Group 1: Report Information - Report Name: Galaxy Futures' Daily Report on Oils and Fats [1] - Report Date: January 29, 2026 [1] Group 2: Data Analysis - **Spot Prices and Basis**: The closing price of soybean oil on the 2605 contract was 8382 yuan, up 56 yuan; palm oil was 9362 yuan, up 92 yuan; and rapeseed oil was 9446 yuan, up 116 yuan. The basis of soybean oil, palm oil, and rapeseed oil showed different changes in different regions [2]. - **Monthly Spread**: The 5 - 9 monthly spread of soybean oil was 88 yuan, up 2 yuan; palm oil was 68 yuan, up 8 yuan; and rapeseed oil was 69 yuan, up 10 yuan [2]. - **Cross - Variety Spread**: The 05 - contract Y - P spread was (980) yuan, down 36 yuan; OI - Y was 1064 yuan, up 60 yuan; OI - P was 84 yuan, up 24 yuan; and the oil - meal ratio was 2.99, down 0.001 [2]. - **Import Profit**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia was 1130 US dollars, and the FOB price of rapeseed oil from Rotterdam was 1046 US dollars, with a negative import profit [2]. - **Weekly Commercial Inventory**: In the 4th week of 2026, the commercial inventory of soybean oil was 95.6 million tons, down 0.73 million tons from last week; palm oil was 74.2 million tons, down 0.38 million tons; and rapeseed oil was 25.2 million tons, down 2.3 million tons [2]. Group 3: Fundamental Analysis - **International Market**: Anec data showed that Brazil exported 267,642 tons of soybeans from January 18 - 24 [4]. - **Domestic Market - Palm Oil**: The palm oil futures price fluctuated slightly higher, up nearly 1%. As of January 23, 2026, the commercial inventory was 74.23 million tons, down 0.51% from last week. The basis was stable to weak, and the import profit was inverted. It was expected to maintain a high - inventory state with limited upside space [4]. - **Domestic Market - Soybean Oil**: The soybean oil futures price fluctuated slightly higher. The actual soybean crushing volume last week was 2.1021 million tons, and the inventory was 95.6 million tons, down 0.76% from last week. The basis was stable. It was expected to have limited upside space [4][6]. - **Domestic Market - Rapeseed Oil**: The rapeseed oil futures price fluctuated higher, up over 1%. The coastal rapeseed crushing volume last week was 0 tons, and the inventory was 25.2 million tons, down 2.3 million tons. The import profit was inverted. It was expected to continue de - stocking, and the near - month contract had limited downside space [6]. Group 4: Trading Strategies - **Single - Side Trading**: Short - term oils and fats are expected to fluctuate higher, but due to many uncertainties and no prominent contradictions, those without positions are advised to wait and not chase the high or rush to short [8]. - **Arbitrage**: Adopt the strategy of buying the March contract and selling the May contract of rapeseed oil at low prices [8]. - **Options**: Adopt a wait - and - see approach [8]. Group 5: Related Attachments - The report includes 8 figures showing the basis of different oils and fats and the monthly spreads and cross - variety spreads of different contracts from 2017 - 2026 [11][12][15][19]

研究所 农产品研发报告 花生日报 2026 年 1 月 29 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2026/1/29 | | 期货盘面 | | | | | | | | | 期货 成交量 | 收盘价 | 涨跌 | 涨跌幅 | | 增减幅 | 持仓量 | 增减幅 | | PK604 15,751 | 7978 | -6 | -0.08% | | 2.42% | 43,950 | 5.78% | | PK610 132 | 8246 | 0 | 0.00% | | 94.12% | 2,765 | 0.91% | | PK601 18 | 8244 | 8 | 0.10% | | 157.14% | 30 | 76.47% | | 现货与基差 | | | | | | | | | 现货 | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 3250 | 7400 | 8000 | 8000 ...

研究所 农产品研发报告 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c 粕类日报 2026 年 1 月 29 日 【粕类日报】扰动因素增加 粕类继续偏强 研究员：陈界正 om.cn | 粕类价格日报 | | | | | | 2026/1/29 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 2933 | 1 2 | 天津 | 380 | 390 | -10 -10 | | 东莞 | 0 5 | 2802 | 2 0 | | 290 | 300 | | | 张家港 | 0 9 | 2888 | 7 | | 280 | 290 | -10 | | | | | | 日照 | 290 | 300 | -10 | | 南通 | 0 1 | 2252 | 1 6 | | 205 | 233 | - ...

