1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, pay attention to the development of the Iranian situation; medium - term bearish [2] - Low - sulfur fuel oil: Short - term neutral, pay attention to the development of the Iranian situation; medium - term bearish [2] - Cross - variety: No rating [2] - Cross - period: No rating [2] - Spot - futures: No rating [2] - Options: No rating [2] 2. Core Viewpoints of the Report - The market drivers are currently unclear with a mix of bullish and bearish factors. The geopolitical premium has declined, and the cost - side drive for FU and LU prices has weakened again. The overall contradiction in the fuel oil market is limited. There are resistances above and supports below the market. The Iranian situation is uncertain and may repeatedly disturb the market [1]. - For low - sulfur fuel oil, the overall contradiction and drive are limited. The increase in shipments from Kuwait and Nigeria will bring local pressure, while the high premium of gasoline and diesel will support the market [1]. 3. Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed up 0.12% at 2,538 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 0.07% at 3,060 yuan/ton [1]. - The Iranian situation is currently under control, not affecting oil supply, and the geopolitical premium has declined, weakening the cost - side drive for FU and LU prices [1]. - The fuel oil market has a mix of bullish and bearish factors with limited overall contradictions. Short - term attention should be paid to the drag of the decline in the cracking spread in the US Gulf on the Asia - Pacific and domestic markets and the potential increase in downstream refinery demand [1]. - For low - sulfur fuel oil, the increase in shipments from Kuwait and Nigeria, especially Kuwait's high shipments in January, will bring local pressure. The high premium of gasoline and diesel will support the market [1]. Strategy - High - sulfur fuel oil: Short - term neutral, pay attention to the development of the Iranian situation; medium - term bearish [2] - Low - sulfur fuel oil: Short - term neutral, pay attention to the development of the Iranian situation; medium - term bearish [2] - Cross - variety: No strategy [2] - Cross - period: No strategy [2] - Spot - futures: No strategy [2] - Options: No strategy [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Industrial silicon prices are expected to maintain a range-bound oscillation. With both supply and demand decreasing, combined with the upward price transmission effects of coal and the photovoltaic industry chain, price support is evident. There is short-term potential for demand growth, which will boost prices. The upward price limit depends on the recovery of downstream demand and inventory clearance progress, while the downward limit is restricted by cost support and production cut expectations [3]. - Polysilicon prices are expected to maintain a weak oscillation. The recent cancellation of export tax rebates in the photovoltaic industry may stimulate short-term polysilicon exports, but it may also deplete medium- and long-term demand. After polysilicon enterprises were interviewed, the hope for coordinated price support was dashed, and the overall market is moving towards cost reduction and efficiency improvement, with downstream production capacity accelerating to clear. In the short term, attention should be paid to new silicon wafer quotes and the January production plan; in the medium to long term, focus on the recovery of demand and inventory clearance progress [7]. Summary by Related Catalogs Industrial Silicon Market Analysis - On January 19, 2026, the industrial silicon futures price fluctuated upward. The main contract 2605 opened at 8,605 yuan/ton and closed at 8,845 yuan/ton, a change of 140 yuan/ton (1.61%) from the previous day's settlement. As of the close, the position of the 2605 main contract was 235,167 lots, and the total number of warehouse receipts on January 18, 2026, was 11,283 lots, a change of 144 lots from the previous day [1]. - Industrial silicon spot prices remained basically stable. According to SMM data, the price of oxygenated 553 silicon in East China was 9,200 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,800 yuan/ton, the price of oxygenated 553 silicon in Xinjiang was 8,600 - 8,800 yuan/ton, and the price of 99 silicon was 8,600 - 8,800 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained unchanged, and the