Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For the stock index, the long - term policy support for the capital market remains unchanged. In the short term, pay attention to the market rhythm and adopt the strategy of buying on dips [2][4]. - For treasury bonds, the economic recovery momentum needs further observation, and the capital situation is expected to be stable. The bond market is expected to fluctuate in the first quarter [6][8]. - For precious metals, it is recommended to hold existing long positions, and there are significant risks in opening new long or short positions [9][10]. - For non - ferrous metals, most metal prices are expected to fluctuate at high levels, and specific operations should refer to the corresponding price ranges [12][13][15]. - For black and building materials, steel prices are affected by inventory and demand, and the prices of related products such as iron ore, coking coal, and coke are expected to fluctuate in a range [35][37][44]. - For energy and chemicals, different products have different strategies. For example, rubber can be considered for short - selling if it breaks below a certain level, and crude oil is recommended for short - term waiting and seeing [58][63][64]. - For agricultural products, different products have different outlooks. For example, the short - term pig price may support the near - month contract, while the egg price may have different strategies for near - month and far - month contracts [88][90][92]. Summary by Relevant Catalogs Stock Index - **行情资讯**: The central bank lowered the interest rates of various structural monetary policy tools by 0.25 percentage points. In December, the M2 balance was 340.29 trillion yuan, with a year - on - year increase of 8.5%. The 2nd Commercial Space Industry Development Conference will be held in March, and the central bank lowered the minimum down payment ratio for commercial housing loans to 30% [2]. - **期指基差比例**: The basis ratios of IF, IC, IM, and IH for different contract periods are provided [3]. - **策略观点**: The regulatory adjustment of the margin ratio for margin trading is to prevent short - term market overheating. In the long run, the policy supports the capital market. In the short term, pay attention to the market rhythm and buy on dips [4]. Treasury Bonds - **行情资讯**: On Thursday, the closing prices and changes of TL, T, TF, and TS main contracts are provided. The central bank announced the social financing scale and money supply data for 2025 and the adjustment of structural monetary policy tool interest rates [5][6]. - **流动性**: The central bank conducted 1793 billion yuan of 7 - day reverse repurchase operations on Thursday, with a net investment of 1694 billion yuan [7]. - **策略观点**: The December financial data shows a stable total social financing scale. The economic recovery momentum needs further observation, and the capital situation is expected to be stable. The bond market is expected to fluctuate in the first quarter [8]. Precious Metals - **行情资讯**: The prices and changes of Shanghai gold and silver, COMEX gold and silver, the US 10 - year Treasury yield, and the US dollar index are provided. Trump announced not to impose tariffs on key metals, and the inflation data has an impact on the market [9]. - **策略观点**: The current international gold price is rising steadily, and the silver price is rising rapidly. It is recommended to hold existing long positions, and there are significant risks in opening new long or short positions [10]. Non - Ferrous Metals Copper - **行情资讯**: The geopolitical situation and commodity prices affect the copper price. The London copper price fell, and the Shanghai copper price rebounded after a decline. The inventory and basis information are also provided [12]. - **策略观点**: The sentiment is not pessimistic. The copper supply is in a tight situation, and the copper price is expected to fluctuate at a high level in the short term [13]. Aluminum - **行情资讯**: The decline in crude oil and precious metals prices led to a fall in the aluminum price. The inventory and basis information are provided [14]. - **策略观点**: The sentiment is neutral to positive. The domestic inventory has a cumulative pressure, but the overseas low - inventory and strong spot support the aluminum price, which is expected to fluctuate at a high level in the short term [15]. Zinc - **行情资讯**: The zinc price rose. The inventory, basis, and other information are provided, and the LME announced restrictions on certain zinc brands [16][17]. - **策略观点**: The zinc industry situation has not improved significantly, but the zinc price has a large room for a supplementary increase compared with copper and aluminum. Observe the trends of leading varieties and the Shanghai - London ratio [18]. Lead - **行情资讯**: The lead price rose. The inventory, basis, and other information are provided, and the LME announced restrictions on certain lead brands [19]. - **策略观点**: The lead industry situation is complex, and the lead price may follow the sector for a supplementary increase due to strong macro - sentiment [20]. Nickel - **行情资讯**: The nickel price was strong. The spot price, cost, and other information are provided [22]. - **策略观点**: The nickel has a large excess pressure, but the macro - factors support the price. It is recommended to wait and see in the short term, and the price is expected to fluctuate widely [23]. Tin - **行情资讯**: The tin price continued to rise. The supply, demand, and inventory information are provided [24]. - **策略观点**: Although the tin market demand is weak and the supply is expected to improve, the price is expected to fluctuate with the market sentiment. It is recommended to wait and see [24]. Lithium Carbonate - **行情资讯**: The lithium carbonate price index and contract price changes are provided. The inventory decreased, and the export tax - rebate policy adjusted [25]. - **策略观点**: The lithium carbonate price fluctuates greatly. It is recommended to wait and see or try with a light position [26]. Alumina - **行情资讯**: The alumina index fell. The basis, overseas price, and inventory information are provided [28]. - **策略观点**: The ore price is expected to decline, and the alumina smelting capacity is in excess. It is recommended to wait and see and consider short - selling on rallies [29]. Stainless Steel - **行情资讯**: The stainless - steel price rose. The spot price, raw material price, and inventory information are provided [30]. - **策略观点**: The nickel ore supply is expected to be tight, and the stainless - steel price is expected to fluctuate at a high level in the short term [31]. Cast Aluminum Alloy - **行情资讯**: The cast aluminum alloy price fell. The inventory and trading volume information are provided [32]. - **策略观点**: The cost supports the price, but the demand is average. The price is expected to move sideways in the short term [33]. Black and Building Materials Steel - **行情资讯**: The prices of rebar and hot - rolled coil changed. The inventory and demand information are provided [35]. - **策略观点**: The steel production has increased slightly, the apparent demand has improved, but the inventory is still high. Pay attention to the de - stocking progress and policy changes [36]. Iron Ore - **行情资讯**: The iron ore price fell. The inventory and basis information are provided [37][38]. - **策略观点**: The overseas iron ore shipment volume is declining. The iron ore price is expected to fluctuate in the short term [39]. Coking Coal and Coke - **行情资讯**: The coking coal price fell, and the coke price rose. The spot price, basis, and technical analysis information are provided [40][41]. - **策略观点**: The coking coal price was driven by the market atmosphere and policy expectations. The double - coke price is expected to fluctuate in a range in the short term, but be cautious of market sentiment shocks [42][44]. Glass and Soda Ash - **玻璃行情资讯**: The glass price fell. The inventory and trading information are provided [46]. - **玻璃策略观点**: The glass daily melting volume has decreased, and the cost supports the price. However, the terminal demand is weak, and it is recommended to wait and see [46]. - **纯碱行情资讯**: The soda - ash price fell. The inventory and trading information are provided [47]. - **纯碱策略观点**: The soda - ash supply is under pressure, the demand is weak, and the price is expected to be weak [47]. Manganese Silicon and Ferrosilicon - **行情资讯**: The prices of manganese silicon and ferrosilicon fell. The spot price, basis, and technical analysis information are provided [48]. - **策略观点**: The commodity market sentiment may continue, but be cautious of market sentiment shocks. The future market trends are affected by the overall market sentiment and cost factors [49][50]. Industrial Silicon and Polysilicon - **工业硅行情资讯**: The industrial silicon price fell. The inventory and basis information are provided [51]. - **工业硅策略观点**: The industrial silicon supply and demand are difficult to change significantly. The price is expected to be under pressure, and pay attention to supply - side disturbances [52][54]. - **多晶硅行情资讯**: The polysilicon price fell. The inventory and basis information are provided [55]. - **多晶硅策略观点**: The polysilicon price was affected by market sentiment and policy. The price is expected to be weak in the short term, and it is recommended to operate cautiously [56]. Energy and Chemicals Rubber - **行情资讯**: The rubber price fluctuated weakly. The tire factory's operating rate, inventory, and spot price information are provided [58][59][61]. - **策略观点**: The rubber seasonality is weak. Adopt a neutral strategy. Consider short - selling if the RU2605 contract breaks below 16000, and partially build positions for the strategy of buying NR main contract and short - selling RU2609 [62]. Crude Oil - **行情资讯**: The crude oil price fell, and the prices of related refined products changed. The US EIA weekly data shows the inventory changes [63]. - **策略观点**: Although the geopolitical premium has disappeared, the OPEC supply has not increased significantly. It is recommended to wait and see in the short term and adopt a range - trading strategy [64]. Methanol - **行情资讯**: The regional spot and futures prices of methanol changed [65]. - **策略观点**: The methanol valuation is low, and the future pattern is expected to improve. It is feasible to buy on dips [66]. Urea - **行情资讯**: The regional spot and futures prices of urea changed [67][68]. - **策略观点**: The import window has opened, and the fundamental outlook is bearish. It is recommended to take profits on rallies [69]. Pure Benzene and Styrene - **行情资讯**: The prices, basis, and supply - demand information of pure benzene and styrene are provided [70]. - **策略观点**: The styrene non - integrated profit has room for upward repair. It is recommended to go long on the non - integrated profit before the first quarter [71]. PVC - **行情资讯**: The PVC price fell. The cost, supply - demand, and inventory information are provided [72]. - **策略观点**: The PVC supply is strong, and the demand is weak. It is recommended to short on rallies in the medium term [73]. Ethylene Glycol - **行情资讯**: The ethylene glycol price fell. The supply - demand, inventory, and cost information are provided [76]. - **策略观点**: The ethylene glycol supply is high, the inventory is accumulating, and the valuation may be compressed in the medium term. Be cautious of rebound risks in the short term [77]. PTA - **行情资讯**: The PTA price fell. The supply - demand, inventory, and cost information are provided [78]. - **策略观点**: The PTA supply is expected to be high in the short term, and the demand will decline. It is expected to accumulate inventory during the Spring Festival. Pay attention to long - buying opportunities on dips in the medium term [79]. p - Xylene - **行情资讯**: The p - xylene price fell. The supply - demand, inventory, and cost information are provided [80]. - **策略观点**: The p - xylene is expected to accumulate inventory slightly before the maintenance season. Pay attention to long - buying opportunities following the crude oil price in the medium term [81][82]. Polyethylene (PE) - **行情资讯**: The PE price fell. The supply - demand, inventory, and basis information are provided [83]. - **策略观点**: The PE price may be supported by inventory reduction. It is recommended to go long on the LL5 - 9 spread on dips [84]. Polypropylene (PP) - **行情资讯**: The PP price rose. The supply - demand, inventory, and basis information are provided [85]. - **策略观点**: The PP supply pressure will ease in the first half of 2026. The price may bottom out when the oversupply pattern changes [86]. Agricultural Products Live Pigs - **行情资讯**: The live pig prices in different regions changed. The northern farms are waiting for price increases, and the southern market may reduce prices to increase sales [88]. - **策略观点**: The low price and festival effect stimulate consumption. The short - term spot price may support the near - month contract. In the medium term, pay attention to the pressure on the near - contract and wait for rallies to short. In the long term, wait for price drops to go long [90]. Eggs - **行情资讯**: The egg prices in different regions were stable or rising. The supply and demand are relatively normal, and some people are still bullish [91]. - **策略观点**: The late Spring Festival drives the near - month contract to be strong. However, the supply is large, and it is recommended to short on rallies for the near - month contract. For the far - month contract, be cautious of over - valued pressure [92]. Soybean and Rapeseed Meal - **行情资讯**: The protein meal futures prices were weakly volatile. The USDA data shows the global soybean production and consumption situation. The domestic soybean inventory and oil - mill operating rate are provided [93][94]. - **策略观点**: The January USDA report is slightly bearish, but the overall situation is better than in 2024/25. It is recommended to wait and see in the short term [95]. Oils - **行情资讯**: The oil futures prices fell. The USDA and other data show the production, consumption, and inventory situation of different oils [96][97][98]. - **策略观点**: The current fundamental situation of palm oil is weak, but the long - term outlook is optimistic. It is recommended to wait and see in the short term [99]. Sugar - **行情资讯**: The sugar futures price was volatile. The UNICA and other data show the sugar production and export situation in Brazil [100][101]. - **策略观点**: The raw sugar price has fallen below the support level. The international sugar price may rebound after the northern hemisphere's harvest in February. The short - term downward space of the domestic sugar price is limited. It is recommended to wait and see [102]. Cotton - **行情资讯**: The cotton futures price fell slightly. The USDA data shows the global cotton production and consumption situation. The domestic cotton inventory and spinning - mill operating rate are provided [103][104][105]. - **策略观点**: The January USDA report is neutral. The Zhengzhou cotton price is mainly affected by the domestic market. Wait for price corrections to go long [106].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For sugar, the current raw sugar price has fallen below the support of the Brazilian ethanol conversion price. After the new Brazilian sugar - cane crushing season in April this year, there is a possibility of reducing the proportion of sugar - cane used for sugar production. After the northern hemisphere starts to end the sugar - cane crushing season in February and the negative impact of increased production is basically realized, the international sugar price may rebound. In the domestic market, the supply of imported sugar is gradually decreasing. As the sugar price has fallen to a low level, the short - term downward space is limited, so it is advisable to wait and see for now [4]. - For cotton, the January USDA report is neutral. The recent trend of Zhengzhou cotton mainly depends on the domestic situation. Affected by the expected reduction of cotton planting area in Xinjiang and the better - than - expected downstream operation rate during the off - season, the price of Zhengzhou cotton rose significantly in December. However, after the price reached a high level, the short - term fluctuation range increased. It is advisable to wait for the price to pull back and then consider going long [9]. - For protein meal, the January USDA report data is slightly bearish because the production estimates of the United States and Brazil are slightly increased, and the U.S. export volume is slightly decreased. However, the overall balance sheet situation is still better than that of the 2024/25 season. In the domestic market, according to MYSTEEL data, last week, the arrival and inventory of soybeans both decreased, the oil - mill operation rate decreased month - on - month, and the soybean meal inventory decreased slightly. Overall, it is advisable to wait and see in the short term [13]. - For oils, the current high production and sluggish exports in the main palm - oil producing areas have led to high inventory levels. The inventory of the three major domestic oils is also at a relatively high level, and the current fundamental situation is weak. However, in the long term, the production estimate of Malaysia is lowered, Indonesia has confiscated illegal plantations, and the consumption of U.S. biodiesel made from soybean oil is expected to increase in 2026, so the long - term outlook is optimistic. It is advisable to wait and see in the short term [17]. - For eggs, the late Spring Festival has led to continued stocking sentiment, driving the near - month contracts to be relatively strong. However, the large supply base remains, and the young age of laying hens makes it easy for farmers to be reluctant to cull hens after the price increase, thus delaying the reduction of production capacity. Considering the expected price decline of spot eggs after the Spring Festival, it is advisable to short on rallies for near - month contracts. For far - month contracts, although there is a long - term positive expectation, the realization path is uncertain, so attention should be paid to the pressure after over - valuation [20]. - For pigs, low prices and the festival effect have stimulated better consumption. At the same time, the large price difference between fat and standard pigs has led to sentiment of reluctant selling and hoarding. After the Winter Solstice, the spot price has increased significantly, driving a rational rebound in the futures market. In the short term, there is insufficient downward driving force for the spot price, which may continue to support the near - month contracts to oscillate strongly. In the medium term, the supply base is large and will be concentrated around the Spring Festival. The structural contradiction of the shortage of large pigs will also be gradually resolved over time. Attention should be paid to the upper pressure of the near - month contracts, and it is advisable to short on rallies. The direction of production - capacity reduction in the far - end is certain, but the pace is unclear. Generally, it is advisable to buy on dips [23]. 