财达期货｜生猪玉米周报 财达期货｜生猪、玉米周报 2026-01-26 生猪价格重心继续上移，玉米盘面再度突破 2300 研究员 姓名：田金莲 F3046737 投资咨询号： Z0015545 生猪 财达期货｜生猪玉米周报 玉米 上周玉米期货先跌后涨，C2603 合约报收 2300 元/吨，较前周结算价上涨 0.35%。 现货方面，全国玉米现货均价为 2373.14 元/吨，周环比上涨 9.22 元/吨。 港口方面，截止 1 月 23 日，锦州港地区水分 15%容重 720 以上的玉米报价 2290-2300 元/吨，环比上涨 25 元/吨；水分 15%玉米平舱价 2350-2370 元/吨， 环比上涨 20 元/吨。鲅鱼圈港地区水分 15%容重 720 以上的玉米报价 2290-2300 元/吨，环比上涨 25 元/吨；水分 15%玉米平舱价 2350-2370 元/吨，环比上涨 20 元/吨。广东蛇口港地区水分 15%玉米散粮成交价 2450-2470 元/吨，环比持 平；一级玉米报价 2470-2490 元/吨，环比上涨 10 元/吨。 上周生猪期货跌幅明显，LH2603 合约报收 11565 元/吨， ...

上周焦炭 2605 合约周五收于 1722，周涨幅 0.29%，现货市场主流地区暂稳运 行。 姓名：申伟光 【基本面分析】 焦煤： 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 89.3%，环比上升 0.8%； 精煤日均产量 77 万吨，环比增加 0.1 万吨。全国 314 家独立洗煤厂产能利用率 37.4%，环比上升 0.6%；精煤日均产量 27.6 万吨，环比增加 0.2 万吨。上周，国内 煤矿仍然处于复产中，主产区煤矿普遍已恢复生产，焦煤价格持续回升，独立洗煤 厂生产积极性提高，焦煤供应稳步回升。库存方面，因焦钢企业有一定补库需求， 煤矿及洗煤厂出货较好，精煤库存下降趋势，但随着补库需求减弱，市场回归理性， 下游企业开始控制库存。 需求端：随着焦煤价格持续上涨，焦炭提涨迟迟未能落地，焦企吨焦利润大幅 收窄，部分焦企处于亏损状态，焦企本轮集中补库已基本结束，且焦钢企业厂内焦 煤库存持续回升，焦钢企业对焦煤采购开始谨慎。但目前看焦企暂无大规模减产计 划，多数焦企开工维持稳定，焦煤刚需支撑仍在，同时部分焦钢企业有冬储补库需 求。从焦煤线上竞拍来看，近期线上竞拍流拍现象有所增加，焦煤市场情绪回落， 开始 ...

财达期货｜贵金属周报 2026-1-26 姓名：李津文 F0244287 Z0012495 金银不断创新高 既要顺势而为也要有风险意识 研究员 上周五金银价格再次向上发力，金价继续上涨至每盎司 4980 美元，盘中已触及 5000 美元心理关口。白银价格价格历史性突破 每盎司 100 美元大关，达到每盎司 103 美元，单日大涨 7%。全周 金银价格都是再度拉出大阳线。 从业资格号： 投资咨询号： 特朗普在瑞士达沃斯称不会用武力夺取格陵兰岛，也收回了对 欧洲征税的威胁，但也并没放弃格陵兰岛，并强硬警告，若欧洲抛 售美国资产，美国将实施重大报复。 美国财政部外国资产控制办公室宣布，对与伊朗能源和航运体 系相关的多家实体及船只实施新一轮制裁，重点打击协助伊朗石油、 能源及衍生品出口的航运和管理网络。另据媒体报道，特朗普政府 正在考虑对古巴的石油进口实施全面封锁。 地缘政治形势仍然紧张，对金价继续带来支撑。 1 月 23 日，美国 1 月密歇根大学消费者信心指数终值录得 56.4， 创五个月以来新高。该数值较上月上升 3.5 点，不仅高于此前公布 的 54.0 初值，也超出 37 位经济学家给出的 53.5 至 5 ...

