Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: January 9, 2026 [2] Industry Investment Rating - Not provided. Core Views - Soda ash supply increased and inventory accumulated as of January 8, maintaining a weak pattern. The short - term is expected to be volatile and slightly stronger due to macro sentiment and other factors, but the long - term supply - demand contradiction remains unsolved [8][9]. - Glass futures' main contract FG2605 continued to rise on January 8, 2025. Short - term supply contraction may support prices, but high inventory restricts the market, and the upward trend is slow [10][11]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - Supply: As of the week of January 8, the weekly output rose to 753,600 tons, a year - high, with a month - on - month increase of 8.11%. The equipment operation is stable with no maintenance plan [8]. - Demand: This week, the total shipment volume of Chinese soda ash enterprises decreased to 589,200 tons, a month - on - month decrease of 18.99%. The downstream float glass daily melting volume decreased by 300 tons to 151,500 tons, while the photovoltaic glass daily melting volume of 88,500 tons was relatively stable [8]. - Inventory: Affected by logistics during the festival, the factory inventory increased to 1.5727 million tons [8]. - Policy: The Shanxi differential electricity price policy strengthened the expectation of capacity clearance and "anti - involution" policies, accelerating the clearance of ammonia - alkali plants [8][9]. - Outlook: The short - term is expected to be volatile and slightly stronger, but the long - term supply - demand pattern remains unoptimistic without significant export expansion or backward capacity clearance [9]. Glass - Market: On January 8, 2025, the main contract FG2605 continued to rise. The market shipment was good, with obvious inventory reduction in some areas, and prices were boosted by market sentiment [10][11]. - Supply: There is an expectation of supply reduction. The overall inventory is high with obvious regional differentiation [11]. - Outlook: Short - term supply contraction may support the price, but high inventory restricts the market. The upward trend is slow, and there is an expectation of rebound and decline before substantial positive factors appear [11]. 2. Data Overview - The report provides multiple data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data from Wind and iFind [13][18][20]

行业 贵金属日评 日期 2026 年 01 月 09 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 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 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 每日报告 二、贵金属市场相关图表 2025 年 12 月美国 ADP 私人就业增加 4.1 万，这为美联储再次暂停降息进程 提供依据，美元指数持续反弹至 98.8 附近；金银价格在前高附近遇阻后连续第二 天调整，因美元指数反弹、委内瑞拉局势恶化的避险需求边际减退，且市场关注 将于周五公布的非农就业报告的方向指示。我们认为 2025 年 12 月底的回调已经 充分释放贵金属内部积累的调整风险，总体看在国际政经格局重组、美联储宽松 货币政策、全球 ...

1. Report Industry and Date - Report industry is the pig industry, and it is a daily report [1] - Report date is January 9, 2026 [2] 2. Key Points of Each Section 2.1 Market Review and Operation Suggestions - Futures: On the 8th, the main 2603 contract of live pigs opened flat, then rose and fell in shock, closing with a negative line. The highest was 11,880 yuan/ton, the lowest was 11,685 yuan/ton, and the closing price was 11,720 yuan/ton, down 0.80% from the previous day. The total index position increased by 1,216 lots to 364,327 lots [6] - Spot: On the 8th, the national average price of ternary pigs was 12.54 yuan/kg, down 0.01 yuan/kg from the previous day [6] - Supply: In the long - term, pig slaughter is expected to maintain a slight increase until the first half of next year. The enthusiasm for secondary fattening before the festival has increased, and the utilization rate of secondary fattening pens has slightly increased. The slaughter of breeding enterprises in January may continue to increase slightly, and currently, the breeding side is slaughtering normally [7] - Demand: After the price increase, secondary fattening has decreased, with rolling replenishment demand. Post - festival consumption is slowly recovering, and there is still room for demand for curing and sausage - making. Terminal consumer consumption remains high, but the orders of slaughtering enterprises are average after the festival. The operating rate and slaughter volume of slaughtering enterprises are slowly increasing. On January 8th, the slaughter volume of sample slaughtering enterprises was 189,600 heads, 1,500 heads less than the previous day, 11,000 heads less than the previous week, and 7,000 heads more than the previous month [7] - Overall: Spot prices are mainly fluctuating due to slow - recovering post - festival consumption and relatively loose supply. Futures prices are under pressure due to the expected slight increase in pig supply, strong pre - Spring Festival demand elasticity, and relatively high secondary fattening pressure. However, the previous more severe northern epidemic in the same period continues to boost the 03 contract. Currently, the epidemic shows no signs of continued spread and only occurs sporadically seasonally [7] 2.2 Industry News - From January 4th, the proportion of small - weight pigs (below 90 kg) in the overall slaughter was 5.44%, down 0.07% from the previous week. Due to the seasonal sporadic occurrence of the epidemic, the slaughter volume of small - weight pigs in many places has decreased, and there is no sign of the epidemic spreading [8][10] 2.3 Data Overview - On January 4th, the average market sales price of 15 - kg piglets was 319 yuan/head, up 12 yuan/head from the previous week [17] - As of January 4th, the average profit per self - breeding and self - raising pig was - 28.3 yuan, an increase of 96 yuan per week; the average profit per pig raised by purchasing piglets was - 160.8 yuan, an increase of 95 yuan per week [17] - As of the week of January 4th, the average slaughter weight of live pigs was 128.66 kg, down 1.04 kg from the previous week (a week - on - week decrease of 0.80%), down 1.16 kg from the previous month (a month - on - month decrease of 0.89%), and up 2.6 kg from the same period last year (a year - on - year increase of 2.06%) [17]

