1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The steel market is in a state of weak trading, with steel prices remaining volatile. The iron ore market is mainly under observation, and iron ore prices are fluctuating. The coking coal and coke market has relatively loose supply and demand, and prices are also fluctuating. The thermal coal market shows rising prices at the pithead, while downstream trading remains in a stalemate [1][3][5][7] 3. Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 3,158 yuan/ton, and the main contract of hot-rolled coil closed at 3,303 yuan/ton. Spot steel trading was generally weak, with prices basically stable and small fluctuations in the market. Purchases were mainly for low-cost essential needs, with few speculative and spot-futures transactions [1] - **Supply and Demand Logic**: For building materials, the fundamentals have slightly weakened. Steel mills are resuming production quickly, while downstream winter storage replenishment is delayed, leading to a rebound in inventory. However, as it is the consumption off-season for steel, the market has a relatively high tolerance for inventory. For plates, the fundamental contradictions are limited, but high inventory always suppresses price elasticity. In the short term, prices depend on cost changes [1] - **Strategy**: The unilateral strategy is to expect fluctuations, and there are no specific strategies for inter-period, inter-variety, spot-futures, or options [2] Iron Ore - **Market Analysis**: The iron ore futures prices fluctuated slightly. The prices of mainstream imported iron ore varieties at Tangshan ports also fluctuated slightly. Traders' enthusiasm for quoting was average, and quotes mostly followed the market. Steel mills' purchases were mainly for essential needs. The total iron ore sales at major national ports reached 841,000 tons, a 11.78% increase from the previous day. The cumulative sales of forward spot iron ore were 1.515 million tons (11 transactions), a 156.78% increase from the previous day, with 1.165 million tons sold by mines [3] - **Supply and Demand Logic**: Currently, with high iron ore valuations, global shipments remain at a high level, and the total inventory has been rising continuously. The liquidity of some port supplies has been locked up, and the actual fundamentals of iron ore are better than the statistical data. High ore prices stimulate supply. If the negotiations are finalized later, port supplies may cause a supply shock, and there is great uncertainty in the long - term iron ore market. In the short term, with steel mills resuming production and winter storage replenishment, iron ore prices will maintain a fluctuating trend. Future attention should be paid to the progress of iron ore negotiations and steel mills' replenishment [3] - **Strategy**: The unilateral strategy is to expect fluctuations, and there are no specific strategies for inter - period, inter - variety, spot - futures, or options [4] Coking Coal and Coke - **Market Analysis**: The main contracts of coking coal and coke futures fluctuated downward. The price of coking coal for furnace use increased, and coking profits were somewhat restored. The supply in the production areas has been steadily increasing, and the customs clearance volume of Mongolian coal has rapidly recovered, with the price of Mongolian No. 5 raw coal around 1,060 - 1,080 yuan/ton [5] - **Supply and Demand Logic**: The supply - demand pattern of the coke market is currently relatively balanced, and coke prices are temporarily stable. On the raw material side, coking coal prices have recently increased, and the market has high purchasing enthusiasm with large order volumes. Coking plants' production enthusiasm is average, as is the downstream purchasing enthusiasm. For raw materials, downstream buyers mostly purchase as needed, and coal mines' production enthusiasm is at a normal level. In the short term, the coke market will mainly remain stable, and prices may continue to fluctuate. Future attention should be paid to steel mills' production resumption and replenishment. For coking coal, supply and demand are loose, imports have increased, domestic high - quality production capacity has been released, and the inventory at ports and factories is at a high level, with great pressure to reduce inventory. In the short term, it will also mainly fluctuate. Future attention should be paid to changes in supply and demand and downstream replenishment progress [6] - **Strategy**: The strategy for coking coal and coke is to expect fluctuations, and