Group 1: Report Information - Report title: Nickel Daily Report [1] - Date: January 20, 2026 [2] - Research team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - On the 19th, nickel prices fluctuated widely at high levels. After dropping below 140,000 to around 137,000 on the evening of last Friday, prices rebounded during domestic trading hours. The price of ferronickel continued to climb, with the average ex - factory price of 8 - 12% high - nickel pig iron rising by 10 to 1,027.5 yuan per nickel point. The price of battery - grade nickel sulfate remained stable at 33,600 yuan/ton, and the coefficient of intermediate product MHP remained high. Although new projects are put into production in the first quarter, the short - term market circulation is still limited due to a two - month approval process. Benefiting from the news of Indonesia's reduction of RKAB and the macro - environment, nickel prices broke away from the long - term low - level oscillation area, but the oversupply pressure has not been reversed. This week, inventories continued to hit new highs, with the pure nickel inventories in the two markets increasing by nearly 3,000 tons, approaching 350,000 tons. Before the final policy is determined, nickel prices will have greater upside potential [7]. Group 4: Market Review and Operation Suggestions - Nickel price movement: On the 19th, nickel prices fluctuated widely at high levels. They dropped below 140,000 to around 137,000 on the evening of last Friday and then rebounded during domestic trading hours [7]. - Price changes of related products: The average ex - factory price of 8 - 12% high - nickel pig iron on the 19th rose by 10 to 1,027.5 yuan per nickel point; the price of battery - grade nickel sulfate remained stable at 33,600 yuan/ton; the MHP coefficient of intermediate products remained high [7]. - Inventory situation: This week, inventories continued to hit new highs, with the pure nickel inventories in the two markets increasing by nearly 3,000 tons, approaching 350,000 tons [7]. - Outlook: Before the final policy from Indonesia is determined, nickel prices will have greater upside potential [7]. Group 5: Industry News - Indonesia's production plan: The Indonesian Ministry of Energy and Mineral Resources (ESDM) will use the 2026 Work Plan and Budget (RKAB) as a strategic tool to align mineral production with domestic industrial demand. The nickel production target is set at about 290 million tons to match smelter capacity. Adjusting production quotas for nickel and coal aims to prevent global oversupply, stabilize falling prices, and protect national resource reserves. Although the Indonesian Nickel Miners Association (APNI) is worried that production may drop to 250 million tons, the government says the specific data is still being integrated [8]. - Suspension of nickel mining by Vale Indonesia: Due to the unapproved 2026 Work Plan (RKAB), PT Vale Indonesia has suspended its nickel mining business. However, management expects the license to be approved soon, and this temporary suspension will not affect the long - term operational sustainability of the joint venture. The delay only temporarily affects the Pomalaa and Bahodopi nickel projects, while the Sorowako mining area and the integrated RKEF project are still operating normally, so the impact on market supply and demand is relatively limited [10]. - Nickel ore demand in Indonesia: The Indonesian Nickel Smelters Association estimates that the domestic nickel smelting industry's demand for nickel ore in 2026 is about 340 - 350 million tons [10].

