Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoint - Market sentiment is weak, and iron ore is oscillating weakly. The overall supply of iron ore is at a relatively high level, but there are signs of a decline under high inventory pressure. The port and steel mill inventories have increased, and the iron ore supply - demand pressure will increase. The iron ore with weak supply - demand fundamentals will continue to weaken, and the short - term recommendation is to participate with a short - bias [10][46]. 3. Summary by Directory 3.1走势回顾 (Trend Review) - **Iron Ore Futures Main Contract Trend**: The market sentiment is weak, and iron ore is oscillating weakly [10]. - **Iron Ore Spot Trend**: The prices of different types of iron ore powder are provided. For example, PB powder is 768, and its previous price was 804; Super Special powder is 652, and its previous price was 851, etc. [14]. 3.2基差价差 (Basis and Spread) - **Iron Ore Futures - Spot Price Spread Trend**: The main contract basis is 3.5, 05 - 09 spread is 17.5, pb - super special spread is 116, and barite - pb spread is - 20 [21]. - **Ratio of Rebar to Iron Ore**: The ratio of rebar to iron ore strengthened slightly at a low level [22]. 3.3供需分析 (Supply - Demand Analysis) - **Iron Ore Supply**: The weekly shipment of mainstream mines is 1,855.4 tons, a slight week - on - week increase, and the supply is at a relatively high level. The domestic mine capacity utilization rate is 58.45%, a slight week - on - week decrease. There is a sign of supply decline under high inventory pressure [28]. - **International Ocean Freight**: The iron ore freight rate from Port Hedland to Qingdao is 8.3 US dollars/ton, and from Tubarao, Brazil to Qingdao is 23.21 US dollars/ton. The Baltic Dry Index is 1936 [31]. - **Imported Iron Ore Inventory**: The port inventory is 17,140.71 tons, Australian ore inventory is 7,903.27 tons, Brazilian ore inventory is 5,536.43 tons, iron ore arrival volume is 2,269.4 tons, and trading ore inventory is 11,316.72 tons [34]. - **Steel Mill Iron Ore Inventory**: The port inventory increased by 118.45 tons week - on - week to 17,140.71 tons. The steel mill's imported iron ore inventory increased by 348.05 tons week - on - week to 10,316.64 tons. The available days for steel mills' imported iron ore increased by 4 days to 31 days. After the pre - Spring Festival active restocking, the supply - demand pressure of iron ore will increase [38]. - **Iron Ore Demand**: The daily average pig iron production this week was 228.58 tons, a slight week - on - week increase. The pig iron production rebounded slightly but with limited strength. The port clearance volume increased significantly week - on - week, and the steel mills' restocking of iron ore is basically in place [41]. 3.4后市展望 (Outlook) - The iron ore will continue to be weak due to weakening market sentiment and its own weak supply - demand fundamentals. The short - term operation suggestion is to participate with a short - bias [46].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Domestically, Zhengzhou sugar futures prices declined and then rebounded this week, with a narrow - range fluctuation. The production side has high pressure due to the increasing production pattern. Although the sales data in January was good due to Spring Festival stocking, the spot market became quiet after stocking ended, and sugar price support is limited. With the increasing risk - aversion sentiment of funds before the Spring Festival, Zhengzhou sugar is expected to remain volatile in the short term [57]. - Internationally, the international sugar market is testing the low - level support and is still suppressed by supply. India's production is strong but exports may be limited. Thailand's production may fall short of expectations due to disasters. In the EU, the beet planting area may decline by 5% due to low sugar prices. The Dubai Sugar Conference has a somewhat positive impact. Crude oil's long - term upward trend may support raw sugar. The international sugar market is in a low - level oscillation with limited downside space [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures prices declined and then rebounded, with a weekly decline of 0.38%. ICE sugar futures prices fluctuated at a low level, with a weekly decline of 0.14% [9]. 3.1.2 Spot Price and Basis Trends - No specific text description provided, only data sources are mentioned [12]. 3.1.3 Sales in Guangxi and Yunnan - No specific text description provided, only data sources are mentioned [17]. 3.1.4 Sugar Import Situation - In December, sugar imports were 580,000 tons, an increase of 190,000 tons year - on - year. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil is 4,019 yuan per ton, and the out - of - quota import cost is 5,090 yuan per ton; the in - quota import cost from Thailand is 4,078 yuan per ton, and the out - of - quota import cost is 5,166 yuan per ton [21]. 3.1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in December was about 2.11 million tons, an increase of 206,000 tons compared with the same period last year [25]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 14,719, an increase of 402 compared with last week. The number of warehouse receipts was 14,374, and the number of valid forecasts was 345 [33]. 3.1.7 Brazil's Production Progress - In the second half of December, the cumulative sugarcane crushing volume was 600 million tons, a year - on - year decrease of 2.28%, and the sugar production was 40.222 million tons, a year - on - year increase of 0.86% [37]. 3.1.8 Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.82%, compared with 48.16% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - In January, Brazil's sugar export volume was 2.0175 million tons, a year - on - year decrease of 2.09% [47]. 3.1.10 International Main - producing Region Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has little precipitation, which is beneficial to sugarcane crushing [53][54]. 3.2后市展望 (Market Outlook) - Domestically, Zhengzhou sugar is expected to remain volatile in the short term. Internationally, the international sugar market is in a low - level oscillation with limited downside space [57].

