Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: January 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a wide - range volatile trend with pressure on the upside and support on the downside. Short - term pulp prices are affected by the sector and weak downstream procurement [8] Group 4: Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,342 yuan/ton, and the closing price was 5,388 yuan/ton, a rise of 0.86%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,750 - 5,650 yuan/ton, remaining stable compared with the previous trading day's closing price, with the Shandong Yinxing quotation at 5,400 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the foreign market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, coniferous pulp by 7.6% year - on - year, and broad - leaf pulp by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 22, 2026, the weekly pulp inventory in major regions and ports was 2.0198 million tons, a month - on - month increase of 3.37%. On the demand side, the market purchase and sales rhythm slowed down, the raw material stocking intention of downstream paper enterprises decreased, the pre - holiday restocking was gradually ending, and the support from the demand side of the pulp market weakened [8] Group 5: Industry News - On January 27, Nantong Data Bureau released an environmental assessment acceptance notice. The 2 - million - ton natural cellulose project of Golden Hongye Paper (Nantong) Co., Ltd.'s APP Rudong Base was officially announced. The total investment of the project is about 16.395 billion yuan, with a construction period of 36 months. It mainly serves the Rudong Base's household paper - making and the planned Phase IV project, with 1.6 million tons to be supplied as wood pulp for the existing in - plant Phase I and Phase II household paper projects. The project uses the chemical sulfate pulping process [9] - On January 28, Leshan Shawan District People's Government website announced that Sichuan Fuhua Yuantai Bamboo Fiber Co., Ltd. plans to build a bamboo - based fiber and specialty paper project. The project is located in the papermaking and paper products industrial park of Hulu Group, Sichuan Shawan Economic Development Zone. The main construction contents and scale include: a single - line annual production line of 300,000 tons of bleached chemical bamboo pulp (bamboo - based fiber), a supporting annual production line of 400,000 tons of specialty paper, specifically including 150,000 tons/year of food and medical packaging paper, 150,000 tons/year of wiping paper, 100,000 tons/year of bamboo - based fiber materials (fluff pulp), and supporting public works and environmental protection facilities [9] Group 6: Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar to RMB exchange rate [15][17][19][23][25][27]

日期 2026 年 1 月 30 日 行业 鸡蛋 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: January 30, 2026 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - For soda ash, the overall supply - demand pattern remains supply - exceeding - demand. Although the chemical market sentiment has improved recently and the short - term trend may be oscillatingly strong, the upward space is limited in the long - term, and there is no expectation for going long. It's not advisable to blindly place long orders before the core contradiction of oversupply is fundamentally resolved [8]. - For glass, the industry is in a new stage of capacity clearance. Short - term supply contraction will support prices, but weak downstream real - estate data and inventory accumulation expectations suppress the upward movement of the market. The price is expected to be oscillatingly strong before substantial positive factors are realized. It is recommended to gradually reduce short positions and pay attention to supply - demand changes and raw material price support [9]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On January 29, the main soda ash contract SA605 rose significantly, closing at 1,224 yuan/ton, up 31 yuan/ton or 2.59% from the previous day, with an intraday increase of 6,800 lots [7]. - This week, the soda ash market faces both increasing supply and shrinking demand. There is a slight inventory accumulation, and the trend is expected to continue. The downstream float glass industry is weak, and the real - estate market has not improved substantially, so the demand for soda ash is weak. With the cold - repair of float glass production lines, the consumption support for soda ash further weakens [8]. Glass - On January 29, 2025, the main glass futures contract FG2605 turned from decline to rise. The spot price of glass is stable but weak, and the industry is generally in a loss state. The supply of float glass is tightening, and the cold - repair of production lines is accelerating. The inventory pressure is high, and the pre - holiday restocking is basically over. The market is in a capacity clearance stage, and short - term supply contraction supports prices, but weak downstream real - estate data and inventory accumulation expectations suppress the market [9]. 2. Data Overview - The report provides various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly output, soda ash enterprise inventory, central China heavy soda market price, and flat glass output, with data sources from Wind and iFind [12][17][20]

行业 国债日报 日期 2026 年 1 月 30 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货1月29日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 112.090 | 112.230 | 112.170 | 112.180 | 0.080 | 0.07 | ...

研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 行业 棉花 日期 2026 年 1 月 30 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉大缩量收涨。现货方面，最新棉花价格指数 328 级在 16103 元/吨，较上 一交易日涨 170 元/吨。20 ...

行业 原油日报 日期 2026 年 1 月 30 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 请阅读正文后的声明 每日报告 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 一、行情回顾与操作建议 | | | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | ...