3. Summary by Related Catalogs Sugar Market Information - On Thursday, the price of Zhengzhou sugar futures fluctuated. The closing price of the May contract of Zhengzhou sugar was 5280 yuan/ton, a decrease of 19 yuan/ton or 0.36% from the previous trading day. In the spot market, the new - sugar quotation of Guangxi sugar - making groups was 5320 - 5380 yuan/ton, unchanged from the previous trading day; the new - sugar quotation of Yunnan sugar - making groups was 5190 - 5230 yuan/ton, an increase of 0 - 10 yuan/ton from the previous trading day; the mainstream quotation range of sugar - processing plants was 5800 - 5810 yuan/ton, unchanged from the previous trading day. The basis of Guangxi spot sugar against the main contract of Zhengzhou sugar was 40 yuan/ton [2]. - According to UNICA data, in the first half of December, the sugar production in the central - southern region of Brazil was 254,000 tons, a year - on - year decrease of 28.8%; the cumulative sugar production was 40.16 million tons, a year - on - year increase of 0.86%. In the first half of December, the sugar - cane crushing volume was 5.92 million tons, a year - on - year decrease of 32.8%; the cumulative crushing volume was 598 million tons, a year - on - year decrease of 2.36%. According to the export data released by the Brazilian Foreign Trade Secretariat (Secex), Brazil exported 2.913 million tons of sugar in December, an increase of 80,000 tons compared with the same period last year and a decrease of 390,000 tons compared with the previous month. Among them, the sugar exported to China in December was 385,300 tons, an increase of 330,000 tons compared with the same period last year and a decrease of 56,000 tons compared with the previous month. According to the data released by the Brazilian shipping agency Williams, as of the week of January 7, the number of ships waiting to load sugar at Brazilian ports was 44, compared with 42 in the previous week. The quantity of sugar waiting to be loaded at ports was 1.5823 million tons, compared with 1.417 million tons in the previous week [3]. Cotton Market Information - On Thursday, the price of Zhengzhou cotton futures fell slightly. The closing price of the May contract of Zhengzhou cotton was 14,675 yuan/ton, a decrease of 135 yuan/ton or 0.91% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was reported at 15,972 yuan/ton, an increase of 2 yuan/ton from the previous trading day. The basis of the China Cotton Price Index (CCIndex) 3128B against the main contract of Zhengzhou cotton was 1297 yuan/ton [6]. - According to USDA data, the January forecast for the 2025/26 global cotton production is 26 million tons, a decrease of 80,000 tons compared with the December forecast and an increase of 200,000 tons compared with the previous year; the inventory - to - consumption ratio is 62.63%, a decrease of 1.42 percentage points compared with the December forecast and an increase of 0.62 percentage points compared with the previous year. Among them, the January forecast for U.S. production is 3.03 million tons, a decrease of 76,000 tons compared with the December forecast, and the export forecast remains unchanged, with an inventory - to - consumption ratio of 30.43%, a decrease of 2.17 percentage points compared with the previous period. The production forecast for Brazil remains unchanged at 4.08 million tons; the production forecast for India is lowered by 110,000 tons to 5.12 million tons; the production forecast for China is increased by 220,000 tons to 7.51 million tons. According to the export data released by the Brazilian Foreign Trade Secretariat (Secex), Brazil exported 450,000 tons of raw cotton in December, an increase of 100,000 tons compared with the same period last year and an increase of 50,000 tons compared with the previous month. Among them, the raw cotton exported to China in December was 146,000 tons, an increase of 60,000 tons compared with the same period last year and an increase of 40,000 tons compared with the previous month. According to USDA data, as of the week of January 1, the current - year cotton export sales in the United States were 23,200 tons, and the cumulative export sales were 1.5425 million tons, a year - on - year decrease of 239,100 tons; among them, the export to China in that week was 3200 tons, and the cumulative export was 71,700 tons, a year - on - year decrease of 83,900 tons. According to Mysteel data, as of the week of January 9, the spinning - mill operation rate was 64.7%, unchanged from the previous week and an increase of 7.1 percentage points compared with the same period last year; the national commercial cotton inventory was 5.57 million tons, an increase of 290,000 tons compared with the same period last year [6][8]. Protein Meal Market Information - On Thursday, the price of protein - meal futures fluctuated weakly. The closing price of the May contract of soybean meal was 2740 yuan/ton, a decrease of 11 yuan/ton or 0.4% from the previous trading day. The closing price of the May contract of rapeseed meal was 2283 yuan/ton, a decrease of 6 yuan/ton or 0.26% from the previous trading day. In the spot market, the spot price of soybean meal in Dongguan was reported at 3100 yuan/ton, unchanged from the previous trading day, and the basis of the main contract of soybean meal was 360 yuan/ton; the spot price of rapeseed meal in Huangpu was reported at 2440 yuan/ton, a decrease of 20 yuan/ton from the previous trading day, and the basis of the main contract of rapeseed meal was 157 yuan/ton [11]. - According to USDA data, the January forecast for the 2025/26 global soybean production is 425.67 million tons, an increase of 3.13 million tons compared with the December forecast and a decrease of 1.48 million tons compared with the previous year. The inventory - to - consumption ratio is 29.4%, an increase of 0.39 percentage points compared with December and a decrease of 0.44 percentage points compared with the previous year. Among them, the January forecast for U.S. soybean production is 115.99 million tons, an increase of 0.238 million tons compared with the December forecast and a decrease of 3.05 million tons compared with the previous year; the January forecast for Brazilian production is 178 million tons, an increase of 3 million tons compared with the December forecast and an increase of 6.5 million tons compared with the previous year; the January forecast for Argentine production is 48.5 million tons, unchanged from the December forecast and a decrease of 2.6 million tons compared with the previous year. In addition, in the January forecast, the U.S. export volume is slightly lowered by 1.63 million tons to 42.86 million tons compared with the December forecast. According to MYSTEEL data, as of the week of January 9, the arrival of domestic sample soybeans was 1.52 million tons, a decrease of 730,000 tons compared with the previous week; the port inventory of sample soybeans was 8.03 million tons, a decrease of 210,000 tons compared with the previous week and an increase of 310,000 tons compared with the same period last year. The operation rate of sample soybean - oil mills was 49.5%, a decrease of 8.12 percentage points compared with the same period last year; the soybean - meal inventory of sample oil mills was 930,000 tons, a decrease of 135,000 tons compared with the previous week and an increase of 370,000 tons compared with the same period last year [12]. Oils Market Information - On Thursday, the price of oil futures fell. The closing price of the May contract of soybean oil was 7938 yuan/ton, a decrease of 62 yuan/ton or 0.77% from the previous trading day. The closing price of the May contract of palm oil was 8578 yuan/ton, a decrease of 170 yuan/ton or 1.94% from the previous trading day. The closing price of the May contract of rapeseed oil was 8828 yuan/ton, a decrease of 121 yuan/ton or 1.35% from the previous trading day. In the spot market, the spot price of first - grade soybean oil in Zhangjiagang was reported at 8500 yuan/ton, a decrease of 50 yuan/ton from the previous trading day, and the basis of the main contract of soybean oil was 562 yuan/ton; the spot price of 24 - degree palm oil in Guangdong was reported at 8650 yuan/ton, a decrease of 200 yuan/ton from the previous trading day, and the basis of the main contract of palm oil was 72 yuan/ton. The spot price of rapeseed oil in Jiangsu was reported at 9600 yuan/ton, a decrease of 150 yuan/ton from the previous trading day, and the basis of the main contract of rapeseed oil was 772 yuan/ton [15]. - According to USDA data, the January estimate for U.S. soybean - oil consumption is 1.32 million tons, a decrease of 0.249 million tons compared with the December estimate and an increase of 1 million tons compared with the previous year. According to the data of the Indian Solvent Extractors' Association, India's total vegetable - oil imports in December were 1.38 million tons, an increase of 200,000 tons compared with November. According to the data released by MPOB, Malaysia's palm - oil inventory at the end of December increased by 7.56% month - on - month to 3.05 million tons, higher than the expected 2.97 million tons; the production decreased by 5.46% month - on - month to 1.83 million tons, higher than the estimated 1.76 million tons; the export volume increased by 8.52% month - on - month to 1.32 million tons, better than the expected 1.25 million tons. MPOB estimates that Malaysia's palm - oil production in 2026 will be 19.5 - 19.8 million tons, lower than the 20.28 million tons in 2025. According to the data released by SPPOMA, from January 1 - 10, 2026, Malaysia's palm - oil production decreased by 20.49% month - on - month, the fresh - fruit bunch yield per unit area decreased by 20.49%, and the oil - extraction rate remained unchanged. According to the sample data released by MMYSTEEL, as of the week of January 9, the inventory of the three major domestic oils was 2.08 million tons, an increase of 158,600 tons compared with the same period last year and a decrease of 70,200 tons compared with the previous week [16]. Eggs Market Information - Yesterday, the national egg price was stable or rising. The average price in the main production areas increased by 0.03 yuan to 3.49 yuan/jin. The price in Heishan remained unchanged at 3.2 yuan/jin, and the price in Guantao increased by 0.09 yuan to 3.33 yuan/jin. The supply changed little, the downstream demand was relatively normal, and some industry players still had a bullish sentiment. It is expected that today's national egg price may be stable or rising [19]. Pigs Market Information - Yesterday, the domestic pig price showed mixed trends. The average price in Henan increased by 0.08 yuan to 13.07 yuan/kg, and the average price in Sichuan decreased by 0.1 yuan to 12.77 yuan/kg. Pig farms in the north generally had a sentiment of waiting for price increases, and the pig price may continue to rise. In the southern market, it was more difficult to sell high - priced pigs, and there was a possibility of further price cuts to increase sales volume [22].