Report Summary - **Report Title**: Zheng Cotton Turns to Narrow - Range Fluctuation, Funds Flow Out Before the Festival - Guoxin Futures Cotton Weekly Report - **Report Date**: February 6, 2026 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - Domestically, Zheng Cotton showed significantly reduced volatility and narrow - range fluctuations this week. With new cotton processing nearing completion, supply pressure is high. However, yarn prices remained stable or increased while cotton prices fell, and the downstream industry faced limited pressure. Zheng Cotton is expected to maintain short - term fluctuations with a limited range, and it's advisable to exit the market before the Spring Festival [56]. - Internationally, U.S. cotton export data is strong, with stable old - crop exports and record - high new - crop exports. Consumption has overall resilience. But macro factors may have some suppression, such as a weak global economy and a strong U.S. dollar. U.S. cotton is in a weak - range fluctuation, but there is strong support around 60 cents per pound, and low prices may trigger purchases [56]. 3. Summary by Directory 3.1 Cotton Market Analysis - **Futures Prices**: Zheng Cotton had a slight weekly decline of 0.61%, and ICE cotton had a weekly decline of 2.09% [12]. - **Spot Prices**: The cotton price index declined this week. The 3128 index dropped 171 yuan/ton compared to last week, and the 2129 index dropped 158 yuan/ton [17]. - **Import Situation**: In December, 180,000 tons of cotton were imported, a year - on - year increase of 40,000 tons [22]. - **Inventory Situation**: - In the first half of January, the commercial cotton inventory was 5.8623 million tons, and the market entered an accelerated inventory - building phase [27]. - In December, the yarn inventory was 25.12 days, a year - on - year decrease of 3.67 days, and the grey fabric inventory was 33.76 days, a year - on - year increase of 1.33 days [32]. - **Yarn Prices**: This week, yarn prices rose. The price of OEC10S remained flat, the price of C32S increased by 25 yuan/ton compared to last week, and the price of JC40S remained flat [37]. - **Zhengshang Institute Warehouse Receipts and Effective Forecasts**: This week, the total number of Zheng Cotton warehouse receipts and forecasts increased by 410. There were 10,500 warehouse receipts and 1,283 effective forecasts, totaling 11,783 [42]. - **U.S. Cotton Export Situation**: As of January 29, the net sales of U.S. upland cotton exports in the current year increased by 248,300 bales, and the net sales in the next year were 114,900 bales [50]. - **U.S. Weather Situation**: The total area in drought (D1 - D4) in the U.S. was 37.4%, with different drought - level percentages in each category [53]. 3.2后市展望 (Market Outlook) - **Domestic Market**: Zheng Cotton will maintain short - term fluctuations, and it's advisable to exit the market before the Spring Festival due to high supply pressure but limited downstream pressure [56]. - **International Market**: U.S. cotton will maintain a weak - range fluctuation, but there is strong support around 60 cents per pound, and low prices may trigger purchases despite macro suppression [56].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - This week, CBOT soybeans rose significantly, while the Dalian soybean meal market declined from its high. The domestic rapeseed meal trend was weaker than that of soybean meal. Next week, the technical indicators of both soybean meal and rapeseed meal are bearish. In the international market, the Brazilian soybean harvest is accelerating, but attention should be paid to the impact of rainfall in South Mato Grosso. The Argentine drought is still intensifying. The USDA report next week will be a focus. The domestic soybean meal spot may enter a sales slump, and the Dalian soybean meal will likely continue to fluctuate in a low - level range [6][75][76] Summary by Directory Part 1: Protein Meal Market Analysis 1. Market Trends This Week - CBOT soybeans rose significantly, initially falling due to the strengthening dollar and the Brazilian soybean harvest progress, then rebounding after the US biodiesel policy利好 and Trump's remarks on China's increased soybean purchases. The Dalian soybean meal market declined from its high, pressured by the slump in precious metals and the collective decline of commodities. The domestic rapeseed meal was weaker, with inventory rising as Australian rapeseed entered the crushing process and demand remaining stagnant [6] 2. US Market - US Soybean Export Situation - The US soybean export inspection volume decreased by 2% week - on - week but increased by 15% year - on - year. As of January 29, 2026, the export inspection volume was 1,310,559 tons. The export to China (mainland) decreased by 18% week - on - week but increased by 113% year - on - year. The proportion of exports to China in the total export volume