Report Information - Report Date: January 30, 2026 [2] - Report Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - Not provided in the report 2. Core View - The domestic oil and fat futures market continued its strong trend, with all three major oil and fat contracts rising. The expected release of final regulations by the US EPA and concerns about a potential US military attack on Iran boosted the market. It is recommended to approach oil and fat futures with a bullish and volatile mindset, expecting further upward movement in the short term [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The table shows the trading data of various oil and fat futures contracts, including opening price, high price, low price, closing price, change, change rate, trading volume, open interest, and change in open interest. Additionally, it provides price quotes from traders in different regions [7] - **Operation Suggestions**: Approach oil and fat futures with a bullish and volatile mindset, expecting further upward movement in the short term [8] 3.2 Industry News - **Malaysian Palm Oil Production**: From January 1 - 25, 2026, Malaysian palm oil production decreased by 14.81% month - on - month, with FFB yield down 15.28% and OER up 0.11%. From January 1 - 20, 2026, production decreased by 14.43% month - on - month, with different declines in different regions [9] - **Brazilian Soybean Exports**: In January 2026, Brazilian soybean exports are estimated to be 3.23 million tons, an 188% increase from the same period last year. The expected export volume for 2026 is a record 112 million tons [9] 3.3 Data Overview - The report includes various charts showing the spot prices and basis changes of different oils and fats, as well as price spreads and exchange rates, with data sourced from Wind and the Research and Development Department of CCB Futures [12][15][17] 3.4 Other Information - The Fed kept interest rates unchanged on Wednesday due to high inflation but strong economic growth. Two Fed governors opposed a 25 - basis - point rate cut. US President Trump supported legislation to expand E15 ethanol gasoline sales [16]

＃summary＃ 每日报告 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 投资咨询证书号：Z0023472 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2026 年 1 月 29 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 | | | | | | 表1：1月28日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流 ...

Group 1: Report Information - Report Name: Copper Futures Daily Report [2] - Date: January 29, 2026 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Group 2: Core Views - Copper prices rebounded after hitting the bottom. Trump's statement on the US dollar intensified the market's bearish sentiment towards the US dollar, and the market's bullish sentiment increased during the day, causing Shanghai copper to recover its overnight losses. The spot price rose by 290 to 101,660, and the discount narrowed by 25 to 240. The spot import loss narrowed to around 430. The LME 0 - 3 contango widened to 93.8. The continuous inventory build - up in the LME market led to the collapse of the local price difference structure. The C - L spread was - 6, and there was further pressure on LME inventory build - up. COMEX inventory was also rising continuously. It is expected that the pressure on the domestic and foreign spot markets will increase in the short term. However, current copper prices are more affected by macro factors. With the Fed's interest - rate meeting approaching, it is widely expected that the Fed will pause rate cuts. Trump's statement on the US dollar and the change of the Fed chairman are putting pressure on the US dollar. It is expected that copper prices are likely to rise rather than fall under the background of a weak US dollar [11] Group 3: Industry News - The Shanghai Futures Exchange announced that it agreed to register the "Jiangtong" brand Grade A copper produced by Jiangtong Guoxing (Yantai) Copper Co., Ltd. on the exchange. The registered production capacity is 180,000 tons, and the standard price is implemented. As of the announcement date, the above products can be used for the performance and delivery of the Shanghai Futures Exchange's cathode copper futures contracts [11] - A report released by Bain & Company shows that mining companies are using mergers and acquisitions (M&A) as a core growth strategy, which is driving the transaction market in Canada to reach its highest level in more than a decade. This strategic shift is due to multiple pressures faced by enterprises: continuously rising capital costs, lengthening development cycles of mining projects, and increasingly fierce market competition for high - quality mining assets. These three factors are reshaping the way mining enterprises achieve growth and improve operational efficiency. Bain & Company estimates that the number of global mining transactions with a scale of over $500 million in 2025 will increase by about 45% compared to 2024. Mining enterprises are choosing to achieve scale expansion and enhance operational resilience through mergers and acquisitions rather than investing in new greenfield development projects. The report also predicts that the next round of mining M&A transactions will be larger in scale and more complex in structure, and the success or failure of M&A operations will be a key factor in determining whether an enterprise can gain an advantage in the long - term in the industry [11]

行业 锌期货日报 日期 2026 年 1 月 29 日 021-60635740 期货从业资格号：F3075681 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2602 | 24680 | 24645 | 24805 | 24565 | 115 | 0.47 | 28502 | 203 | | 沪锌 | 2603 | 24715 | 24725 | 24880 | 24635 | 160 | 0.65 | 121627 | 1452 | | 沪锌 | 2604 | 24740 | 24795 | 24930 | 24690 | 175 | 0.71 | 59031 ...