Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 8, 2026, platinum and palladium prices generally opened high and closed low. The PT2606 contract rose 2.47% to 598.5 yuan/gram, and the PD2006 contract rose 1.71% to 475.95 yuan/gram. Affected by geopolitical risk premiums, market funds favored mineral resources, boosting recent platinum and palladium prices. However, due to the rapid electrification of market sectors and concerns that BCOM's adjustment of the weight index may lead to selling pressure, funds took early profits, causing platinum and palladium prices to decline and the upward trend to slow. In the short term, platinum and palladium may maintain a wide - range oscillation pattern. In the long - term, with platinum supply and demand still in a certain situation and palladium tending to a loose supply pattern, the strategy could be to allocate platinum at low prices or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary According to Relevant Catalogs Domestic Prices - Platinum futures' main contract closing price was 598.5 yuan/gram, down 2.97% from the previous value; spot platinum (99.95%) was 615 yuan/gram, up 2.50%; the basis (spot - futures) was 16.5 yuan/gram, down 198.21% [4]. - Palladium futures' main contract closing price was 475.95 yuan/gram, up 0.86%; spot palladium (99.95%) was 460 yuan/gram, up 3.37%; the basis (spot - futures) was - 15.95 yuan/gram, down 40.71% [4]. International Prices (15:00) - London spot platinum was 2273.7 dollars/ounce, down 1.94%; London spot palladium was 1735.067 dollars/ounce, down 0.40%; NYMEX platinum was 2275.7 dollars/ounce, down 2.23%; NYMEX palladium was 1797 dollars/ounce, up 0.31% [4]. Internal - External 15:00 Price Differences - The dollar/yuan central parity rate was 7.0187, up 0.02%. The price difference between Guangdong platinum and London platinum was 18.73 yuan/gram, down 26.99%; the price difference between Guangdong platinum and NYMEX platinum was 18.22 yuan/gram, down 22.16%. The price difference between Guangdong palladium and London palladium was 27.77 yuan/gram, down 20.72%; the price difference between Guangdong palladium and NYMEX palladium was 17.73 yuan/gram, up 16.85% [4][5]. Price Ratios - The ratio of Guangdong Futures Exchange platinum to palladium was 1.2575, down 0.0496; the ratio of London spot platinum to palladium was 1.3104, down 0.0206 [5]. Inventories - NYMEX platinum inventory was 645366 troy ounces, with a 0.00% change; NYMEX palladium inventory was 211306 troy ounces, with a 0.00% change [5]. Positions - NYMEX total platinum position was 90330, down 8.30%; non - commercial net long position of platinum was 18042, down 6.73%. NYMEX total palladium position was 22709, down 9.32%; non - commercial net long position of palladium was - 571, down 568.03% [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The PTA market shows a slight increase due to the expectation of loose monetary policy despite the decline in crude oil prices. The PTA inventory is slightly reduced, and the spot basis strengthens. The PTA processing fee has increased. The PX market has experienced a sharp rise mainly driven by speculative funds, and its fundamentals are supported. The MEG market has a weakening basis, and the supply pressure is increasing due to new device production [2]. - The polyester load remains high due to the new polyester device production, and the PTA consumption is also high. The polyester demand is affected by the domestic season, but the reduction in production by polyester factories is not enough to form a negative feedback [2]. Group 3: Summary by Relevant Catalogs Market Quotes - INE crude oil price decreased from 428.2 yuan/barrel on January 7, 2026, to 416.3 yuan/barrel on January 8, 2026 [2]. - PTA主力期价 remained at 5150 yuan/ton, and the PTA现货 price increased by 20 yuan/ton. The PTA现货加工费 rose to 331.1 yuan/ton, and the 盘面加工费 was 381.1 yuan/ton [2]. - MEG: The spot price in Zhangjiagang's ethylene glycol market increased, and the futures price showed a strong - side shock. The basis negotiation continued to weaken [2]. Price Differences and Ratios - The PX - naphtha price difference was 366 dollars, and the PX - mixed xylene price difference reached 155 dollars [2]. - The PTA/SC ratio was 1.6550, and the PTA - SC was 86.48 yuan/ton [2]. Operating Rates - The PX operating rate was 87.87%, the PTA operating rate was 77.40%, the MEG operating rate was 60.87%, and the polyester load was 88.04% [2]. Cash Flows and Sales Ratios - POY150D/48F price increased by 35 yuan/ton, and its cash flow increased by 1.0. FDY150D/96F price increased by 35 yuan/ton, and DTY150D/48F price increased by 15 yuan/ton. The cash flows of POY, FDY, and DTY changed accordingly [2]. - The sales ratios of POY, FDY, DTY, polyester staple fiber, and polyester chip varied, with the polyester staple fiber sales ratio increasing by 49% and the polyester chip sales ratio decreasing by 1% [2]. Device Maintenance - A 1.2 - million - ton PTA device in the northwest was restarted after parking at the beginning of last week [4].

