1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. The market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reforms will continue, pushing up the prices of commodities and driving up resource - based stocks. With the continuous release of policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds allocating Chinese assets, the stock market is expected to continue its volatile upward trend [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (IF当月, IF下月, IF下季, IF隔季) were 4722.00, 4719.40, 4683.00, 4626.00 respectively, and the previous day's closing prices were 4704.00, 4709.20, 4687.60, 4647.00. The price changes were - 16.20, - 7.20, 6.80, 23.60, and the corresponding price change rates of the CSI 300 were - 0.34, - 0.15, 0.15, 0.51. The trading volumes were 28815.00, 84474.00, 20706.00, 6487.00, and the positions were 42005.00, 173887.00, 72508.00, 11330.00. The changes in positions were 3960.00, - 417.00, 4100.00, 2530.00 [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (IH当月, IH下月, IH下季, IH隔季) were 3057.00, 3061.20, 3057.60, 3025.80 respectively, and the previous day's closing prices were 3032.40, 3037.80, 3036.00, 3006.00. The price changes were - 22.20, - 20.20, - 19.60, - 15.60, and the corresponding price change rates of the SSE 50 were - 0.73, - 0.66, - 0.64, - 0.52. The trading volumes were 11094.00, 38693.00, 8525.00, 3725.00, and the positions were 16044.00, 63802.00, 23537.00, 5388.00. The changes in positions were 2026.00, 4793.00, 2711.00, 1709.00 [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (IC当月, IC下月, IC下季, IC隔季) were 8404.00, 8400.00, 8309.60, 8195.20 respectively, and the previous day's closing prices were 8656.20, 8658.20, 8578.80, 8491.00. The price changes were 277.00, 281.20, 297.00, 320.60, and the corresponding price change rates of the CSI 500 were 3.31, 3.36, 3.59, 3.92. The trading volumes were 29259.00, 103171.00, 32896.00, 10967.00, and the positions were 51809.00, 179892.00, 88549.00, 20975.00. The changes in positions were - 995.00, 5740.00, 3581.00, 3280.00 [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (IM当月, IM下月, IM下季, IM隔季) were 8318.00, 8292.60, 8119.20, 7952.00 respectively, and the previous day's closing prices were 8531.80, 8516.60, 8366.20, 8219.00. The price changes were 239.80, 252.80, 275.60, 295.00, and the corresponding price change rates of the CSI 1000 were 2.89, 3.06, 3.41, 3.72. The trading volumes were 39087.00, 128628.00, 39676.00, 15595.00, and the positions were 66131.00, 195577.00, 107740.00, 26555.00. The changes in positions were 3449.00, 8990.00, 4814.00, 6473.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF下月 - IF当月, IH下月 - IH当月, IC下月 - IC当月, IM下月 - IM当月 were 5.20, 5.40, 2.00, - 15.20 respectively, and the previous values were - 2.60, 4.20, - 4.00, - 25.40 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4702.50, with a trading volume of 314.64 billion lots and a total trading amount of 7556.18 billion yuan. The previous two - day value was 4723.71, with a trading volume of 274.20 billion lots and a total trading amount of 6902.35 billion yuan. The price change rate was - 0.45 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3032.19, with a trading volume of 69.02 billion lots and a total trading amount of 2004.56 billion yuan. The previous two - day value was 3053.13, with a trading volume of 62.92 billion lots and a total trading amount of 1934.11 billion yuan. The price change rate was - 0.69 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 8590.17, with a trading volume of 319.69 billion lots and a total trading amount of 6394.21 billion yuan. The previous two - day value was 8387.60, with a trading volume of 268.81 billion lots and a total trading amount of 5461.38 billion yuan. The price change rate was 2.42 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 8470.74, with a trading volume of 393.04 billion lots and a total trading amount of 6819.48 billion yuan. The previous two - day value was 8309.35, with a trading volume of 328.56 billion lots and a total trading amount of 5718.06 billion yuan. The price change rate was 1.94 [1] - **Industry Indexes**: The price change rates of different industries in the CSI 300 industry index were as follows: energy - 1.82%, raw materials 0.99%, industry 0.72%, optional consumption - 0.70%, major consumption - 0.23%, medical