Report Industry Investment Ratings - No investment ratings provided in the reports Core Views of the Reports Steel Industry - Steel prices are weakly stable. The night - session prices of rebar and hot - rolled coil closed at 3123 yuan and 3287 yuan respectively. The spot price difference between hot - rolled coil and rebar remains at 200 yuan. Due to raw material prices being weaker than steel prices, the profitability of steel mills has increased. Production is stable at a low level, inventory is accumulating, and apparent demand is decreasing. The supply - demand of the industry is weak. The seasonal decline in rebar demand is obvious, the supply - demand gap of rebar is widening, and inventory is accumulating significantly. The demand for hot - rolled coil has not declined much, and the inventory is still being depleted. It is expected that steel prices will fluctuate within a range. The 5 - month contract of rebar is expected to fluctuate between 3100 - 3200 yuan, and hot - rolled coil is expected to fluctuate between 3250 - 3350 yuan. The long - position on the spread between hot - rolled coil and rebar can be continued to hold [1] Iron Ore Industry - The main iron ore contract oscillated weakly yesterday. The ore price is still under pressure. Although Vale's production suspension event has limited impact on supply, the supply side has a slightly increasing global shipment volume, with a marginal decline in the shipment center but still at a relatively high level compared to historical periods. The demand side is expected to keep the molten iron production stable, and the seasonal decline in the port clearance volume indicates that the resumption of molten iron production before the festival is restricted. Steel exports have weakened significantly. Port inventory continues to accumulate but at a slower pace, and steel mill inventory growth has also slowed down. Iron ore is facing a pattern of weak supply and demand, and the price is under pressure. It can be short - sold around 800 yuan. Be vigilant against macro - level fluctuations [3] Coke and Coking Coal Industry - Coke futures showed a weakly declining trend yesterday. The fourth round of price cuts for coke has landed and stabilized. The supply side has slightly reduced production due to pressure on coking profits. The demand side has seen a slight recovery in molten iron production after the New Year's Day. The inventory in ports and steel mills has increased, while that in coking plants has decreased. The overall inventory has increased slightly. The mainstream coking enterprises have initiated a price increase, but it has not been implemented, and the post - festival market is expected to be loose. It should be regarded as oscillating and bearish, with the range of 1600 - 1750 yuan. The arbitrage strategy is to go long on coking coal and short on coke. Coking coal futures also showed a weakly declining trend. The supply side has seen an increase in daily production and better shipments but insufficient inventory reduction. The demand side has limited downstream replenishment demand before the Spring Festival. The inventory in mines, coking enterprises, and steel mills has increased, while that in coal - washing plants, ports, and border ports has decreased. The overall inventory has increased slightly. It should be regarded as oscillating and bearish, with the range of 1000 - 1150 yuan. The arbitrage strategy is also to go long on coking coal and short on coke [5] Ferrosilicon and Ferromanganese Industry - The main ferrosilicon contract oscillated weakly yesterday, with a continuous decline in open interest. The supply is stable at a low level, and most regions' production is flat compared to last week. The steel - making demand is expected to keep molten iron production stable before the festival, and the non - steel demand has weakened. The cost in Inner Mongolia may increase due to the expected electricity price adjustment. The overall situation is relatively healthy, and the price is expected to oscillate widely in the range of 5500 - 5900 yuan. The main ferromanganese contract also oscillated weakly, with a gradual increase in open interest. The supply has decreased, and the production is at a historically low level. The demand is also weak, and the high inventory still suppresses the price. The price is expected to oscillate widely in the range of 5800 - 6000 yuan [6] Summary of Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices have generally declined. For example, the spot price of rebar in East China decreased from 3280 yuan to 3260 yuan, and the 05 - contract price of hot - rolled coil decreased by 16 yuan [1] Cost and Profit - The price of steel billet decreased by 20 yuan to 2930 yuan, and the profit of hot - rolled coil in East China decreased by 10 yuan to 27 yuan [1] Production - The daily average molten iron production was 228.1 tons, almost