Report Industry Investment Ratings - **Positive Outlook (★★★)**: Soybean No. 1, Soybean Meal, Soybean Oil, Palm Oil, Corn [1] - **Slightly Positive Outlook (★☆☆)**: Rapeseed Meal, Rapeseed Oil, Live Pigs, Eggs [1] Core Views - The overall performance of agricultural products futures is affected by multiple factors including macro - economic trends, supply - demand dynamics, and international relations. Different varieties show different trends and investment opportunities [2][3][4] Summary by Commodity Soybean No. 1 - The main contract of domestic soybeans has increased in positions and risen strongly. The re - inflation trading of commodities has a spill - over effect. The spot market is stable, with tight supply but improved marginal supply from policy auctions. Demand may improve marginally with the approaching festival [2] Soybean & Soybean Meal - Drought in Argentina and a weak US dollar have led to a bottom - oscillating and slightly stronger trend in US soybeans. China has completed a high proportion of soybean purchases for 2 - 3 month shipments. Attention should be paid to Brazilian soybean harvest and Canadian rapeseed imports which may impact domestic soybean meal prices. Short - term bottom - oscillating pattern is expected [3] Soybean Oil & Palm Oil - The overall strength of commodities and re - inflation trading have a spill - over effect. Due to multiple positive drivers, they are more favored. The oil - meal ratio has fallen back, and the palm oil has performed more strongly. High - frequency data shows an improvement in palm oil's supply - demand. Indonesian policies and the rise of RIN prices in the US are beneficial for the prices [4] Rapeseed Meal & Rapeseed Oil - Rapeseed products have generally risen. Domestic coastal oil mills have zero rapeseed crushing, and there is support from pre - Spring Festival stocking. Geopolitical factors and US biofuel policies are positive, but imports are expected to be more relaxed after March, limiting the short - term rebound space [6] Corn - Spot prices in Northeast China and North Ports are stable. Some Shandong deep - processing enterprises have raised purchase prices. The Dalian corn futures are expected to oscillate in the short term [7] Live Pigs - The live pig futures have continued to decline, with a supply - strong and demand - weak situation. With the approaching Spring Festival, there is an acceleration of slaughter. There is a possibility of a second bottom - hitting in pig prices in the medium - to - long term [8] Eggs - The egg futures have continued to be weak. The spot price is stable, but there is a risk of a decline after the festival. The futures price reflects the expected weakening of the spot market, and the improved profit has increased the pressure on the 2026 far - month contracts. However, there is still a basis for egg prices to strengthen in the first half of 2026 [9]

兔贵毒郎：国投聆货有限公司是经中国正监会忧选拉立的期经经营机构，已具备解销货资咨询业务资格，本报告(RH国报销货间隙公司（以下辖称"本公司"）的机构或个人客户（以下简称" 客户" ）使用，本公司不会居按收人收到本报告而吸 其为客户，如接收人并招聘股购彩客户，请及时退四并删除，本报告是基于本公司认为可察的已公开信息，但本公司不级正将等目息的距离性或完整性，本报告所载的资料、意见及准则只把坐熔客户le参考之目。"相手所数的政策、意见及地图、意见及地图、 仅皮换本公母于发布本报告当日的判断，本报告所能的期货或期权的价值、价值可能会反边。在不同时期，本公司可发出与本报 体优惠或新基地像现好不钓श家时任何人的投资建议。在任何情况下，本公司不对任例人国使用本提供中的任何内容所得到的任何领发失负任何或长。本报告可能的帮禁奖字网站的地址或超级链接，本公司不对系勾审的政策实位，合法性、完整性包括 确性负责。本报告授供这些地域超级短短的目的等把免了了客户使用方便。但随网站的车商不如本标值待往经同能分。客户南台行家色团达这些网站建展团团公。本报告的规范化公示所有。本公司对本编程保证一切权利。除利用审试题 示，否则本报告中的所有材料 ...

| 11/11/2 >国技期货 | | 软商品日报 | | --- | --- | --- | | 操作评级 | | 2026年01月29日 | | 棉花 | ★☆★ | 曹凯 首席分析师 | | 纸浆 | な女女 | F03095462 Z0017365 | | 白糖 | な女女 | 胡华轩 高级分析师 | | 苹果 | 女女女 | F0285606 Z0003096 | | 木材 | 女女女 | | | 20号胶 | ★★☆ | 黄维 高级分析师 | | 天然橡胶 ★★☆ | | F03096483 Z0017474 | | 丁二烯橡胶 ★★☆ | | | | | | 010-58747784 gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉小幅下跌，关注一万五册近的压力情况，商品整体偏强、棉花基本面尚可,市场对于棉花关注度仍然较高。现货成交 一般,基差总体持稳。国内棉花整体呈现供销两旺的局面,继续关注下游的需求表现,短期临近春节购销或有所放缓。截至1月 22号，累计加工皮棉719.0万吨，同比增加62.1万吨，较过去四年均值增加121.5万吨;累计销售皮棉463.1 ...

