Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - On January 7, 2026, the lithium carbonate futures 2605 contract rose 4.54% to 142,300 yuan/ton, and spot prices of various lithium products also increased. The weekly output of lithium carbonate increased, but the January 2026 output is expected to decline. The output of downstream materials and batteries is mostly expected to decline, and the weekly social inventory of lithium carbonate decreased. Considering geopolitical, policy factors and inventory structure, the price of lithium carbonate is likely to rise rather than fall [3]. Summary by Relevant Catalogs Research Viewpoints - **Price Changes**: On January 7, 2026, the lithium carbonate futures 2605 contract rose 4.54% to 142,300 yuan/ton. The average price of battery - grade lithium carbonate increased by 6,000 yuan/ton to 133,500 yuan/ton, industrial - grade lithium carbonate by 5,750 yuan/ton to 130,000 yuan/ton, and battery - grade lithium hydroxide (coarse particles) by 6,500 yuan/ton to 124,000 yuan/ton. The warehouse receipt inventory increased by 2,039 tons to 25,180 tons [3]. - **Supply - side Situation**: The weekly output of lithium carbonate increased by 259 tons to 22,420 tons. In January 2026, the output is expected to decline 1.2% to 97,970 tons, with different trends in different production methods [3]. - **Demand - side Situation**: In January 2026, the output of ternary materials is expected to decline 4.43% to 78,180 tons, and the output of lithium iron phosphate is expected to decline 10.03% to 363,400 tons. The output of ternary power batteries is expected to decline 6.15% to 28.7 GWh, and iron - lithium power batteries is expected to decline 9.77% to 90.01 GWh, while iron - lithium energy storage batteries is expected to increase 0.99% to 63.15 GWh [3]. - **Inventory - side Situation**: The weekly social inventory of lithium carbonate decreased by 168 tons to 109,605 tons, with different changes in different links [3]. - **Price Outlook**: Due to geopolitical and policy factors, there are concerns about the actual supply of lithium resources. If the industrial pricing mechanism adjustment progresses smoothly, the production of cathode materials may need to be revised upwards, and price increases can be more smoothly transferred to downstream. Considering the inventory structure and long - term bullish trading logic, the price is likely to rise rather than fall [3]. Daily Data Monitoring - **Futures and Spot Prices**: The closing prices of the main and continuous contracts of lithium carbonate futures increased on January 7, 2026. The prices of various lithium ores, lithium salts, and related materials also showed different degrees of increase or decrease [5]. - **Price Spreads**: The price spreads between different lithium products also changed, such as the spread between battery - grade and industrial - grade lithium carbonate, and the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate [5]. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as lithium spodumene concentrate and lithium mica from 2024 to 2026 [6][7][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of lithium metal, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 to 2026 [12][13][14]. - **Price Spreads**: Charts present the price spreads between different lithium products from 2024 to 2026, including the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate [19][20]. - **Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2026 [25][26][27]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2026 [31][32][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from May 2025 to December 2025 [37][38][39]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2026 [42][43].

