Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Overnight US soybeans closed lower, and Dalian soybean meal futures may fluctuate; Dalian soybeans are expected to move sideways [1] - The soybean market is focusing on the USDA's January supply - demand report on January 12 and capital flows from the annual adjustment of commodity indices [3] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Prices** - DCE soybean No.1 2605 closed at 4276 yuan/ton during the day session, up 17 yuan (+0.40%), and 4280 yuan/ton at night, up 16 yuan (+0.38%) [1] - DCE soybean meal 2605 closed at 2776 yuan/ton during the day session, up 30 yuan (+1.09%), and 2789 yuan/ton at night, up 26 yuan (+0.94%) [1] - CBOT soybeans 03 closed at 1056.5 cents/bushel, down 5.75 cents (-0.54%) [1] - CBOT soybean meal 03 closed at 299.1 dollars/short - ton, down 0.6 dollars (-0.20%) [1] - **Spot Prices** - In Shandong, the spot price of soybean meal was M2605 + 340/+350/+360/+370 yuan/ton, up 15 - 40 yuan from the previous day, ranging from 3065 - 3160 yuan/ton [1] - In East China, different enterprises had different spot price quotes relative to futures contracts, with prices showing various adjustments [1] - In South China, the spot price of soybean meal was also quoted relative to futures contracts, with some prices remaining flat or having small increases [1] - **Industrial Data** - The trading volume of soybean meal was 32.55 million tons per day on the previous trading day, compared with 29.3 million tons two days ago [1] - The inventory of soybean meal was 105.05 million tons per week, compared with 110.22 million tons the previous week [1] Macro and Industry News - On January 6, CBOT soybean futures closed lower, falling from the one - week high in the morning session, mainly due to long - position profit - taking [3] - China increased its purchase of US soybeans. Private exporters reported selling 33.6 million tons of soybeans to China in the 2025/26 fiscal year, and COFCO bought about 60 million tons of US soybeans this week [3] Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3]

Report Investment Rating - No investment rating for the industry is provided in the report [1][2][4] Core Viewpoints - Gold is influenced by rising risk - aversion sentiment [2] - Silver is expected to break new highs [2] - Copper prices are strong due to the boost in computing power demand [2] - Zinc is running on the stronger side [2] - The decrease in LME lead inventory supports its price [2] - Tin is in a range - bound oscillation [2] - Aluminum is oscillating on the stronger side, alumina has rebounded significantly, and cast aluminum alloy follows electrolytic aluminum [2] - Nickel is in a wide - range oscillation due to the game between real - world pressure and cycle - change narratives, and stainless steel is dragged by the real - world fundamentals with the market mainly gambling on Indonesian policies [2] Summary by Commodity Gold and Silver - **Gold**: The prices of domestic gold futures contracts like Shanghai Gold 2602 and Gold T + D declined, while Comex Gold 2602 rose slightly. Trading volume and positions changed, with ETF positions remaining stable. There are geopolitical news such as the Trump administration discussing plans to acquire Greenland. The trend strength is 1 [2][4][6] - **Silver**: Domestic silver futures prices like Shanghai Silver 2602 and Silver T + D decreased, while Comex Silver 2602 increased significantly. Trading volume and positions changed, and inventory decreased. The trend strength is 1 [2][4][6] Copper - **Price and Trading**: The Shanghai copper main contract and LME copper 3M electronic disk prices rose. Trading volume and positions increased. Futures inventory rose, and the cancellation warrant ratio decreased [8] - **News**: The Trump administration is discussing plans for Greenland, and NVIDIA's CFO expects higher data - center chip revenue. The 2025 copper - ore imports in China increased, and there are developments in copper mines and smelters in Chile and other places. The trend strength is 2 [8][10] Zinc - **Price and Market Data**: Shanghai and LME zinc prices rose. Trading volume, positions, and some spot prices increased, while inventory decreased. There are news about China's trade and monetary policies. The trend strength is 1 [11][12][13] Lead - **Price and Inventory**: Shanghai and LME lead prices rose. Trading volume increased, positions changed, spot premiums increased, and LME inventory decreased. There are geopolitical news and expectations of high data - center chip revenue. The trend strength is 1 [14] Tin - **Price and Market**: Shanghai and LME tin prices increased significantly. Trading volume and positions changed, and inventory decreased. There are macro and industry news such as the Fed's stance and new stock listings. The trend strength is 1 [16][17][18] Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Market Data**: Aluminum, alumina, and cast aluminum alloy prices showed various trends. Trading volume, positions, inventory, and other data changed. There are news about the Fed's internal differences and Venezuelan political issues. The trend strength for all three is 1 [20][21] Nickel and Stainless Steel - **Price and Industry News**: Nickel and stainless - steel prices changed. There are multiple industry news in Indonesia, including restrictions on new smelting licenses, changes in nickel - ore production targets, and potential fines for illegal land use. The trend strength for both is 0 [22][23][25]

商 品 研 究 2026 年 01 月 07 日 纸浆：震荡偏强 20260107 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5.612 | 5, 530 | +82 | | | | 夜盘收盘价(元/吨) | 5.614 | 5.544 | +70 | | | | 成交量(手) | 374.040 | 223. 450 | +150. 590 | | | (05合约) | 持仓量(手) | 220, 737 | 213, 721 | +7.016 | | | | 仓单数量(吨) | 131, 054 | 115. 576 | +15, 478 | | | | 前20名会员净持仓(手) | -23.717 | -23.560 | -157 | | 价差数据 | 基差 | 银星-期货主力 | -12 | 70 | -82 | | | | 金鱼-期货主力(非标) | -892 | -830 | -62 | | | 月差 ...