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal, and its supply has not yet increased significantly, the short - term outlook for oil prices is not overly bearish. A range - trading strategy of buying low and selling high is maintained, but it is recommended to wait and see for now to observe OPEC's export price - support willingness [3] - For methanol, the current valuation is low, the outlook for the coming year is improving, and there is limited downside. Due to potential geopolitical factors in Iran, there is a feasibility of buying on dips [6] - For urea, the current situation of the internal - external price difference has opened the import window, and with the expected increase in production at the end of January, there is a bearish fundamental outlook. It is recommended to take profits on rallies [9] - For rubber, it has a weak seasonal pattern. Adopt a neutral approach currently. If RU2605 falls below 16,000, switch to a short - term short - selling strategy. Partially build a position for the strategy of buying the NR main contract and short - selling RU2609 [15] - For PVC, the domestic supply - demand situation is characterized by strong supply and weak demand. In the short term, electricity price expectations and export rush support the price. In the medium term, the strategy is to short on rallies before significant industry production cuts [17] - For pure benzene and styrene, the non - integrated profit of styrene is currently neutral to low, with a large upward valuation repair space. It is advisable to go long on the non - integrated profit of styrene before the end of the first quarter [20] - For polyethylene, OPEC+ plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. It is recommended to go long on the LL5 - 9 spread on dips [23] - For polypropylene, in a situation of weak supply and demand, the overall inventory pressure is high. The futures price may bottom out when the supply - surplus pattern changes in Q1 next year [26] - For PX, it is expected to maintain a slight inventory build - up before the maintenance season. In the medium term, pay attention to the opportunity of going long on dips following the crude oil price [28] - For PTA, it is expected to enter the Spring Festival inventory build - up period after a short - term inventory draw. In the medium term, pay attention to the opportunity of going long on dips [30] - For ethylene glycol, the industry's overall load is still high, the inventory build - up period will continue, and the valuation needs to be compressed in the medium term if there are no further domestic production cuts [33] Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures contract closed down 4.00 yuan/barrel, a decline of 0.89%, at 444.90 yuan/barrel. High - sulfur fuel oil rose 34.00 yuan/ton, a gain of 1.33%, to 2586.00 yuan/ton, while low - sulfur fuel oil fell 15.00 yuan/ton, a decline of 0.48%, to 3087.00 yuan/ton. The U.S. EIA weekly data showed that commercial crude oil inventories increased by 3.39 million barrels to 422.45 million barrels, a 0.81% increase; SPR increased by 0.21 million barrels to 413.68 million barrels, a 0.05% increase; gasoline inventories increased by 8.98 million barrels to 251.01 million barrels, a 3.71% increase; diesel inventories decreased by 0.03 million barrels to 129.24 million barrels, a 0.02% decrease; fuel oil inventories increased by 1.74 million barrels to 24.72 million barrels, a 7.55% increase; and aviation kerosene inventories decreased by 0.89 million barrels to 43.14 million barrels, a 2.03% decrease [2] - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is minimal, and its supply has not yet increased significantly, the short - term outlook for oil prices is not overly bearish. A range - trading strategy of buying low and selling high is maintained, but it is recommended to wait and see for now to observe OPEC's export price - support willingness [3] Methanol - **Market Information**: The spot prices in different regions changed as follows: Jiangsu changed by 10 yuan/ton, Lunan by 0 yuan/ton, Henan by - 10 yuan/ton, Hebei by 0 yuan/ton, and Inner Mongolia by - 5 yuan/ton. The main futures contract changed by 12.00 yuan/ton, closing at 2273 yuan/ton, and MTO profit changed by 17 yuan [5][10] - **Strategy Viewpoint**: The current valuation is low, the outlook for the coming year is improving, and there is limited downside. Due to potential geopolitical factors in Iran, there is a feasibility of buying on dips [6] Urea - **Market Information**: Spot prices in different regions changed as follows: Shandong by 0 yuan/ton, Henan by 10 yuan/ton, Hebei by 0 yuan/ton, Hubei by 0 yuan/ton, Jiangsu by 10 yuan/ton, Shanxi by 10 yuan/ton, and Northeast by 0 yuan/ton. The overall basis was reported at - 61 yuan/ton. The main futures contract changed by - 13 yuan/ton, closing at 1801 yuan/ton [8] - **Strategy Viewpoint**: The current situation of the internal - external price difference has opened the import window, and with the expected increase in production at the end of January, there is a bearish fundamental outlook. It is recommended to take profits on rallies [9] Rubber - **Market Information**: Rubber prices fluctuated weakly, following macro trends. Bulls were optimistic due to seasonal and demand expectations, while bears were pessimistic due to weak demand. As of January 15, 2026, the operating rate of all - steel tires in Shandong tire enterprises was 62.84%, 2.30 percentage points higher than the previous week and 2.78 percentage points higher than the same period last year. The operating rate of semi - steel tires in domestic tire enterprises was 74.35%, 6.35 percentage points higher than the previous week and 4.09 percentage points lower than the same period last year. As of January 4, 2026, China's natural rubber social inventory was 123.2 tons, a 3.1 - ton increase from the previous week, a 2.5% increase. The spot prices of some rubber products also changed [12][13] - **Strategy Viewpoint**: It has a weak seasonal pattern. Adopt a neutral approach currently. If RU2605 falls below 16,000, switch to a short - term short - selling strategy. Partially build a position for the strategy of buying the NR main contract and short - selling RU2609 [15] PVC - **Market Information**: The PVC05 contract fell 10 yuan to 4868 yuan. The spot price of Changzhou SG - 5 was 4650 (- 10) yuan/ton, the basis was - 218 (0) yuan/ton, and the 5 - 9 spread was - 124 (+2) yuan/ton. The overall operating rate of PVC was 79.7%, a 1% increase from the previous period. The demand - side downstream operating rate was 44%, a 0.1% increase. Factory and social inventories increased [16] - **Strategy Viewpoint**: The domestic supply - demand situation is characterized by strong supply and weak demand. In the short term, electricity price expectations and export rush support the price. In the medium term, the strategy is to short on rallies before significant industry production cuts [17] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China was 5585 yuan/ton, unchanged. The closing price of the active pure benzene contract was 5648 yuan/ton, unchanged. The basis of pure benzene widened by 59 yuan/ton to - 63 yuan/ton. The spot price of styrene rose 100 yuan/ton to 7250 yuan/ton, while the closing price of the active styrene contract fell 13 yuan/ton to 7103 yuan/ton. The basis of styrene strengthened by 113 yuan/ton to 147 yuan/ton. The upstream operating rate was 70.92%, a 0.22% increase. The inventory at Jiangsu ports decreased by 3.17 tons to 10.06 tons. The weighted operating rate of the "Three S" products on the demand side was 40.90%, a 0.11% increase [19] - **Strategy Viewpoint**: The non - integrated profit of styrene is currently neutral to low, with a large upward valuation repair space. It is advisable to go long on the non - integrated profit of styrene before the end of the first quarter [20] Polyethylene - **Market Information**: The closing price of the main contract was 6785 yuan/ton, a 35 - yuan decrease. The spot price was 6840 yuan/ton, a 10 - yuan decrease. The basis strengthened by 25 yuan/ton to 55 yuan/ton. The upstream operating rate was 81.56%, a 1.23% increase. The production enterprise inventory decreased by 4.51 tons to 35.03 tons, and the trader inventory remained unchanged at 2.92 tons. The downstream average operating rate was 41.1%, a 0.11% decrease. The LL5 - 9 spread widened by 6 yuan/ton to - 29 yuan/ton [22] - **Strategy Viewpoint**: OPEC+ plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. It is recommended to go long on the LL5 - 9 spread on dips [23] Polypropylene - **Market Information**: The closing price of the main contract was 6592 yuan/ton, a 2 - yuan increase. The spot price was 6575 yuan/ton, a 50 - yuan increase. The basis strengthened