Report Information - Report Name: Polyolefin Daily Report [1] - Date: January 7, 2026 [2] Investment Rating - No investment rating information provided in the report. Core Viewpoints - The commodity market has a strong bullish sentiment, and the chemical sector started in the afternoon. Plastics and PP were boosted to rise. However, considering the supply recovery, the entry of demand into the off - season inventory digestion cycle, and the unchanged oversupply pattern of crude oil due to overseas geopolitical conflicts, the rebound of polyolefins should be treated bearishly [6]. Summary by Directory 1. Market Review and Outlook - The market had a bullish atmosphere, and the chemical sector rose in the afternoon, driving plastics and PP up. L2605 opened lower, fluctuated higher during the session, and closed up at 6,579 yuan/ton, up 85 yuan/ton (1.31%), with a trading volume of 458,000 lots and a decrease of 1,038 lots in positions to 507,885 lots. PP2605 closed at 6,423 yuan/ton, up 69 yuan, a gain of 1.09%, and the positions increased by 13,100 lots to 521,600 lots. The supply pressure increased month - on - month due to the decline in maintenance losses during the new capacity window period, and the demand was weak due to the seasonal off - season [6]. 2. Industry News - On January 6, 2026, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (2.82%) from the previous working day, compared with 590,000 tons in the same period last year. - PE market prices partially declined. LLDPE prices in North China were 6,300 - 6,500 yuan/ton, in East China were 6,380 - 6,800 yuan/ton, and in South China were 6,500 - 6,800 yuan/ton. - The mainstream price of propylene in the Shandong market was temporarily referred to as 5,730 - 5,820 yuan/ton, an increase of 45 yuan/ton from the previous working day. The demand for propylene was fair, and the production enterprises had smooth shipments. - The PP market rose slightly. The mainstream price of North China drawstrings was 6,080 - 6,200 yuan/ton, in East China was 6,150 - 6,350 yuan/ton, and in South China was 6,140 - 6,400 yuan/ton [7]. 3. Data Overview - The report provides multiple charts including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventories, and two - oil inventory year - on - year increase/decrease rate, with data sources mainly from Wind and Zhuochuang Information [9][12][17]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2026 年 1 月 7 日 | | 表2：1月6日黑色系期货持仓情况（单位：手、%） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前 20 多头 | 前 20 空头 | 前 20 多头 | 前 20 空头 | 多空 | 偏离度 | | | 持仓 | 持仓 | 持仓变化 | 持仓变化 | 对比 | | | RB2605 | 966,968 | 961,291 | 2,094 | -18,183 | 20,277 | 2.10% | | HC2605 | 910,444 | 893,140 | -16,856 | -9,146 | -7,710 | -0.85% | | SS2602 | 42,466 | 48,266 | -6,92 ...

Group 1: Report Overview - Report type: Steel Daily Review [1] - Date: January 7, 2025 [2] - Research team: Black Metal Research Team [3] Group 2: Market Conditions - **Futures Contracts on January 6**: RB2605 closed at 3111 yuan/ton with a -0.06% change, HC2605 at 3263 yuan/ton with a 0.18% change, and SS2602 at 13395 yuan/ton with a 1.82% change. Their trading volumes were 841,618, 439,684, and 137,101 hands respectively, and the capital inflows/outflows were 0.39 billion, -0.33 billion, and -0.68 billion yuan respectively [5] - **Spot Market on January 6**: Most prices in the main rebar and hot-rolled coil spot markets declined. Rebar prices in some markets were stable, while others dropped by 10 - 20 yuan/ton. Hot-rolled coil prices in Tianjin dropped by 30 yuan/ton, and in other markets, they were stable or dropped by 10 - 20 yuan/ton [8] - **Technical Indicators**: The daily KDJ indicator of the rebar 2605 contract continued to decline with a blunted J-value. The daily KDJ indicator of the hot-rolled coil 2605 contract showed a divergent trend. The daily MACD red bar of the rebar 2605 contract narrowed for 3 consecutive days, approaching a death cross. The daily MACD indicator of the hot-rolled coil 2605 contract had a death cross the previous day with a slightly enlarged green bar [8] Group 3: Market Outlook - **News Impact**: Geopolitical turmoil led to a significant increase in the prices of precious metals and some non-ferrous metals. Rebar, hot-rolled coil, coke, and coking coal futures in the black metal sector became hedging chips due to