投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 10 月 9 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/09/30 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/29 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/26 | -100.4 | 0.0 | 0.0 | 0.0 | | 2025/09/25 | -95.4 | 0.0 | 0.0 | 0.0 | | 2025/09/24 | -95.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 运筹帷幄 决胜千里 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/09/30 2025/09/29 2025/09/26 2025/09/25 20 ...

Report Overview - This is the Baocheng Futures variety arbitrage data daily report for September 26, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Thermal Coal - **Base Price Data**: From September 19 - 25, 2025, the base price of thermal coal remained at -95.4 yuan/ton (except -96.4 yuan/ton on September 22 and -97.4 yuan/ton on September 19), and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 yuan/ton [2] 2. Energy Chemicals (1) Energy Commodities - **Base Price**: Base price data for fuel oil, crude oil/asphalt, INE crude oil from September 19 - 25, 2025 are provided, with specific values varying each day [7] (2) Chemical Commodities - **Base Price**: Base price data for rubber, methanol, PTA, LLDPE, V, PP from September 19 - 25, 2025 are provided, with values changing daily [9] - **Inter - period Spreads**: Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [11] - **Inter - commodity Spreads**: Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol from September 19 - 25, 2025 are provided [11] 3. Black Metals - **Base Price**: Base price data for rebar, iron ore, coke, and coking coal from September 19 - 25, 2025 are provided [21] - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [20] - **Inter - commodity Spreads**: Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 19 - 25, 2025 are provided [20] 4. Non - ferrous Metals (1) Domestic Market - **Domestic Base Price**: Domestic base price data for copper, aluminum, zinc, lead, nickel, and tin from September 19 - 25, 2025 are provided [28] (2) London Market - **LME Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on September 25, 2025 are provided [32] 5. Agricultural Products - **Base Price**: Base price data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from September 19 - 25, 2025 are provided [36] - **Inter - period Spreads**: Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [36] - **Inter - commodity Spreads**: Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from September 19 - 25, 2025 are provided [36] 6. Stock Index Futures - **Base Price**: Base price data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 19 - 25, 2025 are provided [47] - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next month - current month and next quarter - current quarter spreads, are presented [47]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Category 1. Power Coal - Recorded the daily basis and spread data of power coal from September 15 - 19, 2025, with the basis gradually increasing from -115.4 yuan/ton to -97.4 yuan/ton, and the spreads of 5 - 1, 9 - 1, and 9 - 5 remaining at 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - Presented the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 15 - 19, 2025, including the basis of fuel oil and INE crude oil, and the ratio of crude oil to asphalt [7] (2) Chemical Commodities - Showed the basis, inter - period spreads, and inter - commodity spreads of chemical products. The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 15 - 19, 2025 were given, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for multiple chemicals and the inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. [9][11] 3. Black Metals - Displayed the inter - period spreads and inter - commodity spreads of black metals. The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal were provided, along with the inter - commodity spreads like the ratio of rebar to iron ore, rebar to coke, etc. from September 15 - 19, 2025 [20] 4. Non - ferrous Metals (1) Domestic Market - Recorded the basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 15 - 19, 2025 [28] (2) London Market - Presented the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 19, 2025 [34] 5. Agricultural Products - Provided the basis, inter - period spreads, and inter - commodity spreads of agricultural products. The basis data of soybeans, soybean meal, soybean oil, etc. from September 15 - 19, 2025 were shown, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products and the inter - commodity spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, etc. [40] 6. Stock Index Futures - Recorded the basis and inter - period spreads of stock index futures. The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 15 - 19, 2025 were presented, along with the inter - period spreads of the next month - current month and next quarter - current quarter for different stock indices [51]

