Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - For PTA, in the short - term, the upward space is limited due to pre - holiday polyester maintenance plans, but the overall pattern remains unchanged before new device commissioning, and the progress of overseas capacity increase should be monitored [1] - For MEG, with new production continuing, the pattern is expected to remain weak, and opportunities for short positions on rebounds should be watched [2] - For polyester staple fiber, it is in a state of medium - low valuation and weak drivers with limited overall contradictions, and attention should be paid to the situation of warehouse receipts [2] Group 3: Summary by Related Catalogs PTA - Market data: From January 7 - 13, 2026, there were changes in various indicators such as crude oil prices, PX processing spreads, PTA spot prices, and device loads. The daily average basis of PTA spot transactions was 2605(-69), and Ineos' 1.25 million - ton device reduced its load [1] - Market situation: Near - end TA device load decreased slightly, polyester load remained stable, inventory continued to decline, but polyester maintenance plans were intensively announced, the basis weakened, and spot processing fees shrank. PX domestic capacity was at a high level, overseas capacity increased, PXN decreased month - on - month, disproportionation efficiency weakened, and isomerization efficiency remained high [1] MEG - Market data: From January 7 - 13, 2026, there were changes in various prices of MEG such as external and internal prices, profits, and loads. The basis for MEG spot transactions was around 05(-151), and Inner Mongolia Yankuang's 400,000 - ton device increased its load [2] - Market situation: Near - end domestic oil - based production had some load reduction, overseas maintenance increased month - on - month, port inventory decreased at the beginning of the week due to low arrivals, and the basis remained weak. Coal - based efficiency improved month - on - month. Currently, domestic supply is stable with a slight increase, overseas maintenance is increasing, overall inventory accumulation continues, and the absolute inventory is not low [2] Polyester Staple Fiber - Market data: The spot price was around 6517, and the market basis was around 02 - 80. The near - end device operation was stable, and the capacity utilization rate was maintained at 97.6% [2] - Market situation: Production and sales improved month - on - month, inventory decreased slightly. On the demand side, the start - up of the polyester yarn end remained stable, raw material inventory decreased, finished - product inventory increased, and efficiency remained stable. After the raw material price adjustment, the spot processing fees of staple fiber improved, while the futures price remained low [2] Natural Rubber and 20 - grade Rubber - Market data: From January 7 - 13, 2026, there were changes in the prices of various rubber products such as US - dollar - denominated Thai mixed rubber, Thai standard rubber, and Shanghai full - latex rubber [2] - Market situation: No specific market situation analysis was provided in the text Styrene - Market data: From January 7 - 13, 2026, there were changes in the prices of styrene and related products such as ethylene, pure benzene, and EPS, as well as the production profits of ABS, PS, and EPS [6] - Market situation: No specific market situation analysis was provided in the text

Group 1: Report Overview - The report is an agricultural product morning report released by the research center's agricultural product team on January 14, 2026 [1] Group 2: Corn/Starch Price and Data - From January 7 - 13, 2026, the price in Changchun remained stable, while in Jinzhou and Weifang, it increased by 10. The price in Shekou rose by 10. Corn's basis increased by 16, and the import profit increased by 80. Starch's basis increased by 5, and the processing profit increased by 21 [2] Market Analysis - Short - term: Corn prices are expected to be moderately strong due to limited supply increase and downstream stocking expectations. Starch prices are expected to be stable with a slight upward trend, depending on pre - holiday downstream stocking enthusiasm [3] - Long - term: For corn, focus on import and domestic auction policies. For starch, focus on downstream consumption rhythm and post - season inventory reduction [3] Group 3: Sugar Price and Data - From January 7 - 13, 2026, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged. The basis increased by 32, the import profit from Thailand decreased by 