Group 1: Report Overview - Report Title: "Livestock Daily Report - Pig Market" - Report Date: January 29, 2026 - Research Institute: Galaxy Futures Research Institute [1][6] Group 2: Investment Rating - No investment rating provided for the industry in the report Group 3: Core Views - The overall pressure on pig supply continues to increase, with large-scale enterprises, ordinary farmers, and secondary fattening all showing an increase in the number of pigs for sale, leading to a downward trend in pig prices [3][4] - The current high pig inventory and large average weight of pigs for sale indicate that the supply pressure will persist, and the overall trend of the pig market is expected to be downward [4] - Pig futures prices are also facing downward pressure due to continued weakness in the spot market and expected future supply pressure [4] Group 4: Market Data Summary Spot Prices - Today, pig prices across the country showed a downward trend, with the average price dropping from 12.56 yuan/kg yesterday to 12.30 yuan/kg today [3] - All regions experienced price declines, with the largest drop in Guangdong at 0.4 yuan/kg [3] Futures Prices - Most pig futures contracts showed a downward trend today, with LH03, LH05, LH07, LH09, and LH11 all declining, while only LH01 increased slightly by 45 points [3] Sow and Piglet Prices - Piglet prices increased from 353 yuan last week to 367 yuan this week, while sow prices remained unchanged at 1557 yuan [3] Breeding Profits - The profit from self - breeding and self - raising increased from 7.39 yuan/head yesterday to 43.35 yuan/head today, and the profit from purchasing piglets for fattening increased from 48.35 yuan/head to 115.84 yuan/head [3] Slaughter Data - The daily slaughter volume decreased from 188,439 heads yesterday to 185,256 heads today, a decrease of 3183 heads [3] Price Spreads - The price spreads between different sizes of pigs increased, indicating a change in the supply and demand relationship of different - sized pig sources [3] Group 5: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude - Arbitrage trading: Hold a wait - and - see attitude - Options trading: Sell a wide - straddle strategy [5]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market situation, influencing factors, and provides trading strategies for each market segment. The overall market is affected by multiple factors such as geopolitical situations, supply - demand relationships, and macro - economic policies, with different trends and investment opportunities in each sector. Summaries According to Relevant Catalogs Financial Derivatives - **Stock Index Futures**: The market's support has further increased. Although the wide - based ETFs linked to the CSI 300 Index saw an increase in trading volume again, the stock index remained in the positive territory for most of the time, indicating enhanced market confidence. The sharp rise in the precious metals and non - ferrous sectors created a significant profit - making effect, and the market sentiment was stable. It is expected that the market will continue to fluctuate upwards. [21][23] - **Treasury Bond Futures**: The market's incremental information remains limited. The central bank's net injection of short - term liquidity led to a narrow - range fluctuation in the market's capital. The bond market sentiment was fair, and the futures bonds closed with small overall gains. In the short term, the risk of the medium - and short - term is controllable, but the odds of going long are low. The long - term yield may also be difficult to continue to decline smoothly. [25] Agricultural Products - **Protein Meal**: The supply disturbances have increased, and the US soybean price is trending strongly. The demand has slightly improved, and the recent weather in South America has supported the US soybean futures. However, under the overall supply - demand situation of relative looseness, the center of gravity of US soybeans still tends to move down. [28][29] - **Sugar**: The international sugar price is expected to fluctuate at the bottom in the short term. The domestic sugar market is in the peak crushing period, and the supply has certain pressure. However, considering the low sugar price and the strong support from the international market, the decline space is limited. [34] - **Oilseeds and Oils**: The crude oil has driven the continuous rise of oils. The domestic soybean supply is sufficient, and the soybean crushing is expected to recover in the next two weeks. The palm oil in Malaysia is expected to continue to reduce production and inventory, but the inventory reduction speed is slow. [37][38] - **Corn/Corn Starch**: The spot price in the northern port has declined, and