Group 1: Report Information - Report Type: Aluminum Daily Report [1] - Date: January 20, 2026 [2] - Research Team: Non - ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Recently, the Fed's interest - rate cut expectation has cooled, and the macro atmosphere has weakened marginally. The non - ferrous sector is adjusting at a high level. The Shanghai aluminum price is running around 24,000, with a significantly narrower fluctuation range. The downstream procurement sentiment has improved due to the falling aluminum price, but high prices still suppress consumption, and the spot premium is expected to be under pressure. The domestic northern bauxite is in the early stage of复产, and the production rhythm is expected to accelerate after the two sessions. The subsequent bauxite price may still have room to fall. The new domestic and Indonesian electrolytic aluminum projects are still ramping up production. The overseas Mozambique aluminum plant has stopped production, but it will remain at full - capacity operation in Q1. The short - term supply pressure has increased slightly but is limited. On the demand side, high aluminum prices still suppress the terminal, but the aluminum processing start - up rate has rebounded slightly week - on - week due to the approaching Spring Festival and finished - product stocking demand. Currently, the aluminum price is still dominated by the macro and capital sentiment. With the cooling of the macro - market sentiment and the large increase accumulated from the previous rapid rise, the short - term aluminum price has a downward adjustment demand [8] Group 4: Market Review and Operation Suggestion - Macro environment: The Fed's interest - rate cut expectation has cooled in January, and the market generally believes that there will be no interest - rate cut. The macro atmosphere has weakened marginally, and the non - ferrous sector is adjusting at a high level [8] - Aluminum price performance: On the 19th, the Shanghai aluminum price was running around 24,000, with a significantly narrower fluctuation range compared to the previous period [8] - Spot market: The downstream procurement sentiment has improved due to the falling aluminum price, but high prices still suppress consumption. The spot premium is expected to be under pressure. The East China discount is - 160, the Central China discount is - 290, and the South China discount is - 130 [8] - Supply side: The domestic northern bauxite is in the early stage of复产, and the production rhythm is expected to accelerate after the two sessions. Due to the compressed profits of alumina plants, the willingness to purchase bauxite at a premium is low, and the subsequent bauxite price may still have room to fall. The new domestic and Indonesian electrolytic aluminum projects are still ramping up production. The overseas Mozambique aluminum plant has stopped production, but it will remain at full - capacity operation in Q1. The short - term supply pressure has increased slightly but is limited. Although there are concerns about the shortage of power supply in Europe and the United States in the long term, it is not the dominant trading logic in the current market [8] - Demand side: High aluminum prices still suppress the terminal, but the aluminum processing start - up rate has rebounded slightly week - on - week due to the approaching Spring Festival and finished - product stocking demand [8] - Price trend: The aluminum price is still dominated by the macro and capital sentiment. With the cooling of the macro - market sentiment and the large increase accumulated from the previous rapid rise, the short - term aluminum price has a downward adjustment demand [8] Group 5: Industry News - "Aluminum replacing copper" in the air - conditioning industry: 19 air - conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, have jointly launched the implementation of the "aluminum replacing copper" series of standards. The cost of copper in a household air - conditioner accounts for more than half. The price difference between copper and aluminum is about three times. Some brand stores said they will launch aluminum household air - conditioner products as early as 2026, while others said they have no such plan [9] - Expansion of Lizhong Group: The second - phase 1.8 million ultra - lightweight aluminum alloy wheels project of its Mexican factory has been initially put into production. The 3 - million - piece cast - spun aluminum alloy wheel production capacity of its third Thai aluminum alloy wheel factory is expected to be put into production next year. The high - performance aluminum alloy new material projects newly built in Chongqing, Huai'an, Changchun, Thailand, etc. will be put into production from the fourth quarter of this year to next year, which will improve the company's global production capacity layout and competitiveness [10] - Expansion of Nalco: The Indian state - owned National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026 to support its integrated aluminum business expansion. It has awarded the development and operation rights of the mine to Dilip Buildcon Ltd. To match the increased mining capacity, Nalco is expanding the fifth production line of its Damanjodi alumina plant, which will increase the annual production capacity by 1 million tons to 3.275 million tons [10]

1. Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - On January 19, the main contracts 2605 of coke and coking coal futures rebounded and then weakened again. The daily KDJ indicators of the 2605 contracts of coke and coking coal continued to decline after a dead - cross the previous day, and the red bars of the daily MACD of the 2605 contracts of coke and coking coal narrowed for 5 consecutive trading days. News factors hindered the recent rise of coal - coke futures, and fundamental changes led to the weak and volatile trend of coal - coke futures. It is expected that the market may first decline and then rise, and it is still advisable to try to buy hedging or investment positions at low prices after the correction [5][8][11]. 3. Summary by Relevant Catalogs 3.1 Market Performance - **Futures Market**: On January 19, for the J2605 contract, the previous closing price was 1717 yuan/ton, the opening price was 1720 yuan/ton, the highest price was 1762 yuan/ton, the lowest price was 1713.5 yuan/ton, the closing price was 1721 yuan/ton, with a decline of 1.04%, the trading volume was 23,136 lots, the open interest was 37,637 lots (a decrease of 1,090 lots), and the capital inflow/outflow was - 0.34 billion yuan. For the JM2605 contract, the previous closing price was 1171 yuan/ton, the opening price was 1172.5 yuan/ton, the highest price was 1199 yuan/ton, the lowest price was 1161 yuan/ton, the closing price was 1174.5 yuan/ton, with a decline of 0.80%, the trading volume was 1,006,909 lots, the open interest was 502,734 lots (an increase of 5,024 lots), and the capital inflow/outflow was 0.92 billion yuan [5]. - **Black - series Futures Positions**: On January 19, in the black - series futures market, the long - short positions and their changes in different contracts varied. For example, in the RB2605 contract, the top 20 long positions were 1,063,915 lots (a decrease of 40,406 lots), the top 20 short positions were 1,121,177 lots (a decrease of 5,779 lots), and the long - short difference was - 34,627 lots with a deviation of - 3.17%. [6] 3.2 Spot Market and Technical Analysis - **Spot Market**: On January 19, the flat - price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton with no change. The aggregated price of low - sulfur primary coking coal in different regions such as Tangshan, Lvliang, and Linfen also remained unchanged [8]. - **Technical Analysis**: The daily KDJ indicators of the 2605 contracts of coke and coking coal continued to decline after a dead - cross the previous day, and the red bars of the daily MACD of the 2605 contracts of coke and coking coal narrowed for 5 consecutive trading days [8]. 3.3 News and Fundamental Analysis - **News**: On January 17, the first shipment of nearly 200,000 tons of Simandou iron ore arrived at Baowu's Majishan Port. On January 18, an explosion occurred at the Baotou Steel Branch in Inner Mongolia. On January 17, US President Trump announced tariffs on 8 European countries' exports to the US, which triggered EU's consideration of counter - measures [10]. - **Fundamentals**: Recently, independent coking enterprises have been in continuous losses for 4 weeks, and the loss margin has widened for 2 consecutive weeks. Their coke production decreased slightly after 2 consecutive weeks of increase. Port coke inventories have been rising for 4 consecutive weeks from the lowest level since mid - January last year, and steel mill coke inventories have been rising for 4 consecutive weeks and reached a new high since mid - October last year, while coking enterprise coke inventories have been falling for 4 consecutive weeks from the highest level since late July last year. Since January 12, the Mongolian coal customs clearance volume has rebounded again. Except on January 16, the Mongolian coal customs clearance volume at the Ganqimaodu Port has been above 190,000 tons. Recently, the coking coal inventories of 230 independent coking plants have increased significantly, while the coking coal inventories of steel enterprises and ports have been relatively stable [11]. 