Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The spot market is strong, with prices rising in some specifications in Jiangsu due to low inventory. The 03 contract has less inventory pressure due to low inventory and expected decrease in future shipments, but the upside is limited by weak demand. Recently, the valuation of log futures has been slightly repaired, and it is advisable to consider going long on dips in the range of 750 - 800 [3] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On January 28, the log 2601 contract was at 810, up 37.5 from the previous day with a gain of 4.85%. The log 2603 contract remained flat at 775.5. The log 2605 contract was at 784.5, down 2 with a decline of -0.25%, and the log 2607 contract was at 796, down 1 with a decline of -0.13%. The basis of the main contract remained unchanged at -35.5 [2] - Among spot prices, the price of 3.9A small radiata pine at Rizhao Port remained at 680, 3.9A medium radiata pine at 740, and 3.9A large radiata pine at 850. The price of 4A small radiata pine at Taicang Port increased from 700 to 720, a gain of 2.86%, while the prices of 4A medium and large radiata pines remained unchanged at 770 and 800 respectively. The price of spruce 11.8 at Rizhao Port remained at 1150 [2] - The CFR price of 4 - meter medium A radiata pine remained at 110 US dollars per JAS cubic meter, and the CFR price of 11.8 - meter spruce remained at 124 euros per JAS cubic meter [2] Import Cost - On January 29, the RMB - US dollar exchange rate was 6.942, up 0.004 from the previous day with a 0% change. The import theoretical cost was 752.21 yuan, up 0.43 from the previous day with a 0% change [2] Supply - In December, the port shipping volume was 2040000 cubic meters, up 148000 cubic meters or 7.82% from November. The number of ships at the port was 55, up 6 or 12.24% from the previous period [2] Inventory - As of January 23, the total inventory of domestic coniferous logs was 2.49 million cubic meters, a decrease of 80000 cubic meters or -3.11% from the previous week. In Shandong, the inventory was 1.888 million cubic meters, a decrease of 32000 cubic meters or -1.67%. In Jiangsu, the inventory was 329700 cubic meters, a decrease of 81000 cubic meters or -19.75% [2][3] Demand - As of January 23, the daily average log出库 volume was 61800 cubic meters, an increase of 200 cubic meters or 0% from the previous week. In Shandong, it increased from 0.37 to 3.61 million cubic meters, a gain of 11%. In Jiangsu, it decreased from 2.28 to 1.94 million cubic meters, a decline of -15% [3] Forecast of Arrival - From January 26 to February 1, 2026, the number of pre - arrival New Zealand log ships at 13 Chinese ports is 7, a decrease of 1 or -13% from the previous week. The total arrival volume is about 219000 cubic meters, a decrease of 27000 cubic meters or -11% from the previous week [3]

1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Core Views Tin - Short - term price fluctuates greatly due to market sentiment, suggesting cautious operation. - 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]. Nickel - Short - term, the impact of supply - side disturbances is gradually digested. Before the results are clear, sentiment provides support but the unilateral driving force weakens. The disk is expected to oscillate strongly in a range, with the main contract referring to 140,000 - 150,000 [3]. Stainless Steel - Recently, cost support is strengthened. The social inventory shows a trend of de - stocking. It is expected to oscillate and adjust in the short term, with the main contract referring to 14,000 - 15,000. Attention should be paid to news from the ore end and the improvement in demand [6]. Lithium Carbonate - In the short term, the disk may adjust. It is expected that the price will remain in a relatively strong range. The main contract refers to 160,000 - 175,000. Prudent operation is recommended, paying attention to over - valuation and liquidity risks [9]. Industrial Silicon - Maintain the expectation of price oscillation. The main price fluctuation range may be between 8,200 - 9,200 yuan/ton. Attention should be paid to changes in industrial silicon production and demand - side output [11]. Polysilicon - In February, polysilicon production is expected to decrease. In the weak demand background, pay attention to the production reduction process and price quotation changes of enterprises. During the cooling period, it is recommended to wait and see [12]. Copper - In the short term, the price may gradually return to fundamental pricing. Pay attention to changes in CL premium and LME inventory. The main contract focuses on the support at 99,000 - 100,000 [13][14]. Zinc - The downside space of the short - term price may be limited. Pay attention to changes in zinc ore TC and refined zinc inventory. The main contract focuses on the support around 24,000 [16]. Alumina - The price is expected to continue to oscillate widely around the industry cash cost line, with the main contract referring to the range of 2,600 - 2,900 yuan/ton [18]. Aluminum - In the long - term, the price is expected to remain in a relatively strong pattern of being easy to rise and difficult to fall. In the short - term, there is a risk of high - level correction. Mid - to long - term, the core strategy is to buy on dips [18]. Casting Aluminum Alloy - The ADC12 price is expected to continue the high - level range oscillation pattern in the short term, with the main contract referring to the range of 22,500 - 24,500 yuan/ton [19]. 3. Summary by Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin price increased by 1.91% to 436,600 yuan/ton; import loss widened by 88.73% to - 10,909.52 yuan/ton [2]. - **Fundamentals**: In December, tin ore imports increased by 16.81% to 17,637 tons; refined tin exports increased by 41.84% to 2,763 tons [2]. - **Supply and Demand**: Supply increased in December. Demand from solder enterprises was under pressure, with large enterprises having relatively stable orders and small and medium - sized enterprises facing more significant order reduction [2]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 1.35% to 146,100 yuan/ton; futures import profit increased by 204.00% to 338 yuan/ton [3]. - **Fundamentals**: China's refined nickel production in January increased by 26.10% to 31,400 tons; SHFE inventory increased by 5.43% to 50,794 tons [3]. - **Supply and Demand**: Supply increased, while demand from the stainless steel end was weak during the off - season, and demand from the ternary material end increased [3]. Stainless Steel - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 roll) price remained unchanged at 14,500 yuan/ton; the basis increased by 57.69% to 205 yuan/ton [6]. - **Fundamentals**: China's 300 - series