1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Polyolefins - Polyolefin prices are strong due to capital rotation to the chemical sector and geopolitical tensions. The static fundamentals show a decline in both supply and demand, and inventory is being depleted. The upstream inventory is low, and producers are reluctant to lower prices. However, agents are selling at a loss, the basis has weakened significantly, and hedgers have no risk - free positions. For PP, the supply pressure is relieved due to many maintenance activities, and the PDH profit is still low, with a strong drive for production cuts. For PE, the pressure on standard products increases as India switches to LLD production, and the downstream demand enters the off - season, leading to a decline in downstream operating rates [1]. Pure Benzene and Styrene - The supply - demand situation of pure benzene has marginally improved, but the port inventory has increased unexpectedly, and the absolute level is still high. It is driven by oil prices and downstream styrene. With the increase in pure benzene and PX prices, the disproportionation profit has improved, and some units are expected to restart. The import of pure benzene is expected to increase. Overall, the supply - demand outlook is positive, but the driving force is limited, and it follows the fluctuations of raw materials and downstream styrene. For styrene, the short - term trend is strong due to limited market supply, strong oil prices, and capital inflows. However, the supply - demand outlook is weakening, and the port inventory has increased slightly. It is recommended to wait and see and shrink the EB - BZ spread when it is high [2]. Methanol - Methanol prices are rising, and the basis is weakening. The market is in a situation of weak supply and demand. The inland area maintains high production, and the inventory is slightly depleted. The port inventory is slightly decreasing, but the MTO demand is weak, which suppresses the price rebound. The key variables are the reduction rhythm of imported methanol from Iran and the risk premium caused by geopolitical factors [4]. LPG - The LPG price is rising. The refinery storage ratio has increased, and the port inventory has decreased slightly. The upstream operating rate has increased, while the downstream PDH operating rate has decreased significantly [6]. PVC and Caustic Soda - The caustic soda futures are oscillating weakly. The supply - demand imbalance persists, with high operating loads and high inventory. It is expected to oscillate weakly, and attention should be paid to the procurement volume of major downstream industries and the price fluctuations of liquid caustic soda. The PVC futures are oscillating weakly. The supply - demand situation has not improved, with high production and weak demand. The price is suppressed by the weak supply - demand situation but supported by costs. It is expected to oscillate widely in the range of 4820 - 5000 [8]. Urea - The urea futures are strengthening, and the spot price is firm. The supply is sufficient, and the industrial demand is general, while the agricultural demand is warming up. The pre - holiday order receiving is expected to be smooth. It is expected that the urea market will fluctuate slightly before the Spring Festival, and the main contract is expected to be in the range of 1760 - 1820 [9]. Natural Rubber - The supply of natural rubber is shrinking, and the cost support is strengthening. The demand is weakening as some enterprises are arranging holidays. The inventory in Qingdao is decreasing. The rubber price is expected to oscillate strongly in the short term, and long positions should be held [10]. Glass and Soda Ash - The soda ash futures are oscillating widely. The supply is strong, and the demand is weak. The inventory in the factory has increased slightly, and the social inventory has decreased. The price is mainly driven by market sentiment. The glass futures are also oscillating widely. The supply - demand situation is weak, and the price is supported by the cancellation of the "Three Red Lines" policy in the real estate market but is still affected by weak demand [13]. Polyester Industry Chain - For PX, the supply - demand situation in the first quarter is weaker than expected, but the price has strong support in the second quarter. It is expected to oscillate at a high level in the short term. For PTA, the supply - demand situation is weakening, and it is expected to oscillate at a high level. For ethylene glycol, the supply - demand situation is weak in the near term and strong in the long term. For short - fiber, the supply - demand situation is weak, and the price is expected to follow the raw materials. For polyester bottle - chips, the supply is expected to decrease, and the price and processing fee are expected to follow the cost [14]. Crude Oil - International oil prices are rising. Geopolitical factors, such as the tense situation in Iran and the US military deployment, and other factors like the US winter storm and the slow recovery of the Kazakh oil field, support the oil price in the short term. However, the overall supply - demand situation is weak, and there is pressure above $70 per barrel for Brent crude [15]. 3. Summary According to Relevant Catalogs Polyolefins - **Futures Prices**: L2605, L2609, PP2605, and PP2609 all increased on January 29 compared to January 28, with increases of 1.18%, 1.27%, 1.36%, and 1.29% respectively [1]. - **Price Spreads**: The L59 spread decreased by 14.58%, the PP59 spread increased by 11.11%, and the LP05 spread decreased by 5.29% [1]. - **Spot Prices**: The spot prices of East China PP拉丝 and North China LDPE increased by 1.36% and 1.03% respectively [1]. - **Operating Rates**: The PE device operating rate increased by 0.81%, while the PE downstream weighted operating rate decreased by 4.48%. The PP device operating rate decreased by 1.64%, and the PP powder operating rate decreased by 2.65% [1]. - **Inventory**: The PE enterprise inventory decreased by 3.58%, and the PE social inventory decreased by 1.42%. The PP enterprise inventory increased by 0.44%, and the PP trader inventory increased by 0.77% [1]. Pure Benzene and Styrene - **Upstream Prices**: Brent crude oil (March) increased by 3.4%, WTI crude oil (March) increased by 3.5%, and CFR Japan naphtha increased by 1.9% [2]. - **Benzene - Related Prices**: The pure benzene - naphtha spread increased by 3.9%, and the ethylene - naphtha spread decreased by 9.6% [2]. - **Styrene - Related Prices**: The styrene East China spot price increased by 1.0%, and the EB03 - EB04 spread decreased by 24.3% [2]. - **Downstream Cash Flows**: The cash flows of phenol, caprolactam, aniline, EPS, PS, and ABS all changed to varying degrees [2]. - **Inventory**: The pure benzene Jiangsu port inventory increased by 2.7%, and the styrene Jiangsu port inventory increased by 7.6% [2]. - **Operating Rates**: The Asian pure benzene operating rate remained unchanged, while the domestic pure benzene, hydrogenated benzene, and styrene operating rates decreased [2]. Methanol - **Futures Prices**: MA2605 and MA2609 increased by 0.56% and 0.68% respectively [4]. - **Price Spreads**: The MA59 spread decreased by 14.29%, and the MTO05盘面 increased by 14.57% [4]. - **Spot Prices**: The spot prices of Inner Mongolia North Line, Henan Luoyang, and Port Taicang changed slightly [4]. - **Inventory**: The methanol enterprise inventory decreased by 3.12%, the methanol port inventory increased by 1.00%, and the methanol social inventory increased by 0.05% [4]. - **Operating Rates**: The upstream domestic enterprise operating rate increased by 0.19%, and the upstream overseas enterprise operating rate increased by 2.30%. The downstream MTO device operating rate decreased by 