尿素产业日报 2026-01-27 ，降库主要集中在内蒙古区域，主产销区尿素企业维持弱平衡，部分企业出现小幅累库，但因东北局域需 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 求推动周边企业出货，整体带动国内尿素企业库存下降，随着春节临近，尿素企业逐渐启动收单计划，清 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 库催发货为主，尿素企业库存或仍有继续小幅去库。UR2605合约短线预计在1770-1830区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- ...

期仍较好，但对国内供需矛盾缓解有限，库存预计维持高位上升趋势。上游电石供应阶段性恢复，或削弱 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 电石法成本支撑。PVC高开工、高库存、弱需求持续，成本端支撑有限，短期预计偏弱震荡。V2605日度K | | | PVC产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 4911 | -48 成交量:聚氯乙烯(PVC)(日,手) | 1160706 | -162779 | | | 持仓量:聚氯乙烯(PVC)(日,手) | 1060308 | -34793 期货前20名持仓:买单量:聚氯乙烯(日,手) | 1027821 | -47257 | | | 前20名持仓:卖单量:聚氯乙烯(日,手) | 1126948 | -37426 前20名持仓:净买单量:聚氯乙烯(日,手) ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract shows a fluctuating trend, with an increase in open interest, a spot discount, and a weakening basis. The copper concentrate TC spot index has a slight decline, and the supply of copper ore remains tight. The port inventory has slightly rebounded with the arrival of imports, but it is still at a relatively low level historically. On the supply side, although the raw material supply is tight, domestic copper production remains at a relatively high level due to seasonal factors, with a relatively sufficient supply. On the demand side, some downstream buyers adopt a strategy of purchasing for rigid needs and stocking up at low prices, but the high copper price and the traditional off - season limit the demand, resulting in average trading sentiment in the spot market. Overall, the fundamentals of Shanghai copper may be in a stage of sufficient supply and stable demand, with seasonal inventory accumulation. In the options market, the call - put ratio of at - the - money option positions is 1.71, with a month - on - month increase of 0.1442, indicating a bullish sentiment, and the implied volatility has a slight increase. Technically, the 60 - minute MACD shows that the double lines are above the 0 - axis and the green bars are converging. It is recommended to conduct short - term long trades with a light position at low prices, paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 102,600 yuan/ton, up 720 yuan; the LME 3 - month copper price is 13,073 dollars/ton, down 126 dollars. The main contract's inter - month spread is - 280 yuan/ton, up 50 yuan; the open interest of the Shanghai copper main contract is 229,757 lots, up 778 lots. The net position of the top 20 futures holders of Shanghai copper is - 69,801 lots, down 8,825 lots. The LME copper inventory is 170,525 tons, down 1,175 tons; the Shanghai Futures Exchange inventory of cathode copper is 225,937 tons, up 12,422 tons; the LME copper cancelled warrants are 44,725 tons, down 1,550 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 144,908 tons, down 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot is 101,370 yuan/ton, down 1,065 yuan; the price of Yangtze River Non - ferrous Metals Market 1 copper spot is 101,580 yuan/ton, down 820 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 23 dollars/ton, unchanged; the average premium of Yangshan copper is 22 dollars/ton, unchanged. The basis of the CU main contract is - 1,230 yuan/ton, down 1,785 yuan; the LME copper cash - to - 3 - month spread is - 71.07 dollars/ton, down 5.01 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons, up 17.8 million tons. The TC of domestic copper smelters is - 49.79 dollars/kiloton, down 3.26 dollars. The price of copper concentrate in Jiangxi is 92,710 yuan/metal ton, up 1,460 yuan; the price of copper concentrate in Yunnan is 93,410 yuan/metal ton, up 1,460 yuan. The processing fee of blister copper in the South is 2,000 yuan/ton, unchanged; the processing fee of blister copper in the North is 1,200 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper is 132.6 million tons, up 9 million tons. The import volume of unwrought copper and copper products is 440,000 tons, up 10,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 69,590 yuan/ton, up 1,250 yuan; the price of 2 copper (94 - 96%) in Shanghai is 83,950 yuan/ton, up 1,250 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products is 222.91 