Report Summary 1. Report Industry Investment Rating - The investment rating for methanol is "High-level Volatility" [1] 2. Core Viewpoints of the Report - The domestic methanol market is in a narrow-range volatile adjustment. The futures are in a high-level consolidation, with general near-term buying at ports and some selling at high prices. Attention is on the shutdown of some coastal MTO plants. Inland upstream enterprises continue the initiative to reduce prices for shipment at the beginning of the week, with significant sales volume in Shaanxi and Inner Mongolia. However, due to weak downstream demand, the transfer of goods in the trading link is not smooth, and the trading atmosphere is stalemate. [4] - As of January 7, 2026, the inventory of methanol ports in China continued to accumulate, mainly in Zhejiang. The inventory in South China ports decreased slightly, with de - stocking in Fujian and relatively stable inventory in Guangdong. [4] 3. Summary by Relevant Contents 3.1 Fundamental Tracking - **Futures Market**: The closing price of methanol's main contract was 2,263 yuan/ton, down 10 from the previous day; the settlement price was 2,267 yuan/ton, up 22; the trading volume was 1,462,981 lots; the open interest of the 05 - contract was 863,591 lots, up 50,636; the number of warehouse receipts was 7,655 tons, unchanged; the trading value was 3,316,989 ten - thousand yuan, down 170,749. The basis was - 6, up 25; the spread between MA01 and MA05 was - 38, down 5. [2] - **Spot Market**: The price in Inner Mongolia was 1,825 yuan/ton, up 10; the price in northern Shaanxi was 1,840 yuan/ton, down 15; the price in Shandong was 2,100 yuan/ton, unchanged. [2] 3.2 Spot News - The methanol spot price index was 1,996.20, up 5.90. The spot price in Taicang was 2,260, up 18, and the price in northern Inner Mongolia was 1,837.5, up 7.5. Among the 20 large and medium - sized cities monitored by Longzhong, 8 cities had price increases ranging from 5 to 30 yuan/ton. [4] 3.3 Inventory Situation - As of January 7, 2026, the Chinese methanol port sample inventory was 1.5372 million tons, an increase of 40,800 tons from the previous period, a month - on - month increase of 2.73%. The inventory mainly accumulated in Zhejiang, with 227,100 tons of visible foreign ships unloading during the period. The inventory in South China ports decreased slightly, with de - stocking in Fujian and relatively stable inventory in Guangdong. [4] 3.4 Trend Intensity - The trend intensity of methanol is 0, indicating a neutral view, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish). [5]

Report Summary 1. Report Title and Date - Title: "Paper Pulp: Wide - range Fluctuation 20260113" - Date: January 13, 2026 [1] 2. Investment Rating - Not provided in the report 3. Core Viewpoints - The paper pulp market is in a wide - range fluctuation state. The market supply - demand structure has not changed significantly, and downstream demand remains weak, failing to provide new driving forces. Attention should be paid to the capital trends in the futures market, the actual transaction changes of high - priced broadleaf pulp, port inventory data, downstream orders, and pulp price changes [4][5] 4. Summary by Directory 4.1 Fundamental Data - **Futures Market**: The daily - session closing price of the paper pulp main contract was 5,490 yuan/ton (down 60 yuan from the previous day), and the night - session closing price was 5,514 yuan/ton (down 34 yuan). The trading volume was 283,615 lots (down 66,346 lots), the holding volume of the 05 contract was 219,104 lots (up 3,624 lots), the warehouse receipt quantity was 142,363 tons (up 5,874 tons), and the net holding volume of the top 20 members was - 29,805 lots (down 2,872 lots) [3] - **Spread Data**: The basis of "Yinxing - Futures Main" was 60 (up 10), the basis of "Jinyu - Futures Main (Non - standard)" was - 740 (up 60), and the month - spread of SP03 - SP05 was - 30 (up 4) [3] - **Spot Market**: The domestic prices of coniferous pulp brands such as Beimu, Kailipu, Shipai, and Yinxing were 5,800 yuan/ton, 5,750 yuan/ton, 5,700 yuan/ton, and 5,550 yuan/ton respectively; the domestic prices of broadleaf pulp brands such as Jindao, Mingxing, and Tai were 4,750 yuan/ton, 4,750 yuan/ton, and 4,700 yuan/ton respectively; the domestic price of chemical mechanical pulp brand Kunhe was 3,800 yuan/ton; and the domestic price of natural color pulp brand Jinxing was 5,050 yuan/ton [3] 4.2 Industry News - The futures market fluctuated downward yesterday. The price of coniferous pulp in the spot market weakened, while the price of broadleaf pulp remained at a high - level offer. The actual transactions of high - priced broadleaf pulp were light, and the terminal's acceptance of the current price was gradually weakening [4] - The mainstream price of 70g white offset paper was 4,450 yuan/ton, and the average price of 70g high - white offset paper was 4,750 yuan/ton, remaining flat from the previous day. Factory production did not increase, and the market supply was abundant. Supported by pulp factors, enterprises mostly maintained a price - holding strategy. Downstream consumption was mainly social orders, with low user purchasing enthusiasm, leading to cautious operations by traders [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report focuses on the lithium carbonate market, tracking its fundamental data and presenting macro - and industry - related news. It mentions that the price of lithium carbonate has shown significant changes, and there is a situation of expected export rush, with attention needed on the changes in terminal demand after the sharp price increase [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Data Tracking - **Futures Contracts**: For the 2601 contract, the closing price is 146,000 yuan, the trading volume is 50, and the open interest is 2,351. For the 2605 