Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The domestic natural rubber main producing areas are in the off - season, while the Thai producing areas are still in the peak production period. Recently, the total inventory at Qingdao Port has continued to accumulate. The inventory in bonded and general trade warehouses has both increased, with the total accumulation amplitude showing little change compared to the previous period. Overseas shipments arriving at the port are mainly African rubber. The total quantity continues to increase, and the bonded warehouse continues to accumulate inventory. The downstream enterprises' sentiment of stocking up at low prices has improved, and the total outbound volume has increased month - on - month. The inventory accumulation amplitude of general trade has narrowed. In the short term, some tire enterprises will stock up at low prices, and the outbound volume is expected to increase slightly. - In terms of demand, last week, as the production scheduling of maintenance enterprises gradually stabilized, the operating rate of domestic tire enterprises increased significantly month - on - month. In the short term, supported by foreign trade orders, the operating rate of some semi - steel tire enterprises will remain at a high level, and the overall production scheduling is expected to remain basically stable. There is still a phenomenon of production control in all - steel tire enterprises to control inventory. The ru2605 contract is expected to fluctuate in the range of 15,700 - 16,400 in the short term, and the nr2603 contract is expected to fluctuate in the range of 12,500 - 13,250 in the short term. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of Shanghai rubber was 15,745 yuan/ton, down 90 yuan; the closing price of the main contract of 20 - number rubber was 12,655 yuan/ton, down 90 yuan. The 5 - 9 spread of Shanghai rubber was 40 yuan/ton, up 10 yuan; the 2 - 3 spread of 20 - number rubber was - 30 yuan/ton, up 5 yuan. The spread between Shanghai rubber and 20 - number rubber was 3,090 yuan/ton, unchanged. The position of the main contract of Shanghai rubber was 186,443 lots, down 4,496 lots; the position of the main contract of 20 - number rubber was 65,825 lots, down 1,827 lots. The net position of the top 20 of Shanghai rubber was - 47,777 lots, up 3,783 lots; the net position of the top 20 of 20 - number rubber was - 10,191 lots, up 1,242 lots. The exchange warehouse receipts of Shanghai rubber were 109,890 tons, up 1,500 tons; the exchange warehouse receipts of 20 - number rubber were not clearly presented in the table structure but mentioned as 56,750 tons. [2] Spot Market - The price of state - owned whole latex in the Shanghai market was 15,600 yuan/ton, down 100 yuan; the price of Vietnamese 3L in the Shanghai market was 16,100 yuan/ton, unchanged. The price of Thai standard STR20 was 1,905 US dollars/ton, down 15 US dollars; the price of Malaysian standard SMR20 was 1,895 US dollars/ton, down 15 US dollars. The price of Thai RMB mixed rubber was 14,930 yuan/ton, down 70 yuan; the price of Malaysian RMB mixed rubber was 14,880 yuan/ton, down 70 yuan. The price of Qilu Petrochemical's styrene - butadiene 1502 was 12,100 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 was 11,900 yuan/ton, down 200 yuan. The basis of Shanghai rubber was - 145 yuan/ton, down 10 yuan; the non - standard product basis of the main contract of Shanghai rubber was - 905 yuan/ton, up 90 yuan. The price of 20 - number rubber in the Qingdao market was 13,280 yuan/ton, down 67 yuan; the basis of the main contract of 20 - number rubber was 625 yuan/ton, up 23 yuan. [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber was 60.3 Thai baht/kg, down 0.58 Thai baht; the market reference price of rubber sheets of Thai raw rubber was 56.92 Thai baht/kg, up 0.27 Thai baht. The market reference price of glue of Thai raw rubber was 58 Thai baht/kg, down 0.2 Thai baht; the market