the futures price is fluctuating weakly. The US corn is expected to oscillate at the bottom in the short term, and the domestic corn price is stable in the short term but still has pressure in the later stage. [40][42] - **Hogs**: The supply pressure has increased, and the price decline has intensified. The overall inventory of hogs remains at a relatively high level, and the supply pressure still exists. [43][44] - **Peanuts**: The spot price of peanuts is stable, and the futures price is oscillating at the bottom. The import volume has decreased significantly, and the domestic peanut price is relatively stable. [45][46] - **Eggs**: As the Spring Festival stocking approaches, the egg price has increased. The recent demand for eggs is good, and the profit situation is favorable. However, considering the off - season after the Spring Festival, it is advisable to short the June contract. [48][49] - **Apples**: The pre - festival sales are good, and the apple price is firm. The apple inventory in cold storage is low and of poor quality. The 5 - month contract price is expected to rise easily and fall difficultly. [52][53] - **Cotton - Cotton Yarn**: The overall change is small, and the cotton price is supported. The planting area of cotton in Xinjiang is expected to decrease, and the downstream consumption is expected to increase. The cotton price has upward potential. [56][58] Black Metals - **Steel**: The demand has weakened marginally, and the steel price continues to oscillate. The steel enterprises are still in a loss state, but the loss has decreased. The steel price is expected to continue to oscillate before the Spring Festival, and the volatility is low. [60] - **Coking Coal and Coke**: The driving force is not obvious, and attention should be paid to capital disturbances. The trading main line is not clear, and the market is expected to fluctuate widely. [62][63] - **Iron Ore**: The terminal demand is at a low level, and the ore price is oscillating. The supply is loose, and the demand is difficult to improve significantly. The ore price is expected to oscillate. [65][67] - **Ferroalloys**: The valuation is low and there is a need for repair, and it is expected to be slightly strong in the short - term. The supply of silicon iron and manganese silicon is stable, and the demand is supported. The valuation is low, and it can be considered as a long - position allocation. [68][69] Non - Ferrous Metals - **Gold and Silver**: The Fed is slightly hawkish, but gold and silver remain strong. The Fed's decision to maintain interest rates is in line with market expectations. The geopolitical situation and inflation expectations support the upward trend of gold and silver. [71][72] - **Platinum and Palladium**: The Fed's interest - rate meeting did not make any unexpected statements, and the upward trend of precious metals continues. The geopolitical situation and the market's expectation of a dovish successor to the Fed support the price of platinum and palladium. [74][75] - **Copper**: The copper price is consolidating at a high level. The Fed's hawkish stance is in line with expectations, and the geopolitical risk supports the copper price. The short - term macro and fundamentals deviate, and the copper price is expected to oscillate at a high level. [76][77] - **Alumina**: The scale of phased production cuts has expanded, and the alumina price has rebounded. The supply side has short - term production cuts, and the demand side has a small amount of stocking demand. The price is expected to oscillate and rebound in the short term. [79][80] - **Electrolytic Aluminum**: It is running strongly. The supply - demand situation is tight, and the price is expected to continue to be strong. [82][84] - **Cast Aluminum Alloy**: The alloy price is following the upward trend of aluminum but with relatively weak follow - up. The market is in a state of high cost and low trading volume. [85] - **Zinc**: Attention should be paid to the change in domestic social inventory. The supply of zinc concentrate is still in short supply, and the refined zinc supply has increased. The zinc price is expected to be strong in the short term, but the consumption may weaken after the Spring Festival. [88][89] - **Lead**: The supply and demand are both weak, and it is oscillating weakly in the range. The supply of primary lead is stable, and the production of secondary lead may decline. The demand for lead is expected to weaken, and the price is expected to oscillate. [91][93] - **Nickel**: The regulation has cooled down, and it is running at a high level. The short - term inventory pressure has increased, but the long - term upward trend is expected. [96][97] - **Stainless