there are no specific strategies for inter - period, inter - variety, spot - futures, or options [6] Thermal Coal - **Market Analysis**: In the production areas, the overall situation is still strong, with good non - power and other terminal demand, and normal downstream replenishment. Most coal mines have good sales, with many coal - hauling trucks, and prices continue to rise. However, some coal mines have poor sales, and prices have been slightly reduced. Currently, coal mines say that transactions are mainly through long - term agreements, and there are few market coal transactions. Later, coal prices may stabilize. At ports, trading remains sluggish. Affected by the inverted upstream shipping prices, port quotes are relatively high, but most downstream buyers are observing, with only sporadic inquiries. There are serious differences in the market. Some believe that there is an expectation of Spring Festival replenishment, and with continuous upstream price increases, the willingness to hold prices is strong under cost support. Some market participants believe that current downstream consumption is lower than expected and that the price increase at the pithead is not sustainable, so they have a strong willingness to sell [7] - **Demand and Logic**: Recently, coal prices have continued to rise slightly, but downstream demand has not met expectations, and the temperature is relatively high in the coming week, so there are still differences in views. However, the supply elasticity of coal is large, and attention should be paid to changes in the supply pattern, non - power coal consumption, and replenishment [7] - **Strategy**: No specific strategy is provided [7]

1. Report Industry Investment Ratings - Aluminium: Neutral [9] - Alumina: Cautiously Bearish [9] - Aluminium Alloy: Neutral [9] - Arbitrage: Neutral [9] 2. Core Viewpoints - The high - level volatility of Shanghai aluminium prices has increased, suppressing consumption. Although it's the off - season, the rapid inventory accumulation due to the late Spring Festival makes short - term price downward transmission difficult. Macro factors are the long - term driving force for price increase, but short - term large fluctuations caused by capital need to be watched out [6]. - In the alumina market, the electrolytic aluminium procurement price in the spot market is still falling slightly, the cost of bauxite is under pressure, the supply is in surplus, and the social inventory is increasing. Although there is a large amount of capital inflow, there is no support for the absolute price increase [7][8]. 3. Summary by Relevant Catalogs 3.1 Aluminium Price and Inventory - **Spot Aluminium**: On January 13, 2026, the price of East China A00 aluminium was 24,300 yuan/ton, with a change of - 40 yuan/ton compared to the previous trading day. The spot premium and discount of East China aluminium was - 60 yuan/ton, with a change of 40 yuan/ton compared to the previous trading day. Similar price and premium/discount data were also provided for Central China and Foshan [1]. - **Futures Aluminium**: On January 13, 2026, the main contract of Shanghai aluminium opened at 24,750 yuan/ton, closed at 24,375 yuan/ton, with a change of - 210 yuan/ton compared to the previous trading day. The trading volume was 825,553 lots, and the position was 370,981 lots [2]. - **Inventory**: As of January 13, 2026, the domestic social inventory of electrolytic aluminium ingots was 730,000 tons, with a change of 16,000 tons compared to the previous period. The warrant inventory was 100,762 tons, with a change of 3,349 tons compared to the previous trading day. The LME aluminium inventory was 494,000 tons, with a change of - 1,825 tons compared to the previous trading day [2]. 3.2 Alumina Price and Inventory - **Spot Alumina**: On January 13, 2026, the SMM alumina prices in Shanxi, Shandong, Henan, Guangxi, Guizhou were 2,630 yuan/ton, 2,580 yuan/ton, 2,660 yuan/ton, 2,735 yuan/ton, 2,775 yuan/ton respectively. The Australian alumina FOB price was 310 US dollars/ton [2]. - **Futures Alumina**: On January 13, 2026, the main contract of alumina opened at 2,869 yuan/ton, closed at 2,780 yuan/ton, with a change of - 59 yuan/ton (- 2.08%) compared to the previous trading day's closing price. The trading volume was 964,869 lots, and the position was 553,364 lots [2]. 