1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the domestic market rose significantly due to geopolitical and external market factors. Although the PDH operating 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, Middle - East supply returns, and with the negative feedback of poor PDH profits and the March maintenance season, the driving force will weaken. The domestic market's monthly spread valuation is neutral, and the fundamentals support positive spreads, but attention should be paid to the warehouse receipt situation [4] 3. Summary According to Relevant Catalogs 3.1 Daily Quotes - 03 - 04 monthly spread is - 275 (- 1), 04 - 05 monthly spread is 105 (+ 17). As of 9 pm, FEI and CP paper cargo prices reached 550.57 and 538.57 US dollars respectively. The 03 basis is 96 (- 83), 02 - 03 monthly spread is 64 (- 16), 03 - 04 monthly spread is - 261 (- 32). Civil gas prices are differentiated: Shandong is 4460 (+ 20), East China is 4372 (- 151), South China is 4780 (- 255). The cheapest deliverable is Shandong ether - after 4350 (+ 10). Warehouse receipts are 5898 lots (- 79). FEI monthly spreads rose, MB and CP monthly 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 is 55.1 (- 18.7). The CIF discount of propane in East China, China is 85 (+ 8); the FOB discounts of AFEI, Middle - East, and US propane are 36 (- 1.75), 20 (- 9), and 62.52 US dollars (+ 11.72) respectively. Freight rates declined. The FEI - MOPI spread is - 18 (week - on - week; + 9) [4] 3.2 Weekly Outlook - Spot profits fluctuated, and paper cargo profits declined 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 sales increased by 2.11%. The PDH operating rate is 62.25% (- 10.82%), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [4]

s 加安期货 沥青早报 | | | | | | | | MISU PRODUCTION FOR | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 12/29 | 1/22 | 1/26 | 1/27 | 1/28 | 日度变化 | 팀 | | | 山东基差(+80)(非京博) | -68 | -92 | -79 | -69 | -3330 | -3261 | ... | | | 华东基差(镇江库) | -118 | -72 | -79 | 1 | -3410 | -3411 | 1. | | | 华南基差(佛山库) | -178 | -92 | -49 | 21 | -3410 | -3431 | ... | | 基差&月差 | 01-03 | -35 | -83 | -69 | -93 | -122 | -29 | | | | 02-03 | -4 | -14 | -17 | -8 | -1 | 7 | | | | 03-06 | -25 | -8 | -7 | 11 | 21 | 10 | | | | BU主力合约(0 ...

铅：跨市套利跟踪 2026/01/29 国内价格 LME价格 比价 现货 16750 1977 8.49 三月 17065 2026 12.48 均衡比价 盈利 现货进口 8.53 -78.86 跨期套利跟踪 2026/01/29 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 780 1040 1190 1290 理论价差 613 1125 1645 2166 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 710 715 800 780 理论价差 227 361 494 628 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 1410 1440 1460 1450 理论价差 232 365 498 632 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 60 130 180 215 理论价差 210 315 421 527 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -1380 -1280 -940 -860 锡 5-1 价差 650 理论价差 9075 期现套利跟踪 2026/01/29 铜 当月合约-现货 ...

