Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - PTA: The PX market remains strong, and the strength of the chemical sector boosts PTA prices. The downstream PTA and polyester demand fundamentals are robust. The PX price is supported by the significant repair of the PTA industry profit, and the PTA processing fee has rebounded to 300 yuan. The net profit of PX raw materials is higher than the gasoline blending income, which encourages capacity release. Domestic PTA production continues to rise, but the early maintenance of mainstream polyester plants and the sale of PTA raw materials have led to a rapid weakening of the basis [2]. - Ethylene glycol: The number of overseas ethylene glycol plant maintenance plans has increased. The ethylene glycol inventory at East China ports remains at around 700,000 tons. Coal prices have started to stabilize, and ethylene glycol prices are seeking effective support. With the successive commissioning of new plants, the market supply pressure continues to increase [2]. Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price rose from 440.8 yuan/barrel on January 21, 2026, to 446.4 yuan/barrel on January 22, 2026, an increase of 5.6 yuan [2]. - PTA-SC spread rose from 1950.7 yuan on January 21 to 2054.0 yuan on January 22, an increase of 103.3 yuan [2]. - PTA/SC ratio increased from 1.6089 on January 21 to 1.6332 on January 22, an increase of 0.0242 [2]. - CFR China PX price rose from 888 on January 21 to 907 on January 22, an increase of 19 [2]. - PX-naphtha spread rose from 339 on January 21 to 349 on January 22, an increase of 10 [2]. - PTA main contract futures price rose from 5154 yuan/ton on January 21 to 5298 yuan/ton on January 22, an increase of 144 yuan [2]. - PTA spot price rose from 5085 yuan/ton on January 21 to 5155 yuan/ton on January 22, an increase of 70 yuan [2]. - PTA spot processing fee decreased from 381.3 yuan/ton on January 21 to 360.5 yuan/ton on January 22, a decrease of 20.8 yuan [2]. - PTA futures processing fee rose from 460.3 yuan/ton on January 21 to 503.5 yuan/ton on January 22, an increase of 43.2 yuan [2]. - PTA main contract basis decreased from -70 on January 21 to -71 on January 22, a decrease of 1 [2]. - PTA warehouse receipt quantity decreased from 104,302 on January 21 to 102,280 on January 22, a decrease of 2022 [2]. - MEG main contract futures price rose from 3689 yuan/ton on January 21 to 3847 yuan/ton on January 22, an increase of 158 yuan [2]. - MEG-naphtha spread increased from -174.39 yuan/ton on January 21 to -153.58 yuan/ton on January 22, an increase of 20.8 yuan [2]. - MEG domestic price rose from 3570 yuan/ton on January 21 to 3660 yuan/ton on January 22, an increase of 90 yuan [2]. - MEG main contract basis increased from -120 on January 21 to -113 on January 22, an increase of 7 [2]. Industry Chain Operating Conditions - PX operating rate remained at 85.82% on January 21 and January 22 [2]. - PTA operating rate remained at 75.63% on January 21 and January 22 [2]. - MEG operating rate remained at 60.49% on January 21 and January 22 [2]. - Polyester load decreased from 84.69% on January 21 to 84.40% on January 22, a decrease of 0.29% [2]. Product Data of Polyester Filament - POY150D/48F price rose from 6690 yuan/ton on January 21 to 6740 yuan/ton on January 22, an increase of 50 yuan [2]. - POY cash flow decreased from -104 yuan/ton on January 21 to -144 yuan/ton on January 22, a decrease of 40 yuan [2]. - FDY150D/96F price rose from 6930 yuan/ton on January 21 to 6955 yuan/ton on January 22, an increase of 25 yuan [2]. - FDY cash flow decreased from -364 yuan/ton on January 21 to -429 yuan/ton on January 22, a decrease of 65 yuan [2]. - DTY150D/48F price rose from 7880 yuan/ton on January 21 to 7910 yuan/ton on January 22, an increase of 30 yuan [2]. - DTY cash flow decreased from -114 yuan/ton on January 21 to -174 yuan/ton on January 22, a decrease of 60 yuan [2]. - Filament sales rate increased from 49% on January 21 to 71% on January 22, an increase of 22% [2]. Product Data of Polyester Staple Fiber - 1.4D direct-spun polyester staple fiber price rose from 6465 yuan/ton on January 21 to 6570 yuan/ton on January 22, an increase of 105 yuan [2]. - Polyester staple fiber cash flow increased from 21 yuan/ton on January 21 to 36 yuan/ton on January 22, an increase of 15 yuan [2]. - Staple fiber sales rate increased from 74% on January 21 to 131% on January 22, an increase of 57% [2]. Product Data of Polyester Chips - Semi-gloss chip price rose from 5790 yuan/ton on January 21 to 5840 yuan/ton on January 22, an increase of 50 yuan [2]. - Chip cash flow decreased from -104 