Report Overview - Report Date: January 16, 2026 [2] - Report Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The three major oils have collectively corrected, mainly dragged down by the decline in the external crude oil market. Due to the bearish USDA monthly supply and demand report, the oversupply of US soybeans, the increase in Brazilian soybean production, and sufficient global soybean supply, combined with soybean auctions, the Y2605 contract is under significant pressure near the integer mark of 8000 and recent highs. The main contract Y2605 is expected to trade in the range of 7850 - 8150 in the first quarter. [8] - Palm oil prices are under pressure due to rising Malaysian palm oil inventories and the delay in Indonesia's shift from B40 to B50 in 2026. Attention should be paid to whether Indian demand can recover. If export improvement fails to meet market expectations, a second bottoming is expected. [8] - Canadian Prime Minister Carney visited China on January 14, and the market expects the China - Canada trade relationship to ease. China may gradually cancel the 100% punitive tariff on Canadian canola oil. This week, canola oil prices have continued to bottom out under the guidance of policy expectations. Attention should be paid to whether there are official signals of tariff adjustment. [8] - In terms of arbitrage, it is recommended to go long on soybean oil and palm oil and short on canola oil. Oils are expected to continue to fluctuate within a range, with pressure on the upside and support on the downside. Current prices face correction pressure. [8] 3. Summary by Sections 3.1 Market Review and Operation Suggestions - **Market Review**: - East China third - grade canola oil: 05 + 800 in February; 05 + 650 from February to May; 05 + 600 from April to May. Dongguan canola oil quote: 05 + 1200 for third - grade canola oil from January to February. [7] - East China market first - grade soybean oil basis price: For first - grade soybean oil, spot is Y05 + 520; 05 + 500 from January to March; 05 + 480 from February to March; 05 + 380 from February to May; 05 + 360 from March to May; 05 + 300 from April to May; 05 + 240 from May to July; 05 + 210 from June to September; 05 + 200 from July to September; third - grade soybean oil is 05 + 450; degummed soybean oil is 05 + 320. [7] - Dongguan traders' palm oil quotes are stable: 05 - 20 for 24 - degree palm oil from Dongguan factories; 05 + 40 for Guangdong national standard 24 - degree palm oil; 05 - 200 for 52 - degree palm oil from Dongguan factories. [7] - **Operation Suggestions**: - For futures trading, pay attention to the price range of Y2605 (7850 - 8150 in Q1). Monitor the recovery of Indian palm oil demand and official signals of canola oil tariff adjustment. [8] - For arbitrage, adopt the strategy of going long on soybean oil and palm oil and short on canola oil. [8] 3.2 Industry News - Malaysian palm oil exports from January 1 - 15 were 727,440 tons, a 18.6% increase compared to 613,172 tons from December 1 - 15. [9] - ANEC estimates that Brazil's soybean exports in January 2026 will be 3.73 million tons, higher than the previous estimate of 2.4 million tons. If the estimate comes true, it will be a 233% increase compared to 1.12 million tons in the same period last year, setting a record high for the same period. ANEC's head said on January 7 that Brazil's soybean exports in 2026 will reach a record 112 million tons. [9] 3.3 Data Overview - The report provides multiple data charts, including the spot prices of East China third - grade canola oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and canola oil, and price spreads such as P1 - 5, P5 - 9, P9 - 1, and exchange rates like the US dollar against the Chinese yuan and the US dollar against the Malaysian ringgit. All data sources are from Wind and the Research and Development Department of CCB Futures. [13][16][22]

