Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View - The current supply pressure of the live - hog market has improved, and the spot price has generally rebounded. However, due to the high inventory and large slaughter weight of live - hogs, the overall supply remains sufficient, and the upward space of pig prices is limited. The subsequent spot price of live - hogs is expected to be mainly downward. - The futures price of live - hogs has risen, mainly affected by the decline of the spot price. In the short - term, the supply pressure is limited, and the price may be strongly supported. In the medium - and long - term, the downward pressure on the price of live - hogs is obvious, and the futures market is expected to decline [1][4]. 3. Summary by Relevant Catalogs Spot Information - Today, the live - hog prices across the country showed a strong trend. The slaughter volume of large - scale enterprises increased slightly but remained at a low level, and the enthusiasm for slaughter was generally average. The enthusiasm of ordinary farmers for slaughter increased, and the slaughter pressure increased compared with before. - The entry of secondary fattening has decreased recently, the price difference between large and small pigs has declined, and the supply of large - weight pigs has increased. The current slaughter weight of live - hogs remains high, and there are still many large - weight pigs. The slowdown of the slaughter rhythm has supported the pig price to some extent. In the short - term, the market may have a phased support performance, but the overall upward space of pig prices is limited due to the sufficient supply [1]. Futures Information - The futures price of live - hogs has risen. The previous large increase in the futures market reflected the tightening of supply. The recent decline in the spot price has affected the futures market. In the short - term, the supply pressure of live - hogs is limited, and the price may be strongly supported. In the medium - and long - term, due to the high inventory, the supply pressure is obvious, and the futures price will be mainly downward [4]. Transaction Strategy - Unilateral trading: Adopt a bearish strategy. - Arbitrage: Wait and see. - Options: Sell the wide - straddle strategy [5].

研究所 黑色研发报告 铁矿石日报 2025 年 01 月 06 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 826.0 | 814.5 | 11.5 | I01-I05 | 25.0 | 17.5 | 7.5 | | DCE05 | 801.0 | 797.0 | 4.0 | I05-I09 | 21.0 | 22.0 | -1.0 | | DCE09 | 780.0 | 775.0 | 5.0 | I09-I01 | -46.0 | -39.5 | -6.5 | | 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 | | PB粉(60.8%) | 802 | 798 | 4 | 871 | 49 | 66 | 88 | | 纽曼粉 | 804 | 800 | 4 | 879 | 57 | 74 | 96 | | 麦克粉 | 808 | 804 | 4 | 892 | 70 | 87 | 109 | | ...

研究所 农产品研发报告 花生日报 2026 年 1 月 6 日 | 第一部分 | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | 2026/1/6 | | 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 8004 | 82 | 1.02% | 36,206 | 31.55% | 32,725 | 7.84% | | PK510 8310 | 82 | 0.99% | 415 | 90.37% | 1,922 | 18.06% | | PK601 8000 | 200 | 2.50% | 36 | -99.10% | 2,199 | -15.59% | | 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 7600 | 8600 | 8600 | 3200 | 3070 | 14350 | ...

