1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][2][3][4] 2. Core Views 2.1. Index Futures Spread Report - The report provides the historical quantile, current spread, change from the previous day, etc., for various index futures such as IF, IH, IC, and IM, including spot - futures spreads and inter - period spreads, as well as cross - variety ratios [1] 2.2. Treasury Bond Futures Spread Report - It presents the IRR, basis, inter - period spreads, and cross - variety spreads of different types of treasury bond futures (TS, TF, T, TL) along with their changes and historical percentile data [2] 2.3. Precious Metals Spot - Futures Report - The market may focus on the impact of US economic data on Fed policies and geopolitical situations. Precious metals are expected to maintain high volatility in January. Gold long positions above $4300 should be held, silver should be lightly long with profit - locking using options when prices hit new highs, and platinum and palladium should be lightly long on dips in the short - term [3] 2.4. Container Shipping Industry Spot - Futures Report - It shows the spot quotes, container shipping indexes, futures prices, basis, and fundamental data such as shipping capacity supply, foreign trade - related indicators, and overseas economic data of the container shipping industry [4] 3. Summary by Related Catalogs 3.1. Index Futures Spread Report 3.1.1. Spot - Futures Spreads - IF spot - futures spread: The current value is - 12.69, up 3.04 from the previous day, with a 1 - year historical quantile of 62.70% and an all - time historical quantile of 33.70% [1] - IH, IC, and IM also have corresponding spot - futures spread data with their own changes and historical quantiles [1] 3.1.2. Inter - period Spreads - For IF, different inter - period spreads such as next - month - current - month, far - month - current - month, etc., are presented with their values, changes, and historical quantiles [1] - Similar data for IH, IC, and IM are also provided [1] 3.1.3. Cross - variety Ratios - Ratios like CSI 500/CSI 300, CSI 500/SSE 50, etc., are given with their values, changes, and historical quantiles [1] 3.2. Treasury Bond Futures Spread Report 3.2.1. Basis - TS basis: The current value is 0.0200, up 0.0196 from the previous day, with a historical percentile of 13.20% [2] - TF, T, and TL also have their own basis data with changes and historical percentiles [2] 3.2.2. Inter - period Spreads - Different inter - period spreads for TS, TF, T, and TL are provided, including current values, changes from the previous day, and historical percentiles [2] 3.2.3. Cross - variety Spreads - Cross - variety spreads such as TS - TF, TS - T, etc., are presented with their values, changes, and historical percentiles [2] 3.3. Precious Metals Spot - Futures Report 3.3.1. Futures Closing Prices - Domestic futures: AU2602 contract closed at 1004.98 yuan/g on January 6, up 1.00% from the previous day; AG2602 contract closed at 19452 yuan/kg, up 6.60% [3] - Foreign futures: COMEX gold closed at $4505.70, up 1.03%; COMEX silver closed at $81.22, up 6.16% [3] 3.3.2. Spot Prices - London gold was at $4495.14, up 1.09%; London silver was at $81.17, up 6.05% [3] - Shanghai Gold Exchange's products also have their own spot price data and changes [3] 3.3.3. Basis - Gold TD - Shanghai gold main contract basis was - 3.06, down - 0.69 from the previous day, with a 1 - year historical quantile of 48.50% [3] - Similar data for silver, London gold - COMEX gold, etc., are also provided [3] 3.3.4. Ratios - Ratios like COMEX gold/silver, SHFE gold/silver, etc., are given with their values and changes [3] 3.3.5. Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.18%, up 0.2%; 2 - year US Treasury yield was 3.47%, up 0.3% [3] - Dollar index was 98.60, up 0.28%; on - shore RMB exchange rate was 6.9808, down - 0.03% [3] 3.3.6. Inventory and Positions - SHFE gold inventory remained unchanged at 97704; SHFE silver inventory was 581436 kg, down - 13.16% [3] - Other inventory and position data for COMEX and ETFs are also presented [3] 3.4. Container Shipping Industry Spot - Futures Report 3.4.1. Spot Quotes - MAERSK's Shanghai - Europe 6 - week future freight rate was $2440/FEU on October 31, down - 0.20% from the previous day [4] - Quotes from other shipping companies like CMA, MSC, etc., are also provided [4] 3.4.2. Container Shipping Indexes - SCFIS (European route) settlement price index was 1312.71, up 15.11% from October 20; SCFIS (US West route) was 1107.32, up 28.24% [4] - Shanghai Export Container Freight Index and its sub - indexes also have their own data and changes [4] 3.4.3. Futures Prices and Basis - EC2602 futures price was 1872.7, up 0.93% from January 5; the basis of the main contract (EC2512) was - 220.5, down - 16.30% [4] 3.4.4. Fundamental Data - Global container shipping capacity supply remained unchanged at 3331.69 FITEU on October 31 [4] - Shanghai port on - time rate was 42.77%, up 133.59% from August; port calls decreased by - 9.59% [4] - Monthly export amount was $3285.65 billion, up 2.15% from August [4] - Overseas economic data such as Eurozone PMI, EU consumer confidence index, etc., are also provided [4]

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Urea - On January 6, urea futures closed higher, and the spot market rose slightly. The overall trading atmosphere improved, but the short - term high - supply situation was difficult to change, and the downstream demand was mainly for rigid needs. The urea price was expected to fluctuate strongly in the short term, and attention should be paid to the resumption rhythm of subsequent devices and the progress of downstream industrial and agricultural demand [1]. PVC and Caustic Soda - Caustic soda futures fluctuated strongly on Tuesday, and the spot market was relatively stable. The supply - demand pattern of the caustic soda market was expected to be stable and weak, and attention should be paid to the procurement volume of the main downstream and the price fluctuation of liquid chlorine. PVC prices rose rapidly on January 6, but the supply - demand contradiction increased, and the price was expected to fluctuate weakly [2]. Pure Benzene and Styrene - The overall supply of domestic petroleum benzene was stable, but the port inventory was high. The overall supply - demand pattern of pure benzene was weak, and the price was expected to fluctuate at a low level. The short - term supply - demand of styrene was in a tight balance, but the rebound space was limited [3]. Natural Rubber - The supply of natural rubber faced increased pressure from overseas production areas, but the cost support strengthened. The