Report Title - Egg Weekly Report: As Spring Festival Stockpiling Approaches, Egg Prices Rise [1] Report Industry Investment Rating - Not provided Core Viewpoints - The egg market has seen price increases driven by Spring Festival stockpiling demand, with improved market sentiment and increased shipments in the production areas. However, the downstream demand for chicken products remains weak, and the overall procurement enthusiasm of slaughter enterprises is limited. The egg production capacity is expected to decline in the future, and the egg price increase is mainly supported by the rise in spot prices. [5][10][18] Summary by Directory Part 1: Logic Analysis and Trading Strategies 1. Spot Analysis - This week, the average price of eggs in the main production areas was 3.2 yuan per catty, up 0.3 yuan per catty from last Friday, and the average price in the main sales areas was 3.4 yuan per catty, also up 0.3 yuan per catty from last Friday. The egg market rose driven by Spring Festival stockpiling. The inventory in each link decreased significantly, and the egg price increased significantly. The downstream demand was weak, and the procurement enthusiasm of slaughter enterprises was limited. [5] 2. Supply Analysis - The national egg production area shipments increased significantly this week, mainly due to the concentrated release of pre - Spring Festival stockpiling demand and the active inventory increase in the terminal market. On January 8th, the national main production area egg - laying hen culling volume was 17.33 million, with little change from the previous week. The average culling age of culled chickens was 485 days, 1 day more than the previous week. In December, the national laying hen inventory was 1.344 billion, 80 million less than the previous month, a year - on - year increase of 5%, lower than expected. The monthly hatching volume of egg - laying hen chicks in sample enterprises was 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9%. [10] 3. Cost Analysis - As of January 15th, the corn price was around 2363 yuan per ton, the soybean meal price dropped to 3184 yuan per ton, and the comprehensive feed cost was about 2609 yuan per ton, equivalent to about 2.87 yuan per catty of eggs. The feed price rose slightly this week, and the cost per catty of eggs remained stable. The average weekly profit per catty of eggs was 0.13 yuan per catty, up 0.26 yuan from the previous week. On January 9th, the expected profit of egg - laying hen farming was - 14.14 yuan per feather, down 0.41 yuan per catty from the previous week. [13] 4. Demand Analysis - At the beginning of the week, the Spring Festival stockpiling demand was released, and the sales volume in the sales areas increased. In the middle and late weeks, the sales growth slowed down. As of January 8th, the egg sales volume in national representative sales areas was 7391 tons, a 2.6% decrease from the previous week, at a historical low. The egg production and circulation inventories decreased significantly and were at a low level. As of January 15th, the average weekly inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreasing. The vegetable price index and pork price slightly rebounded. [16] 5. Trading Strategies - Option: It is recommended to wait and see. For trading logic, considering the approaching Spring Festival, the spot price has risen significantly, which supports the futures market. The egg production capacity is decreasing, and it is expected to continue to decline in the future. It is recommended to build long positions in the far - month May contract on dips, and wait and see for arbitrage. [17][18] Part 2: Weekly Data Tracking 1. Egg - Laying Hen Farming Situation - Not detailed in the provided content 2. Spread and Basis - Graphs show the 1 - month basis, 1 - 5 spread, 5 - month basis, 5 - 9 spread, 9 - month basis, and 9 - 1 spread from 2018 - 2025, but specific data analysis is not provided. [25][26][29]

Report Title and Information - Report Title: Apple Weekly: Approaching Spring Festival Stockpiling, Apple Outbound Speeds Up [1] - Research Institution: Galaxy Futures Co., Ltd. - Researcher: Liu Qiannan - Futures Practitioner Certificate Number: F3013727 - Consulting Practitioner Certificate Number: Z0014425 1. Report Industry Investment Rating No relevant information provided. 2. Report Core View - This season's apple warehouse receipts have high costs due to a low premium fruit rate, strongly supporting apple futures prices. Although the latest cold - storage apple outbound volume on January 2 was lower year - on - year, the peak sales season is postponed because the 2026 Spring Festival is three weeks later than in 2025. With low cold - storage apple inventory, if normal outbound volume is maintained, future apple supply will be tight. It is recommended to focus on cold - storage apple outbound. If apple demand remains normal, the May contract price is likely to rise [14]. 3. Summary by Directory 3.1 Logic Analysis and Trading Strategies 3.1.1 Spot Analysis - This week, late Fuji apple producing areas started Spring Festival stockpiling with a weak atmosphere. Traders mainly packed their own inventory, and farmers' fruit transactions were concentrated in low - priced goods. In the sales area, transit warehouses were congested, with few customers and slow overall sales. - In Shandong, overall outbound slightly accelerated but remained weak. In some areas, there was some demand for low - grade fruit, and high - grade fruit had few transactions. In Shaanxi, de - stocking accelerated slightly, with more in - query customers in Yan'an and a weak market in Weinan and Xianyang [6]. 