reference price of cup rubber of Thai raw rubber was 52.95 Thai baht/kg, up 0.85 Thai baht. The theoretical production profit of RSS3 was 138.6 US dollars/ton, up 13.6 US dollars; the theoretical production profit of STR20 was 12 US dollars/ton, down 12 US dollars. The monthly import volume of technically classified natural rubber was 168,800 tons, up 42,700 tons; the monthly import volume of mixed rubber was 302,200 tons, up 45,800 tons. [2] Downstream Situation - The operating rate of all - steel tires was 65.52%, up 7.5 percentage points; the operating rate of semi - steel tires was 74.39%, up 8.5 percentage points. The inventory days of all - steel tires in Shandong at the end of the period were 46.1 days, up 1.48 days; the inventory days of semi - steel tires in Shandong at the end of the period were 47.92 days, up 0.56 days. The monthly output of all - steel tires was 13,010,000 pieces, up 590,000 pieces; the monthly output of semi - steel tires was 58,310,000 pieces, up 6,630,000 pieces. [2] Option Market - The 20 - day historical volatility of the underlying was 15.1%, down 0.03 percentage points; the 40 - day historical volatility of the underlying was 14.15%, up 0.11 percentage points. The implied volatility of at - the - money call options was 22.82%, down 0.28 percentage points; the implied volatility of at - the - money put options was 22.84%, down 0.26 percentage points. [2] Industry News - In the first week of the future (January 18 - 24, 2026), the rainfall in the main natural rubber producing areas in Southeast Asia decreased compared to the previous period. In most areas north of the equator and in some areas of western Malaysia and southern Indonesia, the rainfall was at a relatively low level, and the impact on rubber tapping work increased slightly. In areas south of the equator, the impact on rubber tapping work in most non - red areas decreased. - In December 2025, China's heavy - truck market sold about 95,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month decrease of about 16% compared to November 2025 and a year - on - year increase of about 13% compared to 84,200 vehicles in the same period of the previous year. In 2025, China's heavy - truck market ended with nearly 1.14 million vehicles. - As of January 18, 2026, the total inventory of natural rubber in bonded and general trade in the Qingdao area was 584,900 tons, a month - on - month increase of 16,700 tons, an increase of 2.94%. The bonded area inventory was 99,500 tons, an increase of 6.42%; the general trade inventory was 485,400 tons, an increase of 2.26%. The inbound rate of the Qingdao natural rubber sample bonded warehouse increased by 0.85 percentage points, and the outbound rate increased by 0.05 percentage points; the inbound rate of the general trade warehouse increased by 0.72 percentage points, and the outbound rate increased by 1.55 percentage points. - As of January 15, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.53%, a month - on - month increase of 8.75 percentage points and a year - on - year decrease of 5.03 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 63.02%, a month - on - month increase of 7.52 percentage points and a year - on - year increase of 5.21 percentage points. [2]

Report Industry Investment Rating - Not provided in the content Core View - Currently, there are still many positive factors in the A-share market. Although many economic indicators declined further in December, industrial production grew steadily driven by industries representing new productive forces such as aerospace and artificial intelligence, weakening the negative impact of the decline in other economic indicators on the market. The aerospace and artificial intelligence-related listed companies have the largest weight in the CSI 500, significantly boosting the index. With the demand for foreign exchange settlement of export enterprises and the expectation of economic recovery, the RMB is still in an appreciation