音紧像胶呈报 图1 研究中心能化团队 2026/01/29 P 不 As 占 商品 POY 1 仓单+有 石脑油日 PX CFR PTA内盘现 PTA平衡 石脑油裂 PTA加 PTA负 50D/4 聚酯毛利 TA基美 日期 原油 PX加工美 产销 工差 台湾 न्ह 解价差 效预报 K 荷 负荷 8F Half 2026/0 6740 102280 0.75 64.1 567 907 2152 97.44 340.0 347 -44 79.6 76.6 -73 1/22 2026/0 65.9 ୧୧୧ 923 5285 6795 82.35 358.0 396 -146 77.1 76.6 104020 -70 0.65 1/23 图H 2026/0 7000 91.74 -26 77.1 -80 0.50 65.6 573 930 5350 430 76.6 1039990 357.0 1/26 2026/0 67.6 569 903 5225 7055 73.21 334.0 103966 0.30 448 150 77.1 76.6 -78 1/27 2026/0 (图H 68.4 585 5235 7 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures**: The closing price of the BR main contract on January 28th was 13,265, with a daily change of 220 and a weekly change not fully legible; the holding volume was 76,340, a daily decrease of 3,155 and a weekly decrease of 20,342; the trading volume was 514,932, a daily decrease of 234,887 and a weekly increase of 332,175; the warrant quantity was 28,220, a daily increase of 100 and a weekly increase of 1,300; the virtual - real ratio was 13.53, a daily decrease of 1 and a weekly decrease of 4; the butadiene rubber basis was -315, a daily decrease of 70 and a weekly increase of 105; the styrene - butadiene basis was -72 (illegible in original data), a daily decrease of 220 and a weekly increase of 5; the 02 - 03 spread was -75, a daily decrease of 35 and a weekly increase of 5; the 03 - 04 spread was 10, a daily decrease of 5 and a weekly increase of 30; the RU - BR spread was 3,095, a daily decrease of 65 and a weekly decrease of 485; the NR - BR spread was -75, a daily decrease of 115 and a weekly decrease of 540 [4] - **Spot**: The Shandong market price was 12,950, a daily increase of 150 and a weekly increase of 1,100; the Transfar market price was 12,900, a daily increase of 150 and a weekly increase of 1,050; the Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,000; the CFR Northeast Asia price was 1,520, with no daily change and no weekly change; the CFR Southeast Asia price was 1,785, a daily increase of 35 and a weekly increase of 35 [4] - **Profit**: The spot processing profit was 15, a daily increase of 380 and a weekly increase of 616; the import profit was 271, a daily increase of 149 and a weekly increase of 1,117; the export profit was 511, a daily increase of 113 and a weekly decrease of 729 [4] BD (Butadiene) - **Spot**: The Shandong market price was 10,525, a daily decrease of 225 and a weekly increase of 475; the Jiangsu market price was 10,450, a daily decrease of 250 and a weekly increase of 600; the Yangzi ex - factory price was 10,600, a daily decrease of 200 and a weekly increase of 700; the CFR China price was 1,270, with no daily change and a weekly increase of 90 [4] - **Profit**: The carbon four extraction profit was not fully available in the data; the import profit was 319, a daily decrease of 250 and a weekly decrease of 95; the export profit was -1,035, a daily increase of 774 and a weekly change not fully legible; the styrene - butadiene production profit was 180 (illegible in original data), a daily increase of 350 and a weekly increase of 438; the ABS production profit data was not fully available; the SBS production profit was -1,130, a daily increase of 140 and a weekly decrease of 135 [4]

农产品早报 研究中心农产品团队 2026/01/29 玉米/淀粉 玉米 淀粉 日期 长春 锦州 潍坊 蛇口 基差 贸易利润 进口盈亏 黑龙江 潍坊 基差 加工利润 2026/01/22 2180 2300 2260 2430 5 -10 326 2750 2820 86 -70 2026/01/23 2180 2300 2260 2440 0 0 338 2750 2820 80 -90 2026/01/26 2190 2300 2260 2440 7 0 318 2750 2820 97 -90 2026/01/27 2190 2300 2270 2440 17 0 325 2750 2820 155 -92 2026/01/28 2190 2290 2280 2440 16 10 328 2750 2820 165 -92 变化 0 -10 10 0 -1 10 3 0 0 10 0 【行情分析】： 玉米：市场情绪些许扰动，本周港口现货先抑后扬，价格基本维持上周水平。短期看，在产地依旧挺价惜售的氛围下，虽然有储备轮储补充， 但是供应增量依旧受限。再加上当期渠道整体库存量不高，下游又有备货的预期的支撑下，玉 ...

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 696.0 1.0 2.0 10.0 -69.0 25省终端可用天数 18.0 -0.1 -1.9 -2.9 0.4 秦皇岛5000 611.0 2.0 3.0 24.0 -59.0 25省终端供煤 620.3 1.9 11.8 -19.8 -2.6 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2362.0 -47.0 -124.0 -351.0 -47.1 鄂尔多斯5500 490.0 0.0 0.0 -5.0 -50.0 北方锚地船舶 100.0 22.0 20.0 27.0 38.0 大同5500 545.0 0.0 0.0 -5.0 -85.0 北方港调入量 163.3 20.4 38.5 49.0 33.8 榆林6000 670.0 0.0 0.0 -20.0 -92.0 北方港吞吐量 162.2 -0.9 2.5 19.0 54.7 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 660.5 -15.0 -5.3 32.1 184.2 2 ...

