行业 原油日报 日期 2026 年 1 月 23 日 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 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） 请阅读正文后的声明 一、行情回顾与操作建议 | 表1： | | 行情回顾(美元/桶) | | | | | | | --- | --- | --- | --- | --- | --- ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - In the spot market, both supply and demand are decreasing month - on - month, and the spot price will fluctuate. In the futures market, the supply of live pigs is expected to increase slightly, the proportion of second - fattening pigs is still high compared to the same period last year, the current epidemic situation is sporadically occurring seasonally without continuous spread, and after the Spring Festival, it will enter the off - season of consumption. Therefore, the 03/05 contracts will mainly fluctuate weakly [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 22nd, the main 2603 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line at the end of the session. The highest price was 11,600 yuan/ton, the lowest was 11,480 yuan/ton, and the closing price was 11,600 yuan/ton, up 1.09% from the previous day. The total open interest of the index decreased by 1,201 lots to 339,236 lots [6] - **Spot Market**: On the 22nd, the average price of ternary pigs nationwide was 12.87 yuan/kg, down 0.1 yuan/kg from the previous day [6] - **Supply Side**: Currently, the utilization rate of second - fattening pens is relatively high compared to the same period last year, and there are still pigs to be slaughtered. In January, the planned slaughter volume of sample breeding enterprises decreased by 3.1% month - on - month. In the second half of the month, the enthusiasm of breeders to slaughter increased, and the overall slaughter weight has not changed much [7] - **Demand Side**: Second - fattening is mainly in a wait - and - see state. After the demand for curing and sausage - making ended, the demand has decreased significantly. Terminal consumer demand is average, the orders of slaughtering enterprises have decreased, and the operating rate and slaughter volume of slaughtering enterprises have slightly decreased. On January 22nd, the slaughter volume of sample slaughtering enterprises was 178,800 heads, an increase of 500 heads from the previous day, a decrease of 7,000 heads week - on - week, and a decrease of 19,000 heads month - on - month [7] 3.2 Industry News - From January 8th - 14th, the average sales price of 15kg piglets in the market was 425 yuan/head, an increase of 62 yuan/head from the previous week [10] - As of January 15th, the expected cost of self - breeding and self - raising was 12.15 yuan/kg, an increase of 0.02 yuan/kg week - on - week. The cost of fattening with purchased piglets was affected by both feed prices and piglet prices. The expected cost of fattening purchased piglets to 125kg and then slaughtering was 12.24 yuan/kg, an increase of 0.49 yuan/kg week - on - week [10][11] 3.3 Data Overview - As of January 15th, the average profit per head of self - breeding and self - raising was +25.8 yuan/head, an increase of 25.8 yuan/head week - on - week; the average profit per head of fattening with purchased piglets was - 100.5 yuan/head, an increase of 29.3 yuan/head week - on - week [20] - In the week ending January 15th, the average slaughter weight of live pigs was 128.85kg, an increase of 0.31kg from the previous week, a week - on - week increase of 0.24%, a decrease of 1.33kg from the previous month, a month - on - month decrease of 1.02%, and an increase of 5.89kg from the same period last year, a year - on - year increase of 4.79% [20]

农产品研究团队 请阅读正文后的声明 行业 油脂 日期 2026 年 1 月 23 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 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 ＃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 华东菜油贸易商报价：华东 3 月转三菜，05+720。华东现货转基因一菜， 05+1300，三菜 05+650 3-5 ...

研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 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(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 报告类型 股指日评 日期 2026 年 1 月 23 日 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 1 月 22 日，万得全 A 放量上涨，高开后震荡回落，午后有所回升，收涨 0.44%， 全市超 3500 支个股上涨；沪深 300、中证 500、中证 1000 收盘分别上涨 0.01%、 0.57%、0.75%，上证 50 收盘下跌 0.46%。期货方面，IF、IH 主力合约收跌 0.07%、 0.40%，IC、IM 主力合约分别收涨 0.35%、0.75%（按收盘价计算）。 | 表1:股指期货、现货行情数 ...