their oversupply situation. However, smart money has started to lay out long-term positions at low prices [9][10] - **Fundamentals**: The production of the five major steel products stopped falling and rebounded, and demand also slightly increased. Due to the weekly supply being less than demand, social inventories continued to decline, reaching a new low since late January last year. The iron ore price reached a new high since late February last year and then declined, while the 4th round of spot coke price cuts was implemented. The steel cost remained relatively stable [10] - **Overall Outlook**: News factors may cause the steel price to be weak in the near term but still have recovery potential. From a fundamental perspective, the downward space is limited. It is expected that the market will be weak first and then strong, and a continuously bearish view is not advisable [10] Group 4: Industry News - **Power Generation**: As of December 31, 2025, Guangxi Guiguan Electric Power Co., Ltd. completed a cumulative power generation of 46.142 billion kWh, a year-on-year increase of 26.68%. In December 2025, Changyuan Electric Power completed a power generation of 2.38 billion kWh, a year-on-year decrease of 40.54% [11] - **Mineral Resources**: On the evening of January 5, Yongtai Energy announced that the "aluminum under coal" mineral resource reserves of its subsidiary Shanxi Qinyuan Kangwei Sendaoyuan Coal Industry Co., Ltd. were officially approved by the Shanxi Provincial Department of Natural Resources [11] - **Policy**: The General Office of the Henan Provincial People's Government issued policies to promote the economic development in the first quarter of 2026, including promoting the construction of energy infrastructure and aiming to complete an investment of 24 billion yuan in full-scale energy infrastructure physical volume in Q1 2026 [11] - **Port and Shipping Data**: As of December 31, Ganqimaodu Port completed a total import and export freight volume of 43.0585 million tons. In December 2025, Russia's seaborne coal exports were 12.3557 million tons, a month-on-month decrease of 17.57%. In November 2025, Indonesia's coal exports were 49.3632 million tons, a year-on-year decrease of 2.38% [11][12] - **Antitrust Investigation**: India's antitrust investigation found that 25 companies, including Tata Steel, JSW Steel, and Steel Authority of India, colluded on steel prices [12] Group 5: Data Overview - The report includes data charts on steel production, inventory,开工 rates, iron water production, and consumption, with data sources from Mysteel and the research and development department of CCB Futures [13][14][15]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Core Viewpoint - The opening of the 2026 CES focused on AI hardware applications. With strong price increases in silver and copper, key resources for AI computing power expansion, LME copper reached a record high by breaking through $13,000 for the first time. The domestic metal market closed higher across the board, with a strong bullish sentiment. Driven by the strong performance of precious metals and supported by tightened supply in the industrial sector, the center of gravity of Shanghai zinc prices shifted upward [7]. Market Review Futures Market | Contract | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Zinc 2601 | 23060 | 23335 | 23385 | 23060 | 115 | 0.50 | 11254 | -2476 | | SHFE Zinc 2602 | 23180 | 23380 | 23435 | 23130 | 155 | 0.67 | 93470 | -217 | | SHFE Zinc 2603 | 23180 | 23420 | 23480 | 23165 | 130 | 0.56 | 68747 | 3181 | [7] Market Conditions - The main contract of SHFE zinc closed at 24,295 yuan/ton, up 540 yuan or 2.27%, with increased volume and open interest. The top 20 total long and short positions both increased, with the net long position increasing by 3,457 lots. - The processing fees for zinc mines at home and abroad continued to decline. In December, refined zinc production decreased by 7.2% month-on-month to 552,000 tons. Tightening in the spot market pushed up the spot premium. After the holiday, downstream buyers made small - scale restocking, but the sharp rise in the market led to price - aversion sentiment, resulting in weak spot trading. - The premium in Shanghai market for the 02 contract was 250 yuan/ton, Tianjin market reported a discount of 80 yuan/ton to Shanghai market, and