Report Information - Reported industry: Oil and fat [1] - Date: January 14, 2026 [2] - Research team: Agricultural product research team [4] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Core Viewpoints - Due to the bearish USDA monthly supply and demand report, the surplus of US soybean supply, the increase in Brazilian soybean production, the sufficient global soybean supply, and the soybean reserve release, the Y2605 contract is under significant pressure near the integer mark of 8000 and the recent high. The main contract Y2605 is expected to trade in the range of 7850–8150. [8] - Palm oil showed a corrective trend of rising and then falling under the influence of the rumor that Indonesia cannot implement the B50 biodiesel policy in 2026. [8] - Canadian Prime Minister Carney visited China on January 14. The market expects the China-Canada trade relationship to ease, and China may gradually cancel the 100% punitive tariff on Canadian rapeseed oil. This week, rapeseed oil prices are likely to continue the downward trend, and attention should be paid to whether there is an official signal of tariff adjustment. [8] - The spread between near and far months of rapeseed oil shows a pattern of near - strong and far - weak. The nearby rapeseed oil inventory continues to decline, the cargo rights are concentrated, and the basis quotation is firm. In terms of arbitrage, go long on soybean oil and palm oil and short on rapeseed oil. Oils and fats are expected to continue to oscillate within a range, with resistance above and support below. [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of the third - grade rapeseed oil in February was 05+800, from February to May was 05+650, and from April to May was 05+600. The quotation of rapeseed oil in Dongguan from January to February was 05+1200. The basis price of the first - grade soybean oil in the East China market was Y05+520 for spot, 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, and 05+200 from July to September. The third - grade soybean oil was 05+450, and the degummed soybean oil was 05+320. The quotation of palm oil from Dongguan traders was stable: 05 - 20 for 24 - degree palm oil from Dongguan factories, 05+40 for Guangdong national standard 24 - degree palm oil, and 05 - 200 for 52 - degree palm oil from Dongguan factories. [7] - **Operation Suggestions**: Be cautious about the future market of soybean oil. For palm oil, pay attention to the implementation of the B50 policy in Indonesia. For rapeseed oil, focus on the official signal of tariff adjustment. [8] 2. Industry News - **Global Weather Report**: In late January, the temperature in Argentina will tend to decrease with increased rainfall, which is very beneficial to the growth of corn and soybeans. In the next few weeks, most parts of Brazil will receive near - normal or above - normal rainfall, and there may be floods in the southeastern region. Paraguay will experience cool and wet weather in the next 1 - 2 weeks, which is beneficial to the growth of corn and soybeans. [9] - **Brazilian Soybean Harvest**: As of January 8, the harvest of Brazil's 2025/26 soybean crop had started, with 0.6% completed, slightly higher than 0.3% in the same period last year. AgRural expects the Brazilian soybean production this year to reach a record 6.51 billion bushels. As of January 9, according to PAN, the soybean harvest progress was 0.53%, compared with 0.05% in the same period last year and a five - year average of 0.39%. The harvest progress in Mato Grosso, the largest soybean - producing state in Brazil, is higher than the average in recent years but lower than that in 2024. In other parts of Brazil, the harvest is still in its early stages, mainly in irrigated areas. [9][10] 3. Data Overview - The report provides multiple data charts, including the spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, etc., as well as basis price changes, spreads between different months of palm oil, and exchange rates such as the US dollar against the RMB and the US dollar against the Malaysian ringgit. [7][17][18]

行业 聚烯烃日报 日期 2026 年 1 月 14 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 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 每日报告 | 表1：期货市场行情 | | | | | | ...