channel. The weakening of the US dollar value due to overseas risk events and the strong RMB exchange rate support the expectation of loose monetary policy in Q1, and the stock market is gradually converging with the foreign exchange market. The spring market is still advancing. [2] Summary by Relevant Catalogs Futures Disk - IF main contract (2603) was at 4688.8, up 10.2; IF sub-main contract (2601) was at 4732.8, up 9.2. IH main contract (2603) was at 3073.8, down 3.6; IH sub-main contract (2601) was at 3076.4, down 2.0. IC main contract (2603) was at 8148.0, up 90.6; IC sub-main contract (2601) was at 8281.8, up 64.2. IM main contract (2603) was at 8003.0, up 36.4; IM sub-main contract (2601) was at 8230.0, up 20.8. - IF - IH current month contract spread was 1656.4, up 11.6; IC - IF current month contract spread was 3549.0, up 47.8. IM - IC current month contract spread was -51.8, down 49.8; IC - IH current month contract spread was 5205.4, up 59.4. IM - IF current month contract spread was 3497.2, down 2.0; IM - IH current month contract spread was 5153.6, up 9.6. - IF current quarter - current month was -44.0, up 1.8; IF next quarter - current month was -99, down 51.8. IH current quarter - current month was -2.6, down 0.4; IH next quarter - current month was -34.6, down 31.0. IC current quarter - current month was -133.8, up 24.6; IC next quarter - current month was -257.8, down 88.2. IM current quarter - current month was -227.0, up 19.0; IM next quarter - current month was -387, down 128.6. [2] Futures Positions - IF top 20 net positions were -43,401.00, down 1559.0; IH top 20 net positions were -18,009.00, down 102.0. IC top 20 net positions were -36,994.00, down 1257.0; IM top 20 net positions were -52,814.00, up 1252.0. [2] Spot Prices - The Shanghai - Shenzhen 300 was at 4734.46, up 2.6; IF main contract basis was -45.7, up 6.2. The Shanghai Composite 50 was at 3075.9, down 3.8; IH main contract basis was -2.1, down 1.2. The CSI 500 was at 8288.0, up 55.3; IC main contract basis was -140.0, up 24.1. The CSI 1000 was at 8265.7, up 32.9; IM main contract basis was -262.7, down 8.9. [2] Market Sentiment - A - share trading volume (daily, billion yuan) was 27,322.16, down 3243.08; margin trading balance (previous trading day, billion yuan) was 27,315.37, up 127.86. North - bound trading volume (previous trading day, billion yuan) was 3665.73, up 110.95; reverse repurchase (maturity amount, operation amount, billion yuan) was -861.0, up 1583.0. - Main funds (yesterday, today, billion yuan) were -486.02 and -424.12. The proportion of rising stocks (daily, %) was 64.47, up 20.13; Shibor (daily, %) was 1.318, down 0.007. - IO at - the - money call option closing price (2601) was 82.00, down 11.40; IO at - the - money call option implied volatility (%) was 16.22, down 2.26. IO at - the - money put option closing price (2601) was 94.40, down 18.20; IO at - the - money put option implied volatility (%) was 16.22, down 2.26. - The 20 - day volatility of the Shanghai - Shenzhen 300 index (%) was 10.69, down 0.34; trading volume PCR (%) was 55.22, down 2.60; open interest PCR (%) was 67.65, up 0.63. [2] Wind Market Strength and Weakness Analysis - The overall A - shares score was 6.50, up 2.00; technical analysis score was 6.40, up 2.10; capital analysis score was 6.50, up 1.90. [2] Industry News - In 2025, China's GDP was 1,401,879 billion yuan, up 5.0% year - on - year at constant prices. In Q4, GDP grew 4.5% year - on - year and 1.2% quarter - on - quarter. In December 2025, the added value of industrial enterprises above designated size increased 5.2% year - on - year and 0.49% month - on - month. In 2025, it increased 5.9% year - on - year. - In 2025, China's fixed asset investment (excluding rural households) was 485,186 billion yuan, down 3.8% year - on - year. Private fixed asset investment decreased 6.4% year - on - year. In December, fixed asset investment (excluding rural households) decreased 1.13% month - on - month. - In 2025, China's real estate development investment decreased 17.2% year - on - year. New commercial housing sales area decreased 8.7% year - on - year, and sales volume was 83,937 billion yuan, down 12.6%. Real estate development enterprise funds in place decreased 13.4% year - on - year. In December 2025, the national real estate climate index was 91.45. - In December, the total retail sales of consumer goods was 45,136 billion yuan, up 0.9% year - on - year. In 2025, it was 501,202 billion yuan, up 3.7% year - on - year. In 2025, the average urban surveyed unemployment rate in China was 5.2%, and in December, it was 5.1%. - Most A - share major indices closed higher, with small and medium - cap stocks outperforming large - cap blue - chips. Among the four broad - based indices, the CSI 500 was the strongest. The Shanghai Composite Index rose 0.29%, the Shenzhen Component Index rose 0.09%, and the ChiNext Index fell 0.7%. A - share trading volume declined significantly. Over 3,500 stocks rose. Most industry sectors rose, with basic chemicals and petrochemical sectors rising sharply and the computer sector leading the decline. - Overseas, on January 17, the US imposed tariffs on 8 European countries over the Greenland issue, increasing market distrust of US dollar assets and weakening the US dollar index. Domestically, the economic fundamentals showed a further decline in Q4 GDP, but the annual 5% economic growth target was still achieved. In December, except for the added value of industrial enterprises above designated size, fixed investment, retail sales, and exports declined compared with November. [2] Key Data to Focus On - January 20, 9:00: China's 1 - year and 5 - year LPR quotes for January - January 22, 23:00: US November PCE and core PCE - January 23, 16:15 - 17:30: Preliminary January SPGI manufacturing, service, and composite PMI values for France, Germany, the Eurozone, and the UK - January 23, 22:45: Preliminary January SPGI manufacturing, service, and composite PMI values for the US [3]

玉米系产业日报 2026-01-19 | 项目类别 | 数据指标 环比 | 最新 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 0 | 2281 | | 2555 | 0 | | | 玉米月间价差(5-9):(日,元/吨) 吨) -3 玉米淀粉月间价差(3-5):(日,元/吨) | -21 | | -35 | 0 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) 5474 期货持仓量(活跃合约):玉米淀粉(日,手) | 1073216 | | 196443 | -558 | | | 9194 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -143698 | | -40964 | 946 | | | 注册仓单量:黄玉米(日,手) 2000 注册仓单量:玉米淀粉(日,手) 手) | 45417 | | 12477 | 0 | | | 主力合约CS-C价差(日,元/吨) 0 | 327 | | | ...

| | 集运指数（欧线）期货日报 | 2026/1/19 | | --- | --- | --- | | 项目类别 数据指标 | 最新 环比 数据指标 最新 | 环比 | | EC主力收盘价 | 1132.200 -20.4↓ EC次主力收盘价 1318 | -31.40↓ | | 期货盘面 EC2604-EC2606价差 | -185.80 +4.40↑ EC2604-EC2608价差 -326.80 | +17.80↑ | | EC合约基差 | 821.99 -13.40↓ | | | 期货持仓头寸（手） EC主力持仓量 | 41888 -744↓ | | | SCFIS（欧线）（周） | 1954.19 -2.10↓ SCFIS（美西线）（周） 1,305.27 | -18.71↓ | | SCFI（综合指数）（周） | 1574.12 -73.27↓ 集装箱船运力（万标准箱） 1,227.97 | 0.00↑ | | 现货价格 CCFI（综合指数）（周） | 1209.85 14.96↑ CCFI（欧线）（周） 1,582.60 | 14.85↑ | | 波罗的海干散货指数（日） | 1567.00 ...

| | | ，持仓减量价格下调，多头氛围下降。观点参考：预计沪锡短期宽幅调整，关注MA10支撑，区间37-41。 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 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 大幅增加，缓解了对印尼供应受限的担忧；近期进口窗口开启，进口压力增大。需求端，近日锡价拉升， 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 下游采需再度转淡，库存出现明显回升，现货升水500元/吨；LME库存大幅增加，现货升水下跌。技术面 沪锡产业日报 2026-01-19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 389500 | -15740 2月-3月合约收盘价:沪锡(日,元/吨) | -5 ...

| | | 沪镍产业日报 2026-01-19 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 142320 | 970 02-03月合约价差:沪镍(日,元/吨) | -210 | 30 | | | LME3个月镍(日,美元/吨) | 17792 | -798 主力合约持仓量:沪镍(日,手) | 83210 | -14515 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -61562 | 8295 LME镍:库存(日,吨) | 285732 | 450 | | | 上期所库存:镍(周,吨) | 48180 | 1530 LME镍:注销仓单:合计(日,吨) | 13098 | 0 | | | 仓单数量:沪镍(日,吨) | 41798 | -187 | | | | 现货市场 | SMM1#镍现货价(日,元/吨) | 145900 | -3450 现货均价:1#镍板:长江有色(日,元/吨) | 146100 | -3350 | | ...