Guangdong market reported a premium of 10 yuan/ton for the 02 contract. - On Monday, the inventory of zinc ingots in seven major locations increased slightly by 8,700 tons to 114,800 tons [7]. Industry News - On January 6, 2026, the mainstream transaction price of 0 zinc was concentrated between 23,655 - 24,210 yuan/ton, and that of 1 zinc was between 23,585 - 24,140 yuan/ton. In the morning, the market quoted a premium of 150 yuan/ton to the SMM average price, with few quotes against the market. - In the Ningbo market, the mainstream brands of 0 zinc were traded at around 23,655 - 24,110 yuan/ton, with a premium of 205 yuan/ton for the 2602 contract and a premium of 100 yuan/ton to the Shanghai spot price. - In the Tianjin market, 0 zinc ingots were mainly traded at 23,440 - 24,060 yuan/ton, and 1 zinc ingots were traded at around 23,290 - 23,820 yuan/ton. Zijin brand reported a premium of 130 - 150 yuan/ton for the 2602 contract, and Huludao brand was priced at 25,470 yuan/ton. The ordinary 0 zinc reported a premium of 30 - 130 yuan/ton for the 2602 contract, and Tianjin market reported a discount of about 80 yuan/ton to Shanghai market. - In Guangdong, 0 zinc was mainly traded at 23,410 - 23,945 yuan/ton, with the mainstream brands quoting a premium of 5 yuan/ton for the 2602 contract, and the price difference between Shanghai and Guangdong widened [8]. Data Overview - The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven major locations, and LME zinc inventory, with data sources from Wind and SMM, as well as the research and development department of CCB Futures [10][12]

Group 1: Report Information - Report Type: Nickel Daily Report [1] - Date: January 7, 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 - The macro - atmosphere is positive. Due to intensified global resource competition, nickel prices continued to rise on the 6th, surging 4.13% and approaching the phased high of 140,000 yuan/ton. Total positions increased slightly by 3,889 lots to 360,000 lots. Nickel price increases drove up prices of other products in the industry chain. The NPI quote increased by 6.5 to 936.5 yuan/nickel point on the 6th, and nickel salt prices increased by 500 to 28,700 yuan/ton. The rebound of LME nickel prices will also drive up the spot cost of nickel salts. The market is highly volatile, and participation should be cautious [7]. Group 4: Market Review and Operation Suggestions - Macro - atmosphere is positive. Global resource competition is intensifying, and nickel prices continued to rise on the 6th, up 4.13% and approaching 140,000 yuan/ton. Total positions increased slightly by 3,889 lots to 360,000 lots. The increase in nickel prices drove up prices of other products in the industry chain. The NPI quote increased by 6.5 to 936.5 yuan/nickel point on the 6th, and nickel salt prices increased by 500 to 28,700 yuan/ton. The rebound of LME nickel prices will drive up the spot cost of nickel salts. The market is highly volatile before the RKAB quota decision is finalized, and participation should be cautious [7]. Group 5: Industry News - The Indonesian Ministry of Energy and Mineral Resources (ESDM) stated that the 2026 RKAB will be used as a strategic tool to align mineral production with domestic industrial demand, setting the nickel production target at about 290 million tons to match smelter capacity. The adjustment of production quotas for nickel and coal aims to prevent global oversupply, stabilize falling prices, and protect national resource reserves. Although the APNI is worried that production may drop to 250 million tons, the government says the data is still being integrated [8][10]. - Due to the non - approval of the 2026 RKAB, PT Vale Indonesia has suspended its nickel mining operations. However, management expects the license to be approved soon, and the temporary suspension will not affect the long - term operational sustainability of the joint venture. The approval delay only temporarily affects the Pomalaa and Bahodopi nickel projects, while the Sorowako mine and the integrated RKEF project are still operating normally, so the impact on market supply and demand is relatively limited [10]. - The Indonesian Nickel Smelters Association estimates that the domestic nickel smelting industry's nickel ore demand in 2026 will be about 340 - 350 million tons [10].

