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Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the domestic market rose significantly affected by geopolitical and external market factors. Although the PDH operation rate decreased, the fundamentals remained tight in the short - term due to the US cold wave and the peak combustion season. As the cold wave ends and Middle - East supply returns, the negative feedback under poor PDH profits and the March maintenance season will weaken the driving force. The domestic market month - spread valuation is neutral, and the fundamentals support positive spreads, but attention should be paid to the warehouse receipt situation [4] 3. Summary by Related Catalog 3.1 Daily Quotes - 03 - 04 month - spread was - 288 (- 13), 04 - 05 month - spread was 110 (+5). As of 9 p.m., FEI and CP paper prices reached $572 and $545 respectively. The 03 basis was 96 (- 83), 02 - 03 month - spread was 64 (- 16), 03 - 04 month - spread was - 261 (- 32). Civil gas prices were differentiated, with Shandong at 4460 (+20), East China at 4372 (- 151), and South China at 4780 (- 255). The cheapest deliverable was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 lots (- 79). FEI month - spread rose, MB and CP month - spreads fell slightly, the oil - gas ratio declined slightly, FEI strengthened compared to CP and MB, and MB - CP strengthened. The domestic and foreign PG - FEI c1 was 55.1 (- 18.7). The arrival discount of propane in East China, China, was 85 (+8). The FOB discounts of AFEI, Middle - East, and US propane were 36 (- 1.75), 20 (- 9), and $62.52 (+11.72) respectively. Freight rates declined. The FEI - MOPI spread was - 18 (weekly YoY: +9) [4] 3.2 Weekly Views - Spot profits fluctuated, and paper profits dropped significantly. Port inventories decreased by 1.53%, ship arrivals decreased by 13.21%, and demand narrowed. The refinery storage capacity utilization rate increased by 1.21%, and external releases increased by 2.11%. The PDH operation rate was 62.25% (- 10.82%), with the second - phase of Juzhengyuan under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [4]

| 鸡蛋 | | | 产区 | | | 期现 | | 替代品 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 河北 | 辽宁 | 山东 | 河南 | 湖北 | 基差 | 白羽肉鸡 | 黄羽肉鸡 | 生猪 | | 2026/01/23 | 3.73 | 3.67 | 3.90 | 4.00 | 3.80 | 511 | 3.70 | 3.65 | 18.49 | | 2026/01/26 | 3.73 | 3.67 | 3.90 | 4.00 | 3.84 | 510 | 3.80 | 3.70 | 18.65 | | 2026/01/27 | 3.84 | 3.78 | 4.00 | 4.10 | 3.93 | 580 | 3.80 | 3.70 | 18.66 | | 2026/01/28 | 3.96 | 3.89 | 4.00 | 4.10 | 4.00 | 1197 | 3.85 | 3.70 | 18.72 | | 2026/01/29 | 3.96 | 3.89 | 4.00 | 4.10 | 4.0 ...

音紧像胶呈报 图1 研究中心能化团队 2026/01/30 P 不 As 占 商品 POY 1 仓单+有 石脑油日 PX CFR PTA内盘现 PTA平衡 PTA加 PTA负 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 工美 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Half 2026/0 5285 6795 104020 65.9 265 923 82.35 358.0 396 -146 77.1 76.6 -70 0.65 1/23 2026/0 65.6 573 930 5350 7000 91.74 357.0 430 -26 77.1 76.6 103990 -80 0.50 1/26 图H 2026/0 67.6 5225 7055 73.21 150 77.1 -78 0.30 569 903 334.0 448 76.6 103966 1/27 2026/0 68.4 585 924 5235 7055 83.13 339.0 103960 0.25 351 144 77.1 76.6 -78 1/28 2026/0 l 图H 7030 70.7 596 5 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/30 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/01/23 | 353.95 | 396.31 | -9.18 | 653.05 | -256.74 | 23.85 | 42.36 | | 2026/01/26 | 344.81 | 393.32 | -10.27 | 655.75 | -262.43 | 24.28 | 48.51 | | 2026/01/27 | 348.36 | 398.84 | -11.04 | 658.65 | -259.81 | 22.80 | 50.48 | ...

Price Performance - The latest price of London Gold is 5277.80, with a change of 213.55 [1] - The latest price of London Platinum is 2650.00, with a change of -161.00 [1] - The latest price of London Palladium is 1980.00, with a change of -112.00 [1] - The latest price of WTI Crude Oil is 63.21, with a change of 0.82 [1] - The latest price of LME Copper is 13186.00, with a change of 72.00 [1] - The latest price of the US Dollar Index is 96.35, with a change of 0.58 [1] - The latest price of EUR/USD is 1.19, with a change of -0.01 [1] - The latest price of GBP/USD is 1.38, with a change of -0.00 [1] - The latest price of USD/JPY is 153.31, with a change of 1.12 [1] Trading Data - The latest COMEX silver inventory is 12804.82, with a change of -107.67 [1] - The latest SHFE silver inventory is 508.37, with a change of -35.87 [1] - The latest gold ETF holdings are 1089.96, with a change of 2.58 [1] - The latest silver ETF holdings are 15636.12, with a change of -211.42 [1] - The latest SGE silver deferred fee payment direction change is -1.00 [1] - The latest SGE gold deferred fee payment direction is 1 [1] - The latest SGE silver deferred fee payment direction is 2 [1]