downstream replenishment was cautious, and the inventory in Qingdao increased significantly. The rubber price was driven up by market sentiment, and attention should be paid to the raw material situation in Thailand [4]. Crude Oil - On Tuesday, oil prices rose first and then fell. The short - term price of Brent crude oil was expected to fluctuate between $60 - 65 per barrel, and attention should be paid to geopolitical conflicts [6][7]. Glass and Soda Ash - Soda ash prices rebounded, but the supply - demand situation was still under pressure, and the price rebound space was limited. Glass prices rebounded at night, but the demand was expected to weaken, and attention should be paid to the inventory digestion of the middle - stream [9]. LPG - LPG prices rose, and the inventory decreased slightly. The short - term market was affected by factors such as geopolitical conflicts and inventory changes [11]. Methanol - Methanol prices continued to rise. The inland market was in a situation of weak supply and demand, while the port inventory was expected to enter the destocking cycle in the first quarter, and the market was expected to maintain a strong - fluctuating pattern [13][15]. Polyester Industry Chain - The supply of PX and PTA was expected to be high in January, but the demand was weak. The prices of PX and PTA were expected to fluctuate and adjust before the Spring Festival. The supply - demand of MEG was expected to accumulate inventory, and the price was under pressure. The supply - demand of short - fiber and bottle - chip was weak, and the prices were expected to follow the raw materials [18]. Summaries by Related Catalogs Urea - **Futures Prices**: On January 6, the 01 contract was 1694 yuan/ton, up 12 yuan; the 05 contract was 1768 yuan/ton, up 0.57%; the 09 contract was 1730 yuan/ton, up 0.87%; the main contract was 2293 yuan/ton [1]. - **Futures Contract Spreads**: The spread between the 01 and 05 contracts was - 84 yuan/ton, up 2 yuan; the spread between the 05 and 09 contracts was 33 yuan/ton, down 2 yuan; the spread between the 09 and 01 contracts was 48 yuan/ton, up 6.25% [1]. - **Main Positions**: The long positions of the top 20 decreased by 0.25%, and the short positions of the top 20 decreased by 0.36% [1]. - **Upstream Raw Materials**: The prices of most upstream raw materials were stable, and the price of synthetic ammonia in Shandong increased by 0.61% [1]. - **Spot Market**: The prices of small - particle urea in most regions rose slightly, and the FOB prices in China and the US Gulf were stable [1]. - **Supply - Demand**: The daily production of urea increased to 204,000 tons, the weekly production decreased by 0.49%, the plant - level inventory decreased by 4.65%, and the port inventory decreased by 0.50% [1]. PVC and Caustic Soda - **PVC Prices and Spreads**: On January 6, the market price of PVC in East China increased, the prices of futures contracts V2601 and V2605 rose by 3.3%, and the basis and spreads changed [2]. - **Caustic Soda Overseas Quotes and Export Profits**: The overseas quotes of caustic soda decreased, and the export profit decreased [2]. - **Supply - Demand and Inventory**: The operating rate of the caustic soda industry was stable, the demand of downstream industries was weak, and the inventory of caustic soda and PVC changed [2]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: The prices of Brent crude oil and WTI crude oil decreased, the price of CFR China pure benzene increased by 0.3%, and the spreads between pure benzene and related products changed [3]. - **Styrene - Related Prices and Spreads**: The price of styrene in East China increased by 0.7%, and the spreads and basis of styrene futures changed [3]. - **Inventory and Operating Rates**: The inventory of pure benzene in Jiangsu ports increased by 6.0%, and the inventory of styrene in Jiangsu ports decreased by 4.7%. The operating rates of some industries in the pure benzene and styrene industry chain changed [3]. Natural Rubber - **Spot Prices and Basis**: On January 6, the price of Yunnan state - owned whole - latex increased by 0.64%, and the basis and spreads changed [4]. - **Production and Operating Rates**: In November, the production of natural rubber in Thailand, Indonesia, etc. changed, and the operating rates of tire - related industries changed [4]. - **Inventory Changes**: The bonded - area inventory of natural rubber increased by 4.48%, and the inventory in Qingdao showed different changes in inbound and outbound rates [4]. Crude Oil - **Crude Oil Prices and Spreads**: On January 6, the price of Brent crude oil decreased by 1.72%, the price of WTI crude oil decreased by 2.04%, and the spreads between different crude oil varieties and contracts changed [6][7]. - **Refined Oil Prices and Spreads**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil decreased, and the spreads between different refined oil contracts changed [6][7]. Glass and Soda Ash - **Glass Prices and Spreads**: The prices of glass in different regions were stable, and the prices of glass futures contracts changed slightly [9]. - **Soda Ash Prices and Spreads**: The prices of soda ash in different regions were stable, and the prices of soda ash futures contracts increased [9]. - **Supply and Inventory**: The operating rate and weekly production of soda ash decreased, the inventory of soda ash increased significantly, and the demand of downstream industries decreased [9]. LPG - **LPG Prices and Spreads**: On January 6, the prices of LPG futures contracts increased, and the spreads and basis changed [11]. - **LPG Inventory and Operating Rates**: The LPG refinery storage - capacity ratio increased slightly, the port inventory decreased by 8.41%, and the operating rates of upstream and downstream industries changed [11]. Methanol - **Methanol Prices and Spreads**: The prices of methanol futures contracts increased, and the spreads and basis changed [13]. - **Methanol Inventory and Operating Rates**: The inventory of methanol enterprises and ports increased, and the operating rates of upstream and downstream industries changed [13][14][15]. Polyester Industry Chain - **Upstream Prices**: The prices of Brent crude oil and WTI crude oil decreased slightly, and the prices of PX - related products increased [18]. - **Downstream Polyester Product Prices and Cash Flows**: The prices of polyester products such as POY, FDY, etc. changed slightly, and the cash flows and processing fees of polyester products changed [18]. - **Inventory and Operating Rates**: The inventory of MEG ports decreased slightly, and the operating rates of different industries in the polyester industry chain changed [18].