price of 97 silicon was stable [1]. - As of January 15, the total social inventory of industrial silicon in major regions was 555,000 tons, a 0.54% increase from the previous week [1]. - The organic silicon DMC was quoted at 13,800 - 14,000 yuan/ton. This week, polysilicon production cuts continued, providing limited support for industrial silicon demand. Organic silicon maintained a staggered peak emission reduction policy and continued self - disciplined production cuts, also providing weak support for industrial silicon demand. The downstream demand for aluminum alloy showed marginal weakness, and the subsequent operating rate is expected to be stable to slightly weak. The recent cancellation of export tax rebates for photovoltaics may bring upward momentum to the demand side [1]. Supply - On the same day, a major factory in Xinjiang announced production cuts. The planned production in January is expected to decline significantly, which will positively impact the industrial silicon price. If the production cuts are effective, the supply of industrial silicon will contract significantly, and the inventory will shift from accumulation to depletion [2]. Strategy - Unilateral: Short - term range operation - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [3] Polysilicon Market Analysis - On January 19, 2026, the main polysilicon futures contract 2605 fluctuated upward, opening at 50,200 yuan/ton and closing at 50,505 yuan/ton, a 0.63% change from the previous trading day's closing price. The position of the main contract reached 44,571 lots (46,220 lots the previous trading day), and the trading volume on the day was 12,235 lots [3]. - Polysilicon spot prices remained stable. According to SMM statistics, the price of N - type material was 51.00 - 59.00 yuan/kg, and the price of N - type granular silicon was 50.00 - 59.00 yuan/kg [3]. - Polysilicon manufacturers' inventory increased, and silicon wafer inventory also increased. The latest statistics showed that polysilicon inventory was 321,000 tons, a 6.29% change from the previous period, silicon wafer inventory was 24.78GW, a - 5.53% change from the previous period, polysilicon weekly production was 21,500 tons, a - 9.66% change from the previous period, and silicon wafer production was 10.83GW, a 2.95% change from the previous period [3]. - The prices of domestic N - type 18Xmm silicon wafers were 1.39 yuan/piece, N - type 210mm were 1.69 yuan/piece, and N - type 210R silicon wafers were 1.49 yuan/piece [4]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W; PERC210 battery cells were about 0.28 yuan/W; TopconM10 battery cells were about 0.41 yuan/W; Topcon G12 battery cells were 0.41 yuan/W; Topcon210RN battery cells were 0.41 yuan/W. HJT210 half - cell batteries were 0.37 yuan/W [6]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.73 - 0.74 yuan/W, and N - type 210mm was 0.74 - 0.77 yuan/W [6]. - Recently, the Guangzhou Futures Exchange announced an adjustment to the minimum opening volume of the polysilicon futures 2701 contract, changing the minimum opening order quantity from 1 lot to 10 lots. The reduction of speculative funds makes the market fluctuations more in line with the supply - demand fundamentals, stabilizes the hedging effect, and strengthens the influence of industrial customers on prices [6]. Strategy - Unilateral: Short - term range operation, with the main contract expected to maintain a weak oscillation - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [7]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The nickel and stainless steel markets are experiencing intensified divergence between bulls and bears, showing a volatile and slightly weaker trend. The short - term trends of nickel and stainless steel are affected by multiple factors such as policy expectations, cost, demand, and technical adjustments, and they are expected to maintain a range - bound pattern [1][3]. 