and health 0.10%, real estate and finance - 0.89%, information technology - 0.70%, telecommunications business - 3.13%, public utilities - 0.91 [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of IF当月 - CSI 300, IF下月 - CSI 300, IF下季 - CSI 300, IF隔季 - CSI 300 were 1.50, 6.70, - 14.90, - 55.50 respectively, and the previous two - day values were - 1.71, - 4.31, - 40.71, - 97.71 [1] - **IH Contracts and SSE 50**: The previous values of IH当月 - SSE 50, IH下月 - SSE 50, IH下季 - SSE 50, IH隔季 - SSE 50 were 0.21, 5.61, 3.81, - 26.19 respectively, and the previous two - day values were 3.87, 8.07, 4.47, - 27.33 [1] - **IC Contracts and CSI 500**: The previous values of IC当月 - CSI 500, IC下月 - CSI 500, IC下季 - CSI 500, IC隔季 - CSI 500 were 66.03, 68.03, - 11.37, - 99.17 respectively, and the previous two - day values were 16.41, 12.41, - 78.00, - 192.40 [1] - **IM Contracts and CSI 1000**: The previous values of IM当月 - CSI 1000, IM下月 - CSI 1000, IM下季 - CSI 1000, IM隔季 - CSI 1000 were 61.06, 45.86, - 104.54, - 251.74 respectively, and the previous two - day values were 8.65, - 16.75, - 190.15, - 357.35 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4136.16, 14439.66, 8883.33, 3349.50 respectively, and the previous two - day values were 4122.58, 14327.05, 8822.34, 3328.65. The price change rates were 0.33%, 0.79%, 0.69%, 0.63% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26749.51, 53846.87, 6915.61, 24900.71 respectively, and the previous two - day values were 26629.96, 53688.89, 6913.35, 24856.47. The price change rates were 0.45%, 0.29%, 0.03%, 0.18% respectively [1] 3.5 Macro Information - The "Several Measures of Beijing Municipality on Promoting the Development and Utilization of Commercial Satellite Remote - Sensing Data Resources (2026 - 2030)" encourages capable enterprises to conduct mergers and acquisitions of upstream and downstream satellite data enterprises, integrate and improve the ground station network and data application service industrial chain, and build leading enterprises with global competitiveness. It also supports enterprises in planning and building commercial satellite constellations with differentiated advantages, clear commercial value, and clear application prospects [2] - According to the National Bureau of Statistics' monitoring of the market prices of 50 important production materials in 9 major categories in the national circulation field, from mid - January to early January 2026, the prices of 29 products increased, 13 decreased, and 8 remained unchanged. The price of live pigs (external ternary) increased by 0.4 yuan/kg, a 3.2% increase [2] - During the Spring Festival, Sichuan Province will hold more than 2400 cultural, tourism, business, and sports activities and launch ten major boutique activities. The province's consumption discounts will exceed 40 million yuan, including 20 million yuan in cultural and tourism consumption vouchers, 16 million yuan in movie consumption vouchers, and 100,000 free scenic - spot tickets [2] - As of now, 8 banks in the A - share market have successively disclosed their 2025 performance reports, and all of these institutions achieved positive growth in net profit attributable to shareholders. The performance reports have three notable features: the asset scales of the 8 listed banks all expanded steadily, with small and medium - sized banks leading in growth; the non - performing loan ratio remained favorable, and no bank had an obvious rebound in the non - performing ratio; most banks increased their provision for bad debts, but the provision coverage ratio was still declining [2] - After the disclosure of the Q4 2025 fund reports, the latest positions of public FOFs, the "professional buyers", emerged. In Q4 last year, FOFs continued to favor low - risk products, and short - term financing ETFs became their top - held variety. Amid the record - high international gold prices, FOFs generally reduced their holdings of gold ETFs and instead significantly increased their holdings of gold - stock ETFs, showing a unique "gold - hunting" strategy [2] 3.6 Industry Information - The 2026 Beijing International Commercial Space Exhibition was held from January 23rd to 25th, and a number of star products and solutions representing the forefront of China's commercial space technology were on display. In the field of launch