股指关注美元指数，债市 或震荡运行 2026-02-02 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 长江期货股份有限公司研究咨询部 研究员：张志恒 执业编号：F03102085 投资咨询号：Z0021210 01 金融期货策略建议 目 录 重点数据跟踪 02 01 金融期货策略建议 资料来源：iFinD、长江期货 p 国债走势回顾：30年期主力合约跌0.23%，10年期主力合约涨0.06%，5年期主力合约涨0.01%，2年期 主力合约持平。 p 核心观点：《求是》杂志发表习近平总书记重要文章《走好中国特色金融发展之路，建设金融强国》。习近 平：发挥比较优势，坚持稳中求进，推动我国未来产业发展不断取得新突破。目前债市无显性重大利空，债 市总体上震荡偏多。但暂无更进一步推动利率下行的动力，经过年初以来的修复之后，配置盘可能已经建立 不少仓位。在当前位置上，如果不能吸引更多配置资金入场，债券收益率下方空间恐怕相当有限，债市可能 在一个相对比较窄的区间横盘，等待下一阶段主线的产生。国债或震荡运行。 p 技术分析：MACD指标显示T主力合约或震荡运行。 p 策略展望：震荡运行。 p 风险提示： ...

供应紧缺支撑铜价，宏观情绪放大波动 2月铜月报 2026-2-2 01 行情回顾 02 宏观因素分析 03 基本面分析 目 录 04 后市展望 01 行情回顾 01 沪铜行情回顾 位。智利Mantoverde铜矿因谈判无果将持续罢工，南方铜业（Southern Copper）预计未来两年产量因矿石品位下降而下滑。美国总统特朗普表示，暂不 考虑对关键矿产包括铜加征关税，LME-COMEX套利空间随即收窄。铜价高位国内下游开工承压，国内库存连续累库。随着美元指数走强，叠加资金止盈 情绪升温，有色金属及贵金属价格回调。长期新能源、电力及AI算力需求支撑仍存，基本面支撑较强，但凯文·沃什被提名下届美联储主席下美联储货币政 策不确定性强，预计铜价宽幅震荡运行。 60000 70000 80000 90000 100000 110000 120000 26-01-30 26-01-26 26-01-20 26-01-14 26-01-08 25-12-31 25-12-25 25-12-19 25-12-15 25-12-09 25-12-03 25-11-27 25-11-21 25-11-17 25-11-11 25 ...

长江期货粕类油脂月报 2026-02-02 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部 | 饲料养殖团队】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 01 豆粕：利多驱动匮乏，豆粕区间运行 02 油脂：宏观及资金离场扰动，高位波 动加剧 01 01 豆粕：利多驱动匮乏，豆粕区间运行 资料来源：同花顺 USDA 长江期货饲料养殖中心 ◆ 期现端：截止1月30日，华东现货报价3060元/吨，月度报价上涨10元/吨；M2605合约收盘至2762元/吨，月度下跌5元/吨；基差报价05+300元 /吨，基差报价上涨20元/吨。月度美豆围绕区间【1030，1100】美分区间波动为主，生柴及成本支撑美豆底部，但销售压力及供需宽松限制美 豆上方空间，区间震荡为主；豆粕05合约围绕【2700，2800】区间波动，进口成本支撑下方价格，但4月后国内到港宽松以及巴西大豆进口成 本下降，限制涨幅，跟随美豆区间波动为主。 ◆ 供应端：月度美豆单产维持53蒲/英亩，但需求不足下美豆库销比上移；巴西进入收割阶段，丰产预期较强，但巴西南部及阿根廷面临阶段性高 温干 ...

