1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views Copper - In the short - term, after the copper price rapidly rose to a historical high, the CL premium did not widen further. If the CL premium reverses, COMEX copper inventory may flow back to non - US regions, alleviating the supply pressure in non - US regions. In the long - term, the price bottom center is expected to gradually rise due to capital expenditure constraints on the supply side. Currently, the real terminal demand is weak, and the copper price may gradually return to fundamental pricing. Attention should be paid to the changes in CL premium and LME inventory, with the main support level at 97500 - 98500 [2]. Zinc - The zinc price rebounded after the center of gravity moved down. The shortage of zinc ore at the mine end supports the price, but the import window of zinc ore is opening, which may relieve the short - term supply pressure. The supply pressure of refined zinc has been alleviated due to the reduction in production by smelters. The demand is suppressed by the high zinc price, and the global visible inventory has slightly decreased. The zinc price is expected to fluctuate in the short - term, and attention should be paid to the changes in zinc ore TC and refined zinc inventory, with the main support at around 23800 [5]. Tin - In the short - term, the tin price is greatly affected by market sentiment, and it is recommended to participate cautiously. In the long - term, the supply side is gradually recovering, but considering the low elasticity of the supply side and the long - term impact of the AI arms race, a low - buying strategy is advisable [8]. Industrial Silicon - The spot price of industrial silicon is stable, and the futures price fluctuates strongly. The supply and demand in January both weakened slightly, and are expected to decline significantly in February. If the production of industrial silicon drops significantly, it will be beneficial for the price to rise. It is expected that the price will fluctuate in the range of 8200 - 9200 yuan/ton, and attention should be paid to the changes in demand - side production [9]. Polysilicon - The spot average price of polysilicon has decreased, and the futures price has rebounded. The silicon wafer price has continued to decline slightly. The demand expectation has improved due to the stimulation of export demand, but the polysilicon and silicon wafer prices are under pressure due to high inventory. It is expected that the monthly average production of polysilicon will drop to about 80,000 tons in the first quarter. The price may be supported at 48,000 yuan/ton, and downstream enterprises can consider hedging according to order situations [10]. Aluminum - The alumina price is expected to fluctuate widely around the industry cash cost line, and the main contract reference range is 2600 - 2900 yuan/ton. The aluminum market shows a high - level volatile pattern. The price is expected to maintain a high - level wide - range fluctuation in the short - term, with the main contract reference range of 23000 - 24500 yuan/ton. Attention should be paid to the actual inventory accumulation speed, downstream consumption resilience, overseas monetary policy, and geopolitical events [11]. Nickel - The nickel price is mainly affected by macro and Indonesian nickel ore quota disturbances in the short - term. The support from news has been mostly digested, and the further driving force is limited. It is expected that the price will fluctuate widely, with the main reference range of 138000 - 148000 [12]. Aluminum Alloy - The aluminum alloy price is expected to continue the high - level volatile pattern in the short - term, with the main contract reference range of 22000 - 23500 yuan/ton. Attention should be paid to the changes in raw material prices, the actual inflow of imported goods, and the pre - Spring Festival inventory - building efforts [13]. Stainless Steel - The stainless steel price is expected to be strongly volatile in the short - term, with the main reference range of 14200 - 15000. Attention should be paid to the news from the ore end and the downstream inventory - building situation [15]. Lithium Carbonate - The lithium carbonate futures price is expected to be strongly volatile in the short - term. The supply is expected to decline, and the downstream demand maintains a certain resilience. Attention should be paid to the actual adjustment of material factory production schedules. Short - term chasing of the rising price should be cautious due to high valuation and liquidity risks [16]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper was at 100070 yuan/ton, up 0.01% from the previous day; the SMM 1 electrolytic copper premium was - 170 yuan/ton. The refined - scrap price difference was 2723 yuan/ton, down 8.37% [2]. - **Fundamental Data**: In December, the electrolytic copper production was 117.81 million tons, up 6.80% month - on - month; the import volume was 26.02 million tons, down 4.02% month - on - month. The domestic mainstream port copper concentrate inventory was 69.04 million tons, up 7.81% week - on - week [2]. Zinc - **Price and Basis**: SMM 0 zinc ingot was at 24310 yuan/ton, up 0.41% from the previous day; the premium was 0. The import profit and loss was - 1874 yuan/ton [5]. - **Fundamental Data**: In December, the refined zinc production was 55.21 million tons, down 7.24% month - on - month; the import volume was 0.88 million tons, down 51.94% month - on - month; the export volume was 2.73 million tons, down 36.32% month - on - month. The galvanizing start - up rate was 55.63%, up 2.15% week - on - week [5]. Tin - **Price and Basis**: SMM 1 tin was at 403250 yuan/ton, up 1.90% from the previous day; the SMM 1 tin premium was 0, down 100.00% from the previous day. The import profit and loss was - 7675.70 yuan/ton [8]. - **Fundamental Data**: In December, the tin ore import volume was 17637 tons, up 16.81% from the previous month; the SMM refined tin production was 15950 tons, down 0.06% from the previous month; the refined tin export volume was 2763 tons, up 41.84% from the previous month [8]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - passing SI5530 industrial silicon was 9250 yuan/ton, unchanged from the previous day. The main contract price was 8852 yuan/ton, up 0.51% from the previous day [9]. - **Fundamental Data**: In January, the national industrial silicon production was 39.71 million tons, down 1.15% from the previous month; the Xinjiang industrial silicon production was 25.29 million tons, up 6.46% from the previous month. The social inventory was 55.60 million tons, up 0.18% week - on - week [9]. Polysilicon - **Price and Basis**: The average price of N - type re -投料 was 54000 yuan/kg, down 0.92% from the previous day; the main contract price was 50515 yuan/ton, up 1.64% from the previous day [10]. - **Fundamental