行业 纯碱、玻璃日报 日期 2026 年 1 月 28 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 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 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 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） 请阅读正文后的声明 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 | 表1：纯碱、玻璃期货1月27日交易数据汇总 | | | | | | | | | | --- | --- | --- ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Due to the factors on the news front, the prices of black - series commodity futures have turned from weak to strong recently, and the changes in the fundamentals tend to show a basic balance between supply and demand. It is expected that there is a high possibility of a moderately strong oscillation in the future market. It is advisable to arrange medium - to long - term buy - hedging or investment positions on dips [10]. 3. Summary by Related Catalogs 3.1 Market Review and Future Outlook 3.1.1 Spot Market Dynamics and Technical Analysis - On January 26, the prices of some rebar and hot - rolled coil spot markets rose. The rebar price in Shenyang market increased by 30 yuan/ton, and the rebar prices in Hangzhou, Wuhan, Beijing, Baotou, and Chongqing markets rose by 10 - 20 yuan/ton. The hot - rolled coil prices in Nanchang, Baotou, Shenyang, Harbin, and Guangzhou markets increased by 10 - 20 yuan/ton, while the hot - rolled coil price in Shanghai market fell by 10 yuan/ton [8]. - The daily KDJ indicators of the rebar and hot - rolled coil 2605 contracts showed a divergent trend, with the J and K values continuing to rise and the D value continuing to decline, showing a trend of a golden cross. The daily MACD green bars of the rebar and hot - rolled coil 2605 contracts narrowed for two consecutive trading days [8]. 3.1.2 Future Outlook - News front: Europe and the United States will not impose additional tariffs on each other due to the Greenland issue for the time being, and the risk appetite of the global financial market has turned to recovery again. The US military is gathering in the Middle East, and Iran has become the focus of geopolitical attention again. The international crude oil and energy prices have been significantly boosted by the tense situation in the Middle East and the low - temperature weather in Eurasia, and the strong energy prices have partially spilled over to the metal commodity market [9][10]. - Fundamentals: The output of the five major steel products has increased slightly for four consecutive weeks, while the demand has declined, approaching the lowest level since mid - October last year and the second - lowest level since late February last year. Due to the weekly oversupply, the total inventory has started to increase. On the cost side, the spot price of iron ore has risen after significantly giving back the gains since December 25 last year, while the spot price of coke has been relatively stable after the fourth round of price cuts. However, urged by coke enterprises, more and more steel enterprises are considering accepting a new round of price increases for coke [10]. - Raw materials: The shipment volume of iron ore from Australia and Brazil has decreased by 4.7% on a four - week basis compared to the previous period, but the arrival volume has increased by 3.6%. The port iron ore inventory has reached a record high of 1.67 billion tons, and steel mills have replenished their iron ore stocks to a 23 - day available level. Independent coking enterprises have slightly reduced production after following the increase in production of steel enterprises in the past four weeks. The customs clearance volume of Mongolian coal has rebounded again since January 12. Except on January 16, the customs clearance volume of Mongolian coal at the Ganqimaodu Port has exceeded 190,000 tons again, and the supply of imported coal has rebounded again. Considering the cold weather in most of the north, the supply and demand are still relatively balanced [10]. 3.2 Industry News - China Iron and Steel Association: The industry should promote the application of energy - saving technologies based on the three - year summary of extreme energy efficiency to promote the green and low - carbon transformation of the steel industry [11]. - Production data of key steel enterprises in mid - January 2026: The average daily output of crude steel decreased by 0.9% month - on - month, the average daily output of pig iron increased by 1.8% month - on - month, and the average daily output of steel products increased by 3.0% month - on - month. The steel inventory of key steel enterprises increased by 7.3% compared with the previous ten - day period [11]. - Corporate performance: Shagang Co., Ltd. expects its net profit in 2025 to increase by 50.69% - 78.37% year - on - year; Bayi Iron and Steel Co., Ltd. expects a net loss of 1.85 - 2.05 billion yuan in 2025; Huaibei Mining Co., Ltd. expects its net profit in 2025 to decrease by about 69.21% year - on - year; Zhengzhou Coal and Electric Co., Ltd. expects a net loss of about 916 million yuan in 2025 [11][12]. - Market demand: China's demand for thermal coal decreased by 0.4% in 2025, and the proportion of the power industry further declined to 62.8% [12]. - International trade: Australia launched a safeguard measure investigation on imported pre - fabricated steel structures on January 23, 2026; Thailand decided to maintain the original anti - dumping tax rates on cold - rolled carbon steel coils and non - coils from the Chinese mainland, Taiwan region, and Vietnam for another five years on January 22, 2026 [12]. - International situation: The US Treasury Department imposed a new round of sanctions on entities and vessels related to Iran's energy and shipping systems on January 23; the world's crude steel output in December 2025 decreased by 3.7% year - on - year [12]. - Market expectation: The market believes that the probability of the Fed keeping interest rates unchanged in the January monetary policy meeting has reached 95% [13]. 3.3 Data Overview - The report provides multiple data charts, including the spot prices of rebar and hot - rolled coils in major markets, the weekly output of five major steel products, the steel mill inventory of five major steel products, the social inventory of rebar and hot - rolled coils in major cities, the blast furnace and electric furnace operating rates and capacity utilization rates, the national daily average pig iron output, the apparent consumption of five major steel products, and the basis between Shanghai rebar and hot - rolled coil spot and May contracts. The data sources are Mysteel and the Research and Development Department of CCB Futures [14][16][19].

