1. Report Industry Investment Ratings - Index futures: Volatile [1] - Treasury bond futures: Relatively strong [2] 2. Core Views of the Report - The A - share market continued to fluctuate, with the Wind All - A index down 0.23% and a trading volume of 3.26 trillion yuan. The food and beverage sector led the gains. Various economic control policies have provided fundamental support for the index. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors and push up valuations. The market has entered a high - level volatile mode, and short - term fluctuations have increased. In the medium and long term, the risk of a significant decline in the index is low [1]. - Treasury bond futures closed higher. The central bank conducted reverse repurchase operations, resulting in a net injection of funds. In the short term, due to the continuous introduction of growth - stabilizing policies, the bond market lacks the impetus for continuous strengthening, and the pattern of interest rate range - bound fluctuations continues [2]. 3. Summary by Directory Research Views Index Futures - Yesterday, the A - share market fluctuated. The CSI 1000 index fell 0.8%, the CSI 500 index fell 0.97%, the SSE 300 index rose 0.76%, and the SSE 50 index rose 1.65%. Recent economic control policies have provided fundamental support. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors. The adjustment of the minimum margin ratio for margin trading has increased risk - aversion sentiment, and the market has entered a high - level volatile mode [1]. Treasury Bond Futures - Yesterday, treasury bond futures closed higher. The central bank conducted 354 billion yuan of 7 - day reverse repurchase operations, with a net injection of 143.8 billion yuan. In the short term, the bond market lacks the impetus for continuous strengthening, and the interest rate range - bound fluctuation pattern continues [2] Daily Price Changes - For stock index futures: IH rose 1.97%, IF rose 1.08%, IC fell 1.21%, and IM fell 0.58%. For stock indexes: the SSE 50 rose 1.65%, the SSE 300 rose 0.76%, the CSI 500 fell 0.97%, and the CSI 1000 fell 0.80%. For treasury bond futures: TS remained unchanged, TF rose 0.00%, T rose 0.04%, and TL rose 0.07% [3] Market News - In the context of interest rate decline and the "relocation" of residents' deposits, "fixed - income +" funds have become popular again. As of the end of 2025, the scale of "fixed - income +" funds reached 2.74 trillion yuan, a record high, and secondary bond funds contributed the main increment. In 2026, "fixed - income +" products are still expected to be an important tool for funds to enter the market [5] Chart Analysis Stock Index Futures - The report provides the trends of IH, IF, IM, IC main contracts, and the monthly basis trends of IH, IF, IC, IM [7][8][9][10][11] Treasury Bond Futures - The report shows the trends of treasury bond futures main contracts, treasury bond spot yields, the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, the inter - period spreads of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, cross - variety spreads, and capital interest rates [14][15][16][18][19][22] Exchange Rates - The report presents the central parity rates of the US dollar against the RMB, the euro against the RMB, the 1 - month and 3 - month forward exchange rates of the US dollar and the euro against the RMB, the US dollar index, the euro against the US dollar, the pound against the US dollar, and the US dollar against the Japanese yen [24][25][26][28][29]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated January 27, 2026, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 784.5, 766.0, and 755.0 respectively, showing changes of -10.5, -11.5, and -9.5 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 18.5, 11.0, and -29.5 respectively, with changes of 1.0, -2.0, and 1.0 from the previous day [3] 2. Basis 2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás fines), BRBF, Newman fines, etc., the report provides today's prices, previous day's prices, price changes, delivery costs, today's basis, previous day's basis, and basis changes [7] 2.2 Basis Charts - There are multiple charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc., with data from 2025 - 04 to 2025 - 12 [9][10][11] 3. Variety Spreads 3.1 Variety Spread Data - The report presents the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their values and changes compared to the previous day [14] 3.2 Variety Spread Charts - There are multiple charts showing block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [15][16][17] Regulatory Changes - The Dalian Commodity Exchange has made adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts. The adjusted rules apply to I2312 and subsequent contracts [12][13] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and qualifications [22]

