Group 1: Report Investment Rating - Unilateral trading: Cautiously bullish [5] - Arbitrage: Neutral [5] Group 2: Core View - The suspension of KZ and YP zinc delivery by the LME has limited impact. The brand's inventory in LME is only 600 tons and it's mainly for direct downstream sales, and delivery rights will be restored after procedure updates. Downstream consumption is entering the off - season, social inventory accumulation is slow, smelter raw material availability days are low, short - term TC is hard to rise, smelting comprehensive profit is difficult to repair, January production may be lower than expected, supply pressure is expected to decrease, zinc price has limited downside even with emotional pullbacks [4] Group 3: Key Data Spot - LME zinc spot premium: -$14.32/ton. SMM Shanghai zinc spot price: changed by 840 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. SMM Guangdong zinc spot price: changed by 860 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. Tianjin zinc spot price: changed by 840 yuan/ton to 25350 yuan/ton, spot premium: -25 yuan/ton [1] Futures - On 2026 - 01 - 15, SHFE zinc main contract opened at 24740 yuan/ton, closed at 25090 yuan/ton (up 500 yuan/ton from previous trading day), with trading volume of 502358 lots and positions of 142972 lots, intraday high: 25650 yuan/ton, intraday low: 24475 yuan/ton [2] Inventory - As of 2026 - 01 - 15, SMM seven - region zinc ingot inventory: 11.84 tons (down 0.05 tons from previous period). As of the same date, LME zinc inventory: 106700 tons (down 25 tons from previous trading day) [3]

农产品日报 | 2026-01-16 下游逢低采购，豆粕延续震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2605合约2740元/吨，较前日变动-11元/吨，幅度-0.40%；菜粕2605合约2283元/吨，较前 日变动-6元/吨，幅度-0.26%。现货方面，天津地区豆粕现货价格3170元/吨，较前日变动+10元/吨，现货基差M05+430， 较前日变动+21；江苏地区豆粕现货3070元/吨，较前日变动-10元/吨，现货基差M05+330，较前日变动+1；广东地 区豆粕现货价格3080元/吨，较前日变动跌-10元/吨，现货基差M05+340，较前日变动+1。福建地区菜粕现货价格 2500元/吨，较前日变动-10元/吨，现货基差RM05+217，较前日变动-4。 近期市场资讯，巴西全国谷物出口商协会表示，预计2026年1月份巴西大豆出口量373万吨，高于一周前预估的240 万吨，较去年同期的112万吨增长233%。 市场分析 当前港口高库存延续，整体供应较为充足，但市场仍对于一季度大豆到港存在一定担忧，叠加近期大宗商品普涨， 近期豆粕价格偏强运行。但综合来看，未来巴西大豆丰产带来的供应压力仍是最大影 ...

