Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Performance - Latest prices: London Gold at $4866.50, London Silver at $94.86, London Platinum at $2400.00, London Palladium at $1867.00, WTI Crude at $60.62, LME Copper at $12906.50, Dollar Index at 98.77, Euro to US Dollar at 1.17, Pound to US Dollar at 1.34, US Dollar to Japanese Yen at 158.32, US 10 - year TIPS at 1.97 [1] - Price changes: London Gold up $118.70, London Silver down $0.84, London Platinum up $32.00, London Palladium up $54.00, WTI Crude up $0.26, LME Copper down $22.00, Dollar Index up 0.23, Euro to US Dollar unchanged, Pound to US Dollar unchanged, US Dollar to Japanese Yen up 0.18, US 10 - year TIPS unchanged [1] Trading Data - Latest data: COMEX Silver inventory at 13135.42, SHFE Silver inventory at 600.78, Gold ETF holdings at 1077.66, Silver ETF holdings at 16222.48, SGE Silver inventory at 773.63, SGE Gold deferred fee payment direction at 2, SGE Silver deferred fee payment direction at 2 [1] - Changes: COMEX Silver inventory down 129.48, SHFE Silver inventory down 17.80, Gold ETF holdings down 4.00, Silver ETF holdings unchanged, SGE Silver inventory unchanged, SGE Gold deferred fee payment direction up 1.00, SGE Silver deferred fee payment direction unchanged [1] Others - The above chart data sources are Bloomberg, Yong'an Yuandian Information, and Wind [2]

原油成品油早报 研究中心能化团队 2026/01/22 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- 2月差 | WTI-BREN T | DUBAI-B RT（EFS | NYMEX RB OB | RBOB-BR T | NYMEX HO | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | | | | | | | | | 2026/01/15 | 59.19 | 63.76 | 61.29 | 1.94 | 0.68 | -4.57 | 1.73 | 178.38 | 11.16 | 220.83 | 28.99 | | 2026/01/16 | 59.44 | 64.13 | 61.66 | 2.28 | 0.67 | -4.69 | 1.44 | 178.52 | 10.85 | 223.76 | 29.85 | | 2026/01/19 | - | 63.94 | - | 2.28 ...

Report Summary Report Industry Investment Rating No information provided Core Viewpoints No information provided Summaries by Relevant Catalogs Price and Profit - Provided the spot prices of various steel products in different regions from January 15 to January 21, 2026, including Beijing, Shanghai, Chengdu, etc. The prices of most steel products showed a downward trend, such as Beijing's rebar price dropping by 20 yuan, and Shanghai's cold-rolled coil price dropping by 10 yuan [1] Basis and Spread No information provided Production and Inventory No information provided

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Group 1: Market Data of SP Main Contract - The closing price of the SP main contract on January 21, 2026, was 5360.00 [3] - The closing prices of the main contract from January 15 - 21, 2026, were 5436.00, 5362.00, 5362.00, 5376.00, and 5360.00 respectively [3] - The corresponding converted US - dollar prices were 681.32, 672.00, 672.52, 674.62, and 672.13 respectively [3] - The daily price changes were - 1.05570%, - 1.36130%, 0.00000%, 0.26110%, and - 0.29762% respectively [3] - The basis of Shandong Yinxing from January 15 - 21, 2026, was 79, 48, 48, 34, and 50 respectively [3] - The basis of Jiangsu, Zhejiang, and Shanghai Yinxing from January 15 - 21, 2026, was 74, 48, 48, 34, and 50 respectively [3] Group 2: Import Data of Pulp - With a 13% VAT calculation, for Canadian pulp brands: Golden Lion (CFR) had a port US - dollar price of 780, a Shandong - area RMB price of 6300, and an import profit of 86.64; Lion (CFR) had a port US - dollar price of 730, a Shandong - area RMB price of 5365, and an import profit of - 454.55 [4] - For Chilean pulp brand Silver Star (CFR letter of credit 90 days), the port US - dollar price was 700, the Shandong - area RMB price was 5410, and the import profit was - 173.27 [4] Group 3: Pulp Price Averages - From January 15 - 21, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong - area average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index Data - From January 16 - 21, 2026, the double - offset index, double - copper index, white - card index, and living - paper index remained unchanged at 5725, 5670, 4350, and 867 respectively [4] Group 5: Paper Profit Margin Data - The estimated profit margins of double - offset paper on January 16, 19, 20, and 21, 2026, were - 4.5583%, - 4.5583%, - 4.3786%, and - 4.3786% respectively [4] - The estimated profit margins of double - copper paper on January 16, 19, 20, and 21, 2026, were 5.9250%, 5.9250%, 6.0750%, and 6.0750% respectively [4] - The estimated profit margins of white - card paper on January 16, 19, 20, and 21, 2026, were - 9.2032%, - 9.2032%, - 9.0993%, and - 9.0993% respectively [4] - The estimated profit margins of living paper on January 16, 19, 20, and 21, 2026, were 6.0607%, 6.2044%, 6.4919%, and 6.5817% respectively, with a change of 0.0898 from January 16 to 21 [4] Group 6: Pulp Price Difference Data - The price differences between softwood and hardwood pulp from January 15 - 21, 2026, were 785, 720, 730, 750, and 750 respectively [4] - The price differences between softwood and natural pulp from January 15 - 21, 2026, were 115, 10, 10, 10, and 10 respectively [4] - The price differences between softwood and chemi - mechanical pulp from January 15 - 21, 2026, were 1640, 1535, 1535, 1535, and 1535 respectively [5] - The price differences between softwood and waste paper from January 15 - 21, 2026, were 3939, 3834, 3834, 3834, and 3834 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 22, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 100125, LME price is 12877, and the ratio is 7.81; March domestic price is 101450, LME price is 12907, and the ratio is 7.80. The equilibrium ratio for spot import is 7.90, with a profit of - 1047.36, and the profit for spot export is 560.57 [1] - **Zinc**: Spot domestic price is 24200, LME price is 3155, and the ratio is 7.67; March domestic price is 24385, LME price is 3195, and the ratio is 5.34. The equilibrium ratio for spot import is 8.32, with a profit of - 2060.52 [1] - **Aluminum**: Spot domestic price is 23710, LME price is 3123, and the ratio is 7.59; March domestic price is 24205, LME price is 3137, and the ratio is 7.63. The equilibrium ratio for spot import is 8.32, with a profit of - 2271.71 [1] - **Nickel**: Spot domestic price is 139650, LME price is 17864, and the ratio is 7.82. The equilibrium ratio for spot import is 7.99, with a profit of - 203.17 [1] - **Lead**: Spot domestic price is 16875, LME price is 1992, and the ratio is 8.47; March domestic price is 17165, LME price is 2039, and the ratio is 11.86. The equilibrium ratio for spot import is 8.54, with a profit of - 145.43 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 340, 510, 640, 620 respectively, and the theoretical spreads are 607, 1111, 1625, 2139 respectively [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 15, 20, 30, 25 respectively, and the theoretical spreads are 225, 356, 486, 617 respectively [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 275, 325, 355, 390 respectively, and the theoretical spreads are 230, 362, 493, 625 respectively [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 50, 0, 45, 50 respectively, and the theoretical spreads are 211, 318, 424, 531 respectively [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1810, 2040, 2210, 2130 respectively [4] - **Tin**: The spread of 5 - 1 is 4100, and the theoretical spread is 8490 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spread of当月合约 - 现货 is 915, and the theoretical spread is 632; the spread of次月合约 - 现货 is 1255, and the theoretical spread is 1234 [4] - **Zinc**: The spread of当月合约 - 现货 is 165, and the theoretical spread is 208; the spread of次月合约 - 现货 is 150, and the theoretical spread is 389 [5] - **Lead**: The spread of当月合约 - 现货 is 290, and the theoretical spread is 205; the spread of次月合约 - 现货 is 240, and the theoretical spread is 317 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.16, 4.19, 5.91, 0.99, 1.41, 0.70 respectively in Shanghai (triple - continuous), and 4.03, 4.11, 6.34, 0.98, 1.54, 0.64 respectively in London (triple - continuous) [5]