Data**: In December, the polysilicon production was 11.55 million tons, up 0.79% from the previous month; the import volume was 0.19 million tons, up 77.50% from the previous month; the export volume was 0.17 million tons, down 48.29% from the previous month [10]. Aluminum - **Price and Basis**: SMM A00 aluminum was at 23740 yuan/ton, up 0.13% from the previous day; the SMM A00 aluminum premium was - 150 yuan/ton. The electrolytic aluminum import profit and loss was - 2056 yuan/ton [11]. - **Fundamental Data**: In December, the alumina production was 751.96 million tons, up 1.08% month - on - month; the domestic electrolytic aluminum production was 378.10 million tons, up 3.97% month - on - month; the overseas electrolytic aluminum production was 258.81 million tons, up 3.56% month - on - month [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel was at 145750 yuan/ton, up 0.59% from the previous day; the 1 Jinchuan nickel premium was 8750 yuan/ton, down 2.78% from the previous day. The futures import profit and loss was 229 yuan/ton [12]. - **Fundamental Data**: In December, the Chinese refined nickel production was 31400 tons, up 26.10% from the previous month; the refined nickel import volume was 23394 tons, up 84.63% from the previous month. The SHFE inventory was 48180 tons, up 3.28% week - on - week [12]. Aluminum Alloy - **Price and Basis**: SMM aluminum alloy ADC12 was at 23850 yuan/ton, unchanged from the previous day. The Foshan crushed primary aluminum refined - scrap price difference was 2539 yuan/ton, up 1.20% from the previous day [13]. - **Fundamental Data**: In December, the recycled aluminum alloy ingot production was 64.00 million tons, down 6.16% from the previous month; the primary aluminum alloy ingot production was 30.41 million tons, up 0.46% from the previous month. The recycled aluminum alloy start - up rate was 56.19%, down 5.90% week - on - week [13]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) was 14600 yuan/ton, up 0.69% from the previous day; the futures - spot price difference was 120 yuan/ton, up 340.00% from the previous day [15]. - **Fundamental Data**: In December, the Chinese 300 - series stainless steel crude steel production (43 companies) was 176.32 million tons, up 0.92% from the previous month; the Indonesian 300 - series stainless steel crude steel production (Qinglong) was 42.35 million tons, up 0.36% from the previous month. The 300 - series social inventory (Wuxi + Foshan) was 45.39 million tons, up 0.71% week - on - week [15]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate average price was 164500 yuan/ton, up 3.79% from the previous day; the SMM industrial - grade lithium carbonate average price was 161000 yuan/ton, up 3.87% from the previous day. The spot - futures basis (SMM battery - grade lithium carbonate as the benchmark) was - 4280 yuan/ton, up 48.06% from the previous day [16]. - **Fundamental Data**: In December, the lithium carbonate production was 99200 tons, up 4.04% from the previous month; the battery - grade lithium carbonate production was 74110 tons, up 5.42% from the previous month; the industrial - grade lithium carbonate production was 25090 tons, up 0.16% from the previous month. The lithium carbonate total inventory was 56664 tons, down 12.23% from the previous month [16].

Report on Stock Index Futures Spread Core Information - **Date**: January 23, 2026 - **Analysis of Spread Data**: - **Futures - Spot Spread**: F期现价差 latest value is -4.31, H期现价差 is 8.07, IC期现价差 is 12.41, IM期现价差 is -16.75 [1] - **Inter - Delivery Spread**: For example, 次月 - 当月 spread in different contracts has various values and historical percentile rankings, like -2.60 with a 1 - year percentile of 87.70% and all - time percentile of 54.20% in some cases [1] - **Cross - Variety Ratio**: IC/IF is 1.7799, IC/IH is 2.7440, IF/IH is 1.5417, etc., with corresponding historical percentile rankings [1] Report on Treasury Bond Futures Spread Core Information - **Date**: January 23, 2026 - **Analysis of Spread Data**: - **Basis Spread**: TS基差 is 1.4233, TF基差 is 1.4873, T基差 is 1.6004, TL基差 is 2.0488, with changes compared to the previous day and historical percentile rankings [2] - **Inter - Delivery Spread**: Different contracts' 当季 - 下季, 下季 - 隔季 spreads have specific values and historical percentile rankings, e.g., TS跨期价差 当季 - 下季 is -0.0420 with a 17.50% historical percentile [2] - **Cross - Variety Spread**: TS - TF is -3.4270, TS - T is -5.7420, TF - T is -2.3150, etc., with changes and historical percentile rankings [2] Report on Precious Metals Futures - Spot Core Information - **Date**: January 23, 2026 - **Price and Spread Analysis**: - **Domestic Futures Closing Price**: AU2604合约 closed at 1087.58 yuan/g, AG2604合约 at 23339 yuan/ten grams, etc., with price changes and percentage changes [4] - **Foreign Futures Closing Price**: COMEX黄金主力合约 closed at 4938.40, COMEX白银主力合约 at 96.22, etc., with price changes and percentage changes [4] - **Spot Price**: London gold is 4938.35, London silver is 96.20, etc., with price changes and percentage changes [4] - **Basis Spread**: Gold TD - 沪金主力 is -3.66, Silver TD - 沪银主力 is -10794, etc., with changes and historical percentile rankings [4] - **Ratio**: COMEX金/银 is 51.33, 上期所金/银 is 46.60, etc., with price changes and percentage changes [4] - **Interest Rate and Exchange Rate**: 10 - year US Treasury yield is 4.26%, 2 - year US Treasury yield is 3.61%, etc., with changes and percentage changes [4] - **Inventory and Position**: 上期所黄金库存 is 102009 kg, 上期所白银库存 is 589052, etc., with changes and percentage changes [4]

Report Industry Investment Rating - No relevant information available Core View of the Report - The report provides a daily tracking and analysis of the positions of four stock index futures (IF, IH, IC, IM), including the overall position changes and the important changes in the top 20 seats [1] Summary by Related Catalogs IF (CSI 300) - **Overall Position and Main Contract Position Changes**: On January 22, the total position of the IF variety increased by 2,744 lots, and the position of the main contract 2603 increased by 895 lots [4] - **Top 20 Long Seats Position Changes**: Guotai Junan Futures ranked first among the top 20 long seats, with a total position of 46,356 lots. Guotou Futures had the largest increase in long positions, with an intraday increase of 1,701 lots; Galaxy Futures had the largest decrease in long positions, with an intraday decrease of 795 lots [5] - **Top 20 Short Seats Position Changes**: CITIC Futures ranked first among the top 20 short seats, with a total position of 40,476 lots. Guotou Futures had the largest increase in short positions, with an intraday increase of 793 lots; Huatai Futures had the largest decrease in short positions, with an intraday decrease of 647 lots [7] IH (SSE 50) - **Overall Position and Main Contract Position Changes**: On January 22, the