Group 1: Report Overview - Report title: Aluminum Daily Report [1] - Date: January 7, 2026 [2] - Research team: Non - ferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The macro atmosphere continues to improve, the A - share market has risen sharply to a ten - year high, and the industrial product sector has continued to strengthen. On the 6th, Shanghai aluminum continued to increase positions and prices, with the main contract 2602 closing at 24,335, a rise of 3.29%. The spot market is under pressure, with downstream processing enterprises' procurement demand being average due to high prices, mainly for small - scale replenishment of rigid needs. The market transactions are mostly for hedging purchases by traders. The domestic smelting enterprises have rich profits, and the operating capacity is increasing steadily. Overseas disturbances are frequent. The power contract renewal of a Mozambique aluminum plant has failed, affecting the production of 520,000 tons of capacity. Attention should be paid to the progress of Indonesia's capacity release. In terms of demand, the terminal is weak due to the traditional off - season, and the inventory has begun to accumulate under the dual pressure of environmental protection restrictions and high aluminum prices. The domestic aluminum ingot social inventory has reached 684,000 tons at the beginning of the week. It is judged that in the medium term, aluminum prices are likely to rise and difficult to fall under the logic of the Fed's interest rate cut and loose liquidity and the strong support of gold and copper, and should be treated with a high - level and strong mindset. In the short term, the fundamental support is limited, and it is recommended to go long at low levels [7] Group 4: Market Review and Operation Suggestions - **Market performance**: The macro environment is favorable, the A - share market hits a ten - year high, and the industrial product sector strengthens. On the 6th, Shanghai aluminum's main contract 2602 rose 3.29% to 24,335. The spot market is under pressure, with downstream procurement mainly for rigid needs and small - scale replenishment. The domestic smelting capacity is increasing steadily, while overseas has disturbances. The terminal demand is weak, and inventory is accumulating [7] - **Operation suggestion**: In the medium term, maintain a high - level and strong view on aluminum prices. In the short term, with limited fundamental support, it is recommended to go long at low levels [7] Group 5: Industry News - **Aluminum substitution for copper**: 19 air - conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, have jointly launched the implementation of "aluminum substitution for copper" standards. Some brand stores plan to launch aluminum - made household air - conditioners in 2026, while others have no such plan [10] - **Company capacity expansion**: Lizhong Group's second - phase project of 1.8 million ultra - lightweight aluminum alloy wheels in its Mexican factory has been initially put into production. The third Thai aluminum alloy wheel factory's annual production capacity of 3 million cast - spun aluminum alloy wheels is expected to be put into operation next year. The high - performance aluminum alloy new material projects in Chongqing, Huai'an, Changchun, and Thailand will be put into production from the fourth quarter of this year to next year. India's state - owned National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026 and is expanding the fifth production line of its Damanjodi alumina refinery, which will increase the annual capacity by 1 million tons to 3.275 million tons [10][11]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS index rebounded 3.1% to 1795.83 points this week, with good price increases in late December. The freight rate in early January was around $2,880, and the cargo collection was in good condition. There is still an expectation of price increase in late January, and the February contract may have some upside potential. However, the expectation of Red Sea re - navigation after the Spring Festival may heat up, so pay attention to short - selling opportunities for the April contract in the off - season and the positive spread trading opportunity between 02 - 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rose 3.1% to 1795.83 points this week. The price increase in late December was well - implemented. In early January, the freight rate remained around $2,880, and the cargo collection was good. The late - January quotes are in the range of $2,700 - $3,100, with an expected price increase. The February contract may rise, but pay attention to the April contract's short - selling opportunity in the off - season and the 02 - 04 positive spread trading opportunity [8] 2. Industry News - From December 22 to 26, 2025, the China export container shipping market was positive, with the comprehensive index rising 6.7% to 1656.32 points on December 26. - European routes: The European economy was weak in 2025, facing geopolitical and energy security risks. The freight rate from Shanghai Port to European basic ports rose 10.2% to $1,690/TEU on December 26. - Mediterranean routes: The market was in sync with European routes, and the freight rate from Shanghai Port to Mediterranean basic ports rose 10.9% to $3,143/TEU on December 26. - North American routes: The US employment market showed a small improvement. The freight rates from Shanghai Port to the US West and East basic ports rose 9.8% and 6.6% to $2,188/FEU and $3,033/FEU respectively on December 26. - Multiple shipping companies announced freight rate