1. Report's Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View of the Report - On January 26, 2026, the lithium carbonate futures 2605 dropped 6.56% to 165,680 yuan/ton. The average price of battery - grade lithium carbonate rose 10,500 yuan/ton to 181,500 yuan/ton, the average price of industrial - grade lithium carbonate rose 10,500 yuan/ton to 178,000 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 8,000 yuan/ton to 169,000 yuan/ton. The warehouse receipt inventory increased 490 tons to 28,646 tons [3]. - Sigma announced the sale of a second shipment of 100,000 tons of high - purity lithium tailings (1% lithium content) on January 23, 2026, with a reference price of 195 US dollars/ton for SMM lithium oxide content of 1.35% and an actual transaction price of 140 US dollars/ton; previously, the price of the first shipment of lithium tailings announced for sale on January 13 was 125 US dollars/ton. Core Lithium optimized the restart plan of the Finniss lithium mine project and advanced the final investment decision [3]. - On the supply side, the weekly production decreased 388 tons to 22,217 tons. On the demand side, the weekly production of ternary materials increased 621 tons to 18,256 tons, and the inventory increased 611 tons to 18,868 tons; the weekly production of lithium iron phosphate increased 293 tons to 87,319 tons, and the inventory increased 700 tons to 96,590 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased 783 tons to 108,896 tons [3]. - Overall, without a clear negative feedback in demand, there is still an expectation of inventory reduction in Q1, but it is necessary to be vigilant about the amplification of market volatility and the impact of positions [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Price and Inventory Changes**: Futures prices fell, while spot prices of battery - grade and industrial - grade lithium carbonate and battery - grade lithium hydroxide rose. Warehouse receipt inventory increased [3]. - **News Events**: Sigma sold two shipments of lithium tailings, and Core Lithium optimized the lithium mine project restart plan [3]. - **Supply - Demand - Inventory Analysis**: Supply decreased, demand and inventory of downstream products increased, and the overall social inventory of lithium carbonate decreased [3]. - **Outlook**: There is an expectation of inventory reduction in Q1, but market volatility and position impact need attention [3]. 3.2 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased 15,840 yuan/ton to 165,680 yuan/ton, and the closing price of the continuous contract decreased 15,060 yuan/ton to 164,580 yuan/ton [5]. - **Lithium Ore**: The prices of lithium ore such as lithium spodumene concentrate and lithium mica increased to varying degrees [5]. - **Lithium Salts**: The prices of battery - grade and industrial - grade lithium carbonate, and battery - grade and industrial - grade lithium hydroxide increased, while the price of lithium hexafluorophosphate decreased 1,000 yuan/ton to 145,000 yuan/ton [5]. - **Price Spreads**: The spread between battery - grade and industrial - grade lithium carbonate remained unchanged at 3,500 yuan/ton, while the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased 2,500 yuan/ton to - 12,500 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of ternary precursors and cathode materials such as lithium iron phosphate and manganese acid lithium increased [5]. - **Lithium Batteries**: The prices of various lithium - ion battery cells and batteries also showed an upward trend [5]. 3.3 Chart Analysis - **Ore Prices**: The report provides historical price charts of lithium spodumene concentrate and lithium mica from 2024 - 2026 [6][9]. - **Lithium and Lithium Salt Prices**: It shows historical price charts of metal lithium, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 - 2026 [12][14]. - **Price Spreads**: There are charts of various price spreads, including the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate from 2024 - 2026 [19]. - **Precursors and Cathode Materials**: Historical price charts of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 - 2026 are provided [25][27]. - **Lithium Battery Prices**: It presents historical price charts of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 - 2026 [32][35]. - **Inventory**: There are charts of downstream inventory, smelter inventory, and other - link inventory of lithium carbonate from 2025 - 2026 [37][39]. - **Production Costs**: A chart of the production cost of lithium carbonate from 2024 - 2026 is shown, including the production profit from different raw materials [42].