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View The central bank's "combination punch" of policies is expected to enhance market liquidity. The targeted support for the scientific and technological innovation field strengthens the growth driving force of the technology sector in the equity market. With the continuous release of macro - level liquidity, its positive effects are gradually permeating the equity market, injecting impetus for the long - term upward movement of stock indexes. It is recommended to buy IC and IM on the dips [3]. 3. Summary by Relevant Catalogs Macro Economy Charts (No detailed data analysis, just listing of charts) - Charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, US Treasury yields and A - share style trends [10][8] Spot Market Tracking Charts - Domestic main stock index daily performances on January 15, 2026: The Shanghai Composite Index closed at 4112.60, down 0.33% from the previous day; the Shenzhen Component Index was at 14306.73, up 0.41%; the ChiNext Index was at 3367.92, up 0.56%; the CSI 300 Index was at 4751.43, up 0.20%; the SSE 50 Index was at 3105.58, down 0.21%; the CSI 500 Index was at 8223.27, down 0.05%; the CSI 1000 Index was at 8240.78, down 0.20% [13] - Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Stock Index Futures Tracking Charts - Stock index futures trading volume and open interest: For IF, the trading volume was 145,842 (down 62,463), and the open interest was 306,187 (down 13,642); for IH, the trading volume was 58,884 (down 22,160), and the open interest was 92,963 (down 5,892); for IC, the trading volume was 195,398 (down 98,059), and the open interest was 325,259 (down 9,679); for IM, the trading volume was 247,764 (down 130,831), and the open interest was 395,211 (down 19,793) [15] - Stock index futures basis (futures - spot): For IF, the basis of the current - month contract was 0.57 (up 4.90); for IH, it was - 0.98 (up 2.09); for IC, it was - 5.87 (up 0.83); for IM, it was 14.02 (up 29.19) [37] - Stock index futures inter - delivery spread: For example, for the IF contract, the spread between the next - month and current - month contracts was - 0.40 (down 3.00) [42] - Charts show contract open interest, open interest ratio, foreign net open interest, basis, and inter - delivery spread of different stock index futures contracts [16][24][38]

Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [1][3] Core Viewpoints - The price of soybeans is under pressure at high levels, and the price of peanuts is expected to continue weak and stable fluctuations. The soybean market shows a characteristic of "not prosperous in the peak season" near the Spring Festival, and the high - protein soybean price is under obvious upward pressure. The peanut market is affected by factors such as supply, demand, and oil mill purchase prices [1][2][4] Summary by Related Catalogs Soybean Market Analysis - Futures: The closing price of the soybeans 2605 contract yesterday was 4333.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, with a change rate of +0.23%. - Spot: The edible soybean spot basis was A05 + 107, a change of - 10 from the previous day, with a change rate of 32.14%. Northeast soybean spot prices are stable and remain at a high level. The market - circulating grain sources are relatively tight, and downstream purchases are mostly for rigid needs, with the shipment rhythm generally gentle. Specific spot prices in different regions of Heilongjiang were provided [1] - Market Trends: The main soybean futures contract fluctuated narrowly yesterday. Southern soybean production and sales areas had stable prices, but the purchasing and sales atmosphere was continuously weak. The shipment in the production area was slow, and traders were reluctant to sell. The remaining grain in the market was limited. The sales area was dragged down by weak food - processing demand, and the purchasing enthusiasm was not high. CGS plans to put 3.02 tons of two - way purchase and sales soybeans on January 16, which may supplement low - price soybean sources [2] Strategy - The strategy for soybeans is neutral [1] Peanut Market Analysis - Futures: The closing price of the peanut 2603 contract yesterday was 7836.00 yuan/ton, a change of - 8.00 yuan/ton from the previous day, with a change rate of - 0.10%. - Spot: The average peanut spot price was 7982.00 yuan/ton, with a change of +0.00 yuan/ton from the previous day, and a change rate of +0.00%. The spot basis was PK03 - 836.00, a change of +8.00 from the previous day, with a change rate of - 0.95%. The average price of general peanuts in the national peanut market decreased by 9 yuan/ton. Different peanut prices in various regions and the average contract purchase price of oil - processing peanuts by oil mills were provided [3] - Market Trends: The main peanut futures contract fluctuated narrowly yesterday. The overall supply in the domestic peanut market is abundant, but the grain - selling rhythm at the grass - roots level in the production area is differentiated, and some holders still have a price - holding mentality. The purchase price of oil mills remains stable, providing a bottom support for the spot price. However, the downstream demand is weak, and the market transactions mainly depend on the arrival volume of oil mills. In the short term, peanut prices are expected to continue weak and stable fluctuations [4] Strategy - The strategy for peanuts is neutral [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading and position data of various market sectors, including the stock index, treasury bonds, basic metals, precious metals, energy chemicals, agricultural products, and black building materials, on January 15, 2026, along with their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - The report provides the trading volume, position amount, and trading - position ratio of multiple market sectors, as well as their changes compared to the previous trading day [1][2] 2. Stock Index Plate - On January 15, 2026, the trading volume was 984.469 billion yuan, a - 33.51% change from the previous trading day; the position amount was 1692.630 billion yuan, a - 4.14% change; the trading - position ratio was 57.87% [1] 3. Treasury Bond Plate - On January 15, 2026, the trading volume was 391.184 billion yuan, a - 7.16% change from the previous trading day; the position amount was 803.469 billion yuan, a + 0.10% change; the trading - position ratio was 48.28% [1] 4. Basic Metals and Precious Metals (Metal Plate) - On January 15, 2026, the basic metals trading volume was 1650.749 billion yuan, a + 24.25% change from the previous trading day; the position amount was 844.358 billion yuan, a - 1.19% change; the trading - position ratio was 188.81%. The precious metals trading volume was 1472.785 billion yuan, a + 10.92% change; the position amount was 616.250 billion yuan, a + 1.22% change; the trading - position ratio was 321.32% [1] 5. Energy Chemical Plate - On January 15, 2026, the trading volume was 572.472 billion yuan, a - 7.38% change from the previous trading day; the position amount was 481.431 billion yuan, a + 0.03% change; the trading - position ratio was 107.38% [1] 6. Agricultural Products Plate - On January 15, 2026, the trading volume was 294.058 billion yuan, a - 2.60% change from the previous trading day; the position amount was 616.292 billion yuan, a - 0.30% change; the trading - position ratio was 43.58% [1] 7. Black Building Materials Plate - On January 15, 2026, the trading volume was 187.874 billion yuan, a - 12.59% change from the previous trading day; the position amount was 329.159 billion yuan, a - 0.44% change; the trading - position ratio was 52.76% [2]

化工日报 | 2026-01-16 策略 单边：中性。当前价格不高，但下游隐性库存也累积到了高位，同时随着港口库存的回升，场内货源流动性增加， 供应压力下1~2月累库压力仍偏大，反弹空间受限 跨期：EG2603-EG2605反套 跨品种：无 风险 EG负荷继续提升，供应压力仍大 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3817元/吨（较前一交易日变动-50元/吨，幅度-1.29%），EG华东市场现货价 3677元/吨（较前一交易日变动-41元/吨，幅度-1.10%），EG华东现货基差-140元/吨（环比+4元/吨）。上周乙二醇显 性库存大幅堆积且近端到货依旧集中，现货基差走弱为主。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-73美元/吨（环比+3美元/吨），煤基合成气制EG生产毛利为-865 元/吨（环比+36元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为80.2万吨（环比+7.7万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为64.5万吨（环比+2.8万吨）。据CCF数据，上周华东主港实际到港总数16.6万吨，副 港到港量6.2万吨；本周华东主港 ...