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 694.0 -2.0 -12.0 -7.0 -71.0 25省终端可用天数 18.2 -1.0 -1.7 -2.7 0.6 秦皇岛5000 608.0 -2.0 -12.0 10.0 -67.0 25省终端供煤 604.5 2.9 -4.0 -35.5 -18.3 广州港5500 795.0 0.0 -15.0 -20.0 -75.0 北方港库存 2500.0 -60.0 -70.0 -343.0 197.4 鄂尔多斯5500 490.0 0.0 -20.0 -15.0 -60.0 北方锚地船舶 95.0 -8.0 -4.0 38.0 32.0 大同5500 545.0 0.0 -10.0 -15.0 -85.0 北方港调入量 147.8 -4.1 3.2 0.0 -14.5 榆林6000 670.0 0.0 -20.0 -20.0 -92.0 北方港吞吐量 143.9 -1.0 -25.7 -15.1 -26.7 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 665.8 17.6 ...

Group 1: Report Basic Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [3] - Report date: January 22, 2026 [3] Group 2: BR (Butadiene Rubber) Data Futures - Closing price of BR main contract on January 21: 11,915, daily change: 330, weekly change: -275 [4] - Open interest on January 21: 93,726, daily change: 2,724, weekly change: -5,457 [4] - Trading volume on January 21: 128,058, daily change: 21,974, weekly change: -21,977 [4] - Warehouse receipt quantity on January 21: 25,630, daily change: 1,300, weekly change: -700 [4] - Long - short ratio on January 21: 18.28 [4] Basis/Spread/Inter - variety - Butadiene - styrene basis on January 21: 85, daily change: -230, weekly change: -25 [4] - 02 - 03 spread on January 21: no change, weekly change: 5 [4] - 03 - 04 spread on January 21: -40, no daily change, weekly change: -5 [4] - RU - BR spread on January 21: 3,830, daily change: -205 [4] - NR - BR spread on January 21: 700, daily change: -265, weekly change: 40 [4] Spot - Shandong market price on January 21: 11,650, daily change: 100, weekly change: -350 [4] - Transfar market price on January 21: 11,600, daily change: 150, weekly change: -350 [4] - Qilu ex - factory price on January 21: 11,700, no daily change, weekly change: -400 [4] - CFR Northeast Asia on January 21: 1,550, no daily change, weekly change: 100 [4] - CFR Southeast Asia on January 21: 1,750, no daily change, weekly change: 75 [4] Profit - Spot processing profit on January 21: -444, daily change: -104, weekly change: -172 [4] - Import profit on January 21: -1,047, daily change: 93, weekly change: -1,122 [4] - Export profit on January 21: 1,416, daily change: -80, weekly change: 813 [4] Group 3: BD (Butadiene) Data Spot - Shandong market price on January 21: 9,700, daily change: 200, weekly change: -175 [4] - Jiangsu market price on January 21: 9,550, daily change: 250, weekly change: -100 [4] - Yangzi ex - factory price on January 21: 9,600, daily change: 200, weekly change: 50 [4] - CFR China on January 21: 1,180, no daily change, weekly change: 40 [4] Profit - Ethylene cracking profit: data on January 21 is N/A [4] - C4 extraction profit: data on January 21 is N/A [4] - Import profit on January 21: 113, daily change: 245, weekly change: -403 [4] - Export profit on January 21: -797, daily change: 100, weekly change: 1,891 [4] - Styrene - butadiene production profit on January 21: 238, daily change: -313, weekly change: -425 [4] - ABS production profit: data on January 21 is N/A [4] - SBS production profit on January 21: -755, daily change: -215, weekly change: -140 [4]

废钢早报 研究中心黑色团队 2026/01/22 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/15 | 2185 | 2262 | 2051 | 2250 | 2216 | 2105 | | 2026/01/16 | 2186 | 2265 | 2054 | 2252 | 2217 | 2105 | | 2026/01/19 | 2186 | 2264 | 2054 | 2250 | 2217 | 2109 | | 2026/01/20 | 2185 | 2264 | 2054 | 2250 | 2217 | 2109 | | 2026/01/21 | 2185 | 2265 | 2052 | 2248 | 2217 | 2109 | | 环比 | 0 | 1 | -2 | -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 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For PTA, in the short - term, the upward space is limited, but before the new device is put into production, the overall pattern remains unchanged. After the valuation callback, pay attention to the opportunity of buying at low prices [1]. - For MEG, the pattern is expected to remain weak under the continuous new production, and pay attention to the opportunity of short - selling on rebounds [1]. - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, with limited inventory pressure and relatively high start - up. It has a low - to - medium valuation and weak driving force, and pay attention to the warehouse receipt situation [1]. 