unchanged. The production of rebar increased by 9.3 tons to 199.6 tons, with a 4.9% increase, and the production of hot - rolled coil decreased by 2.9 tons to 305.4 tons, with a 1.0% decrease [1] Inventory - The inventory of five major steel products increased by 10.1 tons to 1257.1 tons, with a 0.8% increase. The rebar inventory increased by 14.0 tons to 452.1 tons, with a 3.2% increase, and the hot - rolled coil inventory decreased by 4.6 tons to 357.8 tons, with a 1.3% decrease [1] Transaction and Demand - The building materials transaction volume decreased by 1.0 tons to 6.6 tons, with a 12.8% decrease. The apparent consumption of five major steel products decreased by 16.6 tons to 809.5 tons, with a 2.0% decrease [1] Iron Ore Industry Iron Ore - related Prices and Spreads - The warehouse - receipt costs of most iron ore varieties increased slightly, and the basis of the 05 - contract for some varieties decreased. The 1 - 5 spread decreased by 1.5 yuan to - 31.0 yuan, with a 5.1% decrease [3] Supply - The 45 - port arrival volume decreased by 129.7 tons to 2530.0 tons, with a 4.9% decrease, and the global shipment volume increased by 48.4 tons to 2978.3 tons, with a 1.7% increase [3] Demand - The daily average molten iron production of 247 steel mills was 228.1 tons, almost unchanged. The 45 - port daily average clearance volume decreased by 9.2 tons to 310.7 tons, with a 2.9% decrease [3] Inventory - The 45 - port inventory increased by 211.4 tons to 16766.53 tons, with a 1.3% increase, and the imported ore inventory of 247 steel mills increased by 126.6 tons to 9388.8 tons, with a 1.4% increase [3] Coke and Coking Coal Industry Price and Spread - Coke and coking coal futures and spot prices generally decreased. For example, the 05 - contract price of coke decreased by 51 yuan to 1668 yuan, and the 05 - contract price of coking coal decreased by 43 yuan to 1117 yuan [5] Supply - The daily average coke production of all - sample coking plants decreased by 0.1 tons to 63.3 tons, with a 0.2% decrease, and the daily average production of 247 steel mills increased by 0.2 tons to 46.9 tons, with a 0.4% increase. The raw coal production of sample mines decreased by 2.7 tons to 853.4 tons, with a 0.3% decrease [5] Demand - The molten iron production of 247 steel mills was 228.1 tons, almost unchanged. The demand for coke mainly comes from the molten iron production [5] Inventory - The total coke inventory increased by 18.9 tons to 939.2 tons, with a 2.1% increase. The coking coal inventory in mines, coking enterprises, and steel mills increased, while that in coal - washing plants, ports, and border ports decreased [5] Ferrosilicon and Ferromanganese Industry Price and Spread - The main contract prices of ferrosilicon and ferromanganese decreased slightly. The SF - SM main spread decreased by 14 yuan to - 214 yuan [6] Cost and Profit - The production cost of ferrosilicon in Inner Mongolia decreased slightly, and the production profit decreased. The manganese ore prices in Tianjin Port were relatively stable [6] Supply - The production of ferrosilicon was stable at a low level, and the production of ferromanganese decreased slightly. The manganese ore shipment volume increased by 5.2 tons to 77.7 tons, with a 7.2% increase [6] Demand - The demand for ferrosilicon and ferromanganese in steel - making is expected to keep molten iron production stable before the festival. The non - steel demand for ferrosilicon has weakened [6] Inventory - The inventory of 60 sample ferrosilicon enterprises increased by 0.3 tons to 6.7 tons, with a 5.4% increase, and the inventory of 63 sample ferromanganese enterprises was stable [6]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Natural Rubber - Supply is shrinking as northern Thailand and northern - central Vietnam transition to reduced production and tapping cessation, with overseas raw material prices likely to rise and cost support strengthening. - Demand remains weak. Some semi - steel tire enterprises with a high proportion of European exports are operating at a relatively high level, but domestic sales are slow. - Inventory continues to accumulate. The price is expected to fluctuate within the range of 15,500 - 16,500 yuan/ton in the short term [1]. Polyolefins - Affected by capital rotation and geopolitical tensions, prices are relatively strong. - From a static perspective, supply and demand are both decreasing, and inventory is being depleted. Upstream inventory is low and there is a strong willingness to hold prices, but there are issues such as proxy reselling at a loss. - Dynamically, PP's supply pressure is relieved due to more overhauls, while PE's standard product pressure increases and downstream demand enters the off - season [2]. LPG No clear view on price trends is provided in the report. Only price, inventory, and upstream - downstream开工率 data are presented [3]. Urea - Supply