Group 1: Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for September 12, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Group 2: Thermal Coal - The table shows the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of thermal coal from September 5 to September 11, 2025. The basis on September 11 was - 126.4 yuan/ton, and the spreads were all 0.0 [2] Group 3: Energy Chemicals Energy Commodities - Data on the basis of fuel oil, crude oil, and asphalt, and the ratio of crude oil to asphalt are presented from September 5 to September 11, 2025. For example, on September 11, the basis of INE crude oil was 16.42 yuan/ton, and the ratio of crude oil to asphalt was 0.1413 [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from September 5 to September 11, 2025 is provided. For instance, on September 11, the basis of rubber was - 1005 yuan/ton [9] - **Inter - delivery spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 5 to September 11, 2025 are shown. On September 11, the LLDPE - PVC spread was 2352 yuan/ton [10] Group 4: Black Metals Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month spread of rebar was 49.0 yuan/ton [19] Inter - commodity spreads - The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar minus hot - rolled coil from September 5 to September 11, 2025 are given. On September 11, the ratio of rebar to iron ore was 3.88 [19] Basis - The basis of rebar, iron ore, coke, and coking coal from September 5 to September 11, 2025 is provided. On September 11, the basis of rebar was 118.0 yuan/ton [20] Group 5: Non - Ferrous Metals Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from September 5 to September 11, 2025 is shown. On September 11, the basis of copper was 10 yuan/ton [27] London Market - Data on LME non - ferrous metals including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on September 11, 2025 are presented. For example, the LME premium/discount of copper was (61.54) [34] Group 6: Agricultural Products Basis - The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 5 to September 11, 2025 is provided. On September 11, the basis of soybeans No.1 was 115 yuan/ton [39] Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of various agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 47 yuan/ton [39] Inter - commodity spreads - The ratios and spreads such as soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from September 5 to September 11, 2025 are shown. On September 11, the ratio of soybeans No.1 to corn was 1.79 [39] Group 7: Stock Index Futures Basis - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 5 to September 11, 2025 is provided. On September 11, the basis of CSI 300 was - 13.97 [51] Inter - delivery spreads - The spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month minus current - month spread of CSI 300 was - 53.8 [53]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the daily arbitrage data of various futures varieties of Baocheng Futures on August 22, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50] Summary by Category Power Coal - The table shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 15 to August 21, 2025. The basis on August 21 was - 97.4 yuan/ton, and the spreads were all 0.0 [1][2] Energy and Chemicals Energy Commodities - Data on the basis of energy commodities (fuel oil, INE crude oil, crude oil/asphalt) from August 15 to August 21, 2025 are provided, along with the ratio of crude oil to asphalt and other information [7] Chemical Commodities - The basis data of chemical commodities (rubber, methanol, PTA, LLDPE, V, PP) from August 15 to August 21, 2025 are presented. For example, the basis of rubber on August 21 was - 920 yuan/ton [9] - The table shows the inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of chemical commodities (rubber, methanol, PTA, LLDPE, PVC, PP, ethylene glycol) and inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from August 15 to August 21, 2025 [11] Black Metals - The basis data of black metals (rebar, iron ore, coke, coking coal) from August 15 to August 21, 2025 are given. For instance, the basis of rebar on August 21 was 199.0 yuan/ton [21] - The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) and inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) of black metals are presented [20] Non - Ferrous Metals Domestic Market - The domestic