3. Summary by Related Content Nickel Variety - **Market Analysis** - **Futures**: On January 19, 2026, the main contract of Shanghai nickel opened at 141,500 yuan/ton and closed at 142,320 yuan/ton, a change of - 1.42% from the previous trading day. The trading volume was 949,372 (-375,848) lots, and the open interest was 83,210 (-14,515) lots. The contract showed a wide - range volatile downward trend, with an obvious outflow of funds. The core drivers include the game of Indonesia's nickel ore quota policy, the premium structure of spot goods, the demand transmission of stainless steel, and the high - level callback pressure on the technical side. The position - limit policy of the Shanghai Futures Exchange also had an impact [1]. - **Nickel Ore**: There were occasional inquiries in the nickel ore market but no transactions. The price of nickel ore was stable. In the Philippines, mines mainly fulfilled previous orders. The price of domestic ferronickel rebounded slightly, and domestic factories' attitude of bargaining for raw material nickel ore may ease due to pre - Chinese - New - Year stockpiling. In Indonesia, the domestic trade benchmark price in December (Phase I) dropped by 0.52 - 0.91 US dollars/wet ton, and the domestic trade premium was mainly at +25, with the premium range mostly between +25 - 26. The overall domestic trade price of nickel ore decreased [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 149,600 yuan/ton, a decrease of 4,700 yuan/ton from the previous trading day. Spot trading was average, and the spot premiums of refined nickel of various brands were mostly stable. The premium of Jinchuan nickel changed by 1,350 yuan/ton to 7,850 yuan/ton, the premium of imported nickel remained unchanged at 600 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 41,798 (-187) tons, and the LME nickel inventory was 285,708 (-24) tons [2]. - **Strategy** - The main contract of Shanghai nickel oscillated downward today, which is essentially the resonance of policy expectation correction and technical adjustment. In the short term, it may maintain a range - bound pattern between 138,000 - 148,000 yuan/ton. Attention should be paid to the implementation of Indonesia's quota, changes in spot premiums, and the recovery rhythm of stainless steel demand. Be vigilant against the callback risk caused by capital outflows. The strategy is mainly range - bound operation for the single - side position, and no operations are recommended for cross - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On January 19, 2026, the main contract of stainless steel opened at 12,720 yuan/ton and closed at 14,305 yuan/ton. The trading volume was 287,688 (-82,040) lots, and the open interest was 141,891 (-4,171) lots. The contract showed a bottom - hunting and rebound, with a volatile and slightly stronger trend, presenting a pattern of "cost support + demand game". The core logic lies in the upward cost of ferronickel, the price - holding by steel mills, and the inventory reduction of spot goods providing support, while the low acceptance of high prices by end - users and the fluctuation of Shanghai nickel dragging down the futures market. The divergence between bulls and bears is concentrated on the pre - Chinese - New - Year stockpiling rhythm and the implementation rhythm of Indonesia's quota [3]. - **Spot**: Affected by the weak upward movement of the futures market, the quotes of spot traders declined. In the Foshan area, due to the early expected Spring Festival holiday, the high - pressure of year - end payment collection, the strong wait - and - see sentiment of downstream users, and the weak trading volume, traders' phenomenon of selling at a discount increased, and the price was slightly lower than that in the Wuxi area. Although the current demand for stainless steel is still weak and the spot quotes have slightly adjusted, the market's available spot supply is still tight, and the inventory pressure of traders mainly dealing in spot goods is low. With cost support and the high - level support of the futures market, the market's sentiment of holding prices still exists, and the short - term price may remain firm. The stainless steel price in the Wuxi market was 14,300 (-100) yuan/ton, and in the Foshan market was 14,150 (-150) yuan/ton. The premium of 304/2B was 10 - 210 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 10.00 yuan/nickel point to 1,027.5 yuan/nickel point [3][4]. - **Strategy** - In the short term, it may maintain a range - bound pattern. Attention should be paid to the implementation rhythm of Indonesia's nickel ore quota, the price trend of ferronickel, and the downstream stockpiling intensity before the Spring Festival. The support strength of the cost side and the recovery situation of the demand side will determine the subsequent trend direction. The single - side position is neutral, and no operations are recommended for cross - period, cross - variety, spot - futures, and options [4].