is sufficient as the daily output has reached a high level after the resumption of previous maintenance devices. - Demand is weak. Industrial procurement is sporadic, and agricultural demand has limited pulling effect. - The price is expected to fluctuate within the range of 1,760 - 1,800 yuan/ton in the short term [4]. PVC and Caustic Soda - **Caustic Soda**: The futures market is expected to be weak and volatile due to supply - demand imbalance, high inventory, and weak demand. - **PVC**: The supply - demand situation has not improved, and the price is expected to oscillate and correct, with the main contract focusing on the range of 4,820 - 5,000 yuan/ton [6]. Glass and Soda Ash - **Soda Ash**: The fundamentals are generally weak, and the futures price is expected to be in a weak - oscillation trend. - **Glass**: The supply - demand pattern is weak, and the futures price is expected to be in a weak - oscillation trend. Attention should be paid to changes in production lines and inventory [7]. Styrene and Pure Benzene - **Pure Benzene**: The supply - demand situation has slightly improved, but the port inventory is high. The price is expected to face pressure at high levels. - **Styrene**: The short - term price is relatively strong, but the supply - demand expectation is weakening, and the price is expected to face pressure at high levels [8]. Crude Oil The recent oil price trend is dominated by news such as the Middle - East geopolitical situation and the US cold snap. Short - term geopolitical premiums and supply losses support the oil price increase. Attention should be paid to changes in geopolitical conflicts in the Middle East [10]. Methanol The methanol market has a weak supply - demand situation. The inventory in inland factories is being depleted, but high production suppresses the rebound space. Port inventory is slightly accumulating, and the demand for MTO is weak. The price rebound is limited [14]. Polyester Industry Chain - **PX**: It is expected to oscillate at a high level before the Spring Festival and is still bullish in the medium term. - **PTA**: The short - term price is expected to oscillate within the range of 5,100 - 5,400 yuan/ton and is bullish in the medium term. - **Ethylene Glycol**: The supply - demand pattern is weak in the short term and strong in the long term. - **Short - fiber**: The overall supply - demand pattern is weak, and the price follows raw material fluctuations. - **Bottle - chip**: The supply and demand are both decreasing, and the price and processing fee follow the cost side [16]. 3. Summary According to Relevant Catalogs Natural Rubber - **Spot Price and Basis**: The prices of most varieties decreased on January 27, 2026, compared with January 26, except for the prices of cup rubber and glue, which increased slightly. - **Monthly Spread**: The spreads of most contracts decreased, with the exception of the 1 - 5 spread, which increased [1]. - **Fundamental Data**: In November 2025, the production of Thailand, Indonesia, and India showed different trends. The production of China increased. The tire production, export volume, and natural rubber import volume in December 2025 all increased [1]. - **Inventory Change**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber decreased, while the general - trade inbound rate increased [1]. Polyolefins - **Price and Spread**: The closing prices of most contracts decreased on January 27, 2026, compared with January 26. The spreads of some contracts also changed. - **Upstream - Downstream开工率**: The PE device开工率 increased, while the PE downstream加权开工率 decreased. The PP device开工率 increased slightly, while the PP powder开工率 decreased significantly [2]. - **Inventory**: The enterprise and social inventories of PE and PP decreased [2]. LPG - **Price and Spread**: The prices of most LPG contracts decreased on January 27, 2026, compared with January 26. The spreads also changed. - **Inventory**: The LPG refinery storage - capacity ratio increased, while the port inventory and storage - capacity ratio decreased. - **Upstream - Downstream开工率**: The upstream - main refinery开工率 increased, the sample - enterprise weekly sales - production ratio decreased, and the downstream - PDH开工率 decreased significantly [3]. Urea - **Futures Price and Spread**: The prices of most contracts decreased on January 27, 2026, compared with January 26. The spreads also changed. - **Upstream Raw Materials**: The prices of most upstream raw materials remained stable, with only slight changes in a few. - **Downstream Products**: The prices of most downstream products remained stable. - **Supply - Demand Overview**: The daily and weekly production of domestic urea increased, the inventory decreased, and the order days of production enterprises decreased [4]. PVC and Caustic Soda - **Spot and Futures Prices**: The prices of most PVC and caustic - soda contracts and spot