研究所 农产品研发报告 生猪日报 2026 年 1 月 29 日 【生猪日报】出栏压力增加 现货继续下行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2026/1/29 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 12.71 | 12.94 | -0.23 | 山西（-100） | 12.65 | 12.91 | -0.26 | | 湖北（0） | 12.39 | 12.59 | -0.20 | 辽宁（-300） | 12.73 | 12.84 | -0.11 | | 安徽（200） | 12.82 | 13.06 | -0.24 | 吉林（-300） | 12.60 | 12.70 | -0.1 | | 湖南（100） | 12.23 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 1 月 29 日 0 / 49 研究所 期货眼·日迹 | 股指期货：承接进一步加强 4 | | --- | | 国债期货：增量信息依旧有限 5 | | 蛋白粕：供应扰动增加 | 美豆走势偏强 6 | | --- | --- | | 白糖：外盘价格下调，国内价格强势 6 | | | 油脂板块：原油带动油脂继续上涨 8 | | | 玉米/玉米淀粉：北港现货回落，盘面偏弱震荡 8 | | | 生猪：供应压力增加 | 价格下行增加 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：临近节前备货，蛋价有所上涨 11 | | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：整体变化不大 | 棉价有所支撑 13 | | 钢材：需求边际转弱，钢价延续震荡 14 | | --- | | 双焦：驱动不明显，关注资金扰动 14 | | 铁矿：终端需求低位，矿价震荡运行 15 | | 铁合金：估值偏低存在修复需求，短期震荡偏强 16 | | 金银：美联储稍显鹰派 但金银不改强势 17 | | --- | | 铂钯：联储议息会 ...

研究所 农产品研发报告 生猪日报 2026 年 1 月 28 日 【生猪日报】供应压力增加 价格整体下行 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 12.94 13.18 -0.24 山西（-100） 12.91 12.97 -0.06 湖北（0） 12.59 12.80 -0.21 辽宁（-300） 12.84 12.84 0 安徽（200） 13.06 13.23 -0.17 吉林（-300） 12.70 12.72 -0.02 湖南（100） 12.49 12.68 -0.19 黑龙江 12.66 12.63 0.03 四川（-100） 12.47 12.67 -0.20 福建（500） 12.74 12.90 -0.16 江西（100） 12.34 12.43 -0.09 广东（500） 12.40 12.87 -0.47 山东（200） 13.07 13.22 -0.15 广西(-200) 12.19 12.38 -0.19 江苏（500） 13.05 13.25 -0.20 云南（-600） 11.87 11.97 -0.1 河北（100） 13.01 13.22 -0.21 贵 ...