vehicles, LandSpace Technology exhibited models of the improved Zhuque - 2 liquid - oxygen methane launch vehicle and the reusable Zhuque - 3 launch vehicle [2] - The National Development and Reform Commission recently issued the "Opinions on Promoting the Healthy and Sustainable Development of Inter - city Railways", proposing to give priority to supporting the planning and construction of inter - city railways in key urban agglomerations with active economies and high population density, such as the Beijing - Tianjin - Hebei region, the Yangtze River Delta, the Guangdong - Hong Kong - Macao Greater Bay Area, and the Chengdu - Chongqing economic circle. It is strictly prohibited to build high - speed railways and urban rail transit projects in the name of inter - city railways. Projects with illegal debt - raising or without clear sources of debt repayment and operation subsidy funds will not be approved. Debt - high - risk regions are not allowed to increase local government debt for new inter - city railway projects [2] - As the Spring Festival approaches, the enthusiasm for "traveling south to avoid the cold" and duty - free shopping on Hainan Island continues to heat up, and ticket bookings have entered a peak period. Data from multiple online travel platforms show that Haikou and Sanya are among the top domestic destinations. Hainan Airport's passenger throughput during the 2026 Spring Festival travel season is expected to reach 8.175 million person - times, setting a new record for the same period [2] 3.7 Stock Index Views - U.S. stocks were mixed. In the previous trading day, stock indexes continued to diverge, with the power equipment sector leading the gains and the communication sector leading the losses. The market turnover was 3.12 trillion yuan. In terms of funds, on January 22nd, the margin trading balance increased by 3.972 billion yuan to 2.707543 trillion yuan [2]

| | 20260126申万期货品种策略日报-双焦(JI&J) | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 申银万国期货研究所 沈击奉 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | shenyb@sywggh.com.cn 021-50582113 | | | | | | | | 111 I | | | | | | | | 1月 5月 9月 | | | 1月 | 5月 | 9月 | | | 前1日收盘价 1402. 5 1157. 0 1235.5 | | | 1890. 0 | 1722. 0 | 1791.5 | | | 前2日收盘价 1367.0 1131.5 1203.0 | | | 1863. 0 | 1688.0 | 1758.0 | | E | 准胜 35.5 25. 5 32.5 | | | 27.0 | 34.0 | 33.5 | | सह | 张跌幅 2. 60% 2. 25% 2. 70% | | | 1. 45% | 2. 01% | 1. 91% | | E | ...

| | | | | 申银万国期货研究所 董超 （从业编号F3030150 投资咨询号Z0012596） dongchao@sywgqh.com.cn 021-50583880 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SC近月 | SC次月 | WTI近月 | WTI次月 | Brent近月 | Brent次月 | | | 前日收盘价 | 445.4 | 446.4 | 59.67 | 59.48 | 65.32 | 64.62 | | | 前2日收盘价 | 440.2 | 440.8 | 60.67 | 60.44 | 64.00 | 63.44 | | | 涨跌 | 5.2 | 5.6 | -1.00 | -0.96 | 1.32 | 1.18 | | | 涨跌幅 | 1.18% | 1.27% | -1.65% | -1.59% | 2.06% | 1.86% | | | 成交量 | 2,308 | 84,207 | 303,127 | 138,627 | 423,504 | 406,065 | | 期 | 持仓量 | ...

Report Summary 1) Report Industry Investment Rating No information provided regarding the report industry investment rating. 2) Core View of the Report The natural rubber futures prices are rising. The strong performance of butadiene has significantly driven up the prices of synthetic rubber, and natural rubber has followed this upward trend. With domestic rubber - producing areas having stopped tapping and the northeastern part of Thailand expected to stop tapping in January, while the southern part is in the peak season, the total inventory of natural rubber in Qingdao, China, continues to accumulate. In the short - term, the supply elasticity has weakened, and the price of raw rubber is relatively firm. The demand side supports the stable operation of all - steel tire production. The chemical industry sector has been strong recently, and the short - term rubber prices are expected to remain relatively strong [4]. 