行业 沥青日报 日期 2026 年 1 月 7 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 investment rating for the industry is provided in the report. 2. Core Viewpoints - In 2026, precious metals, especially industrial precious metals, will continue to perform strongly. Factors such as the restructuring of the international political and economic landscape, the Fed's loose monetary policy, the improvement of the global economic growth outlook, and the substitution demand of silver and platinum for gold jewelry will drive the upward trend. However, the large influx of investment funds also means significant price volatility. It is recommended that investors maintain a long - biased trading mindset but strictly control the position size. Long - hedgers should hedge in batches as soon as possible, and short - hedgers should appropriately reduce the hedging ratio. For conservative traders, they can consider cross - variety arbitrage by going long on silver and platinum and short on gold and palladium [4][5]. 3. Summary by Directory Precious Metals Market Conditions and Outlook - **Intraday Market**: The decline of the US ISM manufacturing PMI in December 2025 to 47.9% supported the market's expectation of the Fed's continued loose monetary policy. Trump's expression of the desire to annex Greenland, along with liquidity premiums and geopolitical risks, pushed the precious metals sector to continue its strong performance. However, London gold faced selling pressure around $4,500 per ounce, and the market was cautious before the release of the December non - farm payroll data. It is believed that the correction at the end of December 2025 has fully released the adjustment risks accumulated within precious metals. This week, attention should be paid to the situations in Venezuela and Russia - Ukraine, the US December non - farm payroll data, and China's price and financial data [4]. - **Medium - term Market**: Although Trump's 2.0 government has basically completed the internal restructuring of federal agencies and the reconstruction of the foreign trade system, Trump will still focus on promoting the MAGA reform process in 2026, with an emphasis on consolidating the geopolitical strategic space in the Western Hemisphere, 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 around the world will continue to boost the demand for reserve diversification, the strategic value of rare precious metals, and liquidity premiums in the precious metals sector. In 2026, the precious metals sector will continue the medium - term upward trend since 2024. The improvement of global economic growth momentum and the substitution demand of silver and platinum for gold jewelry will make the performance of silver and platinum stronger than that of gold [5]. Main Macro Events/Data - **Venezuelan Situation**: Venezuelan President Maduro, who was arrested by the US, pleaded not guilty in a US court on Monday, and his wife Cilia Flores also pleaded not guilty. The next court session is scheduled for March 17. In Caracas, Maduro's vice - president Rodriguez was sworn in as the interim president of Venezuela, expressing support for Maduro but not indicating resistance to US actions. The Trump administration plans to meet with executives of US oil companies later this week to discuss increasing Venezuela's oil production after the arrest of Maduro [17]. - **US Manufacturing Index**: The US ISM manufacturing index in December dropped to 47.9, the lowest since October 2024, and it has been below 50 for 10 consecutive months. New orders further shrank, and input costs continued to rise, indicating that the industry is still deeply affected by the Trump administration's import tariffs. Although the possibility of a short - term manufacturing recovery is small, economists still hope for a rebound this year as Trump's tax - cut policy takes effect [17]. - **Trump's Desire to Annex Greenland**: US President Trump has repeatedly expressed his hope to annex Greenland. He said in an interview with The Atlantic on Sunday that "we really need Greenland, absolutely. We need it for defense." The leader of Greenland responded that it was enough, and Denmark's European allies also reiterated that the future of this Arctic island must be determined by its people [17].