yuan/ton on January 21 to -144 yuan/ton on January 22, a decrease of 40 yuan [2]. - Chip sales rate increased from 87% on January 21 to 193% on January 22, an increase of 106% [2]. Device Maintenance Dynamics - A 3.6 million-ton PTA plant in East China is currently reducing its load and is expected to shut down for maintenance as planned tomorrow [2]. - A 1.25 million-ton PTA plant in South China is expected to shut down in the next two days and is initially expected to restart in early March [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, although geopolitical risks have eased, market uncertainties remain high, and precious metal prices are expected to remain at high levels. Long - term, the logic for the rise of precious metals remains firm, and the strategy is to buy on dips or sell out - of - the - money put options. Gold is expected to be better than silver for allocation, and attention can be paid to the phased repair opportunities of the gold - silver ratio [3]. - In the medium - to - long - term, the Fed is still in an easing cycle, geopolitical uncertainties will continue, dollar credit risks will increase, and the allocation demand of global central banks, institutions, and residents is expected to continue. The medium - to - long - term center of gold prices is likely to move up, and long - term investors are advised to buy on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - On January 22, 2026, compared with January 21, 2026, London gold spot fell 0.4% to $4825.93 per ounce, London silver spot fell 0.2% to $94.07 per ounce, COMEX gold fell 0.4% to $4826.50 per ounce, COMEX silver fell 0.2% to $93.96 per ounce, AU2602 fell 0.5% to 1083.56 yuan per gram, AG2602 rose 0.8% to 23370 yuan per kilogram, AU (T + D) fell 0.4% to 1081.44 yuan per gram, and AG (T + D) rose 0.7% to 23352 yuan per kilogram [3]. 3.2 Spread/Ratio - On January 22, 2026, compared with January 21, 2026, the gold TD - SHFE active spread rose - 36.7% to - 2.12 yuan per gram, the silver TD - SHFE active spread rose - 1900.0% (data may need verification), the gold internal - external spread (TD - London) rose 5.7% to - 4.96 yuan per gram, the silver internal - external spread (TD - London) rose - 27.4% to - 511 yuan per kilogram, the SHFE gold - silver ratio fell 1.3% to 46.37, the COMEX gold - silver ratio fell 0.2% to 51.37, AU2604 - 2602 rose 18.2% to 4.02 yuan per gram, and AG2604 - 2602 rose - 36.7% to - 31 yuan per kilogram [3]. 3.3 Position Data - As of January 21, 2026, compared with January 20, 2026, the gold ETF - SPDR fell 0.37% to 1077.66 tons, the silver ETF - SLV fell 0.35% to 16166.09757 tons, COMEX gold non - commercial long positions rose 7.92% to 296183 contracts, non - commercial short positions fell 3.97% to 44945 contracts, non - commercial net long positions rose 10.37% to 251238 contracts, COMEX silver non - commercial long positions fell 0.10% to 47337 contracts, non - commercial short positions fell 15.66% to 15277 contracts, and non - commercial net long positions rose 9.53% to 32060 contracts [3]. 3.4 Inventory Data - On January 22, 2026, compared with January 21, 2026, SHFE gold inventory rose 2.02% to 102009 kilograms, SHFE silver inventory fell 1.95% to 589052 kilograms. On January 21, 2026, compared with January 20, 2026, COMEX gold inventory rose 0.02% to 36142880 troy ounces, and COMEX silver inventory fell 0.98% to 422313658 troy ounces [3]. 3.5 Interest Rate/Exchange Rate/Stock Market - On January 22, 2026, the dollar/yuan central parity rate was 7.00, with a 0.01% increase compared to January 21, 2026. On January 21, 2026, compared with January 20, 2026, the dollar index rose 0.23% to 98.77, the 2 - year US Treasury yield remained unchanged at 3.60%, the 10 - year US Treasury yield fell 0.93% to 4.26%, the VIX fell 15.88% to 16.90, the S&P 500 rose 1.16% to 6875.62, and NYMEX crude oil rose 1.93% to 60.67 [3]. 3.6 Market Review - On January 22, the main contract of Shanghai gold futures rose 0.69% to 1087.58 yuan per gram, and the main contract of Shanghai silver futures rose 1.22% to 2339 yuan per kilogram [3]. 3.7 Influencing Factors Analysis - Trump reached a cooperation framework with NATO on Greenland and withdrew tariff threats against 8 European countries, and stated no military action to seize the island, which eased market risk aversion and pressured precious metal prices. The US Q3 GDP growth was higher than expected and weekly jobless claims were stable, indicating US economic resilience and may suppress the rise of precious metals. However, the Greenland crisis is not fully resolved, there are concerns about European funds selling US Treasuries and reducing US stock investments, and Trump's threat of retaliation adds to market uncertainties. With tight spot supply and low inventory, the fundamentals support precious metals. [3]

