国贸期货研究院 贵金属与新能源研究中心 投资咨询号: Z0013700 从业资格号:F3023916 2026/1/23 | | | | 白素娜 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国内价格 | 指标名称 | 现值 | 前值 | 涨跌幅 | 2800 г 2400 | | | 主要图表 | | | | | 铂期货主力收盘价 | 633. 85 | 628. 5 | 0. 85% | | | | -Fetching ... SPTPTUSDOZ. IDC | | | | | 现货:铂(99.95%) | 618. 5 | 622 | -0. 56% | | | | ·Fetching. . . SPTPDUSDOZ. IDC | | | | (元/克) | 铂:基差(现-期) | -15. 35 | -6.5 | 136. 15% | 2000 | | | | | | | | 锂期货主力收盘价 | 483. 75 | 485.8 | -0. 42% | 1600 | | | | ...

数据来源: Wind, 国贸期货研究院 | | | | 行情回顾 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 涨跌幅 (8) | | 成交额(亿元) | | 成交量 (亿) | | | 上证50 | 3067. 1753 | | -0.11 | | 1988. 26 | | 65. 66 | | | 沪深300 | 4723. 0692 | | 0. 09 | | 6653. 31 | | 266. 35 | | | 中证1000 | 8247. 6798 | | 0. 79 | | 5647. 21 | | 325. 68 | | | | | | 中金所股指期权成交情况 | | | | | | | 指数 | 期权成交量 | 认购期权 | 认活期权 | 日成交量 | 期权持仓量 | 认购期权 | 认洁期权 | 持仓量 | | | (万张) | 成交量 | 成交量 | PCR | (万张) | 持仓量 | 持仓量 | PCR | | 上证50 | 2. 86 | 1.83 | 1.03 | ...

航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钉毅 从业资格号: F03101843 数据来源：Clarksons、Wind | | | | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 業 | 现值 | 1574 | 1210 | 2194 | 1305 | 3163 | 1676 | | | 前値 | 1647 | 1195 | 2218 | 1323 | 3128 | 1719 | | 运 | 涨跌幅 | -4.45% | 1.25% | -1.08% | -1.36% | 1.12% | -2.50% | | ים JE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | 现值 | 1954 | 2983 | | | | | | | 前値 1956 | | 3 ...