decreased to 56.5% [13] 3. South American Market - Brazil and Argentina - **Weather and Crop Conditions**: In Brazil, most areas had showers, with varying rainfall in the east. The average temperature was nearly 2°C higher than normal. In Argentina, the western region had showers, while the east was dry, and the average temperature was 1 - 5°C higher than normal. The soybean harvest progress in Paraná, Brazil, was 14%, and in Mato Grosso, the estimated yield was adjusted upwards [20][27] - **Production and Sales Forecast**: StoneX expects Brazil's soybean production to reach a record 1.8 billion tons this year. Dr. Michael Cordonnier predicts Argentina's 2025/26 soybean production to be 48 million tons, with a tendency for further downward adjustment [26][28] - **Export Situation**: Brazil's soybean export volume in February is expected to be 11.42 million tons, higher than that in January and the same period last year. In the 2025/26 season so far, the EU's soybean import volume has decreased by 13%, with a decrease in the share from the US and Ukraine and a slight increase from Brazil [26][29] 4. Domestic Market - Inventory, Profit, and Consumption - **Inventory and Consumption**: As of the end of this week, the domestic port's imported soybean inventory was about 8.4082 million tons, with a theoretical crushable period of 25 days. It is expected to be 5.04 million tons by next weekend [41] - **Crush Profit**: The domestic spot and futures crush profits declined significantly this week, mainly due to the decline in soybean meal and soybean oil prices and the increase in import costs [41] - **Soybean Meal and Rapeseed Meal Inventory**: As of the 5th weekend (January 31), the domestic soybean meal inventory was 947,000 tons, an increase of 40,200 tons from last week. The rapeseed meal inventory from imported crushing was 100 tons, an increase of 100 tons from last week [49][55] - **Apparent Consumption**: The estimated apparent consumption of soybean meal in the 5th week was 1.8539 million tons, higher than 1.7306 million tons last week [51] Part 2: Market Outlook 1. Seasonal Analysis - Seasonal indices of US soybeans, US soybean meal, Dalian soybean meal, and live pigs are provided, but no specific analysis conclusions are given in the text [70][71][73] 2. Next Week's Market Outlook - **Technical Aspect**: The short - term, medium - term, and long - term indicators of both soybean meal and rapeseed meal are bearish [75] - **Fundamental Aspect**: In the international market, the Brazilian soybean harvest is accelerating, and the Brazilian premium is falling slightly. The Argentine drought continues. The USDA report next week will be a key point. The US soybean may fluctuate between 1050 - 1150 cents per bushel. In the domestic market, the soybean meal spot may enter a slump, and the Dalian soybean meal will likely fluctuate between 2700 - 2800 yuan per ton [76]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - This week, the price of US soybean oil increased significantly, while the price of Malaysian palm oil declined relatively. Affected by this, the price of domestic oils dropped significantly, with rapeseed oil experiencing the largest decline [6]. - The market anticipates that the palm oil inventory in Malaysia at the end of January will decrease, ending the consecutive 10 - month growth trend due to seasonal production decline and increased exports [11]. - The new US 45Z bio - tax credit proposed rule has boosted the market's optimistic expectations for the demand outlook of US soybean oil [6]. - Next week, the MPOB and USDA reports are due. The market expects a significant decline in Malaysia's palm oil inventory in January. Increased rainfall in Southeast Asian palm oil - producing areas may affect palm oil production. The international oil market remains in a high - level and relatively strong oscillation pattern, while the domestic oil market is weaker and awaits the guidance of the two key reports [62]. 3. Summary According to the Directory 3.1 Part 1: Oil Market Analysis 3.1.1 Oil Market Review - This week, the US dollar and international crude oil prices dropped at the beginning of the week, putting pressure on US soybean oil. However, after the US Treasury issued the 45Z proposed rule, the price of US soybean oil soared, with two consecutive days of about 2% growth. On Thursday, international crude oil prices fell sharply, and US soybean oil oscillated at a high level [6]. - The price of Malaysian palm oil declined. At the beginning of the week, a collective plunge in commodities led to panic selling by long - position holders. Although supported by rising surrounding oils and the possible decline in January inventory, it still oscillated within a narrow lower range due to falling international crude oil prices and inventory pressure [6]. - Domestic oils dropped significantly, with a weekly decline of about 3%. Rapeseed oil led the decline due to increased supply pressure after the entry of Australian rapeseed into the crushing process. Subsequently, Dalian soybean oil and Dalian palm oil followed the downward trend. In the following days, the domestic oil market oscillated around the lowest point on Monday [6]. 