1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 11, 2025, including basis, inter - month spreads, and inter - commodity spreads for multiple sectors such as thermal coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][4][19][25][36][47]. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal from November 4 to November 10, 2025, are - 13.4, - 2.4, 6.6, 15.6, and 24.6 yuan/ton respectively, while the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month are all 0.0 [2]. 3.2 Energy and Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 4 to November 10, 2025, are presented, with the basis of INE crude oil being - 32.27, - 30.27, etc., and the ratio of crude oil to asphalt showing different values [6]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 4 to November 10, 2025, are provided, such as the basis of rubber being - 275, - 500, etc. [8]. - **Inter - month Spreads**: The inter - month spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, like the 5 - 1 month spread of rubber being 75 yuan/ton [9]. - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 4 to November 10, 2025, are shown, for example, the LLDPE - PVC spread on November 10 is 2182 yuan/ton [9]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 4 to November 10, 2025, are presented, such as the basis of rebar being 146, 146, etc. [19]. - **Inter - month Spreads**: The inter - month spreads of 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month for rebar, iron ore, coke, and coking coal are given, for instance, the 5 - 1 month spread of rebar is 59.0 yuan/ton [18]. - **Inter - commodity Spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 4 to November 10, 2025, are shown, like the rebar/iron ore ratio on November 10 is 3.99 [18]. 3.4 Non - ferrous Metals - **Domestic Market**: - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 4 to November 10, 2025, are provided, such as the basis of copper being 650, - 350, etc. [26]. - **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 November 10, 2025, are presented, for example, the LME spread of copper is (14.85) [31]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from November 4 to November 10, 2025, are shown, such as the basis of soybeans No.1 being - 35, - 103, etc. [37]. - **Inter - month Spreads**: The inter - month spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given, like the 5 - 1 month spread of soybeans No.1 is 42 yuan/ton [37]. - **Inter - commodity Spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, etc. from November 4 to November 10, 2025, are presented, for example, the soybeans No.1/corn ratio on November 10 is 1.91 [37]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 4 to November 10, 2025, are provided, such as the basis of CSI 300 being 29.70, 30.66, etc. [48]. - **Inter - month Spreads**: The inter - month spreads of next month - current month and next quarter - current quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given, for instance, the next month - current month spread of CSI 300 is - 15.0 [48].

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]