3.3 Aluminium Alloy Price, Inventory, Cost and Profit - **Price**: On January 13, 2026, the procurement prices of Baotai civil raw aluminium and mechanical raw aluminium were 18,000 yuan/ton and 18,300 yuan/ton respectively, with no change compared to the previous day. The Baotai quotation of ADC12 was 23,500 yuan/ton, with no change compared to the previous day [3]. - **Inventory**: The social inventory of aluminium alloy was 68,200 tons, and the in - factory inventory was 64,500 tons [4]. - **Cost and Profit**: The theoretical total cost was 22,988 yuan/ton, and the theoretical profit was 312 yuan/ton [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The methanol market is affected by multiple factors. In the port area, the geopolitical situation in Iran is an important variable for the methanol market. Currently, the total inventory pressure at Chinese methanol ports is high, dragging down the port basis, and there are maintenance expectations for MTO units, which may weaken the future de - stocking expectations. In the inland area, coal - based methanol maintains high - level operations, and the inventory of inland factories is in a continuous recovery cycle, while the traditional downstream is in a seasonal off - season [2][3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents various charts related to methanol basis and inter - period spreads, including the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][21] 2. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and import spreads such as the difference between Taicang methanol and CFR China, as well as spreads between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][25][26] 3. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P开工 rate (including integrated units), inland factory sample inventory, and China's methanol开工 rate (including integrated units) is presented through charts [6][32][41] 4. Regional Price Differences - The report provides charts on regional price differences, such as the difference between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][38][46] 5. Traditional Downstream Profits - Charts show the production gross margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][52][54]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Put on hold [9] 2. Core View of the Report - Due to geopolitical tensions and potential inflation, the precious metals market is expected to remain strong. Gold and silver prices are likely to show an oscillating and strengthening pattern in the near future, and the gold-silver ratio is expected to continue to narrow [1][8]. 3. Summary by Relevant Catalogs Market Analysis - Geopolitical tensions are escalating as the US President Trump cancelled talks with Iranian officials, asked US citizens to leave Iran, and was briefed on military and covert operation options against Iran. In terms of inflation, the US CPI and core CPI in December 2025 remained unchanged from the previous value, but the data's reference value for predicting the Fed's future policy path may be weakened. The market expects the Fed to keep rates unchanged in January 2026 with a probability of 95% [1]. Futures Quotes and Trading Volumes - On January 13, 2026, the Shanghai gold futures main contract opened at 1026.86 yuan/gram and closed at 1027.18 yuan/gram, a change of 0.09% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. During the night session, it opened at 1028.82 yuan/gram and closed at 1031.00 yuan/gram, up 0.37% from the afternoon close. The Shanghai silver futures main contract opened at 20,900.00 yuan/kilogram and closed at 21,004.00 yuan/kilogram, a change of 0.28% from the previous trading day's close. The trading volume was 1,141,819 lots, and the open interest was 334,660 lots. During the night session, it opened at 21,431 yuan/kilogram and closed at 21,943 yuan/kilogram, up 4.47% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On January 13, 2026, the US 10-year Treasury yield closed at 4.175%, unchanged from the previous trading day, and the 10-2 year spread was 0.647%, also unchanged [3]. Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On the Au2602 contract, the long positions decreased by 6,633 lots compared with the previous day, and the short positions decreased by 4,147 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 370,792 lots, a decrease of 12.15% from the previous trading day. On the Ag2604 contract, the long positions increased by 6,499 lots, and the short positions increased by 1,632 lots. The total trading volume of silver contracts on the previous trading day was 2,382,636 lots, a decrease of 3.72% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,070.80 tons, unchanged from the previous trading day. The silver ETF position was 16,348 tons, an increase of 40 