集运欧线数据日报 2026/1/22 最新观点 集运欧线：EC下跌0.04%。马士基新开舱2月第一周，至鹿特丹AE1航线大柜报价2000美元，环比下降400美元， AE2和AE3大柜报价2100美元，马士基节前加速降价揽货。考虑到春节逐渐临近，揽货压力也将逐渐增加，同时 也需为春节假期期间搭建滚动舱位，节前运价预计进入加速下行通道。由于光伏等产品出口退税政策调整或引 发4月1日前相关产品的抢出口，带来淡季货量的相对韧性，再加上2025年3月4月船司曾表价宣涨挺价，市场对 于4月运价估值并没有很悲观。参考去年8月9月的抢出口对运价的对冲程度以及抢出口集中大量出货的滞后可 能性，再加上最新船期统计1月下半月至节前运力投放仍相对充裕，节前或偏向运行偏弱，关注后续出口抢运 情况以及PA、OA联盟的跟降情况。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 | 持仓量单边 | 多单持仓 | 空单持仓 | 净多持仓 | | | （点） | （%） | 环比变化 | 环 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total open interest of coking coal increased slightly month - on - month. The downstream's seasonal increase in pre - holiday rigid demand for restocking can support coal prices, so it is judged that the short - term decline of the futures market is limited. Future focus should be on the supply trend of coking coal, changes in hot metal production, and the restocking rhythm of downstream enterprises [1]. 3) Summary by Related Catalog Futures Market Data - **Closing Prices and Changes**: For coking coal futures, the closing prices of the January, May, and September contracts on the previous day were 1366.5, 1129.0, and 1203.0 respectively, with price changes of 5.0, 1.0, and - 0.5 and price change rates of 0.07%, 0.44%, and - 0.04% compared to the day before. For coke futures, the closing prices of the January, May, and September contracts on the previous day were 1872.0, 1683.5, and 1758.5 respectively, with price changes of 12.0, 10.0, and 10.0 and price change rates of 0.65%, 0.60%, and 0.57% compared to the day before [1]. - **Trading Volume and Open Interest**: The trading volumes of coking coal futures for the January, May, and September contracts were 2093, 864680, and 43683 respectively, and the open interests were 3326, 515444, and 79074 respectively. The changes in open interest were 882, - 17288, and 684 respectively. For coke futures, the trading volumes of the January, May, and September contracts were 19, 14616, and 632 respectively, and the open interests were 82, 38358, and 1438 respectively. The changes in open interest were 15, - 71, and - 55 respectively [1]. - **Price Spreads**: For coking coal, the current price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively. For coke, the current price spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [1]. Spot Market Data - **Prices and Changes**: The port self - pick - up price of Meng 5 main coking coal was 1234, the ex - factory price in Linfen was 1640, the rail - side price in Taiyuan was 1530, the ex - factory price of Tangshan Grade I coke was 1800, the ex - factory price of Jinzhong Quasi - Grade I coke was 1280, and the warehouse price of a certain grade was 1450. The changes in spot prices were 0, 20, 0, 0, 0, and 0 respectively [1]. Industry News and Market Analysis - **Real Estate Policy**: The Minister of Housing and Urban - Rural Development, Ni Hong, emphasized making good use of the urban regulatory autonomy, adhering to the policy of implementing measures according to the city, and giving play to the role of the "white list" system for real estate financing to support reasonable demand and promote the stable operation of the market [1]. - **Steel Production and Inventory**: According to Steel Valley data, the current national building materials production was basically flat month - on - month, and the hot - rolled coil production decreased slightly month - on - month. The total inventory of building materials continued to increase month - on - month, and the total inventory of hot - rolled coils was basically flat month - on - month. The apparent demand for both decreased slightly month - on - month. Last week, the hot metal production decreased slightly month - on - month, and the profitability rate of sample steel mills increased month - on - month [1].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For sugar, the main contract of Zhengzhou sugar continued to weaken overnight. The increasing seasonal supply pressure led to a pessimistic market sentiment and a decline in the market. With the southern sugar mills in the peak crushing period, the seasonal supply of sugar increased, and the supply pressure gradually emerged. In December, sugar imports exceeded market expectations, suppressing the market. On the spot side, prices were weak, and pre - holiday consumption did not improve. It is expected to remain at a low level in the short term [3]. - For cotton, the main contract of Zhengzhou cotton maintained a weak oscillation within the range overnight. The immediate profits of