Report Information - Report Title: Sugar Daily Report - Date: January 7, 2026 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Market Review and Operation Suggestions - Futures Market: On Monday, the New York raw sugar futures rebounded with the March contract up 0.82% to 14.72 cents/pound. The London ICE white sugar futures March contract rose 0.6% to $421.10/ton. The SR605 contract of Zhengzhou sugar closed at 5259 yuan/ton, up 26 yuan or 0.50%, with an increase of 4843 positions. The SR609 contract closed at 5275 yuan/ton, up 25 yuan or 0.48%, with an increase of 1342 positions. The US sugar 03 contract closed at 14.72 cents/pound, up 0.12 cents or 0.82%, with an increase of 194 positions. The US sugar 05 contract closed at 14.37 cents/pound, up 0.09 cents or 0.63%, with a decrease of 2090 positions [7]. - Domestic Sugar Market: The new domestic sugar price increased. The price in Nanning was 5355 yuan/ton, and in Kunming was 5200 yuan/ton. In December, Guangxi's sugar production decreased by 800,000 tons year-on-year, mainly due to lower sugar content in sugarcane in Chongzuo. Yunnan's sugar production increased by 60,000 tons. The decline in production in Guangxi and Guangdong is conducive to the rebound of sugar prices. With the pre - Spring Festival procurement peak, sugar prices are expected to maintain a volatile upward trend before the Spring Festival [8]. Industry News - Guangxi: As of December 31, 2025, in the 2025/26 sugar - crushing season, 73 sugar mills in Guangxi had all started crushing, 1 less than the previous year. The cumulative sugarcane crushing was 16.2303 million tons, a decrease of 5.2515 million tons year - on - year; the output of mixed sugar was 1.9419 million tons, a decrease of 0.8095 million tons; the mixed sugar production rate was 11.96%, a decrease of 0.85 percentage points; the cumulative sugar sales were 0.8848 million tons, a decrease of 0.7474 million tons; the sales - to - production ratio was 45.56%, a decrease of 13.76 percentage points. In December, the monthly sugar production was 1.808 million tons, a decrease of 0.431 million tons; the monthly sugar sales were 0.7954 million tons, a decrease of 0.5518 million tons; the cumulative industrial inventory was 1.0571 million tons, a decrease of 0.0621 million tons [9]. - Pakistan: The Federal Minister for National Food Security of Pakistan, Rana Tanveer Hussain, said that the sugar price is expected to drop to 110 rupees/kg (about 2.75 yuan/kg) in the near future. The government plans to withdraw from the sugar industry [9]. - India: As of December 31, 2025, the sugar production in the 2025/26 sugar - crushing season in India reached 11.897 million tons, nearly 25% more than the same period last year. The number of sugar mills in operation was 504, 12 more than the same period last year [9]. Data Overview - The report provides multiple data charts, including the spot price trend, the basis of the 2605 contract, the SR5 - 9 spread, the import profit of Brazilian raw sugar, the warehouse receipts of Zhengzhou Commodity Exchange, the exchange rate of the Brazilian real, and the trading and position of the top 20 seats of the main contract of Zhengzhou sugar [11][14][20][17]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - The national egg price is slightly stronger today. The average price in the main production areas is 3.12 yuan/jin, up 0.08 yuan/jin from yesterday; the average price in the main sales areas is 3.31 yuan/jin, up 0.07 yuan/jin from yesterday. The 02 contract rose 0.57%. During the holidays, the egg spot price was generally stable with minor fluctuations. The market sentiment remains average, and there is no sign of a significant increase in stockpiling. The high inventory level continues to put pressure on the spot price. The futures market opened higher today and then declined slightly. In recent days, the futures market has been stronger than the spot market. There is some willingness among off - market funds to buy at the bottom, and the technical indicators show signs of stabilization. This is mainly because the inflection point of the inventory level has occurred. Although the current situation is weak, the future outlook is positive. However, from the perspective of the spot market, the 02 contract represents an absolute off - season, and there is currently no sign of a trend - like increase in the spot price. It may weaken again in the future. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - For the 2602 egg contract, the previous settlement price was 2965, the opening price was 2966, the highest price was 2992, the lowest price was 2958, the closing price was 2982, with a gain of 17 and a gain rate of 0.57%. The trading volume was 63319, the open interest was 83287, and the open interest decreased by 3865. - For the 2603 egg contract, the previous settlement price was 2999, the opening price was 2988, the highest price was 3015, the lowest price was 2981, the closing price was 3000, with a gain of 1 and a gain rate of 0.03%. The trading volume was 156390, the open interest was 231586, and the open interest increased by 12061. - For the 2605 egg contract, the previous settlement price was 3547, the opening price was 3549, the highest price was 3559, the lowest price was 3523, the closing price was 3536, with a loss of 11 and a loss rate of - 0.31%. The trading volume was 37879, the open interest was 95654, and the open interest decreased by 1276 [7] - **Operation Suggestions**: The 02 contract represents the off - season, and there is no sign of a trend - like increase in the spot price. It may weaken again. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3.2行业要闻 (Industry News) - **Inventory**: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the previous month, ending the previous continuous growth. However, compared with the same period last year, it increased by 5.3%, indicating significant supply - side pressure [9] - **Replenishment**: In November 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.55 million, slightly higher than the 39.15 million in October but significantly lower by 13.5% compared with the same period in 2024. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9] - **Culling Volume**: In the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous decline [9] - **Culling Age**: As of December 18, the average culling age of laying hens was 486 days, the same as the previous week and 6 days earlier than the previous month [10] 3.3数据概览 (Data Overview) - The report provides multiple data charts, including the average price of eggs in the main production areas, the seasonal trend of the egg 12 contract, the basis of the egg 12 contract, the spread between the egg 12 and 02 contracts, the monthly inventory of laying hens in China, and the profit of laying - hen farming. The data sources include Wind, Jianxin Futures Research and Investment Center, Zhuochuang Information, and Trading Famen [10][12][17]

1. Report Information - Reported industry: Soybean meal [1] - Report date: January 7, 2026 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Market Review 2.1 Contract Performance | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3133 | 3140 | 3151 | 3130 | 3150 | 17 | 0.54% | 7063200 | -1810 | | | Soybean Meal 2603 | 3075 | 3086 | 3116 | 3084 | 3114 | 39 | 1.27% | 140835 | 553245 | 5309 | | Soybean Meal 2605 | 2746 | 2752 | 2778 | 2751 | 2776 | 30 | 1.09% | 800156 | 2174350 | -2961 | [6] 2.2 External Market Analysis During the holiday, the US soybean futures contract on the external market first declined and then stabilized, with the main contract approaching 1060 cents. The overall driving force in the external market was insufficient. The rebound at the end of December was mainly due to the price reaching an important support level and the year - on - year decrease in US soybean ending stocks, providing strong support. Additionally, the recent export sales of US soybeans were decent, with frequent large - order transactions, and China's procurement continued steadily. However, the biggest pressure in the external market came from the approaching South American harvest. Brazilian soybeans entered a critical growth stage, with abundant rainfall in the main producing areas recently, and no drought problems in most areas, and the rainfall was expected to remain adequate in the next two weeks. Some institutions had raised the production forecast to over 1.80 billion tons, significantly higher than the USDA's estimate of 1.75 billion tons and last year's 1.715 billion tons. Under the expectation of a South American bumper harvest, the rebound space of the external market was relatively limited. [6] 2.3 Domestic Market Analysis Domestically, soybean meal rebounded before the holiday. There were rumors of some customs delaying clearance and oil mills shutting down. Although the current situation was high inventory, the pressure was expected to ease in February and March based on shipping schedules. Therefore, the 03 contract had been significantly stronger than the 05 contract and the CBOT soybean contract recently. Since it was difficult to disprove the expectation that the pressure on soybeans and soybean meal would significantly ease by the end of the first quarter, this strength - weakness trend was expected to continue. However, considering that the Brazilian bumper harvest was gradually becoming a reality, it was difficult for the 05 and subsequent contracts to see significant rebound strength. [6] 3. Industry News - As of December 30, Argentina's 2025/26 soybean sowing was 82% complete, up from 75.5% a week ago. The sowing work was in the final stage, with the remaining unsown areas mainly in the northern agricultural region. The growth of sown soybeans was good, with 96.1% of soybeans rated normal to excellent and 96.1% of bean fields having suitable to optimal moisture levels. [9] - StoneX raised its forecast for Brazilian soybean production by 0.2% to 1.776 billion tons in December, and some analysts predicted the output could reach 1.8 billion tons. [9] - As of the week ending December 25, the net sales volume of US soybeans for the 2025/26 season was 1,177,745 tons, higher than 987,082 tons a week ago. The net sales volume for the 2026/27 season was 66,391 tons, compared with - 4,800 tons a week ago. [10] 4. Data Overview The report includes figures such as soybean meal ex - factory prices, 01 contract basis, 1 - 5 price spreads, 5 - 9 price spreads, US dollar - RMB central parity rate, and US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures. [13][16][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 期货从业资格号：F03134307 行业 日期 2026 年 01 月 07 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 原油日报 日期 2026 年 1 月 7 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 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（工业硅碳市场） 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 一、行情回顾与操作建议 | | ...

