合成橡胶产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 13265 | 335 主力合约持仓量:合成橡胶(日,元/吨) | 91654 | -35722 | | | 合成橡胶3-4价差(日,元/吨) | 40 | 70 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 8720 | 600 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 12700 | 850 主流价:顺丁橡胶(BR9000,大庆石化):山 | 12700 | 850 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 12700 | 东(日,元/吨) 800 主流价:顺丁橡胶(BR9000,茂名石化):广 | 12700 | 750 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) | -265 | -35 东(日,元/吨) | | | | | 布伦特原油(日,美元/桶) 东北 ...

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 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。 | | | | 集运指数（欧线）期货日报 | | 2026/1/26 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | EC主力收盘价 | 62.1↑ EC次主力收盘价 1447.6 | 1200.200 | | | +48.60↑ | | 期货盘面 | EC2604-EC2606价差 +27.20↑ EC2604-EC2608价差 | -247.40 | | -323.80 | +33.40↑ | | EC合约基差 | -156.78↓ | 659.11 | | | | | 期货持仓头寸（手） EC主力持仓量 | 541↑ | 41690 | | | | | SCFIS（欧线）（周） | -94.88 ...

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： T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 免责声明 国债期货日报 2026/1/26 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.180 | -0.02% T主力成交量 | 59708 | -6575↓ | | | TF主力收盘价 | 105.850 | -0.02% TF主力成交量 | 47329 | -15830↓ | | | TS主力收盘价 | 102.392 | -0.02% TS主力成交量 | 29013 | 5574↑ | | | TL主力收盘价 | 112.510 | 0.2% TL主力成交量 | 72096 | -23480↓ | | 期货价差 | TL2603-2606价差 | -0.17 | +0.00↑ T03-TL03价差 | -4.33 | -0.22↓ | | | T2603-2606价差 | 0.00 | -0.01↓ TF03-T03价差 ...

苯乙烯产业日报 2026-01-26 置动态对供应端的影响。 免责声明 求变化不大。整体来看，短期国内苯乙烯难摆脱供需紧平衡局面。成本方面，美国对伊朗等产油国制裁仍 存，同时严寒天气可能导致美国产油量下降，国际油价有所上涨。短期EB2603预计高位震荡，关注国内装 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 7702 | -6 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 1006360 | -526710 | | | 前20名持仓:买单量:苯乙烯(日,手) | 444560 | 手) -8334 3月合约收盘价:苯乙烯(日,元/吨) | 7702 | -6 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | -7138 前20名持仓:净买单量:苯乙烯(日,手 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1143.320 | 27.7↑ 沪银主力合约收盘价（日，元/千克） | 27207 | +2242.00↑ | | | 主力合约持仓量:沪金(日,手) | 215,820.00 | +9240.00↑ 主力合约持仓量:沪银(日,手) | 36,706.00 | -3613.00↓ | | | 主力合约成交量:沪金 | | 395,962.00 +107912.00↑ 主力合约成交量:沪银 | 965,900.00 | +212188.00↑ | | | 仓单数量:沪金(日,千克) | 103029 | 1020↑ 仓单数量:沪银(日,千克) | 573,810 | -7280↓ | | 现货市场 | 上金所黄金现货价 | 1144.45 | 34.15↑ 华通一号白银现货价 | 27,492.00 | 2626.00↑ | | | 沪金主力合约基差(日,元/克) | 1.13 | 6.47↑ 沪银 ...

1. Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The PVC industry has high supply pressure despite a slight decline in capacity utilization due to an increase in temporary shutdowns. The terminal real estate and infrastructure sectors are in the low - temperature off - season, and with the approaching Spring Festival, downstream enterprises are on holiday, so the demand from pre - festival promotions is not sustainable. Short - term export expectations are good but have limited impact on domestic supply - demand contradictions, and inventory is expected to continue rising. The supply of upstream calcium carbide is recovering, which may weaken the cost support for the calcium carbide method. As the previous macro - level positive factors are digested, PVC pricing may return to fundamentals, and V2605 is expected to be strong first and then weak. The daily K - line of V2605 is recommended to pay attention to the support around 4850 and the resistance around 5000 [2] 3. Summary by Directory 3.1 Futures Market - The closing price of PVC futures is 4959 yuan/ton, with a daily increase of 38 yuan. The trading volume is 1323485 lots, up 66182 lots. The open interest is 1095101 lots, up 25832 lots. The long positions of the top 20 futures holders are 1075078 lots, down 2464 lots; the short positions are 1164374 lots, up 15968 lots; and the net long positions are - 89296 lots, down 18432 lots [2] 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4845 yuan/ton, up 45 yuan, and the price of calcium carbide - based PVC is 4656.54 yuan/ton, up 67.31 yuan. In the South China region, the price of ethylene - based PVC is 4835 yuan/ton (unchanged), and the price of calcium carbide - based PVC is 4664.38 yuan/ton, up 51.88 yuan. The CIF price of PVC in China is 680 US dollars/ton (unchanged), and in Southeast Asia is 660 US dollars/ton (unchanged). The FOB price in Northwest Europe is 670 US dollars/ton (unchanged). The basis of PVC is - 209 yuan/ton, up 62 yuan [2] 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2750 yuan/ton (unchanged), in North China is 2715 yuan/ton (unchanged), and in Northwest China is 2561 yuan/ton (unchanged). The mainstream price of liquid chlorine in Inner Mongolia is - 150 yuan/ton (unchanged). The VCM CFR Far East intermediate price is 402 US dollars/ton (unchanged), and in Southeast Asia is 433 US dollars/ton, up 5 US dollars. The EDC CFR Far East intermediate price is 189 US dollars/ton (unchanged), and in Southeast Asia is 194 US dollars/ton (unchanged) [2] 3.4 Industry Situation - The weekly operating rate of PVC is 78.74%, down 0.89 percentage points; the operating rate of calcium carbide - based PVC is 80%, up 0.02 percentage points; the operating rate of ethylene - based PVC is 75.74%, down 3.05 percentage points. The total social inventory of PVC is 57.65 tons, up 1.49 tons, including 52.74 tons in East China, up 1.12 tons, and 4.91 tons in South China, up 0.37 tons [2] 3.5 Downstream Situation - The national real - estate climate index is 91.45, down 0.45. The cumulative value of newly - started housing area is 58769.96 million square meters, up 5313.26 million square meters. The cumulative value of real - estate construction area is 659890.29 million square meters, up 3824.09 million square meters. The cumulative value of real - estate development investment is 44895.98 billion yuan, up 2871.41 billion yuan [2] 3.6 Option Market - The 20 - day historical volatility of PVC is 20.19%, up 0.4 percentage points; the 40 - day historical volatility is 20.8%, up 0.31 percentage points. The implied volatility of at - the - money put options is 20.41%, up 1.6 percentage points; the implied volatility of at - the - money call options is 20.46%, up 1.67 percentage points [2] 3.7 Industry News - From January 17th to 23rd, the PVC capacity utilization rate decreased by 0.89% to 78.74%. The downstream product operating rate of PVC increased by 0.95% to 44.86%, among which the pipe operating rate increased by 1.6% to 37%, and the profile operating rate increased by 1.61% to 31.52%. As of January 22nd, the PVC social inventory was 117.75 tons, up 2.92% from the previous week. From January 16th to 22nd, the average national cost of the calcium carbide method increased to 5175 yuan/ton, and the average national cost of the ethylene method decreased to 4924 yuan/ton. The profit of the calcium carbide method decreased to - 800 yuan/ton, and the profit of the ethylene method increased to - 49 yuan/ton [2]