2026 年 1 月 7 日 硅铁：市场情绪推涨，盘面震荡抬升 锰硅：市场情绪推涨，盘面震荡抬升 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 现 货 | 硅 铁:FeSi7 | 5-B:汇总价格:内 | 蒙 | 5280 | - | 元/吨 | | | 硅 锰:FeMn6 | 5S i1 7:内 | 蒙 | 5630 | -20.0 | 元/吨 | | | 锰 矿:M n4 4块 | | | 43.0 | +0.2 | 元/吨 度 | | | 兰 炭:小 | 料:神 木 | | 760 | - | 元/吨 | | | 期现价差 | 硅 铁 | （现 货-0 3期 货） | -496 | -152 | 元/吨 | | | | 锰 硅 | （现 货-0 3期 货） | -288 | -64 | 元/吨 | ...

商 品 研 究 2026 年 01 月 07 日 铂：情绪复苏，恢复偏强势 钯：跟随铂 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 铂钯基本面数据 | 昨日收盘价 | 涨幅 | 铂金期货2606 | 616. 80 | 5. 63% | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金交所铂金 | 605. 53 | 5. 56% | 纽约铂主连(前日) | 2428. 30 | 6.13% | | | | | | 伦敦现货铂金(前日) | 2399.60 | 5.24% | 471. 90 | 纪金期货2606 | 4. 21% | | | | | | 421.00 | 人民币现货把金 | 1. 45% | 价格 | 纽约肥主连(前日) | 1,892. 50 | 6. 80% | | | | | 伦敦现货纪金(前日) | 1.829.50 | 6. 80% | 较前日变动 | 较前日变动 | 昨日成交 | 昨日持仓 | | | | | 广铂(千克) | ...

| | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2601 | 6448 | 6400 | 48 | PF01-02 | -84 | -62 | -22 | | PF | 短纤2602 | 6532 | 6462 | 70 | PF02-03 | 0 | -56 | 56 | | | 短纤2603 | 6532 | 6518 | 14 | PF主力基差 | 3 | 53 | -50 | | | 短纤主力持仓量 | 165849 | 173239 | -7390 | 短纤华东现货价格 | 6. 535 | 6.515 | 20 | | | 短纤主力成交量 | 131998 | 153152 | -21154 | 短纤产销率 | 77% | 53% | 24% | | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | | 瓶片2601 | 0 | 5810 | -5810 | PR01-02 | -6066 | -132 | -5.934 ...

Report Summary 1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Report's Core View - The price of copper is strong due to the boost in computing power demand [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Copper main - contract was 105,320 with a daily increase of 3.92%, and the night - session closing price was 104,600 with a decrease of 0.68%. The LME Copper 3M electronic - trading price was 13,255 with a 1.28% increase. The trading volume and open interest of Shanghai Copper Index and LME Copper 3M electronic - trading also changed compared to the previous day [2]. - **Inventory Data**: The Shanghai Copper inventory was 93,271, an increase of 2,989 compared to the previous day, and the LME Copper inventory was 146,075, an increase of 3,525. The LME Copper注销仓单 ratio was 21.82%, a decrease of 1.08% [2]. - **Spread Data**: There were changes in various spreads such as LME copper ascension and discount, bonded - area warehouse - receipt premium, etc. For example, the LME copper ascension and discount was 41.98, an increase of 3.38 compared to the previous day [2]. 3.2 Macro and Industry News - **Macro News**: The Trump administration is discussing plans to acquire Greenland, including military options. NVIDIA CFO said that by the end of 2026, the revenue of data - center chips will "definitely" be higher than the $500 billion predicted in October last year, and Huang Renxun said that the demand from Chinese customers is strong [2]. - **Industry News**: In November 2025, China's imports of copper ore and concentrates were 2,526,194.63 tons, a month - on - month increase of 3.05% and a year - on - year increase of 13.13%. Chile's government initiated the preliminary mediation process for the labor - contract negotiation of the Mantoverde copper - gold mine. The second - phase expansion project of Julong Copper Mine completed the main - project construction and core - equipment installation and successfully carried out the linkage test run. The Kamoa - Kakula copper smelter produced its first batch of anode copper, with an expected production of 380,000 - 420,000 tons of mineral copper in 2026 (median 400,000 tons). Codelco's copper production in 2025 was 1.332 million tons, slightly higher than in 2024 [2][4]. 3.3 Trend Intensity - The trend intensity of copper is 2, indicating a strong bullish view [4].

