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 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 21 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 ＃summary＃ 每日报告 | | | | | | 表1：1月20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 入流出 | | RB2605 | 31 ...

Report Overview - Report Title: "集运指数日报" [1] - Date: January 21, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The spot market shows signs of reaching a peak, with the Shanghai Port's export freight rate to European base ports falling after rising, and the SCFIS index also dropping slightly. Multiple shipping companies have started to lower their quotes for late January, indicating that the inflection point of the spot high has emerged. Considering the frequent resumption of shipping by airlines despite the Red Sea situation, it is expected that normal passage will likely resume this year. Attention should be paid to short - selling opportunities for the April contract during the off - season [8]. Summary by Section 1.行情回顾与操作建议 - Spot market: The Shanghai Port's export freight rate to European base ports stopped rising and started to fall, with a 2.5% drop to $1676/TEU. The SCFIS index also declined slightly. Shipping companies such as Maersk and OOCL have lowered their quotes for late January, suggesting that the spot high has passed [8]. - Operation suggestion: Pay attention to short - selling opportunities for the April contract during the off - season [8]. 2.行业要闻 - Market situation from January 12 - 16: In response to the "Spring Festival" holiday in the next month, the cargo volume increased slightly, while the freight rates on ocean routes and the comprehensive index declined. The Shanghai Export Containerized Freight Index dropped 4.4% to 1574.12 points [9]. - European routes: The Sentix euro - zone investor confidence index in January was - 1.8, better than expected. The shipping demand was stable with a slight increase, the average cabin utilization rate in Shanghai Port was nearly full, and the freight rate dropped slightly, with the Shanghai Port's export freight rate to European base ports falling 2.5% to $1676/TEU [9]. - Mediterranean routes: Similar to European routes, the spot market booking price dropped more than that of European routes, with the Shanghai Port's export freight rate to Mediterranean base ports falling 7.7% to $2983/TEU [9]. - North American routes: The number of first - time unemployment benefit applicants in the US in the second week of January was 198,000, better than expected. The shipping market supply - demand situation was generally stable, the average cabin 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, with a 1.1% drop and a 1.2% increase respectively [10]. - Policy news: The Shanghai International Energy Exchange announced that the adjustment of the contract months of the Container Shipping Index (European Line) futures will be implemented from February 10, 2026, adding EC2605, EC2607, EC2609, and not adding EC2603. On March 31, 2026, EC2703 will be added [10]. - International news: The US announced the second phase of the Gaza cease - fire plan, but there are differences between Netanyahu and Trump. The US and the UK launched a large - scale military strike against the Houthi rebels in Yemen on January 12. The Houthi rebels warned Saudi Arabia against military action, and the Yemeni Presidential Leadership Council announced the establishment of a supreme military council [10]. 3.数据概览 3.1集运现货价格 - SCFIS for European routes (base ports) on January 19 was 1954.19, down 0.1% from January 12 [12]. - SCFIS for US West routes (base ports) on January 19 was 1305.27, down 1.4% from January 12 [12]. 3.2集运指数（欧线）期货行情 - The trading data of Container Shipping Index (European Line) futures on January 20 is presented in Table 1, including details such as the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change for different contracts [6]. 3.3航运相关数据走势图 - The report provides multiple charts, including the Shanghai Export Containerized Freight Index, the trend of the main and secondary main contracts of Container Shipping Index (European Line) futures, European container ship capacity, global container ship orders on hand, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [13][18][22]

日期 2026 年 1 月 21 日 报告类型 股指日评 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 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： 宏观金融团队 1 月 20 日，万得全 A 放量下跌，开盘后快速下滑，随后震荡反弹，跌幅有所 收窄，收跌 0.58%，全市超 3000 支个股下跌；沪深 300、上证 50、中证 500、中 证 1000 收盘分别下跌 0.33%、0.17%、0.48%、1.00%。期货方面，IF、IH、IC、 IM 主力合约分别收跌 0.42%、0.07%、0.21%、0.80%（按收盘价计算）。 | 表1:股指期货、现货行情数据 | | ...