Report Overview - Report Date: January 23, 2026 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The Zhengzhou cotton futures market has been oscillating and rising. The domestic cotton spot price is supported by a firm basis, while the international cotton price remains weak, leading to a widening gap between domestic and foreign cotton prices. The demand side of the cotton yarn market shows a differentiated trend, with high - count yarn orders better than medium - and low - count yarns. In the short term, Zhengzhou cotton has entered a wide - range oscillating adjustment phase, and the strategy of buying on dips remains unchanged [7][8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton oscillated and rose. The latest 328 - grade cotton price index was 15,839 yuan/ton, up 20 yuan/ton from the previous trading day. The mainstream basis for machine - picked cotton in southern Xinjiang and northern Xinjiang was relatively high. The price of pure cotton yarn remained stable overall, with high - count yarn prices strong due to low production capacity and high demand, while the transaction focus of air - spun and low - count yarns moved slightly downward. The shipment of all - cotton grey cloth in some local markets was acceptable, and thin plain grey cloth had relatively better sales [7] - **Domestic Market Data**: As of January 21, 2026, the cumulative national cotton inspection was 7.0601 million tons, an increase of 19,900 tons from the previous day, with 6.9698 million tons in Xinjiang, an increase of 18,000 tons. Recently, cotton merchants have increased their purchases of cotton spot, and the basis for cotton spot sales has gradually risen [8] - **Market Situation and Suggestions**: The domestic cotton spot price is difficult to fall due to the firm basis, while the international cotton price is weak, resulting in a continuous high gap between domestic and foreign cotton prices. The import volume of cotton yarn has increased recently. The demand side of the cotton yarn market is differentiated. With limited changes in fundamentals, Zhengzhou cotton has entered a wide - range oscillating adjustment phase in the short term, and the low - buying strategy remains unchanged [8] 3.2 Industry News - The US Trade Representative Greer said that Trump plans to visit China in April, and there may be a new round of trade negotiations between China and the US before the visit, focusing on basic goods and services and avoiding sensitive issues such as technology and rare earths. The Chinese Foreign Ministry spokesman called on both sides to implement the consensus of the heads of state to inject stability into economic and trade cooperation [9] 3.3 Data Overview - The report provides multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates between the US dollar and the Chinese yuan and the Indian rupee, with data sources from Wind and the Research and Development Department of CCB Futures [12][17][27]

1. Report Details - Report Name: Zinc Futures Daily Report [1] - Date: January 22, 2026 [2] 2. Research Team - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 3. Investment Rating - Not provided in the report 4. Core View - Despite the narrowing decline of the zinc futures due to the sentiment of the non - ferrous metals sector, the industry has a mix of bullish and bearish factors. The market is expected to continue digesting previous gains, with short - term technical support at the 24,000 yuan/ton level [7] 5. Section Summaries 5.1 Market Review - In the futures market, the main contract of SHFE zinc closed at 24,350 yuan/ton, down 50 yuan or 0.2%. The trading volume increased while the open interest decreased by 4,200 to 121,693 lots. On January 21, LME zinc inventory decreased by 450 tons to 111,850 tons, with LME0 - 3C at 43.57 and the SHFE - LME ratio at 7.62. On the industry side, the zinc ore import window is open, but the actual increase in imported ore is limited, and the processing fee for imported ore continues to decline. The decline in TC has slowed down and may be near the bottom. In December, refined zinc production decreased significantly, and although it is expected to rise slightly in January, the zinc ingot import window remains closed, so supply pressure is limited. On the demand side, the start - up rate of primary consumption has declined. After the end of environmental protection policies, affected enterprises may resume production, but due to the seasonal off - season and high zinc prices squeezing downstream profit margins, some enterprises have entered equipment maintenance and holiday mode, and the recovery of production is expected to be limited [7] 5.2 Industry News - On January 21, 2026, the mainstream transaction price of 0 zinc was 24,145 - 24,355 yuan/ton, and that of 1 zinc was 24,075 - 24,285 yuan/ton. In different regions, such as Ningbo, Tianjin, and Guangdong, the transaction prices and premium/discount situations vary [8][9] 5.3 Data Overview - The report presents figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources including Wind, SMM, and the research and development department of Jianxin Futures [13][17]

行业 镍日报 日期 2026 年 1 月 22 日 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 镍观点： 21 日镍价宽幅震荡，隔夜欧美股市重挫导致市场避险情绪升温，镍价跟随有 色板块走弱跌至 14 万下方，国内白天时段再度转强，收盘上涨 0.39%报 143060， 日线收长下影，高低点振幅超过 6000，总持仓小幅增加 2 千手至 39.2 万手。8-12% 高镍生铁出厂均价持平上日报 1028.5 元/镍点，市场看涨情绪较强带动议价区间 上行；电池级硫酸镍价格跌 85 至 33375 元/吨；中间品 MHP 系数维持高位，短 ...

