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（2026 年 3 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 | | 2026/03/02 | -48.4 | 0.0 | 0.0 | 0.0 | | 2026/02/27 | -56.4 | 0.0 | 0.0 | 0.0 | | 2026/02/26 | -62.4 | 0.0 | 0.0 | 0.0 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 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 www.bcqhgs.com 2 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、能源化工 www.bcqhgs.com 3 杭州市求是路8号公元大厦东南裙楼1-5层 2026/03/02 ...

2026年03月03日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：预期现实博弈，矿价震荡 | 2 | | --- | --- | | 螺纹钢：震荡反复 | 3 | | 热轧卷板：震荡反复 | 3 | | 硅铁：资金与现实博弈，价格偏强震荡 | 5 | | 锰硅：资金与现实博弈，价格偏强震荡 | 5 | | 焦炭：宽幅震荡 | 7 | | 焦煤：仓单扰动叠加能源属性发酵，宽幅震荡 | 7 | | 动力煤：产地涨跌互现，涨价动力不足 | 9 | | 原木：预期现实博弈，小幅震荡 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 3 月 3 日 铁矿石：预期现实博弈，矿价震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 铁矿石基本面数据 | | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期 货 | | | | 4.0 | 0.53% | | | I2605 | | ...

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（2026 年 3 月 2 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 | | 2026/02/27 | -56.4 | 0.0 | 0.0 | 0.0 | | 2026/02/26 | -62.4 | 0.0 | 0.0 | 0.0 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 0.0 | 0.0 | 0.0 | | 2026/02/13 | -83.4 | 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、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 2026/02/27 2026/02/26 2026/02/25 2026/02/24 2026/02/13 2 ...

2026年02月27日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：预期回暖，矿价震荡上扬 | 2 | | --- | --- | | 螺纹钢：震荡反复 | 3 | | 热轧卷板：震荡反复 | 3 | | 硅铁：板块情绪扰动，价格宽幅震荡 | 5 | | 锰硅：南非矿产税务信息扰动，资金低位拉涨 | 5 | | 焦炭：震荡偏弱 | 7 | | 焦煤：仓单扰动，震荡偏弱 | 7 | | 动力煤：上游报价坚挺，短期煤价表现偏强 | 9 | | 原木：预期回暖，震荡偏强 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 27 日 来源：Mysteel，东财 Choice，国泰君安期货研究所 【宏观及行业新闻】 （1）上海市住房城乡建设管理委、上海市房屋管理局等 5 部门 2 月 25 日联合发布《关于进一步优化 调整本市房地产政策的通知》，自 2026 年 2 月 26 日起施行。 （2）2 月 25 日讯，据了解华北部分钢企已接到 2026 年全国两会期间临时自主减排通知，要求企业在 3 月 4 ...

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（2026 年 2 月 27 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 | | 2026/02/26 | -62.4 | 0.0 | 0.0 | 0.0 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 0.0 | 0.0 | 0.0 | | 2026/02/13 | -83.4 | 0.0 | 0.0 | 0.0 | | 2026/02/12 | -90.4 | 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、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 2026/02/26 2026/02/25 2026/02/24 2026/02/13 2026/02/12 ...

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（2026 年 2 月 26 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 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 0.0 | 0.0 | 0.0 | | 2026/02/13 | -83.4 | 0.0 | 0.0 | 0.0 | | 2026/02/12 | -90.4 | 0.0 | 0.0 | 0.0 | | 2026/02/11 | -96.4 | 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、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 2026/02/25 2026/02/24 2026/02/13 2026/02/12 2026/02/11 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report presents the daily arbitrage data of various futures varieties on February 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants to understand the price differences and relationships between different varieties and different contract periods [1][5][21][27][41][52] 3. Summary by Directory 3.1 Power Coal - The report shows the basis data of power coal from February 10 to February 24, 2026. The basis values are - 102.4, - 96.4, - 90.4, - 83.4, and - 74.4 respectively, and the spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0 [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - The report provides the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from February 10 to February 24, 2026, including basis values and price ratios [7] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from February 10 to February 24, 2026 are presented, showing different price differences between the spot and futures prices of each commodity [9] - **Inter - period spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, reflecting the price differences between different contract periods [11] - **Inter - variety spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from February 10 to February 24, 2026 are provided, showing the price relationships between different chemical commodities [11] 3.3 Black Metals - **Inter - period spreads**: The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented, with the main contracts of rebar being January, May, and October. The data shows the price differences between different contract periods of black metals [20] - **Inter - variety spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from February 10 to February 24, 2026 are given, reflecting the price relationships between different black metal commodities [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from February 10 to February 24, 2026 are provided, showing the price differences between the spot and futures prices of black metals [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from February 10 to February 24, 2026 are presented, showing the price differences between the spot and futures prices of non - ferrous metals in the domestic market [30] 3.4.2 London Market - The 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 February 24, 2026 are provided, reflecting the price relationships and import situations of non - ferrous metals in the London market [36] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from February 10 to February 24, 2026 are presented, showing the price differences between the spot and futures prices of agricultural products [42] - **Inter - period spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given, reflecting the price differences between different contract periods of agricultural products [42] - **Inter - variety spreads**: 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 February 10 to February 24, 2026 are provided, showing the price relationships between different agricultural products [42] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 10 to February 24, 2026 are presented, showing the price differences between the spot and futures prices of stock index futures [53] - **Inter - period spreads**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given, reflecting the price differences between different contract periods of stock index futures [53]

