1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The report presents the daily arbitrage data of various futures varieties on March 20, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing the basis, inter - period spreads, and inter - variety spreads of these varieties [1][6][23][29][40][51] Summary by Directory 1. Power Coal - The report shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from March 13 to March 19, 2026. The basis values are - 72.4, - 78.4, - 78.4, - 78.4, - 72.4 respectively, and the spreads are all 0.0 [1][2] 2. Energy Chemicals Energy Commodities - The basis of INE crude oil, fuel oil, and the ratio of crude oil to asphalt from March 13 to March 19, 2026 are presented. For example, on March 19, the basis of INE crude oil is 336.64, the basis of fuel oil is 199.69, and the ratio of crude oil to asphalt is 0.1733 [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from March 13 to March 19, 2026 are provided. For instance, on March 19, the basis of rubber is - 90, and that of methanol is 35.5 [12] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber is - 650 [13] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 13 to March 19, 2026 are shown. On March 19, the LLDPE - PVC spread is 2979 [13] 3. Black Metals - **Inter - period Spreads**: The inter - period 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 - 58.0 [22] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 13 to March 19, 2026 are provided. On March 19, the rebar/iron ore ratio is 3.88 [22] - **Basis**: The basis of rebar, iron ore, coke, and coking coal from March 13 to March 19, 2026 are given. On March 19, the basis of rebar is 95.0 [23] 4. Non - ferrous Metals Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from March 13 to March 19, 2026 are presented. On March 19, the basis of copper is 1140 [30] London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin on March 19, 2026 are provided. For example, the LME spread of copper is (100.12) [35] 5. Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 13 to March 19, 2026 are given. On March 19, the basis of soybeans No.1 is - 216 [41] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 month spread of soybeans No.1 is 27 [41] - **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 March 13 to March 19, 2026 are shown. On March 19, the soybeans No.1/corn ratio is 2.03 [41] 6. Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 13 to March 19, 2026 are provided. On March 19, the basis of CSI 300 is - 3.35 [52] - **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. For example, the next month - current month spread of CSI 300 is - 25.2 [52]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For INE crude oil, consider the long - term positive factors from Libya and CPC, and suggest shorting the INE - WTI spread [2]. - For methanol, it already includes the current geopolitical premium, with no major short - term supply - demand contradictions, and suggests taking profits on rallies [2]. - For urea, expect a high - level start in the first quarter. Although there are positive domestic downstream demand expectations, the domestic contradiction is not prominent. Consider shorting on rallies. When the substitution valuation of urea reaches the extreme, there may be short - term marginal positive support for demand [5]. - For rubber, the market fluctuates greatly. It is recommended to trade flexibly according to the short - term market, set stop - losses, and enter and exit quickly. For hedging, suggest opening new positions or holding existing positions in buying NR main contract and shorting RU2609 [11]. - For PVC, in the short term, before the Iranian issue is resolved, there may be rebounds, but be cautious as the price has risen too much [14]. - For pure benzene and styrene, due to the ongoing Middle - East geopolitical conflict, it is recommended to wait and see with an empty position [19]. - For polyethylene, wait for the marginal increase in the number of vessels passing through the Strait of Hormuz and short the LL2605 - LL2609 contract spread on rallies [22]. - For polypropylene, in the short term, geopolitical conflicts dominate the market, while in the long term, the contradiction shifts from the cost side to the production mismatch [25]. - For PX, expect the load to further decline to a low level, and the valuation is expected to rise with the fermentation of the raw - material shortage logic, but be cautious as the price has risen too much [28]. - For PTA, it is difficult to enter the de - stocking cycle, and the processing fee is difficult to increase. The PXN is expected to rise significantly, but be cautious as the price has risen too much [31]. - For ethylene glycol, expect the load to continue to decline, imports to decrease significantly, and port inventory to turn to de - stocking. The oil - chemical profit has dropped to a historical low, and there is an expectation of significant reduction in