stainless steel crude steel production in January increased by 0.92% to 176.32 million tons; stainless steel net exports increased by 15.96% to 34.00 million tons [6]. - **Supply and Demand**: Supply decreased due to pre - holiday production cuts by steel mills, and demand was weak [6]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.29% to 172,000 yuan/ton; the basis increased by 180.56% to 5,720 yuan/ton [9]. - **Fundamentals**: In December, lithium carbonate production increased by 4.04% to 99,200 tons; total inventory decreased by 12.23% to 56,664 tons [9]. - **Supply and Demand**: Supply is expected to decline in January due to pre - holiday maintenance by salt plants, while demand maintains a certain resilience [9]. Industrial Silicon - **Price and Basis**: The main contract of industrial silicon decreased by 1.13% to 8,760 yuan/ton; the basis of East China SI4210 industrial silicon increased by 1000.00% to 90 yuan/ton [11]. - **Fundamentals**: In January, national industrial silicon production decreased by 1.15% to 39.71 million tons; social inventory increased by 0.18% to 55.60 million tons [11]. - **Supply and Demand**: Both supply and demand weakened slightly in January, with a slight inventory build - up [11]. Polysilicon - **Price and Basis**: The main contract of polysilicon decreased by 2.11% to 50,805 yuan/ton; the basis widened [12]. - **Fundamentals**: In January, polysilicon production increased by 0.79% to 11.55 million tons; silicon wafer production decreased by 19.26% to 43.90 GM [12]. - **Supply and Demand**: Demand improved slightly due to export rush, but silicon wafers and silicon materials were still under pressure. Production cuts are expected to increase in February [12]. Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.29% to 101,660 yuan/ton; the import loss decreased by 226.15 yuan/ton [13]. - **Fundamentals**: In December, electrolytic copper production increased by 6.80% to 117.81 million tons; domestic mainstream port copper concentrate inventory increased by 4.08% to 71.86 million tons [13]. - **Supply and Demand**: Global visible inventory has reached a high level in recent years. Domestic downstream开工率 has recovered, but the spot market remains in a discount structure [13][14]. Zinc - **Price and Basis**: SMM 0 zinc ingot price increased by 1.94% to 25,240 yuan/ton; import loss decreased by 80.16 yuan/ton [16]. - **Fundamentals**: In December, refined zinc production decreased by 7.24% to 55.21 million tons; Chinese zinc ingot seven - region social inventory decreased by 4.26% to 11.68 million tons [16]. - **Supply and Demand**: Supply pressure eased, demand from the processing industry recovered significantly after the zinc price correction, and inventory had room for replenishment [16]. Alumina - **Price and Basis**: Alumina futures were strong, but the spot market was pressured by high inventory [18]. - **Fundamentals**: Industry开工率 decreased slightly, and the market - wide inventory decreased by about 34,000 tons this week [18]. - **Supply and Demand**: Supply decreased due to enterprise maintenance, but the implicit inventory was still large, and demand did not improve fundamentally [18]. Aluminum - **Price and Basis**: The main contract of aluminum reached a record high of 25,680 yuan/ton [18]. - **Fundamentals**: Supply increased steadily, and the inventory inflection point had appeared and entered the accumulation cycle [18]. - **Supply and Demand**: Strong expectations clashed with weak reality, with supply increasing and demand being suppressed by high prices [18]. Casting Aluminum Alloy - **Price and Basis**: The AD - AL spread widened to a record extreme of - 1,700 yuan/ton [19]. - **Fundamentals**: The industry开工率 remained at a low level of about 58%, and social inventory decreased slightly to about 47,500 tons [19]. - **Supply and Demand**: Supply was under pressure, and demand was weak, with a pattern of high prices but few transactions [19].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5632, futures price is 5628, basis is -4, and historical quantile is 54.90% [1]. - **Silicon Manganese (SM603)**: Spot price is 5940, futures price is 2835, basis is 108, and historical quantile is 46.30% [1]. - **Rebar (RB2605)**: Spot price is 3240, futures price is 3123, and historical quantile is 52.10% [1]. - **Hot - Rolled Coil (HC2605)**: Spot price is 3270, futures price is 3280, basis is -10, and historical quantile is -0.30% [1]. - **Iron Ore (I2605)**: Historical quantile of the converted price of 62.5% Brazilian mixed powder is 78.70% [1]. - **Coke (J2605)**: Historical quantile of the converted price of quasi - first - grade metallurgical coke is 78.70% [1]. - **Coking Coal (JM2605)**: Spot price is 1156, historical quantile of the converted price of S1.3 G75 main coking coal is 35.30% [1]. Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 103060, futures price is 101660, basis is -1400, and historical quantile is 1.45% [1]. - **Aluminum (AL2603)**: Spot price is 25640, futures price is 24260, basis is -1380, and historical quantile is 0.20% [1]. - **Alumina (AO2605)**: Spot price is 2811, futures price is 2626, basis is -185, and historical quantile is -6.58% [1]. - **Zinc (ZN2603)**: Information about SMM 1 zinc ingot average price is provided [1]. - **Tin (SN2603)**: Spot price is 443800, futures price is 436600, basis is -7200, and historical quantile is 1.62% [1]. - **Nickel (MISE03)**: Spot price is 142900, futures price is 144370, basis is -1470, and historical quantile is 9.58% [1]. - **Stainless Steel (SS2603)**: Spot price is 14670, futures price is 14465, basis is 505, and historical quantile is 39.48% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 172000, futures price is 166280, and historical quantile is 99.11% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8760, basis is 490, and historical quantile is 31.19% [1]. Precious Metals - **Gold (AU2604)**: Spot price is 1186.2, futures price is 1184.0, basis is -2.2, and historical quantile is -0.20% [1]. - **Silver (AG2604)**: Spot price is 29310.0, futures price is 29219.0, basis is 91.0, and historical quantile is 0.30% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3070, futures price is 2782.0, and historical quantile is 69.20% [1]. - **Soybean Oil (Y2605)**: Spot price is 8690, futures price is 8326.0, basis is 364.0, and historical quantile is 65.60% [1]. - **Palm Oil (P2605)**: Spot price is 9220, futures price is 9270.0, basis is -50.0, and historical quantile is 11.40% [1]. - **Rapeseed Meal (RM605)**: Spot price is 2480, futures price is 2297.0, basis is 183.0, and historical quantile is 81.80% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10160, and historical quantile is 96.90% [1]. - **Corn (C2603)**: Spot price is 2360, futures