Group 1: Report Overview - The report is a black metal daily report on ferroalloys dated January 21, 2026 [1] Group 2: Market Information Futures - SF主力合约 closed at 5556, up 4 from the previous day and down 134 for the week, with a trading volume of 130,862 (down 17,653) and an open interest of 245,555 (down 1,555) [3] - SM主力合约 closed at 5786, down 12 from the previous day and down 134 for the week, with a trading volume of 135,360 (down 5,194) and an open interest of 332,292 (up 117,126) [3] Spot - For ferrosilicon, 72%FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin were 5350, 5320, 5300, 5650, and 5780 respectively. The daily changes were 30, 0, 0, 0, 0, and the weekly changes were -100, -100, -50, -100, -70 [3] - For silicomanganese, the spot prices of 6517 in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were 5680, 5570, 5750, 5720, and 5650 respectively. The daily changes were 0, 0, 0, -30, -30, and the weekly changes were -70, -60, -100, -100, -100 [3] Basis/Spread - For ferrosilicon, the basis of Inner Mongolia - main contract was -206, up 26 from the previous day and up 34 for the week; Ningxia - main contract was -236, down 4 from the previous day and up 34 for the week; Qinghai - main contract was -256, down 4 from the previous day and up 84 for the week; Jiangsu - Inner Mongolia was 300, down 30 from the previous day and unchanged for the week; SF - SM spread was -230, up 16 from the previous day and unchanged for the week [3] - For silicomanganese, the basis of Inner Mongolia - main contract was -106, up 12 from the previous day and up 64 for the week; Ningxia - main contract was -216, up 12 from the previous day and up 74 for the week; Guangxi - main contract was -36, up 12 from the previous day and up 34 for the week; Guangxi - Inner Mongolia was 70, unchanged from the previous day and down 30 for the week [3] Raw Materials - For manganese ore in Tianjin, the prices of Australian lump, South African semi - carbonate, and Gabon lump were 41.7, 36.2, and 42.8 respectively. The daily changes were -0.1, 0, -0.2, and the weekly changes were -0.3, -0.3, -0.7 [3] - For semi - coke small materials, the prices in Shaanxi, Ningxia, and Inner Mongolia were 770, 840, and 750 respectively, with no daily or weekly changes [3] Group 3: Market Judgment Trading Strategy - On January 21, ferroalloy futures prices showed mixed trends. The SF main contract was 5556, up 0.07%, with an open interest decrease of 1555 lots; the SM main contract closed at 5748, down 0.21%, with an open interest decrease of 11,069 lots [6] - For ferrosilicon, the spot price on the 21st was stable with a slight upward trend, with some regional spot prices rising by 30 yuan/ton. On the supply side, the short - term operating rate decreased slightly, and with the technical transformation expectation brought by the differential electricity price in Shaanxi, there was still an expectation of supply decline in the future. On the demand side, an accidental accident in a steel mill in Inner Mongolia led to production cuts, but the impact on the national scope was limited. Recently, both the apparent demand and production of steel increased, and there was short - term support for raw material demand. On the cost side, the electricity price in the main production areas was stable with a slight downward trend recently, but there was an expectation of electricity price increase in some areas. The self - valuation level of ferrosilicon was not high, and it could be used as a long - position variety on dips [6] - For silicomanganese, on the 21st, the manganese ore spot was stable with a slight downward trend. The prices of Australian lump and Gabon lump in Tianjin Port decreased by 0.1 - 0.2 yuan/ton - degree, and the spot prices of silicomanganese in some areas decreased by 30 yuan/ton. On the supply side, the operating rate of sample enterprises decreased slightly, but some new production capacities started to be put into operation, and the overall supply was stable. On the demand side, as mentioned in the ferrosilicon part, both the apparent demand and production of steel increased, and there was short - term support for raw material demand. On the cost side, the port inventory of manganese ore continued to decline, the port spot was slightly adjusted but generally firm, and the overseas mine quotes continued to rise. The valuation level of silicomanganese was not high, and the cost support was relatively strong. It could be used as a long - position variety on dips [6] Overall Strategy - Unilateral: The alloy valuation level is not high, and the cost support is relatively strong. It can be used as a long - position variety on dips [7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Important Information - On the 21st, the quotes of semi - carbonate (Mn36.48%Fe5.47%), Australian lump (Mn41.6%), South African medium - iron lump (Mn42%Fe16%), Gabon lump (Mn47%), and CML Australian lump (Mn47%) in Tianjin Port were 36, 42, 39, 43.5, and 43.5 yuan/ton - degree respectively [8] - The Chinese Ministry of Finance stated that in 2026, the overall fiscal expenditure will "only increase and not decrease", and the government debt ratio is still low; it will implement the loan interest subsidy policy for small and medium - sized enterprises and extend the implementation period of the fiscal interest subsidy policy for personal consumption loans [8] Group 4: Related Attachments - The report includes various charts such as the trend review of ferroalloy main contracts, the spread between SF and SM on the disk, the inter - month spreads of SF and SM, the basis of ferrosilicon and silicomanganese, the spot prices of silicomanganese, the electricity price of ferroalloys, the production cost and profit of ferrosilicon and silicomanganese [10][12][14][16]