imports, but be cautious as the price has risen too much [35]. Summary by Directory Crude Oil - **Market Information**: INE's main crude oil futures closed down 9.10 yuan/barrel, a 1.22% decline, at 735.40 yuan/barrel. The relevant refined oil main futures, high - sulfur fuel oil, closed down 69.00 yuan/ton, a 1.47% decline, at 4629.00 yuan/ton; low - sulfur fuel oil closed down 3.00 yuan/ton, a 0.05% decline, at 5493.00 yuan/ton [1]. - **Strategy**: Start strategic short - term allocation for crude oil. Before Libya increases production in the middle of the year, widen the Platts north - south spread of different oil types at low prices. Short the high - sulfur fuel oil cracking spread [6]. Methanol - **Market Information**: Regional spot prices in Jiangsu changed by 95 yuan/ton, Lunan by 30 yuan/ton, Henan by 35 yuan/ton, Hebei by - 10 yuan/ton, and Inner Mongolia by 30 yuan/ton. The main futures contract changed by 94.00 yuan/ton, at 2912 yuan/ton, and the MTO profit changed by - 238 yuan [2]. - **Strategy**: The current methanol price already fully reflects the geopolitical premium, and there are no major short - term supply - demand contradictions. Suggest taking profits on rallies [2]. Urea - **Market Information**: Regional spot prices in Shandong changed by - 10 yuan/ton, Henan by - 10 yuan/ton, Hebei by 0 yuan/ton, Hubei by 0 yuan/ton, Jiangsu by - 10 yuan/ton, Shanxi by 0 yuan/ton, and Northeast by 30 yuan/ton. The overall basis was reported at 5 yuan/ton. The main futures contract changed by - 23 yuan/ton, at 1855 yuan/ton [4]. - **Strategy**: There is a strong expectation of high - level start in the first quarter. Although there are positive domestic downstream demand expectations, the domestic contradiction is not prominent. Consider shorting on rallies. When the substitution valuation of urea reaches the extreme, there may be short - term marginal positive support for demand [5]. Rubber - **Market Information**: The overall market changes rapidly. Bulls are optimistic due to macro expectations, seasonal expectations, and demand expectations, while bears are pessimistic due to weak demand. As of March 12, 2026, the operating load of all - steel tires of Shandong tire enterprises was 68.64%, 2.23 percentage points higher than last week and 0.45 percentage points lower than the same period last year. The operating load of semi - steel tires of domestic tire enterprises was 76.69%, 3.17 percentage points higher than last week and 6.11 percentage points lower than the same period last year. Semi - steel exports to the Middle East slowed down, and there was concentrated export to the EU. As of March 1, 2026, China's natural rubber social inventory was 138.3 million tons, a 1.7 - million - ton increase from the previous month, a 1.21% increase. The total inventory of dark - colored rubber in China was 93.8 million tons, a 1.32% increase. The total inventory of light - colored rubber in China was 44.5 million tons, a 1% increase from the previous month. The inventory of natural rubber in Qingdao increased by 0.36 million tons to 69.01 million tons [8][9]. - **Strategy**: The market fluctuates greatly. It is recommended to trade flexibly according to the short - term market, set stop - losses, and enter and exit quickly. For hedging, suggest opening new positions or holding existing positions in buying NR main contract and shorting RU2609 [11]. PVC - **Market Information**: The PVC05 contract fell 166 yuan, at 5735 yuan. The spot price of Changzhou SG - 5 was 5680 (- 50) yuan/ton, the basis was - 55 (+ 116) yuan/ton, and the 5 - 9 spread was - 11 (- 27) yuan/ton. The cost - side calcium carbide price in Wuhai was 2600 (0) yuan/ton, the medium - grade semi - coke price was 735 (0) yuan/ton, the ethylene price was 1250 (+ 50) US dollars/ton, and the caustic soda spot price was 685 (+ 3) yuan/ton. The overall PVC operating rate was 81.4%, a 0.2% increase from the previous month; among them, the calcium - carbide method was 82.9%, a 2.3% increase from the previous month; the ethylene method was 77.6%, a 4.6% decrease from the previous month. The overall downstream operating rate was 39.3%, a 3.5% increase from the previous month. The in - factory inventory was 37.7 million tons (- 8.1), and the social inventory was 140.7 million tons (+ 0.3) [13]. - **Strategy**: In the short term, before the Iranian issue is resolved, there may be rebounds, but be cautious as the price has risen too much [14]. Pure Benzene & Styrene - **Market Information**: The cost - side East China pure benzene price was 8400 yuan/ton, with no change. The closing price of the pure benzene active contract was 8154 yuan/ton, with no change. The pure benzene basis was 246 yuan/ton, an increase of 289 yuan/ton. The spot price of styrene was 10300 yuan/ton, an increase of 150 yuan/ton. The closing price of the styrene active contract was 9968 yuan/ton, a decrease of 236 yuan/ton. The basis was 332 yuan/ton, an increase of 