Xinjiang textile enterprises and the immediate cash - flow of inland textile enterprises in the downstream industry have been compressed to a relatively low level. However, the inventory pressure of textile enterprises' finished products is relatively limited. The operation rate of inland textile enterprises has decreased steadily, while that of Xinjiang textile enterprises remains strong. After the decline of Zhengzhou cotton, many textile enterprises locked in the basis and priced. The rigid demand for cotton raw materials from textile enterprises still exists. In the short term, the expectation of production reduction regulation has been reflected in the market. It is expected that after continuous reduction in positions and decline in the market, it will maintain a low - level oscillation in the short term, and opportunities to go long on dips can be considered [3]. 3. Summary According to Relevant Catalogs Futures Market - **Sugar Futures**: For domestic sugar futures contracts (SR2609, SR2605, SR2603), the previous day's closing prices were 5161, 5144, and 5143 respectively, down 39 from the day before yesterday, with a decline rate of 0.75%. The trading volumes were 25565, 223350, and 37264 respectively, and the open interests were 96753, 461359, and 103143 respectively, with increases of 4559, 22526, and 1653 respectively [1]. - **11 - No. Sugar Futures**: For 11 - no. sugar futures contracts (2603, 2607, 2605), the previous day's closing prices were 14.77, 14.35, and 14.67 respectively. Compared with the day before yesterday, the price of 2603 increased by 0.04 (0.27%), 2607 remained unchanged, and 2605 decreased by 0.01 (- 0.07%). The trading volumes were 46550, 19076, and 8358 respectively, and the open interests were 405922, 153199, and 86790 respectively. The open interests of 2603 decreased by 7982, while those of 2607 and 2605 increased by 1743 and 394 respectively [1]. Spot Market - **Sugar Spot**: The current spot prices of white sugar in Liuzhou and Kunming are 5350 and 5195 respectively. The previous day's prices were 5370 and 5195 respectively. The current basis of Liuzhou and Kunming relative to SR2603 is 207 and 52 respectively, compared with 188 and 13 the day before yesterday [1]. - **Sugar Import Price**: The current quota - within and quota - outside import prices of Brazilian sugar are 3331 and 4239 respectively, and those of Thai sugar are 3847 and 4912 respectively. Compared with the day before yesterday, the prices have decreased. The differences between the futures price and Thai sugar are 1297 (quota - within) and 232 (quota - outside) [1]. Inventory and Position - **Sugar Inventory**: The current number of sugar warehouse receipts is 14421, the effective forecast is 50, and the total of warehouse receipts and forecasts is 14471, slightly lower than the previous day [1]. - **ICE11 - No. Sugar Position**: The current non - commercial long and short positions of ICE11 - no. sugar are 143494 and 309205 respectively, and the long - to - short ratio is 0.46, which is lower than the previous day [1]. Industry Information - **Port Cargo Throughput**: In 2025, the Santos Port in São Paulo state set a record high in cargo throughput at 186.4 million tons, a 3.6% increase from the previous record in 2024. China was the most frequent trading partner, accounting for 29.6% of the total trade flow. The main export products were soybeans (44.9 million tons), sugar (24.1 million tons), corn (15.2 million tons), and pulp (9.8 million tons), and the main import products were fertilizers (8.3 million tons), diesel (2.4 million tons), sulfur (2.04 million tons), and wheat (1.3 million tons) [2]. - **Brazilian Sugarcane Yield**: In December 2025, the average yield per hectare of sugarcane in the central - southern region of Brazil was 73.4 tons, a 26.6% increase from the same period in 2024. The cumulative yield per hectare from April to December in the 2025/26 crushing season was 74.7 tons, a 4.6% decrease from the same period in the previous crushing season [2]. - **Indian Sugarcane Subsidy**: The Punjab state cabinet in India approved a direct subsidy of 685 rupees per ton (equivalent to 52.38 yuan per ton) for sugarcane farmers in the 2025/26 crushing season this Tuesday. This subsidy will be paid by private sugar mills and directly distributed to farmers' accounts, which is an additional subsidy and does not affect the current guidance price of 4160 rupees per ton (equivalent to 318.07 yuan per ton) in the state, which is still the highest in the country [2].

