投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货金融研究所 姓名：陈栋 宝城期货投资咨询部 从业资格证号：F0251793 投资咨询证号：Z0001617 电话：0571-87006873 邮箱：chendong@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货 投资咨询资格证书，本人承诺 以勤勉的职业态度，独立、客 观地出具本报告。本报告清晰 准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或 间接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 11615 2026 年 1 月 9 日 橡胶甲醇原油 专业研究·创造价值 偏多因素提振 能化震荡偏强 核心观点 橡胶：本周五国内沪胶期货 2605 合约呈现缩量增仓，震荡偏弱， 小幅收低的走势，盘中期价重心小幅下移至 16030 元/吨一线运行。收 盘时期价小幅收低 0.96%至 16030 元/吨。5-9 月差贴水幅度升阔至 25 元/吨。目前国内胶市由供需基本面所主导，胶价摆脱三角形区间震荡， 维持震荡偏强格局。 甲醇：本周五国内甲醇期货 26 ...

Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

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 1 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 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | | 2025/12/31 | -123.4 | 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 2026/01/08 2026/01/07 2026/01/06 2026/01/05 2025/12 ...

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].

橡胶期货 12 月份报告 国内割胶逐步退出 胶价或修复上行 主要观点 市场行情。11 月份，橡胶期货价格先抑后扬。 截至 11 月 30 日，沪胶主力合约报收 15410 元/吨，月累计上涨 325 元 /吨，涨幅 2.15%。INE20 号胶合约报收 12275 元/吨，月累计上涨 45 元/吨，涨幅 0.37%。 后市展望。11 月份，橡胶价格先抑后扬，宏观方面因美国政府停摆， 市场风险偏好整体下降，资产价格受到压制。基本面来看，11 月份， 全球仍处于高产期，橡胶供给仍较多，但随着天气逐渐转冷，我国割 胶逐步退出，供应压力趋于减轻。下游需求来看，国内部分轮胎企业 检修，开机率小幅下降，但轮胎企业库存较多，限制其补库热情。保 税区库存一直处于高位，未见拐点，且进口持续处于偏高水平。10 月， 轮胎产量延续同比增长，轮胎出口延续小幅正增长，汽车消费暂稳， 重卡消费连续 6 个月同比大幅增长。展望后市，随着国内割胶逐步退 出，供给压力减轻，政策托底作用仍在，胶价或修复上行。 请务必阅读正文后的免责声明 1 / 8 橡胶期货 12 月份报告 目 录 | 一、行情回顾 | | --- | | 二、基本面分析 | ...