Group 1: Report Title and Date - The report is titled "Meal Daily Report" dated January 6, 2026, with the theme "Supply Pressure Improves, Futures Prices Rebound Slightly" [1] Group 2: Researcher Information - The researcher is Chen Jiezheng, with futures practice certificate number F3045719 and investment consulting certificate number Z0015458. Contact email: chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - For soybean meal, contract 01 closed at 3150 with a gain of 31; contract 05 closed at 2776 with a gain of 22; contract 09 closed at 2871 with a gain of 16. Spot basis in Tianjin dropped 10 to 340, in Dongguan remained at 330, in Zhangjiagang dropped 10 to 300, and in Rizhao dropped 10 to 310 [3] - For rapeseed meal, contract 01 closed at 2637 with a gain of 24; contract 05 closed at 2390 with a gain of 29; contract 09 closed at 2437 with a gain of 30. Spot basis in Nantong dropped 9 to 110, in Guangdong dropped 9 to 160, and in Guangxi dropped 9 to 150 [3] Monthly Spreads - For soybean meal, the 15 - spread was 374 (up 9), the 59 - spread was - 95 (up 6), and the 91 - spread was - 279 (down 15). For rapeseed meal, the 15 - spread was 247 (down 5), the 59 - spread was - 47 (down 1), and the 91 - spread was - 200 (up 6) [3] Cross - Variety Futures Spreads - The soybean - rapeseed 01 spread was 513 (up from 506), the soybean - rapeseed 09 spread was 434 (down from 448), and the oil - meal ratio 01 was 2.584 (down from 2.590) [3] Spot Spreads - The soybean meal - rapeseed meal spread was 576 (down 8), the rapeseed meal - sunflower meal spread was 280 (down 20), and the soybean meal - sunflower meal spread was 836 (down 18) [3] Group 4: Market Review - The US soybean futures market showed an overall upward trend after a significant decline. The domestic soybean meal futures also rose, supported by cost and supply uncertainties. Rapeseed meal rose due to macro - factors. The soybean - rapeseed meal spread trended up, with rapeseed meal demand support limited and more influenced by soybean meal prices. Soybean meal monthly spreads were strong, and rapeseed meal monthly spreads rose slightly [3] Group 5: Fundamental Analysis International Market - The US soybean market remains in a relatively loose supply - demand situation, with downward price pressure. South American supply factors have increased. Brazil's new - crop planting progress has accelerated but is still below the historical average. Most institutions expect a bumper harvest in Brazil, with expected export growth subject to actual yield. Brazil's old - crop exports and crushing are good, but future crushing may be limited. Argentina's old - crop soybean production is large, with increased crushing and exports, though export growth may be limited [4] Domestic Market - The domestic spot market is in a loose supply - demand situation, with high oil mill operating rates, sufficient supply, and increasing提货量. As of January 2, the actual soybean crushing volume was 1.7533 million tons, the operating rate was 48.23%, soybean inventory was 7.1025 million tons (up 8.53% from last week and 19.48% year - on - year), and soybean meal inventory was 1.1702 million tons (up 0.22% from last week and 71.18% year - on - year). Rapeseed meal demand has weakened, with oil mill operations mostly halted, low rapeseed supply, and high granular rapeseed meal inventory. As of January 2, coastal rapeseed inventory and rapeseed meal inventory were both 0 tons [5] Group 6: Logic Analysis - The US soybean market showed a slight rebound after full reflection of downward pressure. With limited demand support, if supply remains high, pressure will persist. Brazil's short - term weather is favorable, and if it continues, the pressure of a bumper harvest may increase. The international soybean market remains relatively loose, and prices are expected to be under pressure. South American quotes are firm, and domestic soybean meal supply may decrease, with some support for spot prices. In the medium - to - long - term, price pressure remains. Rapeseed meal demand is weak, and its downward space is limited due to the improvement of soybean meal spot prices. The soybean - rapeseed meal spread is expected to narrow. Soybean meal monthly spreads may decline, and rapeseed meal monthly spreads will fluctuate slightly [6] Group 7: Trading Strategies - For single - side trading, it is recommended to make small - scale long positions. For arbitrage, it is recommended to bet on the narrowing of the MRM spread. For options, it is recommended to sell a wide - straddle strategy [7] Group 8: Soybean Crushing Profit - The report provides the soybean crushing profit data from Brazil for different shipping months from February to August 2026, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and the changes in crushing profit compared to the previous day [8]