Group 1: Investment Ratings - The report gives a "Bullish" rating for urea, soda ash, and glass [1] Group 2: Core Views - For urea, on Wednesday, the spot market continued to strengthen with some mainstream regional prices rising by 10 yuan/ton. The daily output was 20.4 tons, remaining stable. Supply is expected to increase after mid - month. Demand chasing sentiment is cautious with a产销率 in the 10% - 30% range. The inventory increased slightly by 0.29%. The strong coal in the futures market supports the urea futures price. It is expected to run strongly in the short term, but the upside space is limited [1] - For soda ash, on Wednesday, the futures price rose significantly while the spot price was stable with some manufacturers willing to raise prices. The industry's maintenance is basically over with an 84.7% operating rate. Supply will increase. Demand sentiment improved with more active downstream purchasing, but the rigid demand is still not optimistic. The strong coal and macro - policy factors support the futures price. It is expected to be strong in the short term with increased volatility [1] - For glass, on Wednesday, both the futures and spot prices rose significantly. The daily melting volume is around 15.15 tons. The 产销率 in some regions reached 180% - 190%. The short - term spot trading supports price increases, but the rigid demand faces pressure as the Spring Festival approaches. The strong coal in the futures market drives the glass futures price. It is expected to be strong in the short term with a game between internal and external factors [1] Group 3: Market Information - Urea - On January 7, the urea futures warehouse receipts were 12,619, unchanged from the previous day, with 333 valid forecasts [4] - On January 7, the urea industry's daily output was 20.04 tons, a decrease of 0.1 tons from the previous day and an increase of 2.58 tons from the same period last year. The operating rate was 82.86%, a 4.89 - percentage - point increase from the same period last year [4] - On January 7, the small - particle urea spot prices in Shandong, Henan, Hebei, Anhui, and Jiangsu were 1750 yuan/ton (Shandong + 10, Hebei + 10, Anhui + 10, Jiangsu 1760 + 10), and in山西 it was 1620 yuan/ton (unchanged) [4] Group 4: Market Information - Soda Ash & Glass - On January 7, the soda ash futures warehouse receipts were 5276, an increase of 500 from the previous day, with 878 valid forecasts. The glass futures warehouse receipts were 1676, unchanged from the previous day [6] - On January 7, the soda ash spot prices varied by region. For example, in North China, the light soda ash was 1200 yuan/ton and the heavy soda ash was 1250 yuan/ton [6] - On January 7, the soda ash industry's operating rate was 84.7%, unchanged from the previous day. The average price of the float glass market was 1081 yuan/ton, a 5 - yuan increase from the previous day, and the daily output was 15.16 tons [7] Group 5: Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry. He has won many analyst awards [24] - Zhang Linglu is an analyst at Everbright Futures Research Institute, responsible for urea, soda ash, and glass research. She has won many honors in relevant fields [24] - Sun Chengzhen is an analyst at Everbright Futures Research Institute, mainly engaged in the research of cotton, cotton yarn, ferroalloys, etc. He has also won relevant awards [24]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Corn: The price of corn and starch futures rose in tandem on Wednesday. The spot market in the Northeast remained stable, while the price in the North China was generally stable with minor adjustments. The price in the sales area declined slightly. The short - term focus is on the price pressure around 2270, and the weekly indicators continue to have a bearish expectation [2]. - Soybean and Bean Meal: CBOT soybeans hit a one - week high on Wednesday. Domestic two - meal prices fluctuated higher with an increase of over 1%. The bean meal trading volume increased, and the inventory is expected to rise again. The range - bound thinking remains unchanged, waiting for the USDA supply - demand report next week [2]. - Palm Oil: BMD palm oil rose on Wednesday. The estimated production of Malaysian and Indonesian palm oil in the 25/26 year is provided. Domestic three major oil futures prices all rose, and an oil price range - bound thinking is adopted. Attention is paid to the USDA supply - demand report on January 13th and the visit of the Canadian president to China in mid - early January [2]. - Eggs: The main contract of eggs fluctuated strongly on Wednesday, with a slight daily increase. The spot price mostly rose, and the short - term spot price continued the slight rebound trend. It is necessary to pay attention to whether the main contract can break through the long - term moving average [2][3]. - Pigs: The live - hog futures fluctuated and adjusted on Wednesday. The national live - hog price mostly rose, with local declines. It is necessary to pay attention to whether the short - term pig price can continue to rebound. It is recommended to set a dynamic stop - profit in the short term and pay attention to the technical performance of the long - term moving average of the live - hog futures main contract [3]. 3. Summary by Relevant Catalogs 2. Market Information - Indonesia set the reference price of crude palm oil in January at $915.64 per ton, lower than that in December. The export tax will remain at $74 per ton, and a 10% special export tax is also levied [4]. - The estimated soybean production in Argentina in the 2025/26 year was lowered by 1% to 46 million tons, with an estimated range of 44.8 - 47.2 million tons. The current planting area is estimated to be 16.7 million hectares [4]. - According to the National Bureau of Statistics, from late December to mid - December 2025, among 50 important production materials, 18 product prices rose, 28 declined, and 4 remained flat. The price of live hogs (ternary) increased by 1.7% [4]. - According to SPPOMA data, from December 1 - 31, 2025, the yield per unit of Malaysian palm oil decreased by 7.39% month - on - month, the oil extraction rate decreased by 0.13%, and the production decreased by 8.07% [4]. - OPEC+ agreed to maintain stable oil production in Q1 2026. The organization had agreed to suspend production increases in January, February, and March last November. The next meeting will be held on February 1st [5]. 