1. Report Industry Investment Ratings The report does not explicitly mention overall industry investment ratings. However, it provides trend judgments for various commodities, including "看多" (Bullish), "看空" (Bearish), and "震荡" (Sideways) for different sectors. 2. Core Views of the Report - **Macro - Financial Sector**: Policy cools market speculation, causing stock index fluctuations. Long - term bulls can enter the market. Asset shortage and weak economy benefit bond futures, but short - term interest rate risks need attention [1]. - **Non - ferrous Metals Sector**: Most non - ferrous metals are in a sideways trend due to factors such as policy changes, supply - demand relationships, and macro - sentiment. For example, copper prices are in high - level sideways movement, and nickel prices are affected by supply concerns and inventory accumulation [1]. - **Precious Metals and New Energy Sector**: Market uncertainty supports precious metals, but the suspension of key mineral tariffs may suppress platinum and palladium. Long - term strategies can involve buying platinum on dips or using a "long platinum, short palladium" arbitrage strategy [1]. - **Agricultural Products Sector**: Different agricultural products have different trends. For example, palm oil and soybean oil are expected to be bullish, while sugar is in a bearish consensus with cost support. Cotton is in a situation of having support but no strong driver [1]. - **Energy and Chemical Sector**: Many energy and chemical products are affected by factors such as geopolitical conflicts, supply - demand relationships, and cost changes. For example, oil prices are affected by OPEC+ policies and geopolitical uncertainties, and PTA is affected by PX price increases and supply - demand relationships [1]. 3. Summary by Related Catalogs Macro - Financial - **Stock Index**: Policy cools speculation, leading to short - term fluctuations. Long - term bulls can enter the market [1]. - **Treasury Bonds**: Asset shortage and weak economy benefit bond futures, but short - term interest rate risks need attention.关注日本央行利率决策 [1]. Non - ferrous Metals - **Copper**: With the US suspending key mineral tariffs, short - term copper price concerns ease, and prices are in high - level sideways movement [1]. - **Aluminum and Alumina**: Aluminum prices fall from highs due to weakening macro - sentiment. Alumina has strong supply and weak demand, and prices are expected to move sideways near the cost line [1]. - **Zinc**: The cost center of zinc fundamentals is stable, and prices fluctuate within a range. High - selling and low - buying opportunities can be considered [1]. - **Nickel**: Despite the 2026 RKAB target, nickel supply remains tight, and inventory accumulation may limit price increases. Short - term prices are in high - level sideways movement [1]. - **Stainless Steel**: Supply disruptions in Indonesia and rising raw material prices drive stainless steel prices higher, but low warehouse receipts require attention to squeeze - out risks [1]. - **Tin**: Short - term upward trends are suppressed, and low - buying opportunities in the sideways range can be considered [1]. Precious Metals and New Energy - **Precious Metals**: Market uncertainty supports prices, but the suspension of key mineral tariffs may suppress platinum and palladium. Long - term strategies can involve buying platinum on dips or using a "long platinum, short palladium" arbitrage strategy [1]. - **Industrial Silicon**: Northwest production increases, while southwest production decreases. December production schedules for polysilicon and organic silicon decline [1]. - **Lithium Carbonate**: It is the off - season for new energy vehicles, but energy storage demand is strong. However, spot trading is light, and the continuation of the upward trend lacks momentum [1]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: High production and inventory suppress price increases. Unilateral long positions should be exited, and cash - and - carry arbitrage can be considered [1]. - **Iron Ore**: The upper pressure is obvious, and chasing long positions is not recommended [1]. - **Silicon Iron and Manganese**: Weak reality and strong expectations coexist. Supply may be affected by energy consumption control and anti - involution [1]. - **Soda Ash**: It follows glass, with looser medium - term supply and demand, and prices are under pressure [1]. - **Coking Coal and Coke**: The