Report Information - Report Title: Aluminum Daily Report [1] - Date: January 22, 2026 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - Overnight, the sharp decline of European and American stock markets led to a rise in market risk aversion, causing the aluminum price to drop to a minimum of 23,660 yuan/ton. However, during the domestic daytime, the market sentiment remained relatively high, and the aluminum price rebounded above 24,000 yuan. The main contract 2603 closed at 24,155 yuan, with a gain of 0.56%. The total open interest increased by 15,000 lots to 714,000 lots [7]. - The adjustment of aluminum price has driven the overall purchasing sentiment of downstream industries to warm up, but the overall attitude remains cautious. The spot premium is expected to continue to be under pressure. The premium in East China was -150 yuan, -250 yuan in Central China, and -115 yuan in South China [7]. - The prices of domestic and overseas ores continued to operate weakly at a low level. The oversupply pressure of alumina remained unchanged, and the price continued to decline [7]. - The supply side of electrolytic aluminum remained stable. The new electrolytic aluminum projects in China and Indonesia continued to increase production, but the short-term increment was limited. The high aluminum price still inhibited the terminal demand. However, benefiting from the demand for finished product inventory preparation as the Spring Festival approached, the demand side still had a certain degree of resilience. The continuous inventory accumulation of aluminum ingots put some pressure on the market [7]. - Currently, the aluminum price is still dominated by macro and capital factors. Due to the fluctuation of macro sentiment and the previous rapid rise, the aluminum price is expected to continue to adjust in the short term [7]. Summary by Directory 1. Market Review and Operation Suggestions - The aluminum price was affected by the sharp decline of European and American stock markets overnight, but rebounded during the domestic daytime. The main contract closed with a gain, and the open interest increased [7]. - The purchasing sentiment of downstream industries improved, but remained cautious. The spot premium was under pressure [7]. - The prices of domestic and overseas ores and alumina continued to decline [7]. - The supply of electrolytic aluminum was stable, and the demand had some resilience. The inventory accumulation of aluminum ingots put pressure on the market [7]. - The short-term aluminum price is expected to continue to adjust [7]. 2. Industry News - Nineteen air-conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, jointly launched the implementation work of the "aluminum replacing copper" series of standards, which triggered market discussions. Some brand stores said they would launch aluminum-made household air-conditioning products as early as 2026, while others had no such plan [8]. - Lizhong Group said that its production and operation had been stable in recent years, and the overall capacity utilization rate had gradually increased. The second phase of the 3.6 million ultra-lightweight aluminum alloy wheel project in its Mexican factory with a capacity of 1.8 million had been initially put into production. The third factory in Thailand with an annual production capacity of 3 million cast-rotated aluminum alloy wheels was expected to be put into production next year. The high-performance aluminum alloy new material projects newly built in Chongqing, Huaian, Changchun, Thailand and other places would be put into production successively from the fourth quarter of this year to next year [10]. - India's state-owned National Aluminium Company (Nalco) plans to start the mining of the Pottangi bauxite mine in Odisha in June 2026 to support the expansion of its integrated aluminum business. The company has awarded the development and operation rights of the mine to Dilip Buildcon Ltd. To match the improvement of mining capacity, Nalco is expanding the fifth production line of its Damanjodi alumina refinery, which will increase the annual production capacity by 1 million tons to 3.275 million tons [10].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core View of the Report - The current fundamental situation of iron ore shows a marginally strengthening pattern. The supply from 19 ports in Australia and Brazil has declined for two consecutive weeks, and the arrival volume is expected to gradually decrease. The demand is still resilient with the total output of five major steel products rising slightly and the daily average hot metal output remaining at a relatively high level. Steel mills are in the pre - holiday stockpiling stage, which will support the iron ore price. Although the futures price has been falling due to news from BHP, the price is expected to rebound after the decline, but the upside space is limited due to high port inventories [10][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook for the Future 3.1.1 Market Review - On January 21, the main 2605 contract of iron ore futures fluctuated weakly, closing at 784.0 yuan/ton, down 0.32%. The main contracts of other steel and iron ore futures also showed different trends, such as RB2605 down 0.35%, HC2605 down 0.06%, and SS2603 up 2.40% [7][5] - In the spot market, on January 21, the main iron ore outer - disk quotes decreased by 0.8 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore in Qingdao Port decreased by 4 yuan/ton compared with the previous trading day. Technically, the daily KDJ indicator of the iron ore 2605 contract continued to decline, and the green column of the daily MACD indicator has been expanding for two consecutive days [9] 3.1.2 Outlook for the Future - Supply side: The shipments from 19 ports in Australia and Brazil have declined for two consecutive weeks. The shipment volume last week decreased by 3.691 million tons to 21.641 million tons. The arrival volume decreased by 2.603 million tons to 26.597 million tons last week and is expected to gradually decline [10] - Demand side: The total output of five major steel products increased slightly again last week for three consecutive weeks. The daily average hot metal output decreased slightly to 2.2801 million tons after three consecutive weeks of growth, but it is