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On January 13, 2026, the domestic gold premium was -6.49 yuan/gram, and the domestic silver premium was -546.66 yuan/kilogram. The ratio of the main gold and silver contracts on the SHFE was approximately 48.90, a change of -0.19% from the previous trading day, and the overseas gold-silver ratio was 54.57, a change of -2.90% from the previous trading day [6]. Fundamental Analysis - On January 13, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 58,002 kilograms, a change of 1.00% from the previous trading day. The trading volume of silver was 700,304 kilograms, a change of 70.30% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 3,000 kilograms [7]. Strategy - Gold: It is expected that the gold price will mainly show an oscillating and strengthening pattern in the near future, and the oscillation range of the Au2602 contract may be between 1010 yuan/gram and 1050 yuan/gram [8]. - Silver: The silver price is slightly stronger than gold, and the gold-silver ratio is expected to continue to narrow. The silver price is also expected to maintain an oscillating and strengthening pattern, and the oscillation range of the Ag2604 contract may be between 21,000 yuan/kilogram and 23,000 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Put on hold [9]

1. Report's Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests continuing to monitor the impact of the Iran geopolitical situation on oil prices and their cost transmission to BZ (benzene) and EB (styrene). Benzene's fundamentals are still weak, with port inventories at a historical high and low downstream demand. Styrene's port inventory decreased more than expected, with a slow recovery in production and continued downstream procurement [1][2][3]. 3. Summary by Relevant Catalog I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene's main basis is - 129 yuan/ton (+39), and the East China pure benzene spot - M2 spread is - 195 yuan/ton (+10 yuan/ton). Styrene's main basis is 157 yuan/ton (+61 yuan/ton) [1]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - For pure benzene, the CFR China processing fee is 132 dollars/ton (+8 dollars/ton), and the FOB Korea processing fee is 130 dollars/ton (+10 dollars/ton). For styrene, the non - integrated production profit is 375 yuan/ton (-21 yuan/ton) and is expected to gradually compress. Downstream of pure benzene, caprolactam production profit is - 755 yuan/ton (-125), phenol - ketone production profit is - 776 yuan/ton (+93), aniline production profit is 909 yuan/ton (+64), and adipic acid production profit is - 841 yuan/ton (-77). Downstream of styrene, EPS production profit is 87 yuan/ton (+35 yuan/ton), PS production profit is - 213 yuan/ton (+85 yuan/ton), and ABS production profit is - 692 yuan/ton (+178 yuan/ton) [1][2]. III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 32.40 million tons (+0.60 million tons), and its operating rate further decreased due to low processing fees. Styrene's East China port inventory is 100,600 tons (-31,700 tons), East China commercial inventory is 59,900 tons (-17,400 tons), and the operating rate is 70.9% (+0.7%) [1][2][3]. IV. Operating Rates and Production Profits of Styrene's Downstream - EPS operating rate is 46.72% (+3.07%), PS operating rate is 58.90% (-1.50%), and ABS operating rate is 69.80% (-0.10%) [1][2]. V. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam operating rate is 74.22% (-1.30%), phenol operating rate is 85.50% (+4.50%), aniline operating rate is 61.31% (+1.50%), and adipic acid operating rate is 67.60% (-0.60%) [1]. Strategies - Unilateral: Cautiously go long on EB2603 for hedging, and take a neutral stance on BZ. - Basis and Inter - period: Go short on the spread of BZ2603 - BZ2605 when it is high. - Cross - product: Go long on EB2602 and short on BZ2603 [4].

1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [4] - The investment rating for the corn industry is neutral [6] 2. Core Views - For the soybean meal market, although the current port inventory is high and the overall supply is sufficient, the market is still worried about the soybean arrival in the first quarter. Coupled with the recent general rise in commodities, the soybean meal price has been running strongly recently. However, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is the most important influencing factor, and attention should be paid to the growth of Brazilian soybeans and USDA reports [3] - For the corn market, the inventories of deep - processing and feed enterprises are gradually increasing and are currently mainly