market is pessimistic about the coking coal 05 contract. After the first round of coke price increase is shelved, the price of coking coal 05 falls below key support levels [1]. Agricultural Products - **Palm Oil and Soybean Oil**: Bullish, as major consuming countries start purchasing, and there is a possibility of production reduction and inventory depletion in the producing areas [1]. - **Rapeseed Oil**: Affected by tariff and customs clearance expectations, it is recommended to wait and see [1]. - **Cotton**: There is support but no strong driver. Future factors such as the central document, planting area, and weather need to be monitored [1]. - **Sugar**: Globally oversupplied, with a strong bearish consensus. Cost support is strong if prices fall further [1]. - **Corn**: Northeast sales progress is fast, and port inventories are low. Short - term spot prices are firm, and the market is expected to move sideways [1]. - **Soybean Meal**: With the progress of the Brazilian harvest, prices are expected to move weakly sideways [1]. - **Pulp and Logs**: Pulp prices fall due to macro - factors, and logs are expected to move sideways within a certain range [1]. - **Hogs**: Spot prices are stable, and production capacity needs to be further released [1]. Energy and Chemical - **Crude Oil and Fuel Oil**: Affected by OPEC+ policies, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuela [1]. - **Natural Rubber and BR Rubber**: Bullish for natural rubber, affected by factors such as cost support and inventory changes [1]. - **PTA and PX**: PX prices rise rapidly, and PTA maintains high - level operation. The price of short - fiber follows the cost closely [1]. - **Ethylene Glycol and Styrene**: Ethylene glycol rebounds due to supply - side news, and styrene prices rebound as the supply - demand situation improves [1]. - **Methanol and PVC**: Methanol is affected by the Iranian situation and downstream negative feedback. PVC has a poor short - term outlook but is expected to improve in the long term [1]. - **LPG**: Supported by rising import costs and inventory depletion, the heating market is expected to start [1]. Others - **Container Shipping on the European Route**: It is expected to peak in mid - January. Airlines are cautious about resuming flights, and pre - festival replenishment demand still exists [1].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The pulp market shows a situation where the supply side has price adjustments from Chile's Arauco company, the demand side is stable with a slight decline in the output of major wood - pulp paper products, and the inventory side is in a continuous accumulation trend. It is suggested to consider shorting after a rebound as the upward space of pulp futures is limited [5][6] Group 3: Summary According to Related Catalogs Futures and Spot Prices - On January 22, 2026, among pulp futures prices, SP2601 was 5534 yuan/ton with a daily increase of 0.11% and a weekly increase of 2.29%; SP2609 was 5416 yuan/ton with a daily increase of 0.37% and a weekly decrease of 1.28%; SP2605 was 5380 yuan/ton with a daily increase of 0.37% and a weekly decrease of 1.03%. Among spot prices, the silver star of softwood pulp was 5400 yuan/ton with no daily change and a weekly decrease of 2.70%; Russian softwood pulp was 5250 yuan/ton with no daily change and a weekly decrease of 0.94%; the goldfish of hardwood pulp was 4650 yuan/ton with no daily change and a weekly decrease of 1.06% [5] Outer - disk Quotes and Import Costs - Outer - disk quotes: The price of Chilean silver star was 700 dollars/ton, up 2.94% month - on - month; from a certain date, it changed to 540 dollars/ton, up 1.89%; Chilean Venus was 620 dollars/ton with no change. Import costs: Chilean silver star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian goldfish was 4425 yuan/ton, up 1.87%; Chilean Venus was 5073 yuan/ton with no change [5] Supply - side Data - In December 2025, the import volume of softwood pulp was 77.8 tons, up 7.31% month - on - month compared with 72.5 tons in November 2025; the import volume of hardwood pulp was 135.2 tons, down 23.40% month - on - month compared with 176.5 tons in November 2025. The shipment volume of pulp to China in November 2025 was 178 thousand tons, up 3.00% compared with the previous period. The domestic output of hardwood pulp on January 22, 2026, was 24.9 tons, and the output of chemimechanical pulp was 23.8 tons. Chile's Arauco company's January softwood pulp offer was 710 dollars/ton, up 10 dollars/ton; the offer for hardwood pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer for the natural pulp Venus was 