price is 2274.0, basis is 100.0, and historical quantile is 77.60% [1]. - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2530.0, and historical quantile is 46.20% [1]. - **Live Pigs (H2603)**: Spot price is 13150, futures price is 11270.0, basis is 1880.0, and historical quantile is 90.50% [1]. - **Eggs (JD2603)**: Spot price is 3960, futures price is 3048.0, basis is 912.0, and historical quantile is 89.10% [1]. - **Cotton (CF605)**: Spot price is 15650, futures price is 14940.0, basis is 710.0, and historical quantile is 26.60% [1]. - **Sugar (SR605)**: Spot price is 5330, futures price is 5187.0, basis is 143.0, and historical quantile is 21.40% [1]. - **Apples (AP605)**: Spot price is 9532.0, futures price is 9400, basis is -132.0, and historical quantile is 17.90% [1]. - **Red Dates (CJ605)**: Spot price is 8830.0, futures price is 8000, basis is -830.0, and historical quantile is 50.90% [1]. Energy and Chemicals - **Paraxylene (PX603)**: Spot price is 7392.0, futures price is 7397.0, basis is -90.0, and historical quantile is 32.80% [1]. - **PTA (TA605)**: Spot price is 5370.0, futures price is 5280.0, and historical quantile is 20.20% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 3970.0, futures price is 3845.0, basis is -125.0, and historical quantile is 13.10% [1]. - **Styrene (EB2603)**: Spot price is 7785.0, futures price is 8015.0, basis is 230.0, and historical quantile is 70.10% [1]. - **Methanol (MA605)**: Spot price is 2290.0, futures price is 2339.0, basis is -49.0, and historical quantile is 11.70% [1]. - **Urea (UR605)**: Spot price is 1760.0, futures price is 1799.0, and historical quantile is 7.00% [1]. - **LLDPE (L2605)**: Spot price is 6825.0, futures price is 6967.0, basis is -142.0, and historical quantile is 1.60% [1]. - **PP (PP2605)**: Spot price is 6778.0, futures price is 6740.0, basis is -38.0, and historical quantile is -0.56% [1]. - **PVC (V2605)**: Spot price is 4700.0, futures price is 4913.0, basis is -213.0, and historical quantile is 25.10% [1]. - **Caustic Soda (SH603)**: Spot price is 1872.0, futures price is 1969.0, basis is -97.0, and historical quantile is 29.00% [1]. - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4286.0, basis is 562.0, and historical quantile is 74.10% [1]. - **Asphalt (BU2603)**: Spot price is 3210.0, futures price is 3410.0, basis is -200.0, and historical quantile is 12.50% [1]. - **Butadiene Rubber (BR2603)**: Spot price is 13000.0, futures price is 13265.0, basis is -265.0, and historical quantile is 14.48% [1]. - **Glass (FG605)**: Spot price is 932.0, futures price is 1067.0, basis is -135.0, and historical quantile is 18.48% [1]. - **Soda Ash (SA605)**: Information about the market price in Chongqing and Shahe is provided [1]. - **Natural Rubber (RU2605)**: Spot price is 15950.0, futures price is 16360.0, basis is -410.0, and historical quantile is 66.94% [1]. Financial Futures - **IF2603.CFE**: Spot price is 4732.8, futures price is 4718.0, basis is 14.8, and historical quantile is 93.60% [1]. - **IH2603.CFE**: Spot price is 3069.8, futures price is 3060.6, basis is 9.2, and historical quantile is 94.30% [1]. - **IC2603.CFE**: Spot price is 8622.0, futures price is 8601.2, basis is 20.8, and historical quantile is 98.30% [1]. - **IM2603.CFE**: Spot price is 8399.8, futures price is 8377.8, basis is -22.0, and historical quantile is 55.60% [1]. - **2 - Year Treasury Bond (TS2603)**: Spot price is 102.39, futures price is 100.09, basis is 0.01, and historical quantile is 32.10% [1]. - **5 - Year Treasury Bond (TF2603)**: Spot price is 105.86, futures price is 99.67, basis is 0.04, and historical quantile is 34.30% [1]. - **10 - Year Treasury Bond (T2603)**: Spot price is 108.19, futures price is 100.58, basis is 0.08, and historical quantile is 28.00% [1]. - **30 - Year Treasury Bond (TL2603)**: Spot price is 126.60, futures price is 112.09, basis is 0.35, and historical quantile is 51.70% [1].

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓大幅上升 | 海通空头加仓近 4000 手 | | 上证 | 50 | IH2603 | 总持仓小幅上升 | 海通多头加仓超 2000 手 | | 中证 | 500 | IC2603 | 总持仓保持平稳 | 华泰空头加仓 1000 手以上 | | 中证 | 1000 | IM2603 | 总持仓大幅下降 | 中信空头减仓超 4000 手 | 股指期货持仓日度变动简评 7,628.0 1,717.0 -5,924.0 -11,585.0 15,622.0 3,905.0 -904.0 -15,637.0 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 IF IH IC ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports 2. Core Views Polyester Industry - **PX**: The overall supply and demand of PX and PTA in Q1 are weaker than expected, with limited self - driving force before the Spring Festival. However, due to the expected tight supply - demand in Q2, the low - price support for PX is strong. It is expected to fluctuate at a high level with limited drive, with a short - term range of 7200 - 7600 and a long - term bullish view [1]. - **PTA**: Although the market is optimistic about the Q2 supply - demand, in the short term, with high valuation and weak reality, the drive is limited. It is expected to fluctuate at a high level in the range of 5200 - 5500, and TA5 - 9 is recommended for low - position positive hedging in the medium term [1]. - **Ethylene Glycol**: The supply - demand pattern is weak in the near term and strong in the long term. In the near term, there is pressure on inventory accumulation, while in Q2, the supply is expected to shrink, and it is possible to reduce inventory. Strategies include EG5 - 9 positive hedging at low prices and holding the seller of put option EG2605 - P - 3800 [1]. - **Short - fiber**: The overall supply - demand pattern is weak. The supply remains high, and demand decreases near the Spring Festival. The price of the spot is relatively firm. The strategy is the same as PTA, and the PF processing fee on the disk is expected to fluctuate between 800 - 1000, and it is advisable to shrink the spread when it is high [1]. - **Polyester Bottle - chip**: With the implementation of maintenance plans, the domestic supply is expected to decline significantly, and the inventory is decreasing. The absolute price and processing fee are expected to follow the cost side. PR2603 is recommended to pay attention to the support around 6200, and the processing fee on the main PR contract is expected to fluctuate between 400 - 550 yuan/ton [1]. LPG Industry - The report does not provide a clear overall view, but shows price increases in some LPG futures contracts and changes in inventory and upstream - downstream operating rates [2]. Natural Rubber Industry - The supply is shrinking, and the cost support is strengthening. The demand for some export - oriented semi - steel tire enterprises is sufficient, but the domestic sales are slow. The inventory in Qingdao is decreasing. The rubber price is expected to fluctuate strongly in the short term, but there is still significant