386 yuan/ton. The BZN spread was 58 yuan/ton, an increase of 10.5 yuan/ton. The non - integrated EB device profit was - 306 yuan/ton, a decrease of 250 yuan/ton. The EB continuous 1 - continuous 2 spread was 69 yuan/ton, a decrease of 19 yuan/ton. The upstream operating rate was 71.79%, a 2.32% decrease. The inventory at Jiangsu ports was 16.65 million tons, a decrease of 0.91 million tons. The weighted operating rate of three S was 40.79%, a 10.34% increase. The PS operating rate was 51.50%, a 2.10% increase. The EPS operating rate was 58.76%, a 46.59% increase. The ABS operating rate was 69.50%, a 1.20% decrease [18]. - **Strategy**: Due to the ongoing Middle - East geopolitical conflict, the non - integrated styrene profit is moderately high, and the valuation upward - repair space is limited. It is recommended to wait and see with an empty position [19]. Polyethylene - **Market Information**: The closing price of the main contract was 8431 yuan/ton, a decrease of 65 yuan/ton. The spot price was 8360 yuan/ton, a decrease of 15 yuan/ton. The basis was - 71 yuan/ton, an increase of 50 yuan/ton. The upstream operating rate was 81.77%, a 0.76% decrease from the previous month. In terms of weekly inventory, the production enterprise inventory was 57.54 million tons, an increase of 3.92 million tons from the previous month, and the trader inventory was 5.00 million tons, a decrease of 0.77 million tons from the previous month. The average downstream operating rate was 30%, a 1.38% increase from the previous month. The LL5 - 9 spread was 256 yuan/ton, a decrease of 38 yuan/ton [21]. - **Strategy**: Wait for the marginal increase in the number of vessels passing through the Strait of Hormuz and short the LL2605 - LL2609 contract spread on rallies [22]. Polypropylene - **Market Information**: The closing price of the main contract was 8628 yuan/ton, a decrease of 43 yuan/ton. The spot price was 8700 yuan/ton, with no change. The basis was 72 yuan/ton, an increase of 43 yuan/ton. The upstream operating rate was 68.42%, a 0.44% decrease from the previous month. In terms of weekly inventory, the production enterprise inventory was 68 million tons, an increase of 2.49 million tons from the previous month, the trader inventory was 20.61 million tons, a decrease of 0.655 million tons from the previous month, and the port inventory was 7.47 million tons, a decrease of 0.67 million tons from the previous month. The average downstream operating rate was 45.87%, a 9.13% increase from the previous month. The LL - PP spread was - 197 yuan/ton, a decrease of 22 yuan/ton. The PP5 - 9 spread was 472 yuan/ton, a decrease of 20 yuan/ton [23][24]. - **Strategy**: In the short term, geopolitical conflicts dominate the market, while in the long term, the contradiction shifts from the cost side to the production mismatch [25]. PX - **Market Information**: The PX05 contract fell 144 yuan, at 9874 yuan, and the 5 - 7 spread was 256 yuan (- 22). The PX load in China was 84.7%, a 5.7% decrease from the previous month; the Asian load was 76.9%, a 6.3% decrease from the previous month. The Daxie plant was shut down, and multiple plants had unplanned load reductions. Multiple plants in South Korea, Japan, and Chinese Taiwan overseas had load reductions. The PTA load was 77.3%, a 3.7% decrease from the previous month. The Yisheng New Materials and Weilian Chemical plants had load reductions, and a 1.5 - million - ton plant in East China was shut down due to an accident. In terms of imports, South Korea exported 15.7 million tons of PX to China in the first ten days of March, a 1.8 - million - ton decrease year - on - year. In terms of inventory, the inventory at the end of January was 4.64 billion tons, a 1 - million - ton decrease from the previous month. In terms of valuation cost, the PXN was 243 US dollars (+ 14), the South Korean PX - MX was 110 US dollars (+ 29), and the naphtha cracking spread was 273 US dollars (- 39) [27]. - **Strategy**: Expect the PX load to further decline to a low level, and the valuation is expected to rise with the fermentation of the raw - material shortage logic, but be cautious as the price has risen too much [28]. PTA - **Market Information**: The PTA05 contract fell 128 yuan, at 6790 yuan, and the 5 - 9 spread was 242 yuan (- 6). The PTA load was 77.3%, a 3.7% decrease from the previous month. The Yisheng New Materials and Weilian Chemical plants had load reductions, and a 1.5 - million - ton plant in East China was shut down due to an accident. The downstream load was 86.7%, a 2.6% increase from the previous month. Multiple plants were restarted, and a 300,000 - ton filament plant of Hengyou was put into production. The terminal texturing load increased by 12% to 74%, and the loom load increased by 6% to 64%. In terms of inventory, the social inventory (excluding credit warehouse receipts) on March 6 was 262.3 million tons, a 2.6 - million - ton increase from the previous month. In