多晶硅日报 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 行业 日期 2026 年 01 月 09 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） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Newly released data shows that the sugar production and sugar yield in Guangxi and Guangdong in December declined, which is beneficial for the rebound of sugar prices [8] - The A-share market is showing signs of high-level stagnation, increasing the likelihood of a correction. Commodities have followed suit and declined significantly, and Zhengzhou sugar has followed this trend [8] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - On Wednesday, New York raw sugar futures fluctuated and rebounded. The main March contract closed up 1.42% at 14.97 cents per pound. The main March contract of London ICE white sugar futures closed up 0.95% at $423.60 per ton. The raw sugar fundamentals have not changed much, and the recent continuous appreciation of the Brazilian real exchange rate has put some pressure on raw sugar, with the market in a sideways consolidation [7] - Yesterday, the main contract of Zhengzhou sugar rose first and then fell. The 05 contract closed at 5,279 yuan per ton, up 4 yuan or 0.08%, with a reduction of 10,268 contracts. The new domestic sugar quotes increased, with Nanning at 5,375 yuan per ton and Kunming at 5,220 yuan per ton [8] 3.2行业要闻 No relevant information provided. 3.3数据概览 - As of the end of December, Inner Mongolia had cumulatively produced 580,000 tons of sugar in the 2025/26 sugar - making season, with a beet sugar production rate of 11.68%. It is estimated that the final sugar production in Inner Mongolia in the 2025/26 sugar - making season will be around 710,000 tons, an increase of 50,000 tons year - on - year [10] - The Indian government will review the export performance of sugar mills after March 31, 2026, and may redistribute unused quotas to sugar mills with better export performance or willing sugar mills. A total of 1.5 million tons of sugar export quota was allocated for the 2025 - 26 sugar - crushing season [10] - Brazil exported about 2.913 million tons of sugar in December, a year - on - year increase of 2.9%. From April 2025 to December 2025, Brazil had cumulatively exported 28.1722 million tons of sugar in the 2025/26 sugar - crushing season, a year - on - year decrease of 4.16% [10] - As of January 1, Ukrainian sugar mills had cumulatively processed 10.43 million tons of beets and produced 1.574 million tons of sugar since the start of this sugar - crushing season [10]

行业 沥青日报 日期 2026 年 1 月 9 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 每日报告 ...

Report Summary 1. Report Industry Investment Rating No information is provided in the given content. 2. Core Viewpoints of the Report - Industrial silicon futures prices dropped significantly, with the SI2605 contract price at 8,535 yuan/ton and a decline of 4.53%. After the sharp decline, the net long - position increased, and considering the stable spot price, the downward space is limited. It is expected to continue the convergent oscillation between 8,200 - 9,000 yuan/ton [4]. 3. Summary by Relevant Catalog 3.1 Market Performance - Industrial silicon futures prices tumbled. The SI2605 contract price was 8,535 yuan/ton with a 4.53% decline, trading volume was 666,115 lots, and the position was 260,531 lots, with a net increase of 15,797 lots. The top twenty long - positions had a net increase of 13,580 lots, and short - positions had a net increase of 6,535 lots [4]. - Spot prices remained stable. Sichuan 553 was priced at 9,300 yuan/ton, Yunnan 553 at 8,900 yuan/ton, Sichuan 421 at 9,900 yuan/ton, Xinjiang 421 at 9,550 yuan/ton, and Inner Mongolia 421 at 9,550 yuan/ton [4]. 3.2 Market Outlook - The sentiment of the strong varieties ebbed. Although coking coal and coke were running strongly, the daily limit of polysilicon in the intraday trading drove industrial silicon to accelerate its decline in the afternoon. The fundamentals of industrial silicon are relatively neutral compared to strong varieties, and policies have no imagination space. The spot price is stable and has not yet opened up the upward space [4]. 3.3 Market News - On January 08, the industrial silicon warehouse receipts volume on the Guangzhou Futures Exchange was 10,792 lots, a decrease of 7 lots from the previous trading day [5]. - In the 4th week of December, the industrial silicon inventory was 456,100 tons, a week - on - week decrease of 1.30% and a year - on - year increase of 24.08% [5]. - In the 4th week of December, the weekly output of industrial silicon was 81,500 tons, a week - on - week increase of 1.68% and a year - on - year increase of 9.35% [5].