3.4 Industry News - The State Council executive meeting on January 16 emphasized promoting consumption. The Ministry of Commerce held talks on China - Canada economic and trade relations. The Minister of Housing and Urban - Rural Development proposed urban renewal tasks. National statistical data showed the production and economic indicators of various industries in 2025, including the production of coke, steel, etc., and the economic operation data of the real estate market. The National Energy Administration announced that China's total social electricity consumption exceeded 10 trillion kWh in 2025. Some companies released their operation data and performance forecasts, and there were also news about international trade and corporate development strategies [12][13][14][15]. 3.5 Data Overview - The report provides multiple data charts including the spot price index of metallurgical coke, the aggregated spot price of primary coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, the coke inventories of ports/steel mills/coking plants, the profit per ton of coke in independent coking plants, the production and operating rate of sample mines, the inventories of clean coal and raw coal in sample mines, the coking coal inventories of ports/coking plants/steel mills, and the basis of Rizhao Port's quasi - first - class coke and Linfen's low - sulfur primary coking coal with the May contracts [16][17][24][29][30][37].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 20, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided in the report Core Viewpoints - The market has gradually digested the news of LME suspending Korea Zinc's delivery permission, and the market sentiment in the confrontation between the US and Europe has become cautious. Short - term long - term funds have loosened. The long - short game in the market has intensified, and the combination of mood withdrawal and high - price suppression effects has led to a high - level correction. The short - term technical support can be focused on the 24,000 yuan/ton line [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of SHFE Zinc closed at 24,450 yuan/ton, down 475 yuan or 1.91%, with shrinking volume and reduced positions. The trading volume decreased by 13,597 lots to 128,677 lots. Among them, the 2602 contract closed at 24,410 yuan/ton, down 435 yuan or 1.75%; the 2604 contract closed at 24,490 yuan/ton, down 435 yuan or 1.75% [7] - **Industry Aspects**: As the SHFE - LME ratio rebounds, the zinc ore import window continues to open, but the actual increase in imported ore is limited due to the constraint of previous import losses. The imported ore processing fee continues to decline, and the weekly average domestic TC is flat at 1,500 yuan/metal ton. The decline of the overall TC has eased and may be approaching the stage bottom. The refined zinc output in December decreased significantly. Although the output in January is expected to rise slightly, the zinc ingot import window is still closed, and the supply pressure is limited [7] - **Demand Side**: Affected by the environmental protection warning in the north and high zinc prices, the primary consumption start - up has declined. After the end of the environmental protection production - restriction policy this week, affected enterprises may gradually resume production. However, in the seasonal off - season and with high zinc prices squeezing the profit space of downstream enterprises, some enterprises have entered equipment maintenance and holiday in advance, and the start - up recovery is expected to be limited [7] 2. Industry News - On January 19, 2026, the mainstream transaction price of 0 zinc was concentrated at 24,135 - 24,280 yuan/ton, Shuangyan was traded at 24,325 - 24,480 yuan/ton, and 1 zinc was traded at 24,065 - 24,210 yuan/ton. In the morning, the market quoted a premium of 50 - 60 yuan/ton to the SMM average price, and there were almost no quotes against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at about 24,165 - 24,280 yuan/ton. The conventional brand in Ningbo quoted a premium of 175 yuan/ton to the 2602 contract and a premium of 100 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2602 contract [8] - In the Tianjin market, 0 zinc ingots were mainly traded at 24,010 - 24,180 yuan/ton, Zijin was traded at 24,050 - 24,230 yuan/ton, and 1 zinc ingots were traded at around 23,880 - 24,020 yuan/ton. Zijin quoted a premium of 50 - 100 yuan/ton to the 2602 contract, Hu zinc quoted around 25,640 yuan/ton to the 2602 contract, 0 zinc ingots quoted around 10 - 50 yuan/ton to the 2602 contract, and the Tianjin market quoted a discount of around 70 yuan/ton to the Shanghai market [8] - In Guangdong, 0 zinc was mainly traded at 23,955 - 24,175 yuan/ton, and the mainstream brand quoted a premium of 20 yuan/ton to the 2602 contract. The price difference between Shanghai and Guangdong has narrowed [8] 3. Data Overview - The report provides information about data sources including Wind and the Research and Development Department of CCB Futures, and mentions some data charts such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, but no specific data content is given [10][11][13]

