Report Summary 1) Report Industry Investment Ratings - **Bullish**: Palm oil, soybean oil, natural rubber, BR rubber [1] - **Bearish**: Industrial silicon [1] - **Sideways**: Stock index, treasury bond, copper, alumina, zinc, nickel, stainless steel, tin, silver, gold, platinum, palladium, rebar, hot - rolled coil, iron ore, ferrosilicon, manganese silicon, soda ash, coking coal, coke, rapeseed oil, cotton, sugar, corn, soybean meal, pulp, log, live pig, fuel oil, ethylene glycol, styrene, methanol, asphalt, PTA, short - fiber, PVC, LPG, container shipping on the European route [1] 2) Core Viewpoints - **Macro - financial**: Policy cools market speculative sentiment, stock index oscillates, long - term bulls can look for opportunities; asset shortage and weak economy benefit treasury bond futures, but short - term interest rate risks are prompted [1] - **Non - ferrous metals**: With policy changes, most non - ferrous metals prices are in a state of high - level or range oscillation, and supply - side factors need attention [1] - **Precious metals and new energy**: Market uncertainty supports precious metals prices, but the suspension of key mineral tariffs may suppress platinum and palladium prices [1] - **Black metals**: The situation of weak reality and strong expectation coexists, and the supply may be affected by energy consumption control and anti - involution [1] - **Agricultural products**: The market conditions vary, some are affected by supply and demand, some by policies and weather, and some are in a state of "supported but lack of drive" [1] - **Energy and chemicals**: Affected by multiple factors such as geopolitical conflicts, supply and demand changes, and device maintenance, prices show different trends [1] 3) Summary by Categories Macro - financial - **Stock index**: Policy regulates the market, short - term oscillation adjustment space is limited, long - term bulls can look for opportunities [1] - **Treasury bond**: Asset shortage and weak economy are beneficial, but short - term interest rate risks are prompted, and attention should be paid to the Japanese central bank's interest rate decision [1] Non - ferrous metals - **Copper**: With the suspension of key mineral taxes in the US, short - term concerns ease, and the price oscillates at a high level [1] - **Alumina**: Supply exceeds demand in China, the industry is weak, but the price is near the cost line, so it is expected to oscillate [1] - **Zinc**: The cost center is stable, the fundamentals have few contradictions, and the price fluctuates in a range [1] - **Nickel**: Supply is tight, but inventory accumulation restricts price increase, short - term high - level oscillation [1] - **Stainless steel**: Supply - side disturbances in Indonesia, raw material prices rise, futures run at a high level, beware of squeeze - out risks [1] - **Tin**: The upward trend is suppressed, and attention should be paid to low - buying opportunities in the oscillation range [1] Precious metals and new energy - **Silver, Gold**: Market uncertainty supports prices [1] - **Platinum, Palladium**: Short - term wide - range oscillation, long - term can allocate platinum at low prices or use the "long platinum, short palladium" arbitrage strategy [1] - **Industrial silicon**: Northwest production increases, Southwest production decreases, and polysilicon and organic silicon production decreases in December [1] - **Lithium carbonate**: In the off - season of new energy vehicles, but storage demand is strong, and there is a battery export rush [1] Black metals - **Rebar, Hot - rolled coil, Iron ore**: High production and inventory suppress price increases, and the transmission of futures prices to spot is not smooth [1] - **Ferrosilicon, Manganese silicon**: Weak reality and strong expectation coexist, and supply may be affected by energy consumption control and anti - involution [1] - **Soda ash**: Follows glass, with looser medium - term supply and demand and price pressure [1] - **Coking coal, Coke**: The market is pessimistic about the coking coal 05 contract, and the price may be priced according to Mongolian coal long - term agreement cost [1] Agricultural products - **Palm oil, Soybean oil**: Main consumer countries start purchasing, production areas may reduce production and inventory, and biodiesel themes may ferment [1] - **Rapeseed oil**: Affected by tariff and customs clearance expectations, it is expected to be difficult to fall smoothly, and it is recommended to wait and see [1] - **Cotton**: New crop harvest is expected to be good, but there is a rigid demand for replenishment, and future policies and weather need attention [1] - **Sugar**: Global surplus and domestic new supply increase, short - term fundamentals lack continuous drive [1] - **Corn**: Northeast sales progress is fast, port inventory is low, and there is a pre - holiday replenishment demand [1] - **Soybean meal**: Brazil's harvest progresses, Argentina's weather may cause short - term speculation, and M05 is expected to oscillate weakly [1] - **Pulp, Log**: Affected by macro and external factors, prices are in a state of oscillation [1] - **Live pig**: Supply capacity needs to be further released [1] Energy and chemicals - **Crude oil, Fuel oil**: OPEC+ suspends production increase, affected by the uncertainty of the Russia - Ukraine peace agreement and US sanctions on Venezuela [1] - **Natural rubber**: Short - term supply - demand contradiction is not prominent, follows crude oil, and asphalt profit is high [1] - **BR rubber**: Cost support is strong, market price - support atmosphere is strong, and attention should be paid to downstream acceptance [1] - **PTA, Short - fiber**: PX price rises, PTA maintains high - level operation, and short - fiber follows cost fluctuations [1] - **Ethylene glycol**: Supply - side news stimulates price rebound, and downstream demand exceeds expectations [1] - **Styrene**: Supply - demand fundamentals improve, inventory decreases, and price rebounds [1] - **Methanol**: Affected by the Iranian situation, there is a reduction in expected imports, and downstream feedback is negative [1] - **Asphalt**: Geopolitical conflicts may cause price increases, supply increases, and downstream demand weakens [1] - **PVC**: Global production is low in 2026, but the domestic fundamentals are poor, and there may be a rush to export [1] - **LPG**: February CP is expected to rise, cost support is strong, and inventory is decreasing [1] Others - **Container shipping on the European route**: It is expected to peak in mid - January, airlines' resumption of flights is cautious, and pre - holiday replenishment demand still exists [1]