3. Variety Spreads - Charts of the basis of corn, corn starch, soybeans, bean meal, soybean oil, palm oil, eggs, and live hogs are presented [7][8][12][16]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - **Cotton**: On Wednesday, ICE U.S. cotton dropped 0.31% to 64.86 cents per pound, while the main contract of Zhengzhou cotton rose 1.83% to 15,035 yuan per ton, with the main contract positions increasing by 9,611 lots to 925,500 lots. Overseas macro disturbances are continuous, and the U.S. cotton futures price rose and then fell. The main contract of Zhengzhou cotton continued to increase positions and rise, but the increase rate slowed down, and it opened high and closed low at night. The recent warm market sentiment and strong expectations are the main driving factors, and there are still things to look forward to from the policy - making level. In the short - term, Zhengzhou cotton still has upward momentum, but there may be some differences at high levels. In the medium - to - long - term, there may still be some room for the cotton price to rise. Future concerns include the pre - Spring Festival restocking actions of downstream textile enterprises, macro - level news, and the new round of cotton target price subsidy policy details usually announced around April 10th [2]. - **White Sugar**: As of December 31, 2025, Yunnan Province had crushed 3.461 million tons of sugarcane (2.8135 million tons in the same period of the previous season), produced 392,300 tons of sugar (326,900 tons in the same period of the previous season), with a sugar production rate of 11.34% (11.62% in the same period of the previous season), and produced 129 tons of alcohol (96 tons in the same period of the previous season). The cumulative sales of new sugar in Yunnan were 281,400 tons (267,100 tons in the same period last year), with a sugar sales rate of 71.72% (81.70% in the same period last year). The single - month sugar sales were 249,100 tons (234,400 tons in the same period last year), and the industrial inventory was 110,900 tons (59,800 tons in the same period last year). The spot price of sugar rose, and the northern hemisphere's sugarcane crushing is progressing steadily with no new dominant factors. The domestic financial market and commodities have generally risen recently, and the sugar price has rebounded slightly, and it will still be affected by this sentiment in the short - term, showing a strong - side oscillation. There is no obvious change in the fundamentals recently, and the pre - Spring Festival stocking continues with fair transactions [2]. 3. Summary by Related Catalogs Research Views - **Cotton**: ICE U.S. cotton dropped 0.31% to 64.86 cents per pound, Zhengzhou cotton main contract rose 1.83% to 15,035 yuan per ton, positions increased by 9,611 lots to 925,500 lots. Market sentiment and policy expectations drive the price. Short - term upward momentum exists, but differences may occur at high levels. Medium - to - long - term upward space remains. Key concerns are downstream restocking, macro news, and subsidy policy details [2]. - **White Sugar**: Yunnan's sugar production and sales data are presented. Spot prices rose. The northern hemisphere's crushing is stable, and the domestic market sentiment boosts the sugar price. It will oscillate strongly in the short - term, and the pre - Spring Festival stocking continues [2]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread is 165 yuan, up 65 yuan; the main contract basis is 749 yuan, down 107 yuan. The Xinjiang spot price is 15,574 yuan, up 87 yuan; the national spot price is 15,784 yuan, up 73 yuan [3]. - **White Sugar**: The 1 - 5 contract spread is 27 yuan, up 7 yuan; the main contract basis is 89 yuan, down 12 yuan. The Nanning spot price is 5,350 yuan, up 10 yuan; the Liuzhou spot price is 5,370 yuan, up 10 yuan [3]. Market Information - **Cotton**: On January 7, the cotton futures warehouse receipt quantity was 7,049, an increase of 225 from the previous trading day, with 2,347 valid forecasts. The arrival prices of cotton in different regions are provided, and the yarn and short - fiber cloth load and inventory data are also given [4]. - **White Sugar**: On January 7, the white sugar spot price in Nanning was 5,350 yuan per ton, up 10 yuan; in Liuzhou, it was 5,370 yuan per ton, up 10 yuan. The white sugar futures warehouse receipt quantity was 6,005, unchanged from the previous trading day, with 4,563 valid forecasts [4][5]. Chart Analysis - Multiple charts are presented, including the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipt and valid forecast of cotton, as well as the closing price, basis, 1 - 5 spread, warehouse receipt and valid forecast of white sugar [7][9][11][13][15][16][18]. Research Team Personnel Introduction - **Zhang Xiaojin**: Resource - product research director of Everbright Futures Research Institute, focusing on the white sugar industry, with many honors [20]. - **Zhang Linglu**: Resource - product analyst of Everbright Futures Research Institute, responsible for futures varieties such as urea and soda - ash glass, with many awards [21]. - **Sun Chengzhen**: Resource - product analyst of Everbright Futures Research Institute, engaged in the fundamental research of cotton and other varieties, with many awards [22].