3.1.2 Recent International Oil Information - In January, Malaysia's palm oil exports increased by 14.9% - 17.9%. The production in South Malaysia decreased by 13.08% month - on - month, and the estimated production in Malaysia decreased by 14% to 1.57 million tons [10]. - Analysts expect the palm oil inventory in Malaysia at the end of January to drop to 2.89 million tons, a decrease of 5.2% from the end of December. The production in January is estimated to be 1.62 million tons, a 11.5% decrease from December, and exports are estimated to be 1.42 million tons, a 7.6% increase from December [11]. - Indonesia will ban the export of palm oil waste, aiming to ensure domestic demand and promote energy self - sufficiency [11]. - The US IRS issued the 45Z bio - tax credit proposed rule, with a 60 - day public comment period and a hearing scheduled for May 28, 2026. The policy is applicable until December 31, 2029 [12]. - As of December 31, 2025, the US soybean oil inventory was 2.179 billion pounds, a 0.7% increase from the end of November and a 29.2% increase from the end of December 2024, but lower than market expectations [13]. - Indonesia plans to set the mandatory ethanol - blending ratio in gasoline at 10% in 2028 but has to postpone the plan due to limited ethanol supply [13]. - From February 1 - 5, Malaysia's palm oil exports were 239,675 tons, a 1.87% decrease from the same period last month [13]. 3.1.3 Domestic Oil Inventory - As of the end of the 5th week of 2026, the total inventory of the three major edible oils in China was 1.9939 million tons, a weekly decrease of 51,000 tons, a 2.49% month - on - month decrease, and a 2.88% year - on - year decrease [29]. - Among them, the soybean oil inventory was 1.0912 million tons, a weekly decrease of 5,100 tons, a 0.47% month - on - month decrease, and a 7.61% year - on - year increase; the edible palm oil inventory was 639,300 tons, a weekly decrease of 32,600 tons, a 4.85% month - on - month decrease, and a 48.26% year - on - year increase; the rapeseed oil inventory was 263,400 tons, a weekly decrease of 13,300 tons, a 4.81% month - on - month decrease, and a 56.67% year - on - year decrease [29]. 3.1.4 Oil Basis Analysis - The report presents the basis analysis of soybean oil, palm oil, and rapeseed oil in different regions and different contract months, showing the basis trends over time [34][37][41]. 3.1.5 Oil - to - Oil Futures Spread Relationship - This week, the overall oil price trend was soybean oil > rapeseed oil > palm oil. The soybean - palm oil spread slightly rebounded [46]. 3.1.6 Oil Inter - Month Spread Arbitrage Relationship - This week, the 5 - 9 spread of soybean oil and palm oil slightly declined, while the 5 - 9 spread of rapeseed oil had limited fluctuations [49]. 3.2 Part 2: Future Market Outlook 3.2.1 Seasonal Analysis - The report presents the seasonal indices of domestic and international soybean oil, palm oil, rapeseed oil, and rapeseed meal, showing their price trends and seasonal characteristics throughout the year [54][56][59]. 3.2.2 Next - Week Market Outlook - **Technical Level (Main Contracts)**: For soybean oil, short - term indicators are intertwined, medium - term indicators are bullish, and long - term indicators are intertwined; for palm oil, short - term indicators are intertwined, and medium - and long - term indicators are bullish; for rapeseed oil, short - term, medium - term, and long - term indicators are all intertwined [61]. - **Fundamentals**: Internationally, geopolitical risks are high, and international crude oil prices fluctuate sharply. If the price of international crude oil stays above $60 per barrel, it will boost biodiesel production. The MPOB and USDA reports are due next week, and the market expects a significant decline in Malaysia's palm oil inventory in January. Increased rainfall in Southeast Asian palm oil - producing areas may affect production. The international oil market remains in a high - level and relatively strong oscillation pattern. Domestically, the oil market is weaker than the international market. As the Spring Festival approaches, spot sales have stagnated, and the futures market mainly follows the international oil market. Capital is leaving the market before the festival, and the market may find support at the lower end of the range, waiting for the guidance of the two key reports [62].