Report Overview - The report is a daily data report on stock index futures dated January 6, 2026, covering IM, IF, IC, and IH futures [1][2] IM Futures Market Conditions - The closing price of CSI 1000 was 7,864.90, up 1.43%. The total trading volume of the four IM contracts was 200,114 lots, an increase of 18,204 lots from the previous day. The total open interest was 373,307 lots, a decrease of 176 lots from the previous day. The main contract rose 1.73% to close at 7,762.4 points [4][5] Basis - The main contract had a discount of 102.5 points, up 12.38 points from the previous day, with an annualized basis rate of -6.51%. The dividend impacts of the four contracts were 0.32 points, 0.32 points, 0.32 points, and 43.22 points respectively [5][11] Position Analysis - In the IM2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Dongzheng Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [15] IF Futures Market Conditions - The closing price of CSI 300 was 4,790.69, up 1.55%. The total trading volume of the four IF contracts was 136,320 lots, an increase of 12,633 lots from the previous day. The total open interest was 290,367 lots, an increase of 6,165 lots from the previous day. The main contract rose 1.7% to close at 4,778 points [19][20] Basis - The main contract had a discount of 12.69 points, up 8.06 points from the previous day, with an annualized basis rate of -1.31%. The dividend impacts of the four contracts were 6.28 points, 6.9 points, 6.93 points, and 37.78 points respectively [20][28] Position Analysis - In the IF2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and CITIC Construction Investment (on behalf of clients) [32] IC Futures Market Conditions - The closing price of CSI 500 was 7,814.14, up 2.13%. The total trading volume of the four IC contracts was 167,403 lots, an increase of 27,205 lots from the previous day. The total open interest was 303,394 lots, an increase of 6,560 lots from the previous day. The main contract rose 2.56% to close at 7,786.4 points [37][38] Basis - The main contract had a discount of 27.74 points, up 27.46 points from the previous day, with an annualized basis rate of -1.76%. The dividend impacts of the four contracts were 0.54 points, 0.54 points, 0.54 points, and 62.86 points respectively [38][48] Position Analysis - In the IC2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [52] IH Futures Market Conditions - The closing price of SSE 50 was 3,158.76, up 1.90%. The total trading volume of the four IH contracts was 62,493 lots, an increase of 6,465 lots from the previous day. The total open interest was 98,473 lots, an increase of 6,283 lots from the previous day. The main contract rose 2% to close at 3,161.8 points [59][60] Basis - The main contract had a premium of 3.04 points, up 3.99 points from the previous day, with an annualized basis rate of 0.47%. The dividend impacts of the four contracts were 7.96 points, 7.96 points, 7.96 points, and 26.8 points respectively [60][66] Position Analysis - In the IH2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Huatai Futures (on behalf of clients) [70]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 1 月 6 日 0 / 48 研究所 期货眼·日迹 | 蛋白粕：供应端仍偏宽松 价格压力相对明显 5 | | --- | | 白糖：国际糖价小涨，国内糖价震荡 5 | | 油脂板块：油脂波动增加 7 | | 玉米/玉米淀粉：小麦和玉米拍卖，现货稳定 8 | | 生猪：出栏压力继续体现 现货震荡运行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | 鸡蛋：需求表现一般，蛋价稳中有涨 10 | | 苹果：冷库库存偏低，果价高位震荡 11 | | 棉花-棉纱：新年度种植面积预计下降，棉价震荡偏强 12 | | 钢材：基本面边际转弱，钢价区间震荡 13 | | --- | | 双焦：基本面乏善可陈 13 | | 铁矿：市场预期反复，矿价震荡运行 14 | | 铁合金：供需边际改善预期叠加成本推动，短期震荡偏强 15 | | 股指期货：仍有上攻动能 3 | | --- | | 国债期货：央行购债规模不及预期 4 | | 金银：地缘主导，短期内或偏强震荡 16 | | --- | | 铂钯：内盘溢价收敛，铂钯随金银上行 17 | | 铜：逢低多 ...