total position of the IH variety increased by 1,408 lots, and the position of the main contract 2603 increased by 520 lots [10] - **Top 20 Long Seats Position Changes**: Guotai Junan Futures ranked first among the top 20 long seats, with a total position of 11,323 lots. Everbright Futures had the largest increase in long positions, with an intraday increase of 434 lots; Galaxy Futures had the largest decrease in long positions, with an intraday decrease of 645 lots [11] - **Top 20 Short Seats Position Changes**: CITIC Futures ranked first among the top 20 short seats, with a total position of 14,094 lots. GF Futures had the largest increase in short positions, with an intraday increase of 643 lots; Guotai Junan Futures had the largest decrease in short positions, with an intraday decrease of 571 lots [12] IC (CSI 500) - **Overall Position and Main Contract Position Changes**: On January 22, the total position of the IC variety decreased by 432 lots, and the position of the main contract 2603 decreased by 1,824 lots [16] - **Top 20 Long Seats Position Changes**: Guotai Junan Futures ranked first among the top 20 long seats, with a total position of 49,404 lots. CITIC Futures had the largest increase in long positions, with an intraday increase of 1,949 lots; Huatai Futures had the largest decrease in long positions, with an intraday decrease of 1,964 lots [17] - **Top 20 Short Seats Position Changes**: CITIC Futures ranked first among the top 20 short seats, with a total position of 53,838 lots. CITIC Futures had the largest increase in short positions, with an intraday increase of 842 lots; Guoxin Futures had the largest decrease in short positions, with an intraday decrease of 912 lots [19] IM (CSI 1000) - **Overall Position and Main Contract Position Changes**: On January 22, the total position of the IM variety decreased by 9,411 lots, and the position of the main contract 2603 decreased by 5,555 lots [22] - **Top 20 Long Seats Position Changes**: Guotai Junan Futures ranked first among the top 20 long seats, with a total position of 54,123 lots. GF Futures had the largest increase in long positions, with an intraday increase of 248 lots; Guotai Junan Futures had the largest decrease in long positions, with an intraday decrease of 2,368 lots [23] - **Top 20 Short Seats Position Changes**: CITIC Futures ranked first among the top 20 short seats, with a total position of 72,781 lots. Galaxy Futures had the largest increase in short positions, with an intraday increase of 379 lots; Guotai Junan Futures had the largest decrease in short positions, with an intraday decrease of 2,746 lots [24]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the given reports. 2. Core Views of the Reports Steel Industry - Steel prices showed little fluctuation, with the night - session prices of rebar and hot - rolled coil closing at 3,124 yuan and 3,288 yuan respectively. The iron - water production is expected to decline slightly this week, rebar production will increase, and hot - rolled coil production will decrease. The industry is in a situation of both weak supply and demand. Rebar demand has a significant seasonal decline, while hot - rolled coil demand has a relatively small decline. Recent cost reduction may lead to a downward shift in the steel price center. Consider taking profits on long positions of the steel - ore ratio when the price is high and continue to hold long positions of the hot - rolled coil to rebar spread. The reference range for the May contract of rebar is 3,050 - 3,250 yuan, and for hot - rolled coil is 3,200 - 3,350 yuan [1]. Iron Ore Industry - The main iron - ore contract oscillated, with weak price rebound. Support factors for iron ore are reversing. Iron - water复产 falls short of expectations, the negotiation deadlock may change, and steel - mill restocking is gradually being realized. The supply side shows a decline in the global shipment volume of iron ore, and the shipment center has dropped. The demand side indicates that iron - water production remains flat this week, and the port clearance volume has started to decline seasonally, suppressing the pre - holiday iron - water复产 height. Steel - mill profitability has dropped significantly, and the subsequent iron - water复产 space is restricted. Port inventory continues to accumulate, and steel - mill inventory is increasing at a slower pace. Iron ore is facing a situation of both weak supply and demand, and its price is under pressure. It is advisable to short at around 800 [3]. Coke and Coking Coal Industry - Coke futures oscillated, and the spot market is currently stable. After the price adjustment, coke production is affected by coking coal, and coking profit is under pressure, with a slight decline in production. Steel mills are gradually resuming production after the New Year's Day, iron - water production has slightly increased, and steel prices have rebounded at a low level. Overall inventory has slightly increased, and coke supply - demand has improved. Some coke enterprises are starting to resist price cuts and initiate price increases, but the post - holiday market will be loose again, with a bearish view on single - side trading in the range of 1,600 - 1,800 yuan. Coking coal futures oscillated at a low level. The spot auction price in Shanxi mostly increased, and Mongolian coal prices followed the futures down. The supply side is in the复产 stage, and the demand side is at a low level. With downstream restocking, overall inventory has slightly increased. The post - holiday market supply - demand is expected to be loose, with a bearish view on single - side trading in the range of 1,000 - 1,200 yuan [5]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon futures oscillated strongly. The supply side shows a slight decline in production, but the absolute value is still at a relatively low level in the same period of history. The demand side indicates that iron - water复产 may fall short of expectations, and non - steel demand has weakened. The inventory is still at a high level but is declining month - on - month. The cost side shows that alloy manufacturers are starting to replenish manganese ore, which supports the manganese ore price. The short - term supply - demand contradiction of ferrosilicon is limited, and the price is expected to fluctuate widely in the range of 5,300 - 5,800 yuan. Ferromanganese futures oscillated. The supply side shows a slight decline in production, and the demand side also shows weakness. The high inventory still exerts pressure on the price, and the price is expected to fall, with a reference range of 5,800 - 6,000 yuan [6]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed little change, while futures prices had slight increases or decreases. The spreads between different contracts also changed slightly [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of Jiangsu electric - furnace rebar was stable, while the cost of Jiangsu converter rebar decreased by 2 yuan/ton. The profits of rebar and hot - rolled coil in different regions showed different degrees of decline [1]. Production - The daily average iron - water production decreased slightly, the production of five major steel products increased slightly, rebar production increased by 4.9%, and hot - rolled coil production decreased by 1.0% [1]. Inventory - The inventory of five major steel products increased by 0.8%, rebar inventory increased by 3.2%, and hot - rolled coil inventory decreased by 1.3% [1]. Transaction and Demand - The building material transaction volume decreased by 6.3%, the apparent demand for five major steel products decreased by 2.0%, the apparent demand for rebar decreased by 2.5%, and the apparent demand for hot - rolled coil decreased by 1.3% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of different iron - ore varieties increased slightly, and the basis of the 05 contract for different varieties decreased slightly. The 5 - 9 spread decreased by 2.9%, and the 1 - 5 spread increased by 6.3% [3]. Spot Prices and Price Indexes - The spot prices of different iron - ore varieties at Rizhao Port increased slightly, and the Singapore Exchange 62% Fe swap price decreased by 0.4% [3]. Supply - The arrival volume at 45 ports decreased by 8.9%, the global shipment volume decreased by 7.9%, and the national monthly import volume increased by 8.2% [3]. Demand - The daily average iron - water production of 247 steel mills decreased by 0.6%, the daily average port clearance volume at 45 ports decreased by 1.0%, the national monthly pig - iron production decreased by 2.6%, and the national monthly crude - steel production decreased by 2.4% [3]. Inventory Changes - The inventory at 45 ports increased by 1.7%, the imported iron - ore inventory of 247 steel mills increased by 3.0%, and the inventory - available days of 64 steel mills increased by 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of coke in different regions and contracts showed little change or slight increases or decreases. The coking profit decreased by 16 [5]. Upstream Coking Coal Prices and Spreads - The prices of coking coal in different regions remained unchanged [5]. Supply - The daily average production of all - sample coking plants decreased by 0.2%, and the daily average production of 247 steel mills increased by 0.4% [5]. Demand - The iron - water production of 247 steel mills increased by 0.0% [5]. Inventory Changes - The total coke inventory increased by 2.1%, the coke inventory of all - sample coking plants decreased by 0.4%, the coke inventory of 247 steel mills increased by 1.7%, and the port inventory increased by 4.2% [5]. Coking Coal - Related Prices and Spreads - The prices of coking coal in different regions and contracts showed little change or slight increases. The sample coal - mine profit increased by 3.84 [5]. Overseas Coal Prices - The Australian Peak Downs coking coal CIF price increased by 0.8%, and the Jingtang Port Australian prime coking coal ex - warehouse price increased by 3.9% [5]. Supply - The raw - coal production decreased by 0.3%, and the clean - coal production decreased by 0.1% [5]. Demand - The coke production of all - sample coking plants decreased by 0.2%, and the coke production of 247 steel mills increased by 0.4% [5]. Inventory Changes - The clean - coal inventory of Fenwei coal mines decreased by 2.6%, the coking - coal inventory of all - sample coking plants increased by 4.04%, the coking - coal inventory of 247 steel mills increased by 0.1%, and the port inventory decreased by 3.24% [5]. Ferrosilicon and Ferromanganese Industry Ferrosilicon Spot Prices and Spreads - The ferrosilicon main - contract closing price increased by 1.04%, and the spot prices in different regions showed different degrees of change. The spreads between different regions and the main contract also changed [6]. Ferromanganese Spot Prices and Spreads - The ferromanganese main - contract closing price increased by 0.54%, and the spot prices in different regions remained unchanged [6]. Cost and Profit - The prices of manganese ore in different origins showed little change or slight decreases. The production cost in Inner Mongolia decreased by 0.0%, and the production profit in Inner Mongolia increased by 4.4% [6]. Manganese Ore Supply - The manganese ore shipment volume increased by 35.6%, the arrival volume increased by 38.84%, and the port clearance volume decreased by 2.7% [6]. Supply - The ferrosilicon production decreased by 0.34%, and the ferromanganese weekly production increased by 0.34% [6]. Demand - The ferrosilicon demand increased by 1.2%, the ferromanganese demand increased by 0.94%, the daily average iron - water production of 247 steel mills remained unchanged, the blast - furnace operating rate decreased by 0.6%, and the production of five major steel products increased by 0.04% [6]. Inventory Changes - The ferrosilicon inventory of 60 sample enterprises increased by 5.44%, and the inventory of 63 sample enterprises remained unchanged [6].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On January 22, 2026, due to the strengthening of butadiene, the cost support for BR was strong, driving a strong rebound of BR. As of the time of publication, the main contract of synthetic rubber futures, BR2603, rose by more than 4% [1] - In the short - term, BR cost is strongly supported, but the operating rate and inventory of BR are both high, and butadiene is expected to have seasonal inventory accumulation in February. Therefore, in the short - term, BR2603 may test the previous resistance level of 12,500 again. It is not recommended to short BR, and those who previously held long positions in BR2603 can choose to reduce positions and take profits around 12,500 [10] 3. Summary by Relevant Catalog Cost - side Driving Factors - **Short - term**: The current supply - demand situation of butadiene is good. Affected by the previous maintenance of devices, the domestic butadiene operating rate declined in January until late January when domestic devices gradually restarted. The downstream operating rate is relatively high. The latest inventory at the East China port of butadiene this week is about 34,500 tons, a significant decrease of 10,100 tons from last week. Due to tight domestic supply - demand and the expected decline in net imports, the price of butadiene is likely to rise and difficult to fall. The production profit of BR has changed from profit to loss, indicating strong cost support for BR [3] - **Medium - term**: There will be no new butadiene devices put into production in the first half of the year, but there is an expectation of new devices being put into production in the downstream industry in the second quarter. There will be a mismatch between production and supply - demand in the