投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2025 年 11 月 7 日） 期货研究报告 一、动力煤 | 商品 | | | | （元/吨） | 动力煤 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 基差 | | 5月-1月 | 9月-1月 9月-5月 | | | | | 2025/11/06 | 6 6 . | | 0 . | 0 0 0 0 . . | | 0 | | | 2025/11/05 | -2 . | 4 | 0 . | 0 0 0 0 . . | | 0 | | | 2025/11/04 | -13 | 4 . | 0 . | 0 0 0 0 . . | | 0 | | | 2025/11/03 | -21 | 4 . | 0 . | 0 0 0 0 . . | | 0 | | | 2025/10/31 | -31 | 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 二、能 ...

11月6日，国内期市煤炭板块多数上涨，焦煤主力涨逾2%。截止发稿，焦煤主力上涨2.14%，报1287.50 元/吨；焦炭主力上涨1.78%，报1771.50元/吨。 焦炭期货仓单2070手，环比上个交易日持平； 截止北京时间11月5日，据商品基差数据显示：焦煤品种合约出现'期现倒挂'(现货价格高于期货价格)现 象。 商品名称 现货价格 合约 期货价格 基差 基差率 焦煤 1581.25 2601 1260.5 320 20.24% 备注：基差=现货价格-期货价格。 11月6日煤炭期货价格行情 | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | 焦炭 | 1753.50 | 1753.00 | 1740.50 | | 焦煤 | 1269.00 | 1268.50 | 1260.50 | | 动力煤 | 0.00 | 921.00 | 921.00 | 11月5日，商品仓单数据显示： 焦煤期货仓单900手，环比上个交易日增加900手； ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2025 年 11 月 6 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 | | 2025/11/05 | -2 4 . | | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/11/04 | -13 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/11/03 | -21 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/10/31 | -31 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/10/30 | -31 . | 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 期货研究报告 二 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the arbitrage data of various futures varieties on November 5, 2025, including basis, inter - month spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data for different dates from October 29 to November 4, 2025, shows that the basis was - 31.4 on October 29 - 30, - 31.4 on October 31, - 21.4 on November 3, and - 13.4 on November 4. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 during this period [1][2] Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided for different dates from October 29 to November 4, 2025. For example, the basis of fuel oil was - 75.56 on October 29 [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are presented for different dates. For instance, the basis of rubber was - 875 on October 29, - 600 on October 30, - 285 on October 31, - 445 on November 3, and - 275 on November 4 [9] - Inter - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month vs 1 - month spread of rubber is 75 [11] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol are provided for different dates [11] Black Metals - Basis data for rebar, iron ore, coke, and coking coal are shown for different dates from October 29 to November 4, 2025. For example, the basis of rebar was 117 on October 29, 104 on October 30 - 31, 131 on November 3, and 146 on November 4 [21] - Inter - month spreads for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month vs 1 - month spread of rebar is 67.0 [20] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil are provided for different dates [20] Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin are given for different dates from October 29 to November 4, 2025. For example, the basis of copper was - 930 on October 29, - 30 on October 30, 750 on October 31, - 490 on November 3, and 650 on November 4 [28] London Market - 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 for November 4, 2025 [33] Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. are presented for different dates from October 29 to November 4, 2025. For example, the basis of soybeans No.1 was - 133 on October 29, - 123 on October 30, - 122 on October 31, - 96 on November 3, and - 35 on November 4 [39] - Inter - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 is 41 [39] - Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. are provided for different dates [39] Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 are shown for different dates from October 29 to November 4, 2025. For example, the basis of CSI 300 was 15.24 on October 29, 19.91 on October 30, 9.27 on October 31, 18.60 on November 3, and 29.70 on November 4 [50] - Inter - month spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the spread of the next - month vs current - month for CSI 300 is - 67.0 [52]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 11 月 5 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | | | 备注： 核心逻辑：近期，国内动力煤价格企稳运行，不过煤市乐观氛围仍未扭转，贸易商采购积极性良 好，涨价煤矿依然较多。从供应端来看，虽然外贸煤进口量平稳运行，但月末煤矿完成生产目标 后停产增多，叠加 11 月中央安全生产考核巡察组将进驻主产区，市场对年末供应收缩存有一定 预期，支撑煤价偏强运行。需求方面，近期北方多地持续降温，已提前进入冬季模式，南部沿海 城市在经历 10 月降温后，需求淡季下滑，不过沿海城市电厂存煤水平偏低，后续仍有补库需求， 将对煤市氛围形成一定支撑。库存方面，iFind 数据显示，截至 10 月 31 日，环渤海 9 港煤炭总 库存 2316.9 万吨，周环比降 80 万吨，较去年同期库存偏低 272.9 万吨，下游的潜在补库需求对 港口煤价带来一定支撑。整体来看，部分利好在 10 月基本兑现，随着煤价上涨，市场博弈加剧， 预计后市煤价涨势将有所放缓，或暂维持高位震荡运行。 （仅供参考，不构成任 ...