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China; futures fluctuated in a narrow range and showed a stalemate; the basis increased slightly, while the C03 - C05 spread decreased slightly. The weakness of the March contract was mainly due to concerns about the selling pressure in spring and the lack of demand support after the downstream restocking was completed. As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, which was conducive to alleviating the post - Spring Festival selling pressure. The feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction; the demand of deep - processing enterprises was expected to remain weak. The inventory in the north and south ports was low, providing some support. The futures market was slightly at a discount, and there was some support for the downstream of corn. The operation strategy was to treat it as a volatile market [7] 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - **Corn Futures Market Changes**: Not detailed in the provided content - **Corn Spot Market Changes**: Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China [7] - **Corn Spot Market: Regional Price Difference**: Not detailed in the provided content - **Corn Selling Progress**: As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, and the progress in the Northeast production area was significantly higher than that in North China [7] - **Corn Import**: Not detailed in the provided content - **Feed and Livestock Breeding Demand**: The livestock and poultry inventory in the breeding industry was high, so the feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction [7] - **Feed and Livestock Breeding Demand: Feed Output**: Not detailed in the provided content - **Deep - processing Demand**: Deep - processing enterprises' inventory had returned to a neutral level after recent restocking. Considering the poor deep - processing profit, the later - stage demand was expected to remain weak [7] - **Substitutes**: Not detailed in the provided content - **North Port Corn Dynamics**: The inventory in the north port increased, but the absolute level was still low [7] - **South Port Grain Dynamics**: The inventory in the south port was also at a low level [7] 3.2 Domestic Corn Starch Market Dynamics - **Corn Starch Futures**: Not detailed in the provided content - **Corn Starch Spot**: A table of data was provided, but no specific analysis was given [82] - **Corn - Starch Price Difference**: Not detailed in the provided content - **Corn Starch Production and Inventory**: Not detailed in the provided content - **Corn Starch Downstream Demand**: Not detailed in the provided content - **Cassava Starch**: Not detailed in the provided content 3.3 International Corn Market Dynamics - **US Corn Futures Market**: Not detailed in the provided content - **US Corn Sowing and Growth Progress**: Not detailed in the provided content - **Brazilian Corn Crop Progress**: Not detailed in the provided content

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the past week, the live hog spot price rebounded and then declined due to increased slaughter by large enterprises and poor slaughter demand during the peak season. The live hog futures also weakened. The near - month 03 contract was significantly affected by the spot price decline and post - festival off - season expectations, while the far - month contracts were boosted by the policy expectations triggered by the No. 1 Central Document's mention of regulating live hog production capacity and showed relative resilience. The national basis mostly weakened, and the spread between near - and far - month contracts also decreased [7]. - Although the average slaughter weight is seasonally declining, the absolute level is still higher year - on - year, indicating that the live inventory is difficult to effectively digest during the pre - festival peak season, and the inventory pressure will continue into the post - festival period. According to the piglet birth data, the theoretical supply of standard hogs will remain high until May, which will continuously suppress the pig price [7]. - In the long run, commercial institution data shows that the pace of culling of sows has slowed down due to the rising piglet prices, and the industry re - balance still needs time [7]. - For the March futures contract, considering the post - festival off - season factors and possible inventory reduction pressure, it is expected to fluctuate weakly. For the May contract, although the theoretical supply may improve marginally, the overall supply is still at a high level. Given that its price is below the cost and there is uncertainty about post - festival second - fattening impulses, it is expected to fluctuate. The far - month contracts are supported by the expectation of production capacity reduction at low levels, but the upside space is limited by the small amplitude of production capacity reduction. In terms of operation, the near - end should be treated weakly, and for the far - end, opportunities for band - trading long positions in the undervalued range should be grasped [7]. 