purchasing on demand, but they are still lower than the historical average. With the approaching of the Spring Festival, there will still be certain stocking needs in the future. Attention should be paid to spot purchase and sales, imports, and grain auctions [5] 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2761 yuan/ton, down 29 yuan/ton or 1.04% from the previous day; the closing price of the rapeseed meal 2605 contract was 2314 yuan/ton, down 16 yuan/ton or 0.69% from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3170 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 3080 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3100 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2530 yuan/ton, down 30 yuan/ton [1] - Market Information: Brazil exported 646,000 tons of soybeans in the first two weeks of January, with a daily average export volume of 108,000 tons, a 121% increase from the daily average in January last year. As of last Thursday, the harvest progress of Brazilian soybeans in the 2025/26 season was 0.6%, exceeding 0.3% in the same period last year. The US soybean export inspection volume in the week ending January 8, 2026, was 1.53 million tons, higher than the market expectation of 800,000 - 1.275 million tons. The US soybean inventory in the quarter ending December 1, 2025, was 3.29 billion bushels, a 6% increase from the same period in 2024 [2] Market Analysis - The current high port inventory and sufficient supply, along with concerns about the first - quarter soybean arrival and the general rise in commodities, have led to a recent strong performance in soybean meal prices. However, the future supply pressure from the bumper harvest of Brazilian soybeans is the key factor [3] Strategy - Cautiously bearish [4] 3.2 Corn and Corn Starch Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2284 yuan/ton, down 6 yuan/ton or 0.26% from the previous day; the closing price of the corn starch 2603 contract was 2561 yuan/ton, down 5 yuan/ton or 0.19% from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [4] - Market Information: Brazil exported 1.674 million tons of corn in the first two weeks of January, with a daily average export volume of 279,000 tons, a 71% increase from the daily average in January last year. The US corn export inspection volume in the week ending January 8, 2026, was 1.49 million tons, within the market expectation of 900,000 - 1.575 million tons. The US corn inventory in the quarter ending December 1, 2025, was 13.282 billion bushels, a 10% increase from the same period in 2024 [4] Market Analysis - The inventories of deep - processing and feed enterprises are gradually increasing and are currently purchasing on demand, but they are still lower than the historical average. With the approaching Spring Festival, there will be stocking needs, and attention should be paid to spot purchase and sales, imports, and grain auctions [5] Strategy - Neutral [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cost side still has a boost, and attention should be paid to the implementation process of maintenance. The market sentiment has improved, driving the prices of PE and PP to continue to rebound, but the improvement in the supply - demand fundamentals of both is limited. The short - term rebound sustainability of PP depends on the increase in the scale of supply - side maintenance, and the rebound drive of PE may weaken after the sentiment fades [1][3][4] - For trading strategies, it is recommended to cautiously go long on LLDPE and PP for hedging, and the market may continue to fluctuate strongly in the short term [5] Summary by Related Catalogs Market News and Important Data - **Price and Basis**: The closing price of the L main contract was 6,766 yuan/ton (+29), and that of the PP main contract was 6,545 yuan/ton (-15). LL spot prices in North China and East China were 6,670 yuan/ton (+90) and 6,750 yuan/ton (+100) respectively, while PP spot price in East China was 6,250 yuan/ton (+0). LL basis in North China was -96 yuan/ton (+61), in East China was -16 yuan/ton (+71), and PP basis in East China was -295 yuan/ton (+15) [1] - **Upstream Supply**: PE operating rate was 83.7% (+0.4%), and PP operating rate was 75.5% (-1.3%) [1] - **Production Profit**: PE oil - based production profit was 104.8 yuan/ton (+17.2), PP oil - based production profit was -535.2 yuan/ton (+17.2), and PDH - based PP production profit was -722.0 yuan/ton (+53.5) [1] - **Imports and Exports**: LL import profit was 160.2 yuan/ton (+58.7), PP import profit was -365.7 yuan/ton (-33.2), and PP