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices showed a strong and volatile trend. The import loss of domestic refined copper narrowed. The US durable goods orders increased by 5.3%, and the market's bet on a new US government shutdown by the end of January reached 78%. In December, China's net refined copper imports decreased by 48.44% year - on - year, while waste copper imports increased. LME and SHFE copper inventories decreased, while Comex copper inventory increased. Although high copper prices have weakened consumption and increased inventory, the spill - over effect of the bullish sentiment in precious metals and the capital's pursuit of non - ferrous metals still maintain the upward momentum of copper prices. The current copper price should be evaluated from a financial perspective, and the overall trend is considered bullish and volatile. It is recommended to buy on dips [1]. Aluminum - Overnight, alumina was weakly volatile, while Shanghai aluminum and aluminum alloy were strongly volatile. The spot price of alumina declined, and the spot discount of aluminum ingots widened. Due to environmental control in Henan, alumina production was restricted, and inventory decreased. After the price adjustment, downstream demand improved, and the inventory accumulation speed slowed down. It is expected that the aluminum price will be supported upwards before the holiday. Attention should be paid to inventory trends and holiday arrangements [1][2]. Nickel - Overnight, both LME and Shanghai nickel prices declined, and inventories increased. It is expected that Indonesia's nickel ore production will decrease by 10% - 15% this year. The price of nickel - related products has increased, but the production of primary nickel has increased significantly, and the social inventory has also increased, which may put pressure on the price. In the short term, the price may fluctuate widely at a high level. Attention should be paid to the cost line for potential long - entry opportunities and the actual implementation of policies [2][3]. 3. Summaries According to Relevant Catalogs Research Views - **Copper**: The fundamental and financial factors jointly affect copper prices. The financial attribute is more important at present, and the overall trend is bullish and volatile [1]. - **Aluminum**: Environmental control affects production, downstream demand improves, and the price is expected to be supported upwards [1][2]. - **Nickel**: Indonesia's policy supports the price in the short term, but the increase in production and inventory may cause pressure. The price may fluctuate widely at a high level [2][3]. Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 1585 yuan/ton, and the import loss narrowed. LME and SHFE copper inventories decreased, while Comex copper inventory increased [1][4]. - **Lead**: The average price of 1 lead increased by 50 yuan/ton, and the inventory decreased [4]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum decreased by 80 yuan/ton, and the inventory increased [5]. - **Nickel**: The price of Jinchuan nickel increased by 4250 yuan/ton, and the social inventory increased [5]. - **Zinc**: The main settlement price increased by 0.8%, and the inventory increased [7]. - **Tin**: The main settlement price increased by 5.5%, and the inventory increased [7]. Chart Analysis - The report provides multiple charts to analyze the spot premium, SHFE near - far month spread, LME inventory, SHFE inventory, social inventory, and smelting profit of various non - ferrous metals from 2019 - 2026 [13][14][21][27][33][40].

工业硅日报 工业硅&多晶硅日报（2026 年 1 月 27 日） 一、研究观点 点评 26 日工业硅震荡偏强，主力 2605 收于 8915/吨，日内涨幅 0.96%，持仓 增仓 20873 手至 25.2 万手。百川工业硅现货参考价 9628 元/吨，较上一 交易日持稳。最低交割品价格持稳在 8850 元/吨，现货升水转至贴水 65 元/吨。多晶硅震荡偏强，主力 2605 收于 51280 元/吨，日内涨幅 1.19%，持仓减仓 4 手至 41287 手；百川多晶硅 N 型复投硅料价格跌至 54000 元/吨，最低交割品硅料价格 54000 元/吨，现货升水收至 2720 元/ 吨。四川地区全面停炉，云南因长协保留低负荷后续也面临减产，新疆 大厂规划月底减产 50%，供应端预期缩量下盘面逐渐向上修复，高低品 供应量劈叉。高盛最新预测 2026 年多晶硅将回落至 42 元/kg，硅料厂家 减产规模继续扩张，出口退税窗口前形成的抢出口动作将提前透支需 求，同时行业高库存稀释补库强度。节奏上现货报价逐渐失去支撑，盘 面近月支撑远月承压。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 ...