3.1.2 Supply Analysis - As of January 15, 2026, the national cold - storage inventory ratio was about 49.78%, 3.55 percentage points lower than the same period last year. This week, the national cold - storage capacity ratio decreased by 1.35 percentage points, and the de - stocking rate was 10.90%. In Shandong, the cold - storage capacity ratio was 51.37%, down 1.17 percentage points this week. In Shaanxi, it was 47.69%, down 1.49 percentage points. In Gansu, it was 49.85%, down 2.02 percentage points in two weeks. Other regions also had their own sales situations. As of January 14, the national cold - storage apple inventory was 704.66 tons, a decrease of 16.25 tons from last week, with an accelerated but still lower - than - last - year de - stocking speed [9]. 3.1.3 Demand Analysis - At the Guangdong Chalong market, the number of morning arrival vehicles increased slightly. The market consumption was average, with downstream purchasing enthusiasm decreasing, transit warehouse congestion increasing, and mainly high - quality Gansu apples selling well. The average wholesale price of 6 key - monitored fruits on December 18 was 7.66 yuan/kg, slightly up from last Friday and at a high level in recent years. The profit of storage merchants for Qixia 80 first - and second - grade apples in the 2025 - 2026 production season is suspended from statistics [12]. 3.1.4 Trading Strategies - Trading Logic: High - cost warehouse receipts support futures prices. Although the current outbound volume is lower year - on - year, the peak sales season is postponed. With low inventory, normal outbound volume may lead to supply shortages later. - Unilateral: Go long on the May contract on dips and short the October contract on rallies. - Arbitrage: Go long on the May contract and short the October contract. - Options: It is recommended to wait and see [14]. 3.2 Weekly Data Tracking 3.2.1 Apple Supply - Demand Situation No specific text analysis provided, only data charts including apple export, planting area, consumption, and production [18]. 3.2.2 Inventory and Outbound (Mysteel) No specific text analysis provided, only data charts showing national and regional cold - storage inventory, outbound volume trends [21]. 3.2.3 Spread and Basis No specific text analysis provided, only data charts of basis and spreads between different contracts [26].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week's view was that due to high - price resistance, urea would fluctuate. This week's view is that with low - price procurement, urea will continue the fluctuating pattern, and external disturbances should be noted. The mainstream ex - factory prices in major regions have remained stable overall since the weekend, with low market sentiment, weak trading, and sporadic orders received by manufacturers. In Shandong, Henan, and delivery areas, ex - factory prices are expected to remain firm. The daily output of domestic urea has rebounded to around 200,000 tons. The Indian tender result is CFR $420 per ton, with a counter - offer of around 960,000 tons, and the impact on the domestic market is limited. The compound fertilizer开工率 in the Central and Northeast regions has increased, and raw material inventory is being replenished at low prices. The procurement intensity of seasonal storage enterprises will gradually slow down. As the ex - factory price rises, downstream resistance emerges, and the ex - factory price will mainly decline. The trading strategy is to go short unilaterally without chasing the short, and to wait and see for arbitrage and over - the - counter trading [3][4] Group 3: Summary by Relevant Catalogs 1. Core Data Changes - Supply: In the 2nd week of 2026 (January 8 - 14), the capacity utilization rate of coal - based urea in China was 94.60%, a 1.54% increase from the previous week; the capacity utilization rate of gas - based urea was 51.35%, a 3.79% increase. In Shandong, the capacity utilization rate was 97.90%, a 1.11% decrease [5] - Demand: In the 3rd week of 2026 (January 9 - 15), the average weekly capacity utilization rate of melamine in China was 62.18%, a 7.83 - percentage - point increase from the previous week. The capacity utilization rate of compound fertilizer was 40.08%, a 2.91 - percentage - point increase. As of January 16, 2026, the urea demand of sample compound fertilizer production enterprises in Linyi, Shandong was 1,380 tons, a 12.66% decrease from the previous week. The arrival volume of urea in the Northeast this week was 95,000 tons, a decrease of 15,000 tons from the previous week. As of January 14, 2026, the pre - order days of Chinese urea enterprises were 6.06 days, a 5.46% decrease from the previous period [5] - Inventory: On January 14, 2026, the total inventory of Chinese urea enterprises was 986,100 tons, a 3.53% decrease from the previous week. As of January 15, 2026, the sample inventory of Chinese urea ports was 134,000 tons, a 4.29% decrease from the previous week [5] - Valuation: The price of Jincheng anthracite lump coal rebounded, the price of Yulin pulverized coal was stable, the spot price of urea increased, and the production profit of urea expanded. The fixed - bed production profit was 70 yuan per ton, the water - coal - slurry production profit was 150 yuan per ton, and the entrained - flow bed production profit was 390 yuan per ton. The futures rebounded, the basis was around - 80 yuan per ton, and the 5 - 9 spread was 28 yuan per ton [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The urea futures rose and then fell, closing at 1791 (-14/-0.78%). The ex - factory prices in the spot market were stable but with weak order receipts. The daily output of the urea industry reached 20.28 tons on January 15, an increase of 0.3 tons from the previous working day and 1.65 tons from the same period last year. The current start - up rate is 86.14%, a 2.96% increase from 83.18% in the same period last year. Overall, the market sentiment has cooled, trading has weakened, and manufacturers' order receipts have decreased. The report recommends a wait - and - see approach