【豆油&棕榈油】 今日商品整体表现偏强,宏观方面大宗商品再通胀交易呈现扩散状态,对豆油棕榈油也有一定的溢出效应,由 于油脂驱动偏多，因此更受到青睐。美豆走强，美元偏弱以及市场担心阿根廷大豆产区温度偏高，豆粕也呈现 反弹状态，油粕比冲高回落，豆棕价差下跌，棕榈油表现更为强势。棕榈油高频数据显示供需面边际转好。另 外印尼方面的种植园国有化政策,利于增强政策的定价权。美豆油方面RIN价格继续上涨,利于美国生物质柴油 行业利润转好，利于支撑美豆油价格。2026年气象模型预计夏季发生厄尔尼诺概率大，总体来看，利于油脂表 现偏强。 本报告版权属于国投期货有限公司 不可作为投资依据，转载请注明出处 | | | | '/ V SDIC FUTURES | | 2026年01月29日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | ☆☆☆ | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な女女 | F3078401 Z0015853 | | 標｜油 | ななな | 董甜甜 高级分析师 | | 菜粕 ...

| | | | SDIC FUTURES | | 2026年01月29日 | | --- | --- | --- | | | 操作评级 | | | 螺纹 | ★☆☆ | 曹颖 首席分析师 | | 热轧卷板 | ★☆☆ | F3003925 Z0012043 | | 铁矿 | ★☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 證硅 | な女女 | 韩惊 高级分析师 | | 硅铁 | 女女女 | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面有所反弹。本周螺纹表需继续下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下降,压 力逐步缓解。钢厂利润欠佳,下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看,地产投资降幅继续扩大,基 建、制造业投资增速持续回落,内需整体依然偏弱,钢材出口维持高位 ...

gtaxinstitute@essence.com.cn (原油) 伊朗局势高度紧张，美国总统特朗普周三敦促伊朗回到谈判桌前，就核武器问题达成协议，否则美 国的下一次攻击将会更加猛烈。EIA数据显示美国原油超预期去库。据悉Tengiz油田在2月7日之前 恢复不到一半的正常产量，该油田自火灾和停电事故后恢复始终不及预期。美元指数连续走弱亦提 振油价表现。短期多重利多因素共振下夜盘油价继续走高且已升至2025年9月底以来最高。她缘局 势走向扑朔迷离叠加基本面累库压制仍在,警惕油价大幅波动风险。 (贵金属) 隔夜贵金属延续强势表现，金银继续刷新新高。美联储会议如期维持利率不变，鲍威尔并未释放槽 量信息，表示政策没有预定路线，加息不在预期之内。关注中东局势是否会进一步激化，消息称美 国可能对伊朗发动重大打击。 【铜】 隔夜沪铜减仓震荡，美联储如预期维持利率不变，但金价美盘尾盘继续加速上涨，美盘铜价跟涨。 LME0-3月现货贴水101美元,国内上海铜贴水240元,美伦价差已反转。关注短期均线位置强弱,延 续铜价高位震荡且倾向调整的看法。 铅价回踩万七，下游少量备货，但整体采买热情平平。精废价差100元/吨，再生铅亏损压 ...

隔夜美元指数刷新近四年新低，贵金属延续强势运行，黄金核心逻辑稳固，金银比大幅走低后白银风险较 高。特朗普称美国已向伊朗方向派遣了一支庞大的海军舰队,但希望最终无需动用武力。关注中东局势演绎 以及明日凌晨美联储会议指引,美联储维持利率不变已形成共识,重点关注鲍威尔讲话。 铂纪盘面高波动,资金倾向短线操作,铂兜价格冲高回落,5日均线附近暂时止跌,大方向上看,资金逢低 做多倾向依然明显。铂把价差190元/克左右。铂兜降波后再拉升，整体仍处上升趋势中。美元信用承压，资 源脆性强,盘子小,资金控盘能力高,在看到资金流动性明确收紧的信号前, 铂把仍偏向逢低多配。 ★特朗普:不担心美元贬值,可以让其像悠悠球一样涨跌。 ★美联储传声筒:美联储预计将暂停降息,恢复降息的路径尚不明确。 ★芝加哥商品交易所集团宣布对COMEX 5000白银期货合约实施保证金调整，将初始保证金要求提高到11%。 本月早些时候，芝商所将贵金属期货保证金从定额改为按百分比征收。 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 | >国技期货 111 | | | 贵金属日报 | | --- | --- | --- | --- | | | ...

