - 17, 2025, was provided. For example, the basis of soybeans No.1 was - 158 yuan/ton on November 17, 2025 [41]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton were given. For example, the 5 - 1 month spread of soybeans No.1 was 30 yuan/ton [41]. - **Inter - variety**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 11 - 17, 2025, were presented. For example, the soybeans No.1/corn ratio was 1.92 on November 17, 2025 [40]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on November 11 - 17, 2025, was shown. For example, the basis of CSI 300 was 16.65 on November 17, 2025 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 were provided. For example, the next - month - current - month spread of CSI 300 was - 158 [52].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on October 23, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Category Power Coal - Basis data from October 16 - 22, 2025, shows that the basis on October 22 was - 39.4 yuan/ton, gradually increasing from - 60.4 yuan/ton on October 16 [2]. - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads were all 0 during this period [2]. Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 16 - 22, 2025, are presented, with values such as - 45.52 yuan/ton for fuel oil on October 22 [7]. - The ratio data for these commodities are also provided, e.g., the ratio of INE crude oil was 0.1397 on October 22 [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from October 16 - 22, 2025, are given. For example, the basis of rubber was - 750 yuan/ton on October 22 [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For instance, the 5 - month minus 1 - month spread of rubber was - 10 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 16 - 22, 2025, are shown. For example, the LLDPE - PVC spread was 2208 yuan/ton on October 22 [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from October 16 - 22, 2025, are presented. For example, the basis of rebar was 162.0 yuan/ton on October 22 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 53 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from October 16 - 22, 2025, are shown. For example, the rebar/iron ore ratio was 3.95 on October 22 [19]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 16 - 22, 2025, are given. For example, the basis of copper was - 450 yuan/ton on October 22 [28]. London Market - LME data for copper, aluminum, zinc, lead, nickel, and tin on October 22, 2025, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss, are presented. For example, the LME premium/discount of copper was (6.36) [31]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 16 - 22, 2025, are provided. For example, the basis of soybeans No.1 was - 77 yuan/ton on October 22 [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 42 yuan/ton [38]. - Inter - variety spreads for 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 October 16 - 22, 2025, are shown. For example, the soybeans No.1/corn ratio was 1.90 on October 22 [38]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 16 - 22, 2025, are presented. For example, the basis of CSI 300 was 29.17 on October 22 [50]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter, are provided. For example, the next - month minus current - month spread of CSI 300 was - 37.8 [52].