Report Information - Report Name: Treasury Bond Daily Report [1] - Date: January 20, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Highlights - **Report Industry Investment Rating**: Not provided - **Core View**: In January, the bond market is entering a phase where negative factors are gradually materializing. Although the short - term possibility of a second interest rate cut is low and the policy expectations are not high, the central bank still has room for reserve requirement ratio cuts and interest rate cuts this year, with a loose orientation unchanged. The supply - demand mismatch in the first quarter may present allocation opportunities, and the market may remain volatile in the short term [11][12] Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: GDP data released in the morning met expectations. Despite the marginal weakening of economic activities in December, the short - term possibility of a second interest rate cut is low, and policy expectations are not high. Coupled with the increased disturbance of the tax period to the capital market this week, treasury bond futures fluctuated weakly and closed slightly lower across the board [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds with various maturities changed within a narrow range. The decline of long - term active bonds was within 1bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250016 reported 1.8405%, down 0.25bp [9] - **Capital Market**: The inter - bank capital market was stable. The net reverse repurchase investment in the open market today was 7.22 billion yuan. The inter - bank capital sentiment index changed little. The overnight DR in the inter - bank deposit market fluctuated within a narrow range around 1.32%. The 7 - day capital interest rate rose 3.42bp to 1.48%. The medium - and long - term capital was stable, and the 1 - year AAA certificate of deposit interest rate fluctuated within a narrow range around 1.63% - 1.64% [10] - **Conclusion**: In January, the bond market's negative factors are gradually being realized. However, the central bank still has room for reserve requirement ratio cuts and interest rate cuts this year. The supply - demand mismatch in the first quarter may bring allocation opportunities. In the short term, after the release of economic data this week, there will be a 1.5 - month data window period. The implementation of the structural interest rate cut last week may mean entering a policy observation period, and the easing expectations may not significantly increase before the Two Sessions in March, and the market may maintain a volatile trend [11][12] 2. Industry News - **GDP Data**: In 2025, China's GDP was 14,018.79 billion yuan, a 5% increase over the previous year at constant prices. The added value of large - scale industries increased by 5.9%, the added value of the service industry increased by 5.4%, the total retail sales of consumer goods increased by 3.7%, and the fixed - asset investment decreased by 3.8% [13] - **Housing Price Data**: In December 2025, the prices of commercial residential buildings in 70 large and medium - sized cities generally declined month - on - month, and the year - on - year decline widened. The prices of new homes in first - tier cities decreased by 0.3% month - on - month, and the decline of second - hand housing prices decreased by 0.9% [13] 3. Data Overview - **Treasury Bond Futures Market**: The report provides data on the trading of treasury bond futures on January 19, including contract information such as pre - settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Money Market**: The report includes information on the SHIBOR term structure change, SHIBOR trend, inter - bank pledged repurchase weighted interest rate change, and inter - bank deposit pledged repurchase interest rate change [28][32] - **Derivatives Market**: The report shows the Shibor3M interest rate swap fixing curve (mean) and FR007 interest rate swap fixing curve (mean) [34]

Report Information - Report Name: "集运指数日报" [1] - Date: January 20, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The spot market shows signs of peaking. The Shanghai Port's export freight rate to European base ports stopped rising and fell last weekend, and the SCFIS index also declined slightly on Monday. Multiple airlines have started to lower their quotes for late January. The signal of airlines reducing prices to attract cargo is evident, and the inflection point of the spot high should have appeared. With the Red Sea situation causing disruptions but airlines resuming flights, it is likely that normal passage will be restored this year. Attention should be paid to short-selling opportunities in the April contract during the off - season [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports was reported at $1676/TEU, a 2.5% decline from the previous period. Multiple airlines, including Maersk, OOCL, HMM, and ONE, have lowered their quotes for late January [8]. - Operation Suggestion: Focus on short - selling opportunities in the April contract during the off - season [8]. 