0.35%, and the downstream formaldehyde operating rate decreased by 1.13% [4]. LPG - **Futures Prices**: PG2603, PG2604, and PG2605 increased by 1.45%, 1.51%, and 1.61% respectively [6]. - **Price Spreads**: The PG03 - 04 spread decreased by 2.50%, and the PG03 - 05 spread decreased by 5.68% [6]. - **Spot Prices**: The South China spot (civil gas) and deliverable spot prices remained unchanged [6]. - **Inventory**: The LPG refinery storage ratio increased by 5.23%, and the LPG port inventory decreased by 1.53% [6]. - **Operating Rates**: The upstream main refinery operating rate increased by 1.99%, and the downstream PDH operating rate decreased by 14.81% [6]. PVC and Caustic Soda - **Futures and Spot Prices**: The prices of caustic soda and PVC futures and spot prices changed slightly on January 29 compared to January 28 [8]. - **Export Profits**: The caustic soda export profit increased by 0.6%, and the PVC export profit decreased by 577.7% [8]. - **Operating Rates**: The caustic soda industry operating rate increased by 1.9%, and the PVC total operating rate decreased by 1.4% [8]. - **Inventory**: The liquid caustic soda East China factory inventory increased by 5.5%, and the PVC total social inventory increased by 2.7% [8]. Urea - **Futures Prices**: The urea futures prices increased on January 29 [9]. - **Spot Prices**: The spot prices of urea in different regions increased slightly [9]. - **Supply and Demand**: The domestic urea daily production increased by 4.28%, and the urea production enterprise order days increased by 12.07% [9]. Natural Rubber - **Spot Prices**: The price of Yunnan state - owned whole latex increased by 2.19%, and the whole latex basis increased by 4.88% [10]. - **Price Spreads**: The 9 - 1 spread increased by 12.50%, and the 1 - 5 spread decreased by 19.53% [10]. - **Fundamental Data**: The production of natural rubber in Thailand, Indonesia, and India in December increased, while the production in China decreased. The operating rates of semi - steel and all - steel tires changed slightly [10]. - **Inventory**: The bonded area inventory decreased by 0.07%, and the natural rubber factory - warehouse futures inventory decreased by 2.49% [10]. Glass and Soda Ash - **Prices**: The prices of glass and soda ash futures and spot prices increased slightly on January 30 [13]. - **Supply**: The soda ash operating rate decreased by 2.58%, and the soda ash weekly production increased by 1.48%. The float glass daily melting volume decreased by 0.20%, and the photovoltaic glass daily melting volume decreased by 0.29% [13]. - **Inventory**: The glass inventory decreased by 1.22%, and the soda ash factory inventory increased by 1.51% [13]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil, WTI crude oil, and CFR Japan naphtha prices increased [14]. - **Downstream Product Prices**: The prices of POY, FDY, DTY, and other polyester products changed slightly [14]. - **PX - Related**: The CFR China PX price decreased by 0.3%, and the PX - naphtha spread decreased by 4.1% [14]. - **PTA - Related**: The PTA East China spot price increased by 0.2%, and the PTA operating rate decreased by 0.3% [14]. - **MEG - Related**: The MEG East China spot price decreased by 0.2%, and the MEG port inventory increased by 7.9% [14]. Crude Oil - **Prices**: Brent crude oil increased by 3.38%, WTI crude oil increased by 3.50%, and SC crude oil increased by 2.48% [15]. - **Price Spreads**: The Brent M1 - M3 spread increased by 10.24%, and the WTI M1 - M3 spread increased by 32.26% [15]. - **Refined Oil Prices**: NYM RBOB increased by 1.46%, and NYM ULSD decreased by 3.03% [15]. - **Refined Oil Crack Spreads**: The US gasoline crack spread increased by 6.50%, and the US diesel crack spread decreased by 7.82% [15].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The spot market is currently showing strong performance, with prices continuing to rise in Jiangsu due to low inventory and shortages of some specifications. As the Spring Festival approaches, the trading activity in the spot market is expected to gradually decline. The 03 contract has relatively low inventory pressure due to low inventory levels and expected decreases in future shipments. However, the weak demand limits the upside potential. Recently, the valuation of the log futures has been slightly repaired, and it is recommended to adopt a wait - and - see approach at the current price [2] 3. Summary by Related Catalogs 3.1 Futures and Spot Prices - Futures prices of different log contracts (LG2601, LG2603, LG2605, LG2607) all increased on January 29 compared to January 28, with increases ranging from 0.25% to 1.23%. The basis of the main contract decreased by 9.5. Among spot prices, the price of 4A medium - sized radiata pine in Taicang Port increased by 1.30%, while most other spot prices remained unchanged [1] 3.2 Import Cost - The RMB - US dollar exchange rate was 6.944 on January 30, with a minimal change from the previous day. The import theoretical cost was 752.37 yuan, up 0.29 yuan from the previous day, with a negligible increase [1] 3.3 Supply - In December, the port reverse - transport volume was 204.0 million cubic meters, a 7.82% increase from November. The number of ships from New Zealand to China, Japan, and South Korea increased by 12.24% [1] 3.4 Inventory - As of January 23, the total inventory of domestic softwood logs was 249 million cubic meters, a 3.11% decrease from the previous week. Inventory in Shandong and Jiangsu also decreased, with Jiangsu experiencing a significant 19.75% decline [1][2] 3.5 Demand - As of January 23, the daily average log出库 volume was 6.18 million cubic meters, a slight increase of 0.02 million cubic meters from the previous week. The daily average log出库 volume in Shandong increased by 11%, while that in Jiangsu decreased by 15% [1][2] 3.6 Forecast of Arrival - From January 26 to February 1, 2026, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 7, a 13% decrease from the previous week. The total arrival volume was about 21.9 million cubic meters, an 11% decrease from the previous week [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term news and capital sentiment have a significant impact on the volatility risk of precious metals. Gold long positions should take profit on rallies, and one can buy at dips for at - the - money options. [1] - Silver price volatility remains high, institutional ETFs continue to reduce positions and stay on the sidelines. It is recommended to pay attention to risk control measures of exchanges and maintain the idea of buying on dips with light positions. [1] - The easing of the supply tightness in the London palladium spot market may limit its upside space, so short - term observation is advisable. [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Price - The AU2604 contract closed at 1249.12 on January 29, up 62.92 (5.30%) from January 28. [1] - The AG2604 contract closed at 30891 on January 29, up 1672 (5.72%) from January 28. [1] - The PT2606 contract closed at 714.10 on January 29, up 19.30 (2.78%) from January 28. [1] - The PD2606 contract closed at 526.60 on January 29, up 22.60 (4.48%) from January 28. [1] Foreign Futures Closing Price - The COMEX gold主力 contract closed at 5410.80 on January 29, down 0.20 (0.00%) from January 28. [1] - The COMEX silver主力 contract closed at 115.79 on January 29, down 0.84 (-0.72%) from January 28. [1] - The NYMEX platinum主力 contract closed at 2636.90 on January 29, down 68.20 (-2.52%) from January 28. [1] - The NYMEX palladium主力 contract closed at 2035.00 on January 29, down 60.50 (-2.89%) from January 28. [1] Spot Price - London gold was at 5377.16, down 36.65 (-0.68%) from the previous value. [1] - London silver was at 115.87, down 0.74 (-0.63%) from the previous value. [1] - Spot palladium