increases, including MSC, Maersk, Hapag - Lloyd, and CMA CGM. - Military operations in the Middle East continued, and there were uncertainties about Maersk's resumption of Red Sea - Suez Canal navigation [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - The SCFIS European route index rose 3.1% from 1742.64 points on December 29, 2025, to 1795.83 points on January 5, 2026. The SCFIS US West route index fell 3.9%, from 1301.41 points to 1250.12 points [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of multiple container shipping European line futures contracts on January 6, including EC2602, EC2604, etc., were presented, showing information such as opening price, closing price, and trading volume [6] 3.3 Shipping - Related Data Charts - Multiple shipping - related data charts were provided, including the Shanghai Export Container Settlement Freight Rate Index, container ship运力 in Europe, and global container ship orders [13][18][20]

1. Report Type and Date - Report Type: Index Daily Review [1] - Date: January 7, 2026 [2] 2. Research Analysts - Nie Jiayi (Stock Index), contact: 021 - 60635735, email: niejiayi@ccb.ccbfutures.com, qualification number: F03124070 [3] - He Zhuoqiao (Macro Precious Metals), contact: 18665641296, email: hezhuoqiao@ccb.ccbfutures.com, qualification number: F3008762 [3] - Huang Wenxin (Macro Treasury Bond and Container Shipping), contact: 021 - 60635739, email: huangwenxin@ccb.ccbfutures.com, qualification number: F3051589 [3] 3. Market Review - On January 6, the Wind All - A Index rose with increasing volume, up 1.59%. Over 4000 stocks in the market rose, and the Shanghai Composite Index achieved 13 consecutive daily gains, reaching a new high in over a decade since July 2015. The CSI 300, SSE 50, CSI 500, and CSI 1000 closed up 1.55%, 1.90%, 2.13%, and 1.43% respectively. In the futures market, the main contracts of IF, IH, IC, and IM closed up 1.72%, 2.03%, 2.51%, and 1.62% respectively, outperforming the spot market [6]. 4. Market Outlook - The military action taken by the US against Venezuela during the New Year's Day holiday had little negative impact on the A - share market. In China, the December PMI rose above the boom - bust line, signaling economic improvement. The national subsidy policy for 2026 was issued, with the fiscal side taking proactive measures, maintaining an optimistic market sentiment. With the strengthening expectation of domestic economic improvement, the slow - bull pattern of the A - share market is gradually stabilizing. The Spring Rally is expected to start earlier, and it is recommended to take a long - position strategy [7]. 5. Industry News - At the US CES, Huang Renxun unexpectedly pre - released the next - generation AI chip platform "Rubin". NVIDIA's CEO said that the NVFP4 chip has an inference computing power of 50 PFLOPS, five times that of Blackwell. NVIDIA also released a series of AI products, indicating a shift of the AI focus from "training scale" to "inference system". The Chinese Foreign Ministry responded to Japan's plan to revise the "Three Security Documents", warning that Japan's move to remilitarize endangers regional peace and stability [30].

Report Information - Report Title: Treasury Bond Daily Report - Date: January 7, 2026 - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - On January 6, 2026, the bond market sentiment was weak, and treasury bond futures fell across the board due to the central bank's bond purchase scale not exceeding expectations, the rise of A-shares, and the approaching supply peak [8]. - In December 2025, the bond market fluctuated weakly. In January 2026, the bond market will enter a phase where negative factors gradually materialize. Yields may rise first and then fall, and there may be an opportunity for treasury bond futures to recover from low levels [11][12]. Summary by Directory 1. Market Review and Operation Suggestions Market Conditions on the Day - The central bank's December bond purchase scale was 50 billion yuan, the same as the previous month, not exceeding expectations. Coupled with the rise of A-shares and the approaching supply peak, the bond market sentiment was weak, and treasury bond futures fell across the board [8]. Interest Rate Spot Bonds - The yields of major interbank interest rate spot bonds across all maturities rose. By 16:30, the yield of the 10-year treasury bond active bond 250016 rose by 2.45bp to 1.886% [9]. Money Market - The interbank liquidity tightened marginally. The net reverse repurchase withdrawal in the open market was 296.3 billion yuan. The interbank capital sentiment index rose, indicating tight liquidity. The overnight DR rate fluctuated around 1.26%, and the 7-day funding rate fluctuated around 1.43%. The medium- and long-term funds were stable, and the 1-year AAA certificate of deposit rate remained stable at around 1.6% [10]. Conclusion - In December, the bond market fluctuated weakly. In January, the bond market will enter a phase where negative factors gradually materialize. The implementation of the public fund fee regulations may ease the short-term redemption pressure. January will be a large supply month, and there is a demand for credit impulse at the beginning of the year, which will impact the bond allocation demand and increase the supply pressure. However, as the pressure of the supply-demand mismatch eases and the central bank is likely to provide support before the Spring Festival, the market's loose expectations may heat up again, bringing an opportunity for treasury bond futures to recover from low levels. Bond yields in January may rise first and then fall [11][12]. 