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The continuous improvement of the stock market in 2026 is the result of the combined effects of four factors: the resonance of the technology cycle, the release of policy dividends, the recovery of the economy, 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 the supply - side reform will continue in 2026, pushing up the prices of commodities and driving up resource - based stocks. Under the strategic guidance of the "15th Five - Year Plan", 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 upward trend in a volatile manner [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The closing prices of IF contracts for different terms increased, with the daily increase ranging from 0.35% to 0.49%. The trading volume of the IF next - month contract was 74,116.00, and the open interest decreased by 6,123.00 [1]. - **IH Contracts**: The prices of IH contracts showed mixed trends, with the daily change ranging from - 0.07% to 0.08%. The trading volume of the IH next - month contract was 34,230.00, and the open interest increased by 1,743.00 [1]. - **IC Contracts**: The prices of IC contracts increased significantly, with the daily increase ranging from 1.79% to 2.03%. The trading volume of the IC next - month contract was 101,832.00, and the open interest decreased by 4,994.00 [1]. - **IM Contracts**: The prices of IM contracts also increased, with the daily increase ranging from 1.55% to 1.81%. The trading volume of the IM next - month contract was 133,027.00, and the open interest decreased by 6,631.00 [1]. - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts changed, with the current values of - 1.40, 3.80, - 2.20, and - 29.00 respectively [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The CSI 300 index increased by 0.09%, the SSE 50 index decreased by 0.11%, the CSI 500 index increased by 1.12%, and the CSI 1000 index increased by 0.79% [1]. - **Industry Indexes**: Among different industries, the raw materials industry increased by 1.51%, the information technology industry increased by 2.91%, while the energy industry decreased by 0.66%, the optional consumption industry decreased by 0.88%, the main consumption industry decreased by 1.61%, the pharmaceutical and healthcare industry decreased by 0.67%, the real estate and finance industry decreased by 1.27%, and the public utilities industry decreased by 1.25% [1]. 3.3 Basis between Futures and Spot - The basis between futures and spot for different contracts changed. For example, the basis of the IF current - month contract to the CSI 300 index increased from - 8.28 to 1.13 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.08%, the Shenzhen Component Index increased by 0.70%, the Small and Medium - sized Board Index increased by 0.92%, and the ChiNext Index increased by 0.54% [1]. - **Overseas Indexes**: The Hang Seng Index increased by 0.37%, the Nikkei 225 decreased by 0.41%, the S&P 500 increased by 1.16%, and the DAX Index decreased by 0.51% [1]. 3.5 Macro Information - The Minister of Housing and Urban - Rural Development stated that during the "15th Five - Year Plan" period, efforts will be made to promote the construction of "good houses" and build a new real - estate development model, and promote the spot - sale system for commercial housing [2]. - The US and NATO reached an agreement framework on the Greenland issue, and the US will not implement the originally planned tariff measures, which led to a sharp rise in US stocks and a decline in spot silver [2]. - The EU will hold an emergency summit, and the Chinese Ministry of Foreign Affairs urged the EU to avoid protectionism and safeguard the legitimate rights and interests of Chinese enterprises [2]. - Five departments including the Ministry of Finance announced the establishment of new duty - free shops at 41 ports, and residents entering from Macau can purchase duty - free goods worth up to 15,000 RMB at the Hengqin Port [2]. - Three departments including the Ministry of Finance extended the tax policies for innovative enterprise CDRs until December 31, 2027, with preferential tax policies for individual investors and public funds [2]. 3.6 Industry Information - China's first offshore liquid rocket launch and recovery test platform will be put into use, and a mainstream commercial liquid rocket will conduct a launch and recovery test around the Spring Festival [2]. - In 2025, China's commercial space industry developed rapidly, with 50 launches accounting for 54% of the total number of space launches in the country, including 25 launches of commercial launch vehicles. A total of 311 commercial satellites were put into orbit, accounting for 84% of the total number of satellites put into orbit in the country [2]. - The Ministry of Industry and Information Technology expects that the core scale of China's artificial intelligence industry will exceed 1.2 trillion yuan in 2025, with over 330 humanoid robot products released, and has launched the second - stage technology test of 6G. It will strengthen the support of the national artificial intelligence industry investment fund for humanoid robots [2]. - The Ministry of Industry and Information Technology revised and issued two review requirements to strengthen the access management of road motor vehicle production enterprises and products [2]. 3.7 Stock Index Views - US stock indexes rose. In the previous trading day, stock indexes were divided, with the non - ferrous metals sector leading the rise and the banking sector leading the decline. The market turnover was 2.62 trillion yuan. On January 20, the margin trading balance decreased by 13.912 billion yuan to 2.69202 trillion yuan [2].