was at 2792.00, up 121.00 (4.53%) from the previous value. [1] - Another spot palladium was at 2106.00, up 92.00 (4.57%) from the previous value. [1] - Shanghai Gold Exchange's gold T + D was at 1243.40, up 20.36 (5.01%) from the previous value. [1] - Shanghai Gold Exchange's silver T + D was at 29998, up 688 (2.35%) from the previous value. [1] - Shanghai Gold Exchange's platinum 9995 was at 704, up 33 (4.99%) from the previous value. [1] Basis - The basis of gold TD - Shanghai gold主力 was - 5.72, down 3.56 from the previous value, with a 1 - year historical quantile of 46.10%. [1] - The basis of silver TD - Shanghai silver主力 was - 893, down 984 from the previous value, with a 1 - year historical quantile of 60.60%. [1] - Another basis was 5.08, up 6.87 from the previous value, with a 1 - year historical quantile of 99.60%. [1] - The basis of London gold - COMEX gold was not provided, and the basis of London silver - COMEX silver was - 0.02, down 0.10 from the previous value, with a 1 - year historical quantile of 69.00%. [1] Price Ratio - COMEX gold/silver was 46.73, up 0.33 (0.72%) from the previous value. [1] - Shanghai Futures Exchange's gold/silver was 40.44, down 0.16 (-0.40%) from the previous value. [1] - NYMEX platinum/palladium was 1.30, up 0.00 (0.38%) from the previous value. [1] - Guangzhou Futures Exchange's platinum/palladium was 1.36, down 0.02 (-1.63%) from the previous value. [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.24, down 0.02 (-0.5%) from the previous value. [1] - The 2 - year US Treasury yield was 3.53, down 0.03 (-0.8%) from the previous value. [1] - The 10 - year TIPS Treasury yield was 1.89, down 0.01 (-0.5%) from the previous value. [1] - The US dollar index was 96.16, down 0.19 (-0.19%) from the previous value. [1] - The offshore RMB exchange rate was 6.9482, up 0.0049 (0.07%) from the previous value. [1] Inventory and Position - The Shanghai Futures Exchange's gold inventory was 103029, unchanged (0.00%) from the previous value. [1] - The Shanghai Futures Exchange's silver inventory was 482008, down 26360 (-5.19%) from the previous value. [1] - The COMEX gold inventory was 35877200, unchanged (0.00%) from the previous value. [1] - The COMEX silver inventory was 408253340, down 3431295 (-0.83%) from the previous value. [1] - The COMEX gold registered warehouse receipts were 18785246, down 47826 (-0.25%) from the previous value. [1] - The COMEX silver registered warehouse receipts were 108157437, up 482886 (0.45%) from the previous value. [1] - The SPDR gold ETF position was 1087, down 3.43 (-0.31%) from the previous value. [1] - The SLV silver ETF position was 15523, down 112.76 (-0.72%) from the previous value. [1]

Group 1: Investment Ratings - No investment ratings are provided in the reports. Group 2: Core Views Oil and Fat - Malaysian BMD crude palm oil futures may rise to around 4,350 ringgit. Dalian palm oil futures may break through 9,400 yuan and reach 9,500 yuan. CBOT soybean oil futures may continue to rise, and domestic soybean oil futures may reach 8,500 yuan. Rapeseed oil may test 9,500 yuan [1]. Cotton - ICE cotton futures are under pressure, but the decline is limited. Domestic cotton prices are expected to remain oscillating and slightly stronger in the short term [2]. Sugar - ICE raw sugar futures are in a consolidation pattern. International sugar production is affected by factors such as reduced production in Brazil and slow progress in Thailand. Domestic sugar prices are expected to rebound from the low level [3]. Jujube - The current jujube sales are slower than last year. The commodity market sentiment has boosted the futures price, but it is still undervalued. Attention should be paid to the pre - Spring Festival sales and inventory [4]. Apple - The Spring Festival stocking is in full swing, and the inventory in main producing areas has decreased. The sales structure is differentiated. Attention should be paid to the post - holiday inventory [5]. Corn - The corn market has support at the bottom and pressure at the top, and the futures price will maintain a high - level oscillation. Attention should be paid to the enterprise stocking rhythm and policy release [8]. Pig - The spot price of pigs is oscillating weakly, and the supply pressure is increasing. The futures and spot prices are both weak, and the market is expected to remain at the bottom and oscillate [11]. Meal - US soybeans have strong support at the bottom. The domestic spot market is loose, but the downside space of soybean meal and rapeseed meal is limited. The pre - holiday stocking sentiment may fade, and the futures price may decline [14]. Egg - The egg supply is normal, but the market digestion is slowing down. The futures price is expected to maintain a range - bound oscillation [17]. Group 3: Summary by Category Oil and Fat - **Soybean oil**: The spot price in Jiangsu rose by 0.57% to 8,790 yuan, and the futures price of Y2605 rose by 0.67% to 8,382 yuan. The basis decreased by 20 yuan [1]. - **Palm oil**: The spot price in Guangdong rose by 1.19% to 9,370 yuan, and the futures price of P2605 rose by 0.99% to 9,362 yuan. The basis increased by 18 yuan [1]. - **Rapeseed oil**: The spot price in Jiangsu rose by 1.07% to 10,386 yuan, and the futures price of OI605 rose by 1.24% to 9,446 yuan. The basis decreased by 6 yuan [1]. Cotton - **Futures market**: The price of cotton 2605 decreased by 0.20% to 14,910 yuan/ton, and the price of ICE US cotton decreased by 0.22% to 63.64 cents/pound [2]. - **Spot market**: The Xinjiang arrival price of 3128B increased by 1.37% to 15,832 yuan [2]. - **Industry situation**: Commercial inventory decreased by 100%, and industrial inventory increased by 1.5%. Import volume increased by 49.5%, and the export of textile products increased [2]. Sugar - **Futures market**: The price of sugar 2605 increased by 1.35% to 5,257 yuan/ton, and the price of ICE raw sugar decreased by 0.74% to 14.72 cents/pound [3]. - **Spot market**: The price in Nanning increased by 0.75% to 5,340 yuan [3]. - **Industry situation**: National sugar production decreased by 16.43%, and sales decreased by 37.18%. The industrial inventory increased by 10.82% [3]. Jujube - The futures price of jujube 2605 increased by 0.74% to 8,895 yuan/ton. The warehouse receipt increased by 3,313 [4]. Apple - The futures price of apple 2605 increased by 1.15% to 9,642 yuan/ton. The national main - producing area inventory decreased by 4.21% to 654.05 million tons [5]. Corn - **Corn**: The price of corn 2603 increased by 0.31% to 2,281 yuan/ton. The north - south trade profit increased by 2000% to 19 yuan [8]. - **Corn starch**: The price of corn starch 2603 increased by 0.20% to 2,535 yuan/ton [8]. Pig - **Futures market**: The price of the main contract decreased by 21.01% to 1,485 yuan (base). The price of pig 2605 decreased by 0.47% to 11,640 yuan/ton [11]. - **Spot market**: The price in Henan decreased by 500 yuan to 12,650 yuan/ton [11]. - **Industry situation**: The sample slaughter volume decreased by 1.54%, and the self - breeding profit increased by 486.60% [11]. Meal - **Soybean meal**: The spot price in Jiangsu increased by 0.32% to 3,130 yuan, and the futures price of M2605 increased by 0.72% to 2,802 yuan [14]. - **Rapeseed meal**: The spot price in Jiangsu increased by 0.78% to 2,580 yuan, and the futures price of RM2605 increased by 1.22% to 2,325 yuan [14]. - **Soybean**: The price of the first - grade soybean futures increased by 1.39% to 4,436 yuan, and the price of the second - grade soybean futures increased by 0.70% to 3,596 yuan [14]. Egg - The price of the egg 03 contract decreased by 0.89% to 3,021 yuan/500KG. The egg - feed ratio increased by 8.81% to 2.84, and the breeding profit increased by 129.87% to 3.19 yuan/feather [17].

