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 24 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 | | | 2025/11/21 | 32 . | 6 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/11/20 | 32 . | 6 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/11/19 | 32 . | 6 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/11/18 | 32 . | 6 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/11/17 | 32 . | 6 | 0 | 0 . | 0 | 0 . | 0 . | 0 | 期货研究报告 二、能源化工 www.bcqhgs.com ...

——盘面价格波动明显 现货价格僵持 边舒扬（投资咨询证号：Z0012647） 投资咨询业务资格：证监许可【2011】1290号 2025/11/24 第一章 核心矛盾及策略建议 1.1 核心矛盾 国产大豆市场周度保持平稳运行，价格略显僵持，整体变化有限，成交节奏进一步放缓。 东北地区在国储托 底之下，价格底部支撑明确，终端企经过补库，库存水平高于往年，高位采购积极性下降，导致价格上下驱 动有限。南方产区优质豆源流通偏紧与农户惜售情绪共同支撑价格，尽管下游接受度不高，但贸易环节挺价 意愿较强，购销进度在供需博弈下推进缓慢。需求端表现平稳，旺季特征有所体现，但终端补库动作完成， 进入常规采购为主，刚性需求仍有支撑，但贸易商过度挺价压制采购意愿； 整体来看， 国产大豆增产下结构分化带来的价格变化表现明显，区分蛋白标准下的定价分化明显，未来优质 优价现象将延续，对中低蛋白大豆带来侧面支撑，大豆市场继续消化反季节性上涨带来压力，价格呈现高位 僵持，回落十分有限，现货价格底部或已在逆势上涨中探明； 期货市场，豆一周度调整下行，主力2601合约周度下跌2.51%，期价短期在4100元关口形成反复，周度成交 有所放大，持仓量 ...

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Core Viewpoints - The soybean market has a mixed situation with limited downside in prices due to farmers' reluctance to sell and support from the grain depot's purchase price, but the upward trend is restricted by weak downstream demand [1][2] - The peanut market is currently characterized by low - level fluctuations. The supply has not been fully released, and the demand is generally weak, but the start of procurement by Qingdao Yihai Kerry provides some support [3][4] 3. Summary by Related Content Soybean Market Analysis - Futures: The closing price of the soy - one 2601 contract yesterday was 4,107.00 yuan/ton, a change of - 38.00 yuan/ton or - 0.92% from the previous day [1] - Spot: The edible soybean spot basis was A01 - 7, a change of + 38 or 32.14% from the previous day. The prices of first - class protein soybeans in various regions of Heilongjiang remained stable [1] - Market situation: Northeast new - season soybean prices are firm, but the sales of grain trading enterprises are average. The price is expected to remain stable after the repayment of grain [1] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2601 contract yesterday was 7,788.00 yuan/ton, a change of - 6.00 yuan/ton or - 0.08% from the previous day [3] - Spot: The average peanut spot price was 7,980.00 yuan/ton, with no change from the previous day. The spot basis was PK01 - 788.00, a change of + 6.00 or - 0.76% from the previous day. The national average price of general peanut kernels decreased by 0.01 yuan/jin. Some oil mills lowered their purchase prices, and the arrival volume was average [3] - Market situation: The effective supply of peanuts in the producing areas has not been fully released, with price differentiation in Henan and low selling enthusiasm in the Northeast. The demand is weak overall, but Qingdao Yihai Kerry's procurement provides some support [3][4] Strategy - The strategy for peanuts is neutral [5]

| VY V SDIC FUIURES | | 2025年11月20日 | | --- | --- | --- | | | 操作评级 | | | | | 杨蕊霞 农产品组长 | | 豆一 | ☆☆☆ | F0285733 Z0011333 | | 豆粕 | ななな | 吴小明 首席分析师 | | 豆油 | な☆☆ | | | 標 潟 海 | ななな | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 薬粕 | ★☆☆ | F0302203 Z0012037 | | 菜油 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | ★☆☆ | F03135787 Z0021166 | | 生猪 | な女女 | | | 鸡蛋 | ☆☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | | | | 【豆一】 豆一期货主力价格从高位快速回落并伴随减仓。经过阶段性上涨,豆一价格获利了结并进入调整状态。本周中 储粮竞价拍卖大豆，全部成交。成交均价3900元/吨。随着国产大豆价格回落，国产大豆和进口大豆价差缩下 跌、进口大豆 ...