3 - 2245-2255 05+33 +38 (MA) | | | 投资询业务资格:证监许可【2012】31号 一国贸期货 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 甲醇数据日报 | | | | | | | | 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 2026/1/22 卢钊毅 从业资格号:F03101843 | | | | | | | | 数据来源:钢联 | | | | | | 를 | | 太せ 内蒙古北线 陕西关中 厂东 | | | 山东东营 | 河南 | | 现点 | 现值 | 2218 1890 2200 | 1785 | | 2115 | 2030 | | 货区 | 前值 | 2190 2198 | 1788 | 1890 | 2115 | 2025 | | 域 | 涨幅 | 0 20 10 | (3) | | 0 | 5 | | 期 号 | | MA2603 MA2605 | 2206 | | | | | | 现值 | 2200 | | | | | | 货 纪 | 前值 | 2199 | 22 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 l数据日报 国贸期货研究院 农产品研究中心 黄向岚 全国主要油厂大豆压榨量(万吨) =====2020 ======2021 ======2022 ======2023 =======2024 = ------- 2020 ------ 2022 ------ 2022 ------ 2024 ------ 2024 ----- 2025 2026 2026 250 100 80 200 开机和压榨情况 100 50 20 01/01 02/01 03/04 04/04 05/05 06/05 07/06 08/06 09/06 10/07 11/07 12/08 06/05 07/06 08/06 09/06 11/07 12/08 03/04 04/04 05/05 01/01 02/01 10/07 下游指信 ( 万吨) ===== 2019 ====- 2020 ===== 2021 ==== 2022 ==== 2023 ==== == 2024 ==== == 2024 ==== == 2024 = - 2025 == · 2025 2 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - With policies cooling the market's speculative sentiment, raising the proportion of margin trading funds, and Central Huijin selling a large amount of broad - based index ETFs, the stock index is in shock adjustment. The policy aims for a "slow - bull" market rather than suppressing it, and the short - term shock adjustment space is expected to be limited. Long - term bulls can choose the opportunity to layout [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1]. - With the US postponing the tax on key minerals, the short - term concern about copper hoarding has eased, and the copper price is expected to fluctuate at a high level. The aluminum price has fallen from a high level due to limited industrial drivers and weakening macro sentiment. The domestic alumina market has strong supply and weak demand, and the price is under pressure but is expected to fluctuate around the cost line [1]. - The zinc price fluctuates in a range due to the stabilization of the cost center and the appearance of inventory pressure. The nickel supply is still tight despite the announced RKAB target in 2026, and the nickel price is expected to fluctuate at a high level in the short term, affected by the resonance of the non - ferrous metal sector. Stainless steel futures have risen significantly, and attention should be paid to the actual production of steel mills and the risk of short squeezes [1]. - The tin price has corrected due to the repeated macro sentiment, but there is still upward momentum due to the vulnerability of tin - ore supply. Precious metals are supported by geopolitical and trade uncertainties, but the silver price may be weaker than the gold price. Platinum and palladium are expected to fluctuate widely in the short term, and long - platinum and short - palladium arbitrage strategies can be considered in the medium - to - long term [1]. - For industrial silicon, there is an increase in production in the northwest and a decrease in the southwest, and the production schedules of polysilicon and organic silicon in December have declined. For new - energy vehicles, it is the off - season, while the energy - storage demand is strong, and there is a rush for exports. The rebar and iron - ore prices are under pressure, and the trading strategies are to leave the market for single - side long positions and participate in cash - and - carry arbitrage [1]. - The soda - ash price is under pressure as it follows the glass market and the medium - term supply - demand is more relaxed. The coking - coal and coke prices are bearish, and the previous low - long strategy may need to be changed [1]. - Palm oil is expected to fluctuate strongly, soybean oil is recommended to be over - allocated in the oil market, and rapeseed oil is recommended to be observed. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to relevant policies and market conditions in the future. The sugar market is in a global surplus, and the short - term fundamentals lack continuous drivers [1]. - The corn price is expected to fluctuate in the short term, and the soybean price is expected to fluctuate weakly. The pulp price is recommended to be observed cautiously, and the log price is expected to fluctuate in the range of 760 - 790 yuan/m³. The live - pig market has stable spot prices, and the production capacity still needs to be further released [1]. - The fuel - oil and asphalt prices are affected by multiple factors such as OPEC+ policies and geopolitical situations. The BR rubber price is in a phased correction, and the PTA, MEG, short - fiber, and styrene prices are affected by supply - demand and cost factors [1]. - The urea price has limited upward space due to weak domestic demand but is supported by anti - involution and cost. The PF price is under supply pressure and affected by geopolitical factors. The PVC price is expected to trade based on fundamentals, and the LPG price is supported by import - gas costs and has a changing inventory situation [1]. - The container - shipping price on the European route is expected to peak in mid - January, and there is still pre - holiday replenishment demand [1]. 3. Summaries According to Related Catalogs Stock Index - Policy cools speculative sentiment, and the stock index is in shock adjustment. The short - term adjustment space is limited, and long - term bulls can layout [1]. Bond Futures - Asset shortage and weak economy are beneficial, but the central bank warns of interest - rate risks. Attention to the Bank of Japan's interest - rate decision [1]. Non - Ferrous Metals - Copper: The short - term concern about hoarding eases, and the price fluctuates at a high level [1]. - Aluminum: Falls from a high level due to limited industrial drivers and weakening macro sentiment [1]. - Alumina: Strong supply and weak demand, price under pressure, expected to fluctuate around the cost line [1]. - Zinc: Fluctuates in a range due to cost and inventory factors [1]. - Nickel: Supply remains tight, price fluctuates at a high level in the short term, affected by sector resonance [1]. - Stainless Steel: Futures rise significantly, attention to production and short - squeeze risks [1]. - Tin: Corrects due to macro sentiment, but has upward momentum due to supply vulnerability [1]. Precious Metals and New Energy - Precious Metals: Supported by geopolitical and trade uncertainties, silver may be weaker than gold [1]. - Platinum and Palladium: Fluctuate widely in the short term, long - platinum and short - palladium strategies can be considered in the medium - to - long term [1]. Industrial Silicon and New - Energy Vehicles - Industrial Silicon: Production changes in different regions, polysilicon and organic silicon production schedules decline [1]. - New - Energy Vehicles: Off - season, strong energy - storage demand, rush for exports [1]. Black Metals - Rebar: Price under pressure, single - side long positions leave the market, participate in cash - and - carry arbitrage [1]. - Iron Ore: Upward pressure is obvious, not recommended to chase long [1]. - Soda Ash: Follows glass, medium - term supply - demand is more relaxed, price under pressure [1]. - Coking Coal and Coke: Bearish, previous low - long strategy may change [1]. Agricultural Products - Palm Oil: Expected to fluctuate strongly [1]. - Soybean Oil: Recommended to be over - allocated [1]. - Rapeseed Oil: Observe due to complex factors [1]. - Cotton: "Having support but no driver", attention to future policies and conditions [1]. - Sugar: Global surplus, short - term fundamentals lack continuous drivers [1]. - Corn: Expected to fluctuate in the short term [1]. - Soybean: Expected to fluctuate weakly [1]. - Pulp: Observe cautiously due to market fluctuations [1]. - Log: Expected to fluctuate in the range of 760 - 790 yuan/m³ [1]. - Live Pig: Spot prices are stable, production capacity needs further release [1]. Energy and Chemicals - Fuel Oil: Affected by OPEC+ policies and geopolitical factors [1]. - Asphalt: Affected by multiple factors such as supply - demand and profit [1]. - BR Rubber: In a phased correction, affected by supply - demand and cost [1]. - PTA: Market has a sharp rise, supported by fundamentals and demand [1]. - MEG: Rebounds due to supply - side news, demand exceeds expectations [1]. - Short - Fiber: Price follows cost closely [1]. - Styrene: Futures price rebounds due to improved fundamentals [1]. - Urea: Limited upward space, supported by anti - involution and cost [1]. - PF: Under supply pressure, affected by geopolitical factors [1]. - PVC: Expected to trade based on fundamentals, price under pressure [1]. - LPG: Supported by import - gas costs, inventory situation changes [1]. Container Shipping - European route price expected to peak in mid - January, pre - holiday replenishment demand exists [1].