contract, the closing price is 156,060 yuan, the trading volume is 68,491, and the open interest is 506,702. There are also data on price changes compared to different time points (T - 1, T - 5, etc.) [1]. - **Warehouse Receipts**: The warehouse receipt volume is 25,970 hands, with an increase of 610 compared to the previous day [1]. - **Basis**: The basis between spot and 2601 contract is 6,000 yuan, and between spot and 2605 contract is - 4,060 yuan. The basis between 2601 - 2605 is - 10,060 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) is 1,980 yuan, and the price of lithium mica (2.0% - 2.5%) is 4,640 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate is 152,000 yuan, industrial - grade lithium carbonate is 148,500 yuan, battery - grade lithium hydroxide (micropowder) is 147,300 yuan, etc. There are also prices for CIF products and other related lithium - salt products [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price is 152,463 yuan/ton, with a daily increase of 13,621 yuan/ton. The average price of battery - grade lithium carbonate is 152,000 yuan/ton, and that of industrial - grade lithium carbonate is 148,500 yuan/ton, both increasing by 12,000 yuan/ton compared to the previous day [2]. - On January 12, 2026, Yichun Mining conducted a lithium mica concentrate auction. The grade of lithium mica concentrate was 2.5%, the quantity was 3,000 tons, and the transaction price was 6,150 yuan/ton [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 1, with the value ranging from - 2 to 2, where - 2 represents the most bearish and 2 represents the most bullish [3].

Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core View - The cotton market continues to adjust. The prices of cotton futures and spot show certain fluctuations, and the market sentiment is still cautious [1][2] Group 3: Summary by Directory Fundamental Tracking - **Futures Data**: The closing price of CF2605 was 14,625 yuan/ton with a daily decline of 0.34%, and the night - session closing price was 14,685 yuan/ton with a night - session increase of 0.41%. The closing price of CY2603 was 20,640 yuan/ton with a daily decline of 0.24%, and the night - session closing price was 20,710 yuan/ton with a night - session increase of 0.34%. The price of ICE US cotton 3 was 64.94 cents/pound with a daily increase of 0.71%. The trading volume of CF2605 was 794,361 lots, an increase of 147,503 lots compared with the previous day, and the open interest was 1,176,485 lots, a decrease of 24,391 lots. The trading volume of CY2603 was 9,257 lots, a decrease of 1,999 lots, and the open interest was 16,185 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 7,768, an increase of 380, and the effective forecast was 2,194, a decrease of 105. The number of cotton yarn warehouse receipts was 60, an increase of 40, and the effective forecast was 17, an increase of 3 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,450 yuan/ton, a decrease of 50 yuan compared with the previous day, a decline of 0.32%. The price of Southern Xinjiang 3128 machine - picked cotton was 15,440 yuan/ton, a decrease of 50 yuan, a decline of 0.32%. The price in Shandong was 15,934 yuan/ton, a decrease of 99 yuan, a decline of 0.62%. The price in Hebei was 15,827 yuan/ton, a decrease of 55 yuan, a decline of 0.35%. The 3128B index was 15,857 yuan/ton, a decrease of 73 yuan, a decline of 0.46%. The international cotton index M was 72.46 cents/pound, unchanged from the previous day. The price of pure - cotton carded yarn 32 - count was 21,300 yuan/ton, unchanged. The arrival price of pure - cotton carded yarn 32 - count was 21,021 yuan/ton, a decrease of 23 yuan, a decline of 0.11% [1] - **Spread Data**: The CF3 - 5 spread was 20 yuan/ton, an increase of 10 yuan compared with the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 830 yuan/ton, unchanged from the previous day [1] Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading volume increased slightly. After the decline of Zhengzhou cotton, spinning mills' point - price trading was active. The spot fixed - price and basis quotes were basically the same, and the basis quotes were relatively stable. The mainstream basis of 2025/26 Southern Xinjiang Kashgar machine - picked 3129/29B with impurity within 3.5 was mostly at CF05 + 800 and above, and the basis quotes in the 800 - 850 range decreased [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn was stable with a slight decline, and the market trading was average. Recently, the orders of low - count yarns of some spinning mills had a phased recovery, but the overall order volume was still limited, and there was no continuous large - scale market. The market sentiment was still cautious. In the actual sales process, traders increased the negotiation space and the preferential concession to promote sales [2] - **US Cotton**: ICE cotton futures rose yesterday, mainly affected by the weakening of the US dollar and the increase in Chinese cotton prices. The USDA lowered the production and ending stocks of US cotton in the 2025/26 season in the monthly supply - demand report, but the report did not push the ICE cotton futures to rise further, as the market mainly focused on the export prospects of US cotton [2] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view. The range of trend intensity is an integer in the range of [-2, 2], with - 2 being the most bearish and 2 being the most bullish [5]

2026 年 1 月 13 日 LPG：短期供应偏紧，地缘扰动偏强 丙烯：现货供需收紧，趋势偏强 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 期货价格 | PG2602 | 4,239 | 0.43% | 4,213 | -0.61% | | | PG2603 | 4,155 | 0.46% | 4,123 | -0.77% | | | PL2602 | 5,978 | 1.10% | 5,887 | -1.52% | | | PL2603 | 6,071 | 1.13% | 5,980 | -1.50% | | | PL2604 | 6,098 | 1.13% | 6,032 | -1.08% | | 持仓&成交 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2602 | 52,187 | 4843 | 29,464 | -3998 | | | P ...