Group 1: Overall Information - The reports cover multiple industries including oils and fats, cotton, sugar, jujube, apple, corn, pig, meal, and egg, providing daily updates on futures and spot market prices, as well as industry analysis and outlooks [1][2][3] Group 2: Oils and Fats Industry Investment Rating - Not provided Core View - Palm oil: Malaysian BMD crude palm oil futures maintain a narrow - range oscillation. There are concerns about potential inventory increases. In China, Dalian palm oil futures also show a narrow - range fluctuation around 8,500 yuan [1]. - Soybean oil: CBOT soybean oil is in a narrow - range adjustment. Brazilian soybean harvest forecasts may drag down the market. In China, although the Spring Festival stocking may reduce factory inventories, the possibility of large - scale long - position operations by funds is low [1]. - Rapeseed oil: The continuous shutdown of COFCO's rapeseed production line limits the available supply, supporting the rapeseed oil futures market. The market is focused on whether it can break through the 9,200 - yuan resistance level [1]. Market Data Summary - **Soybean oil**: On January 6, the spot price in Jiangsu was 8,460 yuan (up 0.59% from the previous day), the futures price of Y2605 was 7,912 yuan (up 0.71%), and the basis of Y2605 was 548 yuan (down 1.08%) [1]. - **Palm oil**: The spot price in Guangdong was 8,570 yuan (up 0.94%), the futures price of P2605 was 8,500 yuan (up 0.14%), and the basis of P2605 was 70 yuan (up 3400.00%) [1]. - **Rapeseed oil**: The spot price in Jiangsu was 9,900 yuan (down 1.49%), the futures price of O1605 was 9,130 yuan (up 0.95%), and the basis of O1605 was 770 yuan (down 23.46%) [1]. Group 3: Cotton Industry Investment Rating - Not provided Core View - ICE cotton futures rose. The US cotton market is expected to be affected by planting area reduction, temperature rise, and precipitation decrease. In China, processing enterprises are holding prices, and the core drivers are the strong expectation of reduced planting in Xinjiang and downstream restocking. However, due to the low cost of foreign cotton and weak demand, cotton prices are expected to maintain a slightly - strong oscillation in the short term [2]. Market Data Summary - **Futures market**: On January 6, the price of cotton 2605 was 14,855 yuan/ton (up 1.36%), and the price of cotton 2609 was 15,040 yuan/ton (up 1.31%) [2]. - **Spot market**: The Xinjiang arrival price of 3128B was 15,487 yuan (up 0.29%), and the CC Index of 3128B was 15,711 yuan (up 0.61%) [2]. - **Industry situation**: The import volume increased by 33.3%, the inventory of the textile industry decreased by 500.0% year - on - year, and the cotton outbound shipping volume increased by 22.6% [2]. Group 4: Sugar Industry Investment Rating - Not provided Core View - ICE raw sugar futures rose slightly. The focus has shifted to the northern hemisphere's sugarcane production. In India, the sugar production in the 2025/26 season has increased by nearly 25% compared to the same period last year. In China, the spot market is dull, but the Spring Festival stocking demand and the positive atmosphere of bulk commodities support the price. However, due to the peak of the sugar - making season, the price is expected to maintain a low - level oscillation [3]. Market Data Summary - **Futures market**: On January 6, the price of white sugar 2605 was 5,259 yuan/ton (up 0.04%), and the price of white sugar 2609 was 5,275 yuan/ton (up 0.11%) [3]. - **Spot market**: The price in Nanning was 5,340 yuan (up 0.19%), and the price in Kunming was 5,200 yuan (unchanged) [3]. - **Industry situation**: The national cumulative sugar production decreased by 23.24%, and the cumulative sugar sales decreased by 42.53% [3]. Group 5: Jujube Industry Investment Rating - Not provided Core View - The acquisition in Xinjiang's jujube - producing areas has ended. Downstream demand is based on needs, and the number of buyers has increased, but the transaction has not improved significantly. After the futures rebound, the generation of new - season warehouse receipts is gradually increasing. In the short term, the fundamentals have no obvious drivers, and the futures price will oscillate and consolidate [6]. Market Data Summary - On January 6, the price of jujube 2605 was 8,975 yuan/ton (up 0.22%), and the price of jujube 2607 was 9,045 yuan/ton (down 0.06%) [6]. Group 6: Apple Industry Investment Rating - Not provided Core View - With the approaching of the Spring Festival stocking season, the trading atmosphere in the apple market has warmed up, but the high price may suppress consumption. The inventory pressure of ordinary apples is large. In the futures market, the short - term delivery logic dominates, the capital sentiment is strong, the futures price is stronger than the spot price, and the basis is weakening, while the delivery profit is gradually recovering [7]. Market Data Summary - On January 6, the price of apple 2605 was 9,614 yuan/ton (up 0.70%), and the price of apple 2610 was 8,531 yuan/ton (up 0.96%) [7]. Group 7: Corn Industry Investment Rating - Not provided Core View - In the corn market, there is still reluctance to sell in the Northeast and North China, and the price is relatively stable. Before the Spring Festival, there is a selling pressure expectation. On the demand side, the low inventory in the northern ports supports the price, but the acceptance of high - price corn by deep - processing and feed enterprises is limited. Policy - wise, the directional auction of imported corn and the start of competitive sales supplement the market supply. In the short term, the price will oscillate under the game of multiple factors [9]. Market Data Summary - On January 6, the price of corn 2603 was 2,222 yuan/ton (down 0.09%), and the price of corn starch 2603 was 2,501 yuan/ton (down 0.32%) [9]. Group 8: Pig Industry Investment Rating - Not