Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For contract 04, pay attention to spot and actual shipping. Before the Spring Festival, falling spot prices suppress the futures market, so shorting on rallies is relatively safe. However, falling freight rates may prompt shipping companies to raise prices and stimulate a post - holiday rush, potentially weakening the decline slope in March. Currently, the valuation of 04 is neutral, with shorting on rallies as the main strategy before the Spring Festival, and geopolitical fluctuations should be noted. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate cautiously, mainly using a positive spread strategy. Currently, the valuation of 10 is moderately high, and opportunities to short 10 on rallies should be monitored. [3] 3. Summary by Relevant Content Market Data - **Contract Prices and Changes**: EC2602 closed at 1717.5 with a - 0.53% change, EC2604 at 1193.9 (- 0.52%), EC2606 at 1442.2 (- 0.37%), EC2608 at 1528.4 (+ 0.29%), and EC2610 at 1112.0 (- 0.20%). [2] - **Month - to - Month Spreads**: EC2502 - 2604 spread was 523.6 (previous day: 526.5, previous two days: 579.4, day - on - day change: - 2.9); EC2504 - 2606 spread was - 248.3 (previous day: - 247.4, previous two days: - 274.6, day - on - day change: - 0.9). [2] - **Indices**: SCFIS (on January 26, 2026) was 1859.31 points, down 4.86% from the previous period; SCFI (on January 23, 2026) was 1676 dollars/TEU, down 4.83% from the previous period. [2] European Line Spot Situation - Week 5: MSK opened at 2450 (down 300 from the previous period), PA at 2400 (special price 2200), OA at 2500 - 2700 dollars, with a central price of 2500 dollars, equivalent to 1750 points on the futures. - Week 6: MSK opened at 2050 (down 400 from the previous period), PA around 2200, MSC at 2340, OA at 2300 - 2400 dollars, with a central price of 2300 dollars, equivalent to 1580 points on the futures. - On Tuesday, MSK opened at 1950 for February weeks 7 - 9 (down 100 from the previous period), lower than market expectations. [4] Relevant News - On January 28, US President Trump announced a large fleet was heading to the Middle East. The "Abraham Lincoln" aircraft carrier strike group had reached the Indian Ocean and was expected to reach the Arabian Sea in a few days. The US was deploying more transport planes, tankers, and missile defense systems in the region. - On January 28, Iranian officials said they were monitoring the Strait of Hormuz in real - time. An Iranian naval commander said Iran's control of the strait was fully intelligentized. - On January 28, the US was reported to have informed Israel of its preparations for actions against Iran. Preparations were expected to be completed in two weeks, and there might be an "opportunity window" for action in the next few months. [5]

l js 合成橡胶早报 研究中心能化团队 2026/1/28 | 品种 | 类別 | 指标 | 12/26 | 1/21 | 1/23 | 1/26 | 1/27 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约收盘价 | 11635 | 11915 | 12930 | 13265 | 13045 | -220 | 1130 | | | | 持仓量 | 64505 | 93726 | 127376 | 91654 | 79495 | -12159 | -14231 | | | 需面 | 成交量 | 196070 | 128058 | 356678 | 747469 | 749819 | 2350 | 621761 | | | | 仓単数量 | 23490 | 25630 | 26920 | 27520 | 28120 | 600 | 2490 | | | | 虚实比 | 13.73 | 18.28 | 23.66 | 16.65 | 14.13 | -3 | -4 | | | | ...

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 695.0 0.0 -1.0 9.0 -70.0 25省终端可用天数 18.1 -0.3 -1.8 -2.8 0.5 秦皇岛5000 609.0 1.0 -1.0 24.0 -61.0 25省终端供煤 618.4 0.5 9.9 -21.6 -4.4 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2409.0 -18.0 -91.0 -333.0 32.2 鄂尔多斯5500 490.0 0.0 0.0 -5.0 -60.0 北方锚地船舶 67.0 -3.0 -28.0 -4.0 10.0 大同5500 545.0 0.0 0.0 -5.0 -85.0 北方港调入量 125.1 -19.2 -22.7 -13.4 -9.9 榆林6000 670.0 0.0 0.0 -20.0 -92.0 北方港吞吐量 162.4 6.5 18.5 20.0 14.6 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 679.2 -2.3 45.3 38.6 201.7 2 ...