财达期货｜铜周报 2025-1-26 财达期货｜铜周报 金融属性支撑铜价维持高位 F3084967 Z0018883 请务必阅读正文之后的免责条款部分 第 2页共 3页 行情回顾：上周沪铜主力期货价格高位震荡的格局，前一周末高位获利 盘回吐及部分宏观数据不及预期导致价格震荡回落，上周则维持在 101000 元/吨附近有企稳态势。周五夜盘有小幅走强。 研究员 姓名：张珩 从 业 资 格 号 ： 供需方面，BHP 预期略微提高铜产出，但整个全球矿业供给仍受到冶炼 和矿石运输等不确定因素影响。TC 现货价续创新低。上周 SMM 漆包线行业 开机率环比提升 3.07 个百分点至 82.27%。SMM 铜线缆企业开工率上周环 比增加 2.72 个百分点至 58.71%，同比增加 15.87 个百分点。周内铜价重心 下移，市场观望情绪有所缓和，有效激发下游市场下单意愿，行业整体活跃 度显著回暖。此外，临近年末终端家电客户备库需求释放，进一步拉动刚需 订单增长。此前表现沉寂的国南网订单边际改善，叠加汽车行业订单的稳健 支撑，共同推动本周开工率温和回升。春节假期临近背景下，节前备货需求 逐步释放，预计本周铜线缆和漆包线企业开 ...

财达期货｜股指期货周报 财达期货｜股指期货周报 2026-1-26 姓名：李津文 从业资格号： F0244287 投资咨询号： Z0012495 分化整理，小强大弱 研究员 行情回顾: 上周四个股指期货品种走势以分化整理为主，其中中证 500 和 中证 1000 的涨幅相对较大。四个股指期货品种基差贴水深度大幅 改善，主力合约开启期货升水模式。期指主力合约期货-现货基差， IH 收于 5.61，IF 收于 6.70，IC 收于 68.03，IM 收于 45.86。 上周 A 股市场走出分化整理的行情，沪深两市周线收阳，中小 指数走势偏强，两市日成交额维持在 2.5 万亿之上，周五突破 3 万 亿，资金交投意愿较强，赚钱效应从结构性扩散至全市场。从板块 表现来看，马斯克宣布 SpaceX 与特斯拉三年建 200GW 太空光伏产 能，叠加"十五五"规划支持，太空光伏+商业航天板块热度持续; 受益于央行结构性降息、全球供应链重构及地缘风险，基本金属与 贵金属同步走强;电网设备受益于万亿级投资计划与业绩确定性; 半导体国产替代与技术迭代逻辑未变;资金偏好从低弹性转向高成 长，大金融(银行/保险/券商)全周持续调整;白 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The adjustment of the margin for margin trading does not affect the general upward trend of the market but will influence its structure. The game in thematic sectors intensifies, and the unilateral trend driven solely by narratives and capital relay ends, with the weight of performance clues rising again [5]. 3. Summary by Relevant Catalogs Market Review - Last week, the four stock index futures varieties showed a trend of shock consolidation, with relatively large adjustment ranges for the Shanghai Stock Exchange 50 and CSI 300. The depth of the basis discount of the four stock index futures varieties narrowed, but most of the main contracts remained in the futures discount mode. The futures - spot basis of the main contracts of the index futures were: IH at 4.64, IF at -8.67, IC at -22.27, and IM at -53.53 [3]. - The A - share market showed a shock consolidation trend last week. The adjustment was mainly due to the excessive short - term gains in commercial aerospace and AI applications where a large amount of funds were concentrated. The exchange's increase in the margin for margin trading reflected the regulatory authorities' intention to cool down the over - rapid market rise. Although the index pulled back, the abundant market liquidity and high market sentiment meant that this technical correction was not a cause for concern. The market was still centered around technology, as seen from the performance of various sectors and the differentiation between the main board index and the STAR Market and ChiNext index [3]. Comprehensive Analysis - Macroscopically, the central bank took a "combination punch" to support high - quality economic development, including lowering the rediscount and re - loan rates by 0.25 percentage points, merging the re - loan and rediscount quotas for supporting agriculture and small businesses, increasing the re - loan quota for supporting agriculture and small businesses by 500 billion yuan, and setting up a separate 1 trillion yuan re - loan for private enterprises to focus on supporting small and medium - sized private enterprises [4][5]. - Overseas, the year - on - year growth rate of the US CPI in December dropped to 2.7%, in line with market expectations. The year - on - year growth rate of the core CPI was 2.6%, slightly lower than the market expectation of 2.7%, and the month - on - month growth rate of the core CPI was 0.2%, lower than the market expectation of 0.3% [5].