原油成品油早报 ·分析师：市场对美伊战争风险定价仍然不足 金十数据1月29日讯，财经网站investinglive分析师Adam Button表示，美国已向伊朗提出多项要求，但《纽约时报》 称，没有迹象显示伊朗会接受其中任何一项，甚至不愿就此展开谈判。该报称，美国和欧盟官员已向伊朗提出三项要 求：永久终止所有铀浓缩活动；限制弹道导弹的射程和数量；停止对中东地区所有代理武装的支持。此前还有报道称， 伊朗将被要求交出所有已完成浓缩的铀。任何国家都很难同意对弹道导弹这类传统武器设限，整件事听起来更像是将以 更多军事打击告终。我强烈怀疑油价受到买盘支撑的很大一部分原因在于市场正在计入美伊战争的可能性。特朗普在委 内瑞拉的"轻松胜利"或许让他尝到了政权更迭的甜头，而鲁比奥和内塔尼亚胡无疑也在推动采取行动。我认为，市场对 这里的风险定价仍然不足。 ·伊朗外交部长阿拉奇：伊朗武装部队已严阵以待，手指扣在扳机上，随时准备对任何"侵略"作出回应。 ·伊朗副外长：做好200%的自卫准备 研究中心能化团队 2026/01/29 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BR ...

纸浆早报 研究中心能化团队 2026/01/29 SP主力合约收盘价： 5374.00 | 日期 | 2026/01/28 | 2026/01/27 | 2026/01/26 | 2026/01/23 | 2026/01/22 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5374.00 | 5342.00 | 5374.00 | 5398.00 | 5380.00 | | 折美元价 | 675.82 | 670.56 | 674.67 | 677.04 | 674.89 | | 距上一日涨跌 | 0.59903% | -0.59546% | -0.44461% | 0.33457% | 0.37313% | | 山东银星基差 | 26 | 58 | 26 | 12 | 30 | | 江浙沪银星基差 | 26 | 58 | 26 | 12 | 30 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/29 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/01/22 | 344.93 | 386.08 | -9.26 | 648.45 | -262.37 | 25.00 | 41.15 | | 2026/01/23 | 353.95 | 396.31 | -9.18 | 653.05 | -256.74 | 23.85 | 42.36 | | 2026/01/26 | 344.81 | 393.32 | -10.27 | 655.75 | -262.43 | 24.28 | 48.51 | ...

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.244, UK 4.543, France 3.427, Germany 2.856, Italy 3.464, Spain 3.220, Switzerland 0.228, Greece 3.466, Japan 2.234, Brazil 6.205, China 1.814, Australia 4.814, New Zealand 4.628 [2] - The latest yields of 2 - year government bonds in major economies: US 3.573, UK 3.735, Germany 2.096, Japan 1.242, Italy 2.148, China (1Y yield) 1.292, Australia 4.189 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.197, South Africa zar 15.773, South Korean won 1436.250, Thai baht 31.052, Malaysian ringgit 3.920 [2] - The latest exchange rates of the RMB: on - shore RMB 6.948, off - shore RMB 6.944, RMB central parity rate 6.976, RMB 12 - month NDF 6.815 [2] - The latest values of major economies' stock indices: S&P 500 6978.030, Dow Jones Industrial Average 49015.600, NASDAQ 23857.450, Mexican stock index 69959.730, UK stock index 10154.430, French CAC 8066.680, German DAX 24822.790, Spanish stock index 17607.600, Russian stock index (not available), Nikkei 53358.710, Hang Seng Index 27826.910, Shanghai Composite Index 4151.238, Taiwan stock index 32803.820, South Korean stock index 5170.810, Indian stock index 8320.556, Thai stock index 1338.900, Malaysian stock index 1756.490, Australian stock index 9250.602, emerging - economy stock index 1556.800 [2] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 267.587, Eurozone high - yield credit - bond index 413.360 [2] Stock Index Futures Trading Data - Index performance: A - share closing price 4151.24 (up 0.27%), CSI 300 closing price 4717.99 (up 0.26%), SSE 50 closing price 3060.56 (up 0.27%), ChiNext closing price 3323.56 (down 0.57%), CSI 500 closing price 8601.16 (up 0.61%) [3] - Valuation: PE(TTM) of CSI 300 14.20 (up 0.06), SSE 50 11.67 (up 0.04), CSI 500 38.95 (up 0.25), S&P 500 27.87 (unchanged), German DAX 19.26 (down 0.06) [3] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.66 (unchanged), German DAX 2.34 (up 0.04) [3] - Fund flow: A - share latest value - 1539.22, 5 - day average - 1092.50; Main - board latest value - 940.00, 5 - day average - 842.94; ChiNext latest value - 483.26, 5 - day average - 201.04; CSI 300 latest value - 581.72, 5 - day average - 527.18 [3] Other Trading Data - Transaction amount: Shanghai and Shenzhen stock markets latest value 29654.10 (up 704.28), CSI 300 latest value 8294.14 (up 1141.46), SSE 50 latest value 2526.23 (up 502.96), Small - and - medium - sized board latest value 5584.64 (up 21.30), ChiNext latest value 7441.76 (down 8.67) [4] - Main contract basis: IF basis 14.81 (0.31%), IH basis 9.24 (0.30%), IC basis 20.84 (0.24%) [4] - Treasury - bond futures: T2303 closing price 108.21 (up 0.02%), TF2303 closing price 105.87 (up 0.03%), T2306 closing price 108.19 (up 0.02%), TF2306 closing price 105.92 (up 0.03%) [4] - Fund interest rates: R001 1.4381% (down 19.00 BP), R007 1.6122% (down 2.00 BP), SHIBOR - 3M 1.5947% (down 1.00 BP) [4]