for unilateral, arbitrage, and option trading [3][4][6] 3. Summary by Relevant Catalogs Market Review - Futures market: Urea futures rose and then fell, closing at 1791 (-14/-0.78%) [3] - Spot market: Ex - factory prices were stable with weak order receipts. The ex - factory prices in different regions were as follows: Henan 1700 - 1710 yuan/ton, Shandong small - sized particles 1710 - 1730 yuan/ton, Hebei small - sized particles 1720 - 1730 yuan/ton, Shanxi medium - and small - sized particles 1640 - 1690 yuan/ton, Anhui small - sized particles 1720 - 1730 yuan/ton, and Inner Mongolia 1550 - 1620 yuan/ton [3] Important Information - On January 15, the daily output of the urea industry was 20.28 tons, an increase of 0.3 tons from the previous working day and 1.65 tons from the same period last year. The start - up rate was 86.14%, a 2.96% increase from 83.18% in the same period last year [4] Logic Analysis - The ex - factory prices in mainstream regions rose slightly, but market sentiment cooled, trading weakened, and manufacturers' order receipts were few. In Shandong, the market sentiment cooled, industrial compound fertilizer start - up rate increased, but raw material inventory was abundant, finished product inventory was high, and new orders were weak, yet the ex - factory price was expected to remain firm. In Henan, the market sentiment was average, the ex - factory price followed the increase, but order receipts decreased, and the ex - factory price was expected to remain firm. Around the delivery area, the ex - factory price was firm, the market atmosphere was average, demand in Northeast China was stable, but new orders were weak, and the ex - factory price was expected to remain stable. The daily output of urea in China has returned to around 200,000 tons due to the return of some gas - fired maintenance devices. The Indian tender result is CFR420 US dollars/ton, with around 960,000 tons bid in total on the east and west coasts, far from the initial tender volume of 1.5 million tons. The price difference between domestic and international markets is still large, but there is no new domestic quota, so the overall impact is limited. The start - up rate of compound fertilizer in the Central Plains and Northeast regions has increased, and some compound fertilizer enterprises that stopped production due to environmental protection have resumed work. The raw material inventory of some enterprises is low, and they have started to purchase at low prices. The reserve progress of off - season storage enterprises has basically reached over 70%, and the future purchase intensity will gradually slow down. As the ex - factory price rises, downstream resistance increases, traders start to sell, and agricultural procurement enthusiasm cools down, leading to a decrease in manufacturers' order receipts and a decline in ex - factory prices [5] Trading Strategy - Unilateral: Wait and see [6] - Arbitrage: Wait and see [6] - Options: Wait and see [10]

第二部分 周度数据追踪 GALAXY FUTURES 1 第一部分 国内外市场分析 目录 棉系周报：基本面有所支撑 棉价震荡为主 银河大宗农产品 研究员：刘倩楠 期货从业证号：F3013727 咨询从业证号：Z0014425 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 第一部分 国内外市场分析 内容摘要 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 国际市场分析 ◼ 国内市场分析 ◼ 期权交易策略 ◼ 期货交易策略 国际市场分析 68/84/105 3 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall peanut market shows a weak trend, with the spot price of peanuts falling and the futures market in a weak shock. The recommended strategies are to sell the pk603 - C - 8200 option, short - sell 03 peanuts on rallies, and adopt a wait - and - see approach for the spread between different contract months [5][6]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Option Strategy**: Sell the pk603 - C - 8200 option [5]. - **Trading Logic**: Peanut trading volume has increased. Henan's general - grade peanut prices are stable, Shandong's are stable, and Northeast's continue to decline. Imported peanut prices are stable, but the import volume has decreased significantly. The oil mill's operating rate has risen, the purchase price has slightly increased, and the profit from peanut oil pressing has declined. Downstream consumption remains weak, and the oil mill's peanut and peanut oil inventories have increased. The market is trading on the decline of peanut spot prices, and the willingness to take delivery of 03 peanut warehouse receipts is weak [6]. - **Strategy**: Short - sell 03 peanuts on rallies [6]. - **Spread Strategy**: Adopt a wait - and - see approach [6]. Chapter 2: Core Logic Analysis - **Peanut Price**: Domestic peanuts - Henan's prices are stable, and Northeast's are falling. Shandong's Linyi large peanuts are 3.4 yuan per catty, Henan's Zhengyang new - season peanuts are 3.8 yuan per catty, and Liaoning's Changtu and Jilin's Fuyu Baisha peanuts are 4.55 yuan per catty, down 0.05 yuan per catty from last week. Oil mill's purchase price for oil - used peanuts is stable at 6900 - 7900 yuan per ton. Imported peanuts - Sudan's new rice is 8600 yuan per ton, and India's 50/60 is reported at 8000 yuan per ton [11]. - **Domestic Demand**: The oil mill's operating rate has risen. As of January 15, the weekly operating rate of peanut oil mills is 44.77%, a 2.9% increase from last week. The oil mill's peanut inventory has increased, with this week's arrival volume at 94,300 tons, an increase of 27,800 tons from last week, and the peanut inventory at 157,800 tons, an increase of 28,500 tons. The peanut oil inventory is 48,100 tons, an increase of 1200 tons [15]. - **Pressing Profit**: The oil mill's purchase price for peanuts has slightly increased, peanut meal prices are stable, and peanut oil prices are stable. The oil mill's pressing profit is 190 yuan per ton, a decrease of 39 yuan per ton from last week. The average price of first - grade peanut oil is 14,400 yuan per ton, and the price of small - squeezed