still 0.035 million tons more than the same period last year, indicating resilient demand [11] - Inventory side: Steel mills have entered the pre - holiday stockpiling stage this week, and the inventory available days increased by 2 days to 21 days compared with last week. The stockpiling is expected to continue until one week before the Spring Festival, which will boost the iron ore price to some extent [11] - News: BHP's acceptance of lower prices in some iron ore transactions has led to a continuous decline in the futures price recently. However, considering the marginal improvement of the fundamentals, the pre - holiday stockpiling demand will support the price, and the price may rebound after the decline, but the high port inventories will limit the upside space [11] 3.2 Industry News - The US Trade Representative Greer said in Davos that he hopes to conduct another round of potential trade negotiations with China. The Chinese Foreign Ministry Spokesperson Guo Jiakun stated that China and the US should implement the important consensus reached by the two heads of state [12] - The Minister of Housing and Urban - Rural Development Ni Hong said that this year, the focus in urban renewal is to promote the renovation of old urban residential areas, the construction of complete communities, and the renovation of small public spaces in cities. The real estate market will be stabilized, and the project company system, the lead - bank system, and the spot - sale system for commercial housing will be promoted [12] 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties in Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, the basis between iron ore spot and the May contract in Qingdao Port, the shipment volumes from Brazil and Australia, the arrival volumes at 45 ports, the capacity utilization rate of domestic mines, the trading volumes at main ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the port inventory and dispatch volume of iron ore, the cost of hot metal without tax of sample steel mills, the blast furnace and electric furnace start - up rates and capacity utilization rates, the national daily average hot metal output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [14][18][21]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 22, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot market shows signs of peaking, with the Shanghai Port's export freight rate to European base ports falling after rising, and multiple shipping companies lowering their quotes for late January. The inflection point of the spot high has likely appeared. However, the sudden change in the Red Sea re - navigation situation may boost the sentiment of far - month contracts [8]. Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports stopped rising and started to fall, with the SCFIS index also dropping slightly. Many shipping companies, including Maersk, OOCL, HMM, and ONE, have lowered their quotes for late January, indicating a signal of shipping companies reducing prices to attract cargo and suggesting that the spot high - point inflection has emerged. - Red Sea Situation: Maersk changed its decision on the route, diverting ships on certain routes via the Cape of Good Hope instead of the Suez Canal due to the complex international situation, which may boost the sentiment of far - month contracts [8]. 2. Industry News - Market Overview (January 12 - 16): To cope with the "Spring Festival" holiday, the cargo volume increased slightly, while the freight rates on ocean routes and the comprehensive index decreased. The Shanghai Export Container Comprehensive Freight Index dropped by 4.4% to 1574.12 points on January 16 [9]. - European Route: The Sentix euro - zone investor confidence index in January was better than expected, showing improved investor confidence. The shipping demand was stable with a slight increase, the average container utilization rate in Shanghai Port was nearly full, but the route freight rate dropped slightly, with the Shanghai Port's export freight rate to European base ports falling 2.5% to $1676/TEU on January 16 [9]. - Mediterranean Route: Similar to the European route, the spot market booking price dropped more than that of the European route, with the Shanghai Port's export freight rate to Mediterranean base ports falling 7.7% to $2983/TEU on January 16 [9]. - North American Route: The US labor market was stabilizing, the shipping market supply - demand situation was generally stable, the average container utilization rate in Shanghai Port was over 90%, and the spot market booking price fluctuated slightly. The Shanghai Port's export freight rates to the US West and East base ports were $2194/FEU and $3165/FEU respectively on January 16, with a 1.1% decrease and a 1.2% increase compared to the previous period [10]. - Contract Adjustment: The Shanghai International Energy Exchange will adjust the container shipping index (European line) futures contract months from February 10, 2026, adding EC2605, EC2607, EC2609, and adding EC2703 on March 31, 2026 [10]. - Gaza Cease - fire Plan: The second - stage plan of the Gaza cease - fire has differences between Netanyahu and Trump, and although there are many problems in the first - stage plan, Trump hopes to enter the second stage [10]. - Yemen Situation: The Houthi armed forces warned Saudi Arabia not to take military action, while the Yemeni President's Leadership Council announced the establishment of a supreme military committee to prepare for the next - stage action if the Houthi armed forces continue to reject the peace solution [10]. 3. Data Overview - Container Shipping Spot Prices: The SCFIS for the European route decreased by 0.1% from January 12 to January 19, and the SCFIS for the US West route decreased by 1.4% during the same period [12]. - Container Shipping Index (European Line) Futures Market: The trading data of multiple contracts on January 21 are presented, including EC2602, EC2604, EC2606, etc., with details such as opening price, closing price, settlement price, change, and trading volume [6]. - Shipping - Related Data Charts: There are charts showing the container ship capacity in Europe, the global container ship order backlog, the Shanghai - Europe base port freight rate, and the Shanghai - Rotterdam spot freight rate [18][22]