Report Summary 1. Report's Investment Ratings for Different Industries - Macro - finance: Index futures are promising in the medium - to - long - term, recommended to buy on dips; Treasury bonds are expected to move in a range [1][5]. - Black building materials: Coking coal for short - term trading; rebar for range trading; glass recommended to buy on dips [1][8]. - Non - ferrous metals: Copper, aluminum, and nickel for observation; tin, gold, and silver for range trading; lithium carbonate for range - bound fluctuations [1][10][12][14]. - Energy and chemicals: PVC for range trading; caustic soda for temporary observation; soda ash for temporary observation; styrene for range trading; rubber for range trading; urea for range trading; methanol for range trading; polyolefins for weak - range fluctuations [1][17][19][20]. - Cotton textile industry chain: Cotton and cotton yarn for shock adjustment; apples and jujubes for shock operation [1][26]. - Agricultural and livestock: Pigs for rebound - based short - selling opportunities; eggs for hedging post - festival contracts on rallies; corn for cautious chasing of highs and hedging on rebounds; soybean meal for shorting on rallies; oils for strong - range fluctuations [1][29][30][31][32][33][34][35]. 2. Core Views - The overall market is affected by a variety of factors such as geopolitical situations, policy changes, and supply - demand relationships. Different industries and products show different trends and characteristics. For some products, there are potential investment opportunities, while for others, risks need to be carefully considered. For example, in the non - ferrous metals sector, the prices of copper and aluminum are affected by geopolitical and supply - demand factors, and investors are advised to observe; in the energy and chemicals sector, PVC may have long - term low - buying opportunities, while caustic soda is under pressure in the short - term [10][12][17][19]. 3. Summary by Industry Macro - finance - Index futures: Affected by factors such as Trump's nomination of the Fed chairman and China's PMI data, they are expected to move in a range in the short - term and are promising in the medium - to - long - term, recommended to buy on dips [5]. - Treasury bonds: With no obvious major negative factors in the bond market, they are expected to move in a range, but the downward space of bond yields is limited [5]. Black building materials - Coking coal: The coal market shows short - term fluctuations. Although the price has increased slightly, the sustainability of the price increase is insufficient, recommended for short - term trading [8]. - Rebar: The futures price is slightly higher than the valley - electricity cost of the electric furnace and lower than the flat - electricity cost. With low inventory and small supply - demand contradictions, it is expected to move in a range [8]. - Glass: Although there are negative factors such as inventory, demand, and holidays, the futures price is at a relatively low level, recommended to buy on dips, and pay attention to the opportunity of going long on glass and short on soda ash [9]. Non - ferrous metals - Copper: Affected by geopolitical and Fed chairman nomination factors, the price has fluctuated sharply. With tight supply and weakening demand, it is expected to move in a wide range, and investors are advised to control positions and pay attention to inventory changes [10]. - Aluminum: With the pressure on bauxite prices and the increase in alumina and electrolytic aluminum production capacity, and the approaching of the demand off - season, it is expected to adjust at a high level, and investors are advised to strengthen observation [12]. - Nickel: Affected by the reduction of Indonesian nickel ore quotas, the price has risen, but the fundamentals are weak. It is recommended to observe [14]. - Tin: With the supply of tin concentrate being tight and the downstream consumption maintaining rigid demand, it is expected to continue to fluctuate, recommended for range trading [15]. - Gold and silver: Affected by the nomination of the Fed chairman, the prices have corrected, but the medium - term price centers are expected to move up, and they are expected to continue to adjust in a range [16]. - Lithium carbonate: Affected by factors such as supply and demand and mine risks, it is expected to continue to fluctuate in a range [17]. Energy and chemicals - PVC: With weak domestic demand and high inventory, but low valuation, it is possible that the bottom has been reached. It is recommended to have a long - term low - buying idea, pay attention to policies such as export tax rebates and cost fluctuations [17]. - Caustic soda: With weak demand and high supply, there is short - term delivery pressure, and it is recommended to observe temporarily [19]. - Styrene: Although it has rebounded due to factors such as export increase and device maintenance, the valuation is high, recommended to be cautious about chasing highs, and pay attention to cost and supply - demand changes [20]. - Rubber: Affected by seasonal supply reduction and weak demand support, the price is expected to continue to fluctuate, and there is a possibility of further decline [21]. - Urea: With sufficient supply and increasing demand for compound fertilizers, the price is expected to move in a range, and attention should be paid to factors such as compound fertilizer start - up and urea device maintenance [22]. - Methanol: With the reduction of domestic supply and weak downstream demand, the price in the inland market is relatively weak, while the price in some regions is relatively strong due to geopolitical and port arrival factors [23]. - Polyolefins: With increasing supply, decreasing demand in the off - season, and inventory accumulation pressure before the Spring Festival, the price is expected to fluctuate weakly, and it is recommended to short on rallies [24]. - Soda ash: With supply over - capacity and rising production costs, the price may have limited downward space, and it is recommended to observe temporarily [25]. Cotton textile industry chain - Cotton and cotton yarn: Affected by the global cotton supply - demand forecast report, the price has adjusted after a high - level shock, and it is recommended to be cautious in the short - term and optimistic in the long - term [26]. - Apples and jujubes: The market is generally stable with weak trends, and the price is expected to move in a shock [26][29]. Agricultural and livestock - Pigs: In the short - term, the price is restricted by supply - demand game, recommended to short on rebounds for off - season contracts; in the medium - to - long - term, the price is cautiously bullish, and the industry can hedge on rallies before effective capacity reduction [29][30]. - Eggs: With low basis and high valuation, it is recommended to hedge post - festival contracts on rallies, especially the 05 and 06 contracts considering the supply pressure shift [31]. - Corn: In the short - term, the price is supported by supply - demand balance; in the medium - to - long - term, the supply - demand pattern is relatively loose, and it is recommended to be cautious about chasing highs and hedge on rebounds [32][33][34]. - Soybean meal: In the short - term, the M2603 contract is expected to move in a range; the 05 contract is under pressure, and attention should be paid to support and resistance levels [34]. - Oils: In the short - term, the three major oils are expected to correct but with limited amplitude, recommended to take rolling profit on previous long positions and wait to go long on dips [35][40][41].