商 2026 年 1 月 7 日 鸡蛋：远月情绪转弱 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 （%） | 成交变动 | | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2602 | 2,982 | 0.57 | -33,974 | | -3,865 | | | 鸡蛋2603 | 3,000 | 0.03 | -67,933 | | 12,061 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋2-3价差 | | -18 | | -35 | | | | 鸡蛋3-9价差 | | -961 | | -1,017 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 3.00 | | 2.90 | | | | 河北现货价格 | | 2.87 | | 2.78 | | | 产业链数据 | 山西现货价格 | | 3.10 | | 3.00 | | | | 湖北现货价格 | | 3.2 ...

2026 年 1 月 7 日 碳酸锂：铁锂加工费提涨，市场情绪偏强 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 期货研究 商 品 研 究 | | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 刘鸿儒 | | 投资咨询从业资格号：Z0023466 | | | liuhongru@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | | | 2601合约（收盘价） | 134,360 | 7,360 | 6,560 | 24,640 | 42,300 | 61,500 | | | | 2601合约（成交量） | 508 | -2,298 | -12,264 | -33,386 | -112,849 | -86,398 | | ...

Report Overview - Report Date: January 7, 2026 [1] - Report Title: "Rebar: Market sentiment disturbance, wide - range shock in the futures market; Hot - rolled coil: Market sentiment disturbance, wide - range shock in the futures market" [2][3] - Analysts: Li Yafei, Jin Yuanyuan [3] Investment Rating - Not provided in the report Core View - The rebar and hot - rolled coil markets are affected by market sentiment, resulting in wide - range shocks in the futures market [2][3] Market Data Summary Futures Market - RB2605 closing price: 3,111 yuan/ton, down 26 yuan/ton, a decline of 0.06%; trading volume: 841,618 lots, open interest: 1,562,948 lots, an increase of 14,597 lots [3] - HC2605 closing price: 3,263 yuan/ton, up 0.18%; trading volume: 439,684 lots, open interest: 1,274,085 lots, a decrease of 20,441 lots [3] Spot Market - Rebar: Shanghai price dropped 10 yuan/ton to 3,280 yuan/ton; Hangzhou price dropped 10 yuan/ton to 3,310 yuan/ton; Beijing price dropped 10 yuan/ton to 3,130 yuan/ton; Guangzhou price remained unchanged at 3,490 yuan/ton [3] - Hot - rolled coil: Shanghai price rose 10 yuan/ton to 3,260 yuan/ton; Hangzhou price rose 10 yuan/ton to 3,300 yuan/ton; Tianjin price dropped 10 yuan/ton to 3,160 yuan/ton; Guangzhou price remained unchanged at 3,250 yuan/ton; Tangshan billet price remained unchanged at 2,930 yuan/ton [3] Basis and Spread - RB2605 basis: 169 yuan/ton, down 17 yuan/ton; HC2605 basis: - 3 yuan/ton, down 5 yuan/ton [3] - RB2601 - RB2605 spread: - 29 yuan/ton, down 13 yuan/ton; HC2601 - HC2605 spread: 23 yuan/ton, down 5 yuan/ton; HC2601 - RB2601 spread: 158 yuan/ton, up 26 yuan/ton; HC2605 - RB2605 spread: 152 yuan/ton, up 8 yuan/ton; Spot coil - rebar spread: - 118 yuan/ton, up 20 yuan/ton [3] Macro and Industry News - December 31st Steel Union weekly data: Rebar production increased by 3.83 million tons, hot - rolled coil production increased by 10.97 million tons, and the total production of five major varieties increased by 18.36 million tons; Rebar inventory decreased by 12.22 million tons, hot - rolled coil inventory decreased by 6.26 million tons, and the total inventory of five major varieties decreased by 25.84 million tons; Rebar apparent demand decreased by 2.24 million tons, hot - rolled coil apparent demand increased by 3.73 million tons, and the total apparent demand increased by 7.41 million tons [4] - In mid - December 2025, key steel enterprises produced 18.45 billion tons of crude steel, with an average daily output of 1.845 billion tons, a 1.3% decrease in daily output compared to the previous period; 16.81 billion tons of pig iron, with an average daily output of 1.681 billion tons, a 1.9% decrease in daily output; 18.03 billion tons of steel, with an average daily output of 1.803 billion tons, a 1.4% decrease in daily output. The steel inventory of key enterprises was 16.01 billion tons, a 8.6% increase compared to the previous ten - day period [5] - The Ministry of Commerce and the General Administration of Customs will implement export license management for some steel products [5] - In mid - November, the social inventory of five major steel products in 21 cities was 8.71 billion tons, a 2.5% decrease compared to the previous period, showing a continuous downward trend [5] - In October 2025, China imported 503,000 tons of steel, a 8.2% decrease compared to the previous month; the average price was 1,593.0 US dollars/ton, a 1.9% decrease compared to the previous month. From January to October, the cumulative import of steel was 5.041 billion tons, a 11.9% decrease compared to the same period last year [5] Trend Intensity - Rebar trend intensity: 0; Hot - rolled coil trend intensity: 0 [5]