2. Industry News - The central bank's net liquidity injection through open market treasury bond trading in December 2025 was 50 billion yuan, the net injection through MLF was 100 billion yuan, and the net injection through SLF was 7.1 billion yuan [13]. - The National Association of Financial Market Institutional Investors will strengthen the punishment of violations related to the preservation of bond trading records [13]. - At the beginning of 2026, many places held their "first meetings of the new year" to promote high-quality economic development. The core in 2026 is to promote high-quality development [14]. - In 2025, the total new land acquisition value, total price, and construction area of 100 real estate enterprises increased by 2%, 3%, and decreased by 5% respectively year-on-year, with investment concentrated in first- and second-tier cities [14]. - On January 5, 2026, Shandong Province issued 72.381 billion yuan of local government bonds, marking the official start of local government bond issuance in 2026. The issuance scale in the first quarter is expected to exceed 2 trillion yuan [15]. 3. Data Overview - The data overview includes information on treasury bond futures market conditions, including the trading data of various contracts on January 6, 2026, such as opening price, closing price, settlement price, price change, trading volume, open interest, etc. It also covers the spread between different maturities and varieties of treasury bond futures, as well as the trends of the main contracts. Additionally, it presents data on the money market, such as SHIBOR term structure changes, SHIBOR trends, and interbank repurchase interest rate changes, as well as data on the derivatives market, such as Shibor3M and FR007 interest rate swap fixing curves [6][16][29][35]

Report Information - Report Name: Pig Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Agricultural Products Research Team [4] Industry Investment Rating - Not provided Core View - On the spot market, post - holiday consumption has declined but remains at a relatively high level, supply is relatively loose, and spot prices will fluctuate. On the futures market, pig supply is expected to increase slightly, demand elasticity before the Spring Festival is strong, second - fattening pressure on the market is still high year - on - year, but the previous more severe northern epidemic in the same period continues to boost the 03 contract. Currently, the market feedback shows that the epidemic has not continued to spread and only occurs sporadically seasonally, and the progress of the epidemic needs to be continuously monitored [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2603 contract of live pigs opened slightly higher, then bottomed out, rebounded, and fluctuated higher, closing with a positive line. The highest price was 11,810 yuan/ton, the lowest was 11,620 yuan/ton, and it closed at 11,810 yuan/ton, up 0.98% from the previous day. The total open interest of the index increased by 3,030 lots to 354,652 lots [6] - **Spot Market**: On the 6th, the national average price of ternary pigs was 12.48 yuan/kg, up 0.04 yuan/kg from the previous day [6] - **Supply Side**: In the long term, pig slaughter is expected to maintain a slight increase until the first half of next year. The enthusiasm for second - fattening replenishment before the festival has increased periodically, and the utilization rate of second - fattening pens has increased slightly. The slaughter of breeding enterprises in January may continue to increase slightly month - on - month, and currently, the slaughter rhythm of the breeding side is controllable [7] - **Demand Side**: Currently, second - fattening has increased, with rolling replenishment demand. Post - holiday consumption has declined, but there is still room for cured meat and sausage - making demand. Terminal consumer consumption remains at a high level. The orders of slaughtering enterprises have declined after the holiday, and the operating rate and slaughter volume of slaughtering enterprises have returned to pre - holiday levels. On January 6, the slaughter volume of sample slaughtering enterprises was 189,800 heads, an increase of 11,000 heads from the previous day, a decrease of 13,000 heads week - on - week, and an increase of 10,000 heads month - on - month [7] 2. Industry News - According to Yongyi Information data, in the week of January 4, the overall slaughter proportion of small - weight pigs under 90 kg was 5.44%, a decrease of 0.07% from the previous week. The current epidemic is sporadically occurring seasonally, so the slaughter volume of small - weight pigs in many places has decreased compared with the previous period. Currently, the market feedback shows that the epidemic has not continued to spread [8] 3. Data Overview - In the week of January 4, the average market sales price of 15 - kg piglets was 319 yuan/head, an increase of 12 yuan/head from the previous week [17] - As of January 4, the average profit per self - bred and self - raised pig was - 28.3 yuan/head, an increase of 96 yuan/head week - on - week; the average profit per pig raised with purchased piglets was - 160.8 yuan/head, an increase of 95 yuan/head week - on - week [17] - As of the week of January 4, the average slaughter weight of live pigs was 128.66 kg, a decrease of 1.04 kg from the previous week (a week - on - week decrease of 0.80%), a decrease of 1.16 kg from the previous month (a month - on - month decrease of 0.89%), and an increase of 2.6 kg compared with the same period last year (a year - on - year increase of 2.06%) [17]