by 48 yuan/ton to - 17 yuan/ton. The upstream operating rate was 76.61%, a 0.01% decrease. The production enterprise inventory decreased by 3.67 tons to 43.1 tons, the trader inventory decreased by 1.08 tons to 19.39 tons, and the port inventory decreased by 0.05 tons to 7.06 tons. The downstream average operating rate was 52.58%, a 0.02% decrease. The LL - PP spread narrowed by 37 yuan/ton [24][25] - **Strategy Viewpoint**: In a situation of weak supply and demand, the overall inventory pressure is high. The futures price may bottom out when the supply - surplus pattern changes in Q1 next year [26] PX - **Market Information**: The PX03 contract fell 132 yuan to 7130 yuan, and PX CFR fell 16 dollars to 881 dollars. The basis was - 15 yuan (- 3). The 3 - 5 spread was - 58 yuan (- 26). The Chinese PX operating rate was 89.4%, a 1.5% decrease, and the Asian operating rate was 80.6%, a 0.6% decrease. Some domestic and overseas plants had load adjustments. PTA operating rate was 76.9%, a 1.3% decrease. In early January, South Korea's PX exports to China were 14.6 tons, a 0.7 - ton increase year - on - year. The inventory at the end of November was 402 tons, a 5 - ton decrease from the previous month [27] - **Strategy Viewpoint**: It is expected to maintain a slight inventory build - up before the maintenance season. In the medium term, pay attention to the opportunity of going long on dips following the crude oil price [28] PTA - **Market Information**: The PTA05 contract fell 68 yuan to 5048 yuan, and the East China spot price fell 25 yuan to 5050 yuan. The basis was - 64 yuan (+6), and the 5 - 9 spread was 38 yuan (- 8). The PTA operating rate was 76.9%, a 1.3% decrease. The downstream operating rate was 90.1%, a 0.7% decrease. The terminal draw - texturing and weaving machine operating rates decreased. The social inventory (excluding credit warehouse receipts) on January 9 was 200.5 tons, a 2.5 - ton decrease from the previous period. The spot and futures processing fees increased [29] - **Strategy Viewpoint**: It is expected to enter the Spring Festival inventory build - up period after a short - term inventory draw. In the medium term, pay attention to the opportunity of going long on dips [30] Ethylene Glycol - **Market Information**: The EG05 contract fell 50 yuan to 3817 yuan, and the East China spot price fell 15 yuan to 3696 yuan. The basis was - 140 yuan (+4), and the 5 - 9 spread was - 111 yuan (+1). The overall supply - side operating rate was 74.4%, a 0.3% increase. Some domestic and overseas plants had load adjustments. The downstream operating rate was 90.1%, a 0.7% decrease. The terminal draw - texturing and weaving machine operating rates decreased. The import arrival forecast was 14.8 tons, and the East China departure was 0.79 tons on January 14. The port inventory was 80.2 tons, a 7.7 - ton increase from the previous period. The profits of different production methods varied, and the cost of some raw materials changed [32] - **Strategy Viewpoint**: The industry's overall load is still high, the inventory build - up period will continue, and the valuation needs to be compressed in the medium term if there are no further domestic production cuts [33]

金融期权 2026-01-15 金融期权策略早报 | | 理 | | | | | --- | --- | --- | --- | --- | | 李立勤 李仁君 | 高级投研经 产业服务岗 | 从业资格号：F3074095 从业资格号： F03090207 | 交易咨询号：Z0017896 电话：0755-23375255 | 邮箱： lilq@wkqh.cn 邮箱： lirj@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为偏多上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降至历史均值偏下水平。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural product options market shows different trends in various sectors. Oilseeds and oils are in a weak and volatile state, while oils, agricultural by-products, and soft commodities like sugar are in a volatile range. Cotton is in a strong consolidation, and grains such as corn and starch are in a narrow and bullish consolidation. The recommended strategy is to construct an options portfolio strategy dominated by sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interest changes. For example, soybean No.1 (A2603) has a latest price of 4,294, a decline of 1 and a decline rate of -0.02%, with a trading volume of 1.66 million hands and an open interest of 5.60 million hands [3]. 3.2 Options Factors - Volume and Open Interest PCR - The volume and open interest PCR of different options varieties show different trends, which can be used to describe the strength of the options underlying market and whether the turning point of the underlying market has occurred [4]. 3.3 Options Factors - Pressure and Support Levels - The pressure and support levels of different options varieties can be seen from the strike prices of the maximum open interest of call and put options [5]. 3.4 Options Factors - Implied Volatility - The implied volatility of different options varieties shows different levels and trends, which can be used to measure the market's expectation of future price fluctuations [6]. 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: For soybean No.1, considering the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Meal Options**: For soybean meal, based on the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Agricultural By - product Options**: For live pigs, it is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot hedging [10]. - **Soft Commodity Options**: For sugar, it is recommended to construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Grain Options**: For corn, it is recommended to construct a short neutral call + put option combination strategy [13].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options, covering various option varieties in the energy and chemical sector [2][3] - It provides an overview of the underlying futures market, including the latest prices, price changes, trading volumes, and open interest of different option varieties [4] - The report also analyzes option factors such as volume - open interest PCR, pressure and support levels, and implied volatility for each option variety [5][6][7] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The energy and chemical sector is divided into several sub - sectors, including energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - The strategy suggests constructing option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] Group 4: Summary by Option Variety Energy Options (Crude Oil, LPG) - **Crude Oil**: NNPC data shows an increase in Nigerian crude + condensate production. The market shows a weak rebound. Implied volatility is below average, and the option PCR indicates a weak market. Strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [8] - **LPG**: Supply has no significant increase, and chemical demand supports the price. The market shows an upward - pressured oscillating recovery. Implied volatility is around the average, and the option PCR indicates a weak market. Similar strategies to crude oil are recommended [10] Alcohol Options (Methanol, Ethylene Glycol) - **Methanol**: Production and capacity utilization are expected to increase slightly. The market shows an upward - pressured rebound. Implied volatility is around the historical average, and the option PCR indicates a weak market. Strategies involve selling neutral call + put option combinations and long collar strategies for spot hedging [10] - **Ethylene Glycol**: Polyester load remains stable. The market shows an upward - pressured oscillating recovery. Implied volatility is above the average, and the option PCR indicates strong short - term power. Strategies include selling volatility and long collar strategies for spot hedging [11] Olefin Options (PVC) - **PVC**: Inventory is increasing, and the market is in a supply - strong and demand - weak situation. The market shows an upward - pressured rebound. Implied volatility is below the average, and the option PCR indicates a continuous weakening. Strategies include constructing a bull call spread and long collar strategies for spot hedging [11] Rubber Options (Rubber) - **Rubber**: Warehouse receipts and inventory data show changes. The market shows a bottom - supported and upward - pressured recovery. Implied volatility is approaching the average, and the option PCR indicates a weak market. Strategies include selling neutral call + put option combinations [12] Polyester Options (PTA) - **PTA**: PTA load is slightly increasing. The market shows a short - term strong rebound. Implied volatility is below the average, and the option PCR indicates a strong market. Strategies include selling neutral call + put option combinations [12] Alkali Options (Caustic Soda, Soda Ash) - **Caustic Soda**: Capacity utilization is increasing in some regions. The market shows a short - term weak bearish trend. Implied volatility is high, and the option PCR indicates a weak market. Strategies include constructing a bear spread and long collar strategies for spot hedging [13] - **Soda Ash**: Factory inventory is increasing. The market shows a low - level weak oscillation. Implied volatility is at a relatively high historical level, and the option PCR indicates a bearish market. Strategies include selling volatility and long collar strategies for spot hedging [13] Other Options (Urea) - **Urea**: Supply - demand difference is decreasing, and enterprise inventory is increasing. The market shows a short - term weak trend. Implied volatility is below the historical average, and the option PCR indicates strong short - term pressure. Strategies include selling slightly bullish call + put option combinations and long collar strategies for spot hedging [14]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they tend to move upwards [2]. - For the black metals sector, which experiences significant fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they rebound and rise, a bull spread combination strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper futures (CU2602) is 103,390, down 520 (- 0.50%) with a trading volume of 16.55 million lots and an open interest of 15.95 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: It shows the volume and open - interest put - call ratios (PCR) of different metal options. For instance, the volume PCR of copper options is 0.40, with a change of - 0.05, and the open - interest PCR is 0.66, with a change of 0.02 [4]. - **Pressure and Support Levels**: The pressure and support levels of option underlying assets are analyzed. The pressure point of copper is 110,000 and the support point is 98,000 [5]. - **Implied Volatility**: The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and its change, etc. The at - the - money implied volatility of copper is 33.62% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility seller's option combination strategy; spot long - hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [8]. - **Aluminum, Zinc, Nickel, Tin, Lithium Carbonate**: Similar strategies are provided, mainly including directional strategies (such as bull spread combination strategies for some), volatility strategies (such as short - volatility strategies or selling call + put option combination strategies), and spot hedging strategies [10][11][12]. - **Precious Metals (Silver)**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility option seller's combination strategy with a bullish bias; spot hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [13]. - **Black Metals**: - **Rebar**: Volatility strategy - construct a short - volatility selling call + put option combination strategy with a bearish bias; spot long - covered strategy - hold a spot long position + sell call options [14]. - **Iron Ore, Ferroalloys, Industrial Silicon, Glass**: Similar strategies are given, covering directional, volatility, and spot hedging strategies [14][15][16].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The overall sentiment in the commodity market was positive yesterday, but the black - series products still oscillated at the bottom. The actual terminal demand for steel is still weak, and the macro - policy is in a window period. Attention should be paid to the destocking of hot - rolled coils, the "dual - carbon" policies, and their impact on the supply - demand pattern of the steel industry [2] - The supply of iron ore is expected to gradually enter the off - season, and after the recovery of molten iron production, the supply - demand balance is expected to improve marginally. The iron ore price is expected to oscillate at a relatively high level in the short term, and the focus is on the inventory replenishment of steel mills and the rhythm of molten iron production [5] - The bullish sentiment in the commodity market may continue, especially in the non - ferrous and precious metals sectors. However, attention should be paid to the short - term high - volatility risks. The future market trends of ferromanganese and ferrosilicon are mainly influenced by market sentiment, cost - push factors of manganese ore, and supply contraction expectations [8][9] - The positive commodity market atmosphere and the news of coal production capacity reduction have driven the upward movement of coking coal prices. The coking coal and coke markets are expected to oscillate in the short term, and attention should be paid to the inventory replenishment of downstream enterprises and market sentiment [13][14] - Industrial silicon is under inventory accumulation pressure, and the price is expected to be under pressure. Attention should be paid to new supply - side disturbances in the northwest. The polysilicon price is expected to be weak in the short term, and attention should be paid to actual spot transactions and official policies [17][20] - The glass price has been boosted by production line cold - repairs and cost increases, but the high inventory restricts the upward space. The soda ash market is still weak due to continuous supply pressure and weak demand [23][25] 3. Summary of Each Category Steel Market Information - The closing price of the main rebar contract was 3162 yuan/ton, up 4 yuan/ton (0.126%) from the previous trading day. The registered warehouse receipts were 57,766 tons, a net increase of 1,833 tons. The open interest of the main contract was 1.6915 million lots, an increase of 3,518 lots. The Tianjin and Shanghai aggregated prices were 3,210 yuan/ton and 3,300 yuan/ton respectively, with no change [1] - The closing price of the main hot - rolled coil contract was 3,306 yuan/ton, up 3 yuan/ton (0.090%) from the previous trading day. The registered warehouse receipts were 173,103 tons, with no change. The open interest of the main contract was 1.4489 million lots, an increase of 8,625 lots. The Lecong and Shanghai aggregated prices were 3,280 yuan/ton and 3,290 yuan/ton respectively, with the Shanghai price up 10 yuan/ton [1] Strategy Views - The hot - rolled coil production increased slightly, demand continued to weaken, and inventory continued to decline slightly. Rebar production increased counter - seasonally, demand declined, and inventory increased slightly. The black - series products oscillated at the bottom and were sensitive to news. Attention should be paid to hot - rolled coil destocking and "dual - carbon" policies [2] Iron Ore Market Information - The main iron ore contract (I2605) closed at 821.00 yuan/ton, up 0.18% (+1.50). The open interest increased by 9,381 lots to 662,700 lots. The weighted open interest was 1.002 million lots. The spot price of PB fines at Qingdao Port was 828 yuan/wet ton, with a basis of 59.50 yuan/ton and a basis ratio of 6.76% [4] Strategy Views - The overseas iron ore shipments continued to decline. The shipments from Brazil decreased significantly, and those from Rio Tinto and BHP among the major mines decreased. Shipments from non - mainstream countries increased. The near - term arrivals continued to increase. The daily molten iron production was 229.5 tons, and the utilization rate of blast furnaces increased. The port inventory continued to increase, while the steel mills' imported ore inventory increased but remained at a low level. The iron ore price is expected to oscillate at a relatively high level in the short term, and attention should be paid to steel mills' inventory replenishment and molten iron production [5] Manganese Silicon and Ferrosilicon Market Information - On January 14, the main manganese silicon contract (SM603) closed up 0.07% at 5,920 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5,750 yuan/ton, equivalent to 5,940 yuan/ton on the futures market, with a premium of 20 yuan/ton. The main ferrosilicon contract (SF603) closed up 0.14% at 5,690 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5,850 yuan/ton, with a premium of 160 yuan/ton [7] - The manganese silicon price has been oscillating after breaking away from the medium - term downward trend since May 2024. Attention should be paid to the resistance at 6,000 yuan/ton and 6,250 yuan/ton and the support at 5,800 yuan/ton. The ferrosilicon price has returned to range - bound trading. Attention should be paid to the resistance at 5,850 yuan/ton and 6,000 yuan/ton and the support at 5,500 yuan/ton [7] Strategy Views - The bullish sentiment in the commodity market has led to the upward movement of ferromanganese and ferrosilicon prices. However, the supply - demand pattern of manganese silicon remains loose, and that of ferrosilicon is basically balanced. Future market trends are mainly influenced by market sentiment, cost - push factors of manganese ore, and supply contraction expectations. Attention should be paid to possible restrictions on manganese ore exports and "dual - carbon" policies [8][9] Coking Coal and Coke Market Information - On January 14, the main coking coal contract (JM2605) oscillated and closed up 0.46% at 1,196.5 yuan/ton. The spot prices of Shanxi low - sulfur and medium - sulfur coking coal and Jinquan Meng 5 refined coal all increased to varying degrees, with premiums on the futures market. The main coke contract (J2605) closed down 0.37% at 1,738.5 yuan/ton. The spot prices of Rizhao Port quasi - first - grade wet - quenched coke and Lvliang quasi - first - grade dry - quenched coke decreased and remained unchanged respectively, with discounts on the futures market [11] - The coking coal price is in a rebound cycle, with resistance at around 1,260 yuan/ton and support at 1,130 - 1,150 yuan/ton. The coke price is approaching the long - term downward trend line since October 2021. If it breaks through, the resistance is at around 1,850 yuan/ton, and the support is at 1,650 - 1,700 yuan/ton [12] Strategy Views - The strong coking coal price was driven by the positive commodity market sentiment and the news of coal production capacity reduction. The coking coal and coke markets are expected to oscillate in the short term. Attention should be paid to the inventory replenishment of downstream enterprises and market sentiment [13][14] Industrial Silicon and Polysilicon Market Information - The main industrial silicon contract (SI2605) closed at 8,755 yuan/ton, up 1.39% (+120). The weighted open interest decreased by 10,310 lots to 368,426 lots. The spot prices of 553 and 421 industrial silicon in East China remained unchanged, with basis values of 445 yuan/ton and 95 yuan/ton respectively [16] - The main polysilicon contract (PS2605) closed at 48,945 yuan/ton, down 0.12% (-60). The weighted open interest decreased by 930 lots to 87,836 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged, with a basis of 5,805 