s 加安期货 沥青早报 | | 指标 | 12/25 | 1/20 | 1/22 | 1/23 | 1/26 | MISUL O HOLOLAL FACY 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | -55 -115 | 1 11 | -92 -72 | -56 | -79 -79 | -23 -23 | | | | 华东基差(镇江库) | | | | -56 | | | | | 基差&月差 | 华南基差(佛山库) | -195 | -9 | -92 | -56 | -49 | 7 | | | | 01-03 | -32 | -57 | -83 | -88 | -69 | 19 | | | | 02-03 | -7 | -17 | -14 | -14 | -17 | -3 | | | | 03-06 | -30 | -16 | -8 | -7 | -7 | 0 | | | ：11:1 | BU主力合约(02) | 2992 | 3139 | 3242 | 3236 | 3279 ...

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 2.0 -5.0 8.0 -70.0 25省终端可用天数 18.0 0.1 -2.0 -2.9 0.4 秦皇岛5000 608.0 2.0 -6.0 23.0 -62.0 25省终端供煤 617.5 6.1 8.9 -22.6 -5.4 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2427.0 -8.0 -133.0 -336.0 96.5 鄂尔多斯5500 490.0 0.0 -5.0 -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 -5.0 -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 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: January 27, 2026 [3] - Data Source: Mysteel, Wind [8] Key Points 1. BR (Butadiene Rubber) Futures Market - The closing price of the BR main contract on January 26 was 13,265, with a daily increase of 335 and a weekly increase of 1,680 [4]. - The open interest on January 26 was 91,654, a daily decrease of 35,722 and a weekly increase of 652 [4]. - The trading volume on January 26 was 747,469, a daily increase of 390,791 and a weekly increase of 641,385 [4]. - The warrant quantity on January 26 was 27,520, a daily increase of 600 and a weekly increase of 3,190 [4]. - The long - short ratio on January 26 was 16.65, a daily decrease of 7 and a weekly decrease of 2 [4]. Basis, Spread, and Inter - variety Spread - The butadiene rubber basis on January 26 was - 365, a daily decrease of 135 and a weekly decrease of 330 [4]. - The styrene - butadiene rubber basis on January 26 was - 65, a daily change of 0 and a weekly decrease of 380 [4]. - The 02 - 03 spread on January 26 was - 100, a daily decrease of 25 and a weekly decrease of 45 [4]. - The 03 - 04 spread on January 26 was 40, a daily increase of 70 and a weekly increase of 80 [4]. - The RU - BR spread on January 26 was 2,962, a daily decrease of 420 and a weekly decrease of 1,070 [4]. - The NR - BR spread on January 26 was - 180, a daily decrease of 345 and a weekly decrease of 1,145 [4]. Spot Market - The Shandong market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,350 [4]. - The Transfar market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,450 [4]. - The Qilu ex - factory price on January 26 was 12,700, with no daily change and a weekly increase of 1,000 [4]. - The CFR Northeast Asia price remained at 1,550 on January 26, with no daily or weekly change [4]. - The CFR Southeast Asia price remained at 1,750 on January 26, with no daily or weekly change [4]. Profit Situation - The spot processing profit on January 26 was - 571, a daily increase of 149 and a weekly decrease of 231 [4]. - The import profit on January 26 was 206, a daily increase of 219 and a weekly increase of 1,346 [4]. - The export profit on January 26 was 325, a daily decrease of 191 and a weekly decrease of 1,171 [4]. 2. BD (Butadiene) Spot Market - The Shandong market price on January 26 was 11,050, a daily increase of 50 and a weekly increase of 1,250 [4]. - The Jiangsu market price on January 26 was 10,900, a daily increase of 200 and a weekly increase of 1,600 [4]. - The Yangzi ex - factory price on January 26 was 10,800, a daily increase of 300 and a weekly increase of 1,400 [4]. - The CFR China price on January 26 was 1,250, a daily increase of 50 and a weekly increase of 70 [4]. Profit Situation - The carbon - four extraction profit was 3,228 (data for January 23, subsequent data is N/A) [4]. - The butene oxidative dehydrogenation profit on January 26 was 2,310, a daily increase of 200 and a weekly increase of 1,600 [4]. - The import profit on January 26 was 914, a daily decrease of 179 and a weekly increase of 1,046 [4]. - The export profit data has many N/A values and cannot be accurately summarized. 3. Other Product Production Profits - The styrene - butadiene production profit on January 26 was 275, a daily increase of 75 and a weekly decrease of 275 [4]. - The ABS production profit data has many N/A values and cannot be accurately summarized. - The SBS production profit on January 26 was - 1,270, a daily increase of 190 and a weekly decrease of 730 [4].