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: January 28, 2026 [1] Key Data Summary Coal Prices - The latest price of Liulin Main Coking Coal is 1483.00, with no daily change, a weekly increase of 57.00, a monthly increase of 33.00, and a yearly increase of 11.76% [2] - The latest price of Raw Coal Port Delivery Price is 1003.00, with a daily decrease of 37.00, a weekly decrease of 17.00, a monthly increase of 48.00, and a yearly increase of 8.43% [2] - The latest price of Shaheyi Meng 5 is 1400.00, with no daily change, no weekly change, a monthly increase of 60.00, and a yearly increase of 2.94% [2] - The latest price of Anze Main Coking Coal is 1640.00, with no daily change, a weekly increase of 20.00, a monthly increase of 40.00, and a yearly increase of 17.14% [2] Inventory - The total inventory is 4099.62, with a weekly increase of 12.02, a monthly increase of 88.22, and a yearly decrease of 15.89% [2] - The coal mine inventory is 274.35, with a weekly increase of 1.98, a monthly decrease of 8.55, and a yearly decrease of 37.42% [2] - The port inventory is 298.90, with a weekly decrease of 0.90, a monthly increase of 12.73, and a yearly decrease of 35.20% [2] - The steel mill coking coal inventory is 802.20, with a weekly increase of 4.47, a monthly decrease of 2.79, and a yearly decrease of 3.06% [2] - The coking plant coking coal inventory is 1132.85, with a weekly increase of 61.17, a monthly increase of 96.56, and a yearly decrease of 2.21% [2] Other Data - The coking capacity utilization rate is 72.41, with a weekly decrease of 0.14, a monthly increase of 0.75, and a yearly decrease of 0.29% [2] - The coking plant coke inventory is 85.71, with a weekly increase of 0.33, a monthly increase of 0.19, and a yearly increase of 0.86% [2] - The 05 contract basis is 4.75, with a daily increase of 21.50, a weekly decrease of 10.00, a monthly increase of 46.06, and a yearly increase of 35.58 [2] - The 09 contract basis is -71.75, with a daily increase of 21.50, a weekly decrease of 12.00, a monthly increase of 43.56, and a yearly decrease of 0.34 [2] - The 01 contract basis is -244.25, with a daily increase of 16.00, a weekly decrease of 23.00, a monthly decrease of 287.94, and a yearly increase of 0.74 [2] - The 5 - 9 spread is -76.50, with no daily change, a weekly decrease of 2.00, a monthly decrease of 2.50, and a yearly decrease of 0.03 [2] - The 9 - 1 spread is -172.50, with a daily decrease of 5.50, a weekly decrease of 11.00, a monthly decrease of 331.50, and a yearly increase of 4.56 [2] - The 1 - 5 spread is 249.00, with a daily increase of 5.50, a weekly increase of 13.00, a monthly increase of 334.00, and a yearly increase of 1.27 [2]

有色早报 研究中心有色团队 2026/01/28 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/01/21 -350 5002 213515 145581 -1047.36 -10.15 22.0 22.0 -29.11 159400 46825 2026/01/22 -350 4773 213515 143173 -498.98 -11.07 22.0 22.0 -82.84 168250 47100 2026/01/23 -350 5022 225937 146793 -590.48 192.15 22.0 22.0 -66.06 171700 46275 2026/01/26 -370 5164 225937 145314 -803.91 -329.61 22.0 22.0 -71.07 170525 44725 2026/01/27 -380 4809 225937 144908 -698.50 290.46 22.0 22.0 -93.80 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No relevant information provided. 3. Summary by Related Catalogs Price - The latest prices and their daily and weekly changes of silicon - iron and silicon - manganese in different regions are presented. For example, the latest price of Ningxia 72 silicon - iron is 5280, with a daily change of - 20 and a weekly change of 30 [1]. - The prices of silicon - iron and silicon - manganese in different contracts (such as main contracts, 01 contracts, etc.) and their daily and weekly changes are also given. For instance, the main contract price of silicon - iron is 5604, with a daily change of - 24 and a weekly change of 52 [1]. - The price differences between different varieties and time periods (e.g., 1 - 5 month spread, 5 - 9 month spread) are provided [1]. Supply - The production and capacity utilization of 136 silicon - iron enterprises in China are shown, including monthly and weekly data, and the capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [3]. - The production of silicon - manganese in China, the procurement volume and price of HeSteel Group for silicon - manganese 6517 are also presented [5]. Demand - The estimated production of crude steel in China, the production of stainless - steel crude steel, and the demand for silicon - manganese in China are provided [3][6]. - The procurement volume of HeSteel Group for FeSi75 - B silicon - iron is also given [3]. Inventory - The inventory data of 60 sample silicon - iron enterprises in China, including the total inventory and the inventory in Ningxia, Inner Mongolia, and Shaanxi, are presented [4]. - The inventory - related data of silicon - manganese, such as the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts, are provided [6]. Cost and Profit - The electricity prices of iron - alloy in different regions (Qinghai, Ningxia, Shaanxi, Inner Mongolia), the market price of semi - coke, and the production cost and profit of silicon - iron in Ningxia and Inner Mongolia are shown [4]. - The cost - related data of silicon - manganese, including the price of chemical coke, the price of manganese ore, and the profit of silicon - manganese in Inner Mongolia, Guangxi, and other regions, are provided [5][6].