Report Summary 1. 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 September 17, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][5][21][27][40][51]. 3. Summary by Category 3.1 Power Coal - **Base Difference**: On September 16, 2025, the base difference was - 113.4 yuan/ton, showing a narrowing trend compared with previous days [2]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [2]. 3.2 Energy Chemicals - **Energy Commodities**: The base differences of fuel oil, INE crude oil, and other energy commodities on different dates are presented, such as the base difference of INE crude oil being 16.04 yuan/ton on September 16, 2025 [7]. - **Chemical Commodities** - **Base Difference**: The base differences of rubber, methanol, PTA, etc. on different dates are provided, for example, the base difference of rubber was - 890 yuan/ton on September 16, 2025 [9]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for various chemical products were mostly 0.0. The cross - variety spreads like LLDPE - PVC, LLDPE - PP, etc. on different dates are also given, e.g., the LLDPE - PVC spread was 2296 yuan/ton on September 16, 2025 [10]. 3.3 Black Metals - **Spread** - **Cross - Period**: The cross - period spreads of rebar, iron ore, etc. are shown, for example, the 5 - 1 month spread of rebar was 68.0 yuan/ton [20]. - **Cross - Variety**: The cross - variety spreads such as screw/ore, screw/coke on different dates are presented, e.g., the screw/ore ratio was 3.93 on September 16, 2025 [20]. - **Base Difference**: The base differences of rebar, iron ore, etc. on different dates are provided, like the base difference of rebar was 114.0 yuan/ton on September 16, 2025 [21]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic base differences of copper, aluminum, etc. on different dates are given, for example, the base difference of copper was - 80 yuan/ton on September 16, 2025 [28]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 16, 2025 are presented, such as the LME spread of copper being (59.26) [34]. 3.5 Agricultural Products - **Base Difference**: The base differences of soybeans, soybean meal, etc. on different dates are provided, for example, the base difference of soybeans was 136 yuan/ton on September 16, 2025 [40]. - **Spread** - **Cross - Period**: The cross - period spreads of various agricultural products are shown, e.g., the 5 - 1 month spread of soybeans was 47 [40]. - **Cross - Variety**: The cross - variety spreads such as soybean/corn, soybean oil/soybean meal on different dates are presented, like the soybean/corn ratio was 1.81 on September 16, 2025 [40]. 3.6 Stock Index Futures - **Base Difference**: On September 16, 2025, the base differences of CSI 300, SSE 50, etc. were 6.54, - 2.78, etc. respectively [52]. - **Spread**: The cross - period spreads of CSI 300, SSE 50, etc. are given, for example, the next - month - current - month spread of CSI 300 was - 10.0 [52].

Group 1 - On September 15, the trading volume for WTI crude oil futures at the Chicago Mercantile Exchange was 573,921 contracts, a decrease of 339,581 contracts from the previous session [1] - The open interest for WTI crude oil futures was 1,949,878 contracts, down by 16,733 contracts compared to the prior session [1] - The trading volume for Brent crude oil futures was 81,265 contracts, which represents a decline of 105,520 contracts from the previous session [1] Group 2 - The open interest for Brent crude oil futures was 203,946 contracts, a decrease of 468 contracts from the previous session [1] - The trading volume for natural gas futures was 404,152 contracts, down by 102,010 contracts compared to the previous session [1] - The open interest for natural gas futures was 1,640,220 contracts, which is a reduction of 5,748 contracts from the prior session [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts rise, indicating a positive trend in the agricultural commodities market [1] Group 1: Price Movements - Raw sugar futures increased by 1.08%, closing at 15.96 cents per pound [1] - Cocoa futures rose by 2.50%, reaching $7425.00 per ton [1] - Coffee futures surged by 5.01%, ending at 416.75 cents per pound [1] - Cotton futures experienced a slight decline of 0.01%, closing at 66.82 cents per pound [1]

Group 1 - Futures are contracts that allow parties to agree on a price for a future transaction, providing certainty in volatile markets [1][4] - The modern futures market began in the mid-19th century with the establishment of the Chicago Board of Trade (CBOT) in 1848, which standardized contracts and rules for trading [6][8] - Futures markets have expanded beyond agriculture to include a wide range of assets such as crude oil and cryptocurrencies, maintaining the core purpose of locking in prices [9] Group 2 - The primary purpose of futures is to manage risk through hedging, allowing parties to lock in prices and reduce potential losses from market fluctuations [10]