光大期货煤化工商品日报（2026 年 1 月 27 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周一尿素期货价格坚挺震荡，主力05合约收盘价1791元/吨，涨幅0.22%。现货市场 | | | | 价格多数稳定，个别地区窄幅波动。昨日山东、河南地区市场价格分别为1750元/ | | | | 吨、1740元/吨，日环比分别下调10元/吨、维持稳定。基本面来看，前期检修装置 | | | | 陆续复产，尿素供应稳步回升，昨日行业日产量20.94万吨，日环比增0.46万吨。需 | | | | 求 面，工业下游刚需跟进，农业需求仅局部地区有所跟进，中下游采购情绪较为 | | | | 积极，昨日主流地区产销率高的地区在160%~260%区间，低的在85%左右。后续虽 | 宽幅 震荡 | | | 仍有节前补库、淡储及部分春耕前置储备需求预期，但市场已经历一 补库后需求 | | | | 承接及中下游对价格接受度仍需关注。整体来看，尿素供需博弈，基本面新增驱动 | | | | 不足。外部宏观情绪及工业品回暖或对尿素期价提供情绪支撑，但短期难以看到趋 | | | | ...

软商品日报 光大期货软商品日报（2026 年 1 月 27 日） 一、研究观点 软商品日报 | | 二、日度数据监测 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 合约价差 | 最新 | 环比 | 主力基差 | 环比 | 现货 | 最新 | 环比 | | 棉花 | 3-5 | 45 | 40 | 1345 | 170 | 新疆 | 15717 | 122 | | | | | | | | 全国 | 15995 | 125 | | 白糖 | 3-5 | 10 | 2 | 148 | 8 | 南宁 | 5270 | -10 | | | | | | | | 柳州 | 5320 | 0 | 三、市场信息 1、1 月 26 日棉花期货仓单数量 10144 张，较上一交易日增加 172 张，有效预报 986 张。 2、1 月 26 日国内各地区棉花到厂价：新疆 15717 元/吨，河南 16038 元/吨，山东 16049 元/吨， 浙江 16184 元/吨。 3、1 月 26 日纱线综合负荷为 47.6，较前一 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The prices of steel, iron ore, coking coal, coke, manganese silicon, and ferrosilicon are all expected to fluctuate in the short - term [1][3]. - For steel, although construction demand is weakening and inventory is accumulating, macro - policy easing expectations, high steel exports, and low inventory pressure on steel mills keep the market stable, so the steel price will fluctuate narrowly [1]. - For iron ore, with the increase in Australian shipments, stable - to - decreasing Brazilian shipments, and the increase in iron - water production and port and mill inventories, the price will show an oscillating trend under the influence of multiple factors [1]. - For coking coal, with private coal mines entering the holiday season, decreased market enthusiasm, and cautious purchasing by downstream coking enterprises, the price will oscillate [1]. - For coke, with high raw - material costs, weakening demand from the steel industry, and possible decline in iron - water production, the price will also oscillate [1]. - For manganese silicon, with small increases in production, support from demand for February tenders, stable costs, and high inventory, it will maintain an oscillating pattern before the holiday [1]. - For ferrosilicon, with a slight decline in production, approaching the end of pre - holiday stockpiling, weakening cost support, and a small increase in inventory, it will mainly oscillate [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views Steel - The closing price of the rebar 2605 contract was 31,423 yuan/ton, up 1 yuan/ton (0.03%) from the previous trading day, with a decrease of 11,000 in positions. Spot prices were basically stable, and the trading volume remained low. National building material inventory increased by 5.2% to 316.08 million tons, and hot - rolled coil inventory decreased by 0.87% to 2.052 billion tons [1]. Iron Ore - The price of the iron ore futures main contract i2605 fell to 784.5 yuan/ton, down 10.5 yuan/ton (1.3%) from the previous trading day, with 260,000 in trading volume and a decrease of 1,000 in positions. Australian shipments increased, Brazilian shipments decreased slightly, and global shipments rebounded slightly. Iron - water production increased by 0.09 million tons to 2.281 billion tons, and port and mill inventories continued to accumulate [1]. Coking Coal - The closing price of the coking coal 2605 contract was 1,159.5 yuan/ton, up 2.5 yuan/ton (0.22%), with a decrease of 8,590 in positions. The price of main coking coal in Shanxi increased, and the price of Mongolian coal at the Ganqimaodu Port also changed. With private coal mines entering the holiday season and cautious purchasing by downstream coking enterprises, the price will oscillate [1]. Coke - The closing price of the coke 2605 contract was 1,719 yuan/ton, down 3 yuan/ton (0.17%), with a decrease of 1,308 in positions. The spot price at the port decreased. With high raw - material costs and weakening demand from the steel industry, the price will oscillate [1]. Manganese Silicon - The price of the manganese silicon futures main contract was 5,828 yuan/ton, down 0.41% from the previous trading day, with an increase of 11,028 in positions to 359,600. The market price in some areas increased slightly. Production increased slightly last week, demand for February tenders provided some support, costs were stable, and inventory