Steel**: The supply and demand are tight, and there is cost support. The supply is reduced due to factory maintenance, and the demand is also affected by the holiday. The price is expected to run at a high level. [98][100] - **Industrial Silicon**: Attention should be paid to the production cuts of large enterprises. The demand for industrial silicon has weakened, but if the large - scale production cuts are implemented, the price may rise. [102] - **Polysilicon**: Short - term attention should be paid to the spot trading situation. The demand for polysilicon is weak, and the supply is expected to decrease. The price is expected to be in a certain range. [104][106] - **Lithium Carbonate**: The regulation has cooled down, the supply and demand are tight, and it is running at a high level before the Spring Festival. The downstream replenishment is active, and the inventory is decreasing. The price is expected to remain high before the Spring Festival. [107][108] - **Tin**: The tin price may maintain a high - level consolidation. The supply is increasing, and the demand is in the off - season. The price is expected to oscillate at a high level. [110][111] Shipping - **Container Shipping**: The expectation of the Iranian geopolitical situation dominates the market, and attention should be paid to geopolitical dynamics. The spot freight rate is adjusting, and the market sentiment is affected by the geopolitical situation. The demand is gradually declining, and the supply is relatively stable. [113] Energy and Chemicals - **Crude Oil**: The intensification of the geopolitical situation drives the oil price upward. The threat of the US to Iran and the low inventory support the oil price. The oil price is expected to oscillate strongly. [117][118] - **Asphalt**: Supported by the cost, the asphalt market price is oscillating at a high level. The cost is affected by the crude oil price, and the demand is weak. The price is expected to oscillate strongly, but it is not recommended to chase the high price. [119][122] - **Fuel Oil**: The fundamental weakness remains, and the geopolitical situation is still the main bullish driver. The high - sulfur fuel oil has a weak fundamental situation, and the low - sulfur fuel oil supply has increased. The price is expected to oscillate strongly, and it is not recommended to chase the high price. [124][125] - **LPG**: It is slightly strong in the short - term. The Iranian event and the winter heating demand support the price, but the chemical demand has a negative feedback. It is recommended to hold long positions but not to chase the high price. [127][128] - **Natural Gas**: The TTF/JKM price has limited upward momentum, and the cold wave in the US continues. The European inventory is low, and the supply concern is high. The US supply is affected by the cold wave. It is recommended to hold short positions in the third - quarter TTF and JKM contracts and the second - quarter HH contract. [128][131] - **PX&PTA**: The polyester demand is seasonally weak, and there is a negative feedback in the polyester industry chain. The PX supply is at a high level, and the PTA supply is affected by the device maintenance. The demand for polyester is weak, and the price is expected to oscillate. [131][132] - **BZ&EB**: Sinopec has raised the listed price of pure benzene, and the supply - demand pattern of styrene has improved. The supply of pure benzene and styrene is stable, and the price is expected to oscillate at a high level. [133][134] - **Ethylene Glycol**: The Lianyungang device is switching production, and the inventory accumulation pressure before the Spring Festival is still obvious. The supply is affected by the device switching production, and the inventory is expected to increase before the Spring Festival. The price is expected to oscillate widely. [136] - **Short - Fiber**: The production cuts are gradually being implemented, and the terminal load is partially reduced. The short - fiber load is expected to decrease, and the price is expected to oscillate. [138][140] - **Bottle Chips**: The processing margin is firm. The bottle - chip production is expected to decrease, and the processing margin is stable. The price is expected to oscillate. [141] - **Propylene**: The cost of propane is strong, and the propylene load continues to decline. The supply of propylene is affected by the device maintenance, and the price is expected to oscillate strongly. [144] - **Plastic PP**: The inventory accumulation rate of air - conditioners has slowed down. The L and PP prices are expected to be strong, and it is recommended to hold long positions. [146][149] - **Caustic Soda**: The caustic soda price is oscillating. The supply is