fragrant oil is 16,300 yuan per ton. Peanut meal prices are stable at 3100 yuan per ton [19]. - **Basis and Spread**: The spread between 05 and 10 peanuts is weak and stable at around - 350 yuan. The basis has declined. It is recommended to adopt a wait - and - see approach [26]. - **Peanut Import**: In November, the import volume of peanut kernels was 29,000 tons, and from January to November, the cumulative import volume was 2.27 million tons, a 67% decrease compared to the same period last year. The export volume of peanut kernels in November was 25,000 tons, and from January to November, the cumulative export volume was 154,000 tons, a 22% increase compared to the same period last year. The import volume of peanut oil in November was 31,000 tons, and from January to November, the cumulative import volume was 365,000 tons, a 57% increase compared to last year [30]. Chapter 3: Weekly Data Tracking The report contains a large number of data charts, including the price of Shandong's general - grade peanut kernels, the price of oil mill's purchased peanut kernels, the basis between Shandong's spot and continuous contracts, the operating rate of peanut oil mills, the inventory and pressing volume of peanut kernels in peanut oil mills, the pressing profit of peanut oil mills, the spread between peanut meal and soybean meal, the price of Shandong's peanut oil, the basis between Shandong's peanuts and continuous contracts, the spread between different peanut contract months, the import and export volume of peanut kernels and peanut oil, etc., but no specific data summaries are provided in the text.

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The overall market shows a mixed trend, with different sectors having their own characteristics and influencing factors. For financial derivatives, the stock index futures need short - term shock consolidation and are expected to rise in the medium - term; the bond market may maintain a shock situation. In the agricultural products sector, the overall supply and demand situation varies, and prices are affected by factors such as international market supply, domestic demand, and weather. The black metal market is affected by factors such as macro - policies, supply and demand, and cost support, with steel prices continuing to fluctuate. The non - ferrous metal market is affected by factors such as geopolitics, tariffs, and inventory, and price trends vary. The shipping sector is affected by factors such as geopolitics, supply and demand, and seasonality. The energy and chemical sector is greatly affected by geopolitical risks and supply - demand relationships [21][25][59]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Thursday's stock index showed a sideways shock. The stock index futures were differentiated with the spot, and the basis of each variety rose again. The market is expected to have short - term shock consolidation and medium - term upward potential. The trading strategies include short - term shock and grid operation, IM\IC long 2606 + short ETF cash - and - carry arbitrage, and double - buy option strategy [20][21][22]. Bond Futures - On Thursday, most bond futures closed higher. The central bank's structural interest rate cut was implemented, and the enterprise sector's credit expansion rebounded. The bond market may maintain a shock situation in the short - term. The trading strategies include temporary wait - and - see for unilateral trading and shorting the 30Y active bond basis trading [22][24][25]. Agricultural Products Protein Meal - The demand has improved stage by stage, and the disk has rebounded slightly. The international market is generally in a loose situation, and the domestic cost side still faces certain pressure. The trading strategy is mainly based on a bearish idea for unilateral trading, wait - and - see for arbitrage, and selling the wide - straddle strategy for options [29][30][31]. Sugar - International sugar prices are falling, and domestic sugar prices are fluctuating. The international sugar price is expected to bottom - out and fluctuate in the short - term, and the domestic sugar price will fluctuate within a range. The trading strategies include considering low - buying and high - selling within the range for unilateral trading, wait - and - see for arbitrage, and selling put options for options [33][35][36]. Oil and Fat Sector - The US biodiesel quota plan has an impact on the market, and the US soybean oil rose sharply overnight. The Malaysian palm oil is in the production - reduction period, and the domestic soybean oil is gradually destocking. The short - term trading strategy is to wait and see due to the shock operation and increased fluctuations [38]. Corn/Corn Starch - The US corn is weak in the short - term, and the domestic corn spot is stable in the short - term but has pressure in the later stage. The 03 corn is in a high - level shock. The trading strategies include a bullish idea for the 03 corn after stabilization and short - buying on dips for the 07 corn for unilateral trading, widening the spread between 05 corn and starch on dips for arbitrage, and wait - and - see for options [39][40][41]. Live Pigs - The supply pressure still exists, and the disk has a slight adjustment. The trading strategy is mainly based on a short - selling idea for unilateral trading, wait - and - see for arbitrage, and selling the wide - straddle strategy for options [42][43]. Peanuts - The peanut spot is stable, and the disk is bottom - out and fluctuating. The trading strategies include buying on dips for the 05 peanut for unilateral trading, wait - and - see for arbitrage, and selling the pk603 - C - 8200 option for options [44][45]. Eggs - The demand has improved, and the egg price has risen steadily. The trading strategy is to consider building long positions on dips for the 5 - month far - month