螺纹钢产业链日报 2026/1/19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,140.00 | -23↓ RB主力合约持仓量(手) | 1727955 | -27384↓ | | | RB合约前20名净持仓(手) | -68059 | -39354↓ RB5-10合约价差(元/吨) | -48 | +1↑ | | | RB上期所仓单日报(日，吨) | 80548 | -2132↓ HC2605-RB2605合约价差(元/吨) | 159 | +7↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,330.00 | -20↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,415 | -21↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,480.00 | -10↓ 天津 HRB400E 20MM(理计，元/吨) | 3,180.00 | -30↓ | | | RB 主力合约基差 ...

铝类产业日报 2026/1/19 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 24,090.00 | +165.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,733.00 | -18.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -100.00 | +15.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -121.00 | +1.00↑ | | | 主力合约持仓量:沪铝(日,手) | 337,097.00 | +3198.00↑ 主力合约持仓量:氧化铝(日,手) | 490,989.00 | +873.00↑ | | | LME铝注销仓单(日,吨) | 41,425.00 | 0.00 库存:氧化铝:合计(周,万吨) | 217,143.00 | +21062.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 3,134.00 | -33.50↓ LME铝库存（日，吨） | 488,000.00 ...

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Apple产区开始春节备货但整体氛围偏淡，全国主产区苹果冷库去库速度环比加快但低于去年同期，销区市场中转库积压严重、客源少、走货慢，苹果期价短期可能偏弱运行 [2] Group 3: Summary by Directory 1. Futures Market - 苹果期货主力合约收盘价为9345元/吨；主力合约持仓量为111147手，环比减少10855手；期货前20名持仓净买单量为 - 1728手，环比减少4416手 [2] 2. Spot Market - 甘肃静宁纸袋75以上苹果现货价格5.25元/斤，山东沂源纸袋75以上苹果现货价格2.4元/斤，陕西洛川纸袋70以上半商品苹果现货价格4.2元/斤，山东烟台栖霞纸袋80以上二级果农货苹果现货价格3.7元/斤，环比均无变化 [2] 3. Upstream Situation - 全国苹果年产量5128.51万吨，水果批发价苹果9.33元/公斤，环比增加0.1元/公斤，富士苹果平均批发价9.2元/公斤，环比增加0.03元/公斤；全国苹果冷库总库存704.66万吨，环比减少16.24万吨；山东苹果库容比0.51，环比减少0.01；陕西苹果库容比0.54，环比减少0.01；苹果出口数量当月值120000吨，环比增加40000吨 [2] 4. Industry Situation - 鲜、干水果及坚果进口金额当月值1117946万美元，环比减少216418万美元；苹果出口金额当月同比16.2%；一二级纸袋苹果80存储商利润为0元/斤，环比无变化 [2] 5. Downstream Situation - 水果批发价鸭梨6.71元/公斤，香蕉7.03元/公斤，西瓜5.87元/公斤；广东江门、下桥、槎龙批发市场早间日均到车量分别为11.8辆、24.6辆、17.8辆，其中江门环比减少0.6辆，槎龙环比增加1辆 [2] 6. Options Market - 苹果平值看涨期权隐含波动率27.38%，环比增加0.45%；平值看跌期权隐含波动率27.4%，环比增加0.48% [2] 7. Industry Status - 陕西果农货成交以少量两极货源为主，部分产区果农货价格松动；甘肃产区客商按需调果农货源，包装发货稳定，走货尚可；山东产区成交一般，礼盒开始零星包装，少量75和三级货源出库 [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report suggests trading with a light position in a volatile market and controlling risks by paying attention to trading rhythm. The lithium carbonate market is in a stage of stable supply and cautious demand, with a slowdown in the inventory destocking rate. The option market sentiment is bearish, and the implied volatility has slightly decreased [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 147,260 yuan/ton, up 1,060 yuan. The net position of the top 20 was -146,387 hands, down 8,847 hands. The position volume of the main contract was 411,331 hands, down 4,802 hands. The spread between near - and far - month contracts was -1,660 yuan/ton, down 11,320 yuan/ton. The Guangzhou Futures Exchange warehouse receipts were 27,698 hands/ton, up 240 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate was 151,000 yuan/ton, down 7,000 yuan. The average price of industrial - grade lithium carbonate was 147,500 yuan/ton, down 7,000 yuan. The basis of the Li₂CO₃ main contract was 3,740 yuan/ton, down 8,060 yuan/ton [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 1,890 US dollars/ton, down 35 US dollars. The average price of lepidolite (2 - 2.5%) was 6,200 yuan/ton, down 200 yuan. The average price of amblygonite was 16,650 yuan/ton, down 500 yuan. The monthly production of lithium carbonate was 56,820 tons, up 2,840 tons. The monthly import volume of lithium carbonate was 22,055.19 tons, down 1,825.51 tons [2]. 