投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 1 月 9 日） 一、动力煤 | 商品 | | 动力煤 （元/吨） | | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | | 2025/12/31 | -123.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/01/08 2026/01/07 2026/01/06 2026/01/05 2025/12 ...

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]

期货研究报告 宝城期货品种套利数据日报（2025 年 12 月 22 日） 投资咨询业务资格：证监许可【2011】1778 号 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 | | 2025/12/19 | -98 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/18 | -90 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/17 | -83 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/16 | -74 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/15 | -64 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 ...

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 12 月 18 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 | | | 2025/12/17 | -83 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/16 | -74 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/15 | -64 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/12 | -56 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/11 | -48 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | www. ...

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 12 月 9 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/12/08 | -22.4 | 0.0 | 0.0 | 0.0 | | 2025/12/05 | -16.4 | 0.0 | 0.0 | 0.0 | | 2025/12/04 | -10.4 | 0.0 | 0.0 | 0.0 | | 2025/12/03 | -3.4 | 0.0 | 0.0 | 0.0 | | 2025/12/02 | 1.6 | 0.0 | 0.0 | 0.0 | 期货研究报告 二、能源化工 www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/12/08 2025/12/05 2025/12/04 2025/12/03 2025/12/02 32. ...

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 12 月 5 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 | | 2025/12/04 | -10 | 4 . | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/03 | -3 . | 4 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/02 | 1 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/12/01 | 6 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | | 2025/11/28 | 14 . | 6 | 0 . | 0 | 0 | 0 . | 0 | 0 . | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南 ...

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].

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 17, 2025, providing data on various futures products including basis, spreads, and cross - product ratios [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - No clear - stated core view in the report. It mainly presents daily variety arbitrage data for different futures products including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures 3. Summary by Category Power Coal - The report shows the basis and spreads (5 - 1 month, 9 - 5 month, 9 - 1 month) of power coal from November 10 to November 14, 2025 [1][2] Energy Chemicals Energy Commodities - Data on the basis of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 10 to November 14, 2025 are provided, including values such as basis in yuan per ton and ratios [7] Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 10 to November 14, 2025 are given [9] - **Cross - Period Spreads**: Cross - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented [10] - **Cross - Product Spreads**: Cross - product spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 10 to November 14, 2025 are shown [10] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 10 to November 14, 2025 are provided [20] - **Cross - Period Spreads**: Cross - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are presented [19] - **Cross - Product Spreads**: Cross - product spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 10 to November 14, 2025 are shown [19] Non - Ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 10 to November 14, 2025 are provided [29] London Market - Data on LME copper, aluminum, zinc, lead, nickel, and tin including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss on November 14, 2025 are presented [34] Agricultural Products - **Basis**: The basis data of soybeans 1, soybeans 2, soybean meal, soybean oil, and corn from November 10 to November 14, 2025 are provided [40] - **Cross - Period Spreads**: Cross - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans 1, soybeans 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [40] - **Cross - Product Ratios**: Cross - product ratios of soybeans 1/corn, soybeans 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 10 to November 14, 2025 are shown [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 10 to November 14, 2025 are provided [51] - **Cross - Period Spreads**: Cross - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [51]