products decreased on January 27, 2026, compared with January 26. - **Overseas Quotes and Export Profits**: The overseas quotes and export profits of caustic soda and PVC changed to different extents. - **Supply**: The caustic - soda industry开工率 increased slightly, while the PVC total开工率 decreased slightly. - **Demand**: The开工率 of caustic - soda downstream industries decreased, while the开工率 of some PVC downstream products increased. - **Inventory**: The inventory of caustic soda and PVC changed to different extents [6]. Glass and Soda Ash - **Price and Spread**: The prices of glass and soda - ash contracts decreased on January 27, 2026, compared with January 26. The basis increased. - **Supply**: The soda - ash开工率 and weekly production decreased slightly, while the float - glass daily melting volume increased slightly. - **Inventory**: The glass factory - warehouse inventory increased slightly, while the soda - ash factory - warehouse inventory decreased slightly. - **Real - Estate Data**: The year - on - year changes in new - construction area, completion area, and sales area improved, while the construction area decreased [7]. Styrene and Pure Benzene - **Upstream Price and Spread**: The prices of upstream raw materials such as crude oil and pure benzene changed on January 27, 2026, compared with January 26. The spreads also changed. - **Styrene - Related Price and Spread**: The prices of styrene contracts and spot decreased slightly. The spreads and cash - flows changed. - **Pure Benzene and Styrene Downstream Cash - flow**: The cash - flows of downstream products such as phenol and styrene changed. - **Inventory**: The port inventories of pure benzene and styrene increased. - **Industrial Chain开工率**: The开工率 of most industries in the pure - benzene and styrene industrial chains changed to different extents [8]. Crude Oil - **Crude Oil Price and Spread**: The prices of Brent and WTI crude oil increased on January 27, 2026, compared with January 26, while the SC crude - oil price decreased. The spreads also changed. - **Refined - Oil Price and Spread**: The prices of most refined - oil products increased, and the spreads changed. - **Refined - Oil Crack Spread**: The crack spreads of most refined - oil products changed [10]. Methanol - **Price and Spread**: The prices of methanol contracts decreased on January 27, 2026, compared with January 26. The spreads and basis changed significantly. - **Inventory**: The enterprise inventory decreased, while the port and social inventories increased slightly. - **Upstream - Downstream开工率**: The upstream - domestic enterprise开工率 decreased slightly, while the downstream - some device开工率 changed to different extents [14]. Polyester Industry Chain - **Upstream Price**: The prices of upstream raw materials such as crude oil, naphtha, and PX changed on January 27, 2026, compared with January 26. - **Downstream Polyester Product Price and Cash - flow**: The prices and cash - flows of downstream polyester products such as POY, FDY, and DTY changed. - **PX - Related Price and Spread**: The prices and spreads of PX contracts and spot changed. - **PTA - Related Price and Spread**: The prices and spreads of PTA contracts and spot decreased. - **MEG - Related Price and Spread**: The prices and spreads of MEG contracts and spot decreased. - **Inventory and Arrival Expectation**: The MEG port inventory increased, and the arrival expectation decreased. - **Industrial Chain开工率**: The开工率 of most industries in the polyester industrial chain decreased [16].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given reports. 2. Core Views 2.1. Precious Metals - The short - term market for precious metals is affected by geopolitical situations and the upcoming Fed decision. Gold prices are expected to maintain a strong and volatile trend. It is recommended to take profits on gold long positions at high prices and buy out - of - the - money call options instead of taking long positions. [3] - For silver, rising raw material costs may reduce industrial demand, but new demand from AI and other fields may support prices. ETF holdings are falling due to regulatory restrictions, and short - term prices may experience sharp fluctuations. It is advisable to pay attention to risk - control measures and adopt a strategy of buying on dips with light positions. [3] - Platinum and palladium prices are supported by their macro - financial attributes and tight supply, and their price centers are rising in tandem with gold. However, the easing supply in the London spot market may limit the upside. It is recommended to buy on dips and sell at high prices within a day. [3] 2.2. Container Shipping - The container shipping market shows a downward trend in freight rates. The SCFIS and SCFI indices for major routes have declined, and most futures contracts have also decreased. Although there are some positive signs in fundamentals such