pressure at the 16500 level [4]. Glass - Soda Ash Industry - **Soda Ash**: The spot price fluctuates in a narrow range. The supply is still high, and the demand is mainly for fulfilling orders. The inventory decreased last week but is still high year - on - year. The futures price is expected to fluctuate weakly [7]. - **Glass**: The spot price is stable, and the market transaction is average. The supply and demand are both weak, and the inventory has increased slightly. The futures price is expected to fluctuate weakly, and attention should be paid to changes in production lines and inventory [7]. PVC - Caustic Soda Industry - **Caustic Soda**: The futures price rebounded slightly, but the spot price continued to decline. The supply - demand imbalance remains, with high inventory and weak demand. The futures price is expected to fluctuate weakly, and attention should be paid to the impact of downstream procurement and price fluctuations [8]. - **PVC**: The futures price fluctuated weakly, and the spot price was weakly stable. The supply - demand has not improved, with supply exceeding demand and inventory accumulation pressure. The cost support has increased, and the policy support is insufficient. The disk is expected to fluctuate and correct, with the main contract focusing on the 4820 - 5000 range [8]. Urea Industry - The futures price rose and then fell, and the spot price increased. The supply is sufficient, and the industrial demand is average, while the agricultural demand is warming up. The urea factory's pre - Spring Festival order - receiving pressure is not significant. The market is expected to fluctuate slightly before the Spring Festival, and the main contract is recommended to focus on the 1760 - 1820 range [9]. Crude Oil Industry - International oil prices continued to rise sharply. Affected by the winter storm in the US, production decreased, EIA data showed a decline in commercial inventory and a small increase in refined oil inventory. The production of the Tengiz oilfield in Kazakhstan recovered slowly, and the US had a tough stance on Iran. Short - term positive factors still exist, and attention should be paid to geopolitical conflicts in the Middle East [11]. Methanol Industry - The futures price fluctuated in a narrow range at a high level, and the spot was purchased on demand. The supply and demand in the methanol market are both weak. The inventory in the inland area decreased, but high production and pre - Spring Festival inventory clearance limited the rebound. The port inventory increased slightly, and the MTO demand was weak. Key variables include the reduction rhythm of imported methanol and geopolitical risks [13]. Pure Benzene - Styrene Industry - **Pure Benzene**: The price rebounded, but the port inventory increased unexpectedly. With the improvement of disproportionation profit, some devices are expected to restart, and the import is expected to increase. The price is expected to face pressure at a high level, and it is advisable to wait and see and shrink the EB - BZ spread when it is high [15]. - **Styrene**: The load remains high under high profit, but the supply - demand is expected to weaken. The port inventory increased slightly, and the price is expected to face pressure at a high level. It is advisable to wait and see and shrink the EB - BZ spread when it is high [15]. Polyolefin Industry - The prices of LLDPE and PP are strong, driven by capital and geopolitical tensions. The static fundamentals show a decrease in supply and demand and inventory reduction, with low upstream inventory and strong price - holding intention. For PP, the supply pressure is relieved by maintenance; for PE, the pressure on standard products increases, and the downstream demand enters the off - season. Attention should be paid to spot transactions, inventory, and macro - sentiment [17]. 3. Summaries by Directory Polyester Industry - **Downstream Polyester Products**: POY150/48 price increased by 1.2%, FDY150/96 price remained unchanged, DTY150/48 price remained unchanged, etc. The cash - flow of some products changed, such as POY150/48 cash - flow decreased by 9.5% [1]. - **Upstream Prices**: Brent crude (March) increased by 1.23%, WTI crude (March) increased by 1.31%, CFR Japan naphtha increased by 2.8%, etc. [1]. - **PX - related**: CFR China PX decreased by 0.6%, PX spot price (RMB) decreased by 0.8%, PX - naphtha spread decreased by 6.1%, etc. [1]. - **PTA - related**: PTA East China spot price increased by 0.2%, TA05 - TA09 spread decreased by 62.5%, PTA spot processing fee increased by 4.8%, etc. [1]. - **MEG - related**: MEG East China spot price decreased by 0.2%, EG05 - EG09 spread decreased by 5.7%, MEG port inventory increased by 7.9%, etc. [1]. LPG Industry - **LPG Prices and Spreads**: The prices of PG2603, PG2604, and PG2605 increased, and the spreads such as PG03 - 04 and PG03 - 05 changed [2]. - **LPG Outer - market Prices**: FEI swap M1 and M2 contracts, CP swap M1 and M2 contracts all decreased [2]. - **LPG Inventory**: LPG refinery storage capacity ratio increased by 5.23%, LPG port inventory decreased by 1.53%, LPG port storage capacity ratio decreased by 1.36% [2]. - **LPG Upstream - downstream Operating Rates**: The main refinery operating rate increased by 1.99%, the PDH operating rate decreased by 14.81%, etc. [2]. Natural Rubber Industry - **Spot Prices and Basis**: The price of Yunnan state - owned whole latex increased by 0.63%, the basis decreased by 15.49%, the price of Thai standard mixed glue increased by 0.66%, etc. [4]. - **Monthly Spreads**: 9 - 1 spread decreased by 4.35%, 1 - 5 spread increased by 2.40%, 5 - 9 spread increased by 23.08% [4]. - **Fundamental Data**: The production of Thailand in November decreased by 9.39%, the production of Indonesia decreased by 2.58%, the production of China increased by 20.88%, etc. The operating rates of semi - steel and all - steel tires changed, and the tire production and export volume in December increased [4]. - **Inventory Changes**: The bonded area inventory decreased by 0.07%, the futures inventory of natural rubber in SHFE decreased by 2.49%, etc. [4]. Glass - Soda Ash Industry - **Glass - related Prices and Spreads**: North China, East China, Central China, and South China glass prices remained unchanged, glass2605 and glass2609 prices increased slightly, and the 05 basis decreased by 1.79% [7]. - **Soda Ash - related Prices and Spreads**: North China, East China, Central China, and Northwest soda ash prices remained unchanged, soda2605 and soda2609 prices increased slightly, and the 05 basis decreased by 7.14% [7]. - **Supply and Demand**: The soda ash operating rate decreased by 0.46%, the weekly production decreased by 0.46%, the float glass daily melting volume increased