农产品早报 | 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 | | 2026/01/21 | 3.51 | 3.44 | 3.70 | 3.80 | 3.67 | 440 | 3.70 | 3.65 | 18.50 | | 2026/01/22 | 3.62 | 3.56 | 3.80 | 3.90 | 3.67 | 412 | 3.70 | 3.65 | 18.50 | | 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 ...

Report Summary Report Industry Investment Rating No information provided. Core View This week, the domestic LPG market rose significantly influenced by geopolitical factors and the international market. The overall internal and external valuation is moderately high. Despite the decline in PDH operation rate, the fundamentals remain tight in the short term due to the cold wave in the US and the peak combustion season. However, as the cold wave ends and Middle - East supply resumes, combined with negative feedback from poor PDH profits and the maintenance season in March, the upward momentum will weaken. The domestic LPG spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts. [4] Summary by Relevant Content 1. Price and Spread Data - **Daily Price Changes**: From 2026/01/21 to 2026/01/27, prices of LPG in South China, East China, and Shandong, as well as related products like propane CFR South China, showed fluctuations. The daily change on 2026/01/27 included a 70 - yuan increase in South China LPG, a 2 - yuan increase in East China LPG, and a 10 - yuan decrease in Shandong LPG. [4] - **Spread Data**: The 03 - 04 spread was - 274 (- 6), and the 04 - 05 spread was 88 (- 5). As of 9 pm, FEI and CP paper prices reached $539.64 and $534.64 respectively. Weekly spreads also changed, with the 03 basis at 96 (- 83), 02 - 03 spread at 64 (- 16), and 03 - 04 spread at - 261 (- 32). [4] 2. Market Conditions and Factors - **Domestic Market**: The domestic market was significantly affected by geopolitical and international factors this week. Civil LPG prices were divergent, 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). Warehouse receipts were 5898 lots (- 79). [4] - **International Market**: FEI spreads rose, while MB and CP spreads slightly declined. The oil - gas ratio decreased slightly, FEI strengthened against CP and MB, and MB - CP also strengthened. The PG - FEI c1 spread was 55.1 (- 18.7). Propane arrival discounts in East China, and FOB discounts in AFEI, the Middle East, and the US also changed. Freight rates decreased, and the FEI - MOPJ spread was - 18 (weekly + 9). [4] 3. Profit and Inventory - **Profit**: PDH spot profits fluctuated, and paper profits dropped significantly. [4] - **Inventory**: Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%. Refinery storage utilization increased by 1.21 pct, and external sales increased by 2.11%. [4] 4. Industry Operation PDH operation rate was 62.25% (- 10.82 pct). Juzhengyuan Phase II was under maintenance, and Ruiheng had a breakdown and stopped production, expected to resume next week. [4]

研究中心能化团队 2026/01/27 SP主力合约收盘价： 5374.00 纸浆早报 | 日期 | 2026/01/26 | 2026/01/23 | 2026/01/22 | 2026/01/21 | 2026/01/20 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5374.00 | 5398.00 | 5380.00 | 5360.00 | 5376.00 | | 折美元价 | 674.67 | 677.04 | 674.89 | 672.13 | 674.62 | | 距上一日涨跌 | -0.44461% | 0.33457% | 0.37313% | -0.29762% | 0.26110% | | 山东银星基差 | 26 | 12 | 30 | 50 | 34 | | 江浙沪银星基差 | 26 | 12 | 30 | 50 | 34 | 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 ...

原油成品油早报 一、日度新闻 伊朗情况： 1. 伊朗对美发出警告：若遭军事打击将袭击美航母。 2. 以色列民航局称本周末进入敏感时期。 3. 美国总统特朗普表示，伊朗局势"瞬息万变"，因为他向该地区派遣了一支"庞大的舰队"，但他认为伊朗确实想要达成 协议。 4. 黎巴嫩真主党：不会对针对伊朗的军事行动袖手旁观。 ·特朗普认为伊朗希望达成协议 研究中心能化团队 2026/01/27 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2026/01/20 | 60.36 | 64.92 | 61.79 | 2.42 | 0.73 ...