Report Industry Investment Rating - No information provided Core View of the Report - In the short term, lithium prices still face downward pressure, and price risks should be watched out for. In the medium to long term, the strong upstream price - holding intention verifies the assumption of strong terminal demand, which provides support for prices [3] Summary by Relevant Catalogs Lithium Compounds and Minerals - The average price of SMM battery - grade lithium carbonate is 133,500 yuan/ton, with a change of 6,000 yuan; the average price of SMM industrial - grade lithium carbonate is 130,000 yuan/ton, with a change of 5,750 yuan [1] - For lithium ore, the price of lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) is 1,770 yuan, with a change of 130 yuan; the price of lithium mica (Li2O: 1.5% - 2.0%) is 2,575 yuan, with a change of 100 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) is 3,825 yuan, with a change of 110 yuan; the price of amblygonite (Li2O: 6% - 7%) is 13,775 yuan, with a change of 500 yuan; the price of amblygonite (Li2O: 7% - 8%) is 15,450 yuan, with a change of 525 yuan [1][2] Futures Contract - The closing price of lithium carbonate 2601 is 139,960 yuan, with a daily increase of 5.52%; lithium carbonate 2602 is 139,560 yuan, with a daily increase of 4.95%; lithium carbonate 2603 is not given the closing price but has a daily increase of 5.01%; lithium carbonate 2604 is 141,360 yuan, with a daily increase of 5.13%; lithium carbonate 2605 is 142,300 yuan, with a daily increase of 4.54% [1] Cathode Materials - The average price of lithium iron phosphate (power - type) is 48,980 yuan, with a change of 1,455 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 184,800 yuan, with a change of 5,000 yuan; the average price of ternary material 523 (single - crystal/power - type) is 164,700 yuan, with a change of 4,000 yuan; the average price of ternary material 613 (single - crystal/power - type) is 165,000 yuan, with a change of 4,300 yuan [2] Price Spread - The spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, with a change of 250 yuan; the spread between battery - grade lithium carbonate and the main contract is - 8,800 yuan, with a change of 1,640 yuan; the spread between the near - month and the first - continuous contract is - 440 yuan, with a change of 220 yuan; the spread between the near - month and the second - continuous contract is - 1,800 yuan, with a change of 300 yuan [2] Inventory - The total inventory (weekly, tons) is 109,605 tons, with a change of - 168 tons; the inventory of smelters (weekly, tons) is not fully given; the inventory of downstream (weekly, tons) is 38,998 tons, with a change of - 894 tons; the inventory of others (weekly, tons) is 52,940 tons, with a change of 910 tons; the registered warehouse receipts in January (daily, tons) is 25,180 tons, with a change of 2,039 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 132,339 yuan, with a profit of - 694 yuan; the cash cost of purchasing lithium mica concentrate externally is 123,199 yuan, with a profit of 5,161 yuan [3] Production Line Maintenance - Hunan Yueneng plans to carry out maintenance on some production lines from January 1, 2026, for about one month, which is expected to reduce the output of lithium salt cathode materials by 15,000 - 35,000 tons. Wanrun New Energy started to reduce production and carry out maintenance on some production lines as scheduled from December 28, 2025, for about one month, which is expected to reduce the output of lithium iron phosphate by 5,000 - 20,000 tons [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - US raid on Venezuela has raised geopolitical risks; OPEC+ stated that eight member countries will suspend increasing oil production in Q1 2026 [2] - PX market has experienced a sharp rise, mainly driven by speculative funds rather than fundamental changes. The futures market is leading the price discovery mechanism, and