contract for unilateral trading, wait - and - see for arbitrage, and options [47][48]. Apples - The cold - storage inventory is low, and the apple price is firm. The trading strategies include partial profit - taking for the 5 - month contract long positions and short - selling on rallies for the 10 - month contract for unilateral trading, long 5 and short 10 for arbitrage, and wait - and - see for options [50][51][52]. Cotton - Cotton Yarn - The sales progress is fast, and the cotton price fluctuates strongly. The trading strategies include considering building long positions on dips for Zheng cotton for unilateral trading, wait - and - see for arbitrage, and options [55][56]. Black Metals Steel - Demand provides support, and steel prices continue to fluctuate. The market sentiment may cause the steel price to fluctuate under pressure. The trading strategies include short - selling the spread between hot - rolled coil and coking coal on rallies and holding the short - position of the spread between hot - rolled coil and rebar for arbitrage, and wait - and - see for options [59][60]. Coking Coal and Coke - There is insufficient upward momentum and a risk of decline. The trading strategies include being bearish for unilateral trading, wait - and - see for arbitrage, and selling out - of - the - money call options for options [62][63][64]. Iron Ore - Market expectations are volatile, and the iron ore price should be treated bearishly at a high level. The trading strategy is to be bearish with a light position at a high level for unilateral trading, wait - and - see for arbitrage, and options [65][66]. Ferroalloys - Cost support is strong, and prices fluctuate strongly. The trading strategies include a bullish short - term shock for unilateral trading, wait - and - see for arbitrage, and selling out - of - the - money straddle options for options [67][68]. Non - Ferrous Metals Gold and Silver - Gold and silver fluctuate at a high level, and short - term high volatility continues. The trading strategies include holding long positions cautiously based on the support near the 5 - day moving average for unilateral trading, wait - and - see for arbitrage, and using the bull call spread strategy for options [70][71][72]. Platinum and Palladium - The tariff expectation has temporarily failed, and the disk has fallen from a high level. The trading strategies include waiting for the price to stabilize after the callback due to the failed tariff expectation and then going long for platinum for unilateral trading, and wait - and - see for palladium, wait - and - see for arbitrage, and options [73][74]. Copper - Short - term fluctuations intensify, but the long - term upward trend remains. The trading strategies include paying attention to profit protection and position control for unilateral trading, wait - and - see for arbitrage, and options [77][78][79]. Alumina - It is still weak in the short - term, and be vigilant against policy risks in Guinea. The trading strategies include being bearish in the shock, preventing Guinea's policy risks, and protecting profits for unilateral trading, wait - and - see for arbitrage, and options [80][81][83]. Electrolytic Aluminum - Market sentiment has cooled down, and the aluminum price has corrected. The trading strategies include being vigilant against the callback risk caused by capital outflows in the short - term and being bullish in the medium - term for unilateral trading, wait - and - see for arbitrage, and options [84][85][86]. Cast Aluminum Alloy - Market sentiment has cooled down, and the price has corrected with the sector. The trading strategies include being bearish in the short - term and bullish in the medium - term for unilateral trading, wait - and - see for arbitrage, and options [87][88][89]. Zinc - Pay attention to the impact of the capital side. The trading strategy is to wait and see and pay attention to capital flow for unilateral trading, wait - and - see for arbitrage, and options [90][91][93]. Lead - Pay attention to capital sentiment. The trading strategies include partial profit - taking for profitable long positions and partial holding for unilateral trading, wait - and - see for arbitrage, and appropriate profit - taking for out - of - the - money call options for options [94][95][96]. Nickel - The nickel price adjusts with non - ferrous metals. The trading strategy is to pay attention to the overall atmosphere of the non - ferrous metal sector for unilateral trading, wait - and - see for arbitrage, and options [97][98]. Stainless Steel - It follows the nickel price. The trading strategy is to follow the nickel price for unilateral trading, wait - and - see for arbitrage [99][100][101]. Industrial Silicon - Sell short at the upper edge of the range. The trading strategy is to sell short at the upper edge of the range for unilateral trading [102]. Polysilicon - Wait and see in the short - term. The trading strategy is to be cautious in participating and pay attention to risk control for unilateral trading [104]. Lithium Carbonate - It is running at a high level, and operate cautiously. The trading strategies include partial profit - taking for long positions and paying attention to the support of the 5 - day line and the atmosphere of the non - ferrous metal market for unilateral trading, wait - and - see for arbitrage, and using a protective strategy with futures long positions for options [106][108][110]. Tin - The tin price has fallen, and pay attention to capital flow. The trading strategies include partial long - position exit due to the digestion of long sentiment for unilateral trading, wait - and - see for options [111][112][113]. Shipping Sector Container Shipping - The MSK's India - US East MECL route's return plan to pass through the Suez Canal strengthens the resumption of navigation expectation. The trading strategies