Report Information - Industry: Cotton [1] - Date: January 14, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - Zhengzhou Cotton futures fluctuated and adjusted. The latest 328-grade cotton price index was 15,783 yuan/ton, down 74 yuan/ton from the previous trading day. Spot firm-price quotes were lowered, and the basis was temporarily stable. [7] - The pure cotton yarn market had average trading volume, with few new orders. Traders and downstream weavers made purchases based on rigid demand, with a cautious attitude. The pure cotton yarn price quote remained stable, but the transaction focus declined, and some spinning mills sold at a discount. Recently, the sales of low-count yarns improved slightly, with increased demand for 21S and 26S. [7] - The overall trading volume in the all-cotton grey fabric market remained dull. Some regions started pre-festival replenishment, but the volume was still small. [7] Overseas Market - In the USDA monthly report, the 2025/26 US cotton production was revised down by 80,000 tons to 3.03 million tons, and the global cotton production was revised down by 80,000 tons to 26 million tons compared to December. The global cotton consumption was revised up by 70,000 tons to 25.89 million tons, which was relatively positive. The supply-demand contradiction in the international market was not prominent. [8] - The net long position of CFTC US cotton funds continued to rise, and the external market trend improved. Attention should be paid to the subsequent signing and export performance. [8] Domestic Market - The domestic fundamentals remained the same, with no significant changes in the short term. Cotton prices fluctuated greatly recently. Spinning mills and traders made purchases at low prices, and yarn prices remained basically stable. Manufacturers sold at appropriate prices. Attention should be paid to whether there would be phased replenishment before the Spring Festival. [8] Outlook - In the short term, Zhengzhou Cotton futures would fluctuate widely and adjust, waiting for new drivers. In the long term, the upward trend remained unchanged. [8] 2. Industry News USDA January Supply and Demand Report - The expected US cotton planting area for 2025/26 in January was 9.28 million acres, a decrease of 20,000 acres compared to December. [9] - The expected US cotton harvest area for 2025/26 in January was 7.8 million acres, an increase of 430,000 acres compared to December. [9] - The expected US cotton yield per acre for 2025/26 in January was 856 pounds/acre, a decrease of 73 pounds/acre compared to December. [9] - The expected US cotton production for 2025/26 in January was 13.92 million bales, a decrease of 350,000 bales compared to December. [9] - The expected total US cotton supply for 2025/26 in January was 17.92 million bales, a decrease of 350,000 bales compared to December. [9] - The expected total US cotton consumption for 2025/26 in January was 13.8 million bales, the same as in December. [10] - The expected US cotton ending inventory for 2025/26 in January was 4.2 million bales, a decrease of 300,000 bales compared to December. [10] US Cotton Inspection Progress - As of the week ending January 9, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 2.7756 million tons, accounting for 89.2% of the estimated annual US cotton production, 9% slower year-on-year. [10] - The inspection volume of US upland cotton was 2.703 million tons, with an inspection progress of 89.37%, down 9% year-on-year. The inspection volume of Pima cotton was 72,900 tons, with an inspection progress of 88.6%, 20% slower year-on-year. [10] - The weekly deliverable ratio was 76.8%, and the quarterly deliverable ratio was 82.3%, 1.4 percentage points higher year-on-year. [10] Brazil Cotton Planting Progress - As of January 10, the cotton planting rate in Brazil was 31.9%, up from 31.2% the previous week, lower than 33.5% in the same period last year and higher than the five-year average of 24.2%. [10] 3. Data Overview - The report provided multiple charts, including the CF1-5 spread, CF5-9 spread, CF9-1 spread, China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, as well as exchange rate data such as the US dollar against the Chinese yuan and the US dollar against the Indian rupee. All data sources were Wind and the Research and Development Department of Jianxin Futures. [15][18][19][21][27][29]

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: January 14, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - For soda ash, the market supply has increased, and the supply pressure has not been fully digested. The demand side continues to decline, and the inventory is expected to face accumulation pressure. In the short - term, it may have a short - term rally as a low - valued commodity, but in the long - term, the industry's core contradictions remain unsolved, and the outlook is not optimistic if exports do not expand significantly or backward production capacity is not effectively cleared. It will operate weakly in the short - term [7]. - For glass, the market shipment is good, and prices have been raised due to market sentiment. However, the high - inventory problem restricts the market, and the cancellation of export tax rebates squeezes profit margins. Before substantial benefits such as production capacity clearance appear, the market is expected to rebound and then fall [8]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data on January 13**: SA601 opened at 1155, closed at 1136, down 0.61%; SA605 opened at 1242, closed at 1212, down 1.30%. The overall supply increased, demand declined, and the downstream float glass market was weak. The long - term outlook depends on export expansion and production capacity clearance [7]. - **Glass Futures Data on January 13**: FG601 opened at 1082, closed at 978, down 1.41%; FG605 opened at 1143, closed at 1096, down 3.09%. The market shipment was good, and prices rose due to market sentiment. High inventory and the cancellation of export tax rebates are major constraints [7][8]. 2. Data Overview - **Price Trends**: There are figures showing the price trends of active contracts for soda ash and glass [10][12][14]. - **Soda Ash Production and Inventory**: Figures display the weekly soda ash production and enterprise inventory [17][19]. - **Market Price and Glass Production**: The figures show the central China heavy soda market price and flat glass production [20][21][23]

