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

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

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月29日 | 最新值 | 全历史分位数 | 品种 | 历史1年分位数 | 较前一日变化 | | | | | | | | | | | | F期现价差 | 14.81 | 2.30 | 99.10% | 93.60% | H期现价差 | 94 30% | 924 | -2.36 | 97.90% | 期现价差 | IC期现价差 | | | | | | 20.84 | 22.17 | 98.70% | 98.30% | IM期现价差 | -21.99 | 51.28 | 80.00% | 55.6096 | 次月-当月 | 5.00 | 1.60 | 98.30% | 73.20% | | | | 零月-当月 | -11.00 | 0.80 | 9 ...

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

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

全品种价差日报 | 留注 | 品种/合约 | 现货价格 | 期货价格 | 基差 | 历史分位数 | 县差率 | 现货参考 | 折算价:72硅铁合格块:内蒙-天津仓单 | 0,43% | 24 | 57.90% | 硅铁 (SF603) | 5604 | 5628 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2 27% | 132 | 5950 | 硅罐 (SM603) | 5818 | 51.20% | 折算价:6517硅锰:内蒙-湖北仓单 | 4.29% | 134 | HRB40020mm: 上海 | 58.10% | 螺纹钢 (RB2605) | 3260 | 3126 | | | | | | -9 | 3280 | -0.27% | 15.00% | Q235B: 4.75mm: 上海 | 热卷(HC2605) | 3289 | 7.49% | 847 | ਦੇਰੇ | 47.00% | 铁矿石 (12605 ...

| 油脂产业期现日报 | | | | | --- | --- | --- | --- | | 2026年1月28日 壬泽辉 Z0019938 | | | | | 田洞 | | | | | 1月27日 1月26日 张跃 涨跌幅 | | | | | 8660 10 现价 江苏均价 8670 0.12% | | | | | Y2605 8258 8226 32 0.39% 期价 | | | | | 墓差 Y2605 412 434 -22 -5.07% | | | | | 撑,影响作为生物柴油原料的植物油走势。国内方面,国威胁加拿大若与中国签署协 | | | | | 仓单 26525 -315 -1.19% | | | | | 棕榈油 | | | | | 1月27日 1月26日 涨跌幅 涨跌 | | | | | 广东24度 9253 9120 133 1.46% 现价 | | | | | 期价 P2605 9238 9092 146 1.61% | | | | | 基差 P2605 28 -13 -46.43% | 15 | | | | 现货墓差报价 | | 05+20 0 - 广东5月 05+20 | | | 9 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓大幅下降 | 中信多空头各减仓超 4000 手 | | 上证 | 50 | IH2603 | 总持仓小幅下降 | 中信多头减仓超千手 | | 中证 | 500 | IC2603 | 总持仓保持平稳 | 中信空头减仓 1000 手以上 | | 中证 | 1000 | IM2603 | 总持仓小幅上升 | 中信多头、海通空头加仓超 2000 手 | 股指期货持仓日度变动简评 -13,695.0 -4,194.0 -1,199.0 244.0 -18,138.0 -4,127.0 -704.0 3,901.0 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 IF IH IC IM 主力合约持仓变动 ...

证监许可 【2011】1292号 原木期货日报 免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息8)准确性及完整性不作任何保证。本报告反映 研究人员的不同观点、见解及分析方法，并不代表广发期货或其附属机构的立场。在任何情况下，报告内容仅供参考，报告中的信息或所表 达的意见并不构成所述品种买卖的出价或海价，投资者据此投资，风险自担。本报告旨在发送给广发期货特定客户及其他专业人士，版权归 广发期货所有，未经广发期货书面授权，任何人不得对本报告进行任何形式的发布、复制。如引用、刊发，需注明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 2026年1月28日 期货和现货价格 | MJ2KTH MANITH | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 1月27日 | 1月26日 | 涨跌 | 涨跌幅 | 单位 | | 原木2601 | 772.5 | 772.5 | 0.0 | 0.00% | | | 原木2603 | 775.5 | 776.0 | -0.5 | -0.06% | | | 原 ...