butadiene industry chain, and the second quarter is the traditional maintenance season for Northeast Asian ethylene, so the supply - demand of butadiene will be tight in the second quarter [3] Demand - side Driving Factors - The EU will not implement temporary anti - dumping measures, reducing the export pressure on Chinese tires. The overall orders of tire enterprises in January improved compared with last month. The cancellation of the planned anti - dumping tax on Chinese - made PCR by the EU on January 21, 2026 is beneficial to the export of domestic semi - steel tire enterprises. The orders for semi - steel tire exports to the EU improved significantly compared with last month. Coupled with the pre - "Spring Festival" stocking period at home and abroad, the overall orders are relatively sufficient, which supports the production scheduling of tire enterprises in January [8] Market Outlook - **Cost side**: The high inventory of butadiene at ports in the short - term has been alleviated, with weak import and strong export expectations. The price of butadiene is likely to rise and difficult to fall. In February, due to the Spring Festival holiday, the downstream operating rate will decline, and many domestic butadiene devices restarted in late January. It is expected that butadiene will enter a seasonal inventory accumulation period, suppressing the upward space of butadiene prices [10] - **Supply side**: As butadiene strengthens, the production of BR has changed from profit to loss. However, since the futures market is stronger than the spot market, the supply is expected to decline slowly, and the inventory of BR will remain at a high level in the short term [10] - **Demand side**: The orders of tire enterprises were sufficient in January, and it is expected that Chinese tires will still rush to export to the EU from January to March. BR is still much cheaper than natural rubber, maintaining high cost - effectiveness. Therefore, the demand for BR is expected to improve in the first quarter [10]

Group 1: Report Investment Ratings - No investment ratings for the industry are provided in the report [2] Group 2: Core Views - The A-share market is expected to enter a volatile trend after a continuous upward movement followed by a decline, with trading volume shrinking and market sentiment cooling. For the bond market, the short - term capital is relatively loose, and the long - end of the bond futures is strengthening, but there are still some resistance levels. The precious metals market is supported by macro - geopolitical events and shows a relatively strong trend. The steel market is in a situation of weak supply and demand, and the prices are oscillating. Other commodity markets also have different trends based on their own supply - demand fundamentals and market factors [2] Group 3: Summaries by Categories Financial Products - **Stock Index Futures**: A - shares have different trends such as a decline after a rally and a weak rebound. It is recommended to control portfolio risks, take profits on some profitable contracts, reduce long positions, and wait for re - entry opportunities [2] - **Bond Futures**: The capital is stable and loose, and the long - end of bond futures is strengthening. It is advisable to temporarily watch on the unilateral strategy and not chase the high. For the spot - futures strategy, pay attention to the positive spreads of TS, T, and TF contracts and the strategy of widening the basis [2] - **Precious Metals**: Gold can be bought at dips above the 20 - day moving average and sell out - of - the - money call options to lock in risks. Silver is in a high - level oscillation, and it is advisable to participate cautiously. Platinum can be bought at dips when it touches the 20 - day moving average, and an option straddle strategy can be used within a certain price range [2] Industrial Products - **Steel and Iron**: Steel has weak supply and demand, with steel prices oscillating. Iron ore supply is in the off - season and ports are accumulating inventory. For coking coal and coke, the market has over - anticipated, and they are expected to be in a downward - biased oscillation. For silicon - related products, the supply - demand situation is improving, and they are in a wide - range oscillation [2] - **Non - ferrous Metals**: Copper prices are oscillating and inventories are accumulating. Aluminum products are affected by macro factors, and there are different trading strategies for different varieties. Zinc prices are oscillating and falling back, and tin is in a wide - range oscillation. Nickel is in an oscillating adjustment, and stainless steel is in a relatively strong oscillation [2] - **New Energy**: Industrial silicon futures are oscillating, polycrystalline silicon is in a weak - biased oscillation, and lithium carbonate is in a strong - biased operation [2] Energy and Chemical Products - Most products have different trends based on their supply - demand fundamentals. For example, PX is in a short - term high - level oscillation, PTA is oscillating and following raw materials, and some products such as short - fiber and bottle - chip are also affected by supply - demand and raw material factors. Some products like ethylene glycol and pure benzene have specific trading strategies based on their inventory and supply - demand situations [2] Agricultural Products - Different agricultural products have different trends. For example, soybean meal has strong bottom support, palm oil may try to break through the annual resistance level, and products like sugar are in a weak - biased oscillation, while cotton needs to pay attention to the support level [2]

1. Report's Industry Investment Rating - Not available in the provided content 2. Core View of the Report - The report presents the daily price difference data of various commodities on January 22, 2026, including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products. It provides information on spot prices, futures prices, basis, basis rates, and historical quantiles for each commodity [1] 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5628, futures price is 72, basis is 5556, basis rate is 7716.67%, and historical quantile is 64.50% [1] - **Silicon Manganese (SM603)**: Spot price is 5950, futures price is 164, basis is 5786, basis rate is 3528.05%, and historical quantile is 57.10% [1] - **Rebar (RB2605)**: Spot price is 3270, futures price is 3117, basis is 153, basis rate is 4.91%, and historical quantile is 63.40% [1] - **Hot - Rolled Coil (HC2605)**: Spot price is 3286, futures price is 12.30% of an unknown value (incomplete data), basis and other data are incomplete [1] - **Iron Ore (I2605)**: Spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1713, futures price is not clearly presented, basis is 842, basis rate is 7.35%, and historical quantile is 45.90% [1] - **Coke (J2605)**: Spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1684, futures price is not clearly presented, basis is 29, basis rate is 1.73%, and historical quantile is 78.86% [1] - **Coking Coal (JM2605)**: Spot price of S1.3 G75 main coking coal at Shaheyi is 1156, futures price is 1129, basis is 27, basis rate is 2.39%, and historical quantile is 35.00% [1] Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 100060, futures price is 101280, basis is - 1220, basis rate is - 1.20%, and historical quantile is 1.90% [1] - **Aluminum (AL2603)**: Spot price is 23710, futures price is 24155, basis is - 445, basis rate is - 1.84%, and historical quantile is 0.60% [1] - **Alumina (AO2605)**: Spot price is 2672, futures price is 2634, basis is 38, basis rate is 1.44%, and historical quantile is 22.20% [1] - **Zinc (ZN2603)**: Spot price is 24140, futures price is 24350, basis is - 210, basis rate is - 0.86%, and historical quantile is 12.50% [1] - **Tin (SN2602)**: Spot price is 395750, futures price is 418420, basis is - 22670, basis rate is - 5.42%, and historical quantile is 0.20% [1] - **Nickel (NI2603)**: Spot price is 143060, futures price is 140550, basis is 2510, basis rate is 1.79%, and historical quantile is 1.00% [1] - **Stainless Steel (225603)**: Spot price is 14720, futures price is 14670, basis is 50, basis rate is 0.34%, and historical quantile is 6.20% [1] - **Lithium Carbonate (LC2605)**: Spot price is 158500, futures price is 166740, basis is - 8240, basis rate is - 4.94%, and historical quantile is 3.30% [1] - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8780, basis is 470, basis rate is 5.35%, and historical quantile is 28.52% [1] Precious Metals - **Gold (AU2604)**: Spot price is 1085.9, futures price is 1092.3, basis is - 6.4, basis rate is - 0.60%, and historical quantile is 0.70% [1] - **Silver (AG2604)**: Spot price is 23131.0, futures price is 23228.0, basis is - 97.0, basis rate is - 0.42%, and historical quantile is 98.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 335.0, futures price is 3060, basis is - 2725.0, basis rate is - 81.34%, and historical quantile is 73.60% [1] - **Soybean Oil (Y2605)**: Spot price is 8500, futures price is 8044.0, basis is 456.0, basis rate is 5.67%, and historical quantile is 79.60% [1] - **Palm Oil (P2605)**: Spot price is 8832.0, futures price is 8780, basis is 52.0, basis rate is 0.59%, and historical quantile is 11.20% [1] - **Rapeseed Meal (RM605)**: Spot price is 2410, futures price is 2228.0, basis is 182.0, basis rate is 8.17%, and historical quantile is 81.70% [1] - **Rapeseed Oil (Oleos)**: Spot price is 9770, futures price is 8947.0, basis is 823.0, basis rate is 9.64%, and historical quantile is 3.15% [1] - **Corn (C2603)**: Spot price is 2355, futures price is 2283.0, basis is 72.0, basis rate is 3.15%, and historical quantile is 71.40% [1] - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2551.0, basis is 79.0, basis rate is 3.10%, and historical quantile is 35.00% [1] - **Live Pigs (H2603)**: Spot price is 13100, futures price is 11470.0, basis is 1630.0, basis rate is 14.21%, and historical quantile is 87.60% [1] - **Eggs (JD2603)**: Spot price is 3510, futures price is 3035.0, basis is 475.0, basis rate is 15.65%, and historical quantile is 74.10% [1] - **Cotton (CF605)**: Spot price is 15550, futures price is 14535.0, basis is 1015.0, basis rate is 6.98%, and historical quantile is 58.20% [1] - **Sugar (SR605)**: Spot price is 5144.0, futures price is 5350, basis is - 206.0, basis rate is - 3.85%, and historical quantile is 34.40% [1] - **Apples (AP605)**: Spot price is 9400, futures price is 9418.0, basis is - 18.0, basis rate is - 0.19%, and historical quantile is 23.60% [1] - **Red Dates (CJ605)**: Spot price is 8000, futures price is 8740.0, basis is - 740.0, basis rate is - 8.47%, and historical quantile is 57.00% [1] Energy Chemicals - **Para - Xylene (PX603)**: Spot price is 7206.0, futures price is 7129.0, basis is 77.0, basis rate is 1.08%, and historical quantile is 14.20% [1] - **PTA (TA605)**: Spot price is 5075.0, futures price is 5154.0, basis is - 79.0, basis rate is - 1.53%, and historical quantile is 24.10% [1] - **Ethylene Glycol (EG2605)**: Spot price is 3689.0, futures price is 3580.0, basis is 109.0, basis rate is 2.95%, and historical quantile is 15.90% [1] - **Polyester Staple Fiber (PF603)**: Spot price is 6480.0, futures price is 6496.0, basis is - 16.0, basis rate is - 0.25%, and historical quantile is 36.90% [1] - **Styrene (EB2603)**: Spot price is 7308.0, futures price is 7475.0, basis is - 167.0, basis rate is - 2.29%, and historical quantile is 62.30% [1] - **Methanol (MA605)**: Spot price is 2215.0, futures price is 2209.0, basis is 6.0, basis rate is 0.27%, and historical quantile is 47.60% [1] - **Urea (UR605)**: Spot price is 1750.0, futures price is 1779.0, basis is - 29.0, basis rate is - 1.63%, and historical quantile is 9.00% [1] - **LLDPE (L2605)**: Spot price is 6575.0, futures price is 6666.0, basis is - 91.0, basis rate is - 1.37%, and historical quantile is 4.60% [1] - **PP (PP2605)**: Spot price is 6575.0, futures price is 6485.0, basis is 90.0, basis rate is 1.37%, and historical quantile is 51.50% [1] - **PVC (V2605)**: Spot price is 4743.0, futures price is 4500.0, basis is 243.0, basis rate is 5.12%, and historical quantile is 19.30% [1] - **Caustic Soda (SH603)**: Spot price is 1946.9, futures price is 1939.0, basis is 7.9, basis rate is 0.41%, and historical quantile is 45.50% [1] - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4069.0, basis is 779.0, basis rate is 19.14%, and historical quantile is 88.60% [1] - **Asphalt (BU2603)**: Spot price is 3070.0, futures price is 3157.0, basis is - 87.0, basis rate is - 2.76%, and historical quantile is 32.70% [1] - **Butadiene Rubber (BR2603)**: Spot price is 11700.0, futures price is 11915.0, basis is - 215.0, basis rate is - 1.84%, and historical quantile is 11.10% [1] - **Float Glass (FG605)**: Spot price is 1039.0, futures price is 928.0, basis is 111.0, basis rate is 11.96%, and historical quantile is 28.42% [1] - **Soda Ash (SA605)**: Spot price is 1128.0, futures price is 1163.0, basis is - 35.0, basis rate is - 3.10%, and historical quantile is 32.84% [1] - **Natural Rubber (RU2605)**: Spot price is 15745.0, futures price is 15400.0, basis is 345.0, basis rate is 2.20%, and historical quantile is 74.89% [1] Financial Products - **Stock Index Futures (IF2603.CFF)**: Spot price is 4723.1, futures price is 4722.8, basis is - 0.3, basis rate is - 0.01%, and historical quantile is 63.30% [1] - **Stock Index Futures (IH2603.CFE)**: Spot price is 3073.6, futures price is 3067.2, basis is 6.4, basis rate is 0.21%, and historical quantile is 88.50% [1] - **Stock Index Futures (IC2603.CFE)**: Spot price is 8371.0, futures price is 8340.1, basis is 30.9, basis rate is 0.37%, and historical quantile is 99.30% [1] - **Stock Index