basis data of non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from August 15 to August 21, 2025 are shown. For example, the basis of copper on August 21 was 220 yuan/ton [28] London Market - Data on LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on August 21, 2025 are provided, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [34] Agricultural Products - The basis data of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, corn, etc.) from August 15 to August 21, 2025 are presented [39] - The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, etc.) are shown [39] - The inter - variety spreads (soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc.) of agricultural products from August 15 to August 21, 2025 are provided [39] Stock Index Futures - The basis data of stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from August 15 to August 21, 2025 are given. For example, the basis of CSI 300 on August 21 was 5.87 [51] - The inter - period spreads (next month - current month, next quarter - current quarter) of stock index futures are presented [53]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the basis, inter - period, and inter - variety data of various futures products on different dates from June 19 to June 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [2][10][15]. Summaries by Directory Power Coal - **Basis Data**: The basis of power coal on June 25, 2025, was - 184.4 yuan/ton, showing a slight change compared with previous days [2]. - **Inter - period Data**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0.0 [2]. Energy and Chemicals Energy Commodities - **Basis Data**: For crude oil, fuel oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented on different dates. For example, the basis of INE crude oil on June 25, 2025, was - 32.94 yuan/ton, and the ratio of crude oil to asphalt was 0.1527 [9]. Chemical Commodities - **Basis Data**: The basis of various chemical products such as natural rubber, methanol, PTA, LLDPE, and PP showed different values on different dates. For example, the basis of natural rubber on June 25, 2025, was - 20 yuan/ton [10]. - **Inter - period Data**: Different inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided for various chemical products [10]. - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, and PP - 3*methanol are presented on different dates [10]. Black Metals - **Basis Data**: The basis of products like rebar, iron ore, coke, and coking coal showed fluctuations from June 19 to June 25, 2025. For example, the basis of rebar on June 25, 2025, was 74.0 yuan/ton [15]. - **Inter - period Data**: Different inter - period spreads for rebar, iron ore, coke, and coking coal are given. For example, the 5 - 1 month spread of coke was - 16.5 yuan/ton [15]. - **Inter - variety Data**: The inter - variety ratios such as rebar/iron ore, rebar/coke, and coke/coking coal, as well as the spread between rebar and hot - rolled coil, are presented on different dates [15]. Non - ferrous Metals Domestic Market - **Basis Data**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin showed different values on different dates. For example, the basis of copper on June 25, 2025, was - 50 yuan/ton [23]. - **LME - related Data**: 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 on June 25, 2025 [30]. London Market - **Basis Data**: LME basis data is presented, along with Shanghai - London ratio and import profit and loss data [32][33][34]. Agricultural Products - **Basis Data**: The basis of products such as soybeans, soybean meal, soybean oil, and corn showed different values on different dates [40]. - **Inter - period Data**: Different inter - period spreads for various agricultural products are given [38][40]. - **Inter - variety Data**: The inter - variety ratios and spreads such as soybean 1/corn, soybean oil/soybean meal, and soybean meal - rapeseed meal are presented on different dates [38]. Stock Index Futures - **Basis Data**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures showed different values on different dates from June 19 to June 25, 2025. For example, the basis of CSI 300 on June 25, 2025, was 37.27 [48]. - **Inter - period Data**: Different inter - period spreads (next month - current month, current quarter - current month, etc.) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [48].