although there are concerns about bubbles, the PX fundamentals are supported. The market is expected to remain tight in 2026, driven by new PTA capacity in India and organic demand growth [2] - Domestic PTA maintains high operation, benefiting from stable domestic demand and the resumption of exports to India since the end of November. High gasoline spreads support aromatics. New polyester device launches keep the polyester load at a high level, with high PTA consumption and increased market hoarding willingness [2][3] - Polyester demand is affected by the domestic season, but the reduction in production by polyester factories is not enough to form a negative feedback [3] Group 3: Data Summary PTA and MEG - PTA spot price increased from 5030 to 5080, with a change of 50; MEG domestic price increased from 3666 to 3719, with a change of 53 [2] - PTA closing price remained unchanged at 5150; MEG closing price increased from 3838 to 3879, with a change of 41 [2] Short Fiber - 1.4D direct-spun polyester staple fiber price decreased from 6555 to 6545, with a change of -10; short fiber basis increased from 33 to 39, with a change of 6 [2] - Short fiber production and sales decreased from 77.00% to 74.00%, with a change of -3.00%; direct-spun short fiber load (weekly) increased from 86.77% to 88.84%, with a change of 2.07% [2][3] Bottle Chip - Polyester bottle chip prices in the Jiangsu and Zhejiang markets decreased, with an average price drop of 40 yuan/ton compared to the previous working day [2] - Bottle chip spot processing fee decreased from 538 to 464, with a change of -75 [2] Others - T32S pure polyester yarn price remained unchanged at 10500; T32S pure polyester yarn processing fee increased from 3945 to 3955, with a change of 10 [2] - Polyester-cotton yarn 65/35 45S price increased from 16400 to 16600, with a change of 200; polyester-cotton yarn profit increased from 1187 to 1334, with a change of 146 [2] - Cotton 328 price increased from 15520 to 15680, with a change of 160 [2]

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Pulp is currently pulled by the trading logic of "strong supply" and "weak demand". With a relatively strong recent macro - sentiment, the 05 contract is expected to oscillate strongly in the range of 5400 - 5700 yuan/ton [6] 3. Summary According to the Catalog Price Data - **Futures Prices**: On January 7, 2026, SP2601 was 5520 yuan/ton, down 0.14% day - on - day and up 1.47% week - on - week; SP2609 was 5644 yuan/ton, down 0.07% day - on - day and up 1.55% week - on - week; SP2605 was 5596 yuan/ton, down 0.29% day - on - day and up 1.56% week - on - week [6] - **Spot Prices**: Coniferous pulp Silver Star was 5600 yuan/ton, unchanged day - on - day and week - on - week; Coniferous pulp Russian Needle was 5400 yuan/ton, unchanged day - on - day and week - on - week; Hardwood pulp Goldfish was 4720 yuan/ton, up 0.43% day - on - day and 1.07% week - on - week [6] - **Foreign Quotes**: Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month; Brazilian Goldfish was 560 dollars/ton, up 3.70% month - on - month; Chilean Venus was 620 dollars/ton, unchanged month - on - month [6] - **Import Costs**: Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Brazilian Goldfish was 4587 yuan/ton, up 3.66% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged month - on - month [6] Fundamental Data Supply - **Import Volume**: In November 2025, coniferous pulp imports were 72.5 tons, up 4.92% month - on - month compared to October; hardwood pulp imports were 176.5 tons, up 33.92% month - on - month compared to October [6] - **Domestic Production**: In December 2025, the domestic production of hardwood pulp fluctuated between 23 - 25.2 tons; the domestic production of chemimechanical pulp fluctuated between 23.6 - 23.9 tons [6] - **Shipments to China**: In November 2025, pulp shipments to China were 178 thousand tons, up 3.00% month - on - month [6] Inventory - **Port