Futures (IM2603.CFE)**: Spot price is 8231.0, futures price is 8182.8, basis is 48.2, basis rate is 0.59%, and historical quantile is 99.50% [1] - **2 - year Treasury Bond Futures (TS2603)**: Spot price is 102.43, futures price is 100.10, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 22.20% [1] - **5 - year Treasury Bond Futures (TF2603)**: Spot price is 108.21, futures price is 105.88, basis is 0.01, basis rate is 0.01%, and historical quantile is 24.40% [1] - **10 - year Treasury Bond Futures (T2603)**: Spot price is 112.25, futures price is 100.51, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1] - **30 - year Treasury Bond Futures (TL2603)**: Spot price is 126.62, futures price is 112.25, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The market is affected by macro - geopolitical events, repeatedly supporting the gold price to maintain a relatively strong oscillation. Gold can be bought on dips after a callback when it is above the 20 - day moving average. At the same time, sell out - of - the - money call options to lock in the retracement risk [1] - For silver, the short - term suspension of the 232 investigation tariff by the US and the position - limit measures of the exchange have eased the capital sentiment. The price may enter a high - level oscillation. Be cautious about unilateral participation. Sell out - of - the - money call options to earn volatility - reduction returns [1] - The spot supply of crude gold in London is tightening. It can be bought on dips when it retraces to the 20 - day moving average. The price generally fluctuates in the range of 587 - 640 yuan, and an option straddle strategy can be used. Palladium performs relatively weaker than platinum, and out - of - the - money call options above 510 yuan can be sold [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Price - AU2604 contract closed at 1092.30 yuan/gram on January 21, up 32.14 yuan or 3.03% from January 20 [1] - AG2604 contract closed at 23131 (unit not clear) on January 21, up 0.30% from January 20; another silver - related data closed at 628.50 yuan/kg, up 9.15 yuan or 1.48% [1] - PT2606 contract data not provided; PD2606 contract closed at 485.80, down 4.20 or - 0.86% [1] Foreign Futures Closing Price - COMEX gold main contract closed at 4836.20 on January 21, up 67.10 or 1.41% from January 20 [1] - COMEX silver main contract closed at 92.96, down 1.51 or - 1.59% [1] - NYMEX platinum main contract closed at 2478.80 dollars/ounce, down 1.20 or - 0.05% [1] - NYMEX lithium - gold main contract (assumed to be misspelled, might be palladium - gold) closed at 1874.50, down 34.00 or - 1.78% [1] Spot Price - London gold was at 4832.97, up 1.47% from the previous value [1] - London silver was at 93.10, down 1.43 or - 1.51% [1] - Spot platinum was at 2481.58 dollars/ounce, up 15.48 or 0.63% [1] - Another "spot aluminum - gold" (might be misspelled) was at 1845.16, down 29.18 or - 1.56% [1] - Shanghai Gold Exchange's gold T + D was at 1085.93 yuan/gram, up 29.94 yuan or 2.84% [1] - Shanghai Gold Exchange's silver T + D was at 23228 yuan/ten - gram, up 79 or 0.34% [1] - Shanghai Gold Exchange's platinum 9995 was at 628 yuan/5 - gram, up 15 or 2.45% [1] Basis - Gold TD - Shanghai gold main contract basis was - 6.37, down 2.20 from the previous value, at the 46.10% quantile of the past year [1] - Silver TD - Shanghai silver main contract basis was 97, up 10 from the previous value, at the 60.60% quantile [1] - London gold - COMEX gold basis was - 2.06, up 2.92 from the previous value, at the 92.90% quantile [1] - London silver - COMEX silver basis was 0.19, unchanged from the previous value, at the 90.00% quantile [1] Price Ratio - COMEX gold/silver ratio was 52.03, up 1.54 or 3.05% from the previous value [1] - Shanghai Futures Exchange's gold/silver ratio was 47.22, up 1.25 or 2.72% [1] - NYMEX platinum/palladium ratio was 1.32, up 0.02 or 1.76% [1] - Guangzhou Futures Exchange's platinum/palladium ratio was 1.29, up 0.03 or 2.35% [1] Interest Rate and Exchange Rate - 10 - year US Treasury yield was 4.26%, down 0.04% or - 0.9% from the previous value [1] - 2 - year US Treasury yield was 3.60%, unchanged from the previous value [1] - 10 - year TIPS Treasury yield was 1.92%, down 0.05% or - 2.5% [1] - US dollar index was 98.77, up 0.23 or 0.23% [1] - Offshore RMB exchange rate was 6.9601, up 0.0043 or 0.06% [1] Inventory and Position - Shanghai Futures Exchange's gold inventory was unchanged at 066666 (format might be wrong), with a 0.00% change [1] - Shanghai Futures Exchange's silver inventory was 600779 kg, down 17803 kg or - 2.88% [1] - COMEX gold inventory was 36142880, up 6979 or 0.02% [1] - COMEX silver inventory was 422313658, down 4162840 or - 0.98% [1] - COMEX gold registered warehouse receipts were 18864397, down 418419 or - 2.17% [1] - COMEX silver registered warehouse receipts were 119542538, down 3448830 or - 2.80% [1] - SPRD gold ETF position was 1078, down 4.00 or - 0.37% [1] - SLV silver ETF position was 18166, down 56.38 or - 0.35% [1]

Report Industry Investment Ratings - No investment ratings for the industries are provided in the reports [1][2][3][4][6][10][15][17][19][20] Core Views Oils and Fats - Palm oil: The Malaysian palm oil market has support from production decline, export growth, and tariff cuts, with an expected upward movement to the 4,200 - 4,250 ringgit range. In China, it may rise to 8,900 - 9,000 yuan. Watch for a breakthrough above 9,000 yuan [1]. - Soybean oil: Brazilian soybean harvest and bearish US fundamentals may lead to a stall or correction in CBOT soybean oil. In China, supply is sufficient before the Spring Festival, with a mixed outlook due to limited imports and a traditional off - season [1]. - Rapeseed oil: The market anticipates a positive result from the March 9th anti - dumping ruling. It may show a narrow - range oscillation despite the strength of palm oil [1]. Cotton - ICE cotton futures are in a low - level oscillation. In China, short - term supply pressure exists, but cotton enterprises are more willing to hold prices. Cotton prices may continue to adjust, with support at 14,400 - 14,500 yuan [2]. Sugar - ICE raw sugar is expected to oscillate between 14 - 15 cents. In China, the spot market is in the late stage of stocking, with lower - than - expected consumption. Sugar prices may remain weak and oscillate at a low level [3]. Red Dates - The Spring Festival stocking season is ending, with no significant consumption boost. The market is reducing production capacity, and prices may oscillate in the bottom range [4]. Apples - Supported by low inventory and good fruit rates, the market has slightly improved, but overall sales are limited. Cold - storage de - stocking is slow, and ordinary apples face inventory pressure. After the festival, the scale and structure of cold - storage apples should be monitored [6][10]. Corn - In Northeast