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].

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].

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].