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the domestic LPG market rose significantly due to geopolitical factors and the influence of the external market. Although the PDH operating rate has decreased, the fundamentals are still tight in the short term due to the cold wave in the United States and the peak combustion season. However, as the cold wave ends, Middle - East supply returns, and considering the negative feedback of poor PDH profits and the maintenance season in March, the driving force will weaken. The domestic market's month - spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] Group 3: Summary by Relevant Content 1. Daily Market Data - From January 20 to January 26, 2026, prices of LPG in South China, East China and Shandong, as well as related products like propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed different changes. The paper import profit decreased from 148 to - 169, and the main contract basis decreased from 519 to 142. On January 26, compared with the previous day, the price of South China LPG decreased by 10, the price of East China LPG increased by 10, the price of Shandong LPG decreased by 40, and other indicators also had corresponding daily changes [1] 2. Daily Market Conditions - On Monday, under the influence of macro and geopolitical sentiments, the futures market showed a strong performance. The 03 - 04 month - spread was - 246 (+15), and the 04 - 05 month - spread was 91 (-13). As of 9 p.m., the FEI and CP paper - cargo prices reached 551 and 540 US dollars respectively [1] 3. Weekly Views a. Price and Basis Changes - The domestic market rose this week. The 03 basis was 96 (-83), the 02 - 03 month - spread was 64 (-16), and the 03 - 04 month - spread was - 261 (-32). Civil LPG prices were differentiated, with the price in Shandong being 4460 (+20), in East China 4372 (-151), and in South China 4780 (-255). The cheapest deliverable product was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 (-79) [1] b. International Market Indicators - The FEI month - spread increased, while the MB and CP month - spreads decreased slightly. The oil - gas ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The domestic - foreign PG - FEI c1 reached 55.1 (-18.7). The arrival - at - shore discount of propane in East China, China was 85 (+8); the FOB discounts of propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates decreased. The FEI - MOPJ spread was - 18 (week - on - week +9) [1] c. Profit and Inventory - PDH spot profits fluctuated, and paper - cargo profits dropped significantly. Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%, indicating a narrowing demand. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]

【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，玉米价格有望维持阶段性偏强的表现。中长期来 看，需重点关注结构变化，今年粮源依旧存在供应缺口的情况下，重点关注未来进口政策和国内拍储政策变化。 | 农产品早报 | | --- | 研究中心农产品团队 2026/01/27 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 2026/01/20 2180 2280 2260 2430 0 0 357 2750 2820 105 -70 2026/01/21 2180 2280 2260 2430 -3 0 326 2750 2820 104 -70 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 2026/0 ...