| 【行情数据】 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 资产类别 | 细分品种 | 收盘价 | | 周度涨跌情况 | | | | 数据时点 | | 2026/1/23 | | 2026/1/19 | 至 | 2026/1/23 | | | 白银 | 24965.00 | 白银 | | | 11.04% | | | PTA | 5448.00 | PTA | | 8.57% | | | | 黄金 | 1115.64 | 黄金 | | 7.74% | | | | 乙二醇 | 3997.00 | 乙二醇 | 5.30% | | | | | 棕榈油 | 8910.00 | 棕榈油 | 2.72% | | | | | 甲醇 | 2298.00 | 甲醇 | 2.64% | | | | | PVC | 4921.00 | PVC | 2.46% | | | | | 铝 | 24290.00 | 铝 | 1.53% | | | | | 多晶硅 | 50720.00 | 多晶硅 | 1.04% | | | | 大宗商品 | 豆粕 | 2751. ...

Report Industry Investment Ratings - Propylene: No specific rating mentioned but market shows strength [2] - Polyethylene and Polypropylene: No specific rating mentioned, mixed signals in market [2] - PX and PTA: Positive in the first half of the year, but with inventory concerns around the Spring Festival [3] - Ethylene Glycol: Potential for short - term improvement in the second quarter, long - term pressure [3] - Short Fibre: Price follows raw materials, weak downstream demand [3] - Bottle Chip: Consider spread opportunities after the Spring Festival, long - term capacity pressure [3] - Pure Benzene: Short - term uncertainty, potential downward pressure with increased supply [5] - Styrene: Short - term price pressure [5] - Methanol: Short - term bullish, medium - long - term port inventory expected to decline slowly [6] - Urea: Price fluctuates within a range [6] - PVC: Monitor export and cost factors, inventory pressure exists [7] - Caustic Soda: Weak reality, potential for production cut, profit compression [7] - Soda Ash: High - altitude shorting strategy, long - term oversupply pressure [8] - Glass: Seasonal inventory build - up expected, follow macro sentiment [8] Core Viewpoints - The chemical market is influenced by multiple factors including geopolitical situations, cost changes, supply - demand dynamics, and seasonal factors. Different products show different trends and investment opportunities, with some facing short - term uncertainties and others having long - term capacity pressures [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures rose, with low enterprise inventory and increased buying due to strong futures and downstream restocking [2] - Polyethylene has supply pressure and decreasing demand, while polypropylene has cost support and reduced inventory pressure but weak new orders [2] Polyester - PX and PTA may be bullish in the first half, but inventory may accumulate around the Spring Festival. Consider positive spreads in the second quarter [3] - Ethylene Glycol may improve in the second quarter but is under long - term pressure [3] - Short Fibre price follows raw materials with weak downstream demand [3] - Bottle Chip may have spread opportunities after the Spring Festival, long - term capacity pressure exists [3] Pure Benzene - Styrene - Pure Benzene price is strong but may face downward pressure with increased supply [5] - Styrene has cost support but short - term price pressure [5] Coal Chemical Industry - Methanol is expected to be bullish in the short term, with medium - long - term port inventory expected to decline [6] - Urea price fluctuates within a range due to demand and supply factors [6] Chlor - Alkali Industry - PVC has inventory pressure, and its price is affected by exports and costs [7] - Caustic Soda has high inventory and profit compression, with potential for production cuts [7] Soda Ash - Glass - Soda Ash has inventory pressure and long - term oversupply, use a high - altitude shorting strategy [8] - Glass may have seasonal inventory build - up and follow macro sentiment [8]

| | | | SDIC FUTURES | | | | --- | --- | --- | | | 操作评级 | 2026年01月28日 | | | | 杨蕊霞 农产品组长 | | 息一 | ☆☆☆ | F0285733 Z0011333 | | 豆粕 | ☆☆☆ | 吴小明 首席分析师 | | 豆油 | ななな | | | 棕櫚油 | | F3078401 Z0015853 | | | ☆☆☆ | 董甜甜 高级分析师 | | 莱粕 | ★☆☆ | F0302203 Z0012037 | | 菜油 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | な女女 | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | ☆☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆油&棕榈油】 豆油延续增仓，棕榈油减仓,油箱比仍强势上行,豆棕价差下跌,棕榈油表现更为强势。棕榈油高频数据显示 供需面边际转好,另外印尼方面的种植园国有化政策，利于增强政策的定价权。美豆油方面RIN价格上涨，利于 美国生物质柴油行业 ...