Report Industry Investment Rating - No information provided Core Viewpoint - The cotton price is expected to maintain a volatile and upward - trending pattern in the future, driven by factors such as festival stocking and a reduction in cotton - planting area. Although the domestic cotton commercial inventory is at a high level, the short - term inventory pressure is controllable due to the combination of downstream rigid demand replenishment and the expectation of reduced planting in the future [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 14,650 yuan/ton, down 45 yuan; cotton yarn main contract closing price is 20,515 yuan/ton, up 10 yuan - Cotton futures top 20 net positions are - 155,478 lots, an increase of 8,641 lots; cotton yarn futures top 20 net positions are - 1,505 lots, an increase of 331 lots - Cotton main contract open interest is 795,878 lots, down 7,457 lots; cotton yarn main contract open interest is 13,284 lots, down 987 lots - Cotton warehouse receipt quantity is 10,144 sheets, an increase of 172 sheets; cotton yarn warehouse receipt quantity is 0 sheets, unchanged [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 15,995 yuan/ton, up 125 yuan; China Yarn Price Index (pure cotton carded yarn 32s) is 21,365 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,445 yuan/ton, down 69 yuan; China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 13,633 yuan/ton, down 51 yuan - The arrival price of imported cotton yarn price index (pure cotton carded yarn 32s) is 21,068 yuan/ton, up 2 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32s) is 22,557 yuan/ton, up 2 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons - The cotton - yarn price difference is 5,370 yuan/ton, down 125 yuan; the national industrial inventory of cotton is 848,000 tons, down 2,000 tons [2] Industry Situation - The monthly import volume of cotton is 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn is 170,000 tons, an increase of 20,000 tons - The daily profit of imported cotton is 2,237 yuan/ton, an increase of 82 yuan; the national commercial inventory of cotton is 5.7847 million tons, an increase of 1.1011 million tons [2] Downstream Situation - The inventory days of yarn are 25.12 days, down 1.21 days; the inventory days of grey cloth are 33.76 days, up 1.42 days - The monthly output of cloth is 3.01 billion meters, an increase of 0.2 billion meters; the monthly output of yarn is 2.132 million tons, an increase of 93,000 tons - The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 3,038,700,000 US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton is 12.13%, down 0.75%; the implied volatility of at - the - money put options for cotton is 12.16%, down 0.7% - The 20 - day historical volatility of cotton is 14.8%, up 0.08%; the 60 - day historical volatility of cotton is 9.45%, up 0.01% [2] Industry News - According to the USDA report, in the week ending January 15, the net export sales of US upland cotton in the 2025/26 season increased by 412,500 bales, reaching the annual high, a 21% increase from the previous week and a 119% increase from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season was 187,800 bales, a 20% increase from the previous week and a 26% increase from the average of the previous four weeks - According to a Brazilian authoritative institution, in December 2025, Brazil exported 452,500 tons of cotton, a 28.2% year - on - year increase. In the first five months of the 2025/26 season, the cumulative export volume was 1.405 million tons, a 15.7% year - on - year increase, reaching the highest export volume from August to December in history [2]

白糖产业日报 2026-01-26 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。 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 后市供应减少，提供原糖价格一定支撑。国内基本面表现相对平淡，春节备货接近尾声，且销区港口货物 持续增加，旺季不旺背景下，现货价格下调，期货市场缺乏现货支撑，价格继续下探可能。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 517 ...

| 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) -69 主力合约持仓量:苹果(日,手) | 9466 | | 103809 | -3709 | | | 期货前20名持仓:净买单量:苹果(日,手) | -225 | 2688 | | | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, | 5.25 | 0 | 2.4 | 0 | | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 山东烟台栖霞现货价格(纸袋80#以上一 | | 元/斤) | | | | | | 4.2 | 0 | 3.7 | 0 | | 上游情况 | 商品)(日,元/斤) 二级果农货)(日,元/斤) 全国:苹果产量(年,万吨) | 5128.51 | 168.34 | | | | 产业情况 | 水果批发价:苹果(周,元/公斤) 0.19 平均批发价:富士苹果(周,元/公斤) | 9.52 | | 9.29 | 0 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:红枣(日,元/吨) | 8760 | -40 主力合约持仓量:红枣(日,手) | 129658 | 876 | | 期货市场 | 期货前20名持仓:净买单量:红枣(日,手) | -16964 | 1607 仓单数量:红枣(日,张) | 3325 | 27 | | | 有效仓单预报:红枣:小计(日,张) | 404 | -27 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6.5 | 0 河北一级灰枣批发价格(日,元/斤) | 4.1 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.65 | 0 河南一级灰枣批发价格(日,元/斤) | 4.15 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 5.15 | 0 河南红枣特级价格(元/公斤) | 9.44 | 0 | | | 河北红枣特级价格(元/公斤) | 9.27 | 0.01 广东红枣特级价格(日,元/公斤) | 10 ...