기술 消息面 1/27 美国官员： 美国总统特朗普完全赞同以色列总理内塔尼亚胡的声明，即在哈马斯实现非军事化和解除武装之前，加沙的重建不会开始。 1/27 美国总统特朗普表示 因为他向该地区派遣了 伊朗局势 "瞬息万变 - 支 "庞大的舰队" 但他认为伊朗确实想要达成协议 1/27 黎巴嫩真主党：不会对针对伊朗的军事行动袖手旁观。 伊朗对美发出警告：若遵军事打击将袭击美航母。 1/26 以色列民航局称本周末进入敏感时期。当地时间1月25日，以色列民航局向多家外国航空公司发出通知称，以色列可能在本月30日（本周 -且安全评估显示无法确保合理安全水平，以色列将立即关闭领空，届时将优先保障外国航班离境。 天内即可对伊朗动武。26日，一名不愿公开姓名的美国官员表示，美国海军 "亚伯拉罕·林肯" 号 "敏感时期" 通知强调 , 五）前后进入 号航母打击群- —两天内即可对伊朗动武。 号航空 1/27 美官员: "林肯' 母舰打击群已经驶入美军中央司令部在西印度洋的责任区。如果白宫下令打击伊朗，理论上，该航母打击群在 -两天内"就能发起军事行动. EC主力合约价格走势 EC远期曲线 1800 6000 1700 5000 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Report Core View - No explicit core view presented in the given content 3. Summary by Relevant Data Price and Production - The price of Hebei quasi-dry quenching coke is 1680.00, with no daily change, no weekly change, a monthly decrease of 55.00, and a year-on-year increase of 11.26% [2] - The price of Shandong quasi-dry quenching coke is 1625.00, with no daily change, no weekly change, a monthly decrease of 35.00, and a year-on-year decrease of 6.34% [2] - The price of Jiangsu quasi-dry quenching coke is 1645.00, with no daily change, no weekly change, a monthly decrease of 55.00, and a year-on-year decrease of 7.32% [2] - The price of Inner Mongolia secondary coke is 1130.00, with no daily change, no weekly change, a monthly decrease of 50.00, and a year-on-year decrease of 9.60% [2] - The blast furnace开工率 is 85.51, with a weekly increase of 0.03, a monthly increase of 0.57, and a year-on-year increase of 1.46% [2] - The daily average iron water output is 228.10, with a weekly increase of 0.09, a monthly increase of 1.52, and a year-on-year increase of 1.18% [2] - The coking capacity utilization rate is 71.47, with a weekly decrease of 0.14, a monthly increase of 0.97, and a year-on-year decrease of 1.89% [2] - The daily average coke output is 50.83, with a weekly increase of 0.43, a monthly increase of 0.17, and a year-on-year decrease of 4.92% [2] Inventory - The coking plant inventory is 42.25, with a weekly increase of 1.64, a monthly decrease of 7.89, and a year-on-year decrease of 38.66% [2] - The port inventory is 196.06, with a weekly increase of 7.99, a monthly increase of 17.86, and a year-on-year increase of 9.77% [2] - The steel mill inventory is 661.64, with a weekly increase of 11.31, a monthly increase of 19.44, and a year-on-year decrease of 7.62% [2] - The steel mill inventory days are 12.35, with a weekly increase of 0.38, a monthly increase of 0.34, and a year-on-year decrease of 10.12% [2] Futures Market - The futures price of contract 05 is 1715.5, with a daily increase of 4.00, a weekly increase of 22.00, a monthly decrease of 24.00, and a year-on-year decrease of 3.68% [2] - The futures price of contract 09 is 1783.5, with a daily increase of 1.50, a weekly increase of 14.00, a monthly decrease of 32.50, and a year-on-year decrease of 3.33% [2] - The futures price of contract 01 is 1877.5, with a daily increase of 2.00, a weekly increase of 0.50, a monthly increase of 280.50, and a year-on-year decrease of 0.27% [2] - The basis of contract 05 is 16.73, with a daily decrease of 4.00, a weekly decrease of 16.62, a monthly decrease of 29.35, and a year-on-year decrease of 85.63 [2] - The basis of contract 09 is -51.27, with a daily decrease of 1.50, a weekly decrease of 8.62, a monthly decrease of 20.85, and a year-on-year decrease of 89.63 [2] - The basis of contract 01 is -145.27, with a daily decrease of 2.00, a weekly increase of 4.88, a monthly decrease of 333.85, and a year-on-year decrease of 146.13 [2] - The spread between contracts 5 and 9 is 162.00, with a daily decrease of 2.00, a weekly decrease of 21.50, a monthly increase of 304.50, and a year-on-year increase of 60.50 [2] - The spread between contracts 9 and 1 is -68.00, with a daily increase of 2.50, a weekly increase of 8.00, a monthly increase of 8.50, and a year-on-year decrease of 4.00 [2] - The spread between contracts 1 and 5 is -94.00, with a daily decrease of 0.50, a weekly increase of 13.50, a monthly decrease of 313.00, and a year-on-year decrease of 56.50 [2]