黑色商品日报 黑色商品日报（2026 年 1 月 8 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面大幅上涨，截止日盘螺纹 2605 合约收盘价格为 3187 元/吨，较上一交易收盘价格 | 震荡偏强 | | | 上涨 76 元/吨，涨幅为 2.44%，持仓增加 17.8 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | | | | 上涨 50 元/吨至 2980 元/吨，杭州市场中天螺纹价格上涨 60 元/吨至 3260 元/吨，全国建材成交量 12.53 | | | | 万吨。据钢谷网数据，本周全国建材产量回升 1.73 万吨至 357.93 万吨，社库下降 4.32 万吨至 454.8 万吨， | | | | 厂库增加 6.97 万吨至 300.45 万吨，建材表需回落 14.79 万吨至 355.28 万吨。建材产量继续小幅回升，库 | | | | 存由降转增，表需回落，数据表现偏中性。受供应端消息影响，昨日煤焦盘面价格出现涨停，铁矿石盘面 | | | | 也大幅上涨，对螺纹走势形成较强提振。从供需看螺纹矛盾不大 ...

Report Industry Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - **Stock Index Futures**: The A-share market fluctuated after a rise and fall yesterday. The style was divided, with sectors such as electronics and power equipment rising, and sectors such as petroleum and petrochemicals and non-bank finance correcting. The capital sentiment remained high. The A500ETF received significant subscriptions, and the net short positions of the Top5 member units in IF increased significantly recently. It is expected that the stock index will continue to fluctuate within the shock center formed since October. The spring rally may not be as strong as in previous years [1]. - **Treasury Bond Futures**: On Wednesday, treasury bond futures closed down. The central bank conducted reverse repurchase operations, resulting in a net withdrawal of funds. The reasonable and sufficient liquidity in the capital market is the biggest support for the bond market, but economic stability, rising inflation, and cautious interest rate cuts pose certain constraints. It is expected that the bond market will remain in a range-bound pattern in the short term [1][2]. Summary by Directory 1. Research Views - **Stock Index Futures**: The A-share market fluctuated after a rise and fall yesterday. The Wind All A index rose 0.19% with a trading volume of 2.88 trillion yuan. The CSI 1000 index rose 0.53%, the CSI 500 index rose 0.78%, the SSE 50 index fell 0.43%, and the SSE 300 index fell 0.29%. The A500ETF received significant subscriptions, and the net short positions of the Top5 member units in IF increased significantly recently. The stock index is expected to continue to fluctuate within the shock center formed since October. The spring rally may not be as strong as in previous years [1]. - **Treasury Bond Futures**: On Wednesday, treasury bond futures closed down. The 30-year main contract fell 0.44%, the 10-year main contract fell 0.08%, the 5-year main contract fell 0.06%, and the 2-year main contract fell 0.03%. The central bank conducted 286 billion yuan of 7-day reverse repurchase operations, resulting in a net withdrawal of funds. The reasonable and sufficient liquidity in the capital market is the biggest support for the bond market, but economic stability, rising inflation, and cautious interest rate cuts pose certain constraints. It is expected that the bond market will remain in a range-bound pattern in the short term [1][2]. 2. Daily Price Changes - **Stock Index Futures**: From December 31, 2025, to January 5, 2026, IH rose 2.44%, IF rose 2.11%, IC rose 3.17%, and IM rose 2.73%. The SSE 50 index rose 2.26%, the SSE 300 index rose 1.90%, the CSI 500 index rose 2.49%, and the CSI 1000 index rose 2.09% [3]. - **Treasury Bond Futures**: From December 31, 2025, to January 5, 2026, TS fell 0.04%, TF fell 0.055%, T remained unchanged, and TL remained unchanged [3]. 3. Market News - On January 7, the Chinese Foreign Ministry spokesperson Mao Ning stated that the US government's demand to obtain 50 million barrels of oil from Venezuela violates international law and infringes on Venezuela's sovereignty. China's legitimate rights and interests in Venezuela must be protected [4]. 4. Chart Analysis - **Stock Index Futures**: The report provides charts showing the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of IH, IF, IC, and IM [5][6][7]. - **Treasury Bond Futures**: The report provides charts showing the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [12][13][14]. - **Exchange Rates**: The report provides charts showing the central parity rates of the US dollar and euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [21][22][23].

