021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 行业 生猪日报 日期 2026 年 01 月 22 日 021-60635740 期货从业资格号：F3055047 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 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 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，21 日生猪主力 2603 合约平开后震荡走跌，尾盘收阴，最高 11555 元/吨，最低 11430 元/吨，收盘报 11470 元/ ...

行业 国债日报 日期 2026 年 1 月 22 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21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 | 111.410 | 111.780 | 112.250 | 112.250 | 0.840 | 0.75 | ...

Report Information - Report Type: Stock Index Daily Review [1] - Date: January 22, 2026 [2] - Researcher: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Market Review - On January 21, the Wind All A index rose with shrinking volume, opening with a fluctuating upward trend, moving sideways in the afternoon, and slightly falling at the close, closing up 0.57%, with over 3,000 stocks rising in the whole market. The CSI 300, CSI 500, and CSI 1000 closed up 0.09%, 1.12%, and 0.79% respectively, while the SSE 50 closed down 0.11%. In the futures market, the main contracts of IF, IC, and IM closed up 0.30%, 1.48%, and 1.36% respectively, and the main contract of IH closed down 0.06% (calculated by the closing price) [6] Market Outlook - Externally, Trump said his goal of controlling Greenland "will never change" and refused to rule out the possibility of taking Greenland by force. Denmark said it is formulating a plan to send up to 1,000 combat soldiers to Greenland in 2026. US Trade Representative Greer stated in Davos that he hopes to conduct another round of potential trade negotiations with China. Domestically, the Ministry of Finance and other departments announced a package of five fiscal and financial policies to promote domestic demand, aiming to boost consumption and expand private investment to drive effective demand. The National Development and Reform Commission said it is planning to promote a number of high - tech industrial landmark and leading major projects during the "15th Five - Year Plan" period, and it will comprehensively rectify "involution - style" competition to shift from price competition to value optimization. In terms of funds, the market volume shrank slightly today, generally maintaining at the level of 2.5 - 3 trillion. The support around the Shanghai Composite Index of 4,100 points is relatively solid. Overall, the market sentiment has weakened in the short term due to the regulatory attitude, but the state's support for the capital market has not fundamentally changed. As the expectation of domestic economic improvement strengthens, the slow - bull pattern of the A - share market is gradually stabilizing. Long - term bullish thinking should be maintained, and the overall strategy is to go long at low levels [8] Industry News - US Trade Representative Greer stated in Davos that he hopes to conduct another round of potential trade negotiations with China. Chinese Foreign Ministry Spokesperson Guo Jiakun said that China and the US should jointly implement the important consensus reached by the two heads of state to inject more stability and certainty into China - US economic and trade cooperation and the world economy. The Minister of Housing and Urban - Rural Development, Ni Hong, said that this year, in terms of urban renewal, the focus is on three key tasks: continuously promoting the renovation of old urban residential communities, comprehensively promoting the construction of complete communities, and carrying out the renovation of small - scale public spaces in cities to increase community parks and pocket parks around the people. This year, efforts will be made to stabilize the real estate market. In the next step, the focus is to orderly establish basic systems for real estate development, financing, and sales. In real estate development, the project company system should be implemented; in real estate financing, the lead - bank system should be promoted; in commercial housing sales, the spot - housing sales system should be promoted to achieve "what you see is what you get" [31]

Report Information - Report Name: Polyolefin Daily Report [1] - Date: January 22, 2026 [2] Investment Rating - No investment rating information is provided in the report. Core Views - The current polyolefin market is still driven by costs, but the inhibitory effect of high prices on demand is gradually emerging, and the upward space is limited. The polyolefin market has entered a stage of weak shock consolidation [6]. Summary by Section 1. Market Review and Outlook - **Market Performance**: L2605 opened higher, fluctuated upward during the session, and closed up at 6,666 yuan/ton, up 27 yuan/ton (0.41%), with a trading volume of 370,000 lots and an increase of 9,150 lots in positions to 504,362 lots. PP2605 closed at 6,485 yuan/ton, up 27 yuan, an increase of 0.42%, with an increase of 2,082 lots in positions to 468,300 lots [6]. - **Cost Factors**: Some oil fields in Kazakhstan suspended production due to power grid terminals, and the instability of the geopolitical situation has not been eliminated, leading to an increase in international oil prices [6]. - **Fundamentals**: The maintenance loss of PP remained high with limited changes in supply. The maintenance loss of plastics decreased and imported cargoes arrived in a concentrated manner, increasing the overall supply pressure. On the demand side, the demand for plastic film drove a slight increase in the start - up rate of agricultural film production. Other start - up rates were basically stable. The rapid price increase previously led to stronger resistance from downstream customers to high prices. Some downstream factories were rushing to complete annual orders, but the orders lacked sustainability under the high raw material price background, and small - scale enterprises might reduce production or enter the holiday period in advance [6]. 2. Industry News - **Inventory**: On January 21, 2026, the inventory level of major producers was 550,000 tons, a decrease of 10,000 tons (1.79%) from the previous working day. The inventory at the same period last year was 475,000 tons [7]. - **PE Market**: The PE market price continued to decline. The LLDPE price in North China was 6,520 - 6,850 yuan/ton, 6,650 - 7,000 yuan/ton in East China, and 6,750 - 7,100 yuan/ton in South China [7]. - **Propylene Market**: The mainstream price of propylene in the Shandong market was temporarily 6,120 - 6,220 yuan/ton, an increase of 15 yuan/ton from the previous working day. The offers of production enterprises were stable with some increases, the premium of the real - order auctions of major manufacturers continued, and the overall market trading atmosphere remained [7]. - **PP Market**: The price center of the PP market continued to move down. The mainstream price of drawn PP in North China was 6,270 - 6,420 yuan/ton, 6,300 - 6,500 yuan/ton in East China, and 6,300 - 6,570 yuan/ton in South China [7]. 3. Data Overview - No specific data overview content is provided other than the source information. The data sources include Wind and Zhuochuang Information [9][12][13][15][16]