Group 1: Investment Ratings - The investment strategy for both apples and red dates is neutral [4][8] Group 2: Core Opinions - Apple market: The overall trading of apples is slow, with a weak demand and a long - term impact from substitute fruits. Attention should be paid to the actual consumption during the Spring Festival stocking. The price shows a polarization trend, with high - quality fruits having price support and low - quality fruits having a weak price [3] - Red date market: Although there is a reduction in production, the supply situation remains loose due to the combination of old and new stocks. The market focus has shifted to the consumer side. Attention should be paid to the actual sales speed and inventory reduction performance during the traditional lunar month [7] Group 3: Market News and Key Data Apples - Futures: The closing price of the apple 2605 contract yesterday was 9345 yuan/ton, a change of - 196 yuan/ton from the previous day, a decrease of 2.05% [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.10 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, unchanged from the previous day. The spot basis of AP05 was - 1341 in Qixia and - 1141 in Luochuan, with an increase of 266 from the previous day [1] Red dates - Futures: The closing price of the red date 2605 contract yesterday was 8815 yuan/ton, a change of - 60 yuan/ton from the previous day, a decrease of 0.68% [5] - Spot: The spot price of first - grade grey dates in Hebei was 8.00 yuan/kg, a decrease of 0.20 yuan/kg from the previous day. The spot basis of CJ05 was - 815, a decrease of 140 from the previous day [5] Group 4: Recent Market Information Apples - In some sub - producing areas, the sales of apples have slightly improved during the Spring Festival stocking period, but the sales in the distribution areas are average, with serious backlogs in transit warehouses. The stocking in the producing areas may accelerate this week [2] Red dates - The acquisition of grey dates in Xinjiang has ended. The prices in different regions are different, and the acquisition adheres to the principle of high - quality and high - price. The prices in the Hebei and Guangdong markets are stable, and the downstream purchases according to demand [6] Group 5: Market Analysis Apples - The apple futures price opened low and closed low yesterday. The overall trading in the producing areas is slow, and the demand is weak. The substitution effect of other fruits is obvious. The Spring Festival is postponed this year, and the stocking period has also been postponed [3] Red dates - The red date futures price fluctuated at a low level yesterday. The acquisition in Xinjiang has ended, and the market focus has shifted to consumption. Although there is a reduction in production, the supply is still loose. The downstream starts to replenish goods, but the acceptance of high - price goods is average [7] Group 6: Figures - The report includes figures such as the market prices, contract closing prices, basis, and spreads of apples and red dates, as well as the production, consumption, inventory, and shipment volume of apples and red dates [10]

新能源及有色金属日报 | 2026-01-20 氧化铝现货价格持续回落 重要数据 铝现货方面：SMM数据，华东A00铝价23870元/吨，较上一交易日变化-160元/吨，华东铝现货升贴水-160元/ 吨，较上一交易日变化20元/吨；中原A00铝价23740元/吨，现货升贴水较上一交易日变化40元/吨至-290元/吨； 佛山A00铝价录23900元/吨，较上一交易日变化-160元/吨，铝现货升贴水较上一交易日变化20元/吨至-130元/ 吨。 铝期货方面：2026-01-19日沪铝主力合约开于23950元/吨，收于24090元/吨，较上一交易日变化-95元/吨，最 高价达24175元/吨，最低价达到23760元/吨。全天交易日成交424687手，全天交易日持仓337097手。 库存方面，截止2026-01-19，SMM统计国内电解铝锭社会库存74.9万吨，较上一期变化1.3万吨，仓单库存141475 吨，较上一交易日变化725吨，LME铝库存485000吨，较上一交易日变化-3000吨。 氧化铝现货价格：2026-01-19SMM氧化铝山西价格录得2620元/吨，山东价格录得2570元/吨，河南价格录得 265 ...