by 0.20%, etc. [7]. - **Inventory**: The glass factory warehouse inventory increased by 0.38%, the soda ash factory warehouse inventory decreased by 0.16%, and the glass factory's soda ash inventory days increased by 0.43% [7]. - **Real Estate Data**: The year - on - year changes in new construction, construction, completion, and sales areas of real estate showed different trends [7]. PVC - Caustic Soda Industry - **PVC and Caustic Soda Spot & Futures**: The prices of Shandong 32% liquid caustic soda decreased by 0.7%, East China calcium carbide - based PVC decreased by 0.2%, etc. [8]. - **Caustic Soda Overseas Quotes & Export Profits**: FOB Middle East port price decreased by 1.4%, export profit increased by 0.6% [8]. - **PVC Overseas Quotes & Export Profits**: CFR Southeast Asia price increased by 4.8%, FOB Tianjin Port calcium carbide - based price decreased by 1.7%, export profit decreased by 577.7% [8]. - **Supply: Chlor - alkali Operating Rate & Industry Profit**: The caustic soda industry operating rate increased by 1.9%, the PVC operating rate decreased by 1.4%, the profit of externally purchased calcium carbide - based PVC decreased by 15.0%, etc. [8]. - **Demand: Caustic Soda Downstream Operating Rate**: The alumina industry operating rate decreased by 2.3%, the viscose staple fiber industry operating rate remained unchanged, the printing and dyeing industry operating rate decreased by 3.8% [8]. - **Demand: PVC Downstream Products Operating Rate**: The Longzhong sample pipe operating rate increased by 4.5%, the profile operating rate increased by 5.4%, the PVC pre - sales volume decreased by 4.5% [8]. - **Caustic Soda Inventory: Social and Factory Inventory**: The liquid caustic soda East China factory warehouse inventory increased by 5.5%, the Shandong inventory decreased by 0.4%, the PVC upstream factory warehouse inventory decreased by 0.9%, the PVC total social inventory increased by 2.7% [8]. Urea Industry - **Futures Revenue Prices**: The 01, 05, and 09 contracts of urea increased, and the methanol main contract increased by 1.52% [9]. - **Futures Contract Spreads**: 01 - 05 spread decreased by 16.67%, 05 - 09 spread increased by 31.82%, UR - MA main contract spread decreased by 6.16% [9]. - **Main Positions**: The long - position of the top 20 increased by 0.99%, the short - position of the top 20 increased by 6.89% [9]. - **Upstream Raw Materials**: The prices of anthracite small pieces, thermal coal pit - mouth, and port prices remained unchanged, and the synthetic ammonia price decreased by 0.09% [9]. - **Spot Market Prices**: The prices of urea in Shandong, Shanxi, Henan, etc., showed different changes [9]. - **Cross - regional Spreads**: The spreads between Shandong - Henan, Guangdong - Henan, and Guangdong - Shanxi remained unchanged [9]. - **Basis**: The basis in Shandong, Shanxi, Henan, and Guangdong changed [9]. - **Downstream Products**: The prices of melamine, compound fertilizers, etc., remained unchanged, and the price of ammonium sulfate increased by 1.35%, the price of sulfur decreased by 1.50% [9]. - **Supply - demand Overview**: The daily production of domestic urea increased by 2.64%, the coal - based urea daily production increased by 3.92%, the gas - based urea daily production decreased by 4.90%, etc. [9]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent increased by 1.23%, WTI increased by 1.31%, SC increased by 1.47%, and the spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 changed [11]. - **Refined Oil Prices and Spreads**: NYM RBOB increased by 1.45%, NYM ULSD increased by 0.75%, ICE Gasoil increased by 2.08%, and the spreads such as RBOB M1 - M3, ULSD M1 - M3, and Gasoil M1 - M3 changed [11]. - **Refined Oil Crack Spreads**: The crack spreads of US gasoline, European gasoline, Singapore gasoline, etc., changed [11]. Methanol Industry - **Methanol Prices and Spreads**: MA2605 and MA2609 prices increased, MA59 spread decreased by 16.00%, Taicang basis decreased by 28.57%, etc. [13]. - **Methanol Outer - market Prices**: The lowest CFR China price decreased by 0.10% [13]. - **Methanol Inventory**: The methanol enterprise inventory decreased by 3.12%, the social inventory increased by 0.05%, and the port inventory increased by 1.00% [13]. - **Methanol Upstream - downstream Operating Rates**: The domestic enterprise operating rate decreased by 0.64%, the northwest enterprise sales - production ratio decreased by 3.28%, the external MTO device operating rate decreased by 1.56%, etc. [13]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Brent crude and WTI crude prices increased, CFR Japan naphtha increased by 2.8%, CFR Northeast Asia ethylene remained unchanged, CFR China pure benzene increased by 1.5%, etc. [15]. - **Styrene - related Prices and Spreads**: Styrene East China spot price increased by 1.3%, EB2603 and EB2604 prices increased, EB basis (03) decreased by 14.3%, etc. [15]. - **Pure Benzene and Styrene Downstream Cash - flows**: The cash - flows of phenol, caprolactam, aniline, etc., changed [15]. - **Pure Benzene and Styrene Inventory**: The pure benzene Jiangsu port inventory increased by 2.7%, the styrene Jiangsu port inventory increased by 7.6% [15]. - **Pure Benzene and Styrene Industry Chain Operating Rates**: The Asian pure benzene operating rate remained unchanged, the domestic pure benzene operating rate decreased by 2.5%, etc. [15]. Polyolefin Industry - **L2605, L2609, PP2605, PP2609 Prices**: The prices of these contracts increased [17]. - **Spreads**: L59 spread decreased by 54.84%, PP59 spread remained unchanged, LP05 spread decreased by 0.53% [17]. - **Spot Prices**: The East China PP拉丝, North China LLDPE spot prices increased [17]. - **Basis**: The North China LL basis decreased by 18.75%, the East China pp basis remained unchanged [17]. - **PE and PP Standard Prices**: The prices of East China LDPE, HD film, HD injection, etc., changed [17]. - **PE Upstream - downstream Operating Rates**: The PE device operating rate increased by 3.77%, the PE downstream weighted operating rate decreased by 3.42% [17]. - **PE and PP Inventory**: The PE enterprise inventory decreased by 3.58%, the PE social inventory increased by

免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发明货对这些信息8D准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解及 分析方法，并不代表厂发朝货或其防闹机构的立场。在任何情况下，报告内富仅供体考，报告中的信息或所袁达的意见并不构成所述品种买卖的出价或向价，投资者揭比 投资，风险自担。本报告高在发送给广发期始特定客户及其他专业人士，版权归厂发期货所有，未经广发明贫节面授权，任何人不得对不报告进行任何形式的发布、复制 。如引用、刊发、需注明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 | 投资咨询业务资格:证监许可 【2011】1292号 | 材产业期现日报 | | 問數波 | Z0010559 | | | --- | --- | --- | --- | --- | --- | | 2026年1月29日 | | | | | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即日 | 张跃 | 基产 | 单位 | | 螺纹钢现货(华东) | 3240 | 3260 | -20 | 40 | | | 螺纹钢现货(华北) | 3160 | ...