3. Summaries According to Related Catalogs PTA - **Market situation**: The spot transaction average daily basis is 2605(-69). Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device are under maintenance. The start - up of the device has decreased month - on - month, the polyester load has decreased at an accelerated rate, the inventory has increased, the basis has weakened, and the spot processing fee has remained stable [1]. - **PX situation**: Domestic PX is under maintenance and the load has decreased, while the overseas load continues to increase. The PXN has decreased month - on - month, the disproportionation benefit has weakened, and the isomerization benefit remains high. The aromatics price difference between the US and Asia is weak [1]. - **Outlook**: PX has high profits, domestic production remains high, and overseas start - up has rebounded. The de - stocking amplitude of the far - month contract has been revised down. TA's own processing fee is acceptable, and the inventory has increased during the pre - holiday polyester maintenance period [1]. MEG - **Market situation**: The basis is around 05(-109). Inner Mongolia Yankuang's 400,000 - ton device has increased its load. The domestic oil - based operation is stable, and the overall load has increased slightly driven by the increase in coal - based load. The port inventory has increased significantly at the beginning of the week, and the arrival forecast during the week remains high. The basis has strengthened month - on - month, and the coal - based benefit has remained stable [1]. - **Outlook**: Recently, the reduction in MEG mainly comes from the MTO part under the stable benefit of the mainstream process. The absolute amount and sustainability need further observation. The inventory is expected to continue to increase, and the absolute inventory is not low. The pattern is expected to remain weak [1]. Polyester Staple Fiber - **Market situation**: The spot price is around 6481, and the market basis is around 02 - 90. The device operation is stable, the start - up rate is maintained at 97.6%, the production and sales have improved month - on - month, the inventory has increased slightly, and the spot processing fee has weakened month - on - month. On the demand side, the start - up of the polyester yarn end has decreased, the raw material inventory has increased, the finished product inventory has decreased, and the benefit has improved month - on - month [1]. - **Outlook**: The downstream seasonality of staple fiber is expected to continue to weaken. With limited inventory pressure, the start - up will remain relatively high. It has a low - to - medium valuation and weak driving force, and the overall contradiction is limited [1]. Natural Rubber and 20 - grade Rubber - **Market situation**: The prices of various rubber products have changed to different degrees. For example, the daily change of the price of mixed rubber is 10, and the weekly change is - 30. The price differences and processing profits between different types of rubber also show certain changes [1]. Styrene and Related Products - **Market situation**: The prices of styrene and related products such as ethylene, pure benzene, and EPS have changed. For example, the price of styrene in East China has increased by 180 on a daily basis. The production profits of ABS, EPS, and PS have also changed [1].