as an increase in port punctuality and export volume, the overall market remains under pressure. [5] 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Spread Daily Report - **Spot - Futures Spread**: F has a spot - futures spread of 12.51, H has 11.61, IC has - 1.33, and IM has - 24.95. Their historical 1 - year and all - time percentiles vary, and there are also changes compared to the previous day. [1] - **Inter - delivery Spread**: There are significant differences in inter - delivery spreads (such as next - month minus current - month, quarterly - month minus current - month, etc.) among different varieties, and their percentiles also show different levels. [1] - **Cross - Variety Ratio**: Ratios such as CSI 300/Shanghai Stock Exchange 50, CSI 1000/CSI 300, and others have their own values, changes, and percentiles. [1] 3.2. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Different varieties (TS, TF, T, TL) have their own implied repo rates (IRR) and basis values, along with changes compared to the previous day and their percentiles since listing. [2] - **Inter - delivery Spread**: Each variety has inter - delivery spreads (such as current - quarter minus next - quarter, next - quarter minus the quarter after next), with corresponding changes and percentiles. [2] - **Cross - Variety Spread**: Spreads between different varieties (TS - T, TF - T, etc.) are provided, along with their changes and percentiles. [2] 3.3. Precious Metals Spot - Futures Daily Report - **Domestic Futures Closing Prices**: For AU2604, AG2604, PT2606, and PD2606 contracts, their closing prices on January 27 and 26, price changes, and percentage changes are given. [3] - **Foreign Futures Closing Prices**: Closing prices, price changes, and percentage changes of COMEX gold, silver, NYMEX platinum, and palladium futures on January 27 and 26 are presented. [3] - **Spot Prices**: Spot prices of London gold, silver, platinum, and palladium, as well as Shanghai Gold Exchange's T + D products, are provided, along with their changes and percentage changes. [3] - **Basis**: The basis values of gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., their changes, and historical 1 - year percentiles are shown. [3] - **Price Ratios**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver, etc., their changes, and percentage changes are given. [3] - **Interest Rates and Exchange Rates**: Values, changes, and percentage changes of 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate are presented. [3] - **Inventory and Holdings**: Inventory and holding data of Shanghai Futures Exchange and COMEX for gold and silver, as well as ETF holdings, are provided, along with their changes and percentage changes. [3] 3.4. Container Shipping Industry Spot - Futures Daily Report - **Shipping Indices**: SCFIS (European and US - West routes) and SCFI (composite, European, US - West, and US - East routes) indices show their values, changes, and percentage changes on different dates. [5] - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and the basis of the main contract are provided, along with their changes and percentage changes. [5] - **Fundamental Data**: Global container shipping capacity supply, port punctuality, port calls, monthly export volume, and overseas economic indicators (such as Eurozone PMI, EU consumer confidence index, US manufacturing PMI, etc.) are presented, along with their changes and percentage changes. [5]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - The market has complex trends with different varieties showing various performances such as oscillation, strength, or weakness, and is affected by multiple factors including geopolitical situations, supply - demand relationships, and cost changes [3]. 3. Summary by Variety Metals - **Zinc (ZN2603)**: Oscillation with a bullish bias, overseas smelting cost increase drives the price up, hold cross - market reverse arbitrage [3]. - **Methanol (MA2605)**: Oscillation with a bullish bias, pay attention to geopolitical changes and take profit on long positions when the situation eases [3]. - **Iron Ore (I2605)**: Weak adjustment, Vale's accident but the price is still under pressure, short positions can be set up around 800 [3]. - **Palm Oil (P2605)**: Short - term bullish, may try to break through 9300 [3]. - **Gold (AU2604)**: Bullish oscillation, take profit on long positions at high prices, buy out - of - the - money call options [3]. - **Copper (CU2603)**: CL premium narrows and spot discount widens, take profit on long positions at high prices, and focus on the 99000 - 100000 support level [3]. - **Aluminum (AL2603)**: The dollar drops to a four - year low, driving the price up strongly. Wait for a pullback to set up long positions in the 23500 - 25000 range [3]. - **Tin (SN2603)**: The price rises at the end of the session but spot trading is cold. Be cautious in the short - term, consider