Report Information - Report Name: Baocheng Futures Variety Arbitrage Data Daily Report (November 4, 2025) [1] - Report Source: Baocheng Futures 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various futures varieties including thermal coal, energy and chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures on different dates from October 28 to November 3, 2025, with the aim of providing reference data for investors [1][5][21][27][42][53] 3. Summary by Directory 3.1 Thermal Coal - The basis data for thermal coal from October 28 to November 3, 2025, are - 31.4, - 31.4, - 31.4, - 31.4, - 21.4 respectively. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month are all 0.0 [1][2] 3.2 Energy and Chemical Products 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 28 to November 3, 2025, are presented. For example, the basis of fuel oil is - 49.21 on November 3, 2025 [7] 3.2.2 Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from October 28 to November 3, 2025, are provided. For instance, the basis of rubber is - 445 on November 3, 2025 [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are reported. For example, the 5 - 1 month spread of rubber is 80 [11] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from October 28 to November 3, 2025, are given. For example, the LLDPE - PVC spread is 2230 on November 3, 2025 [11] 3.3 Black Metals - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of rebar is 64.0 [20] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from October 28 to November 3, 2025, are provided. For example, the rebar/iron ore ratio is 3.91 on November 3, 2025 [20] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from October 28 to November 3, 2025, are reported. For example, the basis of rebar is 131.0 on November 3, 2025 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from October 28 to November 3, 2025, are given. For example, the basis of copper is - 490 on November 3, 2025 [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on November 3, 2025, are presented. For example, the LME spread of copper is (14.44) [36] 3.5 Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from October 28 to November 3, 2025, are provided. For example, the basis of soybeans No.1 is - 96 on November 3, 2025 [43] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are reported. For example, the 5 - 1 month spread of soybeans No.1 is 36 [43] - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc.) from October 28 to November 3, 2025, are given. For example, the soybeans No.1/corn ratio is 1.92 on November 3, 2025 [43] 3.6 Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 28 to November 3, 2025, are presented. For example, the basis of CSI 300 is 18.60 on November 3, 2025 [54] - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are reported. For example, the next month - current month spread of CSI 300 is - 38.2 [56]

Report Summary 1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Report Core View The report presents the basis data of various commodities as of October 31, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, aiming to show the price relationship between spot and futures of different commodities [2][3][4][5]. 3. Summary by Category Macro - IF: Spot price was 4641, down 69. Basis was 9, corresponding to the 2512 contract, with a basis deviation of 0.26 [2]. - IH: Spot price was 3012, down 35. Basis was - 4, corresponding to the 2512 contract, with a basis deviation of - 0.56 [2]. - IC: Spot price was 7331, down 55. Basis was 89, corresponding to the 2512 contract, with a basis deviation of 0.75 [2]. Black - For example, Shanghai's rebar spot price was 3230, unchanged. Basis was 124, corresponding to the 2601 contract, with a basis deviation of 0.48 [3]. - Tianjin Port's coke spot price was 1710, unchanged. Basis was - 67, corresponding to the 2601 contract, with a basis deviation of - 0.45 [3]. Energy - Chemical - Port methanol spot price was 2125, unchanged. Basis was - 55, corresponding to a third - party provided contract, with a basis deviation of - 0.88 [3]. - East China's PTA spot price was 4514, up 16. Basis was - 72, corresponding to a third - party provided contract, with a basis deviation of - 0.68 [3]. Non - Ferrous - Copper spot price was 87540, down 510. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of - 0.26 [4]. - Aluminum spot price was 21280, up 80. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of 0.27 [4]. Agricultural Products - Jiangsu's 43% soybean meal spot price was 2970, up 30. Basis was - 51, corresponding to the 2601 contract, with a basis deviation of - 0.21 [5]. - Jiangsu's first - grade soybean oil spot price was 8460, up 60. Basis was 332, corresponding to the 2601 contract, with a basis deviation of 0.25 [5].