玻璃二月报 价格相对低位 关注做多机会 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2026-2-2 【产业服务总部 | 黑色金属团队】 姜玉龙 执业编号：F3022468 投资咨询号：Z0013681 投资策略：谨慎做多 p 主要逻辑 行情回顾：上周玻璃期货宽幅震荡，周线报收上影小阴线。供给方面，上周一条产线点火复产，日熔量回升至15万吨以上。 全国厂家库存继续保持稳定，但明显高于往年年前水平。沙河库存进一步向中游转移，但下游刚需缩量加快，市场成交受限。 华中前期风雪交通情况恢复，叠加部分家电小板订单，区域走货产销情况较好，厂家借此现货也小幅提涨。华东华南有部分订 单赶工情况，但供需还是向弱势方向发展。需求方面， 北方市场仍旧表现乏力，部分加工厂下旬将逐步放假，南方区域生产订 单多维持至月底。年前整体产销有重新下滑的可能。纯碱方面，远兴二期预计1月末出货，天然碱带来的成本重心下移效果强 于煤炭的短期扰动，关注多玻璃空纯碱的机会。 后市展望：库存、需求、放假等利空因素仍存，但期货价格已处于相对低位，主力到期前仍有时间酝酿变数。宏观地产端 出现多种利好消息。技术上看，空方力量略占优，但强 ...

螺纹：震荡格局延续 区间交易为主 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2026-02-02 【产业服务总部 | 黑色产业服务中心】 研究员 姜玉龙 执业编号：F3022468 投资咨询号：Z0013681 2月观点：震荡格局延续 区间交易为主 逻辑与策略 1月回顾：1月份，黑色期货价格冲高回落，呈现出"倒V型"走势，较去年12月底稳中有涨，就指数涨跌幅度而言，呈现出焦煤 >焦炭>热卷>螺纹>铁矿格局。宏观方面，市场氛围偏暖，大宗商品价格普涨，而黑色表现平淡。产业方面，1月螺纹钢需求季节性走 弱，产量小幅回升，库存逐步累积，不过目前库存处于近年同期低位水平。 2月展望：宏观方面，全球不确定性加剧，美国对伊朗实施新一轮制裁、美联储新任主席人选影响后期货币政策，短期国内可能 处于政策真空期，产业方面，2月因春节放假，钢材需求回落幅度加大，累库速度会加快，目前钢厂利润尚可，关注产量变化，原料端， 节前下游仍存在一定补库空间，对原料价格有所支撑，不过原料自身供需格局偏宽松。从估值角度来看，目前螺纹钢价格略高于电炉 谷电与长流程成本，估值中性略偏低，预计2月价格涨跌空间都不大，延续震荡格局 ...

期货市场交易指引 2026 年 01 月 30 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 短线交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 观望 | | | 有色金属 | | ◆铜： | 观望或轻仓滚动持多 | | ◆铝： | 建议加强观望 | | ◆镍： | 建议观望 | | ◆锡： | 区间交易或前期多单止盈 | | ◆黄金： | 区间交易 | | ◆白银： | 偏强运行 | | ◆碳酸锂： | 区间震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡调整 | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 反弹滚动空机会 ...