million tons, up 0.31 million tons. The cumulative completed investment in power grid infrastructure is 560.39 billion yuan, up 77.956 billion yuan. The cumulative completed investment in real estate development is 8278.814 billion yuan, up 41.9724 billion yuan. The monthly output of integrated circuits is 4,807,345,500 pieces, up 415,345,500 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 25.85%, down 1.31%; the 40 - day historical volatility is 23.38%, up 0.01%. The implied volatility of the at - the - money option in the current month is 27.02%, up 0.0116; the call - put ratio of at - the - money options is 1.71, up 0.1442 [2]. 3.7 Industry News - As of the end of 2025, the national new energy vehicle ownership reached 43.97 million, accounting for 12.01% of the total vehicle ownership; the pure - electric vehicle ownership was 30.22 million, accounting for 68.74% of the new energy vehicle ownership. In 2025, the newly registered new energy vehicles were 12.93 million, accounting for 49.38% of the newly registered vehicles, an increase of 1.68 million or 14.93% compared with 2024. Policies to cultivate new growth points in service consumption will be introduced soon, including measures to expand inbound consumption, the launch of a national digital trade demonstration zone, optimization of the old - for - new program for consumer goods, promotion of consumption of large - ticket durable goods such as cars and home appliances, a pilot reform of car circulation consumption, and the upcoming launch of a national - level overseas comprehensive service platform. The exchange has taken measures to cool down the commodity futures market. The Shanghai Futures Exchange and Shanghai International Energy Exchange have adjusted trading limits and margin ratios for some futures contracts. The Guangzhou Futures Exchange has also issued a risk reminder letter. The People's Bank of China has emphasized expanding the scope of macro - prudential policies. The US has threatened to impose a 100% tariff on Canadian imports if Canada reaches a new trade agreement with China, and the Chinese Foreign Ministry has responded [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - For alumina, the fundamentals are in a stage of excessive supply and stable demand. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals are in a stage of stable supply and cautious demand. The aluminum price remains high due to macro - expectations. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals are in a stage of sufficient supply and weak demand. The cast aluminum price remains high and volatile due to cost support. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the main Shanghai aluminum contract is 24,305.00 yuan/ton, up 90.00 yuan; the closing price of the main alumina futures contract is 2,734.00 yuan/ton, up 2.00 yuan [2] - **Spreads**: The spread between the main and the second - consecutive contracts of Shanghai aluminum is - 130.00 yuan/ton, up 25.00 yuan; that of alumina is - 146.00 yuan/ton, down 8.00 yuan [2] - **Positions**: The position of the main Shanghai aluminum contract is 311,897.00 hands, down 10,190.00 hands; that of the alumina main contract is 481,235.00 hands [2] - **LME Quotes**: The three - month LME electrolytic aluminum quote is 3,188.50 US dollars/ton, up 15.00 US dollars; LME aluminum inventory is 505,275.00 tons [2] - **Other Indicators**: The net position of the top 20 in Shanghai aluminum is - 63,980.00 hands, up 2,585.00 hands; the Shanghai - London ratio is 7.62, down 0.01 [2] 3.2 Spot Market - **Aluminum Spot Prices**: The price of Shanghai Non - ferrous A00 aluminum is 23,870.00 yuan/ton, down 160.00 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum is 23,990.00 yuan/ton, down 160.00 yuan [2] - **Alumina Spot Price**: The spot price of alumina in Shanghai Non - ferrous is 2,555.00 yuan/ton, unchanged [2] - **Premiums and Discounts**: The Shanghai Wumao aluminum premium/discount is - 190.00 yuan/ton, down 10.00 yuan; the LME aluminum premium/discount is - 7.31 US dollars/ton, down 3.56 US dollars [2] - **Basis**: The basis of alumina is - 179.00 yuan/ton, down 2.00 yuan; the basis of electrolytic aluminum is - 435.00 