Index Trends - On January 7th, the Shanghai Composite Index rose 0.05% to close at 4085.77 points, with a trading volume of 1197.423 billion yuan; the Shenzhen Component Index rose 0.06% to close at 14030.56 points, with a trading volume of 1656.718 billion yuan [1] - The CSI 1000 Index rose 0.53% with a trading volume of 617.917 billion yuan; the CSI 500 Index rose 0.78% with a trading volume of 582.741 billion yuan; the SSE 50 Index fell 0.43% with a trading volume of 169.307 billion yuan; the SSE 300 Index fell 0.29% with a trading volume of 664.898 billion yuan [1] Impact of Sector Movements on Indexes - The CSI 1000 rose 41.52 points compared to the previous close, with electronics, power equipment, and pharmaceuticals significantly pulling the index up, while the computer sector pulled it down [3] - The CSI 500 rose 60.94 points, with electronics, power equipment, and non - ferrous metals significantly pulling the index up [3] - The SSE 300 fell 14.02 points, with the communication sector pulling the index up and computer, bank, and non - bank finance sectors pulling it down [3] - The SSE 50 fell 13.64 points, with electronics and pharmaceuticals pulling the index up and petroleum & petrochemicals, non - bank finance, and banks pulling it down [3] Futures Basis and Annualized Opening Costs - For the CSI 1000 futures, IM00 had an average daily basis of - 14.37, IM01 of - 79.08, IM02 of - 138.58, and IM03 of - 363.84 [12] - For the CSI 500 futures, IC00 had an average daily basis of 1.57, IC01 of - 35.97, IC02 of - 62.9, and IC03 of - 236.62 [12] - For the SSE 300 futures, IF00 had an average daily basis of - 0.44, IF01 of - 11.71, IF02 of - 18.75, and IF03 of - 63.84 [12] - For the SSE 50 futures, IH00 had an average daily basis of - 1.17, IH01 of - 1.86, IH02 of - 1.01, and IH03 of - 10.37 [12]

Report Industry Investment Rating - Not mentioned in the report. Core Viewpoints - The report analyzes multiple energy and chemical commodities, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC, and concludes that most of these commodities are expected to be volatile in the short - term [1][2]. Summary by Relevant Catalogs Research Views - **Crude Oil**: On Wednesday, international oil prices fell. The WTI 2 - month contract closed down $1.14 to $55.99 per barrel, a 2.00% decline; the Brent 3 - month contract closed down $0.74 to $59.96 per barrel, a 1.22% decline; SC2602 closed at 415.5 yuan per barrel, down 9.3 yuan per barrel, a 2.19% decline. The US - Venezuela oil import agreement may increase supply, and the trade flow may shift from the East to the West. Shipping is also affected, and short - term oil prices face pressure [1]. - **Fuel Oil**: On Wednesday, the main contracts of high - and low - sulfur fuel oil on the SHFE declined. Singapore's fuel oil supply is expected to be abundant in January, while the demand for high - sulfur fuel oil remains strong, and the demand for low - sulfur fuel oil is weak. The prices of high - and low - sulfur fuel oil are expected to follow the oil price fluctuations, and the domestic market may face additional pressure due to the increase in FU warehouse receipts [2]. - **Asphalt**: On Wednesday, the main asphalt contract on the SHFE declined slightly. The inventory level of domestic refineries decreased, the social inventory increased, and the operating rate decreased. The arrival of diluted asphalt at ports is stable in the short - term, but future raw material supply is uncertain. The release of winter storage contracts by major refineries provides