Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summaries by Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from January 19 to January 23, 2026, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils. For example, the price of Beijing rebar was 3130 on January 19 and remained the same on January 20, then dropped to 3110 on January 21 and stayed at that level until January 22. The price changes of hot-rolled and cold-rolled coils are also detailed, such as the Shanghai hot-rolled coil price increasing from 3260 on January 19 to 3310 on January 23 [1] Output and Inventory - No information provided Basis and Spread - No information provided

Report Summary Price Performance - London Gold price is 4946.25 with a change of 114.20 [1] - London Silver price is 99.00 with a change of 5.62 [1] - London Platinum price is 2507.00 with a change of 5.00 [1] - London Palladium price is 1850.00 with a change of -19.00 [1] - WTI Crude price is 61.07 with a change of 1.71 [1] - LME Copper price is 12925.50 with a change of 81.00 [1] - US Dollar Index is 97.51 with a change of -0.77 [1] - Euro to US Dollar is 1.18 with a change of 0.01 [1] - British Pound to US Dollar is 1.36 with a change of 0.01 [1] - US Dollar to Japanese Yen is 155.72 with a change of -2.70 [1] - US 10 - year TIPS is 1.92 with a change of -0.03 [1] Trading Data - COMEX Silver inventory is 12952.26 with a change of -54.02 [1] - SHFE Silver inventory is 581.09 with a change of -7.96 [1] - Gold ETF持仓 is 1086.53 with a change of 6.87 [1] - Silver ETF持仓 is 16089.98 with a change of -14.10 [1] - Shanghai Gold Exchange Silver inventory is not provided, and the change of its Gold deferred - fee payment direction is -1.00, and Silver deferred - fee payment direction change is 0.00 [1]

| | | | | | 铁合金早报 | | | | 2026/1/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | | 盘面 | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5300 | 50 | -20 | 5600 | 主力合约 | 5652 | 42 | 82 | | | 内蒙#72 | 5330 | 30 | 10 | 5680 | 01合约 | 5776 | 32 | #N/A | | 产区汇总价 | 青海#72 | 5300 | 50 | 0 | 5630 | 05合约 | 5626 | 40 | 60 | | | 陕西#72 | 5300 | 0 | 0 | 5600 | 09合约 | 5690 | 34 | 54 | | | 陕西#75 | 5850 | 0 | 0 | | 主力月基差 | -52 | 8 | -102 | | 硅铁合格块 | 江苏#72 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, crude oil rebounded, and geopolitical risks escalated. Over the weekend, the unstable situation in Iran persisted. Trump received a briefing on military strike plans against Iran but had not made a final decision on authorizing the strike. Israel is highly vigilant about the possibility of US intervention in Iran, and Iran has warned that if attacked, it will strike back against Israel and the US. The Iranian president has shown a tendency towards reconciliation by expressing willingness to meet with protest groups. If the US launches a strike against Iran, oil prices are at risk of surging due to geopolitical risks. From a fundamental perspective, oil inventories increased this week, the Dubai monthly spread strengthened slightly after opening low, gasoline cracking strengthened while diesel cracking fluctuated, and European refinery profits weakened. Attention should be paid to the geopolitical situation, and the price center in the first quarter is expected to be high and volatile [4]. Group 3: Summary by Relevant Catalogs 1. Oil Price Data - From January 19 - 23, 2026, WTI increased by 1.71, BRENT by 1.82, and DUBAI by 0.27. The BRENT 1 - 2 month spread increased by 0.09, and the WTI - BRENT spread decreased by 0.11. The DUBAI - BRT (EFS) increased by 0.35 [3]. - During the same period, SC decreased by 4.50, OMAN increased by 1.27, and the SC - BRT decreased by 2.38. Domestic gasoline remained unchanged, and the domestic gasoline - BRT decreased by 102 [3]. - Japan naphtha - BRT decreased by 15.13, the上期所FU main contract increased by 51, and the上期所FU - BRT decreased by 5.60. The上期所BU decreased by 6, and the上期所BU - BRT decreased by 13.64. HH natural gas decreased by 1.03 [3]. 2. Daily News - The CPC Black Sea terminal, which handles about 90% of Kazakhstan's crude oil exports, has restored its transport capacity as one of its offshore mooring facilities has been put back into use. However, the 2nd terminal remains out of service, and no update on its resumption has been provided [3]. - Tensions between the US and Iran have escalated. The US is sending additional troops to the Middle East, and Iran's military has stated that it is ready to respond to any potential attacks [4]. - There are signs that Israel is still seeking to attack Iran, according to the Turkish Foreign Minister [4]. 3. Inventory - In the week ending January 16, US crude oil exports decreased by 618,000 barrels per day to 3.688 million barrels per day [4]. - US domestic crude oil production decreased by 21,000 barrels to 13.732 million barrels per day [4]. - Commercial crude oil inventories (excluding strategic reserves) increased by 3.602 million barrels to 426 million barrels, a 0.85% increase [4]. - The four - week average supply of US crude oil products was 19.946 million barrels per day, a 1.5% increase compared to the same period last year [4]. - US Strategic Petroleum Reserve (SPR) inventories increased by 806,000 barrels to 414.5 million barrels, a 0.19% increase [4]. - US commercial crude oil imports (excluding strategic reserves) were 6.447 million barrels per day, a decrease of 645,000 barrels per day from the previous week [4].