1. Report Industry Investment Ratings No relevant information provided in the reports. 2. Core Views of the Reports Oils and Fats Industry - Palm oil: Market will focus on inventory impact on the market. If inventory decline is less than expected, Malaysian palm oil may end its rally and face downward pressure. It maintains a near - strong, far - weak pattern. - Soybean oil: Market speculates on potential policy announcements that could boost export demand. Domestic downstream demand is weak due to rapid price increases. - Rapeseed oil: Influenced by strong external markets, domestic prices maintain an upward trend [1]. Cotton Industry - ICE US cotton maintains a low - level震荡 pattern. Domestic cotton prices are expected to be 震荡 - strong in the short term, supported by high cotton consumption in the downstream and the expected adjustment of planting area in 2026 [2]. Sugar Industry - ICE raw sugar maintains a 震荡 pattern. Brazil's sugar production in late December decreased year - on - year, but the cumulative production increased. Thailand's sugar - crushing season is slow. Domestic sugar prices are weak, but cost and market sentiment provide some support [3]. Jujube Industry - The jujube spot market has weak trading, with prices stabilizing. Some traders offer discounts, and small factories stop production, supporting prices. The futures market is in a low - valuation range, and attention should be paid to pre - Spring Festival trading and inventory [5]. Apple Industry - Driven by pre - holiday demand, market sentiment improves, but the inventory reduction progress is slow. High prices and competition from other fruits may suppress consumption. Attention should be paid to post - holiday inventory [7]. Corn Industry - In the short term, the corn fundamental situation changes little, with support at the bottom and pressure at the top. Prices are stable, and attention should be paid to enterprise stocking and policy [9]. Pig Industry - The spot price of pigs is 震荡 - weak, with increasing supply. The futures price is also weak. The market is expected to remain in a bottom - range 震荡 pattern [11]. Meal Industry - US soybeans have strong support. The domestic spot market is loose, with high inventory. The market is expected to be 震荡 before the festival, and attention should be paid to macro - sentiment [16]. Egg Industry - Egg prices have risen, leading to profitability in egg - chicken farming. Supply is stable, but demand may weaken as pre - holiday stocking nears completion. Attention should be paid to the digestion of high - price eggs [19]. 3. Summary According to Relevant Catalogs Oils and Fats Industry - **Prices**: On January 28, soybean oil, palm oil, and rapeseed oil prices had varying degrees of change. For example, the price of soybean oil in Jiangsu increased by 70 yuan to 8670 yuan, with a growth rate of 0.81% [1]. - **Spreads**: The spreads between different varieties and contracts also changed, such as the soybean - palm oil spread and the inter - monthly spreads of each variety [1]. - **Inventory**: The inventory of palm oil, soybean oil, and rapeseed oil in China showed different trends [1]. Cotton Industry - **Futures Market**: On January 29, the prices of cotton 2605 and 2609 increased, and the ICE US cotton price also rose [2]. - **Spot Market**: The prices of Xinjiang - arrival cotton and CC Index decreased slightly [2]. - **Industrial Situation**: The inventory of some regions decreased, while the industrial inventory and some import - related inventories increased [2]. Sugar Industry - **Futures Market**: The prices of sugar 2605 and 2609 rose slightly, and the ICE raw sugar price also increased [3]. - **Spot Market**: The prices in Nanning and Kunming remained unchanged, and the basis decreased [3]. - **Industrial Situation**: The cumulative production and sales of sugar in the country and Guangxi decreased year - on - year, while the industrial inventory increased [3]. Jujube Industry - **Futures Market**: The prices of jujube 2605, 2607, and 2609 had small changes, and the spreads between contracts also changed [5]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade jujubes had different trends, and the basis changed [5]. - **Inventory**: The number of warehouse receipts and effective forecasts decreased slightly [5]. Apple Industry - **Futures Market**: The prices of apple 2605 and 2610 increased, and the basis decreased [7]. - **Spot Market**: The arrival volume of fruit wholesale markets increased, and the national cold - storage inventory decreased [7]. - **Profit**: The disk profit decreased [7]. Corn Industry - **Futures Market**: The price of corn 2603 decreased, and the basis and spreads also changed [9]. - **Spot Market**: The prices of Jinzhou Port and Shekou Port had different trends, and the import profit increased [9]. - **Inventory**: The inventory of corn starch and corn had different trends, and the number of warehouse receipts increased [9]. Pig Industry - **Futures Market**: The prices of pig 2605 and 2603 had small changes, and the spreads between contracts decreased [11]. - **Spot Market**: The spot prices in different regions decreased, and the slaughter volume and white - strip price increased [11]. Meal Industry - **Prices**: The prices of soybean meal, rapeseed meal, and soybeans in different regions and contracts had different trends [16]. - **Spreads**: The spreads between different varieties and contracts, such as the soybean - rapeseed meal spread and the inter - monthly spreads, changed [16]. - **Inventory**: The inventory of soybeans and soybean meal decreased, but the absolute inventory was still high [16]. Egg Industry - **Futures Market**: The prices of egg 03 and 04 contracts had different trends, and the basis increased [19]. - **Spot Market**: The prices of eggs, egg - chicken seedlings, and culled chickens increased, and the egg - feed ratio also increased [19]. - **Supply and Demand**: Egg production is stable, and demand may weaken as pre - holiday stocking nears completion [19].