期货市场交易指引 交易咨询业务资格： 鄂证监期货字[2014]1 号 曹雪梅：Z0015756 电话：027-65777102 邮箱：caoxm2@cjsc.com.cn 全球主要市场表现 | 指标 | 最新价 | 涨跌幅 | | --- | --- | --- | | 上证综指 | 4,151.24 | 0.27% | | 深圳成指 | 14,342.89 | 0.09% | | 沪深 300 | 4,717.99 | 0.26% | | 上证 50 | 3,060.56 | 0.27% | | 中证 500 | 8,601.16 | 0.61% | | 中证 1000 | 5,903.58 | 0.25% | | 日经指数 | 53,358.71 | 0.05% | | 道琼指数 | 49,015.60 | 0.02% | | 标普 500 | 6,978.03 | -0.01% | | 纳斯达克 | 23,857.45 | 0.17% | | 美元指数 | 96.3455 | 0.61% | | 人民币 | 6.9453 | -0.18% | | 纽约黄金 | 5,447.80 | 5.18% | | ...

1. Report Industry Investment Ratings - **Macro Finance**: Long - term bullish on stock indices, suggesting buying on dips; government bonds are expected to move in a range [1] - **Black Building Materials**: Short - term trading for coking coal, range trading for rebar, and waiting and seeing for glass [1] - **Non - ferrous Metals**: Waiting and seeing or holding long positions in small quantities for copper; strengthening observation for aluminum; waiting and seeing for nickel; range trading or taking profit on previous long positions for tin; range trading for gold; bullish movement for silver; range - bound oscillation for lithium carbonate [1] - **Energy and Chemicals**: Range trading for PVC, caustic soda and soda ash for the time being, range trading for styrene, rubber, urea, and methanol; weak oscillation for polyolefins [1] - **Cotton Textile Industry Chain**: Oscillatory adjustment for cotton and cotton yarn, oscillatory movement for apples and jujubes [1] - **Agriculture and Animal Husbandry**: Opportunities for short - selling on rebounds for hogs; hedging post - festival contracts on rallies for eggs; being cautious about chasing highs and waiting for rebounds to hedge for corn; bearish on rallies for soybean meal; bullish oscillation for three major oils [1] 2. Core Views of the Report The report provides trading suggestions for various futures products based on their current market conditions, including macro - economic factors, supply - demand relationships, and cost factors. It also emphasizes the importance of paying attention to policy changes, inventory levels, and external market factors [1][5][7] 3. Summaries According to Relevant Catalogs Macro Finance - **Stock Indices**: Medium - to long - term bullish, suggesting buying on dips. Market is volatile due to factors such as the Fed's interest - rate decision, China's industrial profit data, and consumer spending intentions [5] - **Government Bonds**: Expected to move in a range. There is no significant negative news in the bond market, but there is limited downward space for bond yields without more capital inflows [5] Black Building Materials - **Coking Coal**: Short - term trading. The coal market shows short - term fluctuations, but the price increase may not be sustainable due to factors like weak downstream demand and stable supply [7] - **Rebar**: Range trading. The futures price is slightly higher than the valley - electricity cost of electric furnaces and lower than the flat - electricity cost. There is no significant supply - demand contradiction in the short term [7] - **Glass**: Waiting and seeing. The supply is stable, the market speculative demand is weak, and the downstream inventory is high. The price is expected to oscillate between 1050 - 1070 [8] Non - ferrous Metals - **Copper**: High - level oscillation. Macro factors provide support, but the fundamentals are weak. It is recommended to wait and see or hold long positions in small quantities, and beware of the risk of a pullback before the Spring Festival [9] - **Aluminum**: High - level oscillation. The supply of bauxite and alumina is relatively stable, and the demand is entering the off - season. It is recommended to strengthen observation [11] - **Nickel**: Oscillatory movement. The reduction of Indonesian nickel ore quotas has boosted the price, but the fundamentals are weak. It is recommended to wait and see [13] - **Tin**: Oscillatory movement. The supply of tin concentrate is tight, and the downstream demand is mainly for rigid procurement. It is recommended for range trading or taking profit on previous long positions [13] - **Silver**: Bullish movement. Geopolitical tensions and changes in the Fed's leadership expectations have pushed up the price. It is recommended to hold long positions and be cautious about new positions [15] - **Gold**: Range trading. Similar to silver, geopolitical and Fed - related factors