Report Industry Investment Rating - Not provided in the report Core View - The prices of Treasury bond futures showed mixed trends, with the T2603 contract rising 0.02% and its open interest increasing. The IRR of the CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, with no arbitrage opportunities. Short - term market interest rates also showed mixed trends. Key - term Treasury bond yields at home and abroad had different changes, and the prices of Treasury bond futures stabilized due to factors such as central bank policies and macro - economic conditions [2][3] Summary by Relevant Catalogs Futures Market - Yesterday's closing prices of TS2603, TS2606, TF2603, TF2606, T2603, T2606, TL2603, and TL2606 were 102.430, 102.462, 105.880, 105.875, 108.200, 108.190, 112.25, and 112.36 respectively. The price changes were - 0.014, - 0.008, 0.005, - 0.005, 0.020, 0.085, 0.760, and 0.760, with corresponding percentage changes of - 0.01%, - 0.01%, 0.00%, 0.00%, 0.02%, 0.08%, 0.68%, and 0.68%. Open interest and trading volume varied, and open - interest changes were - 1054, - 262, - 194, 2516, 1698, 2880, - 78, and 1594 respectively [2] - The cross - term spreads of TS, TF, T, and TL were - 0.032, 0.005, 0.010, and - 0.110 respectively, with previous values of - 0.026, - 0.0050, 0.0750, and - 0.1100 [2] - The IRR of the active CTD bonds for each main contract was 1.5505, 1.5706, 1.6019, 1.5664, 1.6297, 1.6116, 1.9417, and 1.4765, and there were no arbitrage opportunities [2] Spot Market - Short - term market interest rates showed mixed trends. SHIBOR 7 - day rate rose 0.5bp, DR007 rate fell 0.33bp, and GC007 rate fell 1.7bp [2] - Key - term Chinese Treasury bond yields also showed mixed trends. The 10Y Treasury bond yield rose 0.57bp to 1.83%, and the long - short (10 - 2) Treasury bond yield spread was 41.78bp [2] - Overseas key - term Treasury bond yields changed. The US 10Y Treasury bond yield fell 4bp, the German 10Y Treasury bond yield fell 2bp, and the Japanese 10Y Treasury bond yield fell 5bp [2] Macro News - On January 21, the central bank conducted 363.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 122.7 billion yuan after 240.8 billion yuan of reverse repurchases matured [3] - The Minister of Housing and Urban - Rural Development said that the focus in urban renewal this year is on three aspects, and efforts will be made to stabilize the real estate market and build basic systems [3] - The US Trade Representative expressed hope for another round of potential trade negotiations with China, and the Chinese Foreign Ministry responded [3] - The People's Bank of China held a payment and settlement work meeting in 2026, putting forward requirements for payment and settlement work [3] - The Ministry of Finance and other three departments extended the tax policy for the pilot stage of innovative enterprise CDRs to December 31, 2027 [3] - The US President reached an agreement framework on the Greenland issue with the NATO Secretary - General, and the US stock market rose while spot silver fell [3] Industry Information - On January 21, most money - market interest rates rose. The weighted average interest rate of inter - bank pledged repurchase and inter - bank lending had different changes in different tenors [3] - US Treasury bond yields fell collectively, with different declines in 2 - year, 3 - year, 5 - year, 10 - year, and 30 - year yields [3] Comment and Strategy - Long - term Treasury bonds rose, and the yield of the 10 - year active Treasury bond rose to 1.823%. The central bank's net injection of reverse repurchases, stable LPR in January, and other factors affected the market. The market risk appetite declined, US Treasury bond yields fell, and the real estate market was still in adjustment [3] - In 2025, the GDP growth target of 5% was achieved as scheduled. In December, the year - on - year growth rate of social retail sales slowed down, and the year - on - year growth rate of industrial added value of large - scale industries increased. The annual fixed - asset investment decreased year - on - year, mainly dragged down by real - estate development investment [3] - The Ministry of Finance said that the fiscal deficit, total debt, and total expenditure in 2026 would remain at necessary levels, and the central bank would continue to implement a moderately loose monetary policy, with room for reserve - requirement ratio cuts and interest - rate cuts, leading to the stabilization of Treasury bond futures prices [3]

