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]

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties, including power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on December 25, 2025, covering aspects such as basis, inter - month spreads, and inter - commodity spreads [1] Summary by Directory 1. Power Coal - Power coal basis data from December 18 to December 24, 2025 are provided, showing a continuous decline from - 90.4 yuan/ton on December 18 to - 120.4 yuan/ton on December 24. The inter - month spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0.0 [2] 2. Energy and Chemicals (1) Energy Commodities - Basis data of fuel oil and crude oil/asphalt from December 18 to December 24, 2025 are provided, along with the ratio of crude oil to asphalt and the basis of INE crude oil [7] (2) Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 18 to December 24, 2025 are presented [9] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [11] - **Inter - commodity Spreads**: Inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from December 18 to December 24, 2025 are given [11] 3. Black Metals - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from December 18 to December 24, 2025 are provided [21] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented, with a note that the main contracts of rebar are in January, May, and October [20] - **Inter - commodity Spreads**: Inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from December 18 to December 24, 2025 are given [20] 4. Non - ferrous Metals (1) Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 18 to December 24, 2025 are provided [30] (2) London Market - 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 December 24, 2025 are presented [35] 5. Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 18 to December 24, 2025 are provided [43] - **Inter - month Spreads**: Inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [43] - **Inter - commodity Spreads**: 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) from December 18 to December 24, 2025 are given [43] 6. Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 18 to December 24, 2025 are provided [54] - **Inter - month Spreads**: Inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [54]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures commodities on December 22, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, mainly showing the basis, inter - period and inter - variety spreads. 3. Summary by Category Power Coal - **Basis**: From December 15 - 19, 2025, the basis of power coal decreased from - 64.40 yuan/ton to - 98.40 yuan/ton [2] - **Inter - period spreads**: The spreads of "5 - month minus 1 - month", "9 - month minus 1 - month", and "9 - month minus 5 - month" were all 0 during this period [2] Energy Chemicals Energy Commodities - **Basis**: Data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided from December 15 - 19, 2025, with different values for each day. For example, the basis of INE crude oil on December 19 was 39.52 yuan/ton [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from December 15 - 19, 2025 is presented. For example, the basis of rubber on December 19 was - 340 yuan/ton [9] - **Inter - period spreads**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the "5 - month minus 1 - month" spread of rubber was - 25 yuan/ton [10] - **Inter - variety spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 15 - 19, 2025 are provided. For example, the LLDPE - PVC spread on December 19 was 1721 yuan/ton [10] Black Metals - **Basis**: The basis of rebar, iron ore, coke, and coking coal from December 15 - 19, 2025 is shown. For example, the basis of rebar on December 19 was 201.0 yuan/ton [20] - **Inter - period spreads**: The inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the "5 - month minus 1 - month" spread of rebar was - 2.0 yuan/ton [19] - **Inter - variety spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 15 - 19, 2025 are given. For example, the rebar/iron ore ratio on December 19 was 4.01 [19] Non - Ferrous Metals Domestic Market - **Basis**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from December 15 - 19, 2025 is provided. For example, the basis of copper on December 19 was - 980 yuan/ton [30] London Market - **LME spreads and related data**: On December 19, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME spread of copper was 4.73 [33] Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 15 - 19, 2025 is shown. For example, the basis of soybeans No.1 on December 19 was - 32 yuan/ton [39] - **Inter - period spreads**: 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 minus 1 - month" spread of soybeans No.1 was 35 yuan/ton [39] - **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 15 - 19, 2025 are presented. For example, the soybeans No.1/corn ratio on December 19 was 1.85 [39] Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 15 - 19, 2025 is provided. For example, the basis of CSI 300 on December 19 was 41.18 [50] - **Inter - period spreads**: The inter - period spreads of "next - month minus current - month" and "next - quarter minus current - quarter" for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the "next - month minus current - month" spread of CSI 300 was - 216 [50]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the daily arbitrage data of various futures varieties on December 18, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing the basis, inter - period and inter - variety spreads of different commodities [1][5][20][26][41][51] Summary by Directory 1. Power Coal - The report shows the basis data of power coal from December 11 to December 17, 2025. The basis on December 17 was - 83.4 yuan/ton, showing a continuous decline trend compared with previous days [1][2] 2. Energy Chemicals (1) Energy Commodities - It provides the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 11 to December 17, 2025. For example, the basis of fuel oil on December 17 was - 19.33 yuan/ton [7] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 11 to December 17, 2025 are presented. For instance, the basis of rubber on December 17 was - 340 yuan/ton [9] - **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 was - 45 yuan/ton [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 11 to December 17, 2025 are shown. On December 17, the LLDPE - PVC spread was 2110 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of螺纹钢, iron ore, coke, and coking coal from December 11 to December 17, 2025 are provided. For example, the basis of螺纹钢 on December 17 was 206.0 yuan/ton [20] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. The 5 - 1 month spread of螺纹钢 was - 13.0 yuan/ton [19] - **Inter - variety Spreads**: The inter - variety spreads of螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - 热卷 from December 11 to December 17, 2025 are given. On December 17, the 螺/矿 ratio was 4.03 [19] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 11 to December 17, 2025 are provided. For example, the basis of copper on December 17 was - 660 yuan/ton [28] (2) London Market - On December 17, 2025, 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 in the London market are presented. For example, the LME spread of copper was (15.30) [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 11 to December 