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the report. It mainly provides a comprehensive set of data on various futures products, including basis, inter - period spreads, and inter - variety spreads. Summary by Directory 1. Power Coal - **Basis Data**: From June 16 to June 20, 2025, the basis of power coal was - 192.4 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 yuan/ton [2] 2. Energy and Chemicals (1) Energy Commodities - **Basis Charts**: There are basis charts for crude oil, fuel oil, and the ratio of crude oil to asphalt. The basis of crude oil is related to the spot price of China Shengli and the futures closing price of INE crude oil; the basis of fuel oil is related to the FOB Singapore spot price and the futures closing price of fuel oil [6][7][9] (2) Chemical Commodities - **Basis Data**: From June 16 to June 20, 2025, the basis data of various chemical products such as natural rubber, methanol, PTA, LLDPE, etc. are provided. For example, on June 20, the basis of natural rubber was 50 yuan/ton, and that of methanol was 256 yuan/ton [10] - **Inter - period Spreads**: The inter - period spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for natural rubber, methanol, PTA, etc. are given. For example, the 5 - 1 month spread of natural rubber was 30 yuan/ton [10] - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are presented. For example, on June 20, the LLDPE - PVC spread was 2536 yuan/ton [10] 3. Black Metals - **Basis Data**: From June 16 to June 20, 2025, the basis data of black metals including rebar, iron ore, coke, and coking coal are provided. For example, on June 20, the basis of rebar was 78.0 yuan/ton [15] - **Inter - period Spreads**: The inter - period spreads of rebar (5 - 1 month, 10 - 1 month, 10 - 5 month), iron ore, coke, and coking coal (5 - 1 month, 9 - 1 month, 9 - 5 month) are given [15] - **Inter - variety Spreads**: The inter - variety spreads such as rebar/iron ore, rebar/coke, etc. are presented. For example, on June 20, the rebar/iron ore ratio was 4.26 [15] 4. Non - ferrous Metals (1) Domestic Market - **Basis Data**: From June 16 to June 20, 2025, the domestic basis data of non - ferrous metals including copper, aluminum, zinc, etc. are provided. For example, on June 20, the basis of copper was 500 yuan/ton [23] (2) London Market - **LME Data**: On June 20, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, etc. are given. For example, the LME spread of copper was 274.99 [30] 5. Agricultural Products - **Basis Data**: From June 16 to June 20, 2025, the basis data of agricultural products such as soybeans, soybean meal, soybean oil, etc. are provided. For example, on June 20, the basis of soybean No.1 was - 179 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of various agricultural products such as soybean No.1, soybean No.2, soybean meal, etc. are given. For example, the 5 - 1 month spread of soybean No.1 was 13 yuan/ton [38] - **Inter - variety Spreads**: The inter - variety spreads such as soybean No.1/corn, soybean oil/soybean meal, etc. are presented. For example, on June 20, the soybean No.1/corn ratio was 1.77 [38] 6. Stock Index Futures - **Basis Data**: From June 16 to June 20, 2025, the basis data of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, on June 20, the basis of CSI 300 was 73.04 [48] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for different periods (such as next month - current month, current quarter - current month, etc.) are given [48]

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - The report presents the arbitrage data of various futures varieties on June 20, 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 [1][5][14][22][38][47] 3. Summary by Directory 3.1 Power Coal - Basis data from June 13 - 19, 2025 shows a constant basis of - 192.4 yuan/ton, and 0.0 for 5 - 1/9 - 1/9 - 5 spreads [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Crude oil, fuel oil basis data and the ratio of crude oil to asphalt are presented, with specific values varying from June 13 - 19, 2025. For example, the ratio of crude oil to asphalt on June 19, 2025 was 0.1484 [9] 3.2.2 Chemical Commodities - Basis data for multiple chemicals (e.g., natural rubber, methanol, PTA) from June 13 - 19, 2025 are provided. For instance, the basis of natural rubber on June 19 was - 80 yuan/ton [10] - Inter - period spreads (5 - 1/9 - 1/9 - 5) for various chemicals are given, such as the 5 - 1 spread of natural rubber being 35 yuan/ton [10] - Inter - variety spreads (e.g., LLDPE - PVC, LLDPE - PP) from June 13 - 19, 2025 are presented. For example, the LLDPE - PVC spread on June 19 was 2554 yuan/ton [10] 3.3 Black Metals - Basis data for black metals (e.g., rebar, iron ore, coke, coking coal) from June 13 - 19, 2025 are shown. For example, the basis of rebar on June 19 was 84.0 yuan/ton [15] - Inter - period spreads for rebar (5 - 1/10 - 1/10 - 5) and other black metals (e.g., 5 - 1/9 - 1/9 - 5 for iron ore) are provided [15] - Inter - variety spreads (e.g., rebar/iron ore, rebar/coke) from June 13 - 19, 2025 are presented. For example, the rebar/iron ore ratio on June 19 was 4.28 [15] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (e.g., copper, aluminum, zinc) from June 13 - 19, 2025 are given. For example, the basis of copper on June 19 was 460 yuan/ton [23] - LME related data (LME premium/discount, Shanghai - London ratio, CIF, domestic spot, import profit and loss) for non - ferrous metals on June 19, 2025 are presented. For example, the LME premium of copper was 133.36 [30] 3.4.2 London Market - LME basis, Shanghai - London ratio, and import profit and loss data are presented, but specific numerical details are not fully elaborated in the summary [30][32][33] 3.5 Agricultural Products - Basis data for agricultural products (e.g., soybeans, soybean meal, soybean oil) from June 13 - 19, 2025 are provided. For example, the basis of soybean No.1 on June 19 was - 153 yuan/ton [40] - Inter - period spreads (5 - 1/9 - 1/9 - 5) for various agricultural products are given, such as the 5 - 1 spread of soybean No.1 being 15 yuan/ton [38] - Inter - variety spreads (e.g., soybean No.1/corn, soybean oil/soybean meal) from June 13 - 19, 2025 are presented. For example, the soybean No.1/corn ratio on June 19 was 1.76 [38] 3.6 Stock Index Futures - Basis data for stock index futures (e.g., CSI 300, SSE 50, CSI 500, CSI 1000) from June 13 - 19, 2025 are shown. For example, the basis of CSI 300 on June 19 was 2.69 [48] - Inter - period spreads (e.g., next month - current month, current quarter - current month) for various stock index futures are provided [48]

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - The report presents the arbitrage data of various futures varieties on June 19, 2025, including power coal, energy - chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][13][21][39][46] 3. Summary by Directory 3.1 Power Coal - **Basis Data**: From June 12 to June 18, 2025, the basis of power coal remained at - 192.4 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0 [2] 3.2 Energy - Chemical 3.2.1 Energy Commodities - **Basis Charts**: There are basis charts for crude oil, fuel oil, and the ratio chart of crude oil to asphalt, showing the relationship between spot prices and futures prices [5][6][8] 3.2.2 Chemical Commodities - **Basis Data**: From June 12 to June 18, 2025, the basis data of various chemical products such as natural rubber, methanol, PTA, etc. are presented, with different values and trends [9] - **Inter - period Spread Data**: The inter - period spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for multiple chemical products are provided, including natural rubber, methanol, PTA, etc. [9] - **Inter - variety Spread Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are given from June 12 to June 18, 2025 [9] 3.3 Black Metals - **Basis Data**: From June 12 to June 18, 2025, the basis data of black metals including rebar, iron ore, coke, and coking coal are presented, with different values and trends [14] - **Inter - period Spread Data**: The inter - period spreads of rebar (5 - 1 month, 10 - 1 month, 10 - 5 month) and those of iron ore, coke, and coking coal (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided [14] - **Inter - variety Spread Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, etc. are given from June 12 to June 18, 2025 [14] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - **Basis Data**: From June 12 to June 18, 2025, the domestic basis data of non - ferrous metals including copper, aluminum, zinc, etc. are presented, with different values and trends [22] - **LME - related Data**: On June 18, 2025, data such as LME forward premiums/discounts, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss for non - ferrous metals are provided [29] 3.4.2 London Market - **Relevant Charts**: There are LME basis charts, Shanghai - London ratio charts, and import profit/loss charts for non - ferrous metals [31][32][33] 3.5 Agricultural Products - **Basis Data**: From June 12 to June 18, 2025, the basis data of agricultural products including soybeans, soybean meal, soybean oil, etc. are presented, with different values and trends [39] - **Inter - period Spread Data**: The inter - period spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for multiple agricultural products are provided, including soybeans, soybean meal, soybean oil, etc. [37][39] - **Inter - variety Spread Data**: The inter - variety spreads such as soybean 1/corn, soybean 2/corn, etc. are given from June 12 to June 18, 2025 [37] 3.6 Stock Index Futures - **Basis Data**: From June 12 to June 18, 2025, the basis data of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 are presented, with different values and trends [47] - **Inter - period Spread Data**: The inter - period spreads of multiple contracts (next month - current month, current quarter - current month, etc.) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [47]