yuan, down 250.00 yuan [2] 3.3 Upstream Situation - **Alumina Production and Demand**: Alumina production is 801.08 million tons, down 12.72 million tons; the demand for alumina (electrolytic aluminum part) is 731.29 million tons, up 25.33 million tons; the supply - demand balance of alumina is 28.90 million tons, up 2.32 million tons [2] - **Aluminum Scrap Trade**: The average price of crushed raw aluminum in Foshan metal waste is 18,650.00 yuan/ton, unchanged; China's import of aluminum scrap is 194,102.07 tons, up 31,482.14 tons; the export is 70.80 tons, down 0.73 tons [2] - **Alumina Trade**: Alumina exports are 21.00 million tons, up 4.00 million tons; imports are 22.78 million tons, down 0.46 million tons [2] 3.4 Industry Situation - **Electrolytic Aluminum**: The import of primary aluminum is 189,196.58 tons, up 43,086.86 tons; the export is 37,575.30 tons, down 15,472.39 tons; the total production capacity of electrolytic aluminum is 4,536.20 million tons, up 12.00 million tons; the operating rate is 98.31%, up 0.10% [2] - **Aluminum Products**: Aluminum product production is 613.56 million tons, up 20.46 million tons; the export of unwrought aluminum and aluminum products is 54.00 million tons, down 3.00 million tons [2] - **Recycled Aluminum Alloy**: The production of recycled aluminum alloy ingots is 68.40 million tons, down 1.60 million tons; the export of aluminum alloy is 2.55 million tons, down 0.51 million tons [2] 3.5 Downstream and Application - **Automobile Production**: Automobile production is 341.15 million vehicles, down 10.75 million vehicles [2] - **Real Estate**: The national real estate prosperity index is 91.45, down 0.44 [2] 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai aluminum is 23.56%, down 0.01%; the 40 - day historical volatility is 18.88%, down 0.01% [2] - **Implied Volatility and Ratio**: The implied volatility of the at - the - money option of the Shanghai aluminum main contract is 22.86%, down 0.0111%; the call - put ratio of Shanghai aluminum options is 2.06, up 0.3464 [2] 3.7 Industry News - As of the end of 2025, the number of new energy vehicles in China reached 43.97 million, accounting for 12.01% of the total number of vehicles. In 2025, 12.93 million new energy vehicles were newly registered, accounting for 49.38% of the newly registered vehicles, a year - on - year increase of 14.93% [2] - Policies to cultivate new growth points in service consumption will be introduced soon, including measures to expand inbound consumption, build national digital trade demonstration zones, and promote consumption of large - scale durable goods [2] - Exchanges took measures to cool down the commodity futures market. The daily opening position limits of silver and tin futures contracts were lowered, and the price limit ranges and margin ratios of copper, international copper, and aluminum futures contracts were adjusted [2] - The People's Bank of China emphasized expanding the scope of macro - prudential policies and maintaining financial stability [2] - The US threatened to impose a 100% tariff on Canadian imports if Canada reaches a new trade agreement with China. China stated that China - Canada cooperation does not target any third - party [2]

生猪产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11285 | -180 主力合约持仓量:生猪(日,手) | 127642 | -5752 | | | 仓单数量:生猪(日,手) | 426 | -7 期货前20名持仓:净买单量:生猪(日,手) | -47268 | 450 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 13200 | 0 生猪价 吉林 四平(日,元/吨) | 12600 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 12900 | -400 生猪主力基差(日,元/吨) | 1915 | 180 | | 上游情况 | 全国:生猪存栏(月,万头) | 42967 | -713 全国:能繁母猪存栏(月,万头) | 3961 | -29 | | 产业情况 | CPI:当月同比(月,%) | 0.8 | 0.1 现货价:豆粕:张家港(日,元/吨) | 3120 | ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 179,600.00 | +13920.00↑ 前20名净持仓（日，手） | -152,395.00 | +2264.00↑ | | | 主力合约持仓量（日，手） | 422,433.00 | +5714.00↑ 近远月合约价差（日，元/吨） | -3,480.00 | -2380.00↓ | | | 广期所仓单（日，手/吨） | 29,166.00 | +520.00↑ | | | | 现货市 ...

股指期货全景日报 2026/1/27 重点关注 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 1/29 3:00 美联储利率决议 1/30 21:30 美国12月PPI、核心PPI 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 最新 IF主力合约（2603） | 4718.2 | -9.6↓ IF次主力合约（2602） | 4714. ...