3) Summary by Related Contents Futures Market - The previous day's closing prices of RU, NR, and BR futures were 16,315, 13,095, and 12,930 respectively, with price increases of 465, 360, and 660, and price increase rates of 2.93%, 2.83%, and 5.38% respectively. Their trading volumes were 445,410, 100,811, and 356,678, and their open interests were 12,930, 59,878, and 30,694 respectively, with changes of 660, - 949, and 10 [2]. - The spreads between RU - NR, RU - BR, and NR - BR were 3,220, 3,385, and 165 respectively, with changes of 105, - 195, and - 300 [2]. - The RU basis, mixed - RU, and smoke - sheet - RU were - 315, - 1440, and 2235 respectively, compared to previous values of - 250, - 1060, and 2400 [2]. Spot Market - Spot prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 15,900, 16,000, and 16,000 respectively, with price increase rates of 2.91%, 2.56%, and 2.56%. Spot prices of smoke - sheet rubber in Shandong and Shanghai were 18,550, with a price increase rate of 1.64%. Spot prices of mixed rubber in Qingdao and Yunnan were 14,875 and 15,575 respectively, with price increase rates of 0.57% and 2.81% [2]. Downstream Market - The prices of Thai smoke - sheet, Thai cup - lump, and Thai latex were 60.7, 52.61, and 57.6 Thai baht per kilogram respectively, with price increase rates of 1.08%, 0.67%, and 0.52% [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals of the market are currently focused on the expectation of improved supply, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost support for chemicals. Currently, the spot drive of polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary According to Relevant Catalogs Futures Market - **LL Futures** - The previous day's closing prices for January, May, and September were 6886, 6865, and 6887 respectively. The prices increased by 21, 51, and 42 compared to the day before, with percentage increases of 0.31%, 0.75%, and 0.61% respectively. The trading volumes were 71, 719797, and 45855, and the open interests were 152, 519056, and 64964, with increases of 29, 3532, and 11154 respectively. The current spreads between January - May, May - September, and September - January were 21, -22, and 1, compared to previous values of 51, -31, and -20 [2] - **PP Futures** - The previous day's closing prices for January, May, and September were 6645, 6656, and 6688 respectively. The prices increased by 46, 32, and 39 compared to the day before, with percentage increases of 0.70%, 0.48%, and 0.59% respectively. The trading volumes were 806, 555332, and 41610, and the open interests were 1998, 498932, and 99254, with increases of 473, 12150, and 8633 respectively. The current spreads between January - May, May - September, and September - January were -11, -32, and 43, compared to previous values of -25, -25, and 50 [2] Spot Market - **Raw Materials** - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton respectively. The previous day's prices were 2261 yuan/ton, 6175 yuan/ton, 620 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton [2] - **Midstream** - The current prices of LL in the East China, North China, and South China markets were 6800 - 7050 yuan/ton, 6700 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining the same as the previous day. The current prices of PP in the East China, North China, and South China markets were 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton respectively, also remaining the same as the previous day [2] News - On Friday (January 23rd), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $61.07 per barrel, up $1.71 or 2.88% from the previous trading day, with a trading range of $59.52 - $61.36. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.88 per barrel, up $1.82 or 2.84% from the previous trading day, with a trading range of $64.29 - $66.24 [2]

| | | | | | 生猪（LH） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 1月 | 3月 | 5月 | 7月 | 9月 | 11月 | | | 前日收盘价 | 12000 | 11565 | 11850 | 12470 | 13390 | 13360 | | 期 | 前2日收盘价 | 11900 | 11600 | 11895 | 12555 | 13460 | 13430 | | | 涨跌 | 100 | -35 | -45 | -85 | -70 | -70 | | 货 | 涨跌幅 | 0.84% | -0.30% | -0.38% | -0.68% | -0.52% | -0.52% | | 市 | 成交量 | 5 | 42940 | 18255 | 4227 | 4257 | 1202 | | 场 | 持仓量 | 34 | 131413 | 108344 | 45736 | 34051 | 17829 | | | 持仓量增减 | -15 | -4037 | 1559 | 692 | -385 | 357 | | | ...

| 指标 | CNF到岸价: | | | 申万期货品种策略日报- | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 马来西亚棕 榈油:连续 | | 2026/1/26 | 油脂油料 | | | | | | 申银万国期货研究所 | | | | 李霁月（从业编号:F03119649；交易咨询号:Z0019570） | | | | | | | | lijy@sywgqh.com.cn | | | | | | | 豆油主力 | 棕榈油主力 | 菜油主力 | 豆粕主力 | 菜粕主力 | 花生主力 | | | 前日收盘价 | 8094 | 8910 | 8991 | 2751 | 2367 | 8844 | | 国 | 涨跌 | 10 | -34 | -11 | -17 | -29 | 26 | | 内 | 涨跌幅(%) | 0.12% | -0.38% | -3.15% | -0.61% | -1.21% | 0.29% | | 期 | 价差 | Y9-1 | P9-1 | OI9-1 | Y-P09 | OI-Y09 | OI-P09 | ...