ਵ E TD 场 与 流 TI TEE 回顾:昨日收盘,沪深300上涨0.09%至4723.1;上证50下跌0.11%至 3067.2;中证500上涨1.12%至8340.1;中证1000上涨0.79%至8247.7。沪深 京三市成交额26240亿,较昨日缩量1804亿。行业板块涨多跌少,贵金属、 能源金属、采掘行业、电机、半导体、小金属、电子元件板块涨幅居前, 煤炭行业、酿酒行业、商业百货、电网设备板块跌幅居前。 热评:昨日股指冲高回落,中小盘表现较强,大票承压。尾盘宽基ETF成 交持续放大,上证50ETF(510050)成交超150亿,创历史天量,沪深300ETF 华泰柏瑞 (510300) 、嘉实沪深300ETF (159919) 、沪深300ETF华夏 (510330、 沪深300ETF易方达(510310)均成交超100亿。政策给市场短期"降温"的情 形下,市场成交额继续缩量至2.6万亿水平。 投资咨询业务资格:证监详可【2012】31号 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | | 202 ...

投资咨询业务资格:证监会许可【2012】31号 . // 结 25/26榨季全球食糖市场已由短缺转为过剩，印度产量大幅增加与泰国、巴西产量下降形成对比，但整体供应端压力仍在。 国内现货价格坚挺与期货价格弱势形成矛盾。春节前备货需求对价格形成短期支撑,在生产成本支撑下,短期或有一定上 行空间,但上方空间有限。 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 - -- 23/24 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 ·2019 · =2020 2016 2017 = =2018 = 0 2025 2022 2024 10月 11月 12月 9月 1月 2月 3月 4月 5月 6月 7月 8月 郑糖5-9月差 柳州-05基差 1200 350 1000 300 800 250 600 200 400 150 200 100 50 0 -400 -50 -100 -150 10月21日 11月21日 12月21日 1 ...

投资咨询业务资格:证监许可【2012】31号 2026/1/22 | | | 日素姚 | | | VANDA I 1 7 1 7 4 4 4 4 4 1 4 4 1 4 4 1 4 4 1 4 4 1 4 1 1 4 1 1 4 1 1 4 1 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标名称 | 現值 | 前值 | 涨跌幅 | | 主要图表 | | | 国内价格 | 销期货主力收费价 | 628. 5 | 619.35 | 1. 48% | 2800 2400 | 现货帕金(关元/盎司) SPTPTUSDOZ. IDC -- 现货把企(美元/盎司) SPTPDUSDOZ. IDC | | | | 现货:铂(99.95%) | 622 | 592 | 5.07% | | | | | (元/克) | 铂:基差(现-期) | -6.5 | -27.35 | -76. 23% | | | | | | | | | | 2000 | | | | | 钮期货主力收盘价 | 485.8 | 490 | -0. 86% | 1600 | | | ...

| | | | | | | | | 一百百家 小 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/01/22 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | | | | | | | | | | 张宝慧 | F0286636 | Z0010820 | | | | | | | | | | | 黄志鸿 | F3051824 | Z0015761 | | | | | | | | | | | 董子勖 | F03094002 | Z0020036 | | | | | | | | | | | 薛夏泽 | F03117750 | Z0022680 | | | | 远月合约收盘价 | | | | | | | 6000 | | | 400 | | | (元/吨) | | RB261 ...