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the report. It mainly provides a daily report of arbitrage data for various futures products, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. Summary by Catalog 1. Power Coal - The table shows the basis and spreads of different contract months for power coal from June 11 to June 17, 2025. The basis remains at - 192.4 yuan/ton during this period, and the spreads (5 - 1, 9 - 1, 9 - 5) are all 0.0 [2] 2. Energy Chemicals (1) Energy Commodities - The table presents the basis and ratio data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt from June 11 to June 17, 2025. For example, on June 17, the basis of INE crude oil is - 18.97 yuan/ton, and the ratio of crude oil to asphalt is 0.1450 [6] (2) Chemical Commodities - **Basis**: The basis data of various chemical products (natural rubber, methanol, PTA, LLDPE, PP etc.) are provided from June 11 to June 17, 2025. For instance, on June 17, the basis of natural rubber is - 20 yuan/ton, and that of methanol is 200 yuan/ton [11] - **Inter - period spreads**: The spreads between different contract months (5 - 1, 9 - 1, 9 - 5) for various chemical products are given. For example, for natural rubber, the 5 - 1 spread is 60 yuan/ton, the 9 - 1 spread is - 850 yuan/ton, and the 9 - 5 spread is - 910 yuan/ton [11] - **Inter - commodity spreads**: The spreads between different chemical products (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) are presented from June 11 to June 17, 2025. On June 17, the LLDPE - PVC spread is 2456 yuan/ton [11] 3. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from June 11 to June 17, 2025 are shown. On June 17, the basis of rebar is 119.0 yuan/ton, and that of iron ore is 92.6 yuan/ton [16] - **Inter - period spreads**: The spreads between different contract months for rebar, iron ore, coke, and coking coal are provided. For example, for rebar, the 10 - 1 spread is 7.0 yuan/ton [16] - **Inter - commodity ratios and spreads**: The ratios (rebar/iron ore, rebar/coke, coke/coking coal) and spreads (rebar - hot - rolled coil) are presented from June 11 to June 17, 2025. On June 17, the rebar/iron ore ratio is 4.26, and the rebar - hot - rolled coil spread is - 112.0 yuan/ton [16] 4. Non - ferrous Metals (1) Domestic Market - **Domestic basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from June 11 to June 17, 2025 are given. On June 17, the basis of copper is 270 yuan/ton, and that of aluminum is 100 yuan/ton [24] - **LME market data**: Data including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on June 17, 2025 are provided. For example, the LME spread of copper is 122.77, and the Shanghai - London ratio is 8.11 [30] (2) London Market - Relevant charts show the LME basis, Shanghai - London ratio, and import profit and loss trends for non - ferrous metals [32][33][34] 5. Agricultural Products - **Basis**: The basis data of soybeans (No. 1 and No. 2), soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton from June 11 to June 17, 2025 are presented. On June 17, the basis of soybean No. 1 is - 167 yuan/ton, and that of soybean oil is 298 yuan/ton [40] - **Inter - period spreads**: The spreads between different contract months for various agricultural products are given. For example, for soybean No. 1, the 5 - 1 spread is 8 yuan/ton, the 9 - 1 spread is 119 yuan/ton, and the 9 - 5 spread is 111 yuan/ton [40] - **Inter - commodity spreads and ratios**: The spreads (soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) and ratios (soybean No. 1/corn, soybean No. 2/corn, soybean oil/soybean meal) from June 11 to June 17, 2025 are presented. On June 17, the soybean meal - rapeseed meal spread is 392 yuan/ton, and the soybean oil/soybean meal ratio is 2.59 [38] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from June 11 to June 17, 2025 are shown. On June 17, the basis of CSI 300 is 1.78, and that of SSE 50 is 3.15 [48] - **Inter - period spreads**: The spreads between different contract months (next month - current month, current quarter - current month, next quarter - current month etc.) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, for CSI 300, the next month - current month spread is - 41.6 [48]