include waiting and seeing and paying attention to the long - term resumption of navigation risk for unilateral trading, and maintaining a long - position idea for the 6 - 10 calendar spread arbitrage [115][116]. Energy and Chemicals Crude Oil - It gives back part of the geopolitical premium. The trading strategy is to pay attention to the follow - up of the Iranian event and expect wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [117][118]. Asphalt - The cost fluctuation of crude oil expands, and the supply and demand run weakly. The trading strategies include high - level shock and wide - range geopolitical risk for unilateral trading, paying attention to the BU4 - 6 calendar spread arbitrage, wait - and - see for options [120][121][122]. Fuel Oil - Geopolitical risks fluctuate widely. The trading strategies include being vigilant against geopolitical risks, wide - range fluctuations, and waiting and seeing for unilateral trading, paying attention to the FU59 calendar spread arbitrage, wait - and - see for options [123][124][125]. Natural Gas - TTF/JKM rebounds, and HH's downward trend continues. The trading strategies include continuing to hold short positions in the third - quarter TTF and JKM contracts and adding more positions for the aggressive for unilateral trading, wait - and - see for arbitrage, and long - term rolling selling of out - of - the - money call options of TTF or JKM for options [126][127][128]. LPG - It gives back the geopolitical gains. The trading strategy is to pay attention to the follow - up of the Iranian event and expect wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [129][130]. PX&PTA - Cost support weakens. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [131][132][133]. BZ&EB - Pure benzene has a reduction expectation, and the short - stop of the styrene device boosts the price increase. The trading strategies include short - term shock and a bullish trend for unilateral trading, shorting pure benzene and going long on styrene for arbitrage, wait - and - see for options [133][134][135]. Ethylene Glycol - Seasonal inventory accumulation is obvious. The trading strategies include being bearish in the shock due to weak supply - demand structure and large inventory pressure for unilateral trading, wait - and - see for arbitrage, and selling call options for options [137][138][139]. Short - Fiber - Supply is sufficient, and terminal demand weakens. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [140]. Bottle Chips - Wide - range fluctuations. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [142][143]. Propylene - Supply pressure eases. The trading strategy is a bullish shock for unilateral trading, wait - and - see for arbitrage, and options [144][146]. Plastic PP - The PPI of plastic products declines. The trading strategies include waiting and seeing for the L 2605 contract and paying attention to the support at the recent low of 6500 points for the PP 2605 contract for unilateral trading, wait - and - see for arbitrage, and reducing the position and waiting and seeing for the PP2605 put 6100 contract for options [147][148]. Caustic Soda - The caustic soda price weakens. The trading strategies include a bearish trend for unilateral trading, wait - and - see for arbitrage, and options [150][151][152]. PVC - Mainly fluctuates. The trading strategy is to wait and see for unilateral trading, wait - and - see for arbitrage, and options [155][156]. Soda Ash - The futures price falls. The trading strategies include short - selling on rallies in the next week for unilateral trading, shorting glass and going long on soda ash for arbitrage, and selling out - of - the - money call options on rallies for options [157][158][159]. Glass - The futures price falls. The trading strategies include short - selling on rallies before the Spring Festival for unilateral trading, shorting glass and going long on soda ash for arbitrage, and selling call options for options [160][161][162]. Methanol - It rises strongly. The trading strategies include waiting and seeing and paying attention to the Middle - East situation for unilateral trading, paying attention to the 59 calendar spread arbitrage, and selling put options on dips for options [163]. Urea - It cools down slightly. The trading strategy is to wait and see for unilateral trading, wait - and - see for arbitrage, and options [165][166]. Pulp - The pulp price falls from a high level. The trading strategy is to continue to hold short positions for unilateral trading, wait - and - see for arbitrage, and options [167][169][170]. Logs - The spot is stable and strong. The trading strategies include building a small number of long positions for unilateral trading, paying attention to the LG03 - 05 reverse calendar spread arbitrage, wait - and - see for options [172][173][174]. Offset Printing Paper - The cultural paper rebounds weakly. The trading strategies include waiting and seeing for unilateral trading, wait - and - see for arbitrage, and selling the OP2602 - C - 4200 option for options [176][177]. Natural Rubber - The output growth rate of ANRPC slows down. The trading strategies include short - selling a small amount of the RU 05 contract and setting a stop - loss at the recent high of 16275 points, waiting and seeing for the NR 03 contract for unilateral trading, reducing the position and waiting and seeing for the RU2605 - NR2605 spread for arbitrage, wait - and - see for options [178][180][181]. Butadiene Rubber - The tire production increases significantly month - on - month. The trading strategies include waiting and seeing and paying attention to the pressure at the recent high of 12425 points for the BR 03 contract for unilateral trading, holding the BR2603 - NR2603 spread with a stop - loss at the recent low of - 790 points for arbitrage, wait - and - see for options [182][183][184].