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Futures Index Spread - The report presents the latest values, historical quantiles, and changes compared to the previous day of various futures index spreads, including price spreads and cross - period spreads of IF, IH, IC, and IM, as well as cross - variety ratios [1]. 2.2 Treasury Bond Futures Spread - It shows the latest values, changes compared to the previous trading day, and historical quantiles of basis, cross - period spreads, and cross - variety spreads of different treasury bond futures (TS, TF, T, TL) [2]. 2.3 Precious Metals Spot and Futures - The market for precious metals is expected to maintain a strong and volatile trend. For gold, it is recommended to take profit on long positions at high prices and use call options instead of long positions. For silver, although there are factors suppressing and supporting the price, it is suggested to maintain a light - position long - buying strategy on dips. For platinum and palladium, the price center continues to rise, but the upward space may be limited, and a low - buying strategy is recommended [3]. 2.4 Container Shipping Industry Spot and Futures - The settlement price indices of container shipping routes have declined, while the futures prices of container shipping contracts have generally increased. The supply of container shipping capacity has slightly increased, and some foreign trade - related indicators and overseas economic indicators have shown certain changes [4]. 3. Summary by Directory 3.1 Futures Index Spread - **Price Spreads**: The latest values of IF, IH, IC, and IM price spreads are 14.81, 94.30, 20.84, and - 21.99 respectively, with high historical quantiles [1]. - **Cross - period Spreads**: The cross - period spreads of different contracts show various changes and historical quantiles, such as the cross - period spread between the next month and the current month of IF being 5.00, with a historical quantile of 98.30% [1]. - **Cross - variety Ratios**: The cross - variety ratios of different futures varieties also have corresponding latest values, changes, and historical quantiles, like the IC/IF ratio being 0.0101, with a historical quantile of 99.10% [1]. 3.2 Treasury Bond Futures Spread - **Basis**: The basis of TS, TF, T, and TL on January 28, 2026, are 1.3579, 1.1624, 1.0471, and 0.8136 respectively, with different historical quantiles [2]. - **Cross - period Spreads**: The cross - period spreads of different contracts of TF, T, and TL show various values and changes, for example, the cross - period spread between the current quarter and the next quarter of TF is - 0.0450, with a historical quantile of 21.40% [2]. - **Cross - variety Spreads**: The cross - variety spreads between different treasury bond futures, such as TS - TF, TS - T, etc., also have corresponding values and changes [2]. 3.3 Precious Metals Spot and Futures - **Domestic Futures Closing Prices**: On January 28, 2026, the closing prices of AU2604, AG2604, PT2606, and PD2606 contracts are 1186.20, 29219, 694.80, and 504.00 respectively, with different price changes and price change rates [3]. - **Foreign Futures Closing Prices**: The closing prices of COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium on January 28, 2026, are 5411.00, 116.62, 2705.10, and 2095.50 respectively, with corresponding price changes and price change rates [3]. - **Spot Prices**: The spot prices of London gold, London silver, etc., also have price changes and price change rates, for example, the spot price of London gold on January 28, 2026, is 5413.81, with a price change of 233.58 and a price change rate of 4.51% [3]. - **Basis**: The basis of different precious metals shows different values and historical quantiles, such as the basis of gold TD - Shanghai gold main contract being - 2.16, with a historical quantile of 46.10% [3]. - **Ratios**: The ratios of different precious metals, such as COMEX gold/silver, have corresponding values and changes [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, etc., have different values and changes [3]. - **Inventory and Positions**: The inventories and positions of different precious metals, such as the inventory of Shanghai Futures Exchange gold and silver, have corresponding changes [3]. 3.4 Container Shipping Industry Spot and Futures - **Container Shipping Indices**: The settlement price indices of SCFIS (European route) and SCFIS (US West route) on January 26, 2026, are 1859.31 and 1294.32 respectively, with price decreases and price change rates of - 4.86% and - 0.84% respectively [4]. - **Shanghai Export Container Freight Rates**: The SCFI comprehensive index and the freight rates of different routes have declined, for example, the SCFI comprehensive index on January 23, 2026, is 1457.86, with a price decrease of - 116.3 and a price change rate of - 7.39% [4]. - **Futures Prices and Basis**: The futures prices of different container shipping contracts have generally increased, and the basis of the main contract has decreased, for example, the price of EC2604 (main contract) on January 28, 2026, is 1229.0, with a price increase of 35.1 and a price change rate of 2.94%, and the basis of the main contract is 630.3, with a price decrease of - 35.1 and a price change rate of - 5.27% [4]. - **Fundamental Data**: The global container shipping capacity supply has slightly increased, and some foreign trade - related indicators and overseas economic indicators have shown certain changes, such as the port on - time rate in Shanghai increasing by 4.53% [4].