Group 1: Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Report's Core View - The trading focus of apples is shifting downstream, with slow sales in the market and limited trading volume of fruit - growers' goods. The price of apples is affected by factors such as low inventory, weak demand, and competition from alternative fruits. For red dates, the acquisition in the production area is basically completed, and the market is in a state of oversupply. The key is to focus on downstream consumption and inventory reduction [3][7] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9807 yuan/ton, a change of - 127 yuan/ton from the previous day, a decrease of 1.28%. Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis of Qixia was AP05 + - 1607, a change of + 127 from the previous day; the spot basis of Luochuan was AP05 + - 1407, a change of + 127 from the previous day [1] Recent Market Information - In the production areas, the transaction of fruit - growers' goods is generally average. In Shaanxi, the price of general fruit - growers' goods in some areas has slightly loosened. In Gansu, the packaging and shipping are relatively stable. In Shandong, the transaction is average. The sales in the apple sales areas are slow, and there is still an impact from competing fruits. It is expected that the Spring Festival stocking will increase this week, with the price of high - quality goods remaining stable and the price of general fruit - growers' goods being stable and weak [2] Market Analysis - Yesterday, the apple futures price fluctuated weakly. The trading atmosphere in the production areas was light, and the current focus is gradually shifting to the demand side. Although the inquiries for fruit - growers' goods have increased, the actual trading volume is still limited. The overall quality of apples this year is not as good as in previous years, but the purchase price is relatively high, leading to a strong reluctance to sell. The Spring Festival stocking consumption situation needs to be followed up. The apple market last week was characterized by cold transactions in the main production areas and a slowdown in the sales area. The inventory in the cold storage is at a low level, and the inventory pressure has been relieved to some extent. The low excellent fruit rate supports the price [3] Strategy - Neutral. Continuously pay attention to the game between low inventory and weak demand and the production data after the bagging stage [4] Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 9040 yuan/ton, a change of - 90 yuan/ton from the previous day, a decrease of 0.99%. Spot: The price of first - grade gray dates in Hebei was 8.20 yuan/kg, unchanged from the previous day. The spot basis was CJ05 + - 930, a change of - 70 from the previous day [5] Recent Market Information - The acquisition of gray dates in Xinjiang production areas is basically completed. The prices in different regions vary. In the Hebei sales area, the processing plants mainly trade their own goods, and the market price is expected to be stable in the short term. In the Guangdong market, the arrival volume is 8 trucks, the market is full, and the price is stable [6] Market Analysis - The red date futures price fluctuated and closed down yesterday. The acquisition in the production area is basically completed, and the market focus is shifting to downstream consumption. The inventory reduction progress is slow, and the market is in a state of oversupply. With the approach of the traditional sales season in December, the terminal consumption and inventory reduction progress need to be focused on. The acquisition in Xinjiang has ended, and the production situation in each area is clear. The market has entered the Spring Festival stocking stage, and the inventory is decreasing while the arrival volume is increasing [7] Strategy - Neutral [8]

原油日报 | 2026-01-16 地缘溢价消退，油价延续回落 市场要闻与重要数据 1、 纽约商品交易所2月交货的轻质原油期货价格下跌2.83美元，收于每桶59.19美元，跌幅为4.56%；3月交货的伦 敦布伦特原油期货价格下跌2.76美元，收于每桶63.76美元，跌幅为4.15%。SC原油主力合约收跌2.34%，报442元/ 桶。（来源：Bloomberg） 2、 在美国成功对委内瑞拉采取军事行动后，美方正加强对古巴的辞令，信号显示除非这个由共产党执政的岛国 改变现状，否则华盛顿将对其采取更强硬的手段。美国国务院负责对外援助和人道主义事务的官员Jeremy Lewin 表示，古巴政府面临一个选择，如果古巴继续推行压制政策并窃取近期美国运抵的援助物资，该国将被追究责任。 长期以来，古巴一直是委内瑞拉的盟友，通过提供医疗、安全和情报人员来换取补贴石油。在美国的行动中，近 30名负责保护马杜罗的古巴特工丧生，他们的遗体于周四被运回古巴。（来源：Bloomberg） 3、 作为全球最大的独立石油贸易商之一，Gunvor再次涌入北海原油市场抢购现货，此时欧洲正面临来自哈萨克 斯坦的供应严重短缺。据监测关键定价窗口的交 ...

