Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Rising risk sentiment in the copper market supports copper prices [1] 3. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Copper main contract was 100,700, down 0.57%, and the night - session closing price was 100,270, down 0.43%. The LME Copper 3M electronic disk closed at 12,840, up 0.62%. The trading volume of the Shanghai Copper Index was 321,730, a decrease of 121,398 from the previous day, and the open interest was 647,275, an increase of 772. The trading volume of the LME Copper 3M electronic disk was 28,201, an increase of 4,664, and the open interest was 316,000, a decrease of 1,559 [1] - **Inventory Data**: Shanghai Copper inventory was 143,173, a decrease of 2,408, and LME Copper inventory was 168,250, an increase of 8,850. The cancellation warrant ratio was 27.99%, a decrease of 1.38% [1] - **Spread Data**: The LME copper premium, Shanghai 1 bright copper price, and various spreads such as spot - to - futures near - month spread, near - month contract to continuous - first contract spread, etc., all showed different degrees of change compared with the previous day [1] Macro and Industry News - **Macro**: The Fed's preferred inflation indicator met expectations. The US November PCE price index was 2.8% year - on - year and 0.2% month - on - month, with robust growth in personal spending. Pan Gongsheng said that there is still room for reserve requirement ratio cuts and interest rate cuts this year [1] - **Industry**: During the 15th Five - Year Plan period, the State Grid Corporation's fixed - asset investment is expected to reach 4 trillion yuan, a 40% increase compared with the 14th Five - Year Plan. Ivanhoe Mines achieved its 2025 copper and zinc production targets. The union of the Mantoverde copper - gold mine in Chile condemned the company for illegally replacing workers during a 15 - day strike. In December 2025, China's copper ore concentrate imports increased by 7.05% month - on - month and 7.32% year - on - year, refined copper imports decreased by 2.19% month - on - month and 27.00% year - on - year, and scrap copper imports increased by 14.81% month - on - month and 9.90% year - on - year. Japanese copper smelters are still negotiating 2026 TC/RC with global miners [1][3] Trend Intensity - The copper trend intensity is 1, indicating a relatively neutral view on the copper price trend [3]

1. Report Industry Investment Ratings - Aluminium: High-level oscillation [1] - Alumina: Slight rebound [1] - Cast aluminium alloy: Follow the trend of electrolytic aluminium [1] 2. Core Views of the Report - After Trump lifted the tariff threat, the European Parliament plans to unfreeze the review of the EU-US trade agreement, and the Prime Minister of Greenland reiterated the bottom line. Initial voting on the EU-US agreement in the parliament may take place in the next few days [3]. - Nordic pension funds are accelerating their exit from the US market. Sweden's Alecta has sold most of its approximately $11 billion holdings, Denmark's AkademikerPension plans to liquidate its holdings by the end of January, and Greenland's SISA Pension is considering withdrawing half of its approximately $110 million in US stock investments [3]. - The trend strength of aluminium is 1, alumina is -1, and aluminium alloy is 1 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Aluminium - The closing price of the Shanghai Aluminium main contract was 24,055, down 100 from the previous trading day [1]. - The trading volume of the Shanghai Aluminium main contract was 355,802, a decrease of 112,454 from the previous trading day [1]. - The LME Aluminium 3M closing price was 3,138, up 20 from the previous trading day [1]. Alumina - The closing price of the Shanghai Alumina main contract was 2,717, up 45 from the previous trading day [1]. - The trading volume of the Shanghai Alumina main contract was 192,481, a decrease of 54,805 from the previous trading day [1]. Aluminium Alloy - The closing price of the aluminium alloy main contract was 22,855, down 40 from the previous trading day [1]. - The trading volume of the aluminium alloy main contract was 8,386, a decrease of 2,374 from the previous trading day [1]. 3.2 Spot Market Aluminium - The domestic social inventory of aluminium ingots was 189,000 tons, an increase of 768,000 tons from the previous trading day [1]. - The LME aluminium ingot inventory was 509,300 tons, an increase of 2,100 tons from the previous trading day [1]. Alumina - The average domestic alumina price was 2,657, down 14 from the previous trading day [1]. - The CIF price of alumina in Lianyungang was $329 per ton, unchanged from the previous trading day [1]. Aluminium Alloy - The theoretical profit of ADC12 was 142, an increase of 764 from the previous trading day [1]. - The three - place inventory total of aluminium alloy was 42,520, a decrease of 291 from the previous trading day [1].

商 2026 年 1 月 23 日 鸡蛋：节前现货偏强 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 | 3,094 | 2.55 | 6,582 | | -6,104 | | | 鸡蛋2603 | 3,095 | 1.71 | 56,249 | | 4,823 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋2-3价差 | | - 1 | | -14 | | | | 鸡蛋3-9价差 | | -865 | | -904 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 3.70 | | 3.60 | | | | 河北现货价格 | | 3.44 | | 3.40 | | | 产业链数据 | 山西现货价格 | | 3.80 | | 3.70 | | | | 湖北现货价格 | | 3.67 | | ...

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, ...