Report Summary Investment Rating - No investment rating is provided in the report. Core Viewpoints - The price center of live pigs has shifted upward, and there is a need to be vigilant about high - level risks in corn [3]. Content Summary Live Pigs - Last week, the live pig futures fluctuated strongly. The LH2603 contract closed at 11,980 yuan/ton, up 1.83% from the previous week's settlement price. The national ex - ternary live pig market price was 12.69 yuan/kg, up 0.24 yuan/ton week - on - week. As of January 16, the self - breeding and self - raising live pig farming profit was 7.39 yuan/head, a week - on - week increase of 18.93 yuan/head; the profit of purchasing piglets for fattening was 48.35 yuan/head, a week - on - week increase of 50.66 yuan/head; the pig - grain ratio was 5.51, up 0.05 week - on - week [5]. - The national live pig spot price first stabilized and then rose last week. Currently, the supply has not fully increased, the number of large pigs sold by retail farmers is small, and second - round fattening replenishment provides support. The overall market sentiment is stable, driving the live pig price to rise steadily. The slaughter end has a low acceptance of high - priced pig sources. In the short term, affected by snowfall, the market is in a stalemate between supply and demand. After the 20th, the supply may gradually increase, limiting the upward space of live pig prices [5]. Corn - Last week, the corn futures rose first and then fell. The C2603 contract closed at 2,281 yuan/ton, up 0.8% from the previous week's settlement price. The national average corn spot price was 2,363.92 yuan/ton, up 12.06 yuan/ton week - on - week. Port prices also showed an upward trend [6]. - From January 8 to January 14, 2026, 149 major corn deep - processing enterprises in the country consumed 1.3559 million tons of corn, a decrease of 25,900 tons from the previous week. The processing volume of corn starch enterprises was 614,200 tons, a decrease of 13,600 tons from the previous week; the weekly national corn starch output was 315,400 tons, a decrease of 9,400 tons from the previous week; the weekly operating rate was 57.65%. The DDGS industry's operating rate dropped to 58.02%, a decrease of 4.02% from the previous week, and the production volume decreased by 6.48% [7]. - As of January 14, 2026, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.59 million tons, an increase of 1.41%. As of January 16, the total corn inventory of the four northern ports was about 1.32 million tons, and the corn inventory in Guangdong ports was 760,000 tons [7][8]. - The national corn spot market fluctuated and rose last week. The grassroots grain sales progress in the Northeast region was faster than the same period last year, and the import corn auction was continuously put into the market. The market had a strong bullish sentiment, while the purchase price in the North China region remained in a narrow - range shock. The current raw material corn price is at a high level, and the operating rate of the industry has declined. Although the market has not seen a large - scale increase in supply, and downstream grain - using enterprises are stocking up, as the pre - holiday grain sales window shortens and the supply of policy - based grain sources increases, the upward space of corn prices may be limited. There is an enhanced pressure on the upper side of the futures price, and there is a need to be vigilant about high - level adjustment risks [8].

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term trend of precious metals is in consolidation, while the medium - term upward trend remains unchanged. The core logic of the market remains intact, with geopolitical turmoil and central bank gold - buying supporting gold prices, and strong industrial demand and supply shortages supporting silver prices. [2][8] Summary by Related Content Precious Metals Price Trends - Last week, gold prices rose to $4,600 per ounce, and silver prices reached a high of $92 per ounce and closed near the high of $90 per ounce. [3] Geopolitical Factors - Trump suspended the military action against Iran, leading to a slight cooling of short - term risk - aversion sentiment. However, the future situation remains uncertain. [3] US Economic Data - The number of initial jobless claims in the US last week dropped to 198,000, lower than market expectations, indicating the resilience of the labor market. The confidence of US homebuilders unexpectedly declined in January, and the market condition index dropped 2 points to 37. US manufacturing output increased by 0.2% in December, and industrial output unexpectedly grew in December with the previous month's value revised upwards. [5] Fed - related Factors - Trump's unwillingness to nominate Hassett as the Federal Reserve Chairman has led to a decrease in the market's expectation of interest - rate cuts, a rebound in the US dollar, and a decline in precious metals and other metal prices. There are many uncertainties in the appointment of the new Fed Chairman, and if the new chairman does not implement