1. Report Industry Investment Rating No relevant information is provided in the report. 2. Report's Core Viewpoints - **Tin**: Short - term prices are volatile due to market sentiment, and caution is advised. In the medium - to - long - term, maintain a low - buying strategy for tin prices considering supply - side low elasticity and the long - term narrative of the AI arms race [2]. - **Copper**: In the short - term, pay attention to the CL premium trend. In the medium - to - long - term, the price bottom center is expected to rise gradually, but be aware of price volatility risks [3]. - **Zinc**: The price has support from the tight domestic zinc ore supply, and there is room for restocking as demand recovers. The short - term price downside is limited, and focus on changes in zinc ore TC and refined zinc inventory [5]. - **Industrial Silicon**: Expect the price to fluctuate, and pay attention to the decline in industrial silicon production and the production reduction process of enterprises. The price range is expected to be between 8200 - 9200 yuan/ton [7]. - **Polysilicon**: In February, there is still pressure to reduce production. The price is under pressure and may be supported at 48000 yuan/ton and 45000 yuan/ton. Temporarily wait and see, and focus on the production reduction situation and downstream demand recovery [8]. - **Aluminum Oxide**: The futures price is driven by sentiment, but the high inventory in the spot market suppresses the price. It is expected to fluctuate widely around the cash cost line [9]. - **Aluminum**: In the long - term, the price is likely to be strong, but in the short - term, there is a risk of a high - level correction. Long - term investors can buy on dips [9]. - **Aluminum Alloy**: The price is expected to fluctuate in a high - level range. Focus on the actual flow of scrap aluminum, import window changes, and downstream pre - holiday inventory preparation [11]. - **Nickel**: The short - term price is expected to fluctuate strongly. The main reference range is 145000 - 155000 yuan/ton [12]. - **Stainless Steel**: In the short - term, it is expected to adjust with a strong - side fluctuation. The main reference range is 14200 - 15200 yuan/ton. Pay attention to the news from the ore end and steel mill dynamics [14]. - **Lithium Carbonate**: The short - term price may decline and adjust. The main reference range is 155000 - 170000 yuan/ton. Pay attention to the production reduction and inventory changes [17]. 3. Summary According to Relevant Catalogs 3.1 Spot Price and Basis - **Tin**: SMM 1 tin price increased by 0.46% to 438600 yuan/ton, and the SMM 1 tin open - discount decreased by 100% to 0 yuan/ton [2]. - **Copper**: SMM 1 electrolytic copper price increased by 2.48% to 104185 yuan/ton, and the SMM 1 electrolytic copper premium increased by 70 yuan/ton [3]. - **Zinc**: SMM 0 zinc ingot price increased by 0.20% to 25290 yuan/ton, and the import loss was - 2443 yuan/ton [5]. - **Industrial Silicon**: The spot price of industrial silicon was stable, and the futures price increased by 165 yuan/ton [7]. - **Polysilicon**: The spot price of polysilicon was stable, and the N - type silicon wafer price decreased [8]. - **Aluminum**: SMM A00 aluminum price increased by 2.47% to 24860 yuan/ton, and the import loss was - 2081 yuan/ton [9]. - **Aluminum Alloy**: The price of SMM ADC12 aluminum alloy increased, and the price difference between refined and scrap aluminum widened [11]. - **Nickel**: SMM 1 electrolytic nickel price increased by 1.30% to 148000 yuan/ton, and the futures import loss was - 266 yuan/ton [12]. - **Stainless Steel**: The price of 304/2B stainless steel coils was basically stable, and the price difference between futures and spot decreased [14]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate price decreased by 2.33% to 168000 yuan/ton [17]. 3.2 Fundamental Data - **Tin**: In December, tin ore imports increased by 16.81%, and SMM refined tin production decreased by 0.06% [2]. - **Copper**: In December, electrolytic copper production increased by 6.80%, and imports decreased by 4.02% [3]. - **Zinc**: In December, refined zinc production decreased by 7.24%, and the galvanizing start - up rate decreased [5]. - **Industrial Silicon**: In January, the supply and demand of industrial silicon both weakened slightly, and there was a slight inventory build - up [7]. - **Polysilicon**: In December, polysilicon production increased by 0.79%, and the import volume increased by 77.50% [8]. - **Aluminum**: In December, alumina production increased by 1.08%, and domestic electrolytic aluminum production increased by 3.97% [9]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16%, and the production of primary aluminum alloy ingots increased by 0.46% [11]. - **Nickel**: In December, China's refined nickel production increased by 26.10%, and imports increased by 84.63% [12]. - **Stainless Steel**: In December, the production of 300 - series stainless steel rough steel decreased by 26.72%, and imports increased by 29.32% [14]. - **Lithium Carbonate**: In December, lithium carbonate production increased by 4.04%, and the demand decreased by 2.50% [17]. 3.3 Inventory Changes - **Tin**: SHEF inventory increased by 1.79%, and social inventory increased by 4.94% [2]. - **Copper**: Global visible inventory has accumulated to a high level in recent years, with more than 50% of the inventory in the United States [3]. - **Zinc**: China's zinc ingot seven - region social inventory decreased by 1.35%, and LME inventory decreased by 0.57% [5]. - **Industrial Silicon**: Social inventory decreased by 0.36%, and warehouse receipt inventory increased by 2.89% [7]. - **Polysilicon**: Polysilicon inventory increased by 0.91% to 33.30 million tons, and silicon wafer inventory increased by 1.90% to 27.29GW [8]. - **Aluminum**: China's electrolytic aluminum social inventory increased by 5.25%, and LME inventory decreased by 0.45% [9]. - **Aluminum Alloy**: The weekly social inventory of recycled aluminum alloy ingots decreased by 2.11% [11]. - **Nickel**: SHFE inventory increased by 5.43%, and social inventory increased by 4.38% [12]. - **Stainless Steel**: The social inventory of 300 - series stainless steel increased by 0.82%, and SHFE warehouse receipts increased by 9.90% [14]. - **Lithium Carbonate**: The total lithium carbonate inventory decreased by 12.23% in December, and the downstream inventory decreased by 7.21% [17].