1. Report Industry Investment Rating - No relevant information found 2. Core Viewpoints of the Report - On the supply side, pig slaughter is expected to increase slightly until the first half of next year. The enthusiasm for second - round fattening before the New Year increased, and the utilization rate of second - round fattening pens rose slightly. In January, the planned slaughter volume of sample breeding enterprises decreased by 3.1% month - on - month, and currently, the breeding end is in normal slaughter mode [7]. - On the demand side, after the spot price increase, second - round fattening has decreased and is mainly in a wait - and - see mode, with weak replenishment demand. The demand for curing and sausage - making is near the end, terminal consumer consumption has returned to the pre - holiday level, and the orders of slaughtering enterprises are average after the holiday. The operating rate and slaughter volume of slaughtering enterprises have decreased slightly. On January 13, the slaughter volume of sample slaughtering enterprises was 186,600 heads, a decrease of 2,200 heads from the previous day, 3,000 heads week - on - week, and 5,600 heads month - on - month [7]. - Overall, for the spot market, the consumption peak has passed, supply is relatively loose, and the spot price will be mainly volatile. For the futures market, pig supply is expected to continue to increase slightly, the pressure of second - round fattening is still relatively high compared to the same period last year, which continues to exert downward pressure. However, the more severe epidemic in the north in the early stage boosted the 03 contract. Currently, the market feedback shows that the epidemic does not continue to spread and only occurs sporadically seasonally. Be vigilant against the risk of price decline and continuously monitor the progress of the epidemic [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Futures: On the 13th, the main 2603 contract of live pigs opened flat and then fluctuated higher, closing with a positive line at the end of the session. The highest price was 11,840 yuan/ton, the lowest was 11,730 yuan/ton, and the closing price was 11,795 yuan/ton, up 0.08% from the previous day. The total open interest of the index decreased by 10,254 lots to 355,333 lots [6]. - Spot: On the 13th, the average price of ternary pigs nationwide was 12.75 yuan/kg, up 0.03 yuan/kg from the previous day [6]. 3.2 Industry News - According to Yongyi Consulting data, in the week of January 8, the average market sales price of 15kg piglets was 366 yuan/head, an increase of 45 yuan/head from the previous week [8][10]. 3.3 Data Overview - As of January 8, the average profit and loss per self - bred and self - raised pig was basically balanced, an increase of 28 yuan/head week - on - week; the average profit per pig from purchasing piglets was - 129.8 yuan/head, an increase of 31 yuan/head week - on - week [19]. - In the week of January 8, the average slaughter weight of live pigs was 128.54kg, a decrease of 0.12kg from the previous week, with a week - on - week decline of 0.09% [19].

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: January 14, 2026 [2] - Research team: Agricultural product research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the outer - market US soybean futures contract declined, with the main contract approaching 1050 cents. Yesterday, the USDA released a bearish January supply - demand report. The 2025 US soybean yield remained at a high of 53 bushels, and the overall production changed little. Although the crushing demand continued to improve, the export was poor, especially other countries outside China preferred to buy Brazilian soybeans. The new - season ending stocks increased from 290 million bushels in December to 350 million bushels, higher than last year's 325 million bushels. Brazil's production estimate increased slightly due to good weather. After the report, the potential bullish expectation was shattered, and the previous strong support at 1050 cents may weaken, possibly testing the 1000 - cent support in the future [6]. - Domestic soybean meal was differentiated. The 03 contract was stronger than the 05 contract because of the logic of soybean shortage at the end of the first quarter. Today, over 1 million tons of imported soybeans were auctioned and all were sold, indicating potential spot tightness at the end of March. The 03 contract may not remain strong if there are continuous auctions of over 1 million tons. The 05 contract, mainly corresponding to Brazilian soybeans, has no current bullish factors and should be treated as bearish after rebounds [6]. Operation Suggestions - Continuously monitor the situation of imported soybean auctions. If there are continuous auctions of over 1 million tons, the 03 contract may not maintain its strength. The 05 contract should be treated as bearish after rebounds [6]. Market Data | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3124 | 3124 | 3310 | 3124 | 3154 | 30 | 0.96% | 1101456 | -74 | | | Soybean Meal 2603 | 3095 | 3119 | 3138 | 3091 | 3117 | 22 | 0.71% | 205862 | 551279 | -15977 | | Soybean Meal 2605 | 2786 | 2799 | 2805 | 2756 | 2761 | -25 | -0.90% | 1180639 | 2258105 | -34267 | [6] Group 3: Industry News - The USDA report raised the 2025/2026 US soybean area to 81.2 million acres (previously 81.1 million), production to 4.262 billion bushels (previously 4.253 billion), exports to 1.575 billion bushels (previously 1.635 billion), and ending stocks to 350 million bushels (previously 290 million). Brazil's soybean production was raised to 178 million tons (previously 175 million), and exports to 114 million tons (previously 112.5 million). Global soybean production increased to 425.68 million tons (previously 422.54 million), and ending stocks to 124.41 million tons (previously 122.37 million). China's soybean imports remained unchanged at 112 million tons [8]. - AgRural reported that the 2025/2026 Brazilian soybean harvest had started. As of January 8, 0.6% of the harvest was completed, slightly higher than last year's 0.3%. The agency expected the annual Brazilian soybean production to reach a record 6.51 billion bushels. The harvest start was slightly later than expected due to the extended growth cycle in some areas, but there was no obvious delay in the progress [8]. - On January 13, the National Grain Trading Center planned to auction 1,139,605.33 tons of soybeans from 2022 - 2025, located in Shandong, Henan, Zhejiang, Anhui, Liaoning, Jiangsu, Fujian, Guangdong, and Guangxi. All were sold at an average price of 3809.55 yuan/ton, with delivery dates from January 15 to April 30, 2026 [9]