have led to a higher price center. It is recommended for range trading and be cautious about chasing highs [15] - **Lithium Carbonate**: Range - bound oscillation. The supply is affected by mine production, and the demand from the energy - storage terminal is good. The price is expected to be bullish [17] Energy and Chemicals - **PVC**: The bottom may have been reached. The supply is high, the demand is weak, but the valuation is low. It is recommended for long - term low - buying and positive spread trading [17] - **Caustic Soda**: Low - level oscillation. The demand is weak, and the supply pressure is high. It is recommended to wait and see [19] - **Styrene**: Oscillatory movement. The price has rebounded due to export growth and device maintenance, but the valuation is high. It is recommended to be cautious about chasing highs [19] - **Rubber**: Oscillatory movement. The supply is shrinking, but the inventory pressure remains. The price is in a state of multi - empty tug - of - war [20] - **Urea**: Oscillatory movement. The supply is increasing, the demand from compound fertilizers is rising, and the inventory is at a low level. The price is expected to oscillate between 1730 - 1830 [21] - **Methanol**: Oscillatory movement. The supply is decreasing, the demand from methanol - to - olefins is weakening, and the traditional downstream demand is also weak [23] - **Polyolefins**: Weak oscillation. The supply is increasing, the demand from PE downstream is declining, and the price is expected to be weak with limited upside [24] - **Soda Ash**: Waiting and seeing. The supply is in excess, but the cost support is strong. It is recommended to leave the market temporarily [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillatory adjustment. The global cotton supply - demand situation has changed, and the internal - external price difference has put pressure on the domestic market. It is recommended to be cautious in the short term and optimistic in the long term [24] - **Apples**: Oscillatory movement. The packaging and shipping in the production areas have accelerated slightly, but the overall market is still weak [26] - **Jujubes**: Oscillatory movement. The purchase price of Xinjiang gray jujubes in the 2025 production season is in a certain range, and the acquisition is based on quality [26] Agriculture and Animal Husbandry - **Hogs**: Bottom - building oscillation. In the short term, the price is restricted by supply - demand game. It is recommended to short on rebounds for off - season contracts. In the long term, be cautious about being bullish due to high - level production capacity and cost reduction [28] - **Eggs**: Rebound from a low level. The current valuation is high, and it is recommended to hedge post - festival contracts on rallies. Also, consider hedging the 05 and 06 contracts due to the possible post - poned supply pressure [30] - **Corn**: Limited upside. In the short term, the supply - demand is balanced, and it is recommended to be cautious about chasing highs. In the long term, the supply - demand situation is relatively loose, restricting the price increase [32] - **Soybean Meal**: Low - level oscillation. The short - term support for the M2603 contract is at 3000 - 3030, and the pressure for the far - month 05 contract is at 2800 - 2850. It is recommended to be bearish on rallies [32] - **Oils**: Bullish oscillation. The three major oils are expected to move strongly. It is recommended to buy on dips and hold previous long positions [38]

Report Investment Ratings Macroeconomics and Finance - Index: Long - term bullish, buy on dips [5] - Treasury bonds: Range - bound [5] Black Building Materials - Coking coal: Short - term trading [6] - Rebar: Range trading [7] - Glass: Hold off [7] Non - ferrous Metals - Copper: Hold off or hold long positions lightly and roll [9] - Aluminum: Strengthen observation [11] - Nickel: Hold off [12] - Tin: Range trading or take profit on previous long positions [13] - Gold: Range trading [15] - Silver: Bullish [15] - Lithium carbonate: Range - bound [17] Energy and Chemicals - PVC: Range trading [17] - Caustic soda: Hold off [19] - Soda ash: Hold off [26] - Styrene: Range trading [19] - Rubber: Range trading [21] - Urea: Range trading [23] - Methanol: Range trading [25] - Polyolefins: Weakly range - bound [25] Cotton Textile Industry Chain - Cotton and cotton yarn: Range adjustment [26] - Apples: Weakly range - bound