3.2. Industry News - Market Overview (January 12 - January 16): To cope with the "Spring Festival" holiday, cargo volume increased slightly, but freight rates on ocean routes decreased slightly, and the comprehensive index declined. The Shanghai Export Containerized Freight Index on January 16 was 1574.12 points, a 4.4% decline from the previous period [9]. - European Routes: The Sentix January euro - zone investor confidence index was - 1.8, better than the expected - 4.9. Transport demand was stable with a slight increase, but the average freight rate from Shanghai Port to European base ports on January 16 was $1676/TEU, a 2.5% decline from the previous period [9]. - Mediterranean Routes: Similar to European routes, but the spot market booking price declined more. The average freight rate from Shanghai Port to Mediterranean base ports on January 16 was $2983/TEU, a 7.7% decline from the previous period [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, and the spot market booking price fluctuated slightly. The freight rates from Shanghai Port to the US West and East base ports on January 16 were $2194/FEU and $3165/FEU respectively, with changes of - 1.1% and + 1.2% from the previous period [9][10]. - Policy News: The Shanghai International Energy Exchange announced that the adjustment of the contract months of the Container Freight Index (European Line) futures would be implemented from February 10, 2026, with new contracts EC2605, EC2607, EC2609 added, and no addition of EC2603 considering the main contract switch. EC2703 will be added on March 31, 2026 [10]. - International News: The US announced the second phase of the Gaza cease - fire plan on January 14. On January 12, the US and the UK launched a large - scale military strike against the Houthi rebels in Yemen. The Houthi rebels warned Saudi Arabia against military action [10]. 3.3. Data Overview 3.3.1. Container Shipping Spot Prices | Route | 2026/1/19 | 2026/1/12 | Change | YoY (%) | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1954.19 | 1956.39 | - 2.2 | - 0.1% | | SCFIS: US West Routes (Basic Ports) | 1305.27 | 1323.98 | - 18.71 | - 1.4% | [12] 3.3.2. Container Freight Index (European Line) Futures Market - Multiple figures show the trends of the main and secondary main contracts of container shipping European line futures, as well as shipping - related data trends such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [18][22]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In 2026, precious metals, especially industrial precious metals, will continue to be strong. Investors are advised to take a long - biased approach but control the position size, and short hedgers should appropriately reduce the hedging ratio [4][5] 3. Summary by Relevant Catalogs Precious Metals Market Conditions and Outlook Intraday Market - Trump's threat to impose tariffs on eight European countries due to the Greenland issue has increased geopolitical risks, pushing up the prices of gold and silver in the Asian session on the 19th. London gold approached the $4700 per ounce mark. The adjustment risk in precious metals was fully released in the late December 2025 correction. This week, attention should be paid to China's annual GDP, US November PCE inflation, the Bank of Japan's interest - rate meeting, the Greenland issue, and the US Supreme Court's ruling on Trump's tariff measures [4] - The previous closing prices, highest prices, lowest prices, closing prices, price change percentages, open interest, and changes in open interest of domestic precious metal contracts such as the Shanghai Gold Index, Shanghai Silver Index, Guangzhou Platinum Index, and Guangzhou Palladium Index are presented [5] Medium - term Market - Trump will focus on consolidating the geopolitical strategic space in the Western Hemisphere in 2026, which may lead to a significant increase in geopolitical risks. The restructuring of the global political and economic landscape and the loose monetary policies of central banks will continue to boost the demand for reserve diversification, strategic value, and liquidity premium of the precious metal sector. In 2026, the precious metal sector will continue the medium - term upward trend since 2024. Silver and platinum will outperform gold, but the large influx of investment funds will also significantly increase price volatility. Investors are recommended to take a long - biased approach, and conservative traders can