some support, and the asphalt price is expected to be stable and slightly stronger [2]. - **Polyester**: TA605 closed flat, EG2605 closed up 1.07%, and PX futures closed down 0.68%. The sales of polyester yarn in Jiangsu and Zhejiang are weak. A PX device in the Middle East will be shut down for maintenance. The decline in crude oil prices and the game between reality and expectation in the PX market may lead to a decline in PX/TA. The supply of ethylene glycol is slightly reduced, and the price is expected to be volatile [4]. - **Rubber**: On Wednesday, the main contracts of natural rubber, 20 - number rubber, and butadiene rubber on the SHFE rose. The precipitation in the producing areas has eased, the raw material price is supported, the downstream tire demand is weak, and the policy is awaited. With minor fundamental contradictions and an improved macro - environment, the rubber price is expected to be volatile [4]. - **Methanol**: On Wednesday, the spot price of methanol in Taicang was 2273 yuan per ton. The domestic production in January is expected to increase slightly, and the import volume will decline. The demand for olefins has certain support. The decline in Iranian shipments will support the price, while the compressed MTO device profit may form a negative feedback. Methanol is expected to maintain a relatively strong volatile trend [6]. - **Polyolefins**: On Wednesday, the price of polyolefins was reported. In January, the supply is expected to decrease slightly due to some temporary shutdowns and no new capacity. The demand is expected to recover in the first half of January and weaken in the second half. The polyolefin price is expected to oscillate at the bottom [6]. - **PVC**: On Wednesday, the PVC market prices in East, North, and South China increased. The supply remains high, the domestic demand slows down, and the 05 contract is at a large premium. The PVC price is expected to maintain a bottom - oscillating trend [8]. Daily Data Monitoring - The report provides the basis data of multiple energy and chemical products on January 8, 2026, including spot price, futures price, basis, basis rate, price changes, and the quantile of the latest basis rate in historical data [9]. Market News - US President Trump announced that the US has reached an agreement to import up to $2 billion worth of Venezuelan crude oil, which is expected to increase the US crude oil supply and cause the international oil price to fall on Wednesday [11]. Chart Analysis - **Main Contract Price**: The report presents the closing price trends of main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc [13][15][17]. - **Main Contract Basis**: It shows the basis trends of main contracts of multiple energy and chemical products from 2022 to 2026, such as crude oil, fuel oil, asphalt, ethylene glycol, etc [30][34][35]. - **Inter - period Contract Spread**: The report displays the spread trends of different contracts of multiple energy and chemical products, including fuel oil, asphalt, PTA, ethylene glycol, etc [42][44][47]. - **Inter - variety Spread**: It presents the spread and ratio trends between different varieties, such as crude oil internal - external spread, fuel oil high - low sulfur spread, fuel oil/asphalt ratio, etc [58][60][62]. - **Production Profit**: The report shows the production profit trends of some products, including LLDPE, PP, PTA, and the cash flow of ethylene - made ethylene glycol [68][70][71]. Team Member Introduction - The report introduces the members of the energy and chemical research team, including Deputy Director Zhong Meiyan, Research Director Du Bingqin, Analyst Di Yilin, and Analyst Peng Haibo, and their educational backgrounds, honors, and work experiences [73][74][75]. Contact Information - The company's address is on the 6th floor, Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [78].