Group 1: Report Title and Date - Report title: "Meal Daily Report" [1] - Date: January 28, 2026 [1][3] Group 2: Researcher Information - Researcher: Chen Jiezheng [2] - Futures practice certificate number: F3045719 [2] - Investment consulting certificate number: Z0015458 [2] - Contact information: chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - For soybean meal: Futures prices in Tianjin, Dongguan, Zhangjiagang, and Rizhao showed increases; spot basis decreased by 10 in different regions [3] - For rapeseed meal: Futures prices in Nantong, Guangdong, and Guangxi showed increases; spot basis in Guangdong and Guangxi increased by 4, while in Nantong it decreased by 26 [3] Monthly Spread - For soybean meal: 15 - spread decreased by 3, 59 - spread decreased by 8, 91 - spread increased by 11 [3] - For rapeseed meal: 15 - spread decreased by 15, 59 - spread increased by 10, 91 - spread increased by 5 [3] Cross - Variety Futures Spread - Bean - rapeseed 01 spread increased slightly, bean - rapeseed 09 spread increased, and oil - meal ratio 01 also increased slightly [3] Spot Spread - The spread between soybean meal and rapeseed meal increased by 6, the spread between rapeseed meal and sunflower meal increased by 30, and the spread between soybean meal and sunflower meal increased by 6 [3] Group 4: Market Review - The US soybean market was strong due to dry weather after a short - term decline; South American market quotes rose slightly; the domestic soybean meal and rapeseed meal markets were also strong; the spread between soybean meal and rapeseed meal narrowed; the near - month spread of soybean meal decreased, while that of rapeseed meal was strong [3] Group 5: Fundamental Analysis International Market - US soybean: Carry - over stocks were raised to 350 million bushels, higher than the market estimate of 292 million bushels; quarterly grain stocks were also bearish, reaching 3.29 billion bushels, higher than the market estimate of 3.25 billion bushels; exports improved, but the supply - demand was still relatively loose [4] - South American market: Brazil's new crop was in good condition; exports were expected to increase, but it was subject to actual yield changes; Argentina's soybean exports and crushing increased [4] Domestic Market - Soybean meal: The domestic spot supply tightened; the oil mill operating rate increased but the overall quantity decreased; the inventory decreased; the market transaction increased; the demand was good; as of January 23, the actual soybean crushing volume was 2.1021 million tons, the operating rate was 57.83%, the soybean inventory was 6.5899 million tons, a decrease of 4.12% from last week and an increase of 45.8% year - on - year; the soybean meal inventory was 898,600 tons, a decrease of 5.13% from last week and an increase of 104.55% year - on - year [7] - Rapeseed meal: The demand weakened; the oil mill operation basically stopped; the rapeseed supply was low; the granular rapeseed meal inventory was still high; as of January 23, the rapeseed inventory in coastal areas was 60,000 tons, unchanged from last week, and the rapeseed meal inventory was 0 tons, unchanged from last week [7] Group 6: Logic Analysis - US soybean: High inventory pressure and high South American production, but the downward speed may slow down due to improved demand [8] - Brazil: Good weather, increased production forecast, and price pressure [8] - Argentina: Strong due to dry weather, but the driving effect may be limited [8] - Domestic market: Uncertainty in soybean supply, support in the spot market, limited upside space; in the long - term, the supply is loose and there is price pressure [8] - Rapeseed meal: High import price, expected pressure after increased supply, the spread between soybean meal and rapeseed meal is expected to widen, but the South American weather may support the price [8] - Spread: The near - month spread of soybean meal decreased, and that of rapeseed meal was strong [8] Group 7: Trading Strategies - Unilateral: Limited upside space, suggest short - term observation and short - selling at high points [9] - Arbitrage: Expand the MRM spread [9] - Options: Sell a wide - straddle strategy [9] Group 8: Soybean Pressing Profit - The pressing profit from Brazil showed different changes in different shipping months, with some decreases and some increases [10]

研究所 航运研发报告 航运日报 2026 年 1 月 28 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数（欧线）日报 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2602 | 1,719.0 | 1.5 | 0.09% | 370.0 | -62.40% | 3,186.0 | -8.84% | | EC2604 | 1,229.0 | 35.1 | 2.94% | 38,983.0 | 55.66% | 40,146.0 | 3.88% | | EC2606 | 1,493.2 | 51.0 | 3.54% | 4,954.0 | 93.06% | 9,602.0 | 21.36% | ...

研究所 农产品研发报告 花生日报 2026 年 1 月 28 日 | 期货从业证号： | | 第一部分 | 数据 | | --- | --- | --- | --- | | F03107370 | | 花生数据日报 | | | 投资咨询证号： | | 期货盘面 | | | Z0018389 | 期货 | | | | | PK604 | | | 研究员：刘大勇 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2026/1/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7984 | 18 | 0.23% | 15,379 | -44.44% | 41,548 | 5.70% | | PK610 | | 8246 | 18 | 0.22% | 68 | -59.28% | 2,740 | - ...

研究所 黑色研发报告 铁矿石日报 2026 年 01 月 28 日 1/ 5 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 752.5 | 757.0 | -4.5 | I01-I05 | -30.5 | -31.0 | 0.5 | | DCE05 | 783.0 | 788.0 | -5.0 | I05-I09 | 18.5 | 18.5 | 0.0 | | DCE09 | 764.5 | 769.5 | -5.0 | I09-I01 | 12.0 | 12.5 | -0.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 792 | 789 | 3 | 860 | 95 | 64 | 83 | | 纽曼粉 | 792 | 789 | 3 | 866 | 101 | 70 | 89 | | 麦克粉 | 789 | 789 | 0 | 871 | 106 | 75 | ...