remained high [1]. Ferrosilicon - The price of the ferrosilicon futures main contract was 5,628 yuan/ton, down 0.78% from the previous trading day, with a decrease of 19,307 in positions to 196,600. The market price was basically stable. Production decreased slightly last week, pre - holiday stockpiling was approaching the end, cost support weakened, and inventory increased slightly [3]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices for various black commodities, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, as well as profit and spread data such as rebar disk profit, long - process profit, short - process profit, and various commodity ratios [3]. 3.3 Chart Analysis - The report includes multiple charts showing the closing prices, basis, inter - period contract spreads, and inter - variety contract spreads of the main contracts of various black commodities from 2021 to 2026, as well as the profit charts of rebar [5][14][22][36][41]. 3.4 Black Research Team Members Introduction - The black research team members include Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [47][48].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The prices of various energy and chemical products are expected to show an oscillatory trend in the short - term. Factors such as supply and demand changes, geopolitical situations, and seasonal impacts all have an influence on the market. For example, the supply of crude oil has increased, which eases the market's concerns about shortages, but geopolitical tensions in the Middle East still bring uncertainties; the fuel oil market is affected by factors such as the situation in Iran and supply changes; the polyester market is affected by device maintenance and downstream demand [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices fluctuated and declined. The WTI March contract closed down $0.44 to $60.63 per barrel, a decline of 0.72%. The Brent March contract closed down $0.29 to $65.59 per barrel, a decline of 0.44%. The SC2603 closed at 450.1 yuan per barrel, down 0.8 yuan per barrel, a decline of 0.18%. The resumption of a key Black Sea terminal and the upcoming restart of the Tengiz oilfield in Kazakhstan have increased supply, easing concerns about shortages. However, the continuous tension in the Middle East and the dispatch of US naval forces have also increased concerns about Iranian oil production. The oil price is in a chaotic state and will continue to oscillate in the short - term [1]. - **Fuel Oil**: On Monday, the main fuel oil contract FU2603 on the Shanghai Futures Exchange rose 6.81% to 2791 yuan per ton, and the low - sulfur fuel oil contract LU2604 rose 3.49% to 3206 yuan per ton. The price increase of FU was significantly affected by the escalation of the situation in Iran. The market structure of low - sulfur fuel oil in Singapore is strong due to the recovery of downstream demand, but the expected increase in the volume of low - sulfur fuel oil arbitrage vessels arriving in Singapore in January may bring inventory accumulation pressure. The high - sulfur fuel oil market has a mix of long and short factors. The absolute prices of FU and LU are greatly affected by geopolitical situations and are recommended to be observed for the time being [2]. - **Asphalt**: On Monday, the main asphalt contract BU2603 on the Shanghai Futures Exchange rose 1.39% to 3279 yuan per ton. In February, refinery production is expected to decline slightly, and some local refineries have stopped production in the short - term, tightening supply. The demand is in the off - season, and cold snaps and snowfall have hindered terminal demand. The market still has expectations of potential shortages of raw materials for local refineries in the far - month, but the impact on the recent market has weakened. Attention should be paid to the speed of social inventory accumulation [2]. - **Polyester**: TA605 closed at 5438 yuan per ton, down 0.18%; EG2605 closed at 3994 yuan per ton, down 0.08%. The PX futures main contract 603 closed at 7522 yuan per ton, up 0.19%. The sales of polyester yarn in the Yangtze River Delta and Zhejiang regions are weak, with an average sales estimate of about 50%. Multiple polyester and ethylene glycol plants have undergone maintenance or restart operations. After the Spring Festival, the demand is expected to recover. It is expected that the prices of PX and TA will oscillate at a high level, and the price of