18, and that from Brazil decreased by 17. The number of warehouse receipts remained unchanged [6] Market Analysis - International: In the 2025/2026 sugar - crushing season, the northern hemisphere's major producers are expected to increase production in the long - term. Pay attention to the actual realization of the production increase [6] - Domestic: In the short - term, the supply pressure of raw sugar decreases, and the price is based on domestic sugar cost and spot price. In the long - term, if the global sugar market surplus intensifies, the price will approach the cost of out - of - quota imports [6] Group 4: Cotton Market Analysis - The low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good downstream profits, consumption - promoting policies, and good export performance, cotton demand is expected to improve. The planting area in Xinjiang will decrease in the new season, so cotton is suitable for long - term long positions [9] Group 5: Eggs Price and Data - From January 7 - 13, 2026, egg prices in Hebei, Liaoning, Shandong, and Henan increased, with the largest increase of 0.20 in Shandong. The basis increased by 20, and the price of substitute products such as white - feather broilers and yellow - feather broilers remained unchanged, while the price of live pigs increased by 0.21 [15] Market Analysis - The inflection point of egg inventory has appeared, but the base is still high. The key to the decline rate of inventory lies in the culling rhythm. In Hebei, if the spot price remains low before Laba Festival, a batch of hens over 400 days old will be culled, which is beneficial to egg prices in the second quarter [16] Group 6: Apples Price and Data - From January 7 - 13, 2026, the spot price of Shandong 80 first - and second - grade apples remained at 8900. The 1 - month basis decreased by 149, and the 5 - month basis decreased by 69 [18][19] Market Analysis - The trading atmosphere in the late - Fuji apple production area is still light. High - quality apples maintain stable prices, while the prices of medium - and low - quality apples have declined. As of January 7, 2026, the national inventory decreased by 126,600 tons compared with last week. In the short - term, the futures price is expected to fluctuate at a high level, and in the medium - term, the overall pattern is strong in the near - term and weak in the long - term [19] Group 7: Pigs Price and Data - From January 7 - 13, 2026, the price in Henan Kaifeng increased by 0.10, and the basis increased by 40 [19] Market Analysis - The weekend spot price of pigs first rose and then fell. Before the Spring Festival, both supply and demand are expected to increase, and there may be short - term supply - demand mismatches. Price increases depend on further production and inventory reduction in the near - term. Pay attention to factors such as the slaughter rhythm, diseases, and policies [19]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Overall, both domestic and international valuations are relatively high. In terms of external market drivers, short - term supply and demand remain tight, but the buying interest for Middle - East shipments in February has weakened. After the fog in the US dissipates, the supply pressure is still significant, and the end of the combustion demand is approaching. It is expected that the fundamentals of the external market will weaken. The valuation of the domestic 02 contract is neutral, and the drivers should focus on whether there will be negative feedback under the low profit of PDH and the subsequent situation of warehouse receipts. The valuation of the 3 - 4 month spread is relatively high, and attention should be paid to the subsequent situation of warehouse receipts [4]. 3) Summary by Related Content Daily Situation - On Tuesday, due to rising geopolitical risks, the futures market rose significantly. The 02 - 03 month spread was 77 (-12), and the 03 - 04 month spread was -213 (-6). As of 9 pm on Tuesday, the FEI and CP paper prices were 521.84 and 526.84 US dollars respectively, up 7.34 US dollars compared to 8 pm on Monday [4]. - The domestic market rose and then fluctuated. The 02 basis was 179 (+51), the 02 - 03 month spread was 85 (-34), and the 03 - 04 month spread was -192 (-8). The number of warehouse receipts was 6,218 (-180). The price of civil gas increased, with Shandong at 4,400 (+40), East China at 4,467 (+70), and South China at 4,840 (+75). The cheapest deliverable was Shandong ether - after carbon four at 4,390 (-90). The absolute price of paper goods increased. The FEI and