Group 1: Report Information - The report is a daily sugar report dated January 15, 2026, focusing on the sugar market [2] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoints - International sugar prices are expected to oscillate at the bottom in the short - term, and domestic sugar prices will have a range - bound movement. It is advisable to consider low - buying and high - selling within the range for domestic sugar. For arbitrage, it is recommended to wait and see, and for options, selling put options is suggested [8][9] Group 4: Data Analysis Futures Market - SR09 closed at 5,291, down 13 (-0.25%), with a trading volume of 14,823 (down 14,574) and an open interest of 85,880 (up 746) - SR01 closed at 5,295, down 25 (-0.47%), with a trading volume of 1,151 (up 1,105) and an open interest of 6,786 (down 1,150) - SR05 closed at 5,280, down 19 (-0.36%), with a trading volume of 162,483 (down 66,399) and an open interest of 425,271 (down 3,694) [3] Spot Market - Sugar spot prices in Liuzhou, Kunming, Wuhan, Nanning, Rizhao, and Xi'an were 5,505, 5,345, 5,810, 5,430, 5,700, and 5,960 respectively. The price in Kunming dropped by 25, and that in Xi'an dropped by 20 [3] Spread - SR05 - SR01 spread was - 15, SR09 - SR05 spread was 11, and SR09 - SR01 spread was - 4 [3] Import Profit - For Brazilian imports, the in - quota price was 3,945, the out - of - quota price was 5,009, the spread with Liuzhou was 496, the spread with Rizhao was 691, and the spread with the futures was 286. For Thai imports, the in - quota price was 3,995, the out - of - quota price was 5,074, the spread with Liuzhou was 431, the spread with Rizhao was 626, and the spread with the futures was 221 [3] Group 5: Market Research Important Information - In 2025, the actual arrival volume of raw sugar outside the tariff quota in China was 221.61 million tons, an increase of 128.23 million tons year - on - year, the second - highest in the past five years [5] - On January 15, the spot sugar prices in major producing areas were basically stable, and the overall trading volume was average [6] - Due to the continuous decline in sugar prices, it is expected that the beet planting area in the EU will decrease by about 7% - 8% this year, which may help the regional and global sugar prices rebound [7] Logical Analysis - Internationally, as Brazilian sugarcane is gradually entering the harvest stage, the supply pressure of Brazilian sugar will ease. Most of the sugar production in the Northern Hemisphere is in the production - increasing cycle. India's production may exceed expectations, which has a negative impact on international sugar prices. It is expected that the US sugar price will oscillate at the bottom in the short - term [8] - Domestically, the processing cost of white sugar is high, and the cost of imported Brazilian sugar outside the quota is between 5,000 - 5,200 yuan/ton, which provides some support for sugar prices. However, due to the peak sugar - pressing season and the expected global sugar production increase in the 2025/2026 period, there is significant pressure on the upper - range oscillation platform of sugar prices. It is expected that the price will oscillate in the short - term [8] Trading Strategy - Unilateral trading: International sugar prices are expected to oscillate at the bottom in the short - term, and domestic sugar prices will have a range - bound movement. Consider low - buying and high - selling within the range [9] - Arbitrage: Wait and see [10] - Options: Sell put options [10] Group 6: Related Attachments - The report includes multiple charts related to sugar market data, such as monthly inventory, monthly production, spot prices, price spreads, and basis of sugar in different regions and periods [11][14][16]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - Short-term, the overall trend of oils and fats is oscillating with increased volatility. Palm oil can be considered for high-selling and low-buying operations, and holders of short positions can consider partial profit-taking and partial holding. Soybean oil lacks a driving force and may follow the overall fluctuation of oils and fats. For arbitrage and options, it is recommended to wait and see [9][10][11] Summary by Directory Part 1: Data Analysis - **Spot Prices and Basis**: The closing prices of soybean oil, palm oil, and rapeseed oil on the 2605 contract were 7938 (down 62), 8578 (down 170), and 8828 (down 121) respectively. The spot basis and its changes varied by region and variety [2] - **Monthly Spread Closing Prices**: The 5 - 9 monthly spreads of soybean oil, palm oil, and rapeseed oil were 134 (down 4), 14 (down 52), and 14 (down 5) respectively [2] - **Cross - Variety Spreads**: The 05 - contract spreads of Y - P, OI - Y, and OI - P were - 640 (up 108), 890, and 250 (up 49) respectively, and the oil - meal ratio was 2.90 (down 0.01) [2] - **Import Profits**: The import profit data of 24 - degree palm oil and crude rapeseed oil showed "N/A" [2] - **Weekly Commercial Inventories**: In the second week of 2026, the commercial inventories of soybean oil, palm oil, and rapeseed oil were 72.7, 73.6, and 25.1 million tons respectively, with corresponding changes compared to last week and the same period last year [2] Part 2: Fundamental