ethylene glycol will show an oscillatory trend [2][3]. - **Rubber**: On Monday, the main natural rubber contract RU2605 fell 85 yuan per ton to 16230 yuan per ton, and the NR main contract fell 10 yuan per ton to 13085 yuan per ton, while the butadiene rubber BR main contract rose 335 yuan per ton to 13265 yuan per ton. The inventory in the Qingdao Free Trade Zone decreased, while the general trade inventory in Qingdao increased. Overseas rubber production is coming to an end, and the port inventory is accumulating. The rubber market has limited contradictions, and the rubber price is expected to remain oscillatory. The supply and demand of butadiene are temporarily tight, and the price of butadiene rubber is expected to follow the cost [3][5]. - **Methanol**: On Monday, the spot price in Taicang was 2300 yuan per ton. The supply of domestic methanol is at a high - level oscillation, and the MTO operating load in East China has weakened. The overall demand is weak, and the port still has pressure to reduce inventory. It is expected that methanol will maintain a bottom - level oscillation [5]. - **Polyolefins**: On Monday, the mainstream price of East China拉丝 was 6530 - 6650 yuan per ton. The supply has increased due to the resumption of production of some upstream plants, while the downstream demand will weaken as the Spring Festival approaches. It is expected that polyolefins will gradually start to accumulate inventory, but the price will be affected by cost and geopolitical risks in the short - term and will show a wide - range oscillation [6]. - **Polyvinyl Chloride (PVC)**: On Monday, the market prices of PVC in East China, North China, and South China all increased. The supply is at a high - level oscillation, and the domestic demand is slowing down. The overall fundamental situation is bearish, but the export policy will have different impacts in the short - and long - term. It is expected that the PVC price will maintain a bottom - level oscillation [6]. 3.2 Daily Data Monitoring - The report provides the spot prices, futures prices, basis, basis rates, and their changes for multiple energy and chemical products including crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, linear low - density polyethylene, polypropylene, purified terephthalic acid, ethylene glycol, styrene, natural rubber, 20 - number rubber, and soda ash on January 26 and January 23, 2026 [7]. 3.3 Market News - The resumption of a key Black Sea terminal in Kazakhstan and the upcoming restart of the Tengiz oilfield have increased the supply of crude oil, easing market concerns about shortages. At the same time, the continuous tension in the Middle East and the dispatch of US naval forces have increased concerns about Iranian oil production [9]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for multiple energy and chemical products such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, rubber, synthetic rubber, European line container shipping, and p - xylene from 2022 to 2026 [11][12][13][15][17][19][20][21][22]. - **4.2 Main Contract Basis**: The report shows the basis charts of main contracts for multiple products including crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, 20 - number rubber, p - xylene, synthetic rubber, and bottle chips from 2022 to 2026 [23][24][27][28][29]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts for multiple products such as fuel oil, PTA, ethylene glycol, LLDPE, PP, and natural rubber from 2022 to 2026 [31][33][37][39][41][43]. - **4.4 Inter - variety Spreads**: The report presents the spread and ratio charts of inter - variety for multiple products such as crude oil internal and external markets, fuel oil high - and low - sulfur, fuel oil/asphalt, BU/SC, ethylene glycol - PTA, PP - LLDPE, and natural rubber - 20 - number rubber from 2022 to 2026 [46][48][49][53]. - **4.5 Production Profits**: The report shows the production profit, processing fee, and cash - flow charts for multiple products such as LLDPE, PP, PTA, and ethylene - made ethylene glycol from 2022 to 2026 [55][56]. 3.5 Research Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Deputy Director Zhong Meiyan, Energy and Chemical Research Director Du Bingqin, Natural Rubber/Polyester Analyst Di Yilin, and Methanol/Propylene/Pure Benzene PE/PP/PVC Analyst Peng Haibo, along with their educational backgrounds, honors, and work experiences [60][61][62][64].