Inventory**: As of January 4, 2026, the inventory of mainstream pulp ports in China was 199.7 tons, up 9.1 tons from the previous period, a 4.8% increase, ending five consecutive weeks of destocking [6] - **Futures Delivery Warehouse Inventory**: It fluctuated between 9.9 - 22.2 tons from November 2025 to December 2025 [6] Demand - **Finished Paper Production**: From November 2025 to December 2025, the production of offset paper fluctuated between 20.4 - 20.9 tons; coated paper between 8 - 8.6 tons; tissue paper between 28.48 - 29.07 tons; white cardboard between 35.3 - 38.4 tons [6]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Views of the Report - The steel market is in a state of oscillation, waiting for new driving forces. The black - sector needs new drivers and capital inflow. The iron and steel industry shows weak supply - demand, but iron - water production is stabilizing and rising, which weakens the negative impact on furnace materials. There is a de - stocking pressure in the plate market, but price support exists at low levels. Unilateral trading can adopt an oscillatory approach, and after January, it is more favorable for spot - futures positions [2]. - The sentiment of silicon - iron and manganese - silicon has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise due to differential electricity prices, but the impact is limited. Demand is poor and at a yearly low, while supply remains high, leading to a risk of price decline despite policy support [3][5]. - The coking coal and coke markets are oscillating. The spot market has a fifth - round price cut expectation, but the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9]. 3. Summary by Related Catalogs Futures Market - **Futures Prices and Changes**: On January 7th, the far - month contract closing prices and their changes were as follows: RB2610 was 3235 yuan/ton, up 93 yuan (2.96%); HC2610 was 3353 yuan/ton, up 90 yuan (2.76%); I2609 was 804.5 yuan/ton, up 30.5 yuan (3.94%); J2609 was 1851.5 yuan/ton, up 137 yuan (7.99%); JM2609 was 1246.5 yuan/ton, up 92 yuan (7.97%). The near - month contract closing prices and their changes were also provided, such as RB2605 at 3187 yuan/ton, up 89 yuan (2.87%) [1]. - **Spread and Ratio**: The cross - month spreads, such as RB2605 - 2610 at - 48 yuan/ton (down 3 yuan), and the spreads/ratios like the coil - rebar spread at 145 yuan/ton (down 7 yuan), were also presented [1]. Spot Market - **Steel Spot Prices**: On January 7th, the Shanghai rebar price was 3340 yuan/ton, up 70 yuan; the Tianjin rebar price was 3190 yuan/ton, up 60 yuan; the Guangzhou rebar price was 3540 yuan/ton, up 70 yuan; the Tangshan billet price was 2980 yuan/ton, up 30 yuan. The Shanghai hot - rolled coil price was 3320 yuan/ton, up 40 yuan; the Hangzhou hot - rolled coil price was 3370 yuan/ton, up 60 yuan; the Guangzhou hot - rolled coil price was 3310 yuan/ton, up 70 yuan [1]. - **Other Spot Prices**: The prices of other products such as coking coal, coke, and iron ore were also given, along with their price changes [1]. Market Analysis by Product Steel - The steel market is in an oscillatory state. Macroscopically, there is a lack of new drivers, and the black - sector needs new impetus. Industrially, the supply - demand of five major steel products is weak, but iron - water production is rising, weakening the negative impact on furnace materials. The plate market has de - stocking pressure, but price support exists at low levels [2]. Silicon - Iron and Manganese - Silicon - The sentiment has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise, but the impact is limited. Demand is poor, and supply remains high, leading to a risk of price decline despite policy support [3][5]. Coking Coal and Coke - The spot market has a fifth - round price cut expectation, and the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. Iron Ore - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9].

Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Viewpoints of the Report - A-share market is expected to continue its upward trend in the short term and may rise further in 2026 compared to 2025, supported by macro policies, inflation, capital market reforms, and the role of Central Huijin [1]. - The bond market is favored by asset shortages and weak economic conditions, but the central bank has recently warned of interest rate risks [1]. - Metal prices are influenced by factors such as supply disruptions, macro sentiment, and cost changes. Some metals are expected to have upward trends, while others may experience volatility or are subject to supply concerns [1]. - Energy and chemical product prices are affected by factors such as geopolitical conflicts, supply and demand, and cost support. Some products are expected to have upward trends, while others may experience volatility [1]. - Agricultural product prices are influenced by factors such as seasonal changes, policy support, and supply and demand. Some products are expected to have upward trends, while others may experience volatility [1]. Summary by Category A-shares - A-share market has continuous trading volume increase. Short-term, the index is expected to remain strong. In 2026, the index may continue to rise on the basis of 2025, supported by macro policies, inflation, capital market reforms, and Central Huijin [1]. Bonds - Asset shortages and weak economic conditions are favorable for 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]. Metals - Copper: Supply disruptions and improved macro sentiment have led to a rise in copper prices, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but macro sentiment is positive, and global aluminum ingot supply is expected to tighten, leading to a strong aluminum price [1]. - Alumina: Supply has significant release potential, putting pressure on prices. However, the current price is close to the cost line, and the price is expected to oscillate [1]. - Zinc: Fundamentals have improved, and the cost center has shifted upward. With positive macro sentiment, zinc prices have risen, but the upside space is limited due to fundamental pressure [1]. - Nickel: Supply concerns have led to a significant increase in nickel prices and an increase in positions. The short-term price may be strongly oscillating, but high risks and volatility are present at high price levels. Attention should be paid to Indonesian policies and macro sentiment [1]. Industrial and Energy Chemicals - Polycrystalline silicon: Northwest production has increased, while southwest production has decreased. December production schedules for polycrystalline silicon and organic silicon have declined [1]. - Carbonate lithium: It is the traditional peak season for new energy vehicles, with strong energy storage demand and increased supply from restarts. Prices have risen rapidly in the short term [1]. - Rebar and hot-rolled coil: Futures-spot arbitrage positions can be rolled for profit-taking. The price valuation is not high, and short-selling is not recommended [1]. - Iron ore: Near-term contracts are restricted by production cuts, but the commodity sentiment is positive, and there is still an upward opportunity for far-term contracts [1]. - Silicone and ferrosilicon: There is a combination of weak reality and strong expectations. In the short term, expectations dominate, and energy consumption control and anti-involution may disrupt supply [1]. - Soda ash: The market sentiment has improved, and the supply and demand are supportive. The price is low and expected to be strong in the short term [1]. - Coking coal and coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, there may still be room for price increases, but the actual increase is difficult to judge, and volatility increases after a significant rise [1]. Agricultural Products - Palm oil: The December MPOB data is expected to be bearish, but the price is expected to reverse under themes such as seasonal production cuts, the B50 policy, and US biofuels. Short-term rebounds due to macro sentiment should be watched out for [1]. - Soybean oil: The fundamentals are strong, and it is recommended to be overweight in the oil market. Consider the spread between soybean oil and palm oil [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to the central government's No. 1 document in the first quarter of next year, planting area intentions, weather during the planting period, and peak season demand [1]. - Sugar: There is a global surplus and increased domestic supply. The short side consensus is strong. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short term [1]. - Corn: With the release of reserve and imported grains, the supply has increased. The spot price is expected to be firm in the short term, and the futures price will oscillate within a range [1]. - Pulp: The 05 contract is expected to oscillate between 5400 - 5700 yuan/ton due to the tug-of-war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottoming out and rebounding, and the downward space for the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward driving factors. The price is expected to oscillate between 760 - 790 yuan/m³ [1]. Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia-Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact [1]. - Fuel oil: Follows the trend of crude oil in the short term, with no prominent supply-demand contradictions [1]. - Asphalt: The "14th Five-Year Plan" rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1]. - Natural rubber: The raw material cost provides strong support, the futures-spot price difference has rebounded significantly, and the midstream inventory has increased substantially [1]. - BR rubber: The upward momentum has slowed down, the spot price has led the recovery of the basis, and the processing profit has narrowed. There are positive factors for future domestic butadiene exports [1]. - PTA: The PX market has experienced a sharp rise, and the PTA market is expected to remain tight in 2026. Domestic PTA maintains high production, and the gasoline spread provides support for aromatics [1]. - Ethylene glycol: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply-side news, and the downstream demand is slightly better than expected [1]. - Styrene: The Asian market is stable, with suppliers reluctant to cut prices due to losses and buyers pressing for lower prices due to weak downstream demand. The market is in a weak balance, and the upward momentum depends on overseas markets [1]. - Urea: The export sentiment has eased, and the upside space is limited due to insufficient domestic demand. There is support from anti-involution and the cost side [1]. - PE: There is a risk of rising crude oil prices due to geopolitical conflicts. The supply pressure is high, and the market expectation is weak due to planned production increases in 2026 [1]. - PP: The supply pressure is high, and the downstream improvement is less than expected. The cost is supported by high propylene monomer and crude oil prices [1]. - PVC: The global production is expected to be low in 2026, but the current supply pressure is rising. The demand is weak, and the implementation of differential electricity prices in the northwest may force the clearance of PVC production capacity [1]. - LPG: The January CP has risen unexpectedly, and the import cost provides strong support. Geopolitical conflicts have increased the risk premium. The inventory accumulation trend has slowed down, and the domestic port inventory is decreasing. The long-term demand for LPG is expected to increase [1]. Aviation - It is expected to peak in mid-January. Airlines are still cautious about trial resumptions [1].

Report Summary 1. Market Performance [3] - On January 6, the A-share market continued its strong performance. The Shanghai Composite Index rose 1.5% to a more than 10-year high, with over 4,100 stocks rising. The Shanghai Composite Index closed up 1.5% at 4,083.67 points, the Shenzhen Component Index rose 1.4%, the ChiNext Index rose 0.75%, the Beijing Stock Exchange 50 rose 1.82%, the Science and Technology Innovation 50 rose 1.84%, the Wind All A rose 1.59%, the Wind A500 rose 1.75%, and the CSI A500 rose 1.68%. - The total trading volume of A-shares throughout the day was 2.83 trillion yuan, reaching a more than three - month high. 2. Index Quotes [3] | Index | Closing Price | Increase or Decrease (%) | Trading Volume (billion) | Turnover (billion yuan) | | ---- | ---- | ---- | ---- | ---- | | SSE 50 | 3,158.7632 | 1.90 | 57.49 | 4,790.6938 | | CSI 300 | 7,254.15 | 1.55 | 296.97 | 331.16 | | CSI 1000 | 7,864.9034 | 1.43 | 580.815 | - | 3. CFFEX Stock Index Option Trading Situation [3] | Index | Option Trading Volume (million contracts) | | | Option Open Interest (million contracts) | | | Trading Volume PCR | Open Interest PCR | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | | Call Options | Put Options | Total | Call Options | Put Options | Total | | | | SSE 50 | 2.38 | 3.33 | 5.74 | 5.85 | 8.12 | 2.51 | 0.75 | 0.41 | | CSI 300 | 13.69 | 6.74 | 20.43 | 9.61 | 7.81 | 17.43 | 0.49 | 0.81 | | CSI 1000 | 36.42 | 31.38 | 21.58 | 14.84 | 16.38 | 15.00 | 0.69 | 1.09 | 4. Volatility Analysis SSE 50 Volatility Analysis [3] - Historical volatility and historical volatility cone are presented, showing the range of volatility from minimum to maximum values, as well as different percentile values (10%, 30%, 60%, 90%, etc.). - The volatility smile curve and the next - month at - the - money implied volatility are also provided. CSI 300 Volatility Analysis [3] - Similar to the SSE 50, it includes historical volatility, historical volatility cone, volatility smile curve, and next - month at - the - money implied volatility. CSI 1000 Volatility Analysis [3] - It also contains historical volatility, historical volatility cone, volatility smile curve, and next - month at - the - money implied volatility.