1. Report Information - Report Date: January 16, 2026 [2] - Reported Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Core View - In the short - term, Zhengzhou cotton is in a wide - range shock adjustment, awaiting new drivers, while in the long - term, the upward trend remains unchanged [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,972 yuan/ton, up 2 yuan/ton from the previous trading day. The mainstream basis of 2025/26 southern Xinjiang Kashgar machine - picked 31 - grade double 29/impurity within 3.5 was mostly at CF05 + 850 or higher, and that in northern Xinjiang was mostly at 1000 or higher. The sales of pure - cotton yarn varieties were significantly differentiated. The sales pressure of low - count and regular varieties was prominent, while the high - count combed yarn orders remained good, with firm prices and relatively good order schedules. The overall trading in the all - cotton grey cloth market was still dull. [7] - **Supply and Demand**: On the supply side, the lint inspection was in the final stage. As of mid - January, the daily inspection volume was around 36,000 tons. According to the current progress, the output in the 2025/26 season might still have an upward adjustment pressure. The large gap between domestic and foreign prices needed adjustment, and the possibility of importing foreign cotton through reserve cotton rotation increased. As of the end of December, the commercial inventory level of cotton was higher than that of the previous year. On the demand side, the export amount of textiles and clothing in December increased month - on - month but was still weak year - on - year. The cumulative year - on - year decline in the export amount in 2025 further expanded. Domestic demand was relatively supportive, with the sales of medium - and high - count yarns remaining good, and the sales of some low - count yarn varieties also improving. The downstream stocking rhythm accelerated, and inventory was reduced. [8] 3.2 Industry News - As of January 14, 2026, a total of 1,097 cotton processing enterprises across the country processed cotton and carried out notarized inspections. The cumulative national inspection volume was 30,477,135 bales, totaling 6.8797 million tons, an increase of 32,400 tons from the previous day. Among them, the inspection volume in Xinjiang was 30,099,924 bales, totaling 6.7952 million tons, an increase of 29,800 tons from the previous day; the inspection volume in the inland was 217,257 bales, totaling 48,300 tons. [9] 3.3 Data Overview - The report presented a series of data charts including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar against RMB, and US dollar against Indian rupee, with data sources from Wind and the Research and Development Department of CCB Futures. [16][18][19]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The soda ash market is likely to maintain a weak and volatile pattern in the short term due to rising production, weakening demand, and insufficient downstream inventory reduction willingness, along with the long - standing core contradictions in the industry remaining unresolved. The glass market is also expected to show a weak and volatile trend in the short term, with supply contraction being the core price - supporting factor, but facing challenges from weak downstream real - estate data and the cancellation of export tax - rebate policies [8][9] 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash**: On January 15, the main contract SA605 of soda ash slightly declined, closing at 1193 yuan/ton, down 25 yuan/ton or 2.05% from the previous day, with an intraday increase of 30,978 lots. The overall supply - demand pattern shows rising production, weakening demand, and inventory is expected to face continuous accumulation pressure. The downstream float glass industry is still weak, and the long - standing core contradictions in the industry remain unresolved. If the export scale does not expand significantly or the elimination of backward production capacity is slower than expected, the supply - demand pattern is not optimistic. In the short term, it will likely maintain a weak and volatile pattern [7][8] - **Glass**: On January 15, the main contract FG2605 of glass futures was weak and volatile, rising during the day and then falling. The glass production line is generally in a loss state, and there is still an expectation of cold repair before the festival, so the supply is expected to further narrow. The overall inventory base is still high. In the short term, supply contraction will support prices, but downstream real - estate data continues to decline year - on - year, and the cancellation of export tax - rebate policies squeezes profit margins. Before substantial benefits such as capacity clearance appear, it is expected to maintain a weak and volatile trend in the short term [9] 3.2 Data Overview - The report presents multiple data charts, including the price trends of active contracts for soda ash and glass, weekly production and enterprise inventory of soda ash, the market price of heavy soda ash in Central China, and the production volume of flat glass, etc., with data sources from Wind, iFind, and the research and development department of Jianxin Futures [12][13][14]

工业硅日报 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 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 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 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2026 年 01 月 16 日 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：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

行业 沥青日报 日期 2026 年 1 月 16 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 028-8663 0631 penghaozhou@ccb.ccbfutures.com 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 期货从业资格号：F3015157 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：彭浩洲（碳市场工业硅） 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 每日报 ...