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - **Stock Index Futures**: The A - share market was in high - level oscillation yesterday. Wind All - A dropped 0.68% with a trading volume of 3.28 trillion yuan. The CSI 1000 Index fell 1.24%, the CSI 500 Index declined 0.97%, the SSE 50 Index rose 0.57%, and the SSE 300 Index increased 0.1%. Recent economic regulation policies provide fundamental support. The central bank cut the interest rate of structural monetary policy tools by 25BP last week, which helps guide funds into relevant sectors and push up valuations in the long - run. The adjustment of the minimum margin ratio for margin trading may increase risk - aversion sentiment. The market is in high - level oscillation with increased short - term volatility, and the risk of a significant index decline is low in the medium - to - long - term. The overall view is "oscillation" [1]. - **Treasury Bond Futures**: The 30 - year main contract rose 0.20%, while the 10 - year, 5 - year, and 2 - year main contracts fell 0.02%. The central bank conducted a 1505 - billion - yuan 7 - day reverse repurchase on January 26. After the central bank's structural interest - rate cut, fiscal policies continue to exert force. In the context of continuous introduction of growth - stabilizing policies, the bond market lacks the driving force for continuous strengthening, and the pattern of interest - rate range oscillation continues. The overall view is "relatively strong" [3]. 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - **Stock Index Futures**: On January 26, 2026, compared with January 23, IH rose 0.67% (20.4 points), IF increased 0.22% (10.2 points), IC dropped 2.17% ( - 188.2 points), and IM declined 2.67% ( - 227.4 points) [4]. - **Stock Indexes**: The SSE 50 rose 0.57% (17.4 points), the SSE 300 increased 0.10% (4.5 points), the CSI 500 fell 0.97% ( - 83.5 points), and the CSI 1000 declined 1.24% ( - 105.3 points) [4]. - **Treasury Bond Futures**: TS fell 0.03% ( - 0.026 points), TF dropped 0.03% ( - 0.03 points), T declined 0.01% ( - 0.015 points), and TL rose 0.19% (0.21 points) [4]. 3.2 Market News - The ChiNext Index fell more than 1%, the SSE Composite Index dropped 0.2%, and the SZSE Component Index declined 0.81%. Sectors such as semiconductor chips, commercial spaceflight, robotics, and AI applications led the decline. Nearly 4000 stocks in the Shanghai, Shenzhen, and Beijing stock markets fell [6]. - In 2025, domestic residents' travel trips reached 65.22 billion, an increase of 9.07 billion compared with the previous year, a year - on - year increase of 16.2%. Among them, urban residents' domestic travel trips were 49.96 billion, a year - on - year increase of 14.3%; rural residents' domestic travel trips were 15.26 billion, a year - on - year increase of 22.6% [6]. 3.3 Chart Analysis 3.3.1 Stock Index Futures - **Contract Trends**: Charts show the trends of IH, IF, IM, and IC main contracts from January 2025 to January 2026 [8]. - **Basis Trends**: Charts present the trends of the current - month basis of IH, IF, IC, and IM from January 2025 to January 2026 [9][11]. 3.3.2 Treasury Bond Futures - **Contract and Yield Trends**: Charts display the trends of treasury bond futures main contracts and treasury bond spot yields from January 2025 to January 2026 [15]. - **Basis, Spread, and Interest - rate Trends**: Charts show the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, cross - period spreads, cross - variety spreads, and capital interest - rates from January 2024 to January 2026 [16][19][23]. 3.3.3 Exchange Rates - **Exchange - rate Trends**: Charts illustrate the trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, forward exchange - rates of the US dollar and euro against the RMB, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen from January 2025 to January 2026 [25][26][29][30]. 3.4 Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute. His futures practice qualification number is F3060829, and his futures trading consultation qualification number is Z0015271 [32]. - Wang Dongying, an equity index analyst with a master's degree from Columbia University, mainly tracks stock index futures, is responsible for macro - fundamental quantification, key industry sector research, index financial report analysis, and market fund - flow tracking. His futures practice qualification number is F03087149, and his futures trading consultation qualification number is Z0019537 [32].