废钢早报 研究中心黑色团队 2026/01/27 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/20 | 2185 | 2264 | 2054 | 2250 | 2217 | 2109 | | 2026/01/21 | 2185 | 2265 | 2052 | 2248 | 2217 | 2109 | | 2026/01/22 | 2184 | 2266 | 2052 | 2248 | 2217 | 2109 | | 2026/01/23 | 2185 | 2266 | 2052 | 2248 | 2218 | 2109 | | 2026/01/26 | 2189 | 2271 | 2057 | 2250 | 2218 | 2109 | | 环比 | 4 | 5 | 5 | 2 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Category Spot Market - Newman powder: price 788, daily change -10, weekly change -6, discounted to the underlying 843.3, import profit 15.97 [1] - PB powder: price 793, daily change -9, weekly change -11, discounted to the underlying 844.5 [1] - Macfarlane powder: price 789, daily change -11, weekly change -8, discounted to the underlying 861.7, import profit 39.45 [1] - Jinbuba: price 746, daily change -9, weekly change -11, discounted to the underlying 838.8, import profit 50.45 [1] - Mainstream mixed powder: price 725, daily change -5, weekly change -18, discounted to the underlying 862.8, import profit 1.52 [1] - Super special powder: price 670, daily change -8, weekly change -7, discounted to the underlying 889.8, import profit -0.49 [1] - Carajás powder: price 878, daily change -9, weekly change -1, discounted to the underlying 811.5, import profit -14.89 [1] - Brazilian blend: price 824, daily change -9, weekly change -11, discounted to the underlying 830.9, import profit 8.05 [1] - Brazilian coarse IOC6: price 757, daily change -9, weekly change -11, discounted to the underlying 830.4 [1] - Brazilian coarse SSFG: price 762, daily change -9, weekly change -11 [1] - Ukrainian concentrate: price 872, daily change -6, weekly change -7, discounted to the underlying 974.6 [1] - 61% Indian powder: price 735, daily change -9, weekly change -11 [1] - Karara concentrate: price 876, daily change -6, weekly change -7, discounted to the underlying 896.2 [1] - Roy Hill powder: price 780, daily change -9, weekly change -11, discounted to the underlying 858.5, import profit 59.15 [1] - KUMBA powder: price 852, daily change -9, weekly change -11, discounted to the underlying 831.5 [1] - 57% Indian powder: price 605, daily change -8, weekly change -7 [1] - Atlas powder: price 720, daily change -5, weekly change -18 [1] - Tangshan iron concentrate: price 982, daily change 0, weekly change 11, discounted to the underlying 869.0 [1] Futures Market - DCE i2701: price 755.0, daily change -9.5, weekly change -7.5, monthly spread 11.0, spread change 56.5, daily spread change -0.2, weekly spread change 6.4 [1] - DCE i2605: price 784.5, daily change -10.5, weekly change -9.5, monthly spread -29.5, spread change 27.0, daily spread change 0.8, weekly spread change 8.4 [1] - DCE i2609: price 766.0, daily change -11.5, weekly change -10.5, monthly spread 18.5, spread change 45.5, daily spread change 1.8, weekly spread change 9.4 [1] - SGX FE01: price 105.87, daily change 0.22, weekly change -1.05, spread -2.59, spread change -69.8, daily spread change 4.6, weekly spread change -34.5 [1] - SGX FE05: price 104.61, daily change 0.95, weekly change -1.42, spread 1.26, spread change -29.3, daily spread change -0.1, weekly spread change -6.6 [1] - SGX FE09: price 103.28, daily change 1.01, weekly change -1.47, spread 1.33, spread change -36.4, daily spread change -1.1, weekly spread change -5.2 [1]

-100 -200 -300 -400 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 基差: 混合 - RU主力 ● 2013 ● 2014 ● 2015 ● 2016 ● 2017 据思想出 元 - 2020 · 2021 · 2022 1,000 _ ● 2018 ● 2019 ● 2020 600 = 2023 · 2024 · 2025 · · 2026 2025 - 2026 400 0 200 -1,000 0 -2,000 -200 -3,000 -400 -600 -4,000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 月差:RU:05-09 价差: NR主力 - 美金泰标 唱片受剧 ↓ 2021 ↓ 2022 ↓ 2023 ↓ 2024 ↓ 2025 ● 2019 ● 2020 ● 2021 ● 2022 ● 2023 ● 900 ● 2024 ● 2025 ● 2026 500 - � 2026 400 600 300 200 | 0 -300 -600 - ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/27 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2026/01/20 | 344.17 | 387.29 | -9.82 | 645.50 | -258.21 | 23.87 | 43.12 | | 2026/01/21 | 344.11 | 388.88 | -10.06 | 661.40 | -272.52 | 25.43 | 44.77 | | 2026/01/22 | 344.93 | 386.08 | -9.26 | 648.45 | -262.37 | 25.00 | 41.15 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the EC2604 contract, attention should be paid to the spot market and actual