low - buying after the sentiment stabilizes [3]. - **Nickel (NI2602)**: The driving force is limited after the news is digested, conduct range - bound trading in the 140000 - 150000 range [3]. - **Stainless Steel (SS2603)**: Oscillation adjustment, the main contract ranges from 14200 to 15000 [3]. - **Industrial Silicon (Si2605)**: Spot price stabilizes, futures price rises and then falls, the main contract ranges from 8200 to 9200 [3]. Energy and Chemicals - **PX (PX2603)**: High - level oscillation before the holiday, short - term range is 7100 - 7500, bullish in the medium - term [3]. - **PTA (TA2605)**: High - level oscillation before the holiday, short - term range is 5100 - 5400, bullish in the medium - term [3]. - **Short - fiber (PF2603)**: Follow raw materials, do positive arbitrage in TA5 - 9, shrink processing fees at high levels [3]. - **Bottle Chips (PR2603)**: Multiple devices are under maintenance and factories are destocking, processing fees are supported, ranging from 400 - 550 yuan/ton [3]. - **Ethanol (EG2605)**: Positive arbitrage opportunity, sell out - of - the - money put options EG2605 - P - 3800 at high prices [3]. - **Pure Benzene (BZ2603)**: Supply - demand improves but high inventory suppresses, wait and see, shrink the EB - BZ spread at high prices [3]. - **Styrene (EB2603)**: Supply - demand weakens and high valuation pressures the price, wait and see, shrink the EB - BZ spread at high prices [3]. - **LLDPE (L2605)**: Trading volume decreases, wait and see [3]. - **PP (PP2605)**: Supply - demand is weak, price oscillates, wait and see [3]. - **Caustic Soda (SH2603)**: Supply pressure is high, price center moves down, short on rebounds [3]. - **PVC (V2605)**: May enter wide - range oscillation, short - term low - buying, wait and see on short positions [3]. - **Urea (UR2605)**: Take profit on long positions, short at high prices [3]. - **Soda Ash (SA2605)**: Oscillation is weak, wait and see [3]. - **Glass (FG2605)**: Supply - demand is weak, pay attention to production lines and inventory changes, wait and see [3]. Agricultural Products - **Soybean Meal (M2605)**: Strong bottom support, range oscillation [3]. - **Live Pigs (FH2603)**: Supply - demand game intensifies, range oscillation [3]. - **Corn (C2603)**: Oscillation [3]. - **Sugar (SR2605)**: Spot trading slows down, range - bound with a bearish bias [3]. - **Cotton (CF2605)**: Spot is stable, pay attention to the support at 14400 - 14500 [3]. - **Eggs (JD2603)**: Spot is stable with a bullish bias, range oscillation [3]. - **Apples (AP2605)**: Demand increases, participate in the rebound with a light position [3]. - **Red Dates (CJ2605)**: Stocking is nearing the end, range - bound with a bearish bias [3]. Financial Futures - **Stock Index Futures (IF2603, IC2603, IH2603, IM2603)**: Broad - based indexes oscillate in a range, theme industries rise structurally, control portfolio risks and reduce long positions [3]. - **Treasury Bond Futures (T2603, TF2603, TS2603, TL2603)**: The bond market is in an oscillatory pattern, conduct range - bound operations, and pay attention to positive arbitrage in TL and T contracts [3]. - **Precious Metals Futures (AU2604, AG2604, PT2606, PD2606)**: The price trends of precious metals diverge, take profit on gold long positions at high prices, and be careful with silver and platinum [3]. Building Materials - **Steel (RB2605)**: Steel price is stable, the spread between hot - rolled coil and rebar widens, hold long positions on the spread [3]. - **Coking Coal (JM2605)**: Coal prices in Shanxi loosen, Mongolian coal price falls from a high, take a bearish view on single - side trading, do long coking coal and short coke [3]. - **Coke (J2605)**: Coke price increase is hard to implement, take a bearish view on single - side trading, do long coking coal and short coke [3]. - **Silicon Ferrosilicon (SF603)**: No major supply - demand contradiction, cost may rise, wide - range oscillation [3]. - **Manganese Silicon (SM605)**: Ore replenishment is nearly over, supply - demand improves, wide - range oscillation [3]. - **Alumina (AO2605)**: Local alumina plants have frequent overhauls, sell out - of - the - money put options at the price lower limit and short at high prices [3].

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 投资咨询业务资格： 证监许可【2011】1292 号 每日重点关注品种逻辑解析 金融衍生品： 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@g ...

广发期货EDP 投资咨询业务资格: 证监许可【2011】1292号 2026年1月27日 (20019556) 数据来源:Wind、Mysteel、SMM、彭博、广发期货研究所 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种买卖的出价或询价,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 层荡偏强 母 ZN2603 震荡偏强 中醇 MA2605 幅弱调整 铁矿石 12605 棕榈洲 P2605 短线偏强 黄金 偏强震荡 AU2604 【全品种日评】 板块 品种 主力合约 点评 操作建议 A股放量伴随波动率上升,市场交易分歧较大,本 IF2603 周面临美联储议息时间节点,宏观影响不确定性高 IH2603 股指 A股波幅上升,风格或有所轮换 。建议做好组合风险控制,适时降低多头仓位,尝 IC2603 试双买做多波动率。 IM2603 供需和风险偏好两大利空有所缓解促进超长债回 暖,不过债市缺乏新的主线驱动,导致短期债市可 能仍 ...