620 dollars/ton with no change [5] Inventory Data - As of January 22, 2026, the pulp port inventory was 206.8 tons, up 5.4 tons from the previous period and 2.7% month - on - month. The inventory in the futures delivery warehouse was 13.9 tons. The port sample inventory has been in an accumulation trend for three consecutive weeks [5] Demand - side Data - The output of finished paper products: the output of offset paper was 19.60 tons, coated paper was 8.40 tons, tissue paper was 29.35 tons, and white cardboard was 35.40 tons. Pulp demand has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products, and the output of major wood - pulp paper products has declined [5] Strategy - Recently, there has been a concentrated registration of pulp futures warehouse receipts, and the upward space is limited. The price of hardwood pulp has slightly loosened. It is advisable to consider shorting after a rebound [6]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The PX market continues to be strong, and the strength of the chemical sector boosts the PTA price. The downstream PTA and polyester demand fundamentals are robust. The support for the PX price comes from the significant repair of the PTA industry's profit, with the PTA processing fee rising to 300 yuan. The net profit of PX raw materials is higher than the gasoline blending income, which encourages capacity release. FJDH's 1 million - ton plant restarts, and the price difference between PX and mixed xylene remains above $150. The domestic PTA output continues to climb to match the growth of domestic demand and exports. A new PTA plant in India is about to be put into operation, which will further boost PX demand. The PX - naphtha price difference has dropped to $360. The domestic PTA maintains high - level operation, domestic demand has declined, and the production cuts of polyester factories have a negative feedback on PTA. The PTA consumption remains high, but mainstream polyester co - production has advanced maintenance and is selling PTA raw materials, and the basis has weakened rapidly. Short fibers and bottle chips follow cost changes [2] Group 3: Summary by Related Catalogs Price Changes - PTA spot price increased from 5085 to 5155, with a change of 70 [2] - MEG domestic price increased from 3570 to 3660, with a change of 90 [2] - PTA closing price increased from 5154 to 5298, with a change of 144 [2] - MEG closing price increased from 3689 to 3847, with a change of 158 [2] - 1.4D direct - spun polyester staple fiber price increased from 6465 to 6570, with a change of 105 [2] - Short - fiber basis decreased from 23 to 10, with a change of - 13 [2] - 3 - 4 spread decreased from 40 to 48, with a change of - 8 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5250 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 1215 to 1320, with a change of 105 [2] - East China water bottle chip price increased from 6119 to 6222, with a change of 103 [2] - Hot - filling polyester bottle chip price increased from 6119 to 6222, with a change of 103 [2] - Carbonated - grade polyester bottle chip price increased from 6219 to 6322, with a change of 103 [2] - Outer - market water bottle chip price increased from 815 to 825, with a change of 10 [2] - Bottle - chip spot processing fee increased from 575 to 588, with a change of 13 [2] - T32S pure polyester yarn price remained unchanged at 10550 [2] - T32S pure polyester yarn processing fee decreased from 4085 to 3980, with a change of - 105 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16700 [2] - Cotton 328 price increased from 15445 to 15520, with a change of 75 [2] - Polyester - cotton yarn profit decreased from 1575 to 1478, with a change of - 98 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7150 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 406 to 316, with a change of - 90 [2] - Primary low - melting - point staple fiber price remained unchanged at 7760 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 150 to 6640. In the spot market, the prices of polyester staple fiber production plants increased and those of traders showed a warm upward trend. Downstream buyers purchased as needed, and on - site transactions were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6470 - 6650 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 6590 - 6770 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 6470 - 6650 yuan for cash on delivery, tax - included delivery [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6150 - 6300 yuan/ton, with the average price rising 120 yuan/ton compared with the previous working day. PTA and bottle - chip futures