rush shipping. Before the Spring Festival, the falling spot prices suppress the futures market, and shorting on rallies is relatively safe. However, as freight rates decline, shipping companies may announce price increases to stabilize prices, which may also trigger a wave of shipping after the Spring Festival, potentially weakening the downward slope of prices in March. Currently, the valuation of EC2604 is moderately high, and shorting opportunities on rallies can be considered, while geopolitical fluctuations need to be noted. [3] - The adjustment of export tax rebates is negative for the far - month contracts, but the far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate with caution and mainly adopt a positive spread trading strategy. Currently, the valuation of EC2610 is high, and shorting opportunities for EC2610 on rallies can be considered. [3] Group 3: Summary of Related Data Futures Contract Data - EC2602: Yesterday's closing price was 1726.7, up 0.52%, with a basis of 227.5, trading volume of 565, and open interest of 4225, a decrease of 176. [2] - EC2604: Yesterday's closing price was 1200.2, up 5.44%, with a basis of 754.0, trading volume of 43172, and open interest of 41690, an increase of 541. [2] - EC2606: Yesterday's closing price was 1447.6, up 2.46%, with a basis of 506.6, trading volume of 4483, and open interest of 7324, an increase of 1333. [2] - EC2608: Yesterday's closing price was 1524.0, up 1.91%, with a basis of 430.2, trading volume of 614, and open interest of 1515, an increase of 172. [2] - EC2610: Yesterday's closing price was 1114.2, up 1.94%, with a basis of 840.0, trading volume of 2148, and open interest of 8565, an increase of 195. [2] Month - spread Data - EC2502 - 2604: The previous day's value was 526.5, with a day - on - day decrease of 52.9 and a week - on - week decrease of 70.9. [2] - EC2504 - 2606: The previous day's value was - 247.4, with a day - on - day increase of 27.2 and a week - on - week decrease of 42.6. [2] Spot Index Data - SCFIS (European line): Updated weekly on Monday, as of January 19, 2026, it was 1954.19 points, down 0.11% from the previous period, and up 8.94% from the period before the previous one. [2] - SCFI (European line): Updated weekly, as of January 23, 2026, it was 1595 US dollars/TEU, down 4.83% from the previous period and down 2.50% from the period before the previous one. [2] European Line Spot Freight Situation - Week 5: MSK's opening price was 2450 (a decrease of 300 compared to the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 US dollars. The central price was 2500 US dollars, equivalent to 1750 points on the futures market. [4] - Week 6: MSK's opening price was 2050 (a decrease of 400 compared to the previous period), PA was around 2200, MSC was 2340, and OA was 2400 - 2500 US dollars. The central price was 2320 US dollars, equivalent to 1625 points on the futures market. [4] Group 4: News and Geopolitical Information - On January 27, a US official said that US President Trump fully agreed with Israeli Prime Minister Netanyahu's statement that the reconstruction of Gaza would not start until Hamas was demilitarized and disarmed. [4] - On January 27, US President Trump said that the situation in Iran was "changing rapidly" as he sent a "huge fleet" to the region, but he thought Iran really wanted to reach an agreement. [4] - On January 27, Lebanon's Hezbollah said it would not stand by in the face of military action against Iran. Iran warned the US that if it launched a military strike, it would attack US aircraft carriers. [4] - On January 26, the Israeli Civil Aviation Authority said that this weekend was a sensitive period. On January 25, it notified several foreign airlines that Israel might enter a "sensitive period" around January 30. It emphasized that if the safety assessment showed that a reasonable safety level could not be ensured, Israel would immediately close its airspace and prioritize the departure of foreign flights. [4] - On January 26, an unnamed US official said that the USS Abraham Lincoln Carrier Strike Group had entered the US Central Command's area of responsibility in the western Indian Ocean. If the White House ordered an attack on Iran, the carrier strike group could launch a military operation "within one or two days" in theory. [4]