Group 1: Market Information - Futures: CF01 closed at 15155 with a 10-point increase, CF05 at 14535 (10-point increase), CF09 at 14705 (5-point increase), CY05 at 20515 (unchanged), and CY09 at 20625 (55-point decrease). CY01 had no trading [2]. - Spot: CCIndex3128B was 15819 yuan/ton (-61), Cot A was 74.80 cents/pound, and various other spot prices were provided with their respective changes [2]. - Spreads: Cotton and棉纱跨期 spreads, as well as跨品种 and内外价差, were presented with their corresponding values and changes [2]. Group 2: Market News and Views Cotton Market - On January 21, 2026, the Xinjiang cotton road transport price index was 0.1678 yuan/ton·km, up 0.96% from the previous day. It's expected to fluctuate within a narrow range in the short term [4]. - As of January 15, 2026, Pakistan's 2025/26 new cotton market volume reached 85.1 tons, almost the same as the previous year. Textile mills purchased 75 tons (down 1%), and unsold new cotton was 7.4 tons (down 5%) [4]. - In December 2025, the export of all-cotton grey cloth was 48.85 million meters (up 9.3% year-on-year), and the export value was $45.68 million (up 5.3%). For the whole year of 2025, the cumulative export was 639 million meters (up 23.17%) and the cumulative export value was $613 million (up 9.34%) [5]. Trading Logic - Cotton sales are progressing quickly and are at a high level compared to previous years. Downstream demand for stocking is increasing, but considering the approaching Spring Festival, the market is expected to fluctuate within a range in the short term [6]. Trading Strategy - Unilateral: Both US cotton and Zhengzhou cotton are expected to fluctuate within a range in the short term. - Arbitrage: Hold off on trading. - Options: Hold off on trading [7]. Cotton Yarn Industry - The domestic pure cotton yarn market is sluggish overall, with a differentiation between product categories. High-count combed yarns are in high demand, while low-count yarn prices are stable or decreasing, and regular yarn orders are mediocre [8]. - The all-cotton grey cloth market has continuous transactions, mainly small and scattered orders. Some areas are starting to collect payments, and factories are increasing production to fulfill orders [8]. Group 3: Options - Volatility: On January 19, 2026, the 60-day HV of cotton was 9.2812, slightly higher than the previous day. The implied volatilities of CF605-C-14600, CF605-C-14200, and CF605-P-13800 were 13.3%, 11.3%, and 11.2% respectively [10]. - Strategy: Hold off on trading options [12]. Group 4: Related Attachments - The report includes charts showing various cotton price spreads and basis, such as the 1% tariff on the domestic and international cotton price spread, cotton 1st, 5th, and 9th month basis, CY05-CF05 and CY01-CF01 spreads, and CF9-1 and CF5-9 spreads [14][17][21]

研究所 农产品研发报告 白糖日报 2026 年 1 月 21 日 白糖日报 期货从业证号： F3013727 第一部分 数据分析 | 期货从业证号： | | --- | | F3013727 | | 投资咨询证号： | | Z0014425 | | 联系方式： | | liuqiannan_qh@china | | stock.com.cn | 第二部分 行情研判 【重要资讯】 1. 印度旁遮普邦内阁于本周二批准，2025/26 榨季为蔗农提供 685 卢比/吨（折人民币 52.38 元/吨）的直接补贴。该笔补贴将由民营糖厂代付，直接发放至蔗农账户，且补贴为额 外发放，不影响该邦现行每 4160 卢比/吨（折人民币 318.07 元/吨）的甘蔗指导价格，该价 格目前仍为全国最高。 2.沐甜讯，主产区白糖现货报价基本持稳，总体成交一般。具体情况如广西:南宁中间商 站台基准价 5320 元/吨:仓库报价 5270 元/吨，报价不变，成交一般。南宁集团厂内车板报价 5270-5320 元/吨，报价不变，成交一般。柳州中间商站台基准价 5340-5360 元/吨;仓库报价 5320-5340 元/吨，报价不变，成交 ...