CP month spreads decreased slightly, while the MB month spread increased slightly. The oil - gas ratio fluctuated. Both domestic and international markets strengthened, with PG - FEI reaching 86.7 (+9.7) and PG - CP reaching 80 (+9). The CIF discount of propane in East China, China was 79 (+13) [4]. Weekly Situation - The AFB margin has recovered but is still poor. The port storage capacity ratio increased by 0.14 pct due to limited ship arrivals. Refineries had a small destocking of -0.47%, and external sales increased by 1.07% [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents the latest price, production and sales, and inventory data of glass and soda ash, providing a basis for market analysis and investment decisions [2]. 3. Summary by Related Catalogs Glass - **Price Changes**: From January 6th to January 13th, 2026, prices of various glass products in different regions showed varying degrees of change. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 959.0 to 996.0, with a weekly change of 37.0 and no daily change on January 13th. FG05 contract price had a weekly change of 4.0 and a daily change of - 47.0 [2]. - **Production and Sales**: Shahe's glass production - sales ratio was 110, Hubei's was 112, East China's was 93, and South China's was 125. Shahe factories had high production - sales, with middle - stream buyers purchasing. Shahe traders' prices were around 984, with average sales. Hubei factories raised prices to around 990, with good sales [2]. - **Profit and Cost**: North China's coal - fired glass profit increased from 64.9 to 94.4, with a weekly change of 29.5 and a daily change of 6.3. The cost of North China's coal - fired glass had a weekly change of 8.5 and a daily change of - 6.3 [2]. Soda Ash - **Price Changes**: From January 6th to January 13th, 2026, prices of different types of soda ash in various regions changed. For instance, the price of Shahe heavy soda decreased from 1190.0 to 1150.0 on January 13th, with a daily change of - 40.0. SA05 contract price had a weekly change of 22.0 and a daily change of - 27.0 [2]. - **Industry Situation**: Upstream inventory of soda ash slightly decreased, and the output of Yuanxing's second - phase project increased. The spot price of heavy soda at Hebei delivery warehouses was around 1130, and the price delivered to Shahe was around 1150 [2]. - **Profit and Cost**: North China's ammonia - soda method profit decreased from - 181.2 to - 211.8, with a weekly change of 11.7 and a daily change of - 30.6. North China's combined - soda method profit decreased from - 269.8 to - 303.0, with a weekly change of - 25.7 and a daily change of - 33.2 [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from its low but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil had a significant inventory build - up, the high - sulfur floating storage had a significant drawdown, ARA's residual fuel oil had a slight inventory build - up, Fujairah's residual fuel oil had an inventory drawdown, the high - sulfur floating storage had an inventory drawdown, and EIA's residual fuel oil had a slight inventory build - up. The conflict in Venezuela escalated over the weekend, having a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 19.81, Rotterdam 0.5% VLS FO swap M1 increased by 9.97, Rotterdam HSFO - Brent M1 increased by 1.23, Rotterdam 10ppm Gasoil swap M1 increased by 26.90, Rotterdam VLSFO - Gasoil M1 decreased by 16.93, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 decreased by 9.84 [1]. Singapore Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Singapore 380cst M1 increased by 26.04, Singapore 180cst M1 increased by 23.27, Singapore VLSFO M1 increased by 10.53, Singapore Gasoil M1 increased by 3.65, Singapore 380cst - Brent M1 increased by 1.87, and Singapore VLSFO - Gasoil M1 decreased by 16.48 [1][9]. Singapore Fuel Oil Spot Data - From January 7 to January 13, 2026, the high - sulfur internal - external price difference decreased by 1.0, and the low - sulfur internal - external price difference increased by 3.6. The data for FOB 380cst, FOB VLSFO, and 380 basis on January 13 were not provided [2]. Domestic FU Data - From January 7 to January 13, 2026, FU 01 increased by 15, FU 05 increased by 4, FU 09 increased by 15, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 11, and FU 09 - 01 remained unchanged [2]. Domestic LU Data - From January 7 to January 13, 2026, LU 01 increased by 24, LU 05 increased by 44, LU 09 increased by 31, LU 01 - 05 decreased by 20, LU 05 - 09 increased by 13, and LU 09 - 01 increased by 7 [3].