provided Core View - The spot price of pigs has returned to an oscillating pattern. After New Year's Day, the market demand has declined. Although the northern supply has decreased, the southern demand has dropped significantly, suppressing the price. In December, the utilization rate of secondary - fattening pens increased, but it is expected that these pigs will be slaughtered in mid - to - late January. The overall supply in January is relatively loose. The futures market is affected by capital sentiment and is short - term bullish, but the upside is limited [12]. Market Data Summary - On January 6, the price of the main pig 2605 contract was 12,255 yuan/ton (up 1.20%), and the price of the pig 2603 contract was 11,810 yuan/ton (up 1.29%) [12]. Group 9: Meal Industry Investment Rating - Not provided Core View - US soybeans rebounded technically, but the global supply - demand pattern and South American harvest expectations continue to suppress the market. The domestic spot market remains loose. The cost of the 05 contract is under pressure, but the downside of soybean meal is limited. In the short term, it is expected to oscillate slightly stronger [15]. Market Data Summary - On January 6, the price of Jiangsu soybean meal was 3,100 yuan (unchanged), the price of M2605 was 2,776 yuan (up 0.80%), and the basis of M2605 was 324 yuan (down 6.36%) [15]. Group 10: Egg Industry Investment Rating - Not provided Core View - Based on the previous chicken - chick sales volume, the number of laying hens in January is expected to decrease, and the supply pressure will be relieved. The market is shipping smoothly, and with the approaching of the peak season, the downstream is stocking slightly, and the market sentiment is bullish. However, considering the relatively loose supply, the main contract is expected to maintain a low - level oscillation [18]. Market Data Summary - On January 6, the price of the egg 03 contract was 2,992 yuan/500KG (up 0.27%), and the price of the egg 04 contract was 3,250 yuan/500KG (down 0.03%) [18].

1. Report Industry Investment Rating - No information provided in the content. 2. Report Core Views Copper - The medium - to long - term fundamentals of copper are still good, with capital expenditure constraints on the supply side supporting a gradual upward shift in the bottom center. However, in the short term, the sharp rise in prices has significantly suppressed real terminal demand, and the current copper price is overvalued to some extent. But in a macro - environment with high speculative sentiment and risk appetite, the short - term price may remain strong. The volatility of Shanghai copper options remains high, and short - term price fluctuations may intensify, with the main focus on the 99,000 - 100,000 support level [2]. Zinc - Affected by the Venezuela event, the zinc price continued to be strong. Domestic zinc concentrate production is in a reduction season, and the supply of domestic zinc ore is tight. The import window for zinc ore has opened, which may relieve the short - term supply pressure. The supply pressure of refined zinc has eased, and downstream demand has shown good performance. In the future, the price will be supported by tight domestic zinc ore and low zinc ingot inventory, and pressured by the expected supply of imported ore. The short - term price will fluctuate strongly in a warm macro - atmosphere, and attention should be paid to import profit and loss, TC inflection points, and refined zinc inventory changes [6]. Nickel - Due to the resonance of supply - side contraction expectations and geopolitical risks, the nickel price rose sharply. The spot of Jinchuan nickel resources is still tight, and the spot premium remains high. The price of nickel iron has a stronger bottom support, but the terminal demand is weak. Overall, the short - term disk is expected to remain strong, with the main contract expected to run in the 142,000 - 152,000 range [8]. Stainless Steel - The stainless - steel disk was affected by raw - material disturbances and rose. The spot resources are generally tight, and the market sentiment is boosted by the expected tightening of the nickel ore market. The supply - side pressure has eased slightly, but the demand in the off - season is still insufficient. The short - term disk is expected to remain strong, with the main contract expected to run in the 13,500 - 14,200 range [9]. Tin - The tin price rose strongly. On the supply side, the resumption of tin mines in Myanmar is expected to accelerate, and the export of tin ingots from Indonesia has basically completed the annual target. The safety situation in Congo (Kinshasa) may affect tin production. On the demand side, the tin - soldering enterprises in South China show certain resilience, while those in East China are more restricted. The short - term price is mainly affected by macro factors [13]. Lithium Carbonate - The lithium - carbonate disk continued to rise rapidly. The market's expectation of supply disturbances has been strengthened, and the supply is expected to increase slightly. Downstream demand maintains a certain resilience, but the orders in the power market have declined. The short - term disk is expected to be strong, and attention should be paid to liquidity risks and regulatory possibilities [16]. Aluminum Alloy - The casting aluminum alloy price followed the aluminum price and continued to reach new highs, but the spot - market trading was light. The cost is the main driving factor, and the market is in a tight - balance state with both supply and demand weak. The ADC12 price is expected to continue to fluctuate in a high - level range in the short term, with the main contract reference range of 22,600 - 23,600 yuan/ton [18]. Aluminum - The aluminum oxide disk fluctuated widely, and the spot trading was light at the end of the year. The policy has stimulated the supply - side contraction expectation, but