报告类型 股指日评 日期 2026 年 1 月 14 日 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 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 13 日，万得全 A 放量下跌，开盘回落后反弹回升，随后震荡运行，午后 加速回落，收跌 1.18%，全市近 7 成个股下跌；沪深 300、上证 50、中证 500、中 证 1000 收盘分别下跌 0.60%、0.34%、1.28%、1.84%。期货方面，IF、IH、IC、 IM 主力合约分别收跌 0.32%、0.08%、1.28%、1.82%（按收盘价计算）。 | 表1:股指期货、现货行情数据 | | ...

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 13, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - No relevant information provided. 3. Core Viewpoints - The market strengthened on the day, with the far - month off - season contract EC2604 rising significantly. Besides the tax - refund rush shipping, it may be more driven by the escalation in the Red Sea situation which hit the resumption of shipping. The spot price increase in early January was well - implemented, but shipping companies have recently lowered their quotes for late January. After the shipping peak, they may cut prices to attract cargo, and the inflection point of the spot price high may appear. However, due to the tense situation in the Red Sea over the weekend, the off - season contract EC2604 rebounded sharply, and short - term sentiment may support the contract to run strongly [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market Performance: The market strengthened, especially the far - month off - season 04 contract. The SCFIS index rebounded above 1900 points on Monday, rising 8.9% to 1956.39 points [8]. - Spot Market: Shipping companies have lowered their quotes for late January. For example, Maersk lowered its quotes for non - European base ports in the fourth week of January. After the shipping peak, prices may be cut to attract cargo [8]. - Red Sea Situation: The Houthi rebels' tough attitude and the large - scale military strikes by the US and the UK on Yemen over the weekend led to a sharp rebound in the off - season 04 contract, and short - term sentiment may support the contract [8]. 4.2 Industry News - Overall Market: From January 5 to January 9, the China export container shipping market was generally stable, with different routes showing differentiated trends. China's official composite PMI in December 2025 was 50.7, up 1 percentage point month - on - month [9]. - European Route: The eurozone's unemployment rate in November 2025 dropped to 6.3%. The transport demand was stable, and the spot booking price rose slightly. On January 9, the Shanghai Port export freight rate to European base ports was $1719/TEU, up 1.7% [9]. - Mediterranean Route: The market was basically in sync with the European route, and the freight rate continued to rise slightly. On January 9, the Shanghai Port export freight rate to Mediterranean base ports was $3232/TEU, up 2.8% [10]. - North American Route: US private - sector employment increased by 41,000 in December. The transport demand was relatively stable, and the spot booking price continued to rise. On January 9, the Shanghai Port export freight rates to the US West and East base ports were $2218/FEU and $3128/FEU, up 1.4% and 3.1% respectively [10]. - Red Sea Situation: On December 15, 2025, many shipping companies announced freight rate increases. The Suez Canal Authority and Maersk had conflicting statements about the resumption of Red Sea - Suez Canal navigation. On January 12, 2026, the US and the UK launched large - scale military strikes on the Houthi rebels in Yemen [10]. 4.3 Data Overview 4.3.1 Container Shipping Spot Prices - SCFIS European Route (Base Ports): On January 12, 2026, it was 1956.39 points, up 160.56 points (8.9%) from January 5 [12]. - SCFIS US West Route (Base Ports): On January 12, 2026, it was 1323.98 points, up 73.86 points (5.9%) from January 5 [12]. 4.3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of multiple contracts such as the opening price, closing price, settlement price, price change, and trading volume of EC2602, EC2604, etc. on January 8, 2026 [6]. - It also includes the trend charts of the main and secondary main contracts of container shipping European line futures [18]. 4.3.3 Shipping - Related Data Trends - The report provides trend charts of European container ship capacity, global container ship orders, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [18][21].

行业 碳酸锂期货日报 日期 2026 年 1 月 13 日 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 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 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 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 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货涨停，主要是由于 1 月 9 日中国财政部与税务总局宣布，自 2026 年 4 月 1 日起至 2026 年 12 月 31 日，将电池产品的增值税出口退税率由 9%下调至 6%； 2027 年 1 月 1 日起，取消电池产品增值税出口退税。短期锂电池有抢出口预期， 这将令一季度传统淡季不淡，下游补货预期增加， ...

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 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 日期 2026 年 1 月 13 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12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 ...