1. Report Information - Report Name: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: January 27, 2026 [1] 2. Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1,483.00, with a daily change of 57.00, weekly change of 57.00, monthly change of 33.00, and annual change of 11.76% [2] - The latest price of Raw Coal Port Delivery Price is 1,040.00, with a daily change of 24.00, weekly change of -5.00, monthly change of 70.00, and annual change of 13.04% [2] - The latest price of Shaheyi Mongolian No. 5 is 1,400.00, with no daily change, weekly change of 60.00, monthly change of 60.00, and annual change of 2.94% [2] - The latest price of Anze Main Coking Coal is 1,640.00, with no daily change, weekly change of 20.00, monthly change of 40.00, and annual change of 17.14% [2] International Prices - The latest price of Peak Downs is 260.00, with a daily change of 2.00, weekly change of 18.00, monthly change of 32.00, and annual change of 64.00 [2] - The latest price of Goonyella is 260.00, with a daily change of 0.40, weekly change of 17.00, monthly change of 31.00, and annual change of 61.00 [2] Futures Prices - The latest price of Futures Contract 05 is 1,151.00, with a daily change of 7.00, weekly change of 1.00, monthly change of 24.00, and annual change of 0.35% [2] - The latest price of Futures Contract 09 is 1,227.50, with a daily change of 9.00, no weekly change, monthly change of 23.00, and annual change of 0.37% [2] - The latest price of Futures Contract 01 is 1,394.50, with a daily change of 7.50, weekly change of 3.00, monthly change of 351.50, and annual change of 11.78% [2] 3. Inventory Information - The total inventory is 4,099.62, with a weekly change of 12.02, monthly change of 88.22, and annual change of -15.89% [2] - The coal mine inventory is 274.35, with a weekly change of 1.98, monthly change of -8.55, and annual change of -37.42% [2] - The port inventory is 298.90, with a weekly change of -0.90, monthly change of 12.73, and annual change of -35.20% [2] - The steel mill coking coal inventory is 802.20, with a weekly change of 4.47, monthly change of -2.79, and annual change of -3.06% [2] - The coking plant coking coal inventory is 1,132.85, with a weekly change of 61.17, monthly change of 96.56, and annual change of -2.21% [2] - The coking plant coke inventory is 85.71, with a weekly change of 0.33, monthly change of 0.19, and annual change of 0.86% [2] 4. Production and Utilization Information - The coking capacity utilization rate is 72.41, with a weekly change of -0.14, monthly change of 0.75, and annual change of -0.29% [2] 5. Basis and Spread Information - The basis for Futures Contract 05 is -16.75, with a daily change of -7.00, weekly change of -1.00, monthly change of 49.56, and annual change of 35.08 [2] - The basis for Futures Contract 09 is -93.25, with a daily change of -9.00, no weekly change, monthly change of 50.56, and annual change of -0.27 [2] - The basis for Futures Contract 01 is -260.25, with a daily change of -7.50, weekly change of -3.00, monthly change of -277.94, and annual change of 0.71 [2] - The spread between Futures Contract 05 and 09 is -76.50, with a daily change of -2.00, weekly change of 1.00, monthly change of 1.00, and annual change of 0.01 [2] - The spread between Futures Contract 09 and 01 is -167.00, with a daily change of 1.50, weekly change of -3.00, monthly change of -328.50, and annual change of 5.82 [2] - The spread between Futures Contract 01 and 05 is 243.50, with a daily change of 0.50, weekly change of 2.00, monthly change of 327.50, and annual change of 1.42 [2]