consider cross - product arbitrage. Long hedgers should hedge in batches as soon as possible, and short hedgers should appropriately reduce the hedging ratio [5] Main Macroeconomic Events/Data - Trump plans to impose a 10% import tariff on goods from eight European countries on February 1st, increasing to 25% on June 1st until the US reaches an agreement to purchase Greenland. EU countries may impose tariffs worth 93 billion euros on the US or restrict US companies from entering the EU market [16] - Canada and China have reached a preliminary trade agreement to cut tariffs on electric vehicles and rapeseed. Canada will allow up to 49,000 Chinese electric vehicles to enter at a 6.1% tariff rate, and China will lower the tariff rate on Canadian rapeseed to about 15% by March 1st. Trump supports Canadian Prime Minister Carney [16] - Trump may keep economic advisor Hassett in his position. He is considering candidates for the next Fed Chair. Fed Vice - Chair for Supervision Bowman said the weak job market may deteriorate rapidly and the Fed should be ready to cut rates again if necessary. Fed Vice - Chair Jefferson signaled support for keeping rates unchanged in the January meeting and is cautiously optimistic about the economy, labor market, and inflation in the coming year [17]

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: January 20, 2026 [2] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply - demand returns to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to oil price performance [7]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures Market: For BU2603, the opening price was 3,149 yuan/ton, the closing price was 3,142 yuan/ton, the highest was 3,156 yuan/ton, the lowest was 3,126 yuan/ton, the increase was 0.29%, and the trading volume was 124,800 lots. For BU2604, the opening price was 3,166 yuan/ton, the closing price was 3,151 yuan/ton, the highest was 3,166 yuan/ton, the lowest was 3,138 yuan/ton, the increase was 0.32%, and the trading volume was 12,300 lots [6]. - Spot Market: The asphalt spot price in North China rose slightly, while those in Shandong and East China declined. The prices in other regions remained basically stable. Snow and rain limited the release of rigid demand [6]. - Supply: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The asphalt plant operating rate is expected to remain basically flat next week [7]. - Demand: Cold air will strengthen in the next ten days, with obvious snow and rain in the Huanghuai and Jiangnan regions. 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. Overall demand is expected to have limited fluctuations, and speculative demand is expected to increase slightly [7]. 4.2 Industry News - Shandong Market: The mainstream transaction price of 70A - grade asphalt was 3,010 - 3,240 yuan/ton, a decrease of 5 yuan/ton from the previous working day. Cooling and snowfall in Shandong and surrounding areas restricted the release of rigid demand, leading to price cuts by some brand traders [8]. - South China Market: The mainstream transaction price of 70A - grade asphalt was 3,130 - 3,250 yuan/ton, remaining stable. Market demand was weak, with traders and downstream buyers purchasing on demand. Social inventory prices were also stable [8]. 4.3 Data Overview - The report includes data on asphalt daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts. All data sources are Wind and the Research and Development Department of CCB Futures [11][15][18][23]

Group 1: Report General Information - Report type: Stock Index Daily Review [1] - Date: January 20, 2026 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Group 2: Market Review and Outlook 1.1 Market Review - On January 19, the Wind All A index rose with shrinking volume, opening and oscillating upward, and moving sideways in the afternoon, closing 0.41% higher, with over 60% of stocks in the market rising. The CSI 300, CSI 500, and CSI 1000 closed up 0.05%, 0.67%, and 0.40% respectively, while the SSE 50 closed down 0.12%. In the futures market, the main contracts of IF, IC, and IM closed up 0.11%, 0.68%, and 0.09% respectively, and the main contract of IH closed down 0.22% (calculated by closing price) [6] 1.2 Market Outlook - External market: Trump imposed a 10% tariff on 8 European countries due to Greenland, and many EU countries are considering imposing tariffs on $93 billion worth of US goods exported to Europe, planning to hold an in - person summit on Thursday, January 22. - Domestic market: After the market on Friday, the China Securities Regulatory Commission held its 2026 system work conference, emphasizing maintaining stability, consolidating the steady - upward trend of the market, safeguarding trading fairness, cracking down on illegal activities such as excessive speculation and market manipulation, preventing