3. Summary According to the Directory 1. Weekly Analysis and Outlook - Live hog spot price rebounded and then declined, futures weakened. The near - month 03 contract had a large decline, and the far - month contracts were relatively resilient. The basis and near - far month spread weakened. The inventory pressure will continue into the post - festival period, and the supply of standard hogs will be high until May. The culling of sows has slowed down. Different futures contracts have different outlooks, and corresponding operation strategies are proposed [7]. 2. Central Reserve Frozen Pork Operations - In case of excessive price decline: At the national level, temporary reserve purchases are not initiated when the third - level early warning of excessive price decline is issued; they are initiated at the discretion when the second - level early warning is issued; and they are initiated when the first - level early warning is issued. Local governments follow the national practice [65]. - In case of excessive price increase: The central frozen pork reserve release has two starting conditions. In the case of market cyclical fluctuations, reserve release is initiated when the second - level early warning of excessive price increase is issued and the release intensity is increased when the first - level early warning is issued. In case of special situations such as major animal epidemic risks, the price increase tolerance is increased, and after the first - level early warning is issued, releases are mainly organized during key periods. Provinces can determine their own reserve release starting conditions, which should not be higher than the central reserve release starting conditions [62].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The apple futures main contract AP2605 showed a slight upward trend and maintained a volatile market. The pre - festival stocking effect boosted the market. The current cold - storage apple supply is relatively sufficient, with fruit farmers having a high willingness to sell. Good - quality apples are in short supply, and prices are slightly stronger. The pre - festival stocking is coming to an end, and the packaging volume is gradually decreasing. The market is expected to remain volatile before the Spring Festival, and it is recommended to wait and see [8][13][35]. 3. Summary According to the Directory 3.1 This Week's Market Review - The apple futures main contract AP2605 slightly strengthened and maintained a volatile market. The pre - festival stocking effect drove the market up [8]. 3.2 Supply - side Situation - As of February 5, 2026, the national cold - storage apple inventory was 5.6351 billion tons, with an inventory ratio of about 42.79%, 4.08 percentage points lower than the same period last year. Cold - storage supplies are relatively sufficient, fruit farmers are eager to sell, and the proportion of good - quality apples is small, with prices being stable and slightly stronger [13]. 3.3 Demand - side Situation - **Inventory and Packaging**: As of February 5, 2026, the national cold - storage capacity ratio decreased by 2.85 percentage points, and the de - stocking rate was 23.41%. The cold - storage capacity ratio in Shandong and Shaanxi also decreased. The pre - festival stocking is coming to an end, and the packaging volume is gradually decreasing [18]. - **Export Volume**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The first quarter is the peak export season, and the export volume is expected to remain at a high level [20]. - **Substitute Fruit Prices**: Not elaborated in the report. - **Spot Prices**: As of February 6, the price of apples in Qixia, Yantai, Shandong was stable. The overall packaging was okay, but some cold - storage facilities reported a gradual decrease in packaging volume [31]. 3.4 Week - long View - The cold - storage apple supply is sufficient, fruit farmers are eager to sell, and good - quality apples are scarce with stable and slightly stronger prices. The pre - festival stocking is ending, and packaged goods are being shipped to the market. The purchase situation in the northwest production area is good. The Spring Festival support boosts demand, but the later sales time is compressed, and the supply of citrus squeezes the apple market. The market is expected to remain volatile before the festival, and it is recommended to wait and see [35].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The pulp futures main contract SP2605 continued to decline, with a weekly decline of 0.87%. The commodity market generally fell, and downstream demand was weak, not supporting a significant upward movement of the market [7]. - It is expected that the pre - holiday market will mainly fluctuate at a low level, waiting for guidance from the demand side [34]. Group 3: Summary by Directory 1. This Week's Market Review - The pulp futures main contract SP2605 continued to decline, with a weekly decline of 0.87%. The decline was due to the general fall in the commodity market and weak downstream demand [7]. 