Report Summary of Investment Rating - No information provided on the industry investment rating. Core Viewpoints of the Report - The copper price closed 0.43% lower overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. After the release of optimistic sentiment, the copper price may have a phase - wise correction [2]. - The zinc price closed 0.53% lower overnight. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, while smelting output continues to grow. After the release of the overall optimistic sentiment in non - ferrous metals, the zinc price may have a phase - wise correction [2]. Summary by Related Catalog Metal Price and Market Conditions - **Copper**: Night - session copper price down 0.43%, domestic previous - day futures closing price 100,440 yuan/ton, domestic basis - 185 yuan/ton, previous - day LME3 - month contract closing price 12,756 dollars/ton, LME spot premium - 82.84 dollars/ton, LME inventory 159,400 tons with a daily increase of 3,100 tons [2]. - **Aluminum**: Domestic previous - day futures closing price 24,085 yuan/ton, domestic basis - 160 yuan/ton, previous - day LME3 - month contract closing price 3,133 dollars/ton, LME spot premium - 18.98 dollars/ton, LME inventory 507,175 tons with a daily increase of 24,175 tons [2]. - **Zinc**: Night - session zinc price down 0.53%, domestic previous - day futures closing price 24,305 yuan/ton, domestic basis 35 yuan/ton, previous - day LME3 - month contract closing price 3,233 dollars/ton, LME spot premium - 36.66 dollars/ton, LME inventory 111,850 tons with a daily decrease of 450 tons [2]. - **Nickel**: Domestic previous - day futures closing price 143,060 yuan/ton, domestic basis - 3,020 yuan/ton, previous - day LME3 - month contract closing price 18,100 dollars/ton, LME spot premium - 205.73 dollars/ton, LME inventory 284,664 tons with a daily decrease of 72 tons [2]. - **Lead**: Domestic previous - day futures closing price 17,060 yuan/ton, domestic basis - 140 yuan/ton, previous - day LME3 - month contract closing price 2,034 dollars/ton, LME spot premium - 45.02 dollars/ton, LME inventory 222,650 tons with a daily decrease of 2,925 tons [2]. - **Tin**: Domestic previous - day futures closing price 418,420 yuan/ton, domestic basis - 3,600 yuan/ton, previous - day LME3 - month contract closing price 52,660 dollars/ton, LME spot premium - 189.00 dollars/ton, LME inventory 7,210 tons with a daily increase of 250 tons [2]. Supply and Demand Analysis - **Copper**: Concentrate supply is tight, smelting output continues to grow, power investment is stable, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate market is weak. Supply disruptions in mines have led to an expected supply - demand gap [2]. - **Zinc**: Zinc concentrate processing fees are falling, concentrate supply is temporarily tight, smelting output continues to grow, galvanized sheet inventory is at a high level, infrastructure investment growth is slowing, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate market is weak. Overall supply - demand differences are not obvious [2].

| 申银万国期货研究所 沈击奉 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | shenyb@sywggh.com.cn 021-50582113 | | | | | | | | | JL | | | | | | J | | | 1月 | | | 5月 | 9月 | 1月 | 5月 | 9月 | | 前1日收盘价 | 1367.0 | | 1131.5 | 1203.0 | 1863.0 | 1688.0 | 1758. 0 | | 前2日收盘价 | 1366. 5 | | 1129.0 | 1203.0 | 1872. 0 | 1683. 5 | 1758. 5 | | 煮跌 | Eil 0. 5 | | 2.5 | 0. 0 | -9.0 | 4.5 | -0.5 | | 煮跌幅 | 0. 04% સ્ત | | 0. 22% | 0. 00% | -0. 48% | 0. 27% | -0. 03% | | 成交堂 | 10 1472 | | 736188 ...

20260123申万期货品种策略日报-原油甲醇 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响 因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作 者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不 受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本报告中的具体推荐意见 或观点而直接或间接获取任何形式的不当利益。 明 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、 完整性、时效性或可靠性不作任何保证，也不保证所包含的信息和建议不会发生任何变更。 市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中的观点、结论和建议仅 供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决 策与本公司无关。 | | | | | 申银万国期货研究所 董超 （从业编号F3030150 投资咨询号Z0012596） dongchao@sywgqh.com.cn 021-50583880 | | | | | --- ...