large market fluctuations, deepening the reform of public funds, and expanding long - term capital sources. - The long - term upward trend of the stock market remains unchanged, but the regulatory authorities prefer a slow - bull market. The market volume shrank again, maintaining at 2.5 - 3 trillion. The support around the Shanghai Composite Index of 4100 points is relatively solid. Overall, although short - term sentiment has weakened due to regulatory attitudes, with the strengthening of domestic economic improvement expectations, the slow - bull pattern of the A - share market is gradually stabilizing, and a long - term bullish mindset should be maintained, with a low - buying strategy [7] Group 3: Data Overview - The report presents multiple charts including domestic main index performance, market style performance, industry sector performance (Shenwan Primary Index), trading volume of Wind All A and stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, and statistics of major ETF fund shares and trading volume, all sourced from Wind and the Research and Development Department of CCB Futures [9][13][14] Group 4: Industry News - On January 20, the State Council Information Office will hold two press conferences related to the economy. In 2025, China's GDP was 1,401,879 billion yuan, a 5% increase year - on - year at constant prices. Quarterly, GDP grew 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. The added value of large - scale industries increased 5.9% for the whole year, with a 5.2% increase in December. The added value of the service industry increased 5.4%, and the total retail sales of consumer goods increased 3.7% for the year, with a 0.9% increase in December. Fixed - asset investment decreased 3.8% year - on - year, and real - estate development investment decreased 17.2% [30]

Report Overview - Report Date: January 20, 2026 [2] - Reported Industry: Cotton [1] - 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 - Zhengzhou cotton futures are in a wide - range shock adjustment phase and are awaiting new drivers. The cotton market shows different trends in supply and demand. The supply side has relatively high inventory levels, while the demand side shows certain growth in the clothing and textile industry [7][8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton futures are in a shock - adjustment state. The latest 328 - grade cotton price index is 15,880 yuan/ton, down 51 yuan/ton from the previous trading day. The mainstream basis of machine - picked cotton in southern and northern Xinjiang is different. The cotton yarn market has general trading, with high - count yarns performing well and medium - low - count and air - spun yarns facing inventory pressure. The cotton fabric market has a weak trading atmosphere at the end of the year, and production is expected to decline [7] - **Supply Situation**: As of January 18, 2026, the national cumulative cotton inspection is 6.9915 million tons, with 6.9046 million tons in Xinjiang. In December 2025, cotton imports are 180,000 tons, an increase of 40,000 tons year - on - year. The cumulative cotton imports from January to December 2025 are 1.07 million tons, a decrease of 1.57 million tons year - on - year. The cotton processing volume in the 2025/26 season is increasing rapidly, and the commercial inventory level at the end of December is higher than last year [8] - **Demand Situation**: In December 2025, the revenue of clothing, footwear, and textiles in China is 166.1 billion yuan, a year - on - year increase of 0.6%. The cumulative revenue from January to December 2025 is 1.5215 trillion yuan, a year - on - year increase of 3.2% [8] 3.2 Industry News - **Sales Revenue**: In December 2025, the revenue of clothing, footwear, and textiles in China is 166.1 billion yuan, a year - on - year increase of 0.6%. The cumulative revenue from January to December 2025 is 1.5215 trillion yuan, a year - on - year increase of 3.2% [9] - **Import Volume**: In December 2025, China's cotton imports are 180,000 tons, a year - on - year increase of 40,000 tons (31.0% increase). The cumulative cotton imports from January to December 2025 are 1.07 million tons, a year - on - year decrease of 1.57 million tons (59.1% decrease). In December 2025, China's棉纱 imports are 170,000 tons, a year - on - year increase of 20,000 tons (11.9% increase). The cumulative 棉纱 imports from January to December 2025 are 1.5 million tons, a year - on - year decrease of 20,000 tons (1.5% decrease) [9] 3.3 Data Overview - The report provides multiple data charts, including cotton price indices, spot and futures prices, basis changes, inter - contract spreads, commercial and industrial inventories, and currency exchange rates, with data sources from Wind and the Research and Development Department of CCB Futures [17][18][27]