Report Summary of Steel Industry 1. Investment Rating No investment rating information provided. 2. Core View - Steel prices are expected to move up due to macro - sentiment, with attention on the pressure levels of 3200 for rebar and 3350 for hot - rolled coils. If prices break through the upper edge of the shock range, long positions can be attempted [1]. 3. Summary by Directory Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts all showed an upward trend. For example, rebar spot in the East China region increased from 3240 to 3260 yuan/ton [1]. Cost and Profit - Steel billet prices increased by 20 to 2950 yuan/ton, while plate billet prices remained unchanged at 3730 yuan/ton. Profits of different products and regions showed different trends, with some decreasing, such as East China hot - rolled coil profit decreasing by 26 to 7 yuan/ton [1]. Production - The daily average pig iron output decreased slightly by 0.1 to 228.0, with a decline rate of 0.0%. The output of five major steel products increased by 3.6 to 823.2, with a growth rate of 0.4%. The output of rebar and hot - rolled coils also increased slightly [1]. Inventory - The inventory of five major steel products increased by 21.4 to 1278.5, with a growth rate of 1.7%. The rebar inventory increased significantly by 23.4 to 475.5, with a growth rate of 5.2%, while the hot - rolled coil inventory decreased slightly by 2.2 to 355.6, with a decline rate of - 0.6% [1]. Transaction and Demand - The building materials trading volume increased by 0.7 to 73, with a growth rate of 11.1%. However, the apparent consumption of five major steel products decreased by 7.8 to 801.7, with a decline rate of - 1.0%. The apparent consumption of rebar decreased by 9.1 to 176.4, with a decline rate of - 4.9%, and the apparent consumption of hot - rolled coils increased slightly by 1.5 to 311.4, with a growth rate of 0.5% [1]. Report Summary of Iron Ore Industry 1. Investment Rating No investment rating information provided. 2. Core View - Before the Spring Festival, iron ore prices are generally under pressure due to stagnant pig iron production recovery, the fulfillment of steel mill restocking, and high inventory. Short - selling can be attempted around 800, but beware of the disturbance of macro and market sentiment [3]. 3. Summary by Directory Iron Ore - related Prices and Spreads - The warehouse receipt costs of various iron ore powders increased, with an increase rate of about 1.2% - 1.3%. The basis of the 05 contract for various iron ore powders decreased, with a decline rate of about 4.7% - 8.9% [3]. Supply - The weekly global shipment volume increased by 48.4 to 2978.3, with a growth rate of 1.7%, but the shipment center decreased marginally. The weekly arrival volume at 45 ports decreased by 129.7 to 2530.0, with a decline rate of - 4.9% [3]. Demand - The weekly average daily pig iron output of 247 steel mills increased slightly by 0.1 to 228.1, with a growth rate of 0.0%. The weekly average daily port clearance volume at 45 ports decreased by 9.2 to 310.7, with a decline rate of - 2.9% [3]. Inventory Change - The inventory at 45 ports increased by 211.4 to 16766.53, with a growth rate of 1.3%. The imported iron ore inventory of 247 steel mills increased by 126.6 to 9388.8, with a growth rate of 1.4%. The inventory available days of 64 steel mills increased by 4.0 to 27.0, with a growth rate of 17.4% [3]. Report Summary of Coke and Coking Coal Industry 1. Investment Rating No investment rating information provided. 2. Core View Coke - The coke market outlook has improved. Unilaterally, it is expected to be oscillating and bullish, with a reference range of 1650 - 1850. The recommended arbitrage strategy is to go long on coking coal and short on coke [6]. Coking Coal - Unilaterally, it is expected to be oscillating and bullish, with a reference range of 1050 - 1250. The recommended arbitrage strategy is also to go long on coking coal and short on coke [6]. 3. Summary by Directory Price and Spread - The coke 05 contract increased by 39 to 1723 yuan/ton, with a growth rate of 2.3%. The coking coal 05 contract increased by 31 to 1165 yuan/ton, with a growth rate of 2.7% [6]. Supply - The daily average output of all - sample coking plants decreased by 0.5 to 62.8, with a decline rate of - 0.7%. The coal output of sample coal mines showed different trends [6]. Demand - The pig iron output of 247 steel mills decreased slightly by 0.1 to 228.0, with a decline rate of - 0.1% [6]. Inventory Change - The total coke inventory increased by 21.5 to 960.6, with a growth rate of 2.3%. The coking coal inventory of various sectors also showed different changes, with some increasing and some decreasing [6]. Report Summary of Ferrosilicon and Ferromanganese Industry 1. Investment Rating No investment rating information provided. 2. Core View Ferrosilicon - In the short term, the supply - demand contradiction of ferrosilicon is limited, the fundamentals are relatively stable, and the cost side also has support. It is expected that the price will fluctuate widely, with a reference range of around 5500 - 5900 [7]. Ferromanganese - Ferromanganese is in a situation of both supply and demand being weak. The high inventory still suppresses the price in the short term, and the fundamentals lack driving force. It is expected that the ferromanganese price will fluctuate widely, with a reference range of 5800 - 6000 [7]. 3. Summary by Directory Price and Spread - The closing price of the ferrosilicon main contract increased by 104 to 5736.0 yuan/ton, and the closing price of the ferromanganese main contract increased by 94 to 5926.0 yuan/ton [7]. Cost and Profit - The production costs of different regions for ferrosilicon and ferromanganese remained relatively stable, and the production profits showed different trends [7]. Supply - The weekly output of ferrosilicon increased slightly by 0.1 to 9.8, with a growth rate of 0.1%. The weekly output of ferromanganese remained basically unchanged [7]. Demand - The demand for ferrosilicon and ferromanganese from the steel - making industry is expected to remain stable before the Spring Festival, and the non - steel demand for ferrosilicon is affected by multiple factors [7]. Inventory Change - The inventory of 60 sample ferrosilicon enterprises increased by 0.1 to 6.8, with a growth rate of 1.0%. The inventory of 63 sample ferromanganese enterprises remained basically unchanged [7].