2026 年 1 月 13 日 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6737 | 0.94% | 598020 | -509 | | | | | 昨日价差 | 前日价差 | | | 基差月差变化 | 05合约基差 | | -87 | -154 | | | | 05-09合约价差 | | -35 | -41 | | | | | | 昨日价格（元/吨） | 前日价格（元/吨） | | | 重要现货价格 | 华 北 | | 6650 | 6520 | | | | 华 东 | | 6650 | 6560 | | | | 华 南 | | 6780 | 6700 | | 资料来源：卓创资讯，国泰君安期货 商 品 研 究 LLDPE：标品排产部分回切，区域现货补空延 国 泰 君 安 期 货 研 究 所 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 【现货消息】 期货涨势延续，前期盘面反弹，市场补空和套保成 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Short - term, with the marginal weakening of macro sentiment, the upward pressure on the futures price of butadiene rubber is expected to gradually increase. The butadiene raw material market's short - term buying sentiment is marginally weakening, presenting a pattern of neutral reality and strong expectations. The short - term fundamentals of butadiene are neutral, and the butadiene rubber mainly fluctuates following the cost side [3]. Summary by Relevant Catalogs 1. Fundamentals Tracking 1.1 Futures Market - For the butadiene rubber main contract (03 contract), the daily closing price increased by 55 yuan/ton to 12,070 yuan/ton, the trading volume increased by 12,475 lots to 113,696 lots, the open interest increased by 65,592 lots to 91,931 lots, and the trading volume increased by 71,055 ten - thousand yuan to 6,810,210,000 yuan [1]. 1.2 Spread Data - The basis of Shandong butadiene - futures main contract decreased by 105 to - 120, and the monthly spread of BR02 - BR05 increased by 10 to - 60 [1]. 1.3 Spot Market - The butadiene rubber prices in North China, East China, South China, and Shandong all decreased by 50 yuan/ton. The price of Qilu styrene - butadiene rubber (model 1502) decreased by 100 yuan/ton, and the price of Qilu styrene - butadiene rubber (model 1712) remained unchanged. The mainstream price of butadiene in Jiangsu remained unchanged at 9,250 yuan/ton, and the mainstream price in Shandong increased by 25 yuan/ton to 9,475 yuan/ton [1]. 1.4 Fundamental Indicators - The butadiene rubber operating rate remained unchanged at 79.6897%. The theoretical full cost of butadiene rubber increased by 103 yuan/ton to 11,976 yuan/ton, and the profit of butadiene rubber increased by 97 yuan/ton to 124 yuan/ton [1]. 2. Industry News - As of January 7, the latest inventory of butadiene in East China ports was about 41,300 tons, a decrease of 3,400 tons from the previous period due to reduced import arrivals and normal raw material inventory consumption [2]. - As of January 7, 2026, the domestic butadiene rubber inventory was 33,100 tons, a decrease of 400 tons from the previous period, with a month - on - month decrease of 1.08%. Although the production was high and sales improved, there was some unsold inventory, and the overall inventory change was limited [2][3].