1. Report Industry Investment Ratings - Cautious and bullish: Index (IH), Index (IF), Index (IC), Index (IN), Rubber, Hot Roll, Iron Ore, Coking Coal, Coke, Manganese Silicon, Aluminum, Carbonate Lithium, Cotton, Corn [6] - Cautious and bearish: Crude Oil, Methanol, Rebar, Apple, Container Shipping to Europe [6] 2. Core Views of the Report - The stock market in 2026 is expected to continue its upward trend due to the continuous supply - side reform, the release of policy effects, the strengthening of economic recovery momentum, and the continuous allocation of overseas funds to Chinese assets [12] - The long - term upward trend of precious metals remains unchanged, supported by factors such as geopolitical uncertainty, easing inflation pressure in the US, and expected interest rate cuts by the Fed [4][5][21] - The price of crude oil may be affected by geopolitical factors and supply - demand balance, with an expected increase in demand in the future [2][15] - The price of carbonate lithium is likely to be easy to rise and difficult to fall under the logic of downstream low inventory and long - term bullish lithium prices [3][25] 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 3.1.1 International News - The US has officially withdrawn from the WHO. Denmark refuses to negotiate on the sovereignty of Greenland with the US. Putin will meet with the US presidential envoy and is willing to pay $1 billion to join the "Peace Committee" from frozen assets in the US [1][8] 3.1.2 Domestic News - In 2025, Shanghai's GDP reached 5670.871 billion yuan, with a year - on - year growth of 5.4%, ranking fifth among global cities [9] 3.1.3 Industry News - In 2025, China's artificial intelligence core industry scale is expected to exceed 12 trillion yuan, with over 330 humanoid robot products released, and the 6G second - stage technical test has been launched [10] 3.2外盘每日收益情况 - S&P 500 rose 1.16%, ICE Brent crude oil rose 2.06%, London gold rose 1.47%, while European STOXX 50 fell 0.32%, London silver fell 1.51% [11] 3.3主要品种早盘评论 3.3.1 Financial - **Stock Index**: The stock market is expected to continue its upward trend in 2026, driven by multiple factors. It has shifted from valuation expansion to profit - driven [12] - **Treasury Bond**: The price of treasury bond futures has stabilized, affected by factors such as central bank policies, market risk appetite, and economic data [13][14] 3.3.2 Energy and Chemicals - **Crude Oil**: SC night session rose 1.22%. Geopolitical risk premium in the oil market has decreased, and the supply is expected to increase in the short term [2][15] - **Methanol**: Methanol night session rose 0.41%. The overall coastal methanol inventory has decreased slightly. Short - term bullish, but need to pay attention to the situation in Iran [16] - **Natural Rubber**: The price of rubber is expected to fluctuate strongly in the short term, supported by supply and demand factors [17] - **Polyolefin**: Polyolefin futures may fluctuate in the short term, affected by supply expectations and crude oil prices [18][19] - **Glass and Soda Ash**: The glass and soda ash futures have declined. The market focuses on the recovery of the real estate industry chain and supply - side contraction [20] 3.3.3 Metals - **Precious Metals**: Gold continues to rebound, and silver rises first and then falls. The long - term upward trend of precious metals remains unchanged [4][5][21] - **Copper**: The copper price may experience a phased correction after the release of optimistic sentiment [22] - **Zinc**: The zinc price may also have a phased correction after the release of optimistic sentiment in the non - ferrous metal market [23] - **Aluminum**: Although the short - term fundamentals are weak, the low inventory and supply constraints provide support for the aluminum price in the long term [24] - **Carbonate Lithium**: The carbonate lithium price is likely to be easy to rise and difficult to fall, but investors should be cautious [3][25] 3.3.4 Black Metals - **Coking Coal and Coke**: The decline of the double - coking futures is limited in the short term, and attention should be paid to supply, iron - making output, and downstream replenishment [26] - **Steel**: The steel price is expected to fluctuate before the Spring Festival, with a weak supply - demand situation and narrowing inventory decline [27] - **Iron Ore**: The iron ore price is expected to fluctuate slightly stronger in the short term, and steel mills will maintain on - demand procurement [28] 3.3.5 Agricultural Products - **Protein Meal**: The price of soybean and rapeseed meal is under pressure due to the expected high yield of Brazilian soybeans and high domestic inventory [29][30] - **Edible Oil**: The palm oil price is supported, while the rapeseed oil price may be suppressed in the future [31] - **Sugar**: The sugar price is expected to remain low in the short term due to seasonal supply pressure [32] - **Cotton**: The cotton price is expected to maintain a low - level shock in the short term, and investors can consider buying at low prices [33] 3.3.6 Shipping Index - **Container Shipping to Europe**: The freight rate is expected to decline rapidly before the Spring Festival, but the market is not very pessimistic about the April freight rate [34]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - The polyolefin futures closed with a negative line and rebounded at night. Sinopec and PetroChina kept the prices of linear LL and drawn PP stable. The market currently focuses on the expectation of supply improvement, and the macro - to - commodity transmission has increased. The rebound of international crude oil prices also supports chemicals at the cost end. However, the short - term shock of crude oil after the rebound has an impact on chemicals. Polyolefin may experience short - term shocks after continuous rebounds [2] Group 3: Futures Market Summary Price and Volume - For linear LL, the previous day's closing prices for January, May, and September were 6720, 6666, and 6694 respectively, with price increases of 14, 26, and 30, and increases of 0.21%, 0.39%, and 0.45% respectively. The trading volumes were 40, 374602, and 16431 respectively, and the open interests were 88, 504362, and 52481 respectively, with changes of 17, 9150, and 1432 respectively [2] - For drawn PP, the previous day's closing prices for January, May, and September were 6493, 6485, and 6519 respectively, with price increases of 34, 24, and 27, and increases of 0.53%, 0.37%, and 0.42% respectively. The trading volumes were 211, 291242, and 17041 respectively, and the open interests were 644, 468323, and 85636 respectively, with changes of 58, 2082, and - 349 respectively [2] Spread - For linear LL, the current spreads of January - May, May - September, and September - January are 54, - 28, and - 26 respectively, compared with the previous values of 66, - 24, and - 42 [2] - For drawn PP, the current spreads of January - May, May - September, and September - January are 8, - 34, and 26 respectively, compared with the previous values of - 2, - 31, and 33 [2] Group 4: Spot Market Summary Raw Materials and Semi - finished Products - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2208 yuan/ton, 6170 yuan/ton, 602 dollars/ton, 5600 yuan/ton, 6270 yuan/ton, and 8700 yuan/ton respectively, with some slight changes compared to the previous values [2] Middle - stream Products - The current price ranges of LL in the East China, North China, and South China markets are 6650 - 7050 yuan/ton, 6550 - 6900 yuan/ton, and 6750 - 7100 yuan/ton respectively. The current price ranges of PP in the East China, North China, and South China markets are 6300 - 6500 yuan/ton, 6300 - 6450 yuan/ton, and 6300 - 6550 yuan/ton respectively, with some changes compared to the previous values [2] Group 5: News - On Wednesday (January 21), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.62 per barrel, up $0.26 or 0.43% from the previous trading day, with a trading range of $59.22 - $60.89. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.24 per barrel, up $0.32 or 0.49% from the previous trading day, with a trading range of $63.61 - $65.41 [2]

| CNF到岸价: | | --- | | 指标 名称 | 马来西亚棕 榈油:连续 2026/1/22 申万期货品种策略日报- 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 | 8044 | 8832 | 8947 | 2725 | 2377 | 8844 | | 国 | 涨跌 | 12 | 84 | -1 | -11 | 6 | 26 | | 内 | 涨跌幅(%) | 0.15% | 0.96% | -3.15% | -0.40% | 0.25% | 0.29% | | 期 | 价差 | Y9-1 | P9-1 | OI9-1 | Y-P09 | OI-Y09 | OI-P09 | | 货 | 现值 | -364 | 62 | -7 ...