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Natural Rubber - The supply is shrinking as northern Thailand and northern - central Vietnam transition to reduced production and suspension of tapping, and overseas raw material prices are likely to rise, strengthening cost support. Demand is weak, with slow domestic sales and high inventory. The price is expected to fluctuate within the range of 15,500 - 16,500 [1]. Polyolefins - Affected by capital rotation and geopolitical tensions, prices are strong. Fundamentally, supply and demand are both decreasing, and inventory is being depleted. PP's supply pressure is relieved due to maintenance, while PE's standard product pressure increases. In the future, attention should be paid to the implementation of marginal device maintenance [2]. LPG - The price is affected by factors such as inventory and upstream - downstream operating rates. The downstream PDH operating rate has decreased significantly, and the market situation needs to be further observed [3]. Urea - The supply is sufficient, and demand is weak. The market is expected to fluctuate and consolidate in the short - term, with the main contract of urea focusing on the range of 1,760 - 1,800 [4]. PVC and Caustic Soda - Caustic soda is expected to be weakly volatile due to high inventory and weak demand. PVC is expected to have a downward adjustment in the market, with the main contract focusing on the range of 4,820 - 5,000 [6]. Glass and Soda Ash - Both glass and soda ash are expected to have a weakly volatile market. Soda ash is affected by inventory and demand, while glass is in a situation of weak supply and demand during the pre - holiday off - season [7]. Styrene and Pure Benzene - Pure benzene's price may be under pressure at high levels due to factors such as increased import expectations. Styrene's supply - demand is expected to weaken, and its price is also expected to be under pressure at high levels [8]. Crude Oil - Short - term geopolitical premiums and supply - side factors support the rise in oil prices. Attention should be paid to changes in geopolitical conflicts in the Middle East [10]. Methanol - The methanol market has weak supply and demand. The inventory in the inland area is being depleted, but high production restricts the rebound space. The port inventory is slightly increasing, and the demand for MTO is weak [14]. Polyester Industry Chain - PX, PTA, and other products are affected by factors such as supply - demand and seasonality. PX and PTA are expected to fluctuate in the short - term and be bullish in the medium - term. Ethylene glycol has a pattern of weak near - term and strong far - term supply - demand [16]. Summary by Related Catalogs Natural Rubber - **Spot Prices and Basis**: The prices of Yunnan state - owned full - latex, Thai standard mixed rubber, etc. have changed to varying degrees, and the basis has also fluctuated [1]. - **Monthly Spreads**: The spreads between different contracts have changed, such as the 9 - 1 spread and 1 - 5 spread [1]. - **Fundamental Data**: Thailand, Indonesia, and other countries' production in November has changed, and indicators such as tire production, export volume, and import volume in December have also changed [1]. - **Inventory Changes**: The inventory of bonded areas and factory warehouses has changed, and the inbound and outbound rates of dry glue in Qingdao have also changed [1]. Polyolefins - **Prices and Spreads**: The closing prices of L2605, PP2605, etc. have decreased, and the spreads between different contracts have also changed [2]. - **Upstream - Downstream Operating Rates and Inventory**: The operating rates of PE and PP devices and downstream industries have changed, and the inventory of enterprises and society has decreased [2]. LPG - **Prices and Spreads**: The prices of PG2603, PG2604, etc. have decreased, and the spreads between different contracts and the basis have changed [3]. - **Inventory and Upstream - Downstream Operating Rates**: LPG refinery storage capacity ratio has increased, port inventory has decreased, and upstream - downstream operating rates have changed [3]. Urea - **Futures Prices and Spreads**: The prices of urea futures contracts have fluctuated, and the spreads between different contracts have changed [4]. - **Supply - Demand and Inventory**: Domestic urea daily and weekly production has increased, inventory has decreased, and demand is weak [4]. PVC and Caustic Soda - **Spot and Futures Prices**: The prices of PVC and caustic soda spot and futures have decreased to varying degrees [6]. - **Overseas Quotes and Export Profits**: The overseas quotes and export profits of PVC and caustic soda have changed [6]. - **Supply and Demand**: The operating rates of the chlor - alkali industry and downstream industries have changed, and inventory has increased [6]. Glass and Soda Ash - **Prices and Spreads**: The prices of glass and soda ash spot and futures have decreased, and the basis has changed [7]. - **Supply and Inventory**: The production and inventory of glass and soda ash have changed, and real - estate data has also changed [7]. Styrene and Pure Benzene - **Upstream Prices and Spreads**: The prices of Brent crude oil, WTI crude oil, etc. have increased, and the spreads between different products have changed [8]. - **Styrene - Related Prices and Spreads**: The prices of styrene spot and futures have decreased, and the spreads and cash flows have changed [8]. - **Inventory and Operating Rates**: The inventory of pure benzene and styrene in Jiangsu ports has increased, and the operating rates of related industries have changed [8]. Crude Oil - **Prices and Spreads**: The prices of Brent, WTI, and SC crude oil have changed, and the spreads between different products and contracts have also changed [10]. - **Refined Oil Prices and Spreads**: The prices of NYM RBOB, NYM ULSD, etc. have increased, and the spreads between different contracts have changed [10]. - **Refined Oil Crack Spreads**: The crack spreads of refined oil in different regions have changed [10]. Methanol - **Prices and Spreads**: The prices of MA2605, MA2609, etc. have decreased, and the spreads and basis have changed [14]. - **Inventory and Upstream - Downstream Operating Rates**: Methanol enterprise and port inventory have changed, and upstream - downstream operating rates have also changed [14]. Polyester Industry Chain - **Upstream Prices**: The prices of Brent crude oil, CFR Japan naphtha, etc. have changed [16]. - **Downstream Polyester Product Prices and Cash Flows**: The prices and cash flows of POY, FDY, etc. have changed [16]. - **PX - Related Prices and Spreads**: The prices and spreads of PX have changed [16]. - **PTA - Related Prices and Spreads**: The prices and spreads of PTA have changed [16]. - **MEG - Related Prices and Spreads**: The prices and spreads of MEG have changed, and inventory and operating rates have also changed [16].

数据来源: Wind、Mysteel、SMM、彭博、广发期货研究所 免患声明・本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。在任何情况下,报告内容仅供参考, 报告中的信息或所表达的意见并不构成所述品神买卖的出价或询价,投资者据此投资,风险自担。 欢迎关注微信公众号 | 【每日精选观点】 | | | | | | --- | --- | --- | --- | --- | | 品种 | | 合约 | | 观点 | | ZN2603 | 锌 | | | 農荡偏強 | | 甲醇 | | MA2605 | | 震荡偏强 | | 铁矿石 | | 12605 | | 偏弱调整 | | 棕榈油 | | P2605 | | 短线偏强 | | 责金 | | AU2604 | | 偏强震荡 | | 【全品种日评】 | | | | | | 品种 | 板块 | 主力合约 | 点评 | 操作建议 | | IF2603 | | IC2603 | | 虽部分主题行业保持强势,但宽基ETF仍大量流 节点,宏观影响不确定性放大。建议做好组合风险 | | 宽基指数维持区间震荡,主题 ...