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 20, 2025, covering multiple commodity sectors [1] 1. Power Coal - **Base Price**: The base price of power coal from November 13 to 19, 2025, remained at 32.60 yuan/ton, and the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) were all 0 [2] 2. Energy and Chemicals (1) Energy Commodities - **Base Price**: The base prices and ratios of energy commodities such as fuel oil, crude oil, and asphalt from November 13 to 19, 2025, showed different trends, with the base price of INE crude oil ranging from -21.45 to -0.36 yuan/ton, and the ratio from 0.1498 to 0.1520 [7] (2) Chemical Commodities - **Inter - period Spreads**: For rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, the inter - period spreads (5 - 1, 9 - 1, 9 - 5) varied. For example, the 5 - 1 spread of rubber was 80 yuan/ton, and that of PVC was 309 yuan/ton [9] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol also changed from November 13 to 19, 2025. For instance, on November 19, 2025, the LLDPE - PVC spread was 2305 yuan/ton [9] - **Base Price**: The base prices of rubber, methanol, PTA, LLDPE, PVC, PP from November 13 to 19, 2025, showed different values. For example, the base price of rubber on November 19 was - 490 yuan/ton [10] 3. Black Metals - **Inter - period Spreads**: For rebar, iron ore, coke, and coking coal, the inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) were different. For example, the 5 - 1 spread of rebar was 47 yuan/ton, and that of iron ore was - 35.5 yuan/ton [20] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil changed from November 13 to 19, 2025. For example, on November 19, 2025, the rebar/iron ore ratio was 3.90 [20] - **Base Price**: The base prices of rebar, iron ore, coke, and coking coal from November 13 to 19, 2025, showed different values. For example, the base price of rebar on November 19 was 140.0 yuan/ton [21] 4. Non - ferrous Metals (1) Domestic Market - **Base Price**: The domestic base prices of copper, aluminum, zinc, lead, nickel, and tin from November 13 to 19, 2025, showed significant fluctuations. For example, the base price of copper on November 19 was 30 yuan/ton, and that of lead was - 240 yuan/ton [30] (2) London Market - **LME Premiums and Discounts**: On November 19, 2025, the LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin were - 33.13, - 32.88, 152.14, - 27.39, - 197.66, and 100.00 respectively, and the import profit and loss also varied [33] 5. Agricultural Products - **Base Price**: The base prices of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from November 13 to 19, 2025, showed different trends. For example, the base price of soybeans No. 1 on November 19 was - 125 yuan/ton [38] - **Inter - period Spreads**: The inter - period spreads of various agricultural products (5 - 1, 9 - 1, 9 - 5) were different. For example, the 5 - 1 spread of soybeans No. 1 was 28 yuan/ton, and that of rapeseed oil was - 403 yuan/ton [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, etc., changed from November 18 to 19, 2025. For example, on November 19, 2025, the soybean oil/soybean meal ratio was 2.76 [38] 6. Stock Index Futures - **Base Price**: The base prices of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 13 to 19, 2025, showed different values. For example, the base price of CSI 300 on November 19 was 23.09 [49] - **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 were different. For example, the next month - current month spread of CSI 300 was - 160 [49]

油料日报 | 2025-11-19 豆一受成本传导致产区震荡，花生需求清淡油厂观望 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4149.00元/吨，较前日变化-29.00元/吨，幅度-0.69%。现货方面，食用豆现货基 差A01-49，较前日变化+49，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆行情整体平稳，贸易商多表示走货一般，但因受政策指导价托底，短期内 豆价仍有一定支撑力，其中高蛋白品种价格走势相对更强。目前农户销售意愿尚可，多根据市场行情调整出货节 奏，部分存在一定惜售心理。与此同时，粮食贸易企业收购较为谨慎，多数企业已有一定库存。黑龙江哈尔滨市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋 白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价 2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一 日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report No clear core view is presented in the report. It mainly provides a series of futures arbitrage data for different commodities on various dates. Summary by Related Catalogs 1. Power Coal - The basis of power coal from November 12 to November 18, 2025, remained at 32.60 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - For fuel oil, the basis on November 12, 2025, was -22.60 yuan/ton, and the ratio data on different dates are also provided [7] - For INE crude oil, the basis and ratio data on different dates are presented [7] - For the ratio of crude oil to asphalt, the data on different dates are given [7] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 12 to November 18, 2025, are provided. For example, the basis of rubber on November 18 was -445 yuan/ton [9] - **Inter - period spreads**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol for 5 - 1 month, 9 - 1 month, and 9 - 5 month are presented. For example, the 5 - 1 month spread of rubber was 75 yuan/ton [10] - **Inter - commodity spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 12 to November 18, 2025, are provided. For example, the LLDPE - PVC spread on November 18 was 2266 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of螺纹钢,铁矿石,焦炭, and焦煤 from November 12 to November 18, 2025, are provided. For example, the basis of螺纹钢 on November 18 was 160.0 yuan/ton [20] - **Inter - period spreads**: The inter - period spreads of螺纹钢,铁矿石,焦炭, and焦煤 for 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month are presented. For example, the 5 - 1 month spread of螺纹钢 was 49 yuan/ton [19] - **Inter - commodity spreads**: The inter - commodity spreads of螺/矿,螺/焦炭,焦炭/焦煤, and螺 - 热卷 from November 12 to November 18, 2025, are provided. For example, the螺/矿 ratio on November 18 was 3.93 [19] 4. Non - ferrous Metals (1) Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from November 12 to November 18, 2025, are provided. For example, the basis of copper on November 18 was 190 yuan/ton [29] (2) London Market - On November 18, 2025, for LME non - ferrous metals, 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 are presented. For example, the LME spread of copper was (35.33) [34] 5. Agricultural Products - **Basis**: The basis data of豆一,豆二,豆粕,豆油, and玉米 from November 12 to November 18, 2025, are provided. For example, the basis of豆一 on November 18 was -129 yuan/ton [41] - **Inter - period spreads**: The inter - period spreads of various agricultural products for 5 - 1 month, 9 - 1 month, and 9 - 5 month are presented. For example, the 5 - 1 month spread of豆一 was 27 yuan/ton [41] - **Inter - commodity spreads**: The inter - commodity spreads of豆一/玉米,豆二/玉米,豆油/豆粕,豆粕 - 菜粕,豆油 - 棕榈油,菜油 - 豆油, and玉米 - 玉米淀粉 from November 12 to November 18, 2025, are provided. For example, the豆一/玉米 ratio on November 18 was 1.92 [40][41] 6. Stock Index Futures - **Basis**: The basis data of沪深300,上证50,中证500, and中证1000 from November 12 to November 18, 2025, are provided. For example, the basis of沪深300 on November 18 was 13.19 [52] - **Inter - period spreads**: The inter - period spreads of沪深300,上证50,中证500, and中证1000 for次月 - 当月 and次季 - 当季 are presented. For example, the次月 - 当月 spread of沪深300 was -170 [52]