Group 1 - The first delivery of log futures in Guangxi was successfully completed by Guangxi Qinzhou Bonded Port Area Jushen International Logistics Co., marking a significant milestone in the region [1] - The Dalian Commodity Exchange approved the company as a designated delivery warehouse for log futures, making it the first of its kind in Guangxi [1] - The delivery process included inspection, loading, warehouse receipt generation, and settlement, all of which were completed according to standard procedures [1] Group 2 - The company is strategically located as the southernmost log futures delivery warehouse in China, providing a significant geographical advantage for importing logs from countries like New Zealand and Australia [2] - The designated delivery site serves as a critical link between the futures and spot markets, offering a "spot + futures" one-stop service that attracts timber traders and sources to Qinzhou [2] - This development is expected to help companies effectively manage price risks, reduce transaction costs, and promote the transformation and upgrading of the port's timber industry, enhancing Qinzhou Port's role as a key hub for the regional timber industry [2]

(活力中国调研行)上海期货交易所打造价格影响力高地 中新社上海9月12日电 (范宇斌)12日，在上海期货交易所(下称"上期所")交易大厅，两块巨大的显示屏实 时显示着上市交易的各类期货、期权产品的行情，不断跳动的数字彰显着这个市场的活力。在交易大厅 中央，展示着上期所挂牌交易的黄金、白银、燃料油等品种交割样品。 近年来，越来越多的期货品种从中国走向国际，辐射范围逐渐拓展，正在逐步成为国际大宗商品市场不 可或缺的价格参考，"上海价格"的影响力不断扩大。例如，以"上海铜"为代表的上期所有色金属期货， 是中国运行最为成熟、产业参与度最高的商品期货板块，已成为全球三大有色金属定价中心之一。 9月10日，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上期所挂牌交易。当日起，石油沥 青期货以及燃料油、石油沥青和纸浆期权纳入合格境外投资者(QFI)交易范围。 目前，上期所(含上期能源)已上市25个期货品种、18个期权品种。其中，5个期货品种和原油期权直接 对境外投资者开放，32个期货、期权品种允许合格境外投资者参与交易。上期所境外客户遍布全球30多 个国家和地区，涵盖产业链境内外上下游、跨国贸易公司、投资银行、基金和资 ...

全球能源市场正经历深刻调整，美国主导的美元体系面临多重压力。中国作为最大原油进口国，积极推动人民币在能源贸易中的应用，逐步削弱美元垄断地 位。这种转变源于中国经济持续增长和能源需求稳定，结合国际地缘格局变化。 上海国际能源交易中心推出的原油期货合约，自2018年上市以来，已成为亚太地区重要定价工具。境外投资者参与度提升，持仓结构优化，交易规模快速扩 张。 到2024年，合约日均持仓量比2019年增长超过四倍，成交量增幅逾两成。这种增长反映中国金融市场的成熟，以及对美元依赖的战略性减弱。 人民币原油结算体系的建立，标志中国在能源金融领域的自主创新。合约以中质含硫原油为标的，规模为每手一千桶，报价单位为人民币每桶，强调实物交 割。 这种设计适应中国进口需求，避免美元汇率波动带来的额外成本。初期阶段，2018年全年成交量有限，主要吸引国内炼油企业和贸易商参与。境外客户覆盖 范围小，海外持仓占比不足百分之五。 相比之下，美国西得克萨斯中质原油期货和英国布伦特原油期货已运行多年，前者聚焦北美轻质低硫油，后者覆盖北海油田，年交易量达数亿手。 中国合约起步时持仓仅数千手，与国际基准差距明显。但通过政策优化和市场机制完善，实 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) announced adjustments to the maximum order sizes for options trading, effective from September 17, 2025, which may impact trading strategies and liquidity in the market [1] Group 1 - The maximum order size for limit orders will be adjusted to 200 contracts per order [1] - The maximum order size for market orders will be adjusted to 5 contracts per order [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 11, with raw sugar futures declining by 0.82% to 15.80 cents per pound [1] - Cotton futures increased by 0.10% to 66.74 cents per pound [1] - Cocoa futures rose by 1.55% to $7584.00 per ton [1] - Coffee futures fell by 0.62% to 384.50 cents per pound [1]

Core Viewpoint - The Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center have launched a new high-sulfur 380CST fuel oil buyer quotation, enhancing the pricing system for the fuel oil market in China [1][2]. Group 1: Market Development - Since 2021, the Shanghai Futures Exchange and Shanghai International Energy Exchange have introduced various quotations based on high and low sulfur fuel oil futures prices, providing significant reference prices for the domestic and international ship fuel market [1]. - The newly released high-sulfur buyer quotation is based on the futures price from the Shanghai Futures Exchange, processed daily to publish a unified premium/discount price, enriching the RMB pricing system for bonded ship fuel oil in China [1]. Group 2: Industry Impact - The initiatives by the Shanghai Futures Exchange and Shanghai International Energy Exchange have improved the futures market's ability to serve the real economy, providing effective hedging tools for domestic and international ship fuel industry clients [2]. - Future collaborations between the Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center aim to support the construction of the oil and gas trading market in the Yangtze River Delta, promoting high-quality and sustainable development of the ship fuel industry [2].