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＃ 行业 国债日报 日期 2026 年 1 月 21 日 每日报告 | | 表1：国债期货1月20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 | 110.910 | 110.850 | 111.490 | 111.410 | 0.580 | 0.52 | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US is accelerating the takeover of Venezuela's oil industry and has started selling the first batch of Venezuelan oil, which is marginally bearish for the supply side. It is highly likely that Venezuela will achieve a daily production increase of 100,000 barrels this year. The situation in Iran has cooled down, but the US still retains the option to strike. Geopolitical conflicts that do not substantially affect crude oil production and exports will be good selling points. It is expected that short - term oil prices will follow the Middle East situation, and investors should be cautious about chasing up [6]. 3. Summary by Directory 3.1行情回顾与操作建议 - **Market Quotes Review**: WTI's opening price was $58.94, closing price was $59.43, with a maximum of $59.56, a minimum of $58.53, a daily increase of 0.15%, and a trading volume of 11.99 million hands. Brent's opening price was $63.63, closing price was $64.18, with a maximum of $64.39, a minimum of $63.26, a daily increase of 0.08%, and a trading volume of 22.42 million hands. SC's opening price was 437.5 yuan/barrel, closing price was 437 yuan/barrel, with a maximum of 440.8 yuan/barrel, a minimum of 436.3 yuan/barrel, a daily decrease of 1.27%, and a trading volume of 5.2 million hands [6]. - **Operation Suggestion**: It is expected that short - term oil prices will follow the Middle East situation, and investors should be cautious about chasing up [6]. 3.2 行业要闻 - The International Energy Agency states that due to sufficient supply, oil and gas prices will face downward pressure for several years. - Market news indicates that operations at four oil terminals in Libya have been suspended due to bad weather. - According to Interfax, sources say that Russia's ban on gasoline exports by producers may be lifted in February [7]. 3.3 数据概览 - The report presents multiple data charts, including 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, with data sources from Bloomberg, EIA, and wind [9][13][20][22].

行业 生猪日报 日期 2026 年 01 月 21 日 021-60635740 期货从业资格号：F3055047 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 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 二、行业要闻 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，20 日生猪主力 2603 合约小幅低开后冲高回落震荡走跌，尾盘收 阴，最高 11745 元/吨，最低 11530 元/ ...

行业 棉花 日期 2026 年 1 月 21 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 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 15856 元/吨，较上一 交易日跌 24 元/吨。2025/26 南疆喀什机采 31 级双 29/ ...

行业 纯碱、玻璃日报 日期 2026 年 1 月 21 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＃ 一、纯碱、玻璃行情回顾与操作建议 | | | 表1：纯碱、玻璃期货1月20日交易数据汇总 | | | | | | | | --- | --- | --- | --- ...

行业 聚烯烃日报 日期 2026 年 1 月 21 日 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 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： ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - After the positive 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**: For BU2603, the opening price was 3,142 yuan/ton, the closing price was 3,139 yuan/ton, the highest was 3,156 yuan/ton, the lowest was 3,124 yuan/ton, the decline was 0.03%, and the trading volume was 1.189 million lots. For BU2604, the opening price was 3,166 yuan/ton, the closing price was 3,152 yuan/ton, the highest was 3,170 yuan/ton, the lowest was 3,138 yuan/ton, the change was 0, and the trading volume was 0.113 million lots [6] - **Spot Market**: The spot prices of asphalt in North China, Shandong, and Sichuan-Chongqing regions decreased, while those in South China increased slightly, and prices in other regions remained stable. Due to cooling and rainy and snowy weather, the rigid demand for asphalt continued to decline [6] - **Supply and Demand**: On the supply side, Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th, and the operating load rate of asphalt plants next week is expected to remain basically the same. On the demand side, cold air will strengthen in the next ten days, with obvious rain and snow in the Huanghuai to the Yangtze River region. Road construction projects in East and Central China may gradually enter the final or suspension stage. Winter storage contracts in the north will continue to arrive, and overall demand is expected to fluctuate little. With the seasonal decline in terminal demand and the lack of new positive factors, the sentiment in the asphalt market may remain cautious, and speculative demand is expected to increase limitedly [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3,000 - 3,240 yuan/ton, a decrease of 5 yuan/ton from the previous working day. International oil prices and asphalt futures continued to fluctuate, providing no guidance for the asphalt spot market. The obvious temperature drop in Shandong and surrounding areas in recent days led to a decrease in terminal rigid demand, weakening spot transactions, and some brand traders lowered their quotes, driving down the market price [8] - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3,130 - 3,230 yuan/ton, remaining stable compared with the previous working day. Brent crude oil futures closed lower after intraday fluctuations, and asphalt futures continued to fluctuate, failing to provide strong support for the asphalt spot market. The rain and snow in East China affected terminal demand, with limited downstream purchases, and the actual transaction atmosphere in the market was weak, so the mainstream spot transaction price remained stable [8] 3.3 Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, manufacturer inventory, and warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [13][14][19][22]