were strongly operating, the cost - side support increased significantly, the supply - side offers successively raised quotes, the market spot supply was tight, downstream terminals were temporarily on the sidelines, and the market negotiation center rose [2] Operating Rates and Sales - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, with a change of 2.07% [3] - Polyester staple fiber sales rate increased from 40.00% to 78.00%, with a change of 118.00% [3] - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, with a change of 0.32% [3] - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, with a change of - 0.63% [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The current LPR quotes remain stable. The main reasons are that the central bank's 7 - day reverse repurchase rate remains unchanged and the bank's liability cost is stable while the net interest margin is at a historical low, so commercial banks lack the motivation to actively lower LPR [4]. - Although the valuation levels of some technology themes in the A - share market are at historical highs, the overall A - share valuation is at a reasonable and neutral level. The regulatory attitude is to crack down on "pseudo - leaders" without fundamental support, and the policy continues to protect the "long - bull" pattern of the stock index. The current capital - driven force for the market is still strong, and the domestic fundamentals are in the bottom - building stage. It is expected that the upward trend of the stock index has not ended, and the short - term shock adjustment space is limited. Long - term investors can gradually build long positions [6]. 3. Summary by Relevant Contents Interest Rates and Bond Market - DRO01 closed at 1.42 with a 9.59bp increase, DR007 closed at 1.51 with a 1.22bp increase, GC001 closed at 1.53 with a 3.50bp decrease, GC007 closed at 1.56 with a 0.50bp increase, SHBOR 3M closed at 1.60 with a 0.20bp decrease, and LPR 5 - year remained at 3.50 with no change [3]. - The 1 - year treasury bond closed at 1.28 with a 0.25bp increase, the 5 - year treasury bond closed at 1.55 with a 1.00bp increase, the 10 - year treasury bond closed at 1.84 with a 0.65bp increase, and the 10 - year US treasury bond closed at 4.26 with a 4.00bp decrease [3]. - The central bank conducted 210.2 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. The maturity of reverse repurchase on the same day was 179.3 billion yuan, resulting in a net investment of 30.9 billion yuan [3]. Stock Index Futures and Stock Market - The closing prices and changes of major stock indexes: The Shanghai - Shenzhen 300 rose 0.01% to 4723.7, the Shanghai 50 fell 0.46% to 3053.1, the CSI 500 rose 0.57% to 8387.6, and the CSI 1000 rose 0.75% to 8309.3 [5]. - The trading volume and position changes of stock index futures: IF trading volume decreased by 4.7% to 114,719, and the position increased by 1.0% to 289,557; IH trading volume decreased by 3.5% to 52,603, and the position increased by 1.5% to 97,532; IC trading volume decreased by 19.5% to 138,385, and the position decreased by 0.1% to 329,619; IM trading volume decreased by 19.5% to 172,599, and the position decreased by 2.5% to 372,277 [5]. - The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.7166 trillion yuan, an increase of 92.6 billion yuan from the previous day, and it exceeded 2.5 trillion yuan for the 14th consecutive trading day. Most industry sectors closed up, with aerospace, mining, shipbuilding, glass fiber, gas, petroleum, photovoltaic equipment, coal, and cement building materials sectors leading the gains, while electronic chemicals and insurance sectors leading the losses [5]. Stock Index Futures Basis - The basis of IF contracts: The current - month contract was at a 0.46% premium, the next - month contract at a 0.58% premium, the current - quarter contract at a 2.13% premium, and the next - quarter contract at a 3.16% premium [7]. - The basis of IH contracts: The current - month contract was at a 1.60% discount, the next - month contract at a 1.69% discount, the current - quarter contract at a 0.36% discount, and the next - quarter contract at a 1.37% premium [7]. - The basis of IC contracts: The current - month contract was at a 2.46% discount, the next - month contract at a 0.95% discount, the current - quarter contract at a 2.29% premium, and the next - quarter contract at a 3.50% premium [7]. - The basis of IM contracts: The current - month contract was at a 1.31% discount, the next - month contract at a 1.29% premium, the current - quarter contract at a 5.64% premium, and the next - quarter contract at a 6.57% premium [7].