Group 1: Investment Ratings - No investment rating for the industry is provided in the report. Group 2: Core Views - Future market is more affected by geopolitical situation, and attention should be paid to the Fed's decision early on Thursday. In general, the short - term market is affected by news and capital sentiment, and the market maintains a relatively strong volatile trend. Gold long positions should take the opportunity to take profits at high prices, and one - sided trading can buy out - of - the - money call options instead of long positions [1]. - For silver, rising raw material costs may accelerate enterprises to replace silver with other metals, suppressing industrial demand, while new demand in fields such as AI is expected to support the silver price. Regulatory restrictions have cooled speculative sentiment, and ETF holdings have continued to decline. Short - term silver prices may still experience large - scale fluctuations, and it is recommended to pay attention to risk control measures of exchanges and maintain the idea of buying on dips with light positions [1]. - Platinum and palladium are supported by their macro - financial attributes and tight supply patterns, and their prices are linked to the rise of gold, with the price center continuously rising. However, the easing of supply tightness in the London spot market may limit the upside space, and it is recommended to buy on dips and sell on rallies within a day [1]. Group 3: Summary by Relevant Catalogs 1. Domestic Futures Closing Prices - On January 27, the AU2604 contract closed at 1148.38 yuan/gram, up 0.44% from the previous day; the AG2604 contract closed at 28300 yuan/kilogram, up 4.02%; the PT2606 contract closed at 705.70 yuan/gram, down 5.24%; the PD2606 contract closed at 523.00 yuan, down 2.21% [1]. 2. Foreign Futures Closing Prices - On January 27, the COMEX gold主力 contract closed at 5179.60, up 3.49%; the COMEX白银主力 contract closed at 112.35, up 8.14%; the NYMEX铂金主力 contract closed at 2645.10, up 2.70%; the NYMEX palladium主力 contract closed at 1950.50, down 2.11% [1]. 3. Spot Prices - The current price of London gold is 5180.23, up 3.40%; London silver is 111.91, up 7.73%; spot platinum is 2642.50, down 5.99%; spot palladium is 1932.00, down 7.65%. The Shanghai Gold Exchange's gold T + D is 1142.89 yuan/gram, down 0.12%; silver T + D is 28732 yuan/kilogram, up 4.43%; platinum 9995 is 751 yuan/gram, down 6.48% [1]. 4. Basis - The current value of gold TD - Shanghai gold主力 is - 5.49, down 6.43% from the previous day, with a 1 - year historical quantile of 46.10%; silver TD - Shanghai silver主力 is 432, up 126, with a 1 - year historical quantile of 60.60%; London gold - COMEX gold is 5.08, up 6.87, with a 1 - year historical quantile of 99.60%; London silver - COMEX silver is - 0.02, down 0.10, with a 1 - year historical quantile of 69.00% [1]. 5. Price Ratios - The current value of COMEX gold/silver is 46.10, down 4.30%; the Shanghai Futures Exchange's gold/silver is 40.58, down 3.44%; NYMEX platinum/palladium is 1.36, up 4.91%; the Guangzhou Futures Exchange's platinum/palladium is 1.35, down 3.10% [1]. 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield is 4.24, up 0.5%; the 2 - year US Treasury yield is 3.53, down 0.8%; the 10 - year TIPS Treasury yield is 1.90, unchanged; the US dollar index is 95.77, down 1.32%; the offshore RMB exchange rate is 6.9336, down 0.22% [1]. 7. Inventory and Positions - The Shanghai Futures Exchange's gold inventory is 103029, unchanged; silver inventory is 544244 (in ten - grams), down 5.15%; COMEX gold inventory is 35941502, unchanged; COMEX silver inventory is 415146297, down 0.02%; COMEX gold registered warehouse receipts are 18847080 ounces, up 0.01%; COMEX silver registered warehouse receipts are 113269767, down 0.87%; SPRD gold ETF holdings are 1087, up 0.08%; SLV silver ETF holdings are 15848, down 0.79% [1].