农产品日报 | 2026-01-20 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11705元/吨，较前交易日变动-275.00元/吨，幅度-2.30%。现货方面，河南地区 外三元生猪价格13.31元/公斤，较前交易日变动-0.03元/公斤，现货基差 LH03+1605，较前交易日变动+505；江苏 地区外三元生猪价格 13.65元/公斤，较前交易日变动+0.01元/公斤，现货基差LH03+1945，较前交易日变动+665； 四川地区外三元生猪价格12.97元/公斤，较前交易日变动+0.10元/公斤，现货基差LH03+1265，较前交易日变动+575。 据农业农村部监测，1月19日"农产品批发价格200指数"为129.69，比上周五上升1.45个点，"菜篮子"产品批发价格 指数为132.50，比上周五上升1.69个点。全国农产品批发市场猪肉平均价格为18.46元/公斤，比上周五上升2.2%； 牛肉65.67元/公斤，比上周五上升0.7%；羊肉63.55元/公斤，比上周五上升0.2%；鸡蛋8.13元/公斤，比上周五上升 4.2%；白条鸡17.63元/公斤，比上周五上升0.4%。 市场分析 周初生猪价 ...

Report Summary Industry Investment Rating No industry investment rating is provided in the given content. Core View The report focuses on the differentiation in the mid - stream industries and suggests paying attention to the release of downstream consumption. It presents recent events in the production and service industries, and analyzes the price and operation status of upstream, mid - stream, and downstream industries [1]. Detailed Summary by Directory 1. Mid - view Event Overview - **Production Industry**: From January 15th to 16th, China Aero - Engine's "Taihang 7", "Taihang 15", and "Taihang 110" gas turbine innovation and development demonstration projects passed the evaluation and acceptance of the National Energy Administration, which will drive the industrialization and commercialization of China's gas turbine industry [1]. - **Service Industry**: As of January 17th, 2026, since the full - island customs closure of Hainan Free Trade Port on December 18th, 2025, Haikou Customs supervised 4.86 billion yuan in off - island duty - free shopping, a 46.8% year - on - year increase; 745,000 shopping visitors, a 30.2% increase; and 3.494 million shopping items, a 14.6% increase [1]. 2. Industry Overview - **Upstream**: Copper prices declined slightly; egg and pork prices rebounded; PTA prices dropped [2]. - **Mid - stream**: PX and urea in the chemical industry maintained high operating rates; power plant coal consumption was at a low level [3]. - **Downstream**: Second - tier city commercial housing sales increased seasonally; domestic flight frequencies decreased slightly [4]. 3. Key Industry Price Index Tracking - **Agriculture**: On January 19th, the spot price of corn was 2,262.9 yuan/ton (up 0.38% year - on - year), eggs 7.9 yuan/kg (up 8.28%), palm oil 8,620 yuan/ton (down 2.31%), cotton 15,889.3 yuan/ton (up 0.74%), and the average wholesale price of pork 18.5 yuan/kg (up 2.33%) [36]. - **Non - ferrous Metals**: On January 19th, the spot price of copper was 101,140 yuan/ton (down 2.07%), zinc 24,402 yuan/ton (up 1.16%), aluminum 23,890 yuan/ton (down 1.98%), and nickel 146,416.7 yuan/ton (up 0.46%) [36]. - **Black Metals**: On January 19th, the spot price of rebar was 3,232.3 yuan/ton (down 0.42%), iron ore 833.9 yuan/ton (down 1.03%), wire rod 3,480 yuan/ton (down 0.50%), and glass 12.9 yuan/square meter (down 0.23%) [36]. - **Non - metals**: On January 19th, the spot price of natural rubber was 15,583.3 yuan/ton (down 1.48%), and the China Plastics City price index was 775.7 (up 1.34%) [36]. - **Energy**: On January 19th, the spot price of WTI crude oil was 59.3 US dollars/barrel (up 0.37%), Brent crude oil 64.1 US dollars/barrel (up 1.25%), liquefied natural gas 3,514 yuan/ton (down 0.90%), and coal 803 yuan/ton (up 0.88%) [36]. - **Chemical Industry**: On January 19th, the spot price of PTA was 5,019.8 yuan/ton (down 2.02%), polyethylene 6,840 yuan/ton (up 2.47%), urea 1,767.5 yuan/ton (up 1.29%), and soda ash 1,214.3 yuan/ton (down 0.35%) [36]. - **Real Estate**: On January 19th, the national cement price index was 134.5 (down 0.44% year - on - year), the building materials composite index increased by 0.03%, and the national concrete price index decreased by 0.18% [36].