投资咨询业务资格:证监许可【2012】31号 1数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号: Z0021658 从业资格号: F03110419 2026/1/23 | 指标 | | 1月22日 | 涨跌 | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | ===== 16/17 | == | == | ** | == | | | 大连 | 452 | -43 | 2500 2000 | ===== 21/22 | ====== 22/23 | == | 24/25 | 25/26 | | 43%豆粕现货基差 | 日照 | | | 1000 500 | | | | | | | | 天津 | 392 | -43 | 1500 | | | | | | | | | 332 | -63 | | | | | | | | | 张家港 | 312 | -43 | -500 | | | | | | | (对主力合约) | | | | | | 05/21 06 ...

投资咨询业务资格：证监许可【2012】31号 II GER期货 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 2026/1/23 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 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 现值 | 1574 | 1210 | 2194 | | 3163 | | | 集 | | | | | 1305 | | 1676 | | | 前值 | 1647 | 1195 | 2218 | 1323 | 3128 | 1719 | | 运 | 涨跌幅 | -4.45% | 1.25% | -1.08% | -1.36% | 1.12% | -2.50% | | pr T | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | ...

| | | | | | | | | HERE WEEFFER | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/01/23 | 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) | ...

投资咨询业务资格:证监许可【2012】31号 PTA现货价格 - MEG内盘 基差 -- PTA现货价格 -- PTA主力期货价格 8000 - 1700 9200 1500 7000 1300 8200 1100 6000 7200 900 5000 700 6200 500 4000 5200 300 100 4200 3000 -100 3200 -300 2000 2026-01 2021-01 2022-01 2023-01 2024-01 2025-01 2025-01 2025-03 2025-05 2025-07 2025-09 2025-11 数据图表 800 现货加工区间 -- 盘面加工区间 POY现金流 ·DTY现金流 -FDY现金流 800 涤短现金流 切片现 600' 700 400 600 500 200 400 0 01 300 -200 200 -400 100 0 -600 2023- 2023- 2024- 2024- 2024- 2025- 2025- 2025- 2026- 02 0d 01 05 0d 01 02 0a 01 01 -800 免责声 本报告中的信息均源 ...