yuan/ton [18] Strategy Views - Industrial silicon production in December remained stable, and the supply - side improvement was limited. The polysilicon production in January continued to decline, and the demand for industrial silicon was expected to be weak. If the production cut or shutdown plan of a polysilicon leading enterprise is implemented, the supply - demand pattern of industrial silicon will deteriorate. The industrial silicon price is expected to be under pressure [17] - The anti - monopoly meeting minutes and market adjustments have affected the polysilicon price. The spot price has increased, but downstream观望 sentiment is strong. If the production cut or shutdown plan is implemented, the supply pressure will be relieved. The polysilicon futures price is expected to be weak in the short term, and attention should be paid to actual spot transactions and official policies [19][20] Glass and Soda Ash Market Information - The main glass contract closed at 1,096 yuan/ton on Wednesday, with no change. The prices of large - size glass in North China and Central China remained unchanged. The weekly inventory of float glass sample enterprises decreased by 134,800,000 boxes (-2.37%) to 55,518,000 boxes. The top 20 long - position holders increased their positions by 25,090 lots, and the top 20 short - position holders increased their positions by 8,485 lots [22] - The main soda ash contract closed at 1,222 yuan/ton on Wednesday, up 0.83% (+10). The price of heavy soda ash in Shahe remained unchanged. The weekly inventory of soda ash sample enterprises increased by 164,400 tons (+2.37%) to 1,572,700 tons, with increases in both heavy and light soda ash inventories. The top 20 long - position holders increased their positions by 3,272 lots, and the top 20 short - position holders decreased their positions by 4,260 lots [24] Strategy Views - The glass price has been boosted by production line cold - repairs and cost increases, but the high inventory restricts the upward space. Attention should be paid to inventory digestion and actual spot transactions, and it is recommended to wait and see [23] - The soda ash supply is stable, but the demand from the photovoltaic and float glass industries has decreased. The enterprise inventory has continued to accumulate, and the market is still weak [25]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Copper**: Despite high prices suppressing consumption and inventory accumulation pressure, due to tight mine supply and strong LME spot, copper prices are well - supported and expected to oscillate at high levels. The reference range for the SHFE copper main contract is 102,000 - 106,000 yuan/ton, and for LME copper 3M is 13,000 - 13,600 dollars/ton [3]. - **Aluminum**: With domestic inventory accumulation pressure, but supported by low overseas inventory, strong spot, stable downstream start - up, and export resilience, aluminum prices are expected to oscillate at high levels. The reference range for the SHFE aluminum main contract is 24,300 - 25,000 yuan/ton, and for LME aluminum 3M is 3,150 - 3,220 dollars/ton [6]. - **Cast Aluminum Alloy**: Supported by strong cost and supply disruptions, but with average demand. If prices remain stable in the short - term, they may strengthen further [8]. - **Lead**: The lead price is near the upper limit of the long - term oscillation range, with increased contradictions between macro and industrial funds. It is expected to oscillate widely following the non - ferrous sector sentiment [11]. - **Zinc**: Although the zinc industry situation has not improved significantly, it has significant room to catch up compared to copper and aluminum. It is expected to oscillate widely following the non - ferrous sector sentiment [12]. - **Tin**: Despite weak demand and expected supply improvement, with low downstream inventory, prices are expected to fluctuate with market sentiment. It is recommended to wait and see. The reference range for the domestic main contract is 400,000 - 450,000 yuan/ton, and for overseas LME tin is 52,000 - 56,000 dollars/ton [14]. - **Nickel**: With large excess pressure and inventory increase constraining price rise, but supported by domestic liquidity and Indonesian policies, it is expected to oscillate widely. It is recommended to wait and see. The reference range for SHFE nickel is 120,000 - 150,000 yuan/ton, and for LME nickel 3M is 16,500 - 19,000 dollars/ton [15]. - **Lithium Carbonate**: After a continuous rise, there is a risk of a significant correction. It is recommended to wait and see or take a light - position approach. The reference range for the GZEE lithium carbonate 2605 contract is 156,000 - 166,000 yuan/ton [19]. - **Alumina**: With expected decline in ore prices and over - capacity in the smelting end, it is recommended to wait and see. It may be possible to short near - month contracts at high prices. The reference range for the domestic main contract AO2605 is 2,700 - 2,900 yuan/ton [22]. - **Stainless Steel**: Supported by cost, low supply, and inventory reduction, prices are expected to oscillate at high levels. The reference range for the main contract is 13,700 - 14,900 yuan/ton [25]. 3. Summary by Category Copper - **Market Information**: LME copper 3M rose 1.09% to 13,300 dollars/ton, SHFE copper main contract reached 103,660 yuan/ton. LME copper inventory increased by 75 to 141,625 tons, SHFE daily warehouse receipts increased by 2.7 to 149,000 tons. The import loss of SHFE copper spot widened, and the refined - scrap copper price difference expanded [2]. - **Strategy**: The supply of copper ore remains tight, and short - term supply disruptions occur. Although high prices suppress consumption, copper prices are well - supported and expected to oscillate at high levels [3]. Aluminum - **Market Information**: LME aluminum fell 0.2% to 3,189 dollars/ton, SHFE aluminum main contract reached 24,665 yuan/ton. SHFE aluminum weighted contract positions decreased by 0.5 to 766,000 lots, and futures warehouse receipts increased by 3.3 to 134,000 tons. Domestic and LME aluminum inventories changed, and the spot discount expanded [4]. - **Strategy**: With domestic inventory accumulation pressure, but supported by overseas factors, aluminum prices are expected to oscillate at high levels [6]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy rose 0.93% to 23,380 yuan/ton. The weighted contract positions decreased to 27,100 lots, and the trading volume was 22,000 lots. The inventory decreased by 0.03 to 43,600 tons [8]. - **Strategy**: Supported by cost and supply disruptions, prices may strengthen if they remain stable in the short - term [8]. Lead - **Market Information**: SHFE lead index rose 0.12% to 17,369 yuan/ton, LME lead 3S rose 2 to 2,056 dollars/ton. There were changes in various inventory and price indicators [9]. - **Strategy**: The lead price is near the upper limit of the long - term oscillation range, with increased contradictions between macro and industrial funds, and is expected to oscillate widely [11]. Zinc - **Market Information**: SHFE zinc index rose 0.80% to 24,470 yuan/ton, LME zinc 3S rose 17 to 3,219.5 dollars/ton. There were changes in various inventory and price indicators [12]. - **Strategy**: Although the industry situation has not improved significantly, it has significant room to catch up compared to copper and aluminum, and is expected to oscillate widely [12]. Tin - **Market Information**: SHFE tin main contract rose 8.62% to 413,170 yuan/ton. Supply and demand situations are complex, and inventory decreased last week [13][14]. - **Strategy**: Despite weak demand and expected supply improvement, prices are expected to fluctuate with market sentiment. It is recommended to wait and see [14]. Nickel - **Market Information**: SHFE nickel main contract rose 1.80% to 140,940 yuan/ton. Spot premiums were stable, and the prices of nickel ore and nickel iron changed [15]. - **Strategy**: With large excess pressure and inventory increase constraining price rise, but supported by policies, it is expected to oscillate widely. It is recommended to wait and see [15]. Lithium Carbonate - **Market Information**: The MMLC spot index fell 1.63%, and the LC2605 contract price fell 3.02% [17]. - **Strategy**: After a continuous rise, there is a risk of a significant correction. It is recommended to wait and see or take a light - position approach [19]. Alumina - **Market Information**: The alumina index rose 0.74% to 2,792 yuan/ton. There were changes in spot prices, import profits and losses, and inventory [21]. - **Strategy**: With expected decline in ore prices and over - capacity in the smelting end, it is recommended to wait and see. It may be possible to short near - month contracts at high prices [22]. Stainless Steel - **Market Information**: The stainless steel main contract rose 0.98% to 13,925 yuan/ton. Spot prices and inventory changed [24][25]. - **Strategy**: Supported by cost, low supply, and inventory reduction, prices are expected to oscillate at high levels [25].