金融期货早评 宏观：内稳外扰下的结构机遇 【市场资讯】1）中国人民银行部署 2026 年重点工作，要求灵活高效运用降准降息等多种 货币政策工具，保持流动性充裕。2）国家外汇局召开 2026 年全国外汇管理工作会议。会 议提出，2026 年出台境外放款、国内外汇贷款资金管理等政策，在全国实施跨国公司本外 币跨境资金集中运营管理政策。筑牢外汇市场"防波堤""防浪堤"，维护外汇市场稳健运行。 3）美联储理事米兰：2026 年需要降息超过 100 个基点。4）委内瑞拉局势——①油库满载 委内瑞拉和美国就向美出口石油问题进行谈判。②马杜罗执政初期，委内瑞拉向瑞士运送 了价值 52 亿美元的黄金。 【核心研判与传导逻辑】1 月 5 日至 6 日召开的 2026 年中国人民银行工作会议，正式确认 全年货币政策基调为"适度宽松"，并首次强调增量政策与存量政策的"集成效应"，标志着宏 观调控思路的系统性调整。会议明确将灵活运用降准降息等多种工具，保持流动性合理充 裕，并完善结构性货币政策，加大对科技创新、中小微企业等重点领域的支持。这一部署 与"两重""两新"投资及消费提振政策形成协同，强化了对基建、工业品及下游板块的支撑力 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on January 7, 2026, presenting the basis, inter - period, and inter - variety data of various futures products including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal from December 29, 2025, to January 6, 2026, are - 131.4, - 131.4, - 123.4, - 116.4, - 113.4 yuan/ton respectively, and the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 29, 2025, to January 6, 2026, are presented, such as the basis of INE crude oil being - 5.19 yuan/ton on January 6, 2026 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 29, 2025, to January 6, 2026, are provided. For example, the basis of rubber on January 6, 2026, is - 400 yuan/ton [8] - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber is 35 yuan/ton [9] - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, LLDPE - PVC is 1648 yuan/ton [9] 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 33.0 yuan/ton [18] - **Inter - variety**: The inter - variety data such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, rebar/iron ore is 3.89 [18] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 29, 2025, to January 6, 2026, are given. For example, the basis of rebar on January 6, 2026, is 159.0 yuan/ton [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 29, 2025, to January 6, 2026, are presented. For example, the basis of copper on January 6, 2026, is - 1600 yuan/ton [28] 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 6, 2026, are provided. For example, the LME premium/discount of copper is 2.98 [31] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 29, 2025, to January 6, 2026, are presented. For example, the basis of soybeans No.1 on January 6, 2026, is - 196 yuan/ton [37] - **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 are given. For example, the 5 - 1 month spread of soybeans No.1 is 61 [37] - **Inter - variety**: The inter - variety data such as 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 December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, soybeans No.1/corn 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 29, 2025, to January 6, 2026, are presented. For example, the basis of CSI 300 on January 6, 2026, is 12.69 [48] - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month - current - month spread of CSI 300 is - 10.6 [48]

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 relevant content provided 2. Core View of the Report - The report presents the arbitrage data of various futures varieties on January 5, 2026, including basis, inter - period spreads, and inter - variety spreads for different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][8] 3. Summary by Directory 3.1 Thermal Coal - The report provides the basis data of thermal coal from December 25, 2025, to December 31, 2025. During this period, the basis values are - 125.4, - 129.4, - 131.4, - 131.4, and - 123.4 respectively, and the spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month are all 0.0 [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - It presents the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 25, 2025, to December 31, 2025 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 25, 2025, to December 31, 2025, are provided [8] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [9] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from December 25, 2025, to December 31, 2025, are presented [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 25, 2025, to December 31, 2025, are provided [19] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month(10) vs 1 - month, 9 - month(10) vs 5 - month) of rebar, iron ore, coke, and coking coal are given [18] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 25, 2025, to December 31, 2025, are presented [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 25, 2025, to December 31, 2025, are provided [27] 3.4.2 London Market - The LME spreads, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 31, 2025, are presented [30] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 25, 2025, to December 31, 2025, are provided [36] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [36] - **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 December 25, 2025, to December 31, 2025, are presented [36] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 25, 2025, to December 31, 2025, are provided [47] - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given [47]

国新国证期货早报 2026 年 1 月 5 日 星期一 品种观点： 【股指期货】 周三（12 月 31 日）A 股三大指数涨跌不一，沪指 11 连阳收官。截止收盘，沪指涨 0.09%， 收报 3968.84 点；深证成指跌 0.58%，收报 13525.02 点；创业板指跌 1.23%，收报 3203.17 点。沪深两市成交额 20659 亿，较昨日缩量 958 亿。 沪深 300 指数 12 月 31 日回调整理。收盘 4629.94，环比下跌 21.34。（数据来源：东方财富网） 客服产品系列•日评 【焦炭 焦煤】12 月 31 日焦炭加权指数震荡整理，收盘价 1691.8，环比下跌 18.5。 12 月 31 日焦煤加权指数窄幅震荡，收盘价 1112.5 元，环比上涨 8.1。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：焦炭现货三轮提降落地后，焦企出现小幅亏损，叠加前期环保检查影响，钢联数据显示上周样本焦企 产能利用率下降，焦炭日均产量下滑。需求，钢联数据显示钢厂铁水产量环比继续下降，但周度降幅收窄。 焦煤：临近年末，因完成生产任务减产煤矿数量增加，高频数据显示矿方开工率持续下降，国内煤炭供应环 比 ...