| | | | | 操作评级 | 2025年11月18日 | | --- | --- | --- | | 显一 | ななな | 杨蕊霞 农产品组长 | | 豆油 | ★☆☆ | F0285733 Z0011333 | | 棕櫚油 | ななな | 吴小明 首席分析师 | | 豆粕 | ★☆☆ | F3078401 Z0015853 | | 菜油 | ★☆☆ | 董甜甜 高级分析师 | | | | F0302203 Z0012037 | | 薬粕 | ★☆☆ | 宋腾 高级分析师 | | 五米 | ☆☆☆ | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货主力今日大幅减仓，价格从高位快速回落。今日中储粮竞价拍卖3.5万吨大豆，全部成交，成交均价3900元/吨。随着 国产大豆价格回落，国产大豆和进口大豆价差缩下跌，进口大豆方面美豆素现偏强，市场在博弈中国政策性采购美国大豆以及 美国国内大豆压榨量增长。短期继续关注国产大豆现货端和政策端的表现。 ...

| | 操作评级 | 2025年11月18日 | | --- | --- | --- | | 显一 | ななな | 杨蕊霞 农产品组长 | | 豆油 | ★☆☆ | F0285733 Z0011333 | | 棕櫚油 | ななな | 吴小明 首席分析师 | | 豆粕 | ★☆☆ | F3078401 Z0015853 | | 菜油 | ★☆☆ | 董甜甜 高级分析师 | | | | F0302203 Z0012037 | | 薬粕 | ★☆☆ | 宋腾 高级分析师 | | 五米 | ☆☆☆ | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货主力今日大幅减仓，价格从高位快速回落。今日中储粮竞价拍卖3.5万吨大豆，全部成交，成交均价3900元/吨。随着 国产大豆价格回落，国产大豆和进口大豆价差缩下跌，进口大豆方面美豆素现偏强，市场在博弈中国政策性采购美国大豆以及 美国国内大豆压榨量增长。短期继续关注国产大豆现货端和政策端的表现。 【大豆&豆粕 ...

油料日报 | 2025-11-18 豆市惜售挺价持续，花生供应有限油厂观望 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4178.00元/吨，较前日变化-37.00元/吨，幅度-0.88%。现货方面，食用豆现货基 差A01-98，较前日变化+37，幅度32.14%。 中性 风险 无 花生观点 市场分析 期货方面，昨日收盘花生2601合约7958.00元/吨，较前日变化+74.00元/吨，幅度+0.94%。现货方面，花生现货均价 8050.00元/吨，环比变化+80.00元/吨，幅度+1.00%，现货基差PK01-758.00，环比变化-74.00，幅度+10.82%。 市场资讯汇总：现货方面：全国花生市场通货米均价3.99元/斤，上涨0.03元/斤，其中，河南麦茬白沙通货米好货 3.6-3.8元/斤不等，豫、鲁、冀大花生通货米3.6-4.4元/斤，辽宁、吉林白沙通货米4.5-4.65元/斤、8筛精米4.9-5.05 元/斤，兴城花育23通货米4.2-4.25元/斤，好货报价持续偏强。油厂油料米合同采购报价7300-7450元/吨，以质论价， 整体到货量一般。 市场资讯汇总：当前东北产区新季大豆行情整 ...