Analysis - **International Market**: Malaysia set the reference price of crude palm oil for February at 3846.84 ringgit per ton, with an export tariff rate of 9.0%. From January 1 - 15, Malaysia's palm oil exports were 727,440 tons, a 18.64% increase from the same period last month [4] - **Domestic Market (P/Y/OI)**: - **Palm Oil**: As of January 9, 2026, the national commercial inventory of palm oil was 73.6 million tons, a 0.30% increase from last week. The origin's quotation was stable, and the import profit inversion narrowed. There were rumors of 4 near - month purchase vessels. In the short term, the market lacked a clear driving force, and the high inventory was expected to maintain a slow destocking speed [4] - **Soybean Oil**: Last week, the actual soybean crushing volume of oil mills was 176.58 million tons, with an operating rate of 48.58%. As of January 9, 2026, the national commercial inventory of soybean oil was 102.51 million tons, a 5.17% decrease from last week. The downstream demand was lackluster, and the inventory was expected to decline slightly in the future, but the supply was still sufficient [4][6] - **Rapeseed Oil**: Last week, the crushing volume of rapeseed in major coastal oil mills was 0 million tons, with an operating rate of 0%. As of January 9, 2026, the coastal rapeseed oil inventory was 25.1 million tons, a decrease of 2.2 million tons. The import profit inversion of European rapeseed oil expanded. The near - month contract of rapeseed oil had upward pressure and downward support [7] Part 3: Trading Strategies - **Unilateral**: Short - term, oils and fats oscillate with increased volatility. Palm oil can be considered for high - selling and low - buying operations, and holders of short positions can consider partial profit - taking and partial holding. Soybean oil may follow the overall market fluctuation [9] - **Arbitrage**: Wait and see [10] - **Options**: Wait and see [11] Part 4: Related Attachments - The report provides 8 figures, including the spot basis of different oils and fats in different regions, monthly spreads, and cross - variety spreads from 2017 - 2026 [14][15][18]

Report Overview - The report is a corn starch daily report dated January 15, 2026, covering data, market analysis, trading strategies, and related charts [1]. 1. Data Futures Market - **Corn Futures**: C2601 closed at 2282, down 18 (-0.79%); C2605 at 2283, up 8 (0.35%); C2509 at 2301, up 6 (0.26%) [1]. - **Corn Starch Futures**: CS2601 at 2540, up 1 (0.04%); CS2605 at 2597, up 17 (0.65%); CS2509 at 2625, up 11 (0.42%) [1]. Spot Market and Basis - **Corn Spot**: Prices ranged from 2150 in Qinggang to 2460 in Guangdong ports, with price changes from -10 to 20 [1]. - **Corn Starch Spot**: Prices were between 2700 - 2900, with only Hengren工贸 up 30 [1]. Spreads - **Corn Inter - delivery Spreads**: C01 - C05 was -1, down 26; C05 - C09 was -18, up 2; C09 - C01 was 19, up 24 [1]. - **Corn Starch Inter - delivery Spreads**: CS01 - CS05 was -57, down 16; CS05 - CS09 was -28, up 6; CS09 - CS01 was 85, up 10 [1]. - **Cross - variety Spreads**: CS09 - C09 was 324, up 5; CS01 - C01 was 258, up 19; CS05 - C05 was 314, up 9 [1]. 2. Market Analysis Corn - The US corn report significantly increased production, but global corn supply pressure has weakened, limiting the downside of US corn. Import profit of foreign corn has risen, with the February Brazilian import price at 2127 yuan [3]. - Northern port flat - price declined, around 2335 yuan. Northeast corn was strong, while North China's supply increased and prices were stable, narrowing the price gap between the two regions [3][5]. - Wheat and corn auctions continued. Wheat prices in North China were stable around 2490 yuan/ton, and the price gap between wheat and corn remained large, making corn more cost - effective [5]. - Domestic breeding demand was stable, downstream feed enterprises' inventories increased, and short - term corn prices were relatively stable. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and downstream inventory building [5]. Corn Starch - The number of trucks arriving at Shandong deep - processing plants increased, and Shandong corn prices were stable. Corn starch prices in Shandong were around 2760 yuan, and Northeast prices were stable [6]. - This week, corn starch inventory decreased to 1.1 million tons, down 25,000 tons from last week, with a monthly decline of 0.2% and a year - on - year increase of 21.5% [6]. - Starch prices depend on corn prices and downstream stocking. By - product prices were strong, higher than last year, and the spot price gap between corn and starch was low. Due to strong corn prices, starch prices were also strong, but enterprise profitability declined [6]. 3. Trading Strategies - **Unilateral**: 03 US corn has support at 430 cents/bushel. Short 03 corn lightly and short 03 starch on rallies [8]. - **Arbitrage**: Start reverse arbitrage on 35 starch [9]. 4. Corn Options - The option strategy is short - term cumulative put strategy with rolling operations [10]. 5. Related Charts - The report includes charts of North Port corn flat - price, corn 05 contract basis, corn 5 - 9 spreads, corn starch 5 - 9 spreads, corn starch 05 contract basis, and corn starch 05 contract spreads [13][14][18].