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The steel market sentiment is weak, and steel prices are expected to fluctuate. The iron ore market sentiment is pessimistic, and iron ore prices are expected to be weak. The coking coal and coke markets have limited supply - demand contradictions and are expected to fluctuate. The thermal coal market has increasing market waiting - and - seeing sentiment, and the coal prices in the production areas are running weakly [1][3][6][8] 3. Summary by Related Catalogs Steel Market Analysis - Yesterday, the main contract of rebar futures closed at 3140 yuan/ton, and the main contract of hot - rolled coil closed at 3299 yuan/ton. The spot steel transactions were generally weak, with the disk opening high and closing low, and the market speculation willingness was poor [1] Supply - Demand and Logic - The building material production is at a low level in the same period, and the daily average pig iron output has declined. Steel mills have successively announced winter storage policies, but the downstream winter storage willingness is insufficient. The building material fundamentals have limited contradictions, and the building material prices are expected to remain volatile. The high inventory of plates has always suppressed the price marginal elasticity, and the policy expectations have driven the long - term demand expectations. In the short term, the market sentiment is weak, and the prices depend on cost changes [1] Strategy - Unilateral: Fluctuation; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [2] Iron Ore Market Analysis - Yesterday, iron ore prices were weakly running. The spot prices of imported iron ore at Tangshan Port declined weakly, with less market transactions. The 47 - port arrival volume was 28.977 million tons, a decrease of 1.173 million tons compared with the previous period; the 45 - port arrival volume was 26.597 million tons, a decrease of 2.606 million tons compared with the previous period [3] Supply - Demand and Logic - In terms of supply, the shipments from Australia and Brazil continued to decline, while the shipments from non - mainstream countries continued to increase. The overall global shipments decreased. The demand for iron ore decreased last week, and the daily average pig iron output declined. The supply - demand contradiction of iron ore is increasing. In the short term, steel mills face winter storage replenishment, and iron ore prices will remain volatile [3] Strategy - Unilateral: Short on rallies; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [5] Coking Coal and Coke Market Analysis - Yesterday, the main contract of coking coal futures closed at 1174.5 yuan/ton, and the main contract of coke closed at 1721.0 yuan/ton, with the disk maintaining a range - bound operation. The customs clearance of Mongolian coal remained at a high level. The first round of coke price increase has not been implemented yet [6] Supply - Demand and Logic - Currently, the supply - demand contradiction of coke is limited, and there is a price game between steel and coking enterprises. Before the Spring Festival, the replenishment of steel mills is expected to further boost demand. In the short term, coke is expected to fluctuate. The supply of coking coal is increasing, but the fundamental contradiction is relatively controllable. Driven by the replenishment demand, the demand for coking coal is expected to continue to improve. The coking coal price has a bottom support [6] Strategy - Coking coal: Fluctuation; Coke: Fluctuation; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [7] Thermal Coal Market Analysis - In the production areas, the coal prices in the main production areas declined weakly. The terminal demand such as metallurgy, chemical industry, and power plants was for on - demand procurement. At the ports, the coal market prices were weakly running. The import coal market transactions were deserted [8] Supply - Demand and Logic - The market waiting - and - seeing sentiment is increasing, the supply in the production areas is gradually recovering, and the coal prices are fluctuating. In the long - term, the supply - loose pattern remains unchanged [8] Strategy - None [9]

Group 1: Glass and Soda Ash Report Industry Investment Rating - Glass: Oscillation [2] - Soda Ash: Oscillation with a downward bias [2] Core View - The glass and soda ash market has a weak performance. The glass market has a cold trading atmosphere, and the soda ash market is under pressure due to increased supply and weak demand [1]. Summary by Related Catalog - **Market Analysis** - Glass: The glass futures price dropped significantly yesterday, while the spot price remained stable. The trading atmosphere in both the futures and spot markets was cold [1]. - Soda Ash: The soda ash futures price oscillated yesterday, and the spot market was cautious, with downstream