Group 1: Report Overview - The report is a shipping research report dated January 6, 2026, focusing on container shipping, specifically the Container Shipping Index (European Lines) [1][2] Group 2: Market Data Futures Market - EC2602 closed at 1,872.7 points, up 0.93% from the previous day, with a trading volume of 21,716 hands (-5.18%) and an open interest of 24,996 hands (-4.03%). EC2604 closed at 1,223.8 points, up 2.15%, with a trading volume of 10,278 hands (20.04%) and an open interest of 23,930 hands (5.75%). Other contracts also showed different price, volume, and open interest changes [4] - The spreads between different contracts also changed, such as the EC02 - EC04 spread being 649, down 8.6 [4] Container Freight Rates - SCFIS European Line index was 1,795.83 points, up 3.05% week - on - week and down 46.99% year - on - year. SCFIS US West Line index was 1,250.12 points, down 3.94% week - on - week and down 55.71% year - on - year. Other routes also had different price changes [4] Fuel Costs - WTI crude oil near - month contract price was $58.10 per barrel, up 1.38% week - on - week and down 20.78% year - on - year. Brent crude oil near - month contract price was $61.42 per barrel, up 1.44% week - on - week and down 19.2% year - on - year [4] Group 3: Market Analysis and Strategy Recommendations Market Analysis - MSK released a quote of $2,800/HC for Shanghai - Rotterdam in WK4, slightly up $100 from last week. The spot price continued to rise, and the market was debating the peak of spot freight rates and the subsequent price adjustment rhythm. The EC futures market was expected to remain volatile and slightly strong, with funds gradually shifting to the 04 contract [6] - On January 6, EC2602 closed at 1,872.7 points, up 0.93%. On December 26, the SCFI European Line quote was $1,690/TEU, up 10.24% week - on - week. The latest SCFIS European Line index released on Monday was 1,795.83 points, up 3% week - on - week, slightly lower than expected due to four low - priced ships' cross - week delays and roll - overs in wk52. The index center was expected to gradually rise in the future [6] Logic Analysis - In terms of spot freight rates, different shipping companies had different quotes for January. The demand from December to January was expected to gradually improve. The supply of shipping capacity from Shanghai to the five Nordic ports in January/February/March 2026 was 30.74/27.59/28.33 million TEU per week, with a slight decrease in January and February compared to the previous period. There were new ship cancellations and delays. Attention should be paid to the shipping companies' price adjustment rhythm and the timing of peak prices in January [7] - Geopolitically, the US attack on Venezuela caused short - term fluctuations in crude oil prices and concerns about long - term energy supply chain reconstruction. It might increase fuel costs in the short term and put pressure on oil prices in the long term, affecting the trade pattern. Currently, the conflict had little impact on container shipping routes, but the scale and scope of the conflict needed to be monitored [7] Trading Strategies - Unilateral trading: The short - term valuation of the futures market was strong. Most long positions in the EC2602 contract could take profits at high prices, and the remaining light positions could be held depending on the situation. Attention should be paid to the strength of the pre - Spring Festival shipping peak. The upside of far - month contracts was expected to be limited due to the expectation of ship resumption [8] - Arbitrage: Hold a wait - and - see attitude [9] Group 4: Industry News - On January 6, Israeli Prime Minister Netanyahu conveyed to Iran through Russian President Putin that Israel did not intend to further escalate the situation or attack Iran, aiming to prevent Iran from misjudging the situation and launching a preemptive strike [11] - Xeneta's chief analyst Peter Sand said that the shipping capacity supply on the Asia - Pacific to Nordic routes this week reached a historical high with no cancellations [11] - Trump said that if India did not assist in the Russian oil issue, the US might increase tariffs on India [11] - Indian government sources said that India was asking refiners to disclose weekly purchases of Russian and US oil, and Russian oil imports were expected to fall below 1 million barrels per day [11]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On January 6, ferroalloy futures prices rose overall. With supply contraction expectations and cost support, both ferrosilicon and silicomanganese are expected to be volatile and bullish in the short term [5]. - The trading strategies include a short - term volatile and bullish outlook for unilateral positions, waiting and seeing for arbitrage, and selling out - of - the - money put options for options [6]. Group 3: Summary by Relevant Catalogs Market Information - **Futures**: The closing price of the SF main contract was 5776, with a daily change of 