3.4 Industry Situation - The monthly export volume of lithium carbonate was 759.24 tons, up 513.33 tons. The monthly operating rate of lithium carbonate enterprises was 49%, up 2%. The monthly production of power batteries was 201,700 MWh, up 25,400 MWh [2]. 3.5 Downstream and Application Situation - The prices of manganese - acid lithium, hexafluorophosphate lithium, cobalt - acid lithium, various types of ternary materials, and lithium iron phosphate remained unchanged. The monthly operating rate of ternary cathode materials was 50%, down 1%. The monthly operating rate of lithium iron phosphate cathode was 60%, down 3%. The monthly production of new energy vehicles was 1,718,000 vehicles, down 162,000 vehicles. The monthly sales volume was 1,710,000 vehicles, down 113,000 vehicles. The cumulative sales penetration rate of new energy vehicles was 47.94%, up 0.45%. The cumulative sales volume was 16,490,000 vehicles, up 3,624,000 vehicles. The monthly export volume was 300,000 vehicles, unchanged. The cumulative export volume was 2.615 million vehicles, up 1.331 million vehicles [2]. 3.6 Option Situation - The 20 - day average volatility of the underlying was 80.07%, down 1.16%. The 40 - day average volatility was 68.23%, down 0.08%. The total call position was 99,286 contracts, up 18,245 contracts. The total put position was 143,609 contracts, up 7,890 contracts. The put - call ratio of the total position was 144.64%, down 22.8278%. The implied volatility of at - the - money options was 0.65%, down 0.0127% [2]. 3.7 Industry News - The Ministry of Industry and Information Technology held a press conference to introduce the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries of New Energy Vehicles". In 2025, the comprehensive utilization volume of waste power batteries of new energy vehicles in China exceeded 400,000 tons, a year - on - year increase of 32.9%. From January to December, the cumulative export of power and energy - storage batteries in China reached 305.0 GWh, a cumulative year - on - year increase of 50.7%, accounting for 17.9% of the annual cumulative sales. In 2025, the structure of China's automobile export enterprises was significantly optimized. In 2025, the national industrial added value above the designated size increased by 5.9% year - on - year [2]. 3.8 Market Analysis - The main contract of lithium carbonate showed a weak and volatile trend, with a decline of 3.83% at the close. The position volume decreased month - on - month. The spot price was at a premium to the futures price, and the basis weakened compared with the previous day. On the fundamental side, smelters in the raw material end had sufficient raw material inventories, but their purchasing attitudes were cautious due to high ore prices. On the supply side, due to large market fluctuations, the upstream's shipping attitudes were divided, and upstream inventories had accumulated. On the demand side, downstream enterprises were sensitive to lithium prices, mainly purchasing on a just - in - time basis [2].