aggressive interest - rate cuts, the market's original expectations may change. [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The game of coke price increase intensified, and the prices of coking coal and coke futures showed a weak trend. The coking coal 2605 contract had a weekly decline of 2.05%, and the coke 2605 contract had a weekly decline of 1.77%. [2][3] - Last week, both the supply and demand of coking coal increased. The coking coal 2605 contract fell from a high level last week, with support at the 10 - day moving average, and the bullish trend remained unchanged. [3][4] - Last week, both the supply and demand of coke increased. The coke 2605 contract showed a weak and volatile trend last week, and it is expected to be mainly volatile in the short - term. [6] - The average ratio of coking coal last week was 1.46. From the seasonal chart of the past 5 years, it is currently at a relatively average level in the same period of history. Attention should be paid to the range of 1.35 - 1.55. [7] 3. Summary by Relevant Catalogs **A. Futures and Spot Market Quotes** - The coking coal 2605 contract closed at 1171 on Friday last week, with a weekly decline of 2.05%. The spot prices in the mainstream regions were stable with a slightly upward trend. [3] - The coke 2605 contract closed at 1717 on Friday last week, with a weekly decline of 1.77%. The spot prices in the mainstream regions remained stable. [3] **B. Fundamental Analysis** **Coking Coal** - **Supply Side**: The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 88.5%, a 3.2% increase from the previous week. The daily average production of clean coal was 76.9 tons, a 3.5 - ton increase. The utilization rate of the production capacity of 314 independent coal washing plants was 36.8%, a 1.4% increase. The daily average production of clean coal was 27.4 tons, a 1.3 - ton increase. The inventory of clean coal in raw material factories decreased. [3] - **Demand Side**: The profit per ton of coke for coke enterprises narrowed significantly. Most coke enterprises were on the verge of profit and loss. However, the market expectation improved, and the demand for coking coal increased. The online trading atmosphere of coking coal was good. [4] **Coke** - **Supply Side**: The utilization rate of the production capacity of all - sample independent coking enterprises was 72.55%, a 0.14% decrease from the previous week. The daily average production was 63.45 tons, a 0.12 - ton decrease. The profit per ton of coke for 30 sample coking enterprises was - 66 yuan/ton, a 21 - yuan decrease. The coke supply was mainly stable, and the port inventory increased slightly. [6] - **Demand Side**: The blast furnace operating rate of 247 steel mills was 78.84%, a 0.47% decrease from the previous week. The daily average pig iron production was 228.01 tons, a 1.49 - ton decrease. The profitability rate of steel mills was 39.83%, a 2.17% increase. The steel mills' demand for coke replenishment increased. [6] **C. Inventory Data** | Commodity | Location | Inventory (tons) | Weekly Change (tons) | | --- | --- | --- | --- | | Coking Coal | Port | 298,900 | - 900 | | Coking Coal | All - sample independent coking plants | 1,132,850 | 61,170 | | Coking Coal | 247 sample steel mills | 802,200 | 4,470 | | Coking Coal | Total | 2,233,950 | 64,740 | | Coke | Port | 188,070 | 3,970 | | Coke | All - sample independent coking plants | 81,810 | - 4,260 | | Coke | 247 sample steel mills | 650,330 | 4,600 | | Coke | Total | 920,210 | 4,310 | [8]

Report Title - The weekly report focuses on rebar and iron ore futures, titled "Caida Futures | Weekly Report on Rebar and Iron Ore" [1] Investment Rating - Not provided in the report Core Viewpoints - Both rebar and iron ore face significant short - term rebound pressure, and the intensity of winter storage demand restocking should be monitored [2] - Whether the prices of rebar and iron ore can continue to rebound depends on the strength of winter storage restocking and the recovery of hot metal demand [6][8] Summary by Category Rebar Futures - The rebar 05 contract maintained a relatively strong consolidation driven by long - position main force's position increase. It closed at 3144 yuan/ton on Friday, up 22 yuan/ton from last week, with a weekly increase of 0.7% [4] Spot - The mainstream rebar prices in various regions started to rise slightly this week, with average trading volume. The national average rebar price increased by 21 yuan to 3337 yuan/ton. Prices in different regions showed different changes, such as remaining unchanged in Shanghai, rising by 30 yuan in Hangzhou, 20 yuan in Beijing, 40 yuan in Tianjin, and 10 yuan in Guangzhou [4] Fundamentals - **Supply**: The blast furnace operating rate of 247 steel mills nationwide was 79.31%, up 0.37% month - on - month and 2.13% year - on - year; the blast furnace ironmaking capacity utilization rate was 86.04%, up 0.78% month - on - month and 1.80% year - on - year. The average operating rate of 90 electric furnace steel mills was 72.97%, up 4.34% month - on - month and 6.95% year - on - year; the