152 and a weekly change of 104. The trading volume was 327,236, and the open interest increased by 30,174. The closing price of the SM main contract was 5918, with a daily change of 44 and a weekly change of 78. The trading volume was 274,550, and the open interest increased by 83 [3]. - **Spot**: For ferrosilicon, the spot prices in most regions were stable, except for a 100 - yuan/ton increase in Tianjin. For silicomanganese, prices in some cities decreased by 10 - 30 yuan/ton [3]. - **Basis/Spread**: The basis of ferrosilicon and silicomanganese in different regions changed. The SF - SM spread was - 142, with a daily change of 108 and a weekly change of 26 [3]. - **Raw Materials**: Manganese ore prices in Tianjin Port increased slightly, while the prices of semi - coke small materials in different regions remained stable [3]. Market Judgement - **Trading Strategies**: Unilateral positions are expected to be volatile and bullish in the short term due to improved supply - demand margins and cost - push factors. For arbitrage, it is recommended to wait and see. For options, sell out - of - the - money put options [5][6]. - **Important Information**: On the 6th, the quotes of manganese ore in Tianjin Port changed, and Kunsteel finalized the purchase price of 75B ferrosilicon, with an increase of 20 - 50 yuan/ton compared to the previous round [7]. Related Attachments - **Price Difference Charts**: Include ferroalloy main contract price trends, SF - SM spreads, monthly spreads of ferrosilicon and silicomanganese, and basis charts [8][10][12][14]. - **Cost and Profit Charts**: Present the production costs and profits of ferrosilicon and silicomanganese in different regions [19][25].

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Views - The US corn market is experiencing a rebound but remains in a bottom - oscillating state due to high production levels despite reduced inventory. The import profit of foreign corn is rising, and the domestic corn market shows regional differences, with Northeast corn being relatively strong and North China corn being weak. The corn spot market is expected to be relatively stable in the short term, and the 03 corn futures will likely oscillate within a narrow range [4][7][9]. - The starch market is mainly influenced by corn prices and downstream inventory preparation. The inventory of corn starch has increased this week. Due to the strong corn price and weak starch price, corporate profitability has declined. The 03 starch futures are expected to oscillate weakly at the bottom [8]. 3. Summary by Directory 3.1 Data - **Futures Market**: Different corn and corn - starch futures contracts show various price changes, trading volume changes, and open - interest changes. For example, the C2601 corn futures contract closed at 2288, down 5 (-0.22%), with a trading volume of 1,778 (down 74.10%) and an open interest of 18,650 (up 1.49%) [2]. - **Spot and Basis**: Corn spot prices vary by region, with some prices stable and others slightly decreasing. Starch spot prices are relatively stable, and the basis of both corn and starch shows different values in different regions. The spreads between different futures contracts of corn, starch, and cross - varieties also show changes [2]. 3.2 Market Judgment - **Corn**: The US corn is in a bottom - oscillating state. The domestic corn market has regional differences, with Northeast corn being strong due to low supply and farmer reluctance to sell, while North China corn is weak due to increased supply. The domestic breeding demand is stable, and the downstream feed enterprise inventory has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [4][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has increased, leading to a weakening of Shandong corn prices. The starch inventory has increased this week. The starch price mainly depends on corn prices and downstream inventory preparation. The by - product prices are strong, and the spot price difference between corn and starch is low. The 03 starch futures follow the corn price and oscillate at the bottom [8]. 3.3 Trading Strategies - **Unilateral**: The 03 US corn has support at 430 cents per bushel, and it is recommended to build long positions in 07 corn at low prices [10]. - **Arbitrage**: It is recommended to wait and see [11]. 3.4 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations [12]. 3.5 Related Attachments The attachments include multiple charts showing the North Port corn flat - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, providing historical data for reference [16][18][20][23].

研究所 农产品研发报告 油脂日报 2026 年 01 月 06 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | 2026/1/6 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 7912 | 56 | 张家港 | 广东 | 天津 | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8432 | | | | 8482 | 8322 | 570 | 10 | 520 | 0 | 410 | 0 | | 棕榈油 | 8500 | 12 | 广东 | 张家港 | 天津 | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8480 | | | | 8490 | 8630 | -20 | 10 | - ...