1. Report Summary - This is the Baocheng Futures variety arbitrage data daily report for February 24, 2026, covering multiple sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] 2. Thermal Coal - **Base Price Data**: From February 9 to February 13, 2026, the base price of thermal coal showed a trend of narrowing negative values, from -104.4 yuan/ton to -83.4 yuan/ton [2] 3. Energy Chemicals 3.1 Energy Commodities - **Base Price**: Data for fuel oil, crude oil, and asphalt base prices are provided from February 9 to February 13, 2026 [7] 3.2 Chemical Commodities - **Base Price**: Base price data for rubber, methanol, PTA, LLDPE, PVC, and PP from February 9 to February 13, 2026 are shown [9] - **Inter - period**: Inter - period data such as 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol and other chemicals are provided [10] - **Inter - variety**: Inter - variety data such as LLDPE - PVC, LLDPE - PP from February 9 to February 13, 2026 are presented [10] 4. Black Metals 4.1 Base Price - Base price data for rebar, iron ore, coke, and coking coal from February 9 to February 13, 2026 are given [21] 4.2 Inter - period - Inter - period data such as 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month for rebar, iron ore and other black metals are provided [20] 4.3 Inter - variety - Inter - variety data such as rebar/iron ore, rebar/coke from February 9 to February 13, 2026 are presented [20] 5. Non - Ferrous Metals 5.1 Domestic Market - Domestic base price data for copper, aluminum, zinc, lead, nickel, and tin from February 9 to February 13, 2026 are shown [29] 5.2 London Market - Data on LME non - ferrous metals, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss on February 13, 2026 are provided [34] 6. Agricultural Products 6.1 Base Price - Base price data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from February 9 to February 13, 2026 are given [41] 6.2 Inter - period - Inter - period data for soybeans No.1, soybeans No.2 and other agricultural products are provided [41] 6.3 Inter - variety - Inter - variety data such as soybeans No.1/corn, soybeans No.2/corn from February 9 to February 13, 2026 are presented [40][41] 7. Stock Index Futures 7.1 Base Price - Base price data for CSI 300, SSE 50, CSI 500, and CSI 1000 from February 9 to February 13, 2026 are given [54] 7.2 Inter - period - Inter - period data such as next - month minus current - month, next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [52]

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The report is a daily data report on futures variety arbitrage of Baocheng Futures on February 13, 2026, presenting data on basis, inter - period spreads, and inter - variety spreads of multiple futures varieties [1] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for power coal from February 6 to February 12, 2026, are as follows: February 6: - 106.4 yuan/ton; February 9: - 104.4 yuan/ton; February 10: - 102.4 yuan/ton; February 11: - 96.4 yuan/ton; February 12: - 90.4 yuan/ton. The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads are all 0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and crude oil/asphalt from February 6 to February 12, 2026, are presented, along with their price ratios [7] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for rubber was - 50 yuan/ton, methanol was - 8.5 yuan/ton [9] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - month minus 1 - month spread for rubber was - 525 yuan/ton [10] - **Inter - variety Spreads**: The inter - variety spread data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from February 6 to February 12, 2026, are presented. For example, on February 12, the LLDPE - PVC spread was 1827 yuan/ton [10] 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for rebar was 160 yuan/ton [20] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads for rebar, iron ore, coke, and coking coal are given. For instance, the 5 - month minus 1 - month spread for rebar was - 77 yuan/ton [19] - **Inter - variety Spreads**: The inter - variety spread data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from February 6 to February 12, 2026, are presented. For example, on February 12, the rebar/iron ore ratio was 3.99 [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for copper was - 420 yuan/ton [28] 3.4.2 London Market - On February 12, 2026, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit - loss data for copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME spread for copper was (94.71), and the Shanghai - London ratio was 7.75 [33] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for soybeans No. 1 was - 453 yuan/ton [37] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month 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 instance, the 5 - month minus 1 - month spread for soybeans No. 1 was - 33 yuan/ton [37] - **Inter - variety Spreads**: The inter - variety spread data 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 on February 12, 2026, are presented. For example, the soybeans No. 1/corn ratio was 1.97 [37] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for CSI 300 was - 0.32 [49] - **Inter - period Spreads**: The next - month minus current - month and next - quarter minus current - quarter spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For instance, the next - month minus current - month spread for CSI 300 was - 54.0 [49]

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core View - The report presents the arbitrage data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on February 11, 2026, mainly including basis, inter - period and inter - variety spreads [1]. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal on different dates from February 4 to February 10, 2026 are presented, such as the basis on February 10 being - 102.4 yuan/ton [2]. 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, crude oil, asphalt and INE crude oil on different dates from February 4 to February 10, 2026 are provided, along with their price ratios [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP on different dates from February 4 to February 10, 2026 [9]. - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol on different dates from February 4 to February 10, 2026 [10]. 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal on different dates from February 4 to February 10, 2026, such as the basis of rebar on February 10 being 158.0 yuan/ton [20]. - Inter - period spreads of rebar, iron ore, coke, and coking coal, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19]. - Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil on different dates from February 4 to February 10, 2026 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin on different dates from February 4 to February 10, 2026, such as the basis of copper on February 10 being 10 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin on February 10, 2026 [33]. 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn on different dates from February 4 to February 10, 2026, such as the basis of soybeans No.1 on February 10 being - 339 yuan/ton [38]. - Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [38]. - 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 on February 10, 2026 [38]. 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from February 4 to February 10, 2026, such as the basis of CSI 300 on February 10 being 25.91 [50]. - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads [50].