terms of valuation and cost, the on - disk processing fee fell 33 yuan, to 313 yuan [30]. - **Strategy**: It is difficult to enter the de - stocking cycle, and the processing fee is difficult to increase. The PXN is expected to rise significantly, but be cautious as the price has risen too much [31]. Ethylene Glycol - **Market Information**: The EG05 contract rose 23 yuan, at 4849 yuan, and the 5 - 9 spread was 67 yuan (0). On the supply side, the ethylene glycol load was 66.8%, a 5.7% decrease from the previous month. Among them, the synthetic - gas - based load was 74.7%, a 8.4% decrease from the previous month; the ethylene - based load was 62.4%, a 5.6% decrease from the previous month. For synthetic - gas - based plants, some plants of Yulin Chemical and Yueneng Chemical were under maintenance. For oil - chemical plants, the loads of Sinopec Wuhan, Zhongke Refining and Chemical, Hainan Refining and Chemical, Sinochem Quanzhou, Shenghong, and BASF were reduced. Overseas, a plant in Kuwait was shut down, and the Marun plant in Iran was shut down. The downstream load was 86.7%, a 2.6% increase from the previous month. Multiple plants were restarted, and a 300,000 - ton filament plant of Hengyou was put into production. The terminal texturing load increased by 12% to 74%, and the loom load increased by 6% to 64%. The import arrival forecast was 15 million tons, and the East China departure on March 17 was 0.86 million tons. The port inventory was 101.1 million tons, a 5.7 - million - ton decrease from the previous month. In terms of valuation and cost, the naphtha - based profit was - 2848 yuan, the domestic ethylene - based profit was - 2252 yuan, and the coal - based profit was 1160 yuan. The cost - side ethylene price rose to 1250 US dollars, and the price of Yulin pit - mouth bituminous coal fines fell to 550 yuan [33][34]. - **Strategy**: Expect the load to continue to decline, imports to decrease significantly, and port inventory to turn to de - stocking. The oil - chemical profit has dropped to a historical low, and there is an expectation of significant reduction in imports, but be cautious as the price has risen too much [35].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The report presents the arbitrage data of various futures varieties on March 13, 2026, including base spreads, inter - month spreads, and inter - commodity spreads of different commodities [1][6][22][28][41][55] Summary by Directory 1. Thermal Coal - The base spreads on March 12, 11, 10, 09, and 06, 2026 were -72.4, -67.4, -64.4, -60.4, and -58.4 yuan/ton respectively, while the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [2] 2. Energy and Chemicals Energy Commodities - The base spreads of INE crude oil on March 12, 11, 10, 09, and 06, 2026 were 206.44, 163.01, 128.92, 94.82, and 30.97 yuan/ton respectively; the base spreads of fuel oil were 38.46, 373.46, 390.52, 1606.16, and 573.99 yuan/ton respectively; the ratios of crude oil to asphalt were 0.1796, 0.1719, 0.1911, 0.1898, and 0.1764 respectively [7] Chemical Commodities - **Base Spreads**: On March 12, 11, 10, 09, and 06, 2026, the base spreads of rubber were 275, -180, -365, 55, and -235 yuan/ton respectively; methanol were 124, 52, 56, 105, and -26 yuan/ton respectively; PTA were 27, -80, -20, -21, and -80 yuan/ton respectively; LLDPE were -1236, -1154, -767, -944, and -691 yuan/ton respectively; V were 30, -116, -19, 324, and -231 yuan/ton respectively; PP were 447, -172, 80, 1696, and -47 yuan/ton respectively [11] - **Inter - month Spreads**: The 5 - 1 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol were -640, 215, 886, 566, 5, 952, and 248 yuan/ton respectively; the 9 - 1 month spreads were -740, 27, 412, 219, -18, 330, and 89 yuan/ton respectively; the 9 - 5 month spreads were -100, -188, -474, -347, -23, -622, and -159 yuan/ton respectively [12] - **Inter - commodity Spreads**: On March 12, 11, 10, 09, and 06, 2026, the spreads of LLDPE - PVC were 2657, 2523, 2706, 2496, and 2338 yuan/ton respectively; LLDPE - PP were -85, -73, -51, -92, and -85 yuan/ton respectively; PP - PVC were 2742, 2596, 2757, 2588, and 2423 yuan/ton respectively; PP - 3*methanol were 171, 161, 234, -267, and -1 yuan/ton respectively [12] 3. Black Metals - **Inter - month Spreads**: The 5 - 1 month spreads of rebar, iron ore, coke, and coking coal were -53.0, 47.0, -171.5, and -313.0 yuan/ton respectively; the 9(10) - 1 month spreads were -22.0, 18.5, -93.5, and -211.0 yuan/ton respectively; the 9(10) - 5 month spreads were 31.0, -28.5, 78.0, and 102.0 yuan/ton respectively [21] - **Inter - commodity Spreads**: On March 12, 11, 10, 09, and 06, 2026, the ratios of rebar to iron ore were 3.94, 3.96, 3.98, 3.99, and 4.01 respectively; rebar to coke were 1.8089, 1.8271, 1.8212, 1.7715, and 1.8371 respectively; coke to coking coal were 1.4882, 1.5062, 1.4987, 1.5084, and 1.5140 respectively; the spreads of rebar - hot rolled coil were -154.0, -156.0, -154.0, -145.0, and -140.0 yuan/ton respectively [21] - **Base Spreads**: On March 12, 11, 10, 09, and 06, 2026, the base spreads of rebar were 110.0, 75.0, 126.0, 111.0, and 82.0 yuan/ton respectively; iron ore were -15.5, -12.5, -14.0, -6.5, and -10.0 yuan/ton respectively; coke were -272.0, -263.0, -225.5, -285.0, and -240.5 yuan/ton respectively; coking coal were 22.0, 30.5, 53.5, 7.0, and 52.0 yuan/ton respectively [22] 4. Non - ferrous Metals Domestic Market - On March 12, 11, 10, 09, and 06, 2026, the base spreads of copper were -710, 220, -310, -510, and -90 yuan/ton respectively; aluminum were 40, -155, -430, 280, and -295 yuan/ton respectively; zinc were 20, -95, -195, -60, and -90 yuan/ton respectively; lead were -175, -240, -210, -200, and -185 yuan/ton respectively; nickel were 3020, 2350, 4790, 4800, and 3600 yuan/ton respectively; tin were -500, 1260, 9730, -3710, and 6340 yuan/ton respectively [29] London Market - On March 12, 2026, the LME spreads of copper, aluminum, zinc, lead, nickel, and tin were (102.11), 33.85, (44.64), (47.22), (207.72), and 72.00 respectively; the Shanghai - London ratios were 7.81, 7.33, 7.40, 8.60, 7.91, and 7.97 respectively; the CIF prices were 100291.25, 28921.24, 26768.72, 15268.10, 136085.95, and 383331.43 respectively; the domestic spot prices were 100990.00, 25290.00, 24390.00, 16660.00, 141120.00, and 390410.00 respectively; the import profit and loss were 698.75, (3631.24), (2378.72), 1391.90, 5034.05, and 7078.57 respectively [36] 5. Agricultural Products - **Base Spreads**: On March 12, 11, 10, 09, and 06, 2026, the base spreads of soybeans No.1 were -269, -254, -169, -235, and -501 yuan/ton respectively; soybeans No.2 were 70.04, -0.19, 61.3, 18.54, and 69.37 yuan/ton respectively; soybean meal were 226, 182, 227, 275, and 155 yuan/ton respectively; soybean oil were 338, 250, 326, 548, and 308 yuan/ton respectively; corn were -6, -5, 9, -15, and -33 yuan/ton respectively [42] - **Inter - month Spreads**: The 5 - 1 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and rapeseed meal were 10, -1, -12, 112, and 84 yuan/ton respectively; the 9 - 1 month spreads were 29, -32, -24, 6, and 65 yuan/ton respectively; the 9 - 5 month spreads were 19, -31, -12, -106, and -19 yuan/ton respectively. For rapeseed oil, palm oil, corn, sugar, and cotton, the 5 - 1 month spreads were 155, 236, 27, -151, and -325 yuan/ton respectively; the 9 - 1 month spreads were 53, 146, 45, -126, and -280 yuan/ton respectively; the 9 - 5 month spreads were -102, -90, 18, 25, and 45 yuan/ton respectively [42] - **Inter - commodity Spreads**: On March 12, 11, 10, 09, and 06, 2026, the ratios of soybeans No.1 to corn were 2.03, 2.01, 2.00, 2.00, and 1.95 respectively; soybeans No.2 to corn were 1.61, 1.59, 1.57, 1.57, and 1.53 respectively; soybean oil to soybean meal were 2.81, 2.81, 2.87, 2.90, and 2.91 respectively; the spreads of soybean meal - rapeseed meal were 584, 584, 560, 554, and 532 yuan/ton respectively; soybean oil - palm oil were -1064, -946, -966, -868, and -742 yuan/ton respectively; rapeseed oil - soybean oil were 1159, 1223, 1292, 1232, and 1185 yuan/ton respectively; corn - corn starch were -326, -328, -322, -319, and -316 yuan/ton respectively [42] 6. Stock Index Futures - **Inter - month Spreads**: The spreads of the next - month to the current - month of CSI 300, SSE 50, CSI 500, and CSI 1000 were -18.0, -1.6, -48.2, and -72.2 respectively; the spreads of the next - quarter to the current - quarter were -72.8, -38.8, -159.4, and -206.8 respectively [52] - **Base Spreads**: On different dates, the base spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented in the report [55]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report The report presents the daily arbitrage data of various futures varieties on March 12, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide investors with data for potential investment opportunities [1][6][23][29][42][56]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from March 5 to March 11, 2026. The basis on March 11 was - 67.4 yuan/ton, and the spreads of 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month were all 0.0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis and price ratio data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt from March 5 to March 11, 2026 are presented. For example, on March 11, the basis of INE crude oil was 163.01 yuan/ton, the basis of fuel oil was 458.52 yuan/ton, and the crude oil/asphalt ratio was 0.1719 [7]. 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 5 to March 11, 2026 are provided. For instance, on March 11, the basis of rubber was - 180 yuan/ton [11]. - **Inter - period Spread Data**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month - 1 - month spread of rubber was - 575 yuan/ton [13]. - **Inter - variety Spread Data**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 5 to March 11, 2026 are shown. On March 11, the LLDPE - PVC spread was 2523 yuan/ton [13]. 