17, 2025 are shown. The basis of soybeans No.1 on December 17 was - 70 yuan/ton [41] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of various agricultural products are provided, such as the 5 - 1 month spread of soybeans No.1 was 39 yuan/ton [41] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on December 17, 2025 are given. The ratio of soybeans No.1 to corn was 1.85 [41] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 11 to December 17, 2025 are presented. The basis of CSI 300 on December 17 was 1.68 [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 shown. The next month - current month spread of CSI 300 was - 194 [52]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the latest variety arbitrage data of futures on December 9, 2025, covering multiple sectors including thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures [1][4][19][25][38][49] 3. Summary by Directory 3.1 Thermal Coal - The report shows the basis and spread data of thermal coal from December 2 to December 8, 2025. The basis decreased from 1.6 yuan/ton on December 2 to - 22.4 yuan/ton on December 8, while the spreads (5 - 1, 9 - 1, 9 - 5) remained at 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 2 to December 8, 2025 are presented. For example, the basis of fuel oil was 3.31 yuan/ton on December 8 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 2 to December 8, 2025 are shown. For instance, the basis of rubber was - 365 yuan/ton on December 8 [8] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - 1 spread of rubber was - 15 yuan/ton [9] - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 2 to December 8, 2025 are given. For example, the LLDPE - PVC spread was 2236 yuan/ton on December 8 [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 2 to December 8, 2025 are presented. For example, the basis of rebar was 137.0 yuan/ton on December 8 [19] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 spread of rebar was 12.0 yuan/ton [18] - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 2 to December 8, 2025 are given. For example, the rebar/iron ore ratio was 4.00 on December 8 [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 2 to December 8, 2025 are shown. For example, the basis of copper was - 590 yuan/ton on December 8 [26] 3.4.2 London Market - The LME spread, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 8, 2025 are provided. For example, the LME spread of copper was 8.19 [32] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 2 to December 8, 2025 are presented. For example, the basis of soybeans No.1 was - 65 yuan/ton on December 8 [39] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided. For example, the 5 - 1 spread of soybeans No.1 was 35 yuan/ton [39] - **Inter - variety Spread**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from December 2 to December 8, 2025 are given. For example, the soybeans No.1/corn ratio was 1.80 on December 8 [39] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 2 to December 8, 2025 are shown. For example, the basis of CSI 300 was 8.55 on December 8 [50] - **Inter - period Spread**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread of CSI 300 was - 14.4 [50]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 5, 2025, including basis, inter - month spreads, and inter - commodity spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][5][7][9][10][19][20][26][29][34][40][50][51] 3. Summary of Each Section Thermal Coal - The table shows the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from November 28 to December 4, 2025. For example, on December 4, 2025, the basis was - 10 yuan/ton [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of INE crude oil was 5.07 yuan/ton, and the ratio of crude oil to asphalt was 0.1538 [7] - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 28 to December 4, 2025 are presented. For example, on December 4, 2025, the basis of rubber was - 390 yuan/ton [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, for rubber, the 5 - 1 spread was - 60 yuan/ton [10] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the LLDPE - PVC spread was 2280 yuan/ton [10] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of rebar was 145.0 yuan/ton [20] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, for rebar, the 5 - 1 spread was 24 yuan/ton [19] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the rebar/iron ore ratio was 3.98 [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of copper was - 10 yuan/ton [29] - **London Market**: On December 4, 2025, data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 50.44, and the import loss of copper was 1669.73 yuan [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of soybeans No.1 was - 85 yuan/ton [40] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) 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, for soybeans No.1, the 5 - 1 spread was 48 yuan/ton [40] - **Inter - commodity Spreads**: The report mentions inter - commodity spreads 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, but specific data is not fully presented [40] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of CSI 300 was 15.97 [51] - **Inter - month Spreads**: The inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, for CSI 300, the next - month - current - month spread was - 178 [51]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the arbitrage data of various futures products on December 4, 2025, 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 - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data for power coal from November 27 to December 3, 2025, shows a decreasing trend, from 16.6 yuan/ton on November 27 to - 3.4 yuan/ton on December 3. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For energy commodities, the basis data of fuel oil, INE crude oil, and crude oil/asphalt from November 27 to December 3, 2025, are presented, along with their price ratios and changes [7]. 3.2.2 Chemical Commodities - In the chemical sector, inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided, as well as inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 27 to December 3, 2025 [9]. 3.3 Black Metals - Inter - period spreads for rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month. Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 27 to December 3, 2025, are also presented. The basis data for rebar, iron ore, coke, and coking coal from November 27 to December 3, 2025, are shown [18][20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from November 27 to December 3, 2025, are provided [29]. 3.4.2 London Market - For the London market, LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on December 3, 2025, are presented [34]. 3.5 Agricultural Products - The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 27 to December 3, 2025, are given. Inter - period spreads for multiple agricultural products, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, are provided, as well as inter - commodity spreads 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 November 27 to December 3, 2025 [40][41]. 3.6 Stock Index Futures - The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 27 to December 3, 2025, are presented. Inter - period spreads such as next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are also provided [52].