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: January 27, 2026 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The zinc price may continue to show a high - level oscillation pattern. The price is likely to rise due to sentiment and news, but limited by the weak fundamental reality, it has limited power for continuous increase. There is a risk of oscillation and decline after repeated high - level movements [7] Group 4: Market Review - **Futures Market Quotes**: For SHFE zinc 2602, the opening price was 24,680 yuan/ton, the closing price was 24,645 yuan/ton, the highest was 24,805 yuan/ton, the lowest was 24,565 yuan/ton, the increase was 115 yuan, the increase rate was 0.47%, the position was 28,502 lots, and the position change was 203 lots. For SHFE zinc 2603, the opening price was 24,715 yuan/ton, the closing price was 24,725 yuan/ton, the highest was 24,880 yuan/ton, the lowest was 24,635 yuan/ton, the increase was 160 yuan, the increase rate was 0.65%, the position was 121,627 lots, and the position change was 1,452 lots. For SHFE zinc 2604, the opening price was 24,740 yuan/ton, the closing price was 24,795 yuan/ton, the highest was 24,930 yuan/ton, the lowest was 24,690 yuan/ton, the increase was 175 yuan, the increase rate was 0.71%, the position was 59,031 lots, and the position change was 9,748 lots. The main contract of SHFE zinc closed at 24,725 yuan/ton, up 160 yuan, an increase rate of 0.65%, with increased volume and positions. The 02 - 03 spread was - 80. On January 26th, LME zinc inventory decreased by 175 tons to 111,325 tons, LME0 - 3C was 32.62, and the SHFE - LME ratio was 7.50 [7] - **Market Situation**: The situation in Greenland has temporarily cooled down, while the situation in the Middle East has become tense. Trump threatened military intervention in the Iranian situation, driving up the risk - aversion sentiment. Precious metals rose rapidly, and the non - ferrous metals sector closed up across the board. The increases of tin and copper exceeded 1 percentage point. The center of SHFE zinc moved slightly higher, with the increase narrowing in the afternoon [7] - **Industry Fundamentals**: Some mines have routine maintenance before the Spring Festival, leading to a contraction in supply. Although smelters' raw material inventories are relatively sufficient, the processing fee negotiation in February is still supported by the tightening of mine - end supply. On the demand side, the end of environmental inspections and other factors have driven the recovery of the primary consumption start - up rate. However, downstream enterprises generally digest inventories at high zinc prices. As the Spring Festival approaches, small and medium - sized enterprises have gradually entered the holiday mode, and the overall procurement sentiment has become cautious [7] Group 5: Industry News - On January 26, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,145 - 24,355 yuan/ton, and Shuangyan zinc was traded between 24,225 - 24,405 yuan/ton. The mainstream transaction price of 1 zinc was between 24,075 - 24,285 yuan/ton. In the morning, the market quoted a premium of 50 - 70 yuan/ton to the SMM average price, with few quotes against the futures price [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,155 - 24,305 yuan/ton. The conventional brands in Ningbo quoted a premium of 95 yuan/ton to the 2602 contract and a premium of 40 yuan/ton to the Shanghai spot price [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded between 24,020 - 24,210 yuan/ton, and Zijin zinc was traded between 24,050 - 24,250 yuan/ton. The 1 zinc ingots were traded around 23,190 - 24,040 yuan/ton. Zijin zinc quoted a premium of 20 - 50 yuan/ton to the 2602 contract, Huxin zinc was quoted at around 25,510 yuan/ton to the 2602 contract. The 0 zinc ingots were quoted at a discount of 10 to a premium of 10 yuan/ton to the 2602 contract, and the Tianjin market was at a discount of about 70 yuan/ton compared with the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded between 24,090 - 24,285 yuan/ton. The mainstream brands quoted a premium of 15 yuan/ton to the 2603 contract. The price difference between Shanghai and Guangdong remained stable [8][9] Group 6: Data Overview - The report provides multiple charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM's seven - region weekly zinc ingot inventory, and LME zinc inventory, but specific data in the charts are not detailed in the text [12][15]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 27, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The spot market of container shipping to Europe shows signs of peaking and falling. The freight rate from Shanghai Port to European basic ports has declined for two consecutive weeks, and the SCFIS index has also dropped. Multiple shipping companies have lowered their quotes for late January. However, the sudden change in the resumption of shipping in the Red Sea may boost far - month contracts [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Spot Market**: The spot market shows signs of peaking and falling. The freight rate from Shanghai Port to European basic ports dropped 4.8% to $1595/TEU last weekend, and the SCFIS index dropped 4.9% to 1859.31 points on Monday. Many shipping companies have lowered their quotes for late January [8]. - **Red Sea Situation**: The resumption of shipping in the Red Sea has changed suddenly. Maersk redirected some ships via the Cape of Good Hope instead of the Suez Canal. Tensions in the Red Sea region may boost far - month contracts [8]. 