研究所 农产品研发报告 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 农产品日报 2024 年 01 月 21 日 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日价 相 | 涨跌 | 指标 | 今日价格 | 下一工作目仪 格 | 涨跌 | | 富士苹果价格指数 | 109.79 | 109.13 | 0.66 | 洛川半商品纸袋70 | 4.20 | 4.20 | 0.00 | | 栖霞 一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.50 | 2.50 | 0.00 | | 蓬莱 一、二级纸袋 80 | 4.25 | 4.25 | 0.00 | 6种水果平均批发价 | 7.80 | 7.92 | -0.12 | | 期货价格 | | | | | | | | | 指标 | रु दि | ...

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The recent price increase is mainly due to the significant rise in spot prices. Considering that the March contract is for after the Spring Festival, when egg demand is weak and prices are low, the upward space for the 03 contract is expected to be relatively limited. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months [8]. Group 3: Summary by Directory I. Fundamental Information - **Price**: The average price in the main production areas is 3.64 yuan/jin, and in the main sales areas is 3.91 yuan/jin, both remaining stable compared to the previous trading day. The national mainstream egg prices are mostly stable, with some areas showing price increases or minor fluctuations [2][4]. - **Inventory**: In December, the national in - laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, and a 5% year - on - year increase, lower than expected. The monthly hatchling volume of egg - laying chicken seedlings in December was 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease [5]. - **Slaughter**: From January 16th, the weekly slaughter volume of egg - laying hens in the main production areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens was 485 days, an increase of 1 day from the previous week [5]. - **Sales**: As of January 8th, the weekly egg sales volume in representative sales areas was 7,391 tons, a 2.6% decrease from the previous week, at a historical low [5]. - **Profit**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, a 0.26 increase from the previous week. On January 9th, the expected profit of egg - laying chicken farming was - 14.14 yuan/feather, a 0.41 yuan/jin decrease from the previous week [6]. - **Inventory Days**: As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreasing from the previous week [6]. - **Price of Culled Hens**: The price of culled hens in the main production areas is 4.45 yuan/jin, remaining stable compared to the previous trading day [7]. II. Trading Logic - Near the Spring Festival, the overall market sales are fast, and the spot price has risen significantly, providing some support for the futures market. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months. The upward space for the 03 contract is expected to be relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the far - month 5 contracts on dips [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [11].

研究所 沥青研发报告 沥青日报 2026 年 01 月 21 日 沥青日报 | | | 第一部分 | 相关数据 | | | | --- | --- | --- | --- | --- | --- | | | 名称 | 2026/01/20 | 2026/01/19 | 涨跌 | 涨跌幅 | | | | 期货价格与持仓 | | | | | | BU2603（主力） | 3139 | 3142 | -3 | -0.10% | | 研究员： | BU2604 | 3152 | 3151 | 1 | 0.03% | | 吴晓蓉 | BU2605 | 3153 | 3082 | 71 | 2.30% | | 期货从业证号： | SC2603 | 437.0 | 437.4 | -0.4 | -0.09% | | F03108405 | Brent首行 | 63.27 | 63.82 | -0.5 | -0.86% | | 投资咨询从业证号： | 主力合约持仓/万手 | 19.1 | 19.2 | -0.1 | -0.51% | | Z0021537 ： 021-65789108 | 主力合约成交/万手 | 11.9 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term peanut price is relatively stable due to stable prices of domestic and imported peanuts, large price difference between oil - used and commodity peanuts, sufficient supply and weak downstream demand. Peanut futures will still fluctuate at the bottom. It is recommended to go long on 05 peanuts at low prices on a light - position short - term basis, stay on the sidelines for the month - spread, and sell pk603 - P - 8200 when the price is high [3][7][8] Group 3: Summary by Directory Part 1: Data - **Futures Disk**: PK604 closed at 7896, up 32 (0.41%), with a trading volume of 14,202 (down 33.17%) and an open interest of 26,833 (down 5.71%); PK610 closed at 8232, up 24 (0.29%), with a trading volume of 112 (up 133.33%) and an open interest of 2,742 (down 0.25%); PK601 closed at 8234, up 56 (0.68%), with a trading volume of 1 (down 66.67%) and an open interest of 2 (unchanged) [1] - **Spot and Basis**: Henan Nanyang spot price was 7400, Shandong Jining and Linyi were 8000. Sunflower meal in Rizhao was 3250, soybean meal was 3080 (down 10), peanut oil was 14320, and first - grade soybean oil in Rizhao was 8410 (down 20). Imported Sudanese rice was 8600. PK01 - PK04 spread was 338 (up 24), PK04 - PK10 was - 336 (up 8), PK10 - PK01 was - 2 (down 32) [1] Part 2: Market Analysis - Peanut prices in Henan were stable, and those in Northeast China were relatively strong. Northeast Jilin Fuyu 308 common peanuts were 4.6 yuan/jin, Liaoning Changtu was 4.6 yuan/jin. Henan Baisha common peanuts were 3.65 - 3.8 yuan/jin, Shandong Junan was 3.5 yuan/jin. Imported Sudanese refined rice was 8600 yuan/ton, Brazilian new rice was 9200 yuan/ton, and Indian 50/60 specification rice was 8000 yuan/ton. Peanut oil prices were stable, with mainstream factory purchase prices at 6900 - 7900 yuan/ton and a theoretical break - even price of 7800 yuan/ton. Rizhao soybean meal was weak, and peanut meal was relatively strong [3][5] Part 3: Trading Strategies - **Single - side**: Go long on 05 peanuts at low prices on a light - position short - term basis [8] - **Month - spread**: Stay on the sidelines [9] - **Options**: Sell pk603 - P - 8200 when the price is high [10] Part 4: Relevant Attachments - There are six figures including Shandong peanut spot price, peanut oil factory's profit, peanut oil price, peanut spot and continuous contract basis, peanut 4 - 10 contract spread, and peanut 1 - 4 contract spread [12][15][18]

玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/1/21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | C2601 | | 2244 | 1 | 0.04% | 326 | -47.76% | 835 | 16.95% | | C2605 | | 2277 | 5 | 0.22% | 137,613 | -19.88% | 665,582 | 1.18% | | C2509 | | 2296 | 5 | 0.22% | 7,467 | 1.67% | 57,228 | -0.87% | | CS2601 | | 2580 | 8 | 0.31% | 2 | -50.00% | 3 | 200.00% | | CS2605 | | 2585 | -1 | -0.04% | 20,481 | -23.00% | 61,011 | 0.34% ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" and dated January 21, 2026 [1][2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 8,247.68, up 0.79%. The total trading volume of the four IM contracts was 214,526 lots, down 31,314 lots from the previous day. The total open interest was 381,688 lots, down 6,771 lots from the previous day [4][5] - The main contract of IM rose 1.73% to close at 8,231 points. The main contract was at a discount of 16.68 points, up 45.27 points from the previous day, and the annualized basis rate was -1.25% [4][5] 2.2 Main Seats - In IM2602, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [17] - In IM2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [21] 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,723.07, up 0.09%. The total trading volume of the four IF contracts was 120,330 lots, down 9,379 lots from the previous day. The total open interest was 286,813 lots, down 6,447 lots from the previous day [22][23] - The main contract of IF rose 0.41% to close at 4,722.8 points. The main contract was at a discount of 0.27 points, up 10.01 points from the previous day, and the annualized basis rate was -0.04% [22][23] 3.2 Main Seats - In IF2602, the top five seats in terms of trading volume were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Galaxy Futures (on behalf of clients) [36] - In IF2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [39] 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 8,340.11, up 1.12%. The total trading volume of the four IC contracts was 171,870 lots, down 41,699 lots from the previous day. The total open interest was 330,051 lots, down 8,110 lots from the previous day [41][42] - The main contract of IC rose 1.89% to close at 8,371 points. The main contract was at a premium of 30.89 points, up 29.89 points from the previous day, and the annualized basis rate was 2.28% [41][42] 4.2 Main Seats - In IC2602, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [54] - In IC2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [58] 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 3,067.18, down 0.11%. The total trading volume of the four IH contracts was 54,491 lots, up 5,763 lots from the previous day. The total open interest was 96,124 lots, up 4,576 lots from the previous day [60] - The main contract of IH fell 0.01% to close at 3,073.6 points. The main contract was at a premium of 6.42 points, up 1.67 points from the previous day, and the annualized basis rate was 1.29% [60][61] 5.2 Main Seats - In IH2602, the top five seats in terms of trading volume were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Galaxy Futures (on behalf of clients) [74] - In IH2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [76]

：sunfeng@chinastock.com.cn 研究所 基本面分析报告 金融衍生品日报 2025 年 01 月 21 日 研究员：孙锋 期货从业证号： F0211891 投资咨询从业证号： Z000567 ：021-65789277 研究员：沈忱 CFA 期货从业证号： F3053225 投资咨询从业证号： Z0015885 ：shenchen_qh@chinastock.com.cn 金融衍生品日报 一、财经要闻 1. 1 月 20 日，国新办举行新闻发布会，介绍发挥积极财政政策作用，推动经济社会 高质量发展有关情况。财政部副部长廖岷在会上表示，2025 年，更加积极的财政政策兼顾当 前与长远，既有力支持经济增长、办好民生实事，又有效推动中国经济结构转型，为经济社 会中长期可持续发展打下坚实基础。 2. 国新办 1 月 20 日举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五" 实现良好开局有关情况。国家发展改革委副主任王昌林在会上表示，坚持把发展经济的着力 点放在实体经济上，加快构建现代化产业体系。要发挥好国家创业投资基金行业标杆作用， 研究设立国家级并购基金，加强政府投资基金布局规划和投 ...