enterprises mainly making rigid - demand purchases [1]. - **Supply - Demand and Logic** - Glass: Although the supply - demand contradiction of glass has improved, the terminal rigid demand is difficult to break through in the off - season. The futures price maintains a premium in the short term, but it still needs to reduce prices to cut production due to high inventory. Attention should be paid to cold - repair and speculation [1]. - Soda Ash: The supply - demand contradiction of soda ash has increased. New production capacity and the resumption of some devices have led to increased supply, which suppresses prices. The downstream demand is weak, and if the weak reality continues, there will be further downward pressure. Attention should be paid to the changes in float - glass production lines and new soda - ash projects [1]. Group 2: Silicon Manganese and Silicon Iron Report Industry Investment Rating - Silicon Manganese: Oscillation [4] - Silicon Iron: Oscillation [4] Core View - The silicon manganese and silicon iron markets are in a weak adjustment state, with strong waiting - and - seeing sentiment [3]. Summary by Related Catalog - **Market Analysis** - Silicon Manganese: The silicon manganese futures price oscillated weakly yesterday. The spot market was average, with the mainstream steel - procurement price at 5920 yuan/ton, and the 6517 price in the northern market at 5600 - 5700 yuan/ton and in the southern market at 5700 - 5800 yuan/ton [3]. - Silicon Iron: The silicon iron futures price oscillated weakly yesterday. The spot price remained stable, and the overall transaction was okay, with the price of 72 - grade silicon iron in the main production area at 5250 - 5300 yuan/ton and 75 - grade at 5800 - 5850 yuan/ton [3]. - **Supply - Demand and Logic** - Silicon Manganese: The fundamentals of silicon manganese have improved, but the inventory pressure is still large, and there is new production capacity. Supply is still loose. The demand is expected to improve due to the expected increase in pig - iron output and pre - Spring - Festival steel - mill restocking. Attention should be paid to the cost support of manganese ore and production changes [3]. - Silicon Iron: The fundamental contradiction of silicon iron is controllable, and enterprises have actively reduced production. The demand is expected to improve due to steel - mill resumption and winter - storage restocking. However, the price increase is limited due to the expected decline in domestic electricity prices next year and overall over - capacity. Attention should be paid to inventory reduction and electricity - price policies [3].

1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints of the Report - The report provides a daily overview of the stock index options market, covering option volume, PCR, and VIX data for various stock index options on January 16, 2026 [1] 3. Summary by Relevant Catalogs Option Volume - On January 16, 2026, the trading volume of 50ETF options was 951,300 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,253,200 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2,206,500 contracts; the trading volume of Shenzhen 100ETF options was 73,500 contracts; the trading volume of ChiNext ETF options was 1,907,100 contracts; the trading volume of SSE 50 index options was 62,200 contracts; the trading volume of CSI 300 index options was 164,000 contracts; the total trading volume of CSI 1000 options was 424,800 contracts [1] - The table shows the call, put, and total trading volumes of various stock index ETF options on January 16, 2026 [20] Option PCR - The turnover PCR of 50ETF options was 0.81, with a month - on - month change of +0.09; the position PCR was 0.82, with a month - on - month change of - 0.07. Similar data is provided for other types of options, including CSI 300 ETF options, CSI 500 ETF options, etc. [2] - The table presents the turnover PCR, month - on - month change, position PCR, and month - on - month change of various stock index ETF options [33] Option VIX - The VIX of 50ETF options was 16.73%, with a month - on - month change of +0.14%. Similar data is given for other types of options, such as CSI 300 ETF options, CSI 500 ETF options, etc. [3] - The table lists the VIX and month - on - month change values of various stock index ETF options [47]