Report Summary 1) Report Industry Investment Rating - Not mentioned in the provided content 2) Core Viewpoints - The asphalt market has limited contradictions, with the asphalt futures showing a slight decline and the spot price generally stable, except for small drops in North China and Shandong. The asphalt market has shifted to a volatile trend after pricing in the expectation of tightened Venezuelan oil supply. The expectation of tightened Venezuelan oil supply to domestic asphalt refineries is gradually being realized, and there is still support at the cost - end. However, the key lies in the increase in cost and the change in asphalt yield after refineries adjust raw material oil types, and continuous attention is needed due to the uncertainty of the Iranian situation [1]. - The trading strategy suggests being cautiously bullish on the single - side, buying the main BU contract on dips, and allowing early bottom - fishing long positions to take appropriate profit. For the inter - period strategy, it is recommended to buy the BU2303/2306 spread on dips (positive spread). There are no strategies for cross - varieties, spot - futures, and options [2]. 3) Summary by Relevant Catalogs Market Analysis - On January 15, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3167 yuan/ton, a decrease of 2 yuan/ton or 0.06% from the previous settlement price. The open interest was 199,517 lots, a decrease of 3,810 lots from the previous day, and the trading volume was 159,746 lots, a decrease of 39,400 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3406 - 3500 yuan/ton; Shandong: 3030 - 3240 yuan/ton; South China: 3130 - 3250 yuan/ton; East China: 3180 - 3230 yuan/ton [1]. Strategy - Single - side: Cautiously bullish, buy the main BU contract on dips, and allow early bottom - fishing long positions to take appropriate profit [2]. - Inter - period: Buy the BU2303/2306 spread on dips (positive spread) [2]. - Cross - varieties: None [2]. - Spot - futures: None [2]. - Options: None [2]. Charts - The report contains multiple charts showing various aspects of the asphalt market, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest, production, consumption, and inventory levels [3].

Report Industry Investment Rating - LLDPE is rated neutral, and PP is rated neutral [5] Core Viewpoints - For PE, with the easing of the geopolitical situation in Iran, international oil prices have fallen from their highs. There is still an expectation of a decline in oil prices due to weak demand, weakening the cost - side support and slowing down the upward trend of the PE market. Supply - side maintenance has increased, and the demand side remains in the off - season. Although the upstream inventory has been transferred to traders, the de - stocking pressure persists [3] - For PP, short - term market sentiment has improved, and the expectation of supply reduction and cost - side support have boosted the price. The supply side has co - existed with maintenance and restart, and there is still an expectation of PDH device maintenance. The demand side has seen improved replenishment willingness but limited new orders. The overall inventory level is still high, and the sustainability of the short - term rebound depends on the scale of supply - side maintenance [4] Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 6785 yuan/ton (- 35), and the closing price of the PP main contract is 6592 yuan/ton (+2). The LL spot price in North China is 6750 yuan/ton (+0), and in East China is 6880 yuan/ton (+0). The PP spot price in East China is 6440 yuan/ton (+20). The LL basis in North China is - 35 yuan/ton (+35), in East China is 95 yuan/ton (+35), and the PP basis in East China is - 152 yuan/ton (+18) [1] 2. Production Profit and Operating Rate - The PE operating rate is 81.6% (- 2.1%), and the PP operating rate is 75.6% (+0.1%). The PE oil - based production profit is 133.0 yuan/ton (+49.0), the PP oil - based production profit is - 567.0 yuan/ton (+49.0), and the PDH - based PP production profit is - 648.0 yuan/ton (+167.4) [1] 3. Polyolefin Non - Standard Price Spread - No specific data on non - standard price spreads are provided in the text 4. Polyolefin Import and Export Profits - The LL import profit is 259.8 yuan/ton (+1.0), the PP import profit is - 242.2 yuan/ton (+166.9), and the PP export profit is - 57.5 US dollars/ton (- 21.2) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - The PE downstream agricultural film operating rate is 36.9% (- 1.0%), the PE downstream packaging film operating rate is 48.2% (- 0.8%), the PP downstream plastic weaving operating rate is 42.6% (- 0.3%), and the PP downstream BOPP film operating rate is 63.6% (+0.3%) [2] 6. Polyolefin Inventory - The upstream plastic petrochemical inventory has been de - stocked, and the inventory has been transferred to middle - stream traders. The downstream factories have carried out periodic replenishment, but there is still de - stocking pressure for PE under high supply. For PP, the upstream is actively de - stocking, the inventory has been transferred to traders, and the overall inventory level is still high [3][4]