China, prices are stable due to low - inventory restocking and policy supply. In North China, prices may weaken if pre - holiday arrivals remain high. Overall, corn prices will oscillate, and attention should be paid to farmers' selling attitudes and policy supply [15]. Pigs - Pig prices are suppressed by demand. As the pre - holiday selling period shortens, supply pressure will increase. The market is expected to oscillate at the bottom [17]. Meal - US soybean prices are affected by macro factors and high - level supply. In China, the supply is abundant, but the first - quarter arrival is expected to be low. Meal prices may oscillate, with support at around 2,700 yuan [19]. Eggs - The decline in laying - hen inventory has slowed. Market inventory pressure has eased, but supply pressure still exists. Futures prices are expected to oscillate within a range [20]. Summary by Related Categories Oils and Fats - Price Changes: On January 21, soybean oil spot price in Jiangsu decreased by 0.12%, while the futures price of Y2605 increased by 0.15%. Palm oil spot price in Guangdong rose by 0.91%, and the futures price of P2605 increased by 0.96%. Rapeseed oil spot price in Jiangsu remained unchanged, and the futures price of OI605 decreased by 0.01% [1]. - Spread Changes: Soybean oil 05 - 09 spread decreased by 22.58%, palm oil 05 - 09 spread increased by 18.75%, and rapeseed oil 05 - 09 spread increased by 133.33% [1]. Cotton - Futures Market: On January 22, the price of cotton 2605 increased by 0.07% to 14,535 yuan/ton, and the price of cotton 2609 increased by 0.03% to 14,705 yuan/ton. ICE cotton decreased by 0.42% to 64.35 cents/pound [2]. - Spot Market: Xinjiang 3128B arrival price decreased by 0.21% to 15,525 yuan/ton, and CC Index 3128B decreased by 0.23% to 15,819 yuan/ton [2]. - Industry Situation: Industrial inventory increased by 1.5% to 86.10 million tons, and imports increased by 49.5% to 17.79 million tons [2]. Sugar - Futures Market: On January 22, the price of sugar 2605 decreased by 0.75% to 5,144 yuan/ton, and the price of sugar 2609 decreased by 0.75% to 5,161 yuan/ton. ICE raw sugar decreased by 1.73% to 14.73 cents/pound [3]. - Spot Market: Nanning spot price decreased by 0.37% to 5,320 yuan/ton, and Kunming spot price remained unchanged at 5,195 yuan/ton [3]. - Industry Situation: National sugar production decreased by 16.43% to 368 million tons, and sales decreased by 37.18% to 157 million tons [3]. Red Dates - Futures: On January 22, the price of red dates 2605 increased by 0.46% to 8,740 yuan/ton, and the price of red dates 2607 increased by 0.46% to 8,820 yuan/ton [4]. - Spot: Cangzhou's special - grade red date price decreased by 0.75% to 9,260 yuan/ton, and the first - grade price remained unchanged at 8,000 yuan/ton [4]. Apples - Futures: On January 22, the price of apple 2605 increased by 0.50% to 9,418 yuan/ton, and the price of apple 2610 increased by 0.47% to 8,257 yuan/ton [6]. - Market: Arrivals at major fruit wholesale markets decreased significantly, and national cold - storage inventory decreased by 2.25% to 704.66 million tons [6]. Corn - Corn: On January 22, the price of corn 2603 increased by 0.13% to 2,283 yuan/ton. The number of remaining vehicles at Shandong deep - processing plants increased by 462.24% to 1,102 [15]. - Corn Starch: The price of corn starch 2603 increased by 0.04% to 2,551 yuan/ton, and Shandong starch profit increased by 177.78% to 14 yuan [15]. Pigs - Futures: On January 22, the price of the main pig contract decreased by 9.44% to 1,630 yuan/ton, and the price of pig 2605 decreased by 0.63% to 11,820 yuan/ton [17]. - Spot: Pig prices in various regions decreased, with Henan down 250 yuan/ton to 13,100 yuan/ton [17]. - Industry Indicators: Daily slaughter decreased by 3.82% to 211,996, and self - breeding profit increased by 164.04% to 7 yuan/head [17]. Meal - Soybean Meal: On January 22, the price of Jiangsu soybean meal decreased by 0.65% to 3,080 yuan/ton, and the price of M2605 decreased by 0.40% to 2,725 yuan/ton [19]. - Rapeseed Meal: The price of Jiangsu rapeseed meal increased by 0.43% to 2,340 yuan/ton, and the price of RM2605 decreased by 0.04% to 2,228 yuan/ton [19]. - Soybean: The price of Harbin soybean remained unchanged at 4,100 yuan/ton, and the price of the main soybean contract decreased by 0.60% to 4,312 yuan/ton [19]. Eggs - Futures: On January 22, the price of the egg 03 contract increased by 0.26% to 3,035 yuan/500KG, and the price of the egg 04 contract increased by 0.51% to 3,327 yuan/500KG [20]. - Spot: The egg - producing area price remained unchanged at 3.61 yuan/jin, and the egg - chicken fry price increased by 3.45% to 3.00 yuan/feather [20]. - Industry: The production - link inventory remained at 0.39 days, and the circulation - link inventory increased by 11.11% to 0.5 days [20].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The log market is in a situation of weak supply and demand. In the spot market, some specifications in Jiangsu are in short supply and prices have risen due to low inventory. The 03 contract has less inventory pressure due to low inventory and expected decrease in later shipments. However, demand remains weak and the upside is limited. Recently, the log futures price has declined with increasing positions, and the current price has fallen below the cost line. In the short term, the price is expected to have some support, and trading within the range of 750 - 800 yuan can be considered. [2] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On January 21, the prices of log futures contracts 2601, 2603, 2605, and 2607 increased by 0.65%, 1.06%, 0.84%, and 0.70% respectively compared to January 20. The main contract basis decreased by 8 yuan. The spot prices of various types of logs in Rizhao Port and Taicang Port remained unchanged. The outer - market quotes for radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged. [1] - The RMB - US dollar exchange rate and import theoretical cost remained basically unchanged on January 22 compared to January 21. [1] Supply - In December, the port freight volume increased by 7.82% compared to November, and the number of ships in the port increased by 12.24%. From January 19 - 25, 2026, the number of pre - arriving New Zealand log ships at 13 Chinese ports remained the same as last week, and the arrival volume decreased by 5% week - on - week. [1][2] Inventory - As of January 16, the total inventory of domestic coniferous logs was 2570000 cubic meters, a decrease of 120000 cubic meters from the previous week. The inventory in Shandong decreased by 2.04% and that in Jiangsu decreased by 15.18%. [1][2] Demand - As of January 16, the daily average log出库 volume was 61600 cubic meters, an increase of 4100 cubic meters from the previous week. The daily average log出库 volume in Shandong increased by 16%, while that in Jiangsu decreased by 3%. [2]