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. Maintain a range - trading strategy of buying low and selling high, but wait for the verification of OPEC's export decline when oil prices fall [1][2] - For methanol, the current valuation is low, and its outlook for the coming year is marginally improving. With limited downside space and geopolitical expectations from Iran's instability, there is feasibility for bottom - fishing [5] - For urea, the current internal - external price difference has opened the import window, and with the expected improvement in production in late January, bearish fundamentals are approaching. Therefore, take profits on rallies [8] - For rubber, with a strong macro environment and weak seasonality, adopt a neutral stance. If RU2605 falls below 16000, switch to a short - term short strategy. Partially build a position for the strategy of buying NR main contract and shorting RU2609 [10][13] - For PVC, the industry has a poor fundamental situation with strong supply and weak demand in China. In the short term, electricity price expectations and export rush support the price, while in the medium term, adopt a strategy of shorting on rallies before substantial production cuts [14][15] - For pure benzene and styrene, the non - integrated profit of styrene is neutral - low with large upward valuation repair space. Before the first quarter, go long on the non - integrated profit of styrene [17][18] - For polyethylene, OPEC+ plans to suspend production growth in Q1 2026, and the oil price may have bottomed. Long the LL5 - 9 spread on dips [19][20] - For polypropylene, in a situation of weak supply and demand, the overall inventory pressure is high. The futures price may bottom out when the supply - surplus pattern changes in Q1 next year [21][23] - For PX, it is expected to maintain a slight inventory - building pattern before the maintenance season. Pay attention to the opportunity of going long on dips following the crude oil price in the medium term [25][26] - For PTA, it is expected to enter the inventory - building stage during the Spring Festival after short - term inventory depletion. Pay attention to the opportunity of going long on dips in the medium term [28][29] - For ethylene glycol, the inventory - building cycle will continue, and there is an expectation of further profit compression and production cut in the medium term. Be cautious about the rebound risk in the short term [30][31] Group 3: Summary by Related Catalogs Crude Oil - **Market Information**: INE main crude oil futures rose 7.80 yuan/barrel, or 1.78%, to 445.50 yuan/barrel. High - sulfur fuel oil rose 148.00 yuan/ton, or 6.07%, to 2586.00 yuan/ton, and low - sulfur fuel oil rose 76.00 yuan/ton, or 2.51%, to 3098.00 yuan/ton. In the Fujeirah port, gasoline, diesel, fuel oil, and total refined oil inventories increased by 0.83 million barrels (13.46%), 0.45 million barrels (19.95%), 1.69 million barrels (19.27%), and 2.97 million barrels (17.28%) respectively [1] - **Strategy Viewpoint**: Although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. Maintain a range - trading strategy of buying low and selling high, but wait for the verification of OPEC's export decline when oil prices fall [1][2] Methanol - **Market Information**: Regional spot prices in Jiangsu, Lunan, Henan, Hebei, and Inner Mongolia changed by - 3 yuan/ton, 5 yuan/ton, 10 yuan/ton, - 30 yuan/ton, and - 2.5 yuan/ton respectively. The main futures contract rose 23.00 yuan/ton to 2288 yuan/ton, and MTO profit decreased by 45 yuan [4] - **Strategy Viewpoint**: The current valuation is low, and its outlook for the coming year is marginally improving. With limited downside space and geopolitical expectations from Iran's instability, there is feasibility for bottom - fishing [5] Urea - **Market Information**: Regional spot prices in Shandong, Henan, Hebei, Hubei, Jiangsu, Shanxi, and Northeast China changed by 10 yuan/ton, 0 yuan/ton, 0 yuan/ton, 0 yuan/ton, 10 yuan/ton, 10 yuan/ton, and 20 yuan/ton respectively. The overall basis was - 74 yuan/ton. The main futures contract rose 40 yuan/ton to 1814 yuan/ton [7] - **Strategy Viewpoint**: The current internal - external price difference has opened the import window, and with the expected improvement in production in late January, bearish fundamentals are approaching. Therefore, take profits on rallies [8] Rubber - **Market Information**: Rubber prices fluctuated strongly, following macro trends. Bulls were optimistic due to seasonal and demand expectations, while bears were pessimistic due to weak demand. As of January 8, 2026, the full - steel tire operating rate in Shandong was 60.54%, up 0.60 percentage points from last week and down 1.60 percentage points from the same period last year. The semi - steel tire operating rate was 68.00%, down 1.73 percentage points from last week and down 10.65 percentage points from the same period last year. As of January 4, 2026, China's natural rubber social inventory was 123.2 tons, up 3.1 tons (2.5%). Spot prices of some rubber products increased [10][11][12] - **Strategy Viewpoint**: With a strong macro environment and weak seasonality, adopt a neutral stance. If RU2605 falls below 16000, switch to a short - term short strategy. Partially build a position for the strategy of buying NR main contract and shorting RU2609 [13] PVC - **Market Information**: The PVC05 contract fell 10 yuan to 4878 yuan. The spot price of Changzhou SG - 5 was 4660 (- 10) yuan/ton, the basis was - 218 (0) yuan/ton, and the 5 - 9 spread was - 126 (- 5) yuan/ton. The overall operating rate was 79.7%, up 1%. Factory and social inventories increased [14] - **Strategy Viewpoint**: The industry has a poor fundamental situation with strong supply and weak demand in China. In the short term, electricity price expectations and export rush support the price, while in the medium term, adopt a strategy of shorting on rallies before substantial production cuts [15] Pure Benzene & Styrene - **Market Information**: The spot price of pure benzene in East China was 5455 yuan/ton, unchanged. The closing price of the active contract was 5707 yuan/ton, unchanged. The basis of pure benzene decreased by 123 yuan/ton. The spot price of styrene fell 50 yuan/ton to 7150 yuan/ton, and the closing price of the active contract rose 88 yuan/ton to 7116 yuan/ton. The basis weakened by 138 yuan/ton. Supply - side upstream operating rate rose 0.22% to 70.92%, and Jiangsu port inventory decreased by 0.65 tons to 13.23 tons. Demand - side three - S weighted operating rate rose 0.11% to 40.90% [17] - **Strategy Viewpoint**: The non - integrated profit of styrene is neutral - low with large upward valuation repair space. Before the first quarter, go long on the non - integrated profit of styrene [18] Polyethylene - **Market Information**: The closing price of the main contract rose 54 yuan/ton to 6820 yuan/ton, and the spot price rose 30 yuan/ton to 6780 yuan/ton. The basis weakened by 24 yuan/ton to - 40 yuan/ton. The upstream operating rate rose 0.04% to 83.39%. Production enterprise and trader inventories increased. The downstream average operating rate fell 0.35% to 40.8%. The LL5 - 9 spread widened by 1 yuan/ton to - 35 yuan/ton [19] - **Strategy Viewpoint**: OPEC+ plans to suspend production growth in Q1 2026, and the oil price may have bottomed. Long the LL5 - 9 spread on dips [20] Polypropylene - **Market Information**: The closing price of the main contract rose 45 yuan/ton to 6590 yuan/ton, and the spot price rose 30 yuan/ton to 6505 yuan/ton. The basis weakened by 15 yuan/ton to - 85 yuan/ton. The upstream operating rate fell 1.03% to 73.85%. Production enterprise inventory decreased, while trader and port inventories increased. The downstream average operating rate fell 0.48% to 52.76%. The LL - PP spread widened by 9 yuan/ton to 230 yuan/ton [21][22] - **Strategy Viewpoint**: In a situation of weak supply and demand, the overall inventory pressure is high. The futures price may bottom out when the supply - surplus pattern changes in Q1 next year [23] PX - **Market Information**: The PX03 contract fell 20 yuan to 7262 yuan, and PX CFR fell 2 dollars to 897 dollars. The basis was - 12 (+ 6) yuan, and the 3 - 5 spread was - 32 (+ 6) yuan. China's PX load was 90.9%, up 0.3%, and Asia's was 81.2%, up 0.3%. Some overseas and domestic device conditions changed. PTA load was 78.2%, up 0.1%. In early January, South Korea's PX exports to China were 14.6 tons, up 0.7 tons year - on - year. Inventory at the end of November was 402 tons, down 5 tons month - on - month [25] - **Strategy Viewpoint**: It is expected to maintain a slight inventory - building pattern before the maintenance season. Pay attention to the opportunity of going long on dips following the crude oil price in the medium term [26] PTA - **Market Information**: The PTA05 contract fell 24 yuan to 5116 yuan, and the East China spot price rose 15 yuan to 5075 yuan. The basis was - 70 (- 1) yuan, and the 5 - 9 spread was 46 (- 6) yuan. PTA load was 78.2%, up 0.1%. Downstream load was 90.8%, unchanged. Terminal elastic yarn and loom loads decreased. Social inventory (excluding credit warehouse receipts) on January 9 was 200.5 tons, down 2.5 tons. Spot processing fee rose 14 yuan to 319 yuan, and futures processing fee fell 11 yuan to 352 yuan [28] - **Strategy Viewpoint**: It is expected to enter the inventory - building stage during the Spring Festival after short - term inventory depletion. Pay attention to the opportunity of going long on dips in the medium term [29] Ethylene Glycol - **Market Information**: The EG05 contract rose 52 yuan to 3867 yuan, and the East China spot price rose 25 yuan to 3711 yuan. The basis was - 144 (- 3) yuan, and the 5 - 9 spread was - 112 (+ 6) yuan. The supply - side ethylene glycol load was 73.9%, up 0.2%. Some domestic and overseas device conditions changed. Downstream load was 90.8%, unchanged. Terminal elastic yarn and loom loads decreased. Import arrival forecast was 14.8 tons, and East China departure on January 13 was 1.57 tons. Port inventory was 80.2 tons, up 7.7 tons. Naphtha - based profit was - 967 yuan, domestic ethylene - based profit was - 848 yuan, and coal - based profit was 283 yuan [30] - **Strategy Viewpoint**: The inventory - building cycle will continue, and there is an expectation of further profit compression and production cut in the medium term. Be cautious about the rebound risk in the short term [31]