油脂油料早报 研究中心农产品团队 2026/01/14 隔 夜 市 场 信 息 ： 民间出口商报告向墨西哥出口销售152,404吨大豆 民间出口商报告向墨西哥出口销售152,404吨大豆，2025/2026市场年度付运。 民间出口商报告向中国出口销售168,000吨大豆 民间出口商报告向中国出口销售168,000吨大豆，2025/2026市场年度付运。 Anec:巴西1月大豆出口量预计为373万吨 Anec发布的报告显示，巴西1月大豆出口量预计为373万吨，之前一周预计为240万吨。巴西1月豆粕出口量预计将触 及182万吨，之前一周预计为164万吨。 美国12月大豆压榨量预计升至历史第二高位 NOPA周四发布的压榨月报前，对分析师的调查显示，美国12月大豆压榨量可能升至历史第二高位，而豆油库存则膨 胀至2024年5月以来的最高水平。 九位分析师平均预测，代表全美99%以上大豆加工产能的NOPA成员企业上月压榨量为2.24809亿蒲式耳。若该压榨量 预测成真，则较11月的2.16041亿蒲式耳增长4.1%，较2024年12月的2.06604亿蒲式耳增长8.8%。该数据也将成为有记录 以来月度压榨量第二高水平，仅 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of silicon - iron and silicon - manganese in different regions, including spot prices, factory - price converted to futures prices, and futures contract prices. For example, the latest price of Ningxia 72 silicon - iron is 5320, with a weekly increase of 50 [1]. - It also shows historical price trends of silicon - iron and silicon - manganese from 2022 to 2026, covering various regions and contract types [2][6]. Supply - For silicon - iron, it shows the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), and the capacity utilization rate of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) [4]. - For silicon - manganese, it presents the weekly production volume in China and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The report shows the estimated and actual production volume of Chinese crude steel (monthly), the production volume of Chinese stainless - steel crude steel (monthly), and the demand volume of Chinese silicon - manganese (in ten thousand tons) [4][7]. - It also includes the procurement volume and price of Hebei Iron and Steel Group for silicon - iron and silicon - manganese [4][6]. Inventory - For silicon - iron, it presents the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts (daily), and the average available days of inventory in different regions (monthly) [5]. - For silicon - manganese, it shows the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) [7]. Cost and Profit - For silicon - iron, it shows the electricity prices in different regions (daily), the market price of semi - coke in Shaanxi (daily), and the production cost, futures - contract - converted profit, and spot profit in Ningxia and Inner Mongolia [5]. - For silicon - manganese, it shows the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the futures - contract - converted profit in Guangxi and Ningxia [7].

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1430.97 | 0.00 | 0.00 | -109.23 | -11.18% 高炉开工率 | 86.04 | | 0.78 | 0.12 | 1.76% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 7.69% 铁水日均产量 | 229.50 | | 2.07 | 0.30 | 2.29% | | 山东准一干熄 | 1625.00 | 0.00 | 0.00 | -90.00 | -9.22% 盘面05 | 1761 | -3.00 | 40.00 | 72.00 | 4.42% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -10.11% 盘面09 | 1837.5 | -6.00 | 26.00 | 73.50 | 4.70% | ...

有色早报 研究中心有色团队 2026/01/14 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 2026/01/07 -320 7742 111703 96474 -1162.96 67.15 39.0 44.0 14.98 143225 29025 2026/01/08 -325 7168 111703 108685 -941.12 186.34 42.0 46.0 16.75 141075 25925 2026/01/09 -325 6063 180543 111216 -1676.26 202.43 42.0 46.0 41.94 138975 23625 2026/01/12 -265 7353 180543 116622 -1040.64 98.02 41.0 44.0 64.31 137225 22075 2026/01/13 -140 6915 180543 122127 - -449.18 40.0 43.0 90.23 141550 5182 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils from January 7th to January 13th, 2026, and shows the price changes [1] Production and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content