sufficient, and the demand is weak. The price is expected to oscillate, and it is recommended to wait and see. [150][152] - **PVC**: It is in a weak consolidation. The supply is expected to decrease, and the demand is affected by the holiday. The price is expected to be strong, and it is recommended to go long at a low price. [153][155] - **Soda Ash**: It is in a weak - oscillating trend. The supply is increasing, and the demand is stable. The price is expected to oscillate and repair. [157] - **Glass**: It is in a weak - oscillating trend. The supply is increasing, and the demand is weak. The price is expected to oscillate, and it is recommended to short at a high price. [159][160] - **Methanol**: It is oscillating. The international device operation rate is declining, and the domestic supply is loose. The price is expected to be supported by the geopolitical situation and the strong performance of chemical products. It is recommended to go long at a low price. [161][164] - **Urea**: It has risen and then fallen. The supply has increased, and the demand is affected by the复合肥 production and the international market. The price is expected to oscillate, and it is recommended to pay attention to the 5 - 9 positive spread. [165][167] - **Pulp**: The pulp price continues to decline in an oscillating manner. The supply is greater than the demand, and the inventory is accumulating. The price is expected to be in a range - bound operation. [170][171] - **Offset Printing Paper**: The high inventory suppresses the paper price. The supply is sufficient, and the demand is weak. It is recommended to short at a high price. [173][175] - **Logs**: The spot price is slightly strong. The valuation shows a differentiation pattern of strong in the south and weak in the north. It is recommended to hold long positions. [177][180] - **Natural Rubber and No. 20 Rubber**: The import of dark - colored rubber has reached a new high. The import volume of rubber has increased, and the global auto industry index has strengthened slightly. It is recommended to wait and see for the RU and NR contracts and to consider the spread trading. [182][185] - **Butadiene Rubber**: The global auto industry index has risen slightly. The production of synthetic rubber has decreased, and the auto industry index has strengthened. It is recommended to wait and see for the BR contract. [186][187]

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]

Group 1: Report Overview - The report is a shipping research report focusing on container shipping, specifically the Container Shipping Index (European Line) [1][2] Group 2: Investment Ratings - No investment ratings for the industry are provided in the report Group 3: Core Views - Due to the slowdown of spot rate adjustment and the escalation of geopolitical tensions in the Middle East, the EC market showed a volatile and upward trend today However, the spot freight rate is currently in a downward phase during the off - season, and the rush - shipping effect of export tax rebates is less than expected, making it difficult to reverse the downward trend The 04 contract has a discount, and attention should be paid to the subsequent spot situation [6] Group 4: Market Analysis and Strategy Recommendations Market Analysis - On the spot freight rate side, prices of various shipping companies have decreased to different extents The demand is in a downward phase after reaching a peak, and the supply of shipping capacity in January has decreased slightly compared to last week Geopolitical tensions remain high, and it is still difficult for a large - scale resumption of European routes in the first half of the year [7] Strategy Recommendations - **Unilateral trading**: Due to many short - term disturbances in the 04 contract, differences in the rush - shipping volume, and unresolved risks in the Iranian situation, short - wave fluctuations are expected to be large It is recommended to wait and see for the time being [8] - **Arbitrage**: Continue to hold the 6 - 10 calendar spread long position [9] Group 5: Industry News - The UK Prime Minister will visit China from January 28th to 31st, and the two sides plan to sign trade and investment cooperation documents [10][11] - The US has sent a naval fleet towards Iran, but hopes not to use force [11] - Iran has achieved full - scale intelligent control of the Strait of Hormuz and can decide the passage of ships [11] Group 6: Data Summary Futures Market Data (January 28, 2026) | Futures Contract | Closing Price | Change | Change Rate | Trading Volume (Lots) | Volume Change Rate | Open Interest (Lots) | Open Interest Change Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | 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% | | EC2608 | 1,560.8 | 32.4 | 2.12% | 577.0 | 132.66% | 1,549.0 | 4.52% | | EC2610 | 1,135.1 | 23.1 | 2.08% | 1,747 | 72.97% | 8,722 | 2.48% | | EC2612 | 1,403.1 | 28.4 | 2.07% | 129 | 460.87% | 135 | 9.76% | [4] Container Freight Rates (Weekly) | Container Freight Index | Price | Week - on - Week Change Rate | Year - on - Year Change Rate | | --- | --- | --- | --- | | SCFIS European Line (Points) | 1859.31 | - 4.86% | - 24.61% | | SCFIS US West Line (Points) | 1294.32 | - 0.84% | - 51.19% | | SCFI: Composite Index | 1457.86 | - 7.39% | - 36.36% | | SCFI: Shanghai - West Africa (USD/TEU) | 3141 | - 10.60% | - 28.81% | | SCFI: Shanghai - US West (USD/FEU) | 2084 | - 5.01% | - 55.49% | | SCFI: Shanghai - US East (USD/FEU) | 2896 | - 8.50% | - 53.51% | | SCFI: Shanghai - Europe (USD/TEU) | 1595 | - 4.83% | - 34.63% | | SCFI: Shanghai - Mediterranean (USD/TEU) | 2756 | - 7.61% | - 20.74% | | SCFI: Shanghai - Persian Gulf (USD/TEU) | 1288 | - 23.97% | - 7.80% | | SCFI: Shanghai - Melbourne (USD/TEU) | 1029 | - 10.60% | - 44.02% | | SCFI: Shanghai - Japan Kansai (USD/TEU) | 312 | 0.00% | 2.30% | | SCFI: Shanghai - Japan Kanto (USD/TEU) | 321 | 0.00% | 4.22% | | SCFI: Shanghai - Southeast Asia (USD/TEU) | 496 | - 3.69% | - 12.06% | | SCFI: Shanghai - South Africa (USD/TEU) | 2144 | - 1.60% | - 37.03% | | SCFI: Shanghai - South America (USD/TEU) | 1153 | - 3.51% | - 75.13% | | SCFI: Shanghai - South Korea (USD/TEU) | 144 | 0.00% | 3.60% | [4] Fuel Costs | Crude Oil Type | Price (USD/Barrel) | Week - on - Week Change Rate | Year - on - Year Change Rate | | --- | --- | --- | --- | | WTI Crude Oil (Near - Month) | 62.24 | 2.64% | - 14.07% | | Brent Crude Oil (Near - Month) | 66.76 | 2.87% | - 12.4% | [4]

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 | ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 01 月 28 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 【交易策略】 今日钢材盘面延续低位震荡，现货成交整体一般偏弱，价格较昨日持稳或微跌， 刚需低价拿货为主。本周布谷网公布，建材增产而热卷减产；螺纹库存持续累积，而 热轧总体仍然去库，总体厂库压力小于社库；本周下游工地资金到位情况有所改善， 导致建材表需回升；近期钢材出口出现下滑，但年前制造业补库需求仍存，叠加产量 下滑，热卷需求同样上升。1 月煤矿有所增产，蒙煤进口快速增加，但钢厂补库仍然持 续，预计 2 月煤矿或陆续减产；而 pb 粉结构性短缺问题尚未解决，1 季度同样为铁矿 传统发运淡季，钢厂存在补库刚需，成本存在支撑；但海外需求出现季节性回落，钢 材出口下滑，而近期铁水持续复产，也影响了钢材进一步上涨的空间。预计节前钢材 仍然跟随市场情绪维持震荡走势，波动率偏低。继续关注宏观消息对盘面的影响。后 续继续关注煤矿安 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - On January 28, ferroalloy futures prices rose overall. For ferrosilicon, the spot price was stable to weak, with supply potentially decreasing and demand expected to increase, and previous long positions could be held. For silicomanganese, the manganese ore spot was stable to weak, supply was stable, demand was expected to rise, and it could be a long - position option on dips [5]. - Unilateral: Alloys are undervalued and can be considered for long positions on dips; Arbitrage: Stay on the sidelines; Options: Sell out - of - the - money put options [6]. Summary by Directory Market Information - **Futures**: SF (ferrosilicon) main contract closed at 5632, up 28 from the previous day and 76 from the previous week, with a trading volume of 122,823 (up 10,420) and an open interest of 185,904 (down 13,253). SM (silicomanganese) main contract closed at 5832, up 14 from the previous day and 46 from the previous week, with a trading volume of 139,854 (up 35,909) and an open interest of 374,987 (up 3,539) [3]. - **Spot**: 72% FeSi prices in different regions showed some declines, with some falling by 30 - 50 yuan/ton. Silicomanganese 6517 prices were mixed, with some up and some down. For example, 72% FeSi in Qinghai dropped 50 yuan/ton, and silicomanganese 6517 in Jiangsu rose 20 yuan/ton [3]. - **Basis/Spread**: Ferrosilicon and silicomanganese basis and spreads showed various changes. For example, the SF - SM spread was - 200, up 14 from the previous day and 30 from the previous week [3]. - **Raw Materials**: Manganese ore prices in Tianjin were stable to weak, with South African semi - carbonate down 0.2 yuan/ton degree. Lanthanum charcoal small materials in different regions also showed price declines [3]. Market Judgement - **Trading Strategy**: Ferrosilicon: The previous long positions can be held as the supply may decrease, demand is expected to increase, and the valuation is not high. Silicomanganese: It can be a long - position option on dips due to stable supply, expected demand increase, and strong cost support [5]. - **Important Information**: On January 28, Tianjin Port's semi - carbonate, Gabon block, and Australian block had specific quotes. A steel mill in Zhejiang set the ferrosilicon purchase price at 5,868 yuan/ton, up 18 yuan/ton from the previous round, with a quantity of 300 tons [7][8]. Related Attachments - The attachments include various charts showing