Group 1: Stock Index Futures Spread Daily Report - The report presents the latest values, historical quantiles, and changes from the previous day of various stock index futures spreads, including F, H, IC, and IM. For example, the F spot-futures spread is 30.13, with a historical 1-year quantile of 99.50% and a change of 15.32 from the previous day [1]. - It also provides cross-variety ratios such as IC/IF, IC/IH, and IF/IH, along with their historical quantiles and changes [1]. Group 2: Treasury Bond Futures Spread Daily Report - The report shows the IRR, basis, and cross-period spreads of different treasury bond futures, including TS, TF, T, and TL. For instance, the TS worst IRR is 1.3254, with a change of 0.0137 from the previous day and a historical quantile of 13.20% [2]. - Cross-variety spreads like TS - TF, TS - T, and TF - T are also presented, along with their historical quantiles and changes [2]. Group 3: Precious Metals Spot and Futures Daily Report - The report provides domestic and overseas futures closing prices, spot prices, basis, and other data for precious metals such as gold, silver, platinum, and palladium. For example, the AU2604 contract closed at 1249.12 yuan/gram on January 29, with a daily increase of 62.92 yuan and a daily increase rate of 5.30% [5]. - It also offers investment suggestions, such as taking profit on gold long positions at high prices, buying at low prices for single-sided trading, and paying attention to risk control measures for silver [5]. Group 4: Container Shipping Industry Spot and Futures Daily Report - The report shows the settlement price indices of container shipping, including SCFIS for European and US - West routes, and Shanghai Export Container Freight Index. For example, the SCFIS (European route) was 1859.31 points on January 26, with a decrease of 94.9 points and a decrease rate of 4.86% compared to January 19 [7]. - It also provides futures prices, basis, and fundamental data such as container shipping capacity supply, port - related indicators, and overseas economic data [7].

Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views of the Report - The market trading divergence is obvious, and the macro - impact uncertainty is amplified this week due to the Fed's interest - rate decision. It is recommended to control portfolio risks, reduce futures positions in a timely manner, and try double - buying to increase volatility [3]. - The bond market lacks a new main - line driver, and the 10 - year Treasury bond rate may face significant resistance around 1.8%, with short - term fluctuations in the 1.8% - 1.85% range. The T2603 contract may fluctuate in the 108 - 108.3 range. It is advisable to maintain range - bound operations for the unilateral strategy and arrange position transfers in advance before the Spring Festival [3]. - The precious metals market is boosted by safe - haven sentiment and supply - demand factors, but silver price fluctuations are large in the short term. Platinum's upward space may be limited, and it is advisable to go long on gold futures at low prices [3]. - The steel price is stable, and the spread between hot - rolled coils and rebar is widening. It is advisable to hold the long position of the spread between hot - rolled coils and rebar [3]. - For iron ore, as the steel mill's replenishment is nearing the end, it is advisable to short around 800 [3]. - For coking coal and coke, they are regarded as bearish in the short - term, and the strategy of going long on coking coal and short on coke can be considered [3]. - For copper, it is advisable to take profits on long positions at high prices [3]. - For aluminum, it is not advisable to chase the rise, and it is recommended to go long after a pullback [3]. - For zinc, it is advisable to go long at low prices in the long - term and hold the cross - market reverse arbitrage [3]. - For tin, it is advisable to be cautious in the short - term and try to go long at low prices after the sentiment stabilizes [3]. - For various chemical products, their price trends and corresponding operation suggestions vary. For example, for PX and PTA, they are expected to be bullish in the medium - term but fluctuate in the short - term; for short - staple fiber, it follows the raw material fluctuations, etc. [3]. - For agricultural products, their price trends also vary. For example, palm oil is expected to be bullish, while jujube is expected to be bearish in the short - term [3]. Group 3: Summaries by Related Catalogs Daily Selected Views - Aluminum (AL2603): Bullish [3] - Methanol (MA2605): Bullish with a sideways trend [3] - Iron ore (I2605): Bearish adjustment [3] - Palm oil (P2605): Bullish in the short - term [3] - Gold (AU2604): Bullish with a sideways trend [3] Full - Variety Daily Reviews Financial - **Stock Index**: The pro - cyclical sectors are rising, and the stock index is oscillating at a high level. It is recommended to control portfolio risks, reduce futures positions, and try double - buying to increase volatility [3]. - **Treasury Bonds**: The bond market is difficult to break through the range - bound oscillation in the short - term. It is advisable to maintain range - bound operations for the unilateral strategy and arrange position transfers in advance before the Spring Festival [3]. - **Precious Metals**: The precious metals market is boosted by safe - haven sentiment and supply - demand factors. It is advisable to take profits on long positions of gold at high prices, buy call options for silver, and go long on platinum futures at low prices [3]. - **Container Shipping**: The EC contract is oscillating upwards. It is advisable to observe cautiously [3]. Metals - **Steel**: The steel price is stable, and the spread between hot - rolled coils and rebar is widening. The rebar fluctuates in the 3000 - 3200 range, and the hot - rolled coil fluctuates in the 3150 - 3350 range. It is advisable to hold the long position of the spread between hot - rolled coils and rebar [3]. - **Iron Ore**: As the steel mill's replenishment is nearing the end, it is advisable to short around 800 [3]. - **Coking Coal and Coke**: They are regarded as bearish in the short - term, and the strategy of going long on coking coal and short on coke can be considered [3]. - **Non - ferrous Metals**: For copper, it is advisable to take profits on long positions at high prices; for aluminum, it is not advisable to chase the rise, and it is recommended to go long after a pullback; for zinc, it is advisable to go long at low prices in the long - term and hold the cross - market reverse arbitrage; for tin, it is advisable to be cautious in the short - term and try to go long at low prices after the sentiment stabilizes, etc. [3] Energy and Chemicals - **Energy**: For PX and PTA, they are expected to be bullish in the medium - term but fluctuate in the short - term; for short - staple fiber, it follows the raw material fluctuations; for ethanol, it is advisable to conduct positive arbitrage on EG5 - 9 and hold the seller position of the put option EG2605 - P - 3800 [3]. - **Chemicals**: For various chemical products such as PVC, urea, soda ash, glass, etc., their price trends and corresponding operation suggestions vary [3]. Agricultural Products - For palm oil, it is expected to be bullish; for jujube, it is expected to be bearish in the short - term; for other agricultural products, their price trends also vary [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report analyzes various industries including financial derivatives, commodities, and agricultural products, providing insights into market trends, supply - demand dynamics, and price outlooks for each sector. It also offers trading strategies and risk considerations for different products [2][3][4] Summary by Directory Daily Selections - **Aluminum**: The aluminum market showed a high - level breakthrough. The price increase was due to a combination of macro factors, geopolitical events, and market sentiment. However, the domestic fundamentals are under pressure, with supply growing and demand being suppressed. In the long - term, aluminum prices are expected to be strong, but there is a risk of a short - term correction [2]. - **Methanol**: The methanol market is in a situation of weak supply and demand. The price is oscillating strongly due to geopolitical factors, but the high production restricts the upward space, and the subsequent demand has a downward pressure [3]. - **Iron Ore**: As steel mills' restocking is nearing completion, the iron ore price is under pressure. It is expected to face a situation of weak supply and demand, and the price may be short - sold around 800 [3]. - **Palm Oil**: As the end of the month approaches, the market focuses on inventory changes. If the inventory decline is less than expected, the Malaysian palm oil may stop rising and fall. The domestic palm oil futures are oscillating, and attention should be paid to whether it can stand firm above 9300 [4]. - **Gold**: The weakening of the US dollar drives the gold price to a new high. In the long - term, the gold price has an upward space, but in the short - term, it is recommended to take profits on long positions at high prices [5][6]. Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market was oscillating narrowly. The four major stock index futures contracts were also oscillating. The market has obvious trading differences, and it is recommended to control portfolio risks and reduce futures positions [7][8][9]. - **Treasury Bond Futures**: Treasury bond futures rebounded slightly. The long - term bonds are likely to remain in a box - shaped oscillation. It is recommended to operate within the range and arrange position transfers in advance before the Spring Festival [10][11]. Precious Metals - The precious metals market is strengthening. The Fed's decision to keep interest rates unchanged and geopolitical risks support the price. Gold is recommended to take profits on long positions at high prices, and silver and platinum - palladium also have their own supply - demand and price characteristics [12][15][16]. Commodity Futures Non - ferrous Metals - **Copper**: The copper price was oscillating. The high copper price suppresses downstream consumption, and the global visible inventory has increased. The CL premium affects the copper price trend, and it is recommended to take profits on long positions at high prices [18][21][22]. - **Alumina**: The alumina market is affected by market sentiment and supply expectations, but the high inventory pressure restricts the price. It is expected to oscillate widely around the cash cost line [22][24][25]. - **Aluminum**: The aluminum price reached a new high, driven by macro and geopolitical factors. However, the domestic fundamentals are weak, with supply increasing and demand being suppressed. It is recommended to buy on dips in the long - term [25][26][28]. - **Aluminum Alloy**: The aluminum alloy price followed the aluminum price but lacked financial attributes. It is expected to oscillate in a high - level range, and an arbitrage strategy of going long on AD03 and shorting AL03 is recommended [29][30][31]. - **Zinc**: The zinc price rose. The supply is under pressure, and the demand has improved. The price is expected to oscillate strongly, and it is recommended to go long on dips in the long - term [32][34][35]. - **Tin**: The tin price was oscillating at a high level. The supply has increased, and the demand is under pressure. It is recommended to be cautious in the short - term and maintain a low - buying strategy in the long - term [36][38][39]. - **Nickel**: The nickel price was oscillating. The supply is sufficient, and the demand is stable. It is expected to oscillate in a strong range [39][40][42]. - **Stainless Steel**: The stainless steel price was oscillating narrowly. The cost is rising, and the demand is weak. It is expected to oscillate and adjust, and the main contract is expected to be in the range of 14000 - 15000 [43][44][45]. - **Lithium Carbonate**: The lithium carbonate price was oscillating at a high level. The supply is expected to decline, and the demand is resilient. It is recommended to operate cautiously in the short - term [47][48][49]. - **Polysilicon**: The polysilicon spot price is stable, and the futures price is falling. The supply is expected to decrease, and the demand is improving. It is recommended to wait and see [50][51][52]. - **Industrial Silicon**: The industrial silicon spot price is stable, and the futures price is falling. The supply is expected to decrease, and the demand is stable. It is recommended to pay attention to the implementation of production cuts [53][54]. Ferrous Metals - **Steel**: The steel price was stable, and the spread between hot - rolled coils and rebar widened. The supply and demand are both weak, and the price is expected to oscillate within a range [54][55][56]. - **Iron Ore**: The iron ore price was under pressure. The supply is at a high level, and the demand is weak. It is recommended to short around 800 [57][58]. - **Coking Coal**: The coking coal price rebounded. The supply is increasing, and the demand is weak. It is expected to oscillate with a downward bias, and an arbitrage strategy of going long on coking coal and shorting coke is recommended [60][63]. - **Coke**: The coke price rebounded. The supply is under pressure, and the demand is improving. It is expected to oscillate with a downward bias, and an arbitrage strategy of going long on coking coal and shorting coke is recommended [64][66]. - **Silicon Iron**: The silicon iron price has a clear bottom support. The supply and demand are relatively stable, and the cost has an upward expectation. It is expected to oscillate widely [67][68]. - **Manganese Silicon**: The manganese silicon price was oscillating. The supply and demand are both weak, and the high inventory restricts the price. It is expected to oscillate widely [70][71]. Agricultural Products - **Meal Products**: The soybean meal has strong bottom support. The domestic supply is loose, and the price is expected to oscillate. Attention should be paid to the cost and arrival of goods [72][73]. - **Hogs**: The hog price is oscillating weakly. The supply pressure is increasing, and the price is expected to oscillate within a bottom - level range [74]. - **Corn**: The corn price is oscillating within a range. The supply and demand are in a balanced state, and the price has support at the bottom and pressure at the top [75][77]. - **Sugar**: The raw sugar is oscillating, and the domestic sugar price is expected to oscillate at a low level. It is recommended to wait and see [78]. - **Cotton**: The US cotton is oscillating at a low level, and the domestic cotton price is expected to oscillate strongly [79][80]. - **Eggs**: The egg price is stable with some increases. The supply is sufficient, and the demand is normal. It is expected to oscillate within a range [82]. - **Oils**: The oil price is affected by external factors. The palm oil should pay attention to inventory changes, and the soybean oil and rapeseed oil are also affected by different factors [83][84][85]. - **Jujubes**: The jujube price is oscillating at a low level. The consumption is weak, and attention should be paid to pre - Spring Festival sales and inventory [86][87]. - **Apples**: The apple price is oscillating at a high level. The demand has improved, but the inventory pressure is still large. Attention should be paid to post - festival inventory [89][90]. Energy Chemicals - **PX**: The PX price is expected to oscillate at a high level before the Spring Festival. The supply is at a high level, and the demand is weak in the short - term but strong in the long - term [91][92]. - **PTA**: The PTA price is expected to oscillate at a high level. The supply and demand are weakening, and it is recommended to operate within a range and conduct a positive spread arbitrage [93][94]. - **Short - fiber**: The short - fiber price follows the raw material. The supply is high, and the demand is weakening. It is recommended to operate with the same strategy as PTA and adjust the processing fee [95]. - **Bottle Chips**: The bottle chip price is expected to follow the cost. The supply is expected to decrease, and the processing fee is supported [96][98]. - **Ethylene Glycol**: The ethylene glycol supply and demand are in a near - term weak and long - term strong pattern. It is recommended to conduct a positive spread arbitrage and hold the seller's position of put options [99]. - **Pure Benzene**: The pure benzene supply and demand are improving, but the high inventory restricts the price. It is recommended to wait and see and narrow the spread between EB and BZ [100]. - **Styrene**: The styrene price is fluctuating at a high level. The supply and demand are temporarily tight, but the expectation is weakening. It is recommended to wait and see and narrow the spread between EB and BZ [101][102]. - **LLDPE**: The LLDPE market is trading lightly. The supply is expected to increase, and the demand is weak. It is recommended to stop taking profits on previous long positions and wait and see [103]. - **PP**: The PP supply and demand are both weak. The inventory pressure is relieved, and it is expected to oscillate in the short - term. It is recommended to wait and see [104]. - **Methanol**: The methanol price is oscillating strongly due to geopolitical factors. The supply and demand are weak, and it is recommended to take profits on long positions when the geopolitical situation eases [104][105][106]. - **Caustic Soda**: The caustic soda price is moving down. The supply pressure is large, and it is expected to oscillate weakly [106][107]. - **PVC**: The PVC price is falling. The demand support is weak, and it is expected to oscillate and correct [108][109]. - **Urea**: The urea price is rising steadily. The supply is sufficient, and the demand is improving. It is expected to fluctuate slightly before the Spring Festival [110][111]. - **Soda Ash**: The soda ash price is stable, and the supply - demand contradiction still exists. It is expected to oscillate weakly, and it is recommended to wait and see [112][115]. - **Glass**: The glass price is stable, and the supply and demand are both weak. It is expected to oscillate weakly, and it is recommended to pay attention to production lines and inventory changes [112][116]. - **Natural Rubber**: The natural rubber price is rising. The supply is decreasing, and the inventory is decreasing. It is expected to oscillate strongly in the short - term, but there is pressure at 16500 [116][118]. - **Synthetic Rubber**: The synthetic rubber price is oscillating widely. The cost support is strong, but the buying sentiment is cooling down. It is recommended to pay attention to the support at 12500 [119][122].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The future market will be more affected by geopolitical situations. Pay attention to the Fed's decision early on Thursday. In the short - term, due to the combination of news and capital sentiment, the market will maintain a relatively strong and volatile trend. For gold, take profit on long positions when the price is high, and for single - side trading, buy at - the - money or slightly out - of - the - money call options instead of going long [1]. - For silver, the rising raw material cost may accelerate the replacement of silver with other metals by enterprises, suppressing industrial demand. However, new demand in fields such as AI is expected to support the bullish view on silver prices. Regulatory restrictions have cooled speculative sentiment, and ETF holdings have continued to decline. But due to capital fluctuations, silver prices may still experience sharp intraday declines and fluctuations. It is recommended to pay attention to risk - control measures of exchanges and maintain the idea of going long on dips [1]. - For platinum and palladium, supported by their macro - financial attributes and the tight supply pattern, their prices are linked to the rise of gold, and the price center continues to rise. However, the easing of the supply shortage in the London spot market may limit the upside space. The supply - demand factors boost the futures of palladium, with an expected high - opening and then a decline. It is advisable to go long at low prices [1]. 3. Summary According to Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2604 contract: The closing price on January 28 was 1186.20 yuan/gram, up 37.82 yuan or 3.29% from January 27 [1]. - AG2604 contract: The closing price on January 28 was 29219 yuan/kilogram, up 3.25% from January 27 [1]. - PT2606 contract: The closing price on January 28 was 694.80, down 10.90 or - 1.54% from January 27 [1]. - PD2606 contract: The closing price on January 28 was 504.00 yuan/gram, down 19.00 or - 3.63% from January 27 [1]. 3.2 Foreign Futures Closing Prices - COMEX gold主力合约: The closing price on January 28 was 5411.00, up 231.40 or 4.47% from January 27 [1]. - COMEX silver主力合约: The closing price on January 28 was 116.62, up 4.28 or 3.81% from January 27 [1]. - NYMEX platinum主力合约: The closing price on January 28 was 2705.10 dollars/ounce, up 60.00 or 2.27% from January 27 [1]. - NYMEX palladium主力合约: The closing price on January 28 was 2095.50, up 145.00 or 7.43% from January 27 [1]. 3.3 Spot Prices - London gold: The current price was 5413.81, up 233.58 or 4.51% from the previous value [1]. - London silver: The current price was 116.61 dollars/ounce, up 4.70 or 4.20% from the previous value [1]. - Spot platinum: The current price was 2407.00, down 243.00 or - 9.17% from the previous value [1]. - Spot palladium: The current price was 2014.00, up 34.00 or 1.72% from the previous value [1]. - Shanghai Gold Exchange gold T + D: The current price was 1184.04 yuan/gram, up 41.15 or 3.60% from the previous value [1]. - Shanghai Gold Exchange silver T + D: The current price was 29310 yuan/kilogram, up 578 or 2.01% from the previous value [1]. - Shanghai Gold Exchange platinum 9995: The current price was 670 yuan/gram, down 15 or - 2.22% from the previous value [1]. 3.4 Basis - Gold TD - Shanghai gold main contract: The current value was - 2.16, up 3.33 from the previous value, with a 1 - year historical quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract: The current value was 91, down 341 from the previous value, with a 1 - year historical quantile of 60.60% [1]. - London gold - COMEX gold: The current value was 5.08, up 6.87 from the previous value, with a 1 - year historical quantile of 99.60% [1]. - London silver - COMEX silver: The current value was - 0.02, down 0.10 from the previous value, with a 1 - year historical quantile of 69.00% [1]. 3.5 Price Ratios - COMEX gold/silver: The current value was 46.40, up 0.29 or 0.64% from the previous value [1]. - Shanghai Futures Exchange gold/silver: The current value was 40.60, up 0.02 or 0.04% from the previous value [1]. - NYMEX palladium/platinum: The current value was 1.29, down 0.07 or - 4.81% from the previous value [1]. - Guangzhou Futures Exchange platinum/palladium: The current value was 1.38, up 0.03 or 2.17% from the previous value [1]. 3.6 Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value was 4.26%, up 0.02 or 0.5% from the previous day [1]. - 2 - year US Treasury yield: The current value was 3.56%, up 0.03 or 0.8% from the previous day [1]. - 10 - year TIPS Treasury yield: The current value was 1.90%, unchanged from the previous day [1]. - US dollar index: The current value was 96.35, up 0.58 or 0.61% from the previous day [1]. - Offshore RMB exchange rate: The current value was 6.9434, up 0.0098 or 0.14% from the previous day [1]. 3.7 Inventory and Positions - Shanghai Futures Exchange gold inventory: The current value was 103029, unchanged from the previous value [1]. - Shanghai Futures Exchange silver inventory: The current value was 208368, down 35876 or - 6.59% from the previous value [1]. - COMEX gold inventory: The current value was 35877200, down 64302 or - 0.18% from the previous value [1]. - COMEX silver inventory: The current value was 411684635, down 3461662 or - 0.83% from the previous value [1]. - COMEX gold registered warrants: The current value was 18833072, unchanged from the previous value [1]. - COMEX silver registered warrants: The current value was 107674552, down 4734690 or - 4.21% from the previous value [1]. - SPDR gold ETF position: The current value was 1090, up 2.58 or 0.24% from the previous value [1]. - SLV silver ETF position: The current value was 15636, down 211.43 or - 1.33% from the previous value [1].