3.3 Black Metals - **Inter - period Spread Data**: The inter - period spreads of rebar, iron ore, coke, and coking coal are reported. For example, the 5 - month - 1 - month spread of rebar was - 54.0 yuan/ton [22]. - **Inter - variety Spread Data**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from March 5 to March 11, 2026 are presented. On March 11, the rebar/iron ore ratio was 3.96 [22]. - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from March 5 to March 11, 2026 are provided. On March 11, the basis of rebar was 75.0 yuan/ton [23]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 5 to March 11, 2026 are given. On March 11, the basis of copper was 220 yuan/ton [32]. 3.4.2 London Market - The LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 11, 2026 are presented. For example, the LME spread of copper was (101.90), and the Shanghai - London ratio was 7.75 [37]. 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 5 to March 11, 2026 are provided. On March 11, the basis of soybeans No.1 was - 254 yuan/ton [43]. - **Inter - period Spread Data**: The inter - period 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 - month - 1 - month spread of soybeans No.1 was - 4 yuan/ton [43]. - **Inter - variety Spread Data**: 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 March 5 to March 11, 2026 are shown. On March 11, the soybeans No.1/corn ratio was 2.01 [43]. 3.6 Stock Index Futures - **Inter - period Spread Data**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are reported. For example, the next - month - current - month spread of CSI 300 was - 18.0 [53]. - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 5 to March 11, 2026 are provided. On March 11, the basis of CSI 300 was 37.73 [56].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The domestic crude oil futures prices may experience high - level oscillatory adjustments in the short term. It is recommended to wait and see or focus on intraday short - term trading [52] 3. Summary by Directory 3.1 Market Review - **China INE Crude Oil Futures Main Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [10][12] - **US WTI Crude Oil Futures Continuous Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [13][15] 3.2 Crude Oil Supply - Demand Fundamental Analysis - **China's Crude Oil Monthly Output**: In December, China's above - scale industrial crude oil output was 17.8 million tons, a year - on - year decrease of 0.6%, with a daily output of 574,000 tons. From January to December, the output was 216.05 million tons, a year - on - year increase of 1.5%. Crude oil processing speeded up. Data source is WIND and Guoxin Futures [19][20] - **China's Crude Oil Monthly Import Volume**: In December 2025, China's crude oil import volume was 55.973 million tons, a year - on - year increase of 17%. From January to December, the cumulative import volume was 577.726 million tons, a year - on - year increase of 4.4%. Data source is WIND and Guoxin Futures [21][22] - **China's Refinery Operating Rate and Monthly Crude Oil Processing Volume**: In December, China's above - scale industrial crude oil processing volume was 62.46 million tons, a year - on - year increase of 5%, and the growth rate was 1.1 percentage points faster than that in November, with a daily processing volume of 2.015 million tons. From January to December, the processing volume was 737.59 million tons, a year - on - year increase of 4.1%. Data source is Zhuochuang Information and Guoxin Futures [24][26] - **INE Crude Oil Registered Warehouse Receipt Inventory and Downstream Refinery Product Inventory**: Data source is INE and Guoxin Futures [28][29] - **US Crude Oil Production and Downstream Refinery Operating Rate**: As of the week ending January 30, the US daily crude oil production was 13.215 million barrels, 481,000 barrels less than the previous week and 263,000 barrels less than the same period last year. The four - week average daily production as of January 30 was 13.599 million barrels, 1.3% higher than the same period last year. Since the beginning of this year, the average daily production has been 13.606 million barrels, 1.3% higher than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [31][33] - **US Crude Oil Rig Count**: As of the week ending February 20, the number of active oil - drilling wells in the US was 409, the same as the previous week and 79 less than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [34][36] - **US Crude Oil Inventory**: As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. Data source is WIND and Guoxin Futures [38][40] - **US Crude Oil Inventory Change (EIA)**: Data source is WIND and Guoxin Futures [41][43] - **Saudi Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [44][46] - **OPEC Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [47][48] 3.3 Market Outlook - **Crude Oil Market Outlook**: The US crude oil and distillate inventories increased, while the gasoline inventory decreased last week. As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. International oil prices have been rising due to armed conflicts in the Persian Gulf. On March 5, the Iranian military clarified that Iran did not block the Strait of Hormuz. Currently, Iran may mainly prevent US and Israeli - related vessels from passing. The risk of supply interruption in Asia has slightly eased. Saudi Arabia is also considering diverting its crude oil exports around the Strait of Hormuz. Data source is Zhuochuang Information and Guoxin Futures [50][51]