the trends of ferroalloy main contracts, spreads, basis, spot prices, electricity prices, production costs, and production profits [8][9][10][11][12][13][14][15][16][17][18]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: January 28, 2026 [2] IM Futures Market Summary - The underlying index, CSI 1000, closed at 8399.79, up 0.21%. The IM main contract rose 0.16% to close at 8377.8 points [4]. - The total trading volume of the four IM contracts was 194,080 lots, down 68,320 lots from the previous day. The total open interest was 382,766 lots, down 15,637 lots from the previous day [5]. - The main contract was at a discount of 21.99 points to the spot, up 2.96 points from the previous day, with an annualized basis rate of -1.84% [5]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 8399.79 | 0.21% | 34,966 | -4% | 627.4 billion | 0% | - | - | - | | IM2602 | 8407.40 | 0.22% | 33,363 | -24% | 5.59 billion | -23% | 56,743 | -4,390 | 1.14 billion | | IM2603 | 8377.80 | 0.16% | 114,744 | -28% | 19.16 billion | -27% | 180,338 | -11,585 | 3.63 billion | | IM2606 | 8242.60 | 0.31% | 31,617 | -26% | 5.19 billion | -25% | 107,190 | -2,172 | 2.12 billion | | IM2609 | 8075.00 | 0.30% | 14,356 | -17% | 2.31 billion | -16% | 38,495 | 2,510 | 750 million | [4] Main Seats Data - For different contracts (IM2602, IM2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [16][18][20] IF Futures Market Summary - The underlying index, CSI 300, closed at 4717.99, up 0.26%. The IF main contract rose 0.07% to close at 4732.8 points [21]. - The total trading volume of the four IF contracts was 142,902 lots, down 62 lots from the previous day. The total open interest was 325,948 lots, up 15,622 lots from the previous day [22]. - The main contract was at a premium of 14.81 points to the spot, up 2.3 points from the previous day, with an annualized basis rate of 2.2% [22]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4717.99 | 0.26% | 38,226 | - | 82.94 billion | - | - | - | - | | IF2602 | 4727.80 | 0.08% | 32,633 | -23% | - | - | 43,478 | - | 700 million | | IF2603 | 4732.80 | 0.07% | 84,387 | -4% | 11.98 billion | -3% | 185,840 | 7,628 | 3.17 billion | | IF2606 | 4716.80 | 0.12% | 18,810 | -8% | 2.66 billion | -8% | 75,464 | 1,638 | 1.28 billion | | IF2609 | 4670.20 | 0.08% | 7,072 | -16% | 900 million | - | 21,166 | 2 | 360 million | [21] Main Seats Data - For different contracts (IF2602, IF2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [33][35][36] IC Futures Market Summary - The underlying index, CSI 500, closed at 8601.16, up 0.61%. The IC main contract rose 0.68% to close at 8622 points [38]. - The total trading volume of the four IC contracts was 170,659 lots, down 40,713 lots from the previous day. The total open interest was 342,398 lots, down 904 lots from the previous day [39]. - The main contract was at a premium of 20.84 points to the spot, up 22.17 points from the previous day, with an annualized basis rate of 1.7% [39]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 8601.16 | 0.61% | 31,177 | 3% | 61.27 billion | 0% | - | - | - | | IC2602 | 8623.20 | 0.66% | 28,560 | -15% | 4.9 billion | -14% | 45,306 | -2,648 | 940 million | | IC2603 | 8622.00 | 0.68% | 94,115 | -23% | 16.15 billion | -22% | 167,295 | -5,924 | 3.46 billion | | IC2606 | 8574.80 | 1.04% | 37,044 | -11% | 6.31 billion | -9% | 98,677 | 5,130 | 2.03 billion | | IC2609 | 8469.00 | 1.08% | 10,940 | -23% | 1.84 billion | -21% | 31,120 | 2,538 | 630 million | [38] Main Seats Data - For different contracts (IC2602, IC2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [51][53][55] IH Futures Market Summary - The underlying index, SSE 50, closed at 3060.56, up 0.27%. The IH main contract fell 0.01% to close at 3069.8 points [57]. - The total trading volume of the four IH contracts was 63,381 lots, down 4,488 lots from the previous day. The total open interest was 118,402 lots, up 3,905 lots from the previous day [57]. - The main contract was at a premium of 9.24 points to the spot, down 2.37 points from the previous day, with an annualized basis rate of 2.11% [58]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3060.56 | 0.27% | 9,637 | 28% | 25.26 billion | 25% | - | - | - | | IH2602 | 3065.60 | -0.03% | 14,236 | 5% | 1.31 billion | 5% | 17,477 | 942 | 190 million | | IH2603 | 3069.80 | -0.01% | 38,337 | -7% | 3.53 billion | -7% | 67,766 | 1,717 | 750 million | | IH2606 | 3070.00 | -0.13% | 7,689 | -12% | 710 million | -12% | 25,544 | 1,019 | 280 million | | IH2609 | 3046.00 | -0.09% | 3,119 | -28% | 290 million | -28% | 7,615 | 227 | 80 million | [57] Main Seats Data - For different contracts (IH2602, IH2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [69][71][73]