申万期货品种策略日报-生猪（LH）" | | | | | | 生猪（LH） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 1月 | 3月 | 5月 | 7月 | 9月 | 11月 | | | 前日收盘价 | 11900 | 11470 | 11820 | 12450 | 13375 | 13390 | | 期 | 前2日收盘价 | 12030 | 11550 | 11895 | 12555 | 13450 | 13415 | | 货 | 涨跌 | -130 | -80 | -75 | -105 | -75 | -25 | | 市 | 涨跌幅 | -1.08% | -0.69% | -0.63% | -0.84% | -0.56% | -0.19% | | 场 | 成交量 | 0 | 63362 | 24710 | 6535 | 5609 | 1408 | | | 持仓量 | 65 | 138509 | 105113 | 45305 | 34022 | 17423 | | | 持仓量增减 | -10 | -5591 | 417 | 1 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The main contracts of coking coal and coke showed weak performance in the night session yesterday, and the total open interest of coking coal increased slightly compared to the previous period. The data from Steelhome showed that last week, the output of the five major steel products remained basically flat compared to the previous period, the total inventory decreased slightly, with the main decline coming from plates. The overall apparent demand increased, with the main increment coming from rebar. The pig iron output decreased slightly, and the profitability rate of sample steel mills increased. The expected resumption of pig iron production in January and the seasonal increase in demand for downstream pre - holiday rigid replenishment can provide strong support for coal prices. Therefore, it is judged that the short - term decline of the futures market is limited. Future attention should be focused on the supply trend of coking coal, changes in pig iron output, and the rhythm of downstream replenishment [1] 3. Summary According to Relevant Catalogs Market Quotes of Coking Coal and Coke Futures - **Closing Prices**: The previous day's closing prices for coking coal in January, May, and September were 1,365.5, 1,124.0, and 1,203.5 respectively, with decreases of 49.0, 50.5, and 50.5 compared to the previous two days, and decline rates of -3.46%, -4.30%, and -4.03%. For coke, the previous day's closing prices in January, May, and September were 1,860.0, 1,673.5, and 1,748.5 respectively, with decreases of 21.5, 47.5, and 50.0 compared to the previous two days, and decline rates of -1.14%, -2.76%, and -2.78% [1] - **Trading Volume and Open Interest**: The trading volumes of coking coal in January, May, and September were 2,200, 1,088,191, and 53,740 respectively, and the open interests were 2,444, 532,732, and 78,390 respectively, with increases of 808, 29,998, and 0 in open interest. For coke, the trading volumes in January, May, and September were 55, 22,017, and 778 respectively, and the open interests were 67, 38,429, and 1,493 respectively, with increases of 32, 792, and 182 in open interest [1] - **Price Spreads**: The current price spreads of coking coal for January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with increases of 306, 2.5, and - 308.5. For coke, the current price spreads for January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with increases of 429.5, 2, and - 431.5 [1] Spot Market Quotes - The current ex - factory prices of Mongolian No. 5 primary coking coal at the port, low - sulfur primary coking coal in Linfen, low - sulfur primary coking coal in Taiyuan, Tangshan Grade I coke, Jinzhong Quasi - Grade I coke, and Rizhao Port Quasi - Grade I coke were 1,234, 1,620, 1,530, 1,800, 1,280, and 1,450 respectively. The changes in spot prices were 0, 0, 0, 0, 0, and - 20 [1] Policy Information - The Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development issued several measures to further support urban renewal actions. Utilizing existing land and real - estate resources to develop industries and sectors supported by the state can enjoy a transition - period policy of not changing the land - use subject and planning conditions for a certain period, with the transition period generally not exceeding 5 years [1]