2. Fundamental Analysis - **Pulp Market Price**: As of February 5th, the weekly average price of imported softwood pulp was 5302 yuan/ton, a 1.05% decrease from the previous week, and the decline rate increased by 0.62 percentage points compared to the previous period. The weekly average price of imported hardwood pulp was 4553 yuan/ton, a 0.87% decrease from the previous week, and the decline rate narrowed by 0.06 percentage points [13]. - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 3.113 billion tons of pulp, with an import value of 1.7994 billion US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared to the previous year [17]. - **Port Inventory Situation**: As of February 5, 2026, the weekly pulp inventory in major Chinese regions and ports was 2.1127 billion tons, a 0.34% decrease from the previous week, changing from an increase to a decrease [21]. - **European Port Wood Pulp Inventory in December**: In December 2025, the total inventory in European ports increased by 8.58% month - on - month and 4.38% compared to December 2024. The inventory in ports in the Netherlands/Belgium/France/Switzerland, the UK, and Germany increased by 14.92%, 10.07%, and 14.99% respectively month - on - month, while the inventory in ports in Italy and Spain decreased by 0.73% and 4.90% respectively [24]. - **Shanghai Futures Exchange Pulp Inventory**: No detailed data provided. - **Weekly On - Site Operating Rate of Downstream Pulp Types**: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. Wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%. Non - wood pulp consumption accounts for 6%. As of February 5th, the operating load rate of double - copper paper increased by 1.74 percentage points from the previous week; the operating load rate of double - offset paper increased by 3.09 percentage points; the operating load rate of white cardboard increased by 4.96 percentage points; the operating load rate of household paper decreased by 0.75 percentage points [30]. 3. Future Outlook - The domestic pulp port inventory is still at a relatively high historical level, and it is necessary to observe the destocking situation. Paper mills have limited acceptance of high prices, and it is difficult to see a significant increase in transactions. The pre - holiday stockpiling may have limited impact on demand due to weak terminal consumption demand and some paper mills taking early holidays. The cost side provides some support, and the pre - holiday market is expected to fluctuate at a low level, waiting for demand - side guidance [34].

1. Report's Industry Investment Rating No information provided. 2. Core View of the Report - The sharp decline in precious metals in January 2026 was due to the rapid pre - rise detaching from fundamentals, the accumulation of high - leverage profit - taking positions, and the change in Fed policy expectations. The market has entered a high - volatility stage, but the long - term logic of precious metals has not ended. Short - term investors should focus on cautious defense, and maintain flexible positions and sufficient liquidity [2][3][18]. 3. Summary by Directory 3.1 Market Review - In January 2026, gold and silver continued their previous strength and reached new highs. However, on the evening of January 30, a sharp decline occurred. New York gold futures fell more than 10% in a single day, and silver plunged more than 30%. On February 2, the domestic precious metals market continued the overseas slump [5][6]. 3.2 Market Sentiment and Capital Flow - The sharp rise and fall of the silver market are mainly driven by market sentiment and speculative capital. The global silver supply - demand structure has not changed significantly in the short term. During the price increase, speculative buying and trend - following funds entered the market, but as the price entered the over - bought area, some funds took profits. After the sharp decline, some funds bought on dips [12][13][14]. 3.3 Sudden Reversal of Policy Expectations - The nomination of Kevin Warsh as the next Fed chairman by Trump was the trigger for the market adjustment. His "hawkish" policy stance broke the market's illusion of "unrestricted easing", leading to a re - evaluation of precious metal prices. In the short term, the market will digest the impact of policy expectation reconstruction, but the long - term easing direction has not changed [16][17]. 3.4 Outlook for the Future - The sharp decline has reshaped the short - term ecology of the precious metals market, entering a stage of high uncertainty and normal volatility. In the long run, there are still structural supports, but in the short term, policy uncertainty will be the core variable. Investors should adjust their strategies, focus on short - term defense, and maintain flexible positions and sufficient liquidity [18][19].