the supply - demand fundamentals have not changed. The aluminum oxide price is expected to fluctuate widely around the industry's cash - cost line and may follow the aluminum price to rise emotionally in the future. The aluminum price is expected to maintain a high - level wide - range shock in the short term, with the main contract of Shanghai aluminum expected to run in the 23,800 - 24,800 yuan/ton range [21]. Industrial Silicon - The industrial - silicon price was affected by the news of the organic - silicon monomer factory meeting. The 1 - month industrial silicon is expected to maintain a pattern of weak supply and demand. The demand may decline, and the export may increase. The price is expected to oscillate at a low level, with the main price fluctuation range of 8,000 - 9,000 yuan/ton [22]. Polysilicon - The spot price of polysilicon is firm, and the futures price rose and then fell. The upstream hopes to drive the price increase of the entire industry chain by holding up the price, but the downstream demand is weak. In January, the demand has no bright spots, and the price may rise while the volume falls. The polysilicon price will remain in a high - level shock, and attention should be paid to the production - reduction efforts or price - decline pressure [24]. 3. Summary According to Related Catalogs Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 3.07% to 103,665 yuan/ton, and the price of SMM Guangdong 1 electrolytic copper increased by 3.58% to 103,815 yuan/ton. The premium and discount of various copper types and related indicators such as refined - scrap spread, LME 0 - 3, and import profit and loss have changed to varying degrees [2]. - **Fundamental Data**: In December, the electrolytic copper production was 117.81 million tons, a month - on - month increase of 6.80%. In November, the electrolytic copper import volume was 27.11 million tons, a month - on - month decrease of 3.90%. The inventory of various types has also changed [2]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot increased by 1.54% to 23,970 yuan/ton, and the premium and discount and other indicators have changed [6]. - **Fundamental Data**: In December, the refined zinc production was 55.21 million tons, a month - on - month decrease of 7.24%. In November, the refined zinc import volume was 1.82 million tons, a month - on - month decrease of 3.22%, and the export volume increased significantly. The operating rates of related industries and inventory levels have also changed [6]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel increased by 3.84% to 143,450 yuan/ton, and the premium and discount of various nickel products and other indicators have changed [8]. - **Fundamental Data**: In December, China's refined nickel production was 33,342 tons, a month - on - month decrease of 9.38%. In November, the refined nickel import volume was 12,671 tons, a month - on - month increase of 30.08%. The inventory of various types has also changed [8]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) increased by 0.76% to 13,300 yuan/ton, and the prices of raw materials and month - to - month spreads have changed [9]. - **Fundamental Data**: In December, the production of 300 - series stainless - steel crude steel in China was 178.70 million tons, a month - on - month decrease of 0.72%. The import and export volumes of stainless steel have also changed, and the social inventory of 300 - series stainless steel has decreased slightly [9]. Tin - **Price and Basis**: The price of SMM 1 tin increased by 2.85% to 341,050 yuan/ton, and the premium and discount, import profit and loss, and month - to - month spreads have changed [13]. - **Fundamental Data**: In November, the tin ore import volume was 15,099 tons, a month - on - month increase of 29.81%. In December, the SMM refined tin production was 15,950 tons, a month - on - month decrease of 0.06%. The inventory of various types has decreased to varying degrees [13]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased by 6.69% to 127,500 yuan/ton, and the prices of related lithium products and spreads have changed [16]. - **Fundamental Data**: In December, the lithium carbonate production was 99,200 tons, a month - on - month increase of 4.04%. The demand decreased by 2.50%, and the inventory of various types has decreased [16]. Aluminum Alloy - **Price and Basis**: The price of SMM aluminum alloy ADC12 increased by 1.73% to 23,500 yuan/ton, and the price differences between refined and scrap aluminum and month - to - month spreads have changed [18]. - **Fundamental Data**: In November, the production of recycled aluminum alloy ingots was 68.20 million tons, a month - on - month increase of 5.74%. The operating rates of related industries and inventory levels have also changed [18]. Aluminum - **Price and Basis**: The price of SMM A00 aluminum increased by 2.57% to 23,910 yuan/ton, and the prices of alumina and related indicators such as import profit and loss and month - to - month spreads have changed [21]. - **Fundamental Data**: In December, the alumina production was 751.96 million tons, a month - on - month increase of 1.08%. The production of domestic and overseas electrolytic aluminum increased, and the inventory of various types has changed [21]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9,250 yuan/ton, and the month - to - month spreads have changed significantly [22]. - **Fundamental Data**: The national industrial silicon production was 39.71 million tons, a month - on - month decrease of 1.15%. The production and operating rates in different regions and the production of related downstream products have changed, and the inventory has increased slightly [22]. Polysilicon - **Price and Basis**: The average price of N - type re -投料 increased by 0.47% to 53,500 yuan/kg, and the futures price and month - to - month spreads have changed [24]. - **Fundamental Data**: The weekly and monthly production of polysilicon and silicon wafers, import and export volumes, and inventory levels have all changed [24].