Group 1: Index Trends - On January 6th, the Shanghai Composite Index rose 1.5% to close at 4083.67 points with a trading volume of 1175.769 billion yuan; the Shenzhen Component Index rose 1.4% to close at 14022.55 points with a trading volume of 1630.739 billion yuan [1] - The CSI 1000 Index rose 1.43% with a trading volume of 580.815 billion yuan, opening at 7756.16, closing at 7864.9, with a daily high of 7864.9 and a low of 7755.07 [1] - The CSI 500 Index rose 2.13% with a trading volume of 571.675 billion yuan, opening at 7663.94, closing at 7814.14, with a daily high of 7814.65 and a low of 7663.66 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan, opening at 3106.52, closing at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan; it opened at 3106.52, closed at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 111.02 points from the previous close, with sectors such as electronics, power equipment, and computer significantly driving the index up [2] - The CSI 500 rose 162.94 points from the previous close, with sectors such as electronics, non - ferrous metals, and national defense and military industry significantly driving the index up [2] - The SSE 300 rose 72.94 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] - The SSE 50 rose 59.01 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was - 3.62, IM01 was - 59.76, IM02 was - 111.71, and IM03 was - 334.86 [13] - For IC contracts, the average daily basis for IC00 was 7.39, IC01 was - 25.74, IC02 was - 47.13, and IC03 was - 215.14 [13] - For IF contracts, the average daily basis for IF00 was 2.31, IF01 was - 7.94, IF02 was - 11.17, and IF03 was - 55.76 [13] - For IH contracts, the average daily basis for IH00 was 0.34, IH01 was - 0.55, IH02 was 1.4, and IH03 was - 8.09 [13]

Report Overview - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Date: January 7, 2026 - Report Type: Daily monitoring report on iron ore basis and spreads 1. Contract Spreads - **Price Changes**: I05 closed at 801.0 yuan/ton, up 4.0 yuan from the previous day; I09 closed at 780.0 yuan/ton, up 5.0 yuan; I01 closed at 826.0 yuan/ton, up 11.5 yuan [3]. - **Spread Changes**: The spread of I05 - I09 was 21.0 yuan/ton, down 1.0 yuan; I09 - I01 was -46.0 yuan/ton, down 6.5 yuan; I01 - I05 was 25.0 yuan/ton, up 7.5 yuan [3]. 2. Basis 2.1 Basis Data - **Price and Basis Changes**: For various iron ore varieties such as Carajás fines (卡粉), BRBF, Newman fines, etc., prices and basis values changed. For example, Carajás fines' price increased by 6.0 yuan to 901 yuan, and its basis increased by 3 to 60 [5]. 2.2 Basis Charts - **Chart Information**: There are multiple charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores over time from April 2025 to December 2025 [7][8][9]. 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: For example, the spread of PB lump - PB fines was 70.0 yuan/ton, up 1.0 yuan; PB fines - mixed fines was 63.0 yuan/ton, down 1.0 yuan [12]. 3.2 and 3.3 Variety Spread Charts - **Chart Information**: There are numerous charts presenting different variety spreads such as lump - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc., with data from relevant sources [15][16][18]. 4. Contract and Rule Adjustments - **New Deliverable Varieties**: Four new deliverable varieties (本钢精粉, IOC6, KUMBA, Ukrainian concentrate) were added to the I2202 contract with a brand premium of 0 [10]. - **Brand Premium Adjustment**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 for new rules [10]. - **Quality Difference and Premium Adjustment**: The allowable range of iron grade and other element indicators was adjusted, and a dynamic adjustment mechanism for iron element premium (X) was introduced [10]. - **New Deliverable Brands**: Four new deliverable brands (太钢精粉, 马钢精粉, 五矿标准粉, SP10粉) were added with a brand premium of 0 for I2312 and subsequent contracts [10]. 5. Research Team - **Team Members**: The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications [22].