Report Information - Date: January 16, 2026 [2] Industry Investment Rating - Not provided Core View - The policy direction has shifted from anti - involution to anti - monopoly, breaking the strong cost support logic. The adjustment of the export tax - rebate policy for photovoltaic products is negative, and the exchange's risk control remains strict. Although the spot price of polysilicon is high, the fundamentals are weak. With high expected production in January and downstream in the cycle of production cuts, terminal demand is in the off - season, so it is advisable to wait and see [4] Summary by Directory 1. Market Review and Outlook - Market Performance: The polysilicon futures price continued to decline. The closing price of the PS2605 contract was 48,670 yuan/ton, a decrease of 0.38%. The trading volume was 12,703 lots, the open interest was 47,798 lots, with a net decrease of 641 lots. The top twenty long positions had a net decrease of 398 lots, and the top twenty short positions had a net decrease of 769 lots [4] - Spot Price: The transaction price range of polysilicon n - type re - feedstock was 50,000 - 63,000 yuan/ton, with an average transaction price of 59,200 yuan/ton, a week - on - week increase of 9.83%. The transaction price range of n - type granular silicon was 50,000 - 64,000 yuan/ton, with an average transaction price of 55,800 yuan/ton, a week - on - week increase of 10.5% [4] - Future Outlook: The expected production of polysilicon in January is about 100,000 tons, which can meet at least 40GW of terminal demand. The downstream is in the cycle of production cuts, the silver price has risen significantly, squeezing the profit of photovoltaic main products, and the terminal demand is in the off - season. The expected production of silicon wafers, cells, and modules is 46.18GW, 39.06GW, and 31.14GW respectively [4] 2. Market News - On January 15, the number of polysilicon warehouse receipts was 4,560 lots, an increase of 60 lots from the previous trading day [5] - On January 9, the Ministry of Finance announced that from April 1, 2026, the VAT export tax - rebate for photovoltaic products will be cancelled. The current VAT export tax - rebate rate for photovoltaic products is 9%. In 2024, the export tax - rebate rate for photovoltaic products was reduced from 13% to 9% [5]

行业 生猪日报 日期 2026 年 01 月 16 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 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＃ 生猪点评：供应端，元旦前二次育肥补栏积极性阶段性提高，目前二育栏舍 利用率同比偏高；据涌益数据显示，1 月样本养殖企业计划出栏量环比下滑 3.1%， 目前养殖端出栏节奏略缓，出栏体重变化不大。需求端，二次育肥观望为主；腌 腊 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: January 16, 2025 [2] Investment Rating - No investment rating information provided Core Viewpoint - The fundamentals of the pulp market have limited changes and are expected to fluctuate and adjust [8] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures contract 05 was 5,508 yuan/ton, and the closing price was 5,436 yuan/ton, a decline of 1.31% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,300 yuan/ton, a decrease of 20 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - **Foreign Offers**: Arauco's January foreign offers for pulp: Silver Star (softwood pulp) increased by $10/ton to $710/ton; Venus (natural pulp) remained unchanged at $620/ton; Star (hardwood pulp) increased by $20/ton to $590/ton [8] - **Supply - Related Data**: In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% decrease month - on - month and a 6.3% increase year - on - year; the consumption was 805,600 tons, a 6.2% decrease month - on - month and a 4.6% decrease year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a 4.1% decrease month - on - month and a 3.8% decrease year - on - year. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - **Demand Situation**: Large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north are shut down. Downstream publishing orders for pick - up are almost finished, and social orders have limited changes. Dealers are mainly selling at stable prices with little intention to adjust prices [8] 2. Industry News - On January 15, it was reported that the 2025 China Paper Industry Top Ten News Selection Conference was held in Beijing. Gold East Paper under APP (China) was listed on the "2025 Excellent - level Smart Factory Project List" for its "Full - process Digital and Intelligent High - end Cultural Paper Smart Factory" and ranked first in the 2025 China Paper Industry Top Ten News, setting a benchmark for the industry [9] 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][23][25][27]

021-60635736 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 ＃summary＃ 每日报告 | | | | | 一、行情回顾与后市展望 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 表1：1月14日焦炭焦煤期货主力合约价格、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 | | J2605 | 1745 | 1741 | 1778 | 1725 | 1738.5 | -1.28% | 22,405 | ...

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＃ 行业 锌期货日报 日期 2026 年 1 月 15 日 三、 数据概览 图1：两市锌价走势 图2：SHFE月间差 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 | 2601 | 24500 | 24400 | 24750 | 24005 | 100 | 0.41 | 1 ...