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The log futures fluctuated yesterday, with the main contract LG2603 closing at 772.5 yuan per cubic meter. The spot prices of the main benchmark delivery products remained unchanged. The 01 contract continued to be deeply discounted for delivery, and the buyer's willingness to take delivery was still poor. The current log futures price fluctuates little. With low inventory and expected reduction in later shipments, the inventory pressure is small. However, the demand remains weak, limiting the upside potential. Overall, the contradictions are insufficient, and the upward and downward driving forces are limited. It is expected that the futures price will mainly fluctuate within a range [2][3]. Group 3: Summary of Relevant Catalogs Futures and Spot Prices - The price of log2601 on January 5 was 753.5, up 16.5 (2.24%) from December 31. The price of log2603 was 772.5, down 3.5 (-0.45%). The price of log2605 was 785.0, down 1.5 (-0.19%). The 01 - 03 spread increased by 20.0, and the 01 - 05 spread increased by 18.0. The 03 contract basis increased by 3.5 [2]. - The spot prices of most radiation pine and spruce in ports such as Rizhao and Taicang remained unchanged, except for the Rizhao Port spruce 11.8, which decreased by 20 (-1.69%) [2]. - The CFR price of 4 - meter medium - grade A radiation pine decreased by 2 (-1.79%), and the CFR price of 11.8 - meter spruce remained unchanged [2]. Cost: Import Cost Calculation - The RMB - US dollar exchange rate on January 5 was 6.976, with a 0% change from January 4. The import theoretical cost (calculated at a 15% over - size) was 755.73 yuan, down 12.83 (-2%) from January 4 [2]. Supply: Monthly - The port shipping volume in the 48th week was 191.4 million cubic meters, up 2.2 (1.16%) from the 47th week. The number of new ships in the 49th week was 52.0, up 3.0 (6.12%) [2]. Inventory: Main Port Inventory (Weekly) - As of December 26, the total domestic coniferous log inventory was 254 million cubic meters, down 6 million cubic meters (-2.31%) from the previous week. In Shandong, it was 185.20, up 3.9 (2.15%); in Jiangsu, it was 52.10, down 9.4 (-15.30%) [2][3]. Demand: Daily Average Out - bound Volume (Weekly) - As of December 26, the daily average out - bound volume of logs was 5.83 million cubic meters, down 0.49 million cubic meters (-8%) from the previous week. In Shandong, it was 2.79, down 0.55 (-16%); in Jiangsu, it was 2.52, down 0.08 (-3%) [2][3]. Forecast of Arrival of New Zealand Coniferous Logs at 13 Chinese Ports - From December 29, 2025, to January 4, 2026, it is expected that 15 ships of New Zealand coniferous logs will arrive, an increase of 6 ships (67% week - on - week) compared with the previous week. The total arrival volume is 51.05 million cubic meters, an increase of 20.45 million cubic meters (66.8% week - on - week) [3].

Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core Views - In the coming month, precious metals are expected to maintain high volatility. It is recommended to focus on volatility, and gold bulls should allocate on dips [1]. - In the high - volatility market, silver investors should keep a light - long position and use options to lock in profits in a timely manner [1]. - With the strong external market performance, the price center of platinum will gradually rise, and a low - long approach is recommended. Palladium's fundamentals are relatively weaker and its trend will mainly follow [1]. Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 995.00 yuan/g on January 5, up 10.16 yuan or 1.03% from December 30 [1]. - AG2602 contract closed at 18,247 yuan/10g on January 5, up 107 yuan or 0.59% from December 30 [1]. - PT2606 contract closed at 583.95 yuan/g on January 5, up 56.70 yuan or 10.75% from December 30 [1]. - PD2606 contract closed at 452.85 yuan/g on January 5, up 27.65 yuan or 6.50% from December 30 [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at 4459.70 on January 5, up 117.80 or 2.71% from January 2 [1]. - COMEX silver主力 contract closed at 76.51 on January 5, up 4.25 or 5.87% from January 2 [1]. - NYMEX platinum主力 contract closed at 2288.00 dollars/ounce on January 5, up 126.20 or 5.84% from January 2 [1]. - NYMEX palladium主力 contract closed at 1772.50 on January 5, up 77.00 or 4.54% from January 2 [1]. Spot Prices - London gold was at 4446.89 on January 5, up 114.38 or 2.64% from the previous day [1]. - London silver was at 76.53 on January 5, up 3.71 or 5.09% from the previous day [1]. - Spot platinum was at 2271.22 dollars/ounce on January 5, up 139.22 or 6.53% from the previous day [1]. - Spot palladium was at 1700.00 on January 5, up 59.00 or 3.60% from the previous day [1]. - Shanghai Gold Exchange's gold T+D was at 992.63 yuan/g on January 5, up 10.43 yuan or 1.06% from the previous day [1]. - Shanghai Gold Exchange's silver T+D was at 18319 yuan/kg on January 5, up 200 yuan or 1.10% from the previous day [1]. - Shanghai Gold Exchange's platinum 9995 was at 574 yuan/g on January 5, up 9 yuan or 1.51% from the previous day [1]. Basis - Gold TD - Shanghai gold主力: The current value is - 2.37, up 0.27 from the previous day, and the 1 - year historical quantile is 63.00% [1]. - Silver TD - Shanghai silver主力: The current value is 72, up 93 from the previous day, and the 1 - year historical quantile is 98.30% [1]. - London gold - COMEX gold: The current value is - 12.81, down 3.42 from the previous day, and the 1 - year historical quantile is 63.40% [1]. - London silver - COMEX silver: The current value is 0.02, down 0.53 from the previous day, and the 1 - year historical quantile is 80.40% [1]. Price Ratios - COMEX gold/silver: The current value is 58.29, down 1.79 or - 2.99% from the previous day [1]. - SHFE gold/silver: The current value is 