2026 年 1 月 27 日星期二 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 每日重点关注品种逻辑解析 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020- ...

| 股指期货价差日报 | 投资销售业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月27日 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | | | | | | | | | | F期现价差 | 12.44 | 5.73 | 98.70% | 91.40% | 97.50% | H期现价来 | 8.61 | 3.01 | 93.50% | 期现价差 | | | | | | | IC期现价差 | 32.90% | -36.69 | -104.73 | 66.80% | IM期现价差 | 22.70% | -76.23 | 62.60 | 55.00% | 次月-当月 | 5.60 | 0.40 | 99.10% | 74.90% | | | 李月-当月 | 96.70% | -12.20 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The current spot market is firm, with some specifications in short supply and rising prices in Jiangsu due to low inventory. The 03 contract has less inventory pressure due to low inventory and expected decrease in later shipments. However, the weak demand limits the upside potential. The log futures valuation was slightly repaired and rebounded last week. Considering the heavy rainfall in the North Island of New Zealand that may affect log shipments, it is advisable to participate in long positions on dips in the range of 750 - 800 in the short term [3] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On January 26th, compared with January 23rd, the prices of log 2601 and log 2603 remained unchanged; log 2605 decreased by 5.5 to 783, a decline of 0.70%; log 2607 decreased by 4.0 to 795, a decline of 0.50%. The basis of the main contract remained unchanged at -36.0 [2] - **Spot Prices**: The spot prices of various types of logs at Rizhao Port, Taicang Port, and Rizhao Port's spruce 11.8 remained unchanged from January 23rd to January 26th. The latest foreign quotation for medium A radiata pine of 4 - meter length was 110 US dollars per JAS cubic meter, and for 11.8 - meter spruce was 124 euros per JAS cubic meter, both unchanged [2] Cost: Import Cost Calculation - The RMB - US dollar exchange rate on January 27th was 6.948, a slight decrease from 6.950 on January 26th, with a change of 0%. The import theoretical cost was 752.82 yuan, a decrease of 0.18 yuan from the previous day, also with a change of 0% [2] Supply: Monthly - In December compared with November, the port shipping volume was 204.0 million cubic meters, an increase of 14.8 million cubic meters or 7.82%. The number of departing ships was 55.0, an increase of 6.0 or 12.24% [2] Inventory: Main Port Inventory (Weekly) - As of January 23rd, compared with January 16th, the total inventory of domestic coniferous logs was 249 million cubic meters, a decrease of 8 million cubic meters or 3.11%. In Shandong, the inventory was 188.80 million cubic meters, a decrease of 3.2 million cubic meters or 1.67%. In Jiangsu, the inventory was 32.97 million cubic meters, a decrease of 8.1 million cubic meters or 19.75% [2][3] Demand: (Weekly) - As of January 23rd, compared with January 16th, the daily average log出库 volume in China was 6.18 million cubic meters, an increase of 0.02 million cubic meters. In Shandong, it was 0.37 million cubic meters, an increase of 3.24 million cubic meters or 11%. In Jiangsu, it was 1.94 million cubic meters, a decrease of 0.34 million cubic meters or 15% [3] Forecast of Arriving Ships - From January 26th to February 1st, 2026, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 7, a decrease of 1 from the previous week, a week - on - week decrease of 13%. The total arrival volume was about 21.9 million cubic meters, a decrease of 2.7 million cubic meters from the previous week, a week - on - week decrease of 11% [3]

| 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 0.89% | 61.00% | 5628 | 50 | 5678 | 122 | 2.09% | 2950 | 2858 | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM603) | 49.30% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4.36% | 137 | 58.80% | 3280 | HRB40020mm: 上海 | 螺纹钢 (RB2605) | 3143 | -12 | -0 36% | Q235B: 4.75mm: 上海 | 热卷 (HC2605) | 3290 | 3302 | 13.60% | | | | | | ୧୧ | 铁矿石 (12605) | 850 | 785 | 8.38% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 51.60% | 15 | 0.88% | 1734 | ...