Core Viewpoint - The oil market is currently in a phase of balance between bulls and bears, with recent trading days showing reduced volatility due to geopolitical uncertainties, particularly regarding the U.S. military actions in the Middle East and the situation in Iran [4][19]. Market Dynamics - On January 13, speculative investors increased net long positions in Brent crude oil by 85,496 contracts, bringing the total to 208,461 contracts, indicating a shift from a previously dominant bearish sentiment to a more balanced market [4][19]. - The recent geopolitical tensions have led to a partial retreat of the geopolitical premium in oil prices, with market participants closely monitoring developments in Iran [4][19]. Price Movements - As of the latest trading session, WTI crude oil futures closed at $59.43 per barrel, up by $0.09 (0.15%), while Brent crude oil futures fell by $0.19 (0.3%) to $63.94 per barrel [6][21]. - The INE crude oil futures decreased by 0.52%, closing at 440.30 yuan [6][21]. Recent Developments - Russia's oil and gas budget revenues are projected to decline by 46% in January 2025 compared to the previous year, primarily due to falling oil prices and the appreciation of the ruble, with expected revenues dropping to approximately 420 billion rubles (about $54.1 billion) [7][22]. - Azerbaijan's oil exports through the BTC pipeline are expected to decrease by 7.8% in 2025, primarily due to issues with contaminated crude oil [8][23]. Production and Processing - China's crude oil processing volume in December reached 62.46 million tons, a year-on-year increase of 5.0%, with an average daily processing volume of 2.015 million tons [10][25]. - In December, China's crude oil imports were 55.97 million tons, up 17.4% year-on-year, while total imports for the year reached 577.73 million tons, a 4.4% increase [10][25][26].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on January 16, 2026, including basis, inter - period spreads, and inter - commodity spreads for different sectors such as power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data from January 9 to January 15, 2026, shows that the basis was - 102 yuan/ton on January 9, - 101 yuan/ton on January 12, and - 100 yuan/ton from January 13 to January 15. The 5 - 1 spread, 9 - 1 spread, and 9 - 5 spread remain at 0 [1][2]. Energy and Chemicals Energy Commodities - Basis data for fuel oil, crude oil, and asphalt from January 9 to January 15, 2026, and related ratio data such as price ratios are provided. For example, the basis of INE crude oil was - 3.18 yuan/ton on January 15 [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from January 9 to January 15, 2026. For example, the basis of rubber was - 345 yuan/ton on January 15 [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 390 yuan/ton [10]. - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from January 9 to January 15, 2026. For example, the LLDPE - PVC spread was 1939 yuan/ton on January 15 [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from January 9 to January 15, 2026. For example, the basis of rebar was 110 yuan/ton on January 15 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 40 yuan/ton [19]. - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from January 9 to January 15, 2026. For example, the rebar/iron ore ratio was 3.87 on January 15 [19]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from January 9 to January 15, 2026. For example, the basis of copper was - 360 yuan/ton on January 15 [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 on January 15, 2026. For example, the LME spread of copper was 37.60 on January 15 [31]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 9 to January 15, 2026. For example, the basis of soybeans No.1 was - 253 yuan/ton on January 15 [36]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton. For example, the 5 - 1 spread of soybeans No.1 was - 10 yuan/ton [36]. - Inter - commodity spreads 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 January 15, 2026. For example, the soybeans No.1/corn ratio was 1.89 on January 15 [36]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from January 9 to January 15, 2026. For example, the basis of CSI 300 was 4.83 on January 15 [47]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 6.0 [49].

