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].

原油成品油早报 金十数据1月28日讯，周二，美、布两油期货结算价上涨3%，分别报62.39和67.57美元/盎司。据分析师和交易商估 计，因一场严重冬季风暴横扫全美、令能源基础设施和电网承压，美国石油生产商在上周末损失的产量最高达200万桶/ 日，约占全国产量的 15%。经纪公司PVM的石油分析师Tamas Varga称："美国的寒冷天气可能会导致石油库存在未来 几周内大幅下降，尤其是如果这种天气持续下去的话。"船舶跟踪服务公司Vortexa称，在寒冷天气的影响下，美国墨西 哥湾沿岸港口的原油和液化天然气出口量周日降至零。该公司分析主管称，随着港口重新开放，周一出口反弹，流量高 于季节性标准。此外，两位知情消息人士早前表示，哈萨克斯坦最大的腾吉兹油田(Tengiz)可能会在2月7日之前恢复不 到一半的正常产量，该油田正在从火灾和停电事故中缓慢恢复。不过，运营哈萨克斯坦主要出口管道的CPC公司表示， 在其位于俄罗斯黑海沿岸的码头的三个系泊点之一完成维护后，该码头的装载能力已恢复到满负荷状态。 ·美国至1月23日当周API原油库存 -24.7万桶，预期145万桶，前值304.3万桶。 ·美国至1月23日当周API ...