2 200 1）行情回顾：1月22日，沪金期货主力合约收涨0.69%至1087.58元/克。沪银期货主力合约收涨1.22%至2339元/千克。 2）影响因素分析：特朗普新与北约达成格陵兰岛合作框架、牧回对欧洲8国的关税威胁，明确不会武力夺岛。受此消息影响，市场超险情绪缓和，贵金属价格一度 承压回落。其次，美国三季度10P增速高于预期、周皮申请失业金人数持稳，表明美国经济仍具钢性，也可能会压制贵金属的涨势。但是格棱兰岛危机尚未完全缓 行情数词 解，欧洲部分基金和将抱售美债和减少美股投资、特朗普威胁若欧洲她售美债等资产将面临大规模报复，市场不确定性仍旧高企，全球央行乃至机构也仍在继续增 型!! ? {} 赢赢_ 创 动幅度仍旧较大，且在现货仍就偏紧、库存维持低位下，基本面支撑尚存。故展望后市，虽然地缘风险有所缓和，但市场不确定性仍旧高企、贵金属价格料维持高 位运行。且长期来看，贵金属的上涨逻辑仍旧坚实、策略上仍以逢低你多或卖浅虚看绕期权为主。此外，基于当下的金银比价、自银相较黄金已经不再低位，配置 共参考) 上黄金料将优于白银,可关注金银比价的阶段性修复机会。。 0）中长期现点：中长期来看。美联储仍处于宽松周期、 ...

| 9 国贸易员 | | | 日度 ** 参考 | | --- | --- | --- | --- | | 财究院:学津电 | | | 发布日期:2026/01 | | 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 随着政策给市场的投机情绪"降温"。提高融资资金比例、中央 汇金大量卖出宽基指数ETF,股指震荡调整。策略上,政策的调控 | | 宏观金融 | 股指 | | 在千十张股指"博生"而非打压市场。短期的震荡调整容间预计 不大,长线多头可择机布局。 | | | | | 资产荒和弱经济利好债期,但短期央行提示利率风险,近期关注 | | | 国债 | 震荡 | 日本央行利率决策。 | | | 국민 | 農汤 | 随着美国暂缓对关键矿产征税,短期抢铜担忧有所缓解,铜价趋 于高位震荡运行。即朗贷 | | | 氧化铝 | 農汤 震荡 | 近期产业驱动有限,而宏观情绪有所转弱,铝价高位回落。 国内氧化铝供强需弱,产业面偏弱、价格承压、但当前价格基本 处于成本线附近,预计价格震荡运行。 | | | | | 锌基本面成本中枢趋稳,基本面矛盾不深,宏观情绪反复下锌价 区间波动,关注高抛低 ...

ITC 国贸期货 LE 500 ER 2 12 12 贸期货有限公司 流的衍生品综合服务商 入 期 市 市 服 热 线 官 方 网 站 需 有 M 谨 风 www.itf.com.cn 400-8888-598 慎 险 纸浆价格数据 | | | 2026年1月22日 | 日环比 | 周环比 | | | 2026年1月22日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5534 | 0.11% | 2. 29% | 现货价格 | 针叶浆银星 | 5400 | 0.00% | -2.70% | | (元/吨) | SP2609 | 5416 | 0. 37% | -1.28% | (元/吨) | 针叶浆俄针 | 5250 | 0. 00% | -0. 94% | | | SP2605 | 5380 | 0. 37% | -1.03% | | 阔叶浆金鱼 | 4650 | 0.00% | -1.06% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 ...

性及完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标 财务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况,报 投资,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任 险,入市需谨慎。 ITG国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 lle 41 客 官 方 网 站 服 热线 la 风 400-8888-598 www.itf.com.cn 投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/1/23 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/1/21 | 2026/1/22 | 变动值 | | | PTA现货价格 | 5085 | 5155 | 70 | | | MEG内盘价格 | 3570 | ...

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 | | | 2026/1/23 | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | | DRO01 | 1.42 | 9.59 | DR007 | 1.51 | 1.22 | | 提 | GC001 | 1.53 | -3.50 | GC007 | 1.56 | 0.50 | | 而 | SHBOR 3M | 1.60 | -0.20 | LPR 5年 | 3.50 | 0.00 | | 市 | 1年期国债 | 1.28 | 0.25 | 5年期国债 | 1.55 | 1.00 | | 场 | 10年期国债 | 1.84 | 0.65 | 10年期美债 | 4.26 | -4.00 | 回顾:央行昨日开展了2102亿元7天期逆回购操作,操作利率1.40%,投标 量2102亿元,中 ...