54.53, up 0.24 or 0.44% from the previous day [1]. - NYMEX platinum/palladium: The current value is 1.29, up 0.02 or 1.24% from the previous day [1]. - GZFE platinum/palladium: The current value is 1.29, up 0.05 or 3.99% from the previous day [1]. Yields and Exchange Rates - 10 - year US Treasury yield: The current value is 4.17%, down 0.02 percentage points or - 0.5% from the previous day [1]. - 2 - year US Treasury yield: The current value is 3.46%, down 0.01 percentage points or - 0.3% from the previous day [1]. - 10 - year TIPS Treasury yield: The current value is 1.91%, down 0.03 percentage points or - 1.5% from the previous day [1]. - US dollar index: The current value is 98.33, down 0.13 or - 0.13% from the previous day [1]. - On - shore RMB exchange rate: The current value is 6.9829, up 0.0130 or 0.19% from the previous day [1]. Inventory and Positions - SHFE gold inventory: The current value is 97,704, unchanged from the previous day [1]. - SHFE silver inventory: The current value is 669,547 (10g), down 86,207 or - 11.41% from the previous day [1]. - COMEX gold inventory: The current value is 36,403,452, up 482 or 0.00% from the previous day [1]. - COMEX silver inventory: The current value is 449,521,788, down 251,580 or - 0.06% from the previous day [1]. - COMEX gold registered warehouse receipts: The current value is 19,361,515 ounces, unchanged from the previous day [1]. - COMEX silver registered warehouse receipts: The current value is 127,264,198, down 571,065 or - 0.45% from the previous day [1]. - SPRD gold ETF position: The current value is 1065, unchanged from the previous day [1]. - SLV silver ETF position: The current value is 16,354, down 90.54 or - 0.55% from the previous day [1].

2026年1月6日 | 折算价:72硅铁合格块:内蒙-天津仓单 | 0.25% | 56.90% | 硅铁 (SF603) | 5624 | 14 | 5638 | 46 | 0.78% | 5874 | 折算价:6517硅锰:内蒙-湖北仓单 | 5920 | 硅锰(SM603) | 35.00% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 186 | 5.99% | 3290 | 69.90% | HRB40020mm: 上海 | 螺纹钢 (RB2605) | 3104 | Q235B: 4.75mm: 上海 | 2 | 0.06% | 3250 | 3248 | 19.60% | 热卷 (HC2605) | | | | | | 74 | 871 | 797 | 9.24% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12605) | 56.90% | 3.23% | 53 | 1 ...

Report Industry Investment Ratings - Not provided in the given content Core Views - The A-share index has rebounded continuously, with significant inflows into broad-based ETFs recently. The RMB exchange rate has risen significantly, and core assets are expected to rise. It is recommended to continue holding bull spread portfolios and build covered call portfolios on dips [3]. - The current ample liquidity supports the bond market, but supply concerns are constraining the performance of long-term bonds. It is expected that market consensus behavior may amplify volatility, and the stabilization or recovery of long-term bonds may not occur until the supply structure of government bonds becomes clearer. Unilateral strategies suggest waiting and seeing, while cash-and-carry and curve strategies recommend focusing on positive spreads and steepening the yield curve, respectively [3]. - In January, precious metals are expected to maintain high volatility due to uncertainties such as the impact of US economic data on Fed policy and geopolitical tensions in South America. It is recommended to pay attention to long volatility strategies [3]. Summary by Directory Financial Stock Index Futures - A-share index has rebounded continuously, with significant inflows into broad-based ETFs recently. The RMB exchange rate has risen significantly, and core assets are expected to rise. It is recommended to continue holding bull spread portfolios and build covered call portfolios on dips [3]. Bond Futures - Supply concerns and the strengthening of equities are pressuring bond futures. It is expected that market consensus behavior may amplify volatility, and the stabilization or recovery of long-term bonds may not occur until the supply structure of government bonds becomes clearer. Unilateral strategies suggest waiting and seeing, while cash-and-carry and curve strategies recommend focusing on positive spreads and steepening the yield curve, respectively [3]. Precious Metals - In January, precious metals are expected to maintain high volatility due to uncertainties such as the impact of US economic data on Fed policy and geopolitical tensions in South America. It is recommended to pay attention to long volatility strategies [3]. Commodities Base Metals - Aluminum prices are expected to be volatile and strong, and it is recommended to wait for pullbacks to enter long positions. Copper prices have risen sharply, and it is recommended to hold long positions with caution. Zinc prices are rising, and it is recommended to hold long positions and continue holding cross-market arbitrage positions [3]. Ferrous Metals - Steel prices are expected to remain range-bound, with recommended trading ranges for rebar and hot-rolled coils. Iron ore prices are supported by steel mill restocking expectations, and short-term range trading is recommended. Coking coal and coke prices are expected to be weak, and short positions are recommended [3]. Energy and Chemicals - PX and PTA are expected to be weak in the short term and are recommended to be bought at low levels in the medium term. Short fiber is expected to follow raw material prices, and it is recommended to short the processing margin on rallies. Ethylene glycol is expected to be under pressure in January, and it is recommended to sell out-of-the-money call options and conduct reverse calendar spreads [3]. Agricultural Products - Sugar prices are expected to be weak on rebounds, and it is recommended to pay attention to resistance levels. Cotton prices are expected to be volatile and strong, and it is recommended to pay attention to downstream restocking. Apple prices are expected to be strong, and it is recommended to hold long positions with put option protection [3].