export profit was -36.5 US dollars/ton (-1.1) [2] - **Downstream Demand**: PE downstream agricultural film operating rate was 37.9% (-1.1%), packaging film operating rate was 49.0% (+0.6%), PP downstream plastic weaving operating rate was 42.9% (-0.2%), and BOPP film operating rate was 63.2% (+0.0%) [2] Market Analysis - **PE**: The bottom - rebound of oil prices has strengthened cost support. Although the supply - demand fundamentals have improved slightly, it is not a substantial reversal. The supply pressure remains due to the expected increase in low - cost imported goods and the return of some devices to produce standard products. The demand is still weak, and the de - stocking pressure exists under high supply [3] - **PP**: Short - term market sentiment has improved, and the supply - side reduction expectation and cost support have boosted prices. The supply pressure has been relieved in the short term, but the demand support may gradually weaken. The overall inventory level is still high, and the short - term rebound sustainability depends on the increase in the scale of supply - side maintenance [4] Strategy - **Unilateral**: Cautiously go long on LLDPE and PP for hedging. Pay attention to the upstream maintenance dynamics [5] - **Inter - period**: Not provided - **Inter - variety**: Not provided

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The bond market fluctuates between stable growth and easing expectations, and short - term attention should be paid to policy signals at the end of the month. Influenced by the stock market, the Political Bureau meeting released a signal of loose money, the LPR remained unchanged, and the Fed's interest - rate cut expectation continued while the uncertainty of global trade increased the uncertainty of foreign capital inflows [3]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) had a 0.20% month - on - month increase and a 0.80% year - on - year increase; China's PPI (monthly) had a 0.20% month - on - month increase and a - 1.90% year - on - year decrease [9]. - Monthly economic indicators: The social financing scale was 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan (+0.54%); M2 year - on - year was 8.00%, with a month - on - month decrease of 0.20% (-2.44%); the manufacturing PMI was 50.10%, with a month - on - month increase of 0.90% (+1.83%) [10]. - Daily economic indicators: The US dollar index was 99.18, with a day - on - day increase of 0.30 (+0.30%); the US dollar against the offshore RMB was 6.9739, with a day - on - day increase of 0.003 (+0.04%); SHIBOR 7 - day was 1.52, with a day - on - day increase of 0.05 (+3.39%); DR007 was 1.55, with a day - on - day increase of 0.06 (+3.84%); R007 was 1.68, with a day - on - day increase of 0.17 (+11.44%); the inter - bank certificate of deposit (AAA) 3M was 1.61, with a day - on - day increase of 0.01 (+0.52%); the AA - AAA credit spread (1Y) was 0.09, with a day - on - day increase of 0.00 (+0.52%) [11]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - On January 13, 2026, the closing prices of TS, TF, T, and TL were 102.33 yuan, 105.63 yuan, 107.85 yuan, and 111.35 yuan respectively, and their price changes were 0.00%, 0.04%, 0.06%, and 0.28% respectively [3]. - The average net basis of TS, TF, T, and TL was 0.036 yuan, 0.000 yuan, 0.015 yuan, and 0.058 yuan respectively [3]. 3. Overview of the Money Market Funding Situation - On January 13, 2026, the central bank conducted a 358.6 billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% through a quantity - tendering method [2]. - The main - term repurchase rates of 1D, 7D, 14D, and 1M were 1.391%, 1.523%, 1.534%, and 1.559% respectively, and the repurchase rates had rebounded recently [2]. 4. Spread Overview No specific numerical or detailed information provided other than the figure names. 5. Two - Year Treasury Bond Futures No specific numerical or detailed information provided other than the figure names. 6. Five - Year Treasury Bond Futures No specific numerical or detailed information provided other than the figure names. 7. Ten - Year Treasury Bond Futures No specific numerical or detailed information provided other than the figure names. 8. Thirty - Year Treasury Bond Futures No specific numerical or detailed information provided other than the figure names. Strategies - Unilateral strategy: As the repurchase rate rebounds, the price of treasury bond futures fluctuates [4]. - Arbitrage strategy: Pay attention to the decline of the 2603 basis [4]. - Hedging strategy: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [4].