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 7, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. Report Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Category 1. Thermal Coal - **Basis Data**: The basis data from October 31 to November 6, 2025, shows changes, such as a basis of - 314 on October 31 and 66 on November 6 [2]. 2. Energy and Chemicals Energy Commodities - **Basis and Ratio**: Data from October 31 to November 6, 2025, shows the basis and ratio of fuel oil, crude oil, and asphalt. For example, the basis of INE crude oil was - 74.14 on November 6 [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 31 to November 6, 2025, shows fluctuations. For instance, the basis of rubber was - 285 on October 31 and - 695 on November 6 [9]. - **Inter - period**: The inter - period spreads of rubber, methanol, PTA, etc., for 5 - 1, 9 - 1, and 9 - 5 months are presented. For example, the 5 - 1 month spread of rubber is 95 [10]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from October 31 to November 6, 2025, are provided. For example, the LLDPE - PVC spread was 2218 on October 31 and 2161 on November 6 [10]. 3. Black Metals - **Inter - period**: The inter - period spreads of rebar, iron ore, coke, and coking coal for 5 - 1, 9(10) - 1, and 9(10) - 5 months are given. For example, the 5 - 1 month spread of rebar is 68 [19]. - **Inter - variety**: The inter - variety spreads like rebar/iron ore, rebar/coke, etc., from October 31 to November 6, 2025, are shown. For example, the rebar/iron ore ratio was 3.90 on October 31 and 3.91 on November 6 [19]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from October 31 to November 6, 2025, shows changes. For example, the basis of rebar was 104 on October 31 and 163 on November 6 [20]. 4. Non - ferrous Metals Domestic Market - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 31 to November 6, 2025, shows fluctuations. For example, the basis of copper was 750 on October 31 and - 260 on November 6 [28]. London Market - **LME Premium/Discount and Shanghai - London Ratio**: The LME premium/discount and Shanghai - London ratio data of copper, aluminum, zinc, etc., on November 6, 2025, are presented. For example, the LME premium/discount of copper was (30.96) and the Shanghai - London ratio was 8.02 [33]. 5. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc., from October 31 to November 6, 2025, shows changes. For example, the basis of soybeans was - 122 on October 31 and - 126 on November 6 [41]. - **Inter - period**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc., for 5 - 1, 9 - 1, and 9 - 5 months are given. For example, the 5 - 1 month spread of soybeans is 40 [41]. - **Inter - variety**: The inter - variety spreads such as soybean/corn, soybean meal/rapeseed meal, etc., from October 31 to November 6, 2025, are provided. For example, the soybean/corn ratio was 1.93 on both October 31 and November 6 [40]. 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 31 to November 6, 2025, shows fluctuations. For example, the basis of CSI 300 was 9.27 on October 31 and 22.60 on November 6 [52]. - **Inter - period**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for the next - month - current - month and next - quarter - current - quarter are presented. For example, the next - month - current - month spread of CSI 300 is - 124 [52].

Report Information - Report Name: Baocheng Futures Variety Arbitrage Data Daily Report (November 4, 2025) [1] - Report Source: Baocheng Futures 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various futures varieties including thermal coal, energy and chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures on different dates from October 28 to November 3, 2025, with the aim of providing reference data for investors [1][5][21][27][42][53] 3. Summary by Directory 3.1 Thermal Coal - The basis data for thermal coal from October 28 to November 3, 2025, are - 31.4, - 31.4, - 31.4, - 31.4, - 21.4 respectively. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month are all 0.0 [1][2] 3.2 Energy and Chemical Products 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 28 to November 3, 2025, are presented. For example, the basis of fuel oil is - 49.21 on November 3, 2025 [7] 3.2.2 Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from October 28 to November 3, 2025, are provided. For instance, the basis of rubber is - 445 on November 3, 2025 [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are reported. For example, the 5 - 1 month spread of rubber is 80 [11] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from October 28 to November 3, 2025, are given. For example, the LLDPE - PVC spread is 2230 on November 3, 2025 [11] 3.3 Black Metals - **Inter - month Spreads**: The inter - month 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 64.0 [20] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from October 28 to November 3, 2025, are provided. For example, the rebar/iron ore ratio is 3.91 on November 3, 2025 [20] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from October 28 to November 3, 2025, are reported. For example, the basis of rebar is 131.0 on November 3, 2025 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from October 28 to November 3, 2025, are given. For example, the basis of copper is - 490 on November 3, 2025 [28] 3.4.2 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 November 3, 2025, are presented. For example, the LME spread of copper is (14.44) [36] 3.5 Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from October 28 to November 3, 2025, are provided. For example, the basis of soybeans No.1 is - 96 on November 3, 2025 [43] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are reported. For example, the 5 - 1 month spread of soybeans No.1 is 36 [43] - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc.) from October 28 to November 3, 2025, are given. For example, the soybeans No.1/corn ratio is 1.92 on November 3, 2025 [43] 3.6 Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 28 to November 3, 2025, are presented. For example, the basis of CSI 300 is 18.60 on November 3, 2025 [54] - **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 reported. For example, the next month - current month spread of CSI 300 is - 38.2 [56]