Report Industry Investment Rating - Not provided in the given documents Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Presents detailed data on the latest values, changes from the previous day, historical 1 - year and all - time quantiles of various stock index futures spreads and cross - variety ratios, including IF, IH, IC, and IM [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - Provides data on the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL interest rate futures, along with their changes and percentiles since listing [2] 3. **Precious Metals Spot - Futures Daily Report** - Future market may focus on the impact of US economic data on Fed policy and geopolitical situation in South America. Precious metals are expected to maintain high volatility in January. Suggestions include long - position gold allocation on dips, light long - position silver trading with option hedging, and long - position platinum trading due to its strong external market performance [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - Shows the increase in settlement price indices and Shanghai export container freight rates. Futures prices of container shipping indices have also risen, and there are changes in fundamental data such as supply, port indicators, and overseas economic indicators [7][8] Summary of Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Spread Data**: Includes IF, IH, IC, and IM futures' spot - futures spreads, cross - period spreads, and cross - variety ratios, with specific values, changes, and quantiles [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - **Basis Data**: TS, TF, T, and TL futures' basis values, changes, and percentiles since listing [2] - **Cross - Period Spread Data**: Cross - period spreads of different contracts and their changes and percentiles [2] - **Cross - Variety Spread Data**: Cross - variety spreads among different interest rate futures and their changes and percentiles [2] 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Price**: Domestic and foreign precious metals futures closing prices, price changes, and percentage changes [3] - **Spot Price**: Spot prices of various precious metals, price changes, and percentage changes [3] - **Basis**: Basis values of different precious metals, price changes, and 1 - year quantiles [3] - **Ratio**: Ratios of different precious metals, price changes, and percentage changes [3] - **Interest Rate and Exchange Rate**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate, along with their changes and percentage changes [3] - **Inventory and Position**: Inventory and position data of precious metals, changes, and percentage changes [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - **Settlement Price Index**: SCFIS for European and US West routes, with price changes and percentage changes [7] - **Shanghai Export Container Freight Rate**: SCFI comprehensive index, European, US West, and US East routes, with price changes and percentage changes [7] - **Futures Price and Basis**: Futures prices of different container shipping index contracts, price changes, percentage changes, and basis value changes of the main contract [7] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port indicators (quasi - arrival rate, berthing situation), monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI, OECD leading indicators), with their changes and percentage changes [7] - **Spot Quotation**: Spot freight rates of Shanghai - Europe routes for different shipping companies, price changes, and percentage changes [8]

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core View of the Report - The report presents a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM. It shows the changes in total positions and the significant changes in the top 20 seats for each type of futures on January 5, 2026 [1][4][9][15][22]. 3. Summary by Relevant Catalogs 3.1 Overall Summary of Stock Index Futures - For IF, the total position increased significantly, and the top 20 seats had mixed changes in positions [1][4]. - For IH, the total position increased slightly, and the top 20 seats mainly increased their positions [1][9]. - For IC, the total position increased substantially, and Guojun increased both long and short positions by over 3000 lots [1][15]. - For IM, the total position increased substantially, and Guojun increased both long and short positions by over 3000 lots [1][22]. 3.2 IF Details - **Total Position and Main Contract Position Changes**: On January 5, the total position of the IF variety increased by 8201 lots, and the position of the main contract 2603 increased by 6857 lots [4]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 47834 lots. Guotai Junan Futures had the largest increase in long positions, adding 2475 lots, while Haitong Futures had the largest decrease, reducing 1035 lots [4]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 39606 lots. Guotou Futures had the largest increase in short positions, adding 2597 lots, while Haitong Futures had the largest decrease, reducing 589 lots [6]. 3.3 IH Details - **Total Position and Main Contract Position Changes**: On January 5, the total position of the IH variety increased by 3543 lots, and the position of the main contract 2603 increased by 2964 lots [9]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, CITIC Futures ranked first with a total position of 11372 lots. Guotai Junan Futures had the largest increase in long positions, adding 800 lots, while Everbright Futures had the largest decrease, reducing 530 lots [10]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 13441 lots. GF Futures had the largest increase in short positions, adding 802 lots, while CITIC Construction Investment Futures had the largest decrease, reducing 302 lots [11]. 3.4 IC Details - **Total Position and Main Contract Position Changes**: On January 5, the total position of the IC variety increased by 22660 lots, and the position of the main contract 2603 increased by 15069 lots [15]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 49617 lots. Guotai Junan Futures had the largest increase in long positions, adding 4113 lots, while Galaxy Futures had the largest decrease, reducing 276 lots [16]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 49962 lots. Guotai Junan Futures had the largest increase in short positions, adding 3370 lots, while Shenyin Wanguo Futures had the largest decrease, reducing 41 lots [18]. 3.5 IM Details - **Total Position and Main Contract Position Changes**: On January 5, the total position of the IM variety increased by 13346 lots, and the position of the main contract 2603 increased by 8761 lots [22]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 57895 lots. Guotai Junan Futures had the largest increase in long positions, adding 3330 lots, while Yide Futures had the largest decrease, reducing 2237 lots [23]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 75339 lots. Guotai Junan Futures had the largest increase in short positions, adding 3370 lots, while China Merchants Futures had the largest decrease, reducing 281 lots [25].