金 融 期 货 研 究 2026 年 1 月 23 日 期指：美股扰动昙花一现，A 股偏强震荡 请务必阅读正文之后的免责条款部分 1 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4723.7 | ↑0.01 | | 6902.4 | | | | | | IF2602 | 4722 | ↓0.18 | -1.71 | 299.6 | 21131 | ↓4369 | 38045 | ↓1250 | | IF2603 | 4719.4 | ↓0.19 | -4.31 | 1021.6 | 72080 | ↓2036 | 174304 | ↑895 | | IF2606 | 4683 | ↓0.17 | -40.71 | 231.1 | 16424 | ↓133 | 68408 | ↑1761 | | IF2609 | 4 ...

2026 年 01 月 23 日 锌：具备向上弹性 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 24400 | 0.21% | 伦锌 3M 电子盘收 | 3175 | 0.00% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 131273 | -14813 | 伦锌成交量（手） | 10031 | -1448 | | （手） | | | | | | | 沪锌主力持仓量 | 118558 | -3135 | 伦锌持仓量（手） | 228807 | -649 | | （手） | | | | | | | 上海 0# 锌升贴水 | 55 | 0 | LME CASH-3M 升 | -40.12 | 3.45 | | （元/吨） | | | 贴水（美 ...

Report Summary 1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The trading center of platinum is moving up, and palladium is following the upward trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: Platinum futures 2606 closed at 633.85 with a 0.85% increase; gold - exchange platinum closed at 624.40 with a - 0.50% decrease. New York platinum main - continuous (previous day) was at 2627.10 with a 5.98% increase. London spot platinum (previous day) was at 2633.10 with a 6.39% increase. Palladium futures 2606 closed at 483.75 with a - 0.42% decrease. RMB spot palladium was at 437.00 with a - 1.35% decrease. New York palladium main - continuous (previous day) was at 1945.50 with a 3.79% increase. London spot palladium (previous day) was at 1904.00 with a 3.42% increase [2]. - **Trading Volume and Position**: Guangdong platinum trading volume was 18,206 kg, a decrease of 10,045 kg compared to the previous day. Its position was 36,352 kg, a decrease of 1,071 kg. NYMEX platinum trading volume was 52,818 kg, a decrease of 14,081 kg, and its position was 103,299 kg, a decrease of 230 kg. Guangdong palladium trading volume was 6,548 kg, a decrease of 1,384 kg, and its position was 13,918 kg, a decrease of 5 kg. NYMEX palladium trading volume was 12,295 kg, a decrease of 2,099 kg, and its position was 55,980 kg, a decrease of 124 kg [2]. - **ETF Position**: Platinum ETF position (ounces, previous day) was 3,242,354 with no change. Palladium ETF position (ounces, previous day) was 1,192,934 with no change [2]. - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 675,766, an increase of 11,373. NYMEX palladium inventory (ounces, previous day) was 216,266, a decrease of 398 [2]. - **Spread**: PT9995 to PT2606 spread was - 9.45, a decrease of 8.51 compared to the previous day. The spread between Guangdong platinum 2606 contract and 2610 contract was 2.20, a decrease of 0.95. The cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 7.78, an increase of 0.06. The spread between Guangdong platinum main contract and London platinum (considering VAT) was - 32.31, a decrease of 34.90. The spread between RMB spot palladium price and PD2606 was - 46.75, a decrease of 3.95. The spread between Guangdong palladium 2606 contract and 2610 contract was - 5.65, an increase of 7.55 [2]. - **Exchange Rate**: The US dollar index was 98.34, a decrease of 0.71%. The US dollar against RMB (CNY spot) was 6.96, an increase of 0.04%. The US dollar against offshore RMB (CNH spot) was 6.96, an increase of 0.08%. The US dollar against RMB (6M forward) was 6.88, a decrease of 0.05% [2]. 3.2 Macro and Industry News - Trump administration is seeking to "promote regime change in Cuba" by the end of the year. - US media reported that the US is considering a full withdrawal from Syria, potentially ending its more than a decade - long military operation there. - Trump signed documents with representatives of more than a dozen countries and regions in Davos to launch a "Peace Committee". - Trump said that the measure of imposing a 25% tariff on any country having (trade) relations with Iran will take effect soon. - The US House of Representatives passed a package of bills to prevent the government from shutting down at the end of this month, which will be sent to the Senate for review. - Trump said his meeting with Zelensky was "very good". Zelensky said that a tri - lateral meeting among Ukraine, the US, and Russia will be held in the UAE on the 23rd. - The US November core PCE price index met expectations. The number of initial jobless claims in the US for the week ending January 17 was 200,000, compared to an expected 210,000. - SpaceX has reached an agreement with four banks to prepare for a "super IPO". - The People's Bank of China will conduct 900 billion yuan of MLF operations with a one - year term on January 23 [5]. 3.3 Trend Intensity - Platinum trend intensity: 1; Palladium trend intensity: 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