Core Viewpoint - The oil market continues to rise despite geopolitical tensions, particularly regarding Iran, with WTI crude surpassing $60 and Brent crude exceeding $65, driven by concerns over potential military actions and U.S. sanctions [4][6][20] Market Performance - WTI crude oil futures closed at $61.15, up $1.65 (2.77%), while Brent crude oil futures closed at $65.47, up $1.60 (2.51%) [7][21] - The Chinese SC crude oil futures rose by 2.90% to 450.40 yuan [3][21] Geopolitical Factors - The U.S. has ordered citizens to evacuate Iran, and France has withdrawn non-essential embassy staff, raising fears of military escalation [4][6] - The geopolitical risk premium is more pronounced in the global benchmark (Brent) compared to the Middle Eastern physical market, with Brent's premium over Dubai crude reaching its highest level since July [4][9][18] EIA Short-Term Energy Outlook - The EIA's report indicates that U.S. crude oil production is expected to decline after reaching a record of 13.6 million barrels per day in 2025, with a slight decrease of less than 1% in 2026 and 2% in 2027 [6][22] - WTI prices are forecasted to average $52.21 per barrel in 2026 and $50.36 in 2027, reflecting a downward trend due to oversupply [6][20][22] Inventory and Supply Dynamics - API reported a significant increase in crude oil inventories by 5.278 million barrels, contrary to expectations of a decrease, indicating a supply surplus [6][20] - Global liquid fuel production is projected to increase by 1.4 million barrels per day in 2026, driven by OPEC+ production growth [22][24] Regional Price Disparities - The price of Dubai crude has weakened while Oman and Murban crude prices have strengthened, indicating widening price differentials within the region [9][23] - Major traders are actively engaging in spot market transactions, with prices concentrated between $61.70 and $61.84 per barrel, reflecting a vibrant trading environment [9][23] Future Considerations - Close monitoring of Iran's floating oil inventory and Venezuela's actual export flows will be crucial for understanding price dynamics between hemispheres [9][24] - The market is characterized by high volatility and uncertainty, with recommendations to manage risk effectively while identifying potential opportunities [6][20]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on January 9, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - Basis data from December 31, 2025, to January 8, 2026, shows that the basis was negative, ranging from - 123.4 yuan/ton on December 31, 2025, to - 104.4 yuan/ton on January 8, 2026. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 31, 2025, to January 8, 2026, are presented, with values varying over different dates. For example, the basis of INE crude oil was 48.88 yuan/ton on January 8, 2026 [6] - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from December 31, 2025, to January 8, 2026, shows different values. For instance, the basis of rubber was - 270 yuan/ton on January 8, 2026 [8] - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - month minus 1 - month spread of LLDPE was 223 yuan/ton [10] - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 31, 2025, to January 8, 2026, are given. For example, the LLDPE - PVC spread was 1730 yuan/ton on January 8, 2026 [10] 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 31, 2025, to January 8, 2026, are presented. For example, the basis of rebar was 172.0 yuan/ton on January 8, 2026 [20] - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 55.0 yuan/ton [19] - Inter - variety spreads for the ratio of rebar to iron ore, rebar to coke, coke to coking coal, and rebar minus hot - rolled coil from December 31, 2025, to January 8, 2026, are given. For example, the ratio of rebar to iron ore was 3.87 on January 8, 2026 [19] 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from December 31, 2025, to January 8, 2026, are presented. For example, the basis of copper was 600 yuan/ton on January 8, 2026 [29] - **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 January 8, 2026, are provided. For example, the LME spread of copper was 16.75 [32] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 31, 2025, to January 8, 2026, are presented. For example, the basis of soybeans No.1 was - 307 yuan/ton on January 8, 2026 [39] - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 64 yuan/ton [39] - Inter - variety spreads for the ratio of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from December 31, 2025, to January 8, 2026, are given. For example, the ratio of soybeans No.1 to corn was 1.95 on January 8, 2026 [38] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 31, 2025, to January 8, 2026, are presented. For example, the basis of CSI 300 was 19.25 on January 8, 2026 [50] - Inter - period spreads for the next - month minus the current - month and the next - quarter minus the current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus the current - month spread of CSI 300 was - 12.4 [50]