average electric furnace capacity utilization rate was 56.91%, up 1.76% month - on - month and 6.27% year - on - year. The weekly rebar output increased by 2.82 tons to 191.04 tons, still at a low level compared with the same period [4] - **Cost and Profit**: For short - process steel mills in East China, the estimated cost of electric furnaces was 3169 yuan, up 6 yuan, and the profit of rebar electric furnaces was a loss of 179 yuan, with the loss increasing by 16 yuan compared with last week. For long - process steel mills in East China, the estimated cost of crude steel was 2967 yuan, up 42 yuan, and the profit of rebar blast furnaces was 23 yuan, down 33 yuan compared with last week [4] - **Demand**: The building material trading volume increased slightly, while the apparent consumption of rebar decreased slightly. The 5 - day average trading volume of building materials increased by 0.2 tons to 9.63 tons, and the apparent demand for rebar decreased by 25.48 tons to 174.96 tons, remaining at a low level compared with the same period [4] - **Inventory**: The inventory of five major steel products and rebar started to accumulate slightly. The total rebar inventory increased by 16.08 tons to 438.11 tons, with social inventory increasing by 7.52 tons to 290.18 tons and factory inventory increasing by 8.56 tons to 147.93 tons, still at a low level compared with the same period [4][5] Basis - The lowest warehouse receipt quotation for rebar in Tianjin was 3260 yuan/ton, with a premium of 116 yuan over the rebar 05 contract, an increase of 14 yuan compared with last week. The rebar basis is above the average, and it is expected that the rebar basis will likely shrink in the future [6] Comprehensive Judgement - With the end of some steel mills' maintenance, the output of five major steel products has stabilized slightly, and rebar output has increased slightly for four consecutive weeks. The apparent demand for rebar has continued to decline, and rebar inventory has started to accumulate slightly. Attention should be paid to the decline in off - season demand [6] Iron Ore Futures - The iron ore 05 contract maintained a rebound trend driven by long - position main force's position increase. It closed at 814.5 yuan/ton on Friday, up 25.0 yuan/ton from last week, with a gain of 3.17% [6] Spot - The prices of mainstream imported iron ore varieties generally increased slightly, while the prices of domestic iron ore concentrates started to decline steadily, with average trading volume. The prices of different iron ore varieties in Qingdao Port and Tianjin Port showed different increases, and the price of Tangshan 66% iron ore concentrate index decreased by 4 yuan to 976 yuan/ton [6] Fundamentals - **Supply**: As of the 5th, the total iron ore shipments from Australia and Brazil were 2742.7 tons, a decrease of 316.9 tons compared with the previous period. Australian shipments were 1939.6 tons, a decrease of 174.1 tons, and the shipments from Australia to China were 1615.3 tons, a decrease of 252.3 tons. Brazilian shipments were 803.2 tons, a decrease of 142.7 tons. The total arrivals at 45 ports were 2756.4 tons, an increase of 155.0 tons, and the total arrivals at six northern ports were 1512.9 tons, an increase of 182.3 tons. Currently, the shipments and arrivals of iron ore are at medium - to - high levels compared with the same period [6] - **Demand**: The daily average ore - unloading volume at 45 ports was 323.27 tons, a decrease of 1.94 tons compared with last week. The weekly average trading volume of iron ore port spot increased by 12.55 tons to 98.33 tons. The daily average hot metal output of 247 steel mills was 229.5 tons, an increase of 2.07 tons compared with last week and 5.13 tons compared with last year. The daily consumption of imported ore by 247 steel mills was 283.28 tons, an increase of 2.61 tons. Currently, the demand indicators are at medium - to - high levels compared with the same period [8] - **Inventory**: As of the 9th, the iron ore inventory at 45 ports continued to accumulate slightly, reaching 16275.26 tons, an increase of 304.37 tons. The imported iron ore inventory of 247 steel mills was 8989.59 tons, an increase of 43.05 tons. The inventory at ports is at a medium - to - high level, while the inventory of steel mills is at a relatively low level compared with the same period [8] Basis - The optimal delivery product, Qingdao Port's Carajás fines, was priced at 847 yuan/ton, with a premium of 33 yuan over the iron ore 05 contract, a decrease of 1 yuan compared with last week. The iron ore basis is above the average, and it is expected that the iron ore basis will likely shrink in the future [8] Comprehensive Judgement - The short - term imported iron ore shipments have decreased slightly as the year - end rush for shipments weakens, and the arrivals are expected to rebound significantly next week. The port inventory is under some pressure. The daily average hot metal output has continued to rise, and steel mills' daily consumption has increased, with steel mills continuing to restock slightly [8]