Report Information - Report Title: Pulp Daily Report [1] - Date: January 22, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term pulp is restricted by the sector and weak downstream procurement, showing a wide - range oscillatory trend with both upward pressure and downward support [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price and closing price of 5376 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 5700 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 5400 - 5420 yuan/ton [7] - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 dollars/ton to 710 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing increased by 20 dollars/ton to 590 dollars/ton [8] - In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, softwood pulp by 7.6%, and hardwood pulp by 7.3%. Shipments to the Chinese market decreased significantly [8] - In December 2025, the European pulp inventory was 759,600 tons, up 7.6% month - on - month and 2.4% year - on - year; the European pulp consumption was 722,400 tons, down 10.9% month - on - month and up 0.6% year - on - year [8] - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year [8] - As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remained stable [8] 2. Industry News - On January 21, the 6600 paper machine of Yunnan Dongsheng Paper was successfully put into operation. It is the first 6600 paper machine of Sichuan Chengfa Papermaking Machinery Co., Ltd., with a high - speed output of packaging paper and stable product quality [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, copperplate paper and offset paper prices and differences, white cardboard and whiteboard paper prices and differences, and the US dollar to RMB exchange rate [15][26][31]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply and demand return to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to the performance of oil prices [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The opening price of BU2603 was 3150 yuan/ton, the closing price was 3157 yuan/ton, the highest was 3167 yuan/ton, the lowest was 3134 yuan/ton, the increase was 0.45%, and the trading volume was 148,500 lots. The opening price of BU2604 was 3164 yuan/ton, the closing price was 3170 yuan/ton, the highest was 3180 yuan/ton, the lowest was 3147 yuan/ton, the increase was 0.51%, and the trading volume was 16,900 lots [6] - **Spot Market**: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions decreased, while those in other regions remained stable. Affected by cooling and rain-snow weather, the rigid demand for asphalt continued to decline [6] - **Supply**: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The operating load rate of asphalt plants is expected to remain basically the same next week [7] - **Demand**: In the next ten days, the cold air will strengthen, and there will be obvious rain-snow processes from the Huanghuai region to the Yangtze River. Road construction projects in East China and Central China may gradually enter the final or suspension stage. Winter storage contracts in the northern region will continue to arrive, and the overall demand is expected to fluctuate limitedly. With the seasonal decline in terminal demand and the lack of new positive factors, the sentiment in the asphalt market may remain cautious, and the speculative demand is expected to increase limitedly [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3000 - 3240 yuan/ton, remaining stable compared with the previous working day. International oil prices and asphalt futures maintained a narrow range of fluctuations, providing no directional guidance for the asphalt spot market. Affected by the low temperature in Shandong and surrounding areas, the market demand was weak, and the spot trading remained light. The mainstream quotations of traders were mainly stable [8] - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3130 - 3230 yuan/ton, remaining stable compared with the previous working day. The rise in crude oil provided some support for the asphalt market, but affected by the rain-snow weather, the terminal demand for asphalt in the East China region continued to weaken, and downstream purchases were rare. The market trading was light, and the mainstream spot transaction price in East China remained stable today [8] 3.3 Data Overview - The report presents multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [13][14][19][22]

Group 1: Report Information - Report Type: Crude Oil Daily [1] - Date: January 22, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Market Review** - WTI: Opened at $58.94, closed at $59.52, high of $60.51, low of $58.53, up 0.3%, volume of 46.86 million hands [6] - Brent: Opened at $63.42, closed at $63.44, high of $64.35, low of $62.69, up 0.35%, volume of 49.82 million hands [6] - SC: Opened at 440 yuan/barrel, closed at 440.8 yuan/barrel, high of 444.9 yuan/barrel, low of 47.3 yuan/barrel, up 0.52%, volume of 7.81 million hands [6] - **Operation Suggestions** - US is promoting the takeover of Venezuela's oil industry, and the first batch of Venezuelan oil has been sold, which is marginally bearish for the supply side [6] - Venezuela is likely to increase production by 100,000 barrels per day this year [6] - Iran situation has cooled down, but the US still retains the option to strike. Continue to monitor the Middle - East situation [6] - Geopolitical conflicts that do not substantially affect crude oil production and exports are good selling points [6] - Short - term oil prices are expected to follow the Middle - East situation, and be cautious about chasing up [6] Group 3: Industry News - The International Energy Agency says that due to sufficient supply, oil and gas prices will face downward pressure for several years [7] - Due to bad weather, operations at four oil terminals in Libya have been suspended [7] - Russia may lift the gasoline export ban on producers in February [7] Group 4: Data Overview - Figures include global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][13][20][22]

行业 棉花 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 日期 2026 年 1 月 22 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 农产品研究团队 、 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 | | | | E | 74 | | 石、上大 189 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 交易咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 交易咨询证书号： Z0023472 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 1 月 21 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 数据来源：上期所网站，建信期货研究发展部 1 月 20 日，螺纹钢、热卷期货主力合约 2605 连续第 2 个交易日震荡下滑。 | | 表2：1月20日黑色系期货持仓情况（单位：手、%） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前 20 多头 持仓 | 前 20 空头 持仓 | 前 20 多头 持仓变化 | 前 20 空头 持仓变化 | 多空 对比 | 偏离度 | ...

行业 锌期货日报 日期 2026 年 1 月 21 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 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 | 24360 | 24365 | 24460 | 24225 | -25 | -0.10 | 37616 | -4921 | | 沪锌 | 2603 | ...