2. Industry News - **Market Conditions**: From January 19 to 23, the container shipping market from China was weak. The freight rates of long - haul routes declined, dragging down the comprehensive index. The Shanghai Export Containerized Freight Index dropped 7.4% to 1457.86 points on January 23 [9]. - **Regional Situations**: In the European route, geopolitical risks have increased, and the European economy is not optimistic. In the Mediterranean route, the market freight rate continued to fall. In the North American route, the US economy faces challenges, and the market freight rate has adjusted [9][10]. - **Other News**: The US announced the second - stage plan for the Gaza cease - fire. There are differences between Netanyahu and Trump on this plan. Tensions between the Houthi rebels and Saudi Arabia in Yemen have escalated [10]. 3. Data Overview 1. Container Shipping Spot Prices - The SCFIS for the European route dropped 4.9% from January 19 to January 26, and the SCFIS for the US West route dropped 0.8% [12]. 2. Container Shipping Index (European Route) Futures Market - The trading data of container shipping futures to Europe on January 26 is provided, including the opening price, closing price, settlement price, etc. of different contracts [6].

行业 纸浆日报 日期 2025 年 1 月 27 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：刘悠然（纸浆） 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：冯泽仁（玻璃纯碱） 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 | | --- | 数据来源：Wind，建信期货研究发展部 纸浆期货 05 合约前结算价为 5400 元/吨，收盘价为 5 ...

Group 1: General Information - Reported industry: Eggs [1] - Report date: January 27, 2026 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - No investment rating information provided. Group 3: Core View - The market's bottom - fishing sentiment increased after New Year's Day this year, and the egg price was slightly stronger. With the late Spring Festival this year, the spot price continued to rise steadily in the middle and late January due to stocking demand, with a larger - than - expected increase. The near - month contracts were relatively strong, while the far - month contracts starting from 05 were weak. The seesaw market between near - and far - month contracts will continue, and the key factor is the spot performance. It is expected that the market will fluctuate narrowly before the Spring Festival, with no obvious trend in futures unilateral operation. After the festival, pay attention to the support level around 3 yuan [8]. Group 4: Market Review and Operation Suggestions Market Review | Contract | Pre - settlement price | Opening price | High price | Low price | Closing price | Change | Change rate | Volume | Open interest | Open interest change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2602 | 3059 | 3058 | 3089 | 3050 | 3069 | 10 | 0.33% | 11769 | 17465 | - 3695 | | Egg 2603 | 3064 | 3080 | 3101 | 3055 | 3069 | 5 | 0.16% | 272356 | 268815 | - 2167 | | Egg 2605 | 3530 | 3530 | 3549 | 3516 | 3527 | - 3 | - 0.08% | 33086 | 91330 | 201 | [7] Operation Suggestions - It is expected that the market will fluctuate narrowly before the Spring Festival, with no obvious trend in futures unilateral operation. After the festival, pay attention to the support level around 3 yuan [8] Group 5: Industry News Inventory - As of the end of December 2025, the monthly inventory of laying hens in the country was about 1.344 billion, a month - on - month decrease of 0.59% and a year - on - year increase of 5.00% [9] Replenishment - In December 2025, the monthly output of laying hen chicks in sample enterprises was about 39.59 million, basically the same as that in November. Compared with the same period in 2024, it decreased significantly. The total replenishment volume from September to December 2025 was about 157.49 million, less than that in the same period last year, indicating that the medium - term production capacity pressure may continue to ease [9] Group 6: Data Overview Elimination Volume - As of the three weeks before January 8, the national elimination volume of laying hens was 19.39 million, 19.82 million, and 18.96 million respectively, maintaining a relatively high level but slightly decreasing [17] Elimination Age - As of January 8, the average elimination age of laying hens was 484 days, the same as last week and 2 days earlier than last month [17]

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) 行业 国债日报 日期 2026 年 1 月 27 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 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26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 | 112.290 | 112.330 | 112.510 | 112.460 | 0.220 | 0.20 | ...