甲醇聚烯烃早报 研究中心能化团队 2026/01/26 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 801 2217 2203 2355 - 2315 2410 264 322 -40 -25 - 801 2208 2178 2355 - 2285 2388 262 322 -29 0 - 801 2223 2200 2355 - 2285 2385 262 322 -7 0 - 801 2238 2220 2355 - 2285 2385 265 322 -22 -5 - 801 2263 2240 2345 - 2285 2385 267 - -3 -20 - 日度变化 0 25 20 -10 - 0 0 2 - 19 -15 - 伊朗矛盾继续发酵，mto出现抵抗，兴兴停车，盛虹2月停车，鲁西下周停车，其余也有降幅计划，预计等待伊朗 正常后重新开车， 目前看来甲醇往上往下都难，MTO利润卡住了上限，除非其余下游涨价，目前看来偏空或卖看涨 期权较合适。 塑 料 日期 东北亚乙 烯 华北LL 华东LL ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The report maintains a bullish outlook on copper in the medium - term, expecting supply constraints and demand growth. For aluminum, overseas active restocking supports prices. Zinc has potential for a catch - up rise, and attention should be paid to reverse arbitrage opportunities. Nickel's short - term fundamentals are weak, with a policy - fundamentals game. Stainless steel follows nickel prices. Lead is expected to oscillate in a certain range, and short - term short - selling is recommended at high prices. Tin can be a long - position allocation in the first quarter, but may face downward fluctuations in the second half of 2026. Industrial silicon prices are expected to oscillate with costs in the short - term and at the cycle bottom in the long - term. Lithium carbonate may see a spot - futures resonance market [1][2][7] Summary by Metal Type Copper - **Price Movement**: Copper prices tested the 99,000 support level during the week and rose sharply on Friday night. The US's ability to siphon inventory is waning, but global consumption is strong, and copper has strong demand support. In China, pre - Spring Festival inventory accumulation may be faster, but post - festival destocking may also be rapid [1] - **Data Changes**: From January 19 - 23, the change in spot import profit was - 91.50, and the LME inventory increased by 3,450 [1] Aluminum - **Price Movement**: Aluminum ingot prices increased, and the LME 0 - 3M spread returned to negative. Aluminum ingot basis and downstream processing fees are low, but apparent demand has rebounded. Auto consumption in December was below expectations, but photovoltaic installation increased, and overseas restocking supports prices [2] - **Data Changes**: From January 19 - 23, Shanghai aluminum ingot prices increased by 370, and the LME inventory decreased by 2,000 [2] Zinc - **Price Movement**: Zinc prices increased. Supply - side TC is declining, and production is expected to increase in January. Demand is seasonally weak domestically, and the export window was open in December. The market is optimistic about zinc's catch - up rise, and attention should be paid to reverse arbitrage opportunities [5][7] - **Data Changes**: From January 19 - 23, Shanghai zinc ingot prices increased by 310, and the LME inventory decreased by 200 [5][6] Nickel - **Price Movement**: Nickel prices increased. Supply decreased slightly, demand is weak, and domestic inventory increased slightly. There is a game between short - term policies and fundamentals due to Indonesian policies [11][12] - **Data Changes**: From January 19 - 23, the change in spot import earnings was - 2,060.88, and the LME inventory decreased by 768 [11] Stainless Steel - **Price Movement**: Stainless steel prices were relatively stable. Supply is high, demand is mainly for rigid needs, and costs are stable. Inventory decreased slightly, and prices mainly follow nickel prices [13][14] - **Data Changes**: From January 19 - 23, 304 cold - rolled coil prices decreased by 100 [13][14] Lead - **Price Movement**: Lead prices are expected to oscillate between 17,100 - 17,600. Supply is increasing due to high profits, demand is weakening, and inventory is accumulating. Short - term short - selling at high prices is recommended [15][18] - **Data Changes**: From January 19 - 23, the Shanghai - Henan price difference increased by 25, and the LME inventory decreased by 3,250 [15][18] Tin - **Price Movement**: Tin prices oscillated upward. Supply recovery in the first quarter is uncertain, and demand has different trends in different sectors. It can be a long - position allocation in the first quarter, but may face downward pressure in the second half of 2026 [21] - **Data Changes**: From January 19 - 23, the change in spot import earnings was - 17,252.19, and the LME inventory increased by 40 [21] Industrial Silicon - **Price Movement**: Industrial silicon supply is shrinking, and short - term supply and demand are close to balance. Prices are expected to oscillate with costs in the short - term and at the cycle bottom in the long - term [23] - **Data Changes**: From January 19 - 23, the 421 Yunnan basis increased by 5, and the number of warehouse receipts increased by 96 [23] Lithium Carbonate - **Price Movement**: Lithium carbonate prices increased. The market was driven by production - halt expectations, and short - term supply and demand are close to balance. A spot - futures resonance market may occur [25] - **Data Changes**: From January 19 - 23, the SMM electric - grade lithium carbonate price increased by 6,500, and the number of warehouse receipts decreased by 730 [25]