剧，偏多思路为主。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 菜籽系产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9345 | 354 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2269 | 34 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 90 | 62 菜粕月间价差(5-9)(日,元/吨) | -33 | 10 | | | 主力合约持仓量:菜油(日,手) | 297957 | 36075 主力合约持仓量:菜粕(日,手) | 968068 | -46185 | | | 期货前20名持仓:净买单量:菜油(日,手) | -8917 | 11662 期货前20名持仓:净买单量:菜粕(日,手) | -248949 | 24735 | | | 仓单数量:菜油(日,张) | 625 | -500 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜 ...

。不过，上方压力仍然较大，短期有望高位震荡。 | 观点总结（ | 临近春节，下游领域需求较好，提货积极，库存整体下降。截至1月21日，全国玉米淀粉企业淀粉库存总量106.9万吨，较上周下降 | | --- | --- | | 淀粉） | 3.10万吨，周降幅2.82%，月降幅2.99%；年同比增幅10.43%。不过，整体库存水平仍然处于相对高位。盘面来看，近期淀粉维持 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | 震荡，短期观望。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The continued losses of the breeding side have led to a decline in replenishment enthusiasm and an increase in the number of old chicken culls. The egg - laying hen inventory has continued to decline from a high level, and the market sentiment has slightly improved. The current replenishment enthusiasm of the breeding side is still lower than the same period last year, which is beneficial to the long - term price. However, the current inventory of laying hens in production is still at a high level. Recently, the Spring Festival stocking sentiment has reached its peak, the inventory at each link has decreased, and some inventories have been cleared. Traders are more active in taking goods, and the turnover speed has accelerated. Egg prices have risen significantly, and the profits of the breeding side have improved, which has slightly slowed down the enthusiasm for culling old chickens. High production capacity still restricts the performance of the near - month market price. From a market perspective, recently, boosted by the continuous rise in spot prices, the market has also oscillated strongly, but the high inventory pressure continues to affect the market trend. It is advisable to participate mainly in short - term long positions [2] 3. Summary of Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3069 yuan/500 kilograms, with a month - on - month increase of 23; the net long position of the top 20 futures holders of eggs is 12,568 lots, with a month - on - month increase of 2282; the egg futures monthly spread (5 - 9) is - 387 yuan/500 kilograms, with a month - on - month increase of 32; the futures trading volume (active contract) of eggs is 268,815 lots, with a month - on - month decrease of 2182; the registered warehouse receipt volume of eggs is 0 lots, with no month - on - month change [2] 3.2 Spot Market - The spot price of eggs is 3.92 yuan/jin, with a month - on - month increase of 0.01; the basis (spot - futures) is 846 yuan/500 kilograms, with a month - on - month decrease of 15 [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75; the national culled laying hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8; the average price of laying hen chicks in the main production areas is 3.1 yuan/feather, with a week - on - week increase of 0.1; the national new - born chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63; the average price of laying hen compound feed is 2.84 yuan/kg, with no week - on - week change; the breeding profit of laying hens is 0.11 yuan/head, with a week - on - week increase of 0.19; the average price of culled chickens in the main production areas is 9.06 yuan/kg, with a week - on - week increase of 0.28; the average age of culled chickens nationwide is 500 days, with no month - on - month change [2] 3.4 Industry Situation - The average wholesale price of pork is 18.65 yuan/kg, with a day - on - day increase of 0.16; the average wholesale price of 28 key - monitored vegetables is 5.61 yuan/kg, with a day - on - day decrease of 0.06; the average wholesale price of white - striped chickens is 16.93 yuan/kg, with a day - on - day decrease of 0.46; the weekly inventory in the circulation link is 1.07 days, with a week - on - week increase of 0.02; the weekly inventory in the production link is 1.02 days, with a week - on - week increase of 0.05; the export volume of fresh eggs in the current month is 14,898.72 tons, with a month - on - month increase of 1853.2 [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7210 tons, with a week - on - week decrease of 165 [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 7.91 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 7.27 yuan/kg, a decrease of 0.02 from yesterday; the average price of eggs in Guangdong is 8.27 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 7.84 yuan/kg, unchanged from yesterday [2]