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The industrial silicon futures price rose and then fell, with the SI2605 contract price at 8900 yuan/ton, a decline of 1.37%. The spot price remained stable. The industrial silicon fundamentals are relatively neutral compared to stronger varieties, lacking policy imagination space. The 1 - month spot market trading was dull, raw material prices were stable, and the supply was at a seasonal low. The expected output in January is about 350,000 tons, and there will be increasing production pressure during the wet season after the second quarter. The demand side lacks growth. The market sentiment drives short - term price fluctuations, but the overall spot price is stable and has not broken through the upward space, with increasing resistance above 9000 yuan/ton [4][5]. 3. Summary by Directory 3.1 Market Performance - The industrial silicon futures price of the SI2605 contract was 8900 yuan/ton, with a decline of 1.37%, a trading volume of 460,467 lots, an open interest of 234,611 lots (a net increase of 17,319 lots). The top twenty long positions had a net increase of 8,524 lots, and the short positions had a net increase of 12,431 lots. The spot price remained stable, with the 553 - grade price in Sichuan at 9300 yuan/ton, in Yunnan at 8900 yuan/ton; the 421 - grade price in Sichuan at 9900 yuan/ton, in Xinjiang and Inner Mongolia at 9550 yuan/ton [4]. 3.2 Market Outlook - The commodity index has rebounded strongly recently, and the risk - taking preference of long - position funds has increased sharply. However, the industrial silicon fundamentals are relatively neutral. There is no policy - driven potential. In January, the spot market trading was dull, raw material prices were stable, and the supply was at a seasonal low. The expected output in January is about 350,000 tons, and there will be increasing production pressure during the wet season after the second quarter. The demand side lacks growth. The organic silicon monomer operating rate was 72.85% in December, and the concentrated production cuts were not significantly realized. The latest weekly operating rate was maintained at 69.61%. The polysilicon output in December was 116,900 tons, and in the current situation, polysilicon can only cut production, with little chance of growth. The market sentiment drives short - term price fluctuations, but the overall spot price is stable and has not broken through the upward space, with increasing resistance above 9000 yuan/ton [5]. 3.3 Market News - On January 6, the industrial silicon warehouse receipt volume on the GZEE was 10,687 lots, an increase of 467 lots from the previous trading day. In the fourth 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%. In the fourth week of December, the weekly industrial silicon output was 81,500 tons, a week - on - week increase of 1.68% and a year - on - year increase of 9.35% [6].

纯碱、玻璃日报 日期 2026 年 1 月 7 日 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 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 行业 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（尿素、工业 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 | | | 表1：纯碱、玻璃期 ...

1. Report Information - Report title: Pulp Daily [1] - Date: January 7, 2025 [2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The pulp futures 05 contract closed at 5530 yuan/ton, down 0.43% from the previous settlement price. The intended transaction price range of softwood pulp in Shandong's wood pulp market remained stable, with the Shandong Yinxing quotation at 5580 - 5600 yuan/ton [7]. - Asia Symbol announced a 150 yuan/ton increase in the price of hardwood pulp, while there was no news of adjustment in the FOB price of softwood pulp. In November, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased year - on - year, with a significant decline in shipments to the Chinese market. In November 2025, the European wood pulp inventory decreased month - on - month and increased year - on - year, while consumption decreased both month - on - month and year - on - year. The total pulp imports in November 2025 increased both month - on - month and year - on - year. As of December 25, 2025, the weekly pulp inventory in major regions and ports decreased week - on - week [8]. - On the demand side, some paper mills have price increase expectations due to cost pressure, but the paper price increase is weak due to insufficient terminal orders, and the mainstream quotation of offset printing paper remains stable. During the holiday, the fundamentals changed little, and the market focused on the pricing of near - month warehouse receipts, with the market fluctuating and adjusting [8]. 4. Section Summaries 4.1 Market Review and Operation Suggestions - Market data: The pulp futures 05 contract's previous settlement price was 5554 yuan/ton, and the closing price was 5530 yuan/ton, a 0.43% decline. The intended transaction price range of softwood pulp in Shandong was 4950 - 6300 yuan/ton, stable compared to the previous trading day, with the Shandong Yinxing quoted at 5580 - 5600 yuan/ton [7]. - Industry situation: Asia Symbol raised the hardwood pulp price by 150 yuan/ton. In November, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased year - on - year. In November 2025, European wood pulp inventory and consumption showed different changes. The total pulp imports increased in November 2025, and the weekly inventory in major regions and ports decreased as of December 25, 2025. On the demand side, paper price increases were weak, and the market fluctuated and adjusted during the holiday [8]. 4.2 Industry News - On January 6, the Rizhao Branch of the People's Bank of China guided Rizhao Bank to successfully implement the first batch of transformation financial financing of 125 million yuan in the papermaking industry in Shandong. Among them, 120 million yuan of transformation financial letter - of - credit business financing was handled for Asia Symbol (Shandong) Pulp & Paper Co., Ltd., and 5 million yuan of transformation financial loans were provided for upstream enterprises of Rizhao Xiaolongtai Paper Co., Ltd. through supply - chain financing [9]. 4.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences in Shandong Yinxing, softwood - hardwood price differences in Shandong, inter - delivery price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and differences of coated paper and offset printing paper, prices and differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][26][27]