Report Overview - The report is a daily data report on platinum and palladium by the Research Institute of Guomao Futures, focusing on price, inventory, and market analysis [2][3] 1. Price Information Domestic Prices - Platinum futures main contract closing price: 633.85 yuan/g, up 0.85% from the previous value [4] - Platinum (99.95%) spot price: 618.5 yuan/g, down 0.56% [4] - Platinum basis (spot - futures): -15.35 yuan/g, up 136.15% [4] - Lithium futures main contract closing price: 483.75 yuan/g, down 0.42% [4] - Lithium (99.95%) spot price: 464.5 yuan/g, down 1.59% [4] - Lithium basis (spot - futures): -19.25 yuan/g, up 39.49% [4] International Prices - London spot platinum: 2468.754 dollars/ounce, up 1.39% [4] - London spot palladium: 1853.585 dollars/ounce, up 0.10% [4] - NYMEX platinum: 2468.9 dollars/ounce, up 1.27% [4] - NYMEX palladium: 1883.5 dollars/ounce, down 0.32% [4] Exchange Rate and Price Differences - Dollar/CNY central parity rate: 7.0019, up 0.01% [4] - Difference between Guangzhou platinum and London platinum: 5.85 yuan/g, down 36.16% [4] - Difference between Guangzhou platinum and NYMEX platinum: 5.81 yuan/g, down 30.76% [4] - Difference between Guangzhou lithium and London palladium: 12.23 yuan/g, down 17.26% [5] - Difference between Guangzhou lithium and NYMEX palladium: 4.62 yuan/g, down 10.77% [5] 2. Ratio and Inventory Information Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3103, up 0.0165 [5] - London spot platinum/palladium ratio: 1.3319, up 0.0170 [5] Inventory - NYMEX platinum inventory: 675,766 ounces, up 1.71% [5] - NYMEX palladium inventory: 216,266 ounces, down 0.18% [5] Position - NYMEX total platinum position: 78,337, down 0.90% [5] - NYMEX non - commercial net long position of platinum: 18,110, down 2.85% [5] - NYMEX total palladium position: 19,483, up 0.69% [5] - NYMEX non - commercial net long position of palladium: 579, up 111.57% [5] 3. Market Analysis and Strategy Market Analysis - On January 22, platinum and palladium opened lower and then rebounded, narrowing the decline. The PT2606 contract fell 0.92% to 63.85 yuan/g, and the PD2606 contract fell 1.9% to 483.75 yuan/g [6] - At the macro level, the Greenland crisis has eased, weakening market risk - aversion sentiment, which once suppressed platinum and palladium prices. However, due to high market uncertainty and weak US bond yields, there is still support for platinum and palladium prices [6] - Fundamentally, the US has decided to postpone imposing import tariffs on key minerals, alleviating the tariff risk for platinum and palladium. If the tariff risk decreases in the future, platinum and palladium inventories may shift from the US to non - US regions, which may ease the tight spot situation and suppress the upward space of platinum and palladium prices in the short term [6] Strategy - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Attention should be paid to changes in New York inventories [6] - In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, the strategy can be to unilaterally allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]

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 ...