农产品早报 研究中心农产品团队 2026/01/26 | 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 | | 2026/01/19 | 2180 | 2290 | 2260 | 2440 | 9 | 0 | 366 | 2750 | 2820 | 100 | -70 | | 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 | 3 ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - No relevant content found 3. Summary by Categories Iron Ore Spot Information - Newman powder: latest price 798, daily change +7, weekly change -11, discounted to the futures price 854.2, import profit 18.11 [1] - PB powder: latest price 802, daily change +7, weekly change -17 [1] - Macfie powder: latest price 800, daily change +7, weekly change -12, discounted to the futures price 873.7, import profit 45.03 [1] - Jinbuba powder: latest price 755, daily change +7, weekly change -17, discounted to the futures price 848.4, import profit 45.28 [1] - Mixed powder: latest price 730, daily change +2, weekly change -24, discounted to the futures price 868.2, import profit -2.16 [1] - Super special powder: latest price 678, daily change +6, weekly change -10, discounted to the futures price 898.6, import profit -0.61 [1] - Carajás powder: latest price 887, daily change +7, weekly change -18, discounted to the futures price 821.2, import profit -14.06 [1] - Brazilian Blend: latest price 833, daily change +7, weekly change -17, discounted to the futures price 840.6, import profit 7.23 [1] - Brazilian coarse IOC6: latest price 766, daily change +7, weekly change -8 [1] - Brazilian coarse SSFG: latest price 771, daily change +7, weekly change -8 [1] - Ukrainian iron concentrate: latest price 878, daily change +6, weekly change -14 [1] - 61% Indian powder: latest price 744, daily change +7, weekly change -17 [1] - Karara iron concentrate: latest price 882, daily change +6, weekly change -14 [1] - Roy Hill powder: latest price 789, daily change +7, weekly change -17, discounted to the futures price 868.4, import profit 55.24 [1] - KUMBA powder: latest price 861, daily change +7, weekly change -17 [1] - 57% Indian powder: latest price 613, daily change +6, weekly change -10 [1] - Atlas powder: latest price 725, daily change +2, weekly change -24 [1] - Tangshan iron concentrate: latest price 982, daily change +6, weekly change +5 [1] Iron Ore Futures Information - i2701: latest price 764.5, daily change +7.5, weekly change -42.0, monthly spread 13.0, latest monthly spread value 56.7, daily change of spread +0.1, weekly change of spread +22.5 [1] - i2605: latest price 795.0, daily change +8.5, weekly change -17.0, monthly spread -30.5, latest monthly spread value 26.2, daily change of spread -0.9, weekly change of spread -2.5 [1] - i2609: latest price 777.5, daily change +8.0, weekly change -16.0, monthly spread 17.5, latest monthly spread value 43.7, daily change of spread -0.4, weekly change of spread -3.5 [1] - FE01: latest price 105.65, daily change +0.26, weekly change -1.74, monthly spread -3.38, latest monthly spread value -74.4, daily change of spread +2.6, weekly change of spread -60.6 [1] - FE05: latest price 103.66, daily change +0.37, weekly change -3.08, monthly spread 1.99, latest monthly spread value -29.2, daily change of spread -0.3, weekly change of spread -1.1 [1] - FE09: latest price 102.27, daily change +0.20, weekly change -3.08, monthly spread 1.39, latest monthly spread value -35.3, daily change of spread +1.6, weekly change of spread +0.9 [1]

音紧像胶呈报 图1 研究中心能化团队 2026/01/26 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 50D/4 聚酯毛利 TA基美 日期 原油 PX加工美 产销 工差 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Hill 2026/0 6690 63.9 549 879 4970 79.82 330.0 313 72 79.6 76.6 104312 -67 0.45 1/19 2026/0 64.9 549 888 5015 6690 73.14 339.0 313 46 79.6 76.6 104312 -65 0.45 1/20 图H 2026/0 65.2 6690 80.29 -4 0.80 559 888 5085 329.0 380 79.6 76.6 104302 -63 1/21 2026/0 567 907 5155 6740 340.0 347 102280 0.75 64.1 97.44 -44 79.6 76.6 -73 1/22 2026/0 (图H 565 65.9 5285 82.35 ...

jis 加安期货 合成橡胶早报 研究中心能化团队 2026/1/26 | 品种 | 类別 | 指标 | 12/24 | 1/19 | 1/21 | 1/22 | 1/23 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约收盘价 | 11395 | 11605 | 11915 | 12270 | 12930 | 660 | 1325 | | | | 持つ量 | 99013 | 94184 | 93726 | 96682 | 127376 | 30694 | 33192 | | | 学院 | 成交量 | 191046 | 114797 | 128058 | 182757 | 356678 | 173921 | 241881 | | | | 仓単数量 | 23490 | 26030 | 25630 | 26920 | 26920 | 0 | 890 | | | | 虚实比 | 21.08 | 18.09 | 18.28 | 17.96 | 23.66 | 6 | 6 | | | | 顺 ...