Report Summary 1. Investment Rating - Unilateral: Cautiously bullish [5] - Arbitrage: Neutral [5] 2. Core View - The absolute valuation of zinc is low, and long - term macro factors are still bullish. The report remains optimistic about consumption. Although consumption enters the traditional off - season, zinc consumption maintains relative strength, and the inventory accumulation rate is slow. The supply pressure is expected to decrease quarter - on - quarter, and zinc shows relative resistance to decline under capital disturbances [4]. 3. Summary by Category Market Data - **Spot**: LME zinc spot premium is - $40.90 per ton. SMM Shanghai zinc spot price is 24,330 yuan per ton, up 190 yuan from the previous trading day, with a premium of 70 yuan per ton; SMM Guangdong zinc spot price is 24,290 yuan per ton, up 200 yuan, with a premium of 30 yuan per ton; Tianjin zinc spot price is 24,260 yuan per ton, up 190 yuan, with a premium of 0 yuan per ton [1]. - **Futures**: On January 13, 2026, the SHFE zinc main contract opened at 24,215 yuan per ton, closed at 24,235 yuan per ton, up 205 yuan. The trading volume was 152,709 lots, and the open interest was 68,022 lots. The highest price was 24,735 yuan per ton, and the lowest was 24,035 yuan per ton [2]. - **Inventory**: As of January 13, 2026, the total inventory of SMM seven - region zinc ingots was 118,300 tons, down 200 tons from the previous period. The LME zinc inventory was 106,900 tons, up 100 tons from the previous trading day [3]. Market Analysis - The raw material inventory of smelters has increased slightly, and the enthusiasm for purchasing domestic ores has declined. The domestic ore TC remains stable, while the imported ore TC continues to decline. The Antamina's latest quotation is 0 - 10 dollars per ton. The raw material available days of smelters are not high, and the short - term TC is difficult to rise. The comprehensive smelting profit is difficult to repair, and the output in the first quarter may still be lower than expected, so the supply pressure is expected to continue to decrease quarter - on - quarter. Consumption enters the traditional off - season, but zinc consumption maintains relative strength, the inventory accumulation of social inventory is slow, and the spot premium remains [4]. Strategy - **Unilateral**: Cautiously bullish [5] - **Arbitrage**: Neutral [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various market sectors on January 13, 2026, including transaction volume, holding amount, and transaction - holding ratio, as well as their changes compared to the previous trading day [1][2] Summary by Directory I. Plate Liquidity - There are figures showing the transaction - holding ratio, turnover change rate, holding volume, holding amount, trading volume, and turnover of each plate [4][5][6][8] II. Stock Index Plate - On January 13, 2026, the stock index plate had a turnover of 1156.535 billion yuan, a 21.00% increase from the previous trading day; the holding amount was 1692.154 billion yuan, a 2.61% increase; the transaction - holding ratio was 67.58% [1] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change, and the top 20 net holding ratio trend of each variety in the stock index plate [5] III. Treasury Bond Plate - On January 13, 2026, the treasury bond plate had a turnover of 293.472 billion yuan, a 15.00% decrease from the previous trading day; the holding amount was 803.107 billion yuan, a 0.51% increase; the transaction - holding ratio was 35.74% [1] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [5] IV. Base Metals and Precious Metals (Metal Plate) - On January 13, 2026, the base metals plate had a turnover of 1439.677 billion yuan, a 16.88% increase from the previous trading day; the holding amount was 847.182 billion yuan, a 5.41% increase; the transaction - holding ratio was 171.94%. The precious metals plate had a turnover of 1135.177 billion yuan, a 26.93% increase from the previous trading day; the holding amount was 574.338 billion yuan, a 13.57% increase; the transaction - holding ratio was 261.03% [1] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change rate, and the top 20 net holding ratio trend of each variety in the metal plate [5] V. Energy and Chemical Plate - On January 13, 2026, the energy and chemical plate had a turnover of 528.107 billion yuan, a 3.26% increase from the previous trading day; the holding amount was 474.387 billion yuan, a 2.54% increase; the transaction - holding ratio was 102.32% [1] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical plate [5] VI. Agricultural Products Plate - On January 13, 2026, the agricultural products plate had a turnover of 324.420 billion yuan, a 21.09% increase from the previous trading day; the holding amount was 616.639 billion yuan, a 2.28% increase; the transaction - holding ratio was 49.84% [1] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [5][6] VII. Black Building Materials Plate - On January 13, 2026, the black building materials plate had a turnover of 238.983 billion yuan, a 12.85% decrease from the previous trading day; the holding amount was 330.525 billion yuan, a 1.78% increase; the transaction - holding ratio was 67.26% [2] - There are figures showing the price change, transaction - holding ratio, changes in precipitation funds, precipitation funds trend, turnover change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [6]