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 8 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 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：1月7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 | 3111 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 8, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information provided in the report. Core View - The non - ferrous metals sector was driven by the strong performance of precious metals, and the supply tightening at the industrial end supported the upward shift of the zinc price center. However, the rapid short - term rally has accumulated certain correction risks. With the continuation of the current macro - narrative trend, Shanghai zinc has entered a high - level oscillation. [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2601, the opening price was 24,340 yuan/ton, the closing price was 24,315 yuan/ton, with a rise of 135 and a gain of 0.56%. The open interest was 5,100, a decrease of 720. For SHFE zinc 2602, the opening price was 24,300 yuan/ton, the closing price was 24,330 yuan/ton, with a rise of 195 and a gain of 0.81%. The open interest was 91,603, a decrease of 4,856. For SHFE zinc 2603, the opening price was 24,365 yuan/ton, the closing price was 24,370 yuan/ton, with a rise of 180 and a gain of 0.74%. The open interest was 89,378, a decrease of 2,303. The main contract of SHFE zinc closed at 24,330 yuan/ton, up 195, with a gain of 0.81%, showing increased volume and decreased open interest. The top 20 positions in total open interest reduced both long and short positions, with a net long position decrease of 14 lots. [7] - **Inventory and Premium**: On January 7, LME zinc inventory decreased by 275 tons to 105,500 tons. The domestic zinc concentrate processing fees continued to decline. In December, refined zinc production decreased by 7.2% month - on - month to 552,000 tons. Some spot circulation tightened, driving up the spot premium. After the holiday, downstream buyers made small - scale replenishments, but the sharp rise in the futures price led to a resurgence of high - price aversion. The spot trading was light. The premium in Shanghai market for contract 02 was 240 yuan/ton, Tianjin market reported a discount of 80 yuan/ton to Shanghai market, and the premium in Guangdong market for contract 02 was 20 yuan/ton. On Monday, the inventory of zinc ingots in seven major areas increased slightly by 0.87 million tons to 1.148 million tons. [7] 2. Industry News - **Price and Premium in Different Markets**: On January 7, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,335 - 24,650 yuan/ton, and that of Shuangyan brand was between 24,475 - 24,740 yuan/ton. The mainstream transaction price of 1 zinc was between 24,265 - 24,580 yuan/ton. In the morning, the market quoted a premium of 120 - 140 yuan/ton to the SMM average price. [8] - **Ningbo Market**: The mainstream brand 0 zinc in Ningbo market was traded at around 24,345 - 24,610 yuan/ton. The regular brands in Ningbo quoted a premium of 200 yuan/ton to the 2602 contract and a premium of 90 yuan/ton to the Shanghai spot price. [8] - **Tianjin Market**: The 0 zinc ingots in Tianjin market were mainly traded between 24,180 - 24,500 yuan/ton, and the Zijin brand was traded between 24,250 - 24,540 yuan/ton. The 1 zinc ingots were traded around 24,030 - 24,300 yuan/ton. Zijin quoted a premium of 100 - 130 yuan/ton to the 2602 contract, and the ordinary 0 zinc quoted a premium of 30 - 90 yuan/ton to the 2602 contract. Tianjin market reported a discount of about 80 yuan/ton to Shanghai market. [8] - **Guangdong Market**: The mainstream 0 zinc in Guangdong was traded between 24,165 - 24,450 yuan/ton. The mainstream brands quoted a premium of 20 yuan/ton to the 2602 contract, and the price difference between Shanghai and Guangdong markets narrowed. [8] 3. Data Overview - The report presented several data charts, including the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven major areas, and LME zinc inventory, but did not provide specific data analysis in the text. [10][12]

行业 国债日报 日期 2026 年 1 月 8 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货1月7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 | 110.960 | 110.620 | 110.470 | 110.590 | -0.490 | -0.44 | ...