021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 行业 聚烯烃日报 日期 2026 年 1 月 27 日 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位： ...

Report Information - Reported industry: Oil and fat [1] - Date: January 27, 2026 [2] - Research team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information 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 EPA regulations enhanced the certainty of biodiesel demand, injecting optimism into the global vegetable oil market. Soybean oil futures were boosted by the policy expectations of US soybean oil. Palm oil prices were supported by supply concerns and Indian demand. Rapeseed oil followed the sector's rise, with short - term supply tightness providing price support. It is recommended to view oil and fat futures with a bullish and volatile mindset, expecting short - term upward potential [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: East China rapeseed oil traders quoted 05 + 950 for non - GMO first - grade rapeseed oil in March. Guangdong rapeseed oil traders quoted 05 + 280 for May - July. East China market first - grade soybean oil basis prices varied by period. East China 24 - degree palm oil prices also had different quotes for different months [7]. - **Operation Suggestions**: Treat oil and fat futures with a bullish and volatile mindset, expecting short - term upward potential. Pay attention to Canadian rapeseed and rapeseed meal ship purchases [8]. 3.2 Industry News - Malaysia's palm oil production decreased from January 1 - 25, with a 14.81% month - on - month decline according to SPPOMA, including a 15.28% decline in FFB yield and a 0.11% increase in OER. From January 1 - 20, MPOA reported a 14.43% month - on - month decline in production, with different declines in different regions [10]. 3.3 Data Overview - The report presents multiple data charts, including the spot prices of South China 24 - degree palm oil, East China third - grade rapeseed oil, and East China fourth - grade soybean oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the spreads of palm oil contracts, and exchange rates of USD to RMB and USD to Ringgit [14][17][23]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2026, precious metals, especially industrial precious metals, will continue to be strong, but the large inflow of speculative funds has also increased price volatility. Investors are advised to maintain a bullish trading mindset but control position sizes, while short - hedgers should appropriately reduce the hedging ratio [4] - Geopolitical risks, the safe - haven demand brought by the US mid - term elections, the liquidity premium from global central banks' joint easing, and the weakening of the US dollar exchange rate will drive the price of London gold to 5300 - 5500 US dollars per ounce in 2026 [6] - The price of London silver is expected to rise to 130 - 145 US dollars per ounce in 2026, London platinum to 3000 - 3200 US dollars per ounce, and London palladium to 2200 - 2350 US dollars per ounce [6] 3. Summary by Relevant Catalogs 3.1 Precious Metal Market Conditions and Outlook 3.1.1 Intraday Market - Geopolitical risks have increased the safe - haven demand for precious metals, and the weakening of the US dollar index has enhanced the pricing currency factor. As a result, external precious metal prices have continued to rise. London gold has broken through the 5100 US dollars per ounce mark, and industrial precious metals such as silver, platinum, and palladium have seen larger increases. The adjustment risk in the precious metal market was fully released in late December 2025 [4] 3.1.2 Medium - term Market - Due to Trump's new policy focus shifting to the military, the pressure of the mid - term elections, and the central banks' shift from balance - sheet reduction to expansion, the US dollar index will continue to be weak. This, along with other factors, will push the price of London gold to 5300 - 5500 US dollars per ounce in 2026 [6] - The silver price may reach higher levels due to factors such as supply - demand imbalance and low inventory. The price of London silver is expected to reach 130 - 145 US dollars per ounce in 2026 [6] - The price of London platinum is expected to reach 3000 - 3200 US dollars per ounce in 2026, and the price of London palladium is expected to be 2200 - 2350 US dollars per ounce [6] 3.2 Precious Metal Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against the Shanghai Gold Exchange's Au(T + D), gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets [8][10][12] 3.3 Main Macroeconomic Events/Data - Trump threatened to impose a 100% tariff on Canada if it reaches and advances a trade agreement with China. Canadian Prime Minister Justin Trudeau encouraged Canadians to buy domestic products without directly responding to the threat [18] - Japanese Prime Minister Hayasaka Sanae said the government will take necessary measures against speculative market movements. The yen's sharp depreciation near the 160 mark against the US dollar led to speculation about US - Japan joint intervention [18] - In January, the US business activity remained stable. The improvement in new orders was offset by a weak labor market and concerns about cost increases due to tariffs. The preliminary US composite PMI in January was 52.8, and the final University of Michigan consumer confidence index rose to 56.4, with the one - year inflation expectation dropping to 4.0% [18] - An Iranian senior official warned that any attack would be regarded as a full - scale war. Trump said the US has a fleet heading to Iran but hopes not to use it, and he also warned Iran not to kill protesters or restart the nuclear program [19]