2026 年 01 月 23 日 短纤：短期趋势偏强 20260123 瓶片：短期趋势偏强 20260123 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2602 | ୧୧38 | ୧486 | 152 | PF02-03 | -2 | -10 | 8 | | PF | 短纤2603 | 6640 | 6496 | 144 | PF03-04 | -48 | -40 | -8 | | | 短纤2604 | ୧୧୫୫ | ୧୧3୧ | 152 | PF主力基差 | -100 | -16 | -84 | | | 短纤主力持仓量 | 185407 | 112708 | 72699 | 短纤华东现货价格 | 6.540 | 6.480 | 60 | | | 短纤主力成交量 | 190745 | 190842 | -97 | 短纤产销率 | 118% | 78% | ...

2026 年 1 月 23 日 生猪：腊八将至，关注预期印证 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | | 生猪基本面数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | | 单 位 | 价 格 | | 同 | 比 | | | 河南现货 | 元/吨 | 13230 | | 100 | | | | 四川现货 | 元/吨 | 12800 | | -50 | | | | 广东现货 | 元/吨 | 13560 | | -250 | | | 期 货 | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2603 | 元/吨 | 11470 | | -80 | | | | 生猪2605 | 元/吨 | 11820 | | -75 | | | | 生猪2607 | 元/吨 | 12450 | | -105 | ...

2026 年 01 月 23 日 甲醇：跟随化工板块上行 黄天圆 投资咨询从业资格号：Z0018016 Huangtianyuan022594@gtjas.com 杨鈜汉 投资咨询从业资格号：Z0021541 yanghonghan025588@gtjas.com 【基本面跟踪】 甲醇基本面数据 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价 | （元/吨） | 2,260 | 2,209 | 5 1 | | | | 结算价 | （元/吨） | 2,232 | 2,215 | 1 7 | | | 甲醇主力 | 成交量 | （手） | 1,076,253 | 1,195,172 | -118919 | | | （05合约） | 持仓量 | （手） | 817,171 | 848,962 | -31791 | | 期货市场 | | 仓单数量 | （吨） | 7,675 | 8,075 | -400 | | | | 成交额 | （万元） | 2,402,542 | 2,646, ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 168,780 | 2,040 | 5,560 | 23,780 | 57,380 | 92,800 | | | | 2605合约（成交量） | 464,397 | 87,979 | 33,141 | -190,427 | -464,566 | 453,857 | | | | 2605合约（持仓量） | 436,686 | 8,758 | -7,256 | -77,781 | -232,143 | 371,231 | | | 盘面 | 2607合约（收盘价） | 169,780 | 2,420 | 5, ...

2026年01月23日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：再创新高 | 2 | | --- | --- | | 白银：冲刺100 | 2 | | 铜：风险情绪上升，支撑价格 | 4 | | 锌：具备向上弹性 | 6 | | 铅：海外库存减少，支撑价格 | 8 | | 锡：区间震荡 | 9 | | 铝：高位震荡 | 10 | | 氧化铝：小幅反弹 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：交易重心上移 | 12 | | 钯：跟随上行 | 12 | | 镍：印尼言论反复扰动情绪，镍价宽幅震荡运行 | 14 | | 不锈钢：盘面锚定矿端矛盾，镍铁跟涨支撑重心 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 23 日 黄金：再创新高 白银：冲刺 100 1、美国 Q3 实际 GDP 季环比终值小幅上修至 4.4%，创两年来最快增速，核心 PCE 通胀保持在 2.9%。 请务必阅读正文之后的免责条款部分 1 刘雨萱 投资咨询从业资格号：Z0020476 liuyu ...

商 品 研 究 2026 年 01 月 23 日 焦炭：区间震荡 焦煤：区间震荡 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | JM2605 | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | 1131.5 | 2.5 | 0. 2% | | 期货价格 | | 12605 | 1 688 | 4.5 | 0. 3% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 736188 | 521061 | 5617 | | | | J2605 | 12490 | 38116 | -242 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1640 1426 | 1640 1426 | 0 | | | | | | | 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1243 | 1243 | 0 | ...

2026 年 01 月 23 日 棕榈油：多重因素影响，短期震荡偏强 豆油：美豆题材不足，油粕比回升 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,944 | 涨跌幅 1.27% | 收盘价 （夜盘） 8,914 | 涨跌幅 -0.34% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,084 | 0.50% | 8,084 | 0.00% | | | 菜油主力 | 元/吨 | 9,002 | 0.61% | 8,966 | -0.40% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,198 | 1.06% | 4,178 | -0.45% | | | CBOT豆油主力 | 美分/磅 | 53.74 | -0.50% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 502,993 | 15880 | 467,244 | 21,301 | | | 豆油主力 | 手 | 262,334 ...