投资咨询业务资格:证监许可【2012】31号 2026/1/7 | 豆粕主力合约基差(张家港) | 涨跌 | 1月6日 | 指标 | == | ====== 16/17 | == | == | ===== 20/21 | == | == | == | 24/25 | 25/26 | 大连 | 2500 | 404 | -2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2000 | 天津 | 374 | -12 | 1.500 | | | | | | | | | | | | | | | 1000 | 日照 | 324 | -2 | 500 | | | | | | | | | | | | | | | 43%豆粕现货基差 | 324 | 张家港 | -22 | -500 | (对主力合约) | 05/21 06/21 07/22 08/22 09/22 10/23 11/23 12/24 01/24 02/24 03/26 04/26 ...

Report Summary 1. Reported Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current European line freight rates are in a high - level oscillation. The quotes of each alliance in the second half and last ten - day of the month are generally higher than those in the first ten - day. The OA alliance has the highest overall freight rate level, and the individual quote increase of MSC is significant. The SCFIS index shows a relatively strong oscillation pattern, and its trend is restricted by the expected actual freight rates of liner companies in late January. The current main contracts fluctuate sharply and lack a one - way trend, with high operation difficulty. The recommended strategy is to wait and see [5][6][7] 3. Summary by Relevant Catalogs 3.1 Shipping Freight Rate Index - **Shanghai Export Containerized Freight Index (SCFI)**: The current value is 1656, the previous value is 1553, and the increase rate is 6.66% [4] - **China Containerized Freight Index (CCFI)**: The current value is 1147, the previous value is 1125, and the increase rate is 1.95% [4] - **SCFI - US West**: The current value is 2188, the previous value is 1992, and the increase rate is 9.84% [4] - **SCFIS - US West**: The current value is 1250, the previous value is 1301, and the decrease rate is 3.92% [4] - **SCFI - US East**: The current value is 3033, the previous value is 2846, and the increase rate is 6.57% [4] - **SCFI - Northwest Europe**: The current value is 1690, the previous value is 1533, and the increase rate is 10.24% [4] - **SCFIS - Northwest Europe**: The current value is 1795, the previous value is 1742, and the increase rate is 3.04% [4] - **SCFI - Mediterranean**: The current value is 3143, the previous value is 2833, and the increase rate is 10.94% [4] 3.2 Spot Freight Rates of Different Alliances - **GEMINI Alliance** - wk1 (12/29 - 1/4): 20GP is 1585, 40GP is 2550 - wk2 (1/5 - 1/12): 20GP is 1585, 40GP is 2550 (same as wk1) - wk3 (1/13 - 1/20): 20GP is 1635, 40GP is 2650 (increased by 50 and 100 respectively compared to wk1) [5] - **OA Alliance** - wk1 (12/20 - 1/4): 20GP is 1535, 40GP is 2631 - wk2 (1/5 - 1/12): 20GP is 1824, 40GP is 3068 (significantly increased compared to wk1) - wk3 (1/13 - 1/20): 20GP is 1824, 40GP is 3068 (same as wk2) [5] - **PA Alliance** - wk1 (12/29 - 1/4): 20GP is 1603, 40GP is 2806 - wk2 (1/5 - 1/12): 20GP is 1645, 40GP is 2600 - wk3 (1/13 - 1/20): 20GP is 1645, 40GP is 2600 (same as wk2) [6] - **MSC** - wk1 (12/20 - 1/4): 20GP is 1700, 40GP is 2840 - wk2 (1/5 - 1/12): 20GP is 1700, 40GP is 2840 (same as wk1) - wk3 (1/13 - 1/20): 20GP is 1880, 40GP is 3140 (increased by 180 and 300 respectively compared to wk1) [6] 3.3 Strategy - The recommended strategy for the shipping derivatives market is to wait and see [7]