www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2025 年 11 月 3 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 | | | 2025/10/31 | -31 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/10/30 | -31 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/10/29 | -31 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/10/28 | -31 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/10/27 | -31 . | 4 | 0 | 0 . | 0 | 0 . ...

甲醇聚烯烃早报 研究中心能化团队 2025/11/03 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 801 2232 2238 2475 2490 2435 2638 262 324 -24 -55 - 801 2212 2213 2450 2495 2425 2610 262 324 -41 -50 - 2025/10/2 9 801 2220 2215 2440 2495 2415 2610 - 324 - -50 - 2025/10/3 0 801 2190 2190 2440 2495 2415 2620 - 324 - -50 - 2025/10/3 1 801 - - - 2495 - - - - - -55 - 日度变化 0 - - - 0 - - - - - -5 - 观点 现实差继续，伊朗停车慢于预期，11月应还是高进口，01矛盾较难处理，港口制裁的事情预计能在限气结束前解 决，库存去化较 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得 ...

1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the latest trading day's (October 27, 2025) and historical (October 21 - 24, 2025) data on various futures varieties, including basis, inter - month spreads, and inter - commodity spreads, for different sectors such as thermal coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. The data is for reference only and does not constitute investment advice [56]. 3. Summary by Catalog 3.1 Thermal Coal - The basis data for thermal coal from October 21 - 27, 2025, shows that the basis on October 21 was - 39.4 yuan/ton, which gradually increased to - 31.4 yuan/ton on October 27. The spreads between different contract months (5 - 1, 9 - 1, 9 - 5) were all 0.0 yuan/ton during this period [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For energy commodities, data on basis, ratio, and other indicators are provided for fuel oil, crude oil, and asphalt from October 21 - 27, 2025. For example, the basis of INE crude oil on October 27 was 55.04 yuan/ton, and the ratio of crude oil to asphalt was 0.1414 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 21 - 27, 2025, shows fluctuations. For instance, the basis of rubber decreased from - 850 yuan/ton on October 21 to - 630 yuan/ton on October 27 [9]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 spread of rubber was 60 yuan/ton [11]. - **Inter - commodity Spreads**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 21 - 27, 2025, are provided. For example, the LLDPE - PVC spread on October 27 was 2273 yuan/ton [11]. 3.3 Black Metals - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are given. For example, the 5 - 1 spread of rebar was 61.0 yuan/ton [20]. - **Inter - commodity Spreads**: The inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 21 - 27, 2025, are presented. For example, the rebar/iron ore ratio on October 27 was 3.96 [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from October 21 - 27, 2025, shows changes. For example, the basis of rebar on October 27 was 130.0 yuan/ton [21]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 21 - 27, 2025, shows significant fluctuations. For example, the basis of copper changed from 250 yuan/ton on October 21 to - 70 yuan/ton on October 27 [28]. 3.4.2 London Market - Data on LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on October 27, 2025, are provided. For example, the LME spread of copper was (25.97) [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans (No. 1 and No. 2), soybean meal, soybean oil, corn, etc., from October 21 - 27, 2025, shows changes. For example, the basis of soybeans (No. 1) on October 27 was - 97 yuan/ton [39]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of various agricultural products are presented. For example, the 5 - 1 spread of soybeans (No. 1) was 40 yuan/ton [39]. - **Inter - commodity Spreads**: The inter - commodity spreads such as soybean (No. 1)/corn, soybean (No. 2)/corn, soybean oil/soybean meal, etc., from October 21 - 27, 2025, are provided. For example, the soybean (No. 1)/corn ratio on October 27 was 1.93 [39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 21 - 27, 2025, shows fluctuations. For example, the basis of CSI 300 on October 27 was 31.62 [50]. - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next month - current month spread of CSI 300 was - 14.8 [50].