商 品 研 究 期货研究 2026 年 1 月 13 日 动力煤：供需矛盾不突出，短期价格窄幅调整 | | 樊园园 | 投资咨询从业资格号：Z0023682 | fanyuanyuan@gtht.com | | --- | --- | --- | --- | | 【基本面跟踪】 1. | | | | | 动力煤基本面数据 | | | | 【宏观及行业新闻】 1. 【国家统计局：2025 年 12 月 PPI 同比降幅收窄,环比涨幅扩大；CPI 同比涨幅扩大，环比转正】 PPI 方面，同比增速为-1.9%，增速提高 0.3 个百分点；环比增速为 0.20%，增速提高 0.10 个百 分点，供需结构改善带动部分行业价格上涨，煤炭开采和洗选业、黑色金属矿采选业环比价格环比 分别上涨 1.3%和 0.0%，均连续 5 个月摆脱负区间。CPI 方面，同比增速为 0.8%，增速提高 0.1 2. 【国内煤炭政策：市场传保供核增产能退出安排】1 月 7 日陕西榆林市政府电煤保供视频会上通 报：根据国家发改委等 6 部委联合印发的文件要求，因 2024-2025 年电煤保供落实不力，52 处核 增产能煤矿中，有 26 处煤矿 ...

商 品 研 究 多晶硅：区间盘整 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,755 | 40 | 25 | 415 | | | | Si2605成交量（手） | 269,300 | -176,275 | -1,832 | -54,210 | | | | Si2605持仓量（手） | 238,877 | -827 | 21,585 | 53,606 | | | | PS2605收盘价（元/吨） | 49,995 | -1,305 | -8,650 | - | | | 工业硅、多晶硅期货市场 | PS2605成交量（手） | 42,510 | -3,740 | 25,355 | - | | | | PS2605持仓量（手） | 48,830 | -2,113 | -25,741 | - | | | | 工业硅：近月合约对连 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On January 12, all four major index futures contracts for the current month rose, with IF up 0.67%, IH up 0.34%, IC up 2.56%, and IM up 3.23%. The total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. The A - share market had a significant rally with large trading volume, and the Hong Kong stock market also rose strongly. Meanwhile, some stocks in the commercial aerospace and AI sectors issued risk warnings [1][2][6] 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - **IF Series**: The closing prices of IF2601, IF2602, IF2603, and IF2606 all increased, with the highest increase of 0.84% for IF2606. The trading volume of IF2602, IF2603, and IF2606 increased, while that of IF2601 decreased. The total trading volume of IF increased by 7750 lots, and the total open interest increased by 2755 lots [1][2] - **IH Series**: The closing prices of IH2601, IH2602, IH2603, and IH2606 all increased, with the highest increase of 0.39% for IH2606. The trading volume of IH2602 and IH2603 increased, while that of IH2601 decreased. The total trading volume of IH increased by 340 lots, and the total open interest decreased by 1098 lots [1][2] - **IC Series**: The closing prices of IC2601, IC2602, IC2603, and IC2606 all increased, with the highest increase of 3.18% for IC2606. The trading volume of all contracts increased. The total trading volume of IC increased by 14458 lots, and the total open interest decreased by 7660 lots [1][2] - **IM Series**: The closing prices of IM2601, IM2602, IM2603, and IM2606 all increased, with the highest increase of 4.07% for IM2606. The trading volume of all contracts increased. The total trading volume of IM increased by 50774 lots, and the total open interest increased by 9639 lots [1][2] 3.2. Top 20 Member Position Changes in Index Futures - **IF Contracts**: For IF2601, both long and short positions decreased; for IF2602, long positions increased by 2736 and short positions increased by 2472; for IF2603, long positions increased by 810 and short positions increased by 899; for IF2606, long positions increased by 1406 and short positions increased by 1748 [5] - **IH Contracts**: For IH2601, both long and short positions decreased; for IH2603, long positions increased by 341 and short positions increased by 107; for IH2606, long positions increased by 117 and short positions increased by 260. Data for IH2602 was not disclosed [5] - **IC Contracts**: For IC2601, both long and short positions decreased; for IC2602, long positions increased by 1571 and short positions increased by 1972; for IC2603, both long and short positions decreased; for IC2606, long positions increased by 1352 and short positions increased by 2678 [5] - **IM Contracts**: For IM2601, both long and short positions decreased; for IM2602, long positions increased by 3891 and short positions increased by 4238; for IM2603, long positions increased by 3217 and short positions increased by 4104. Data for IM2606 was not disclosed [5] 3.3. Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1, indicating a neutral - to - slightly - bullish trend [6] - **Important Drivers**: On January 12, the A - share market had a large - volume rally. The Shanghai Composite Index achieved 17 consecutive positive days, setting a new high in over 10 years, with a daily trading volume of 3.64 trillion yuan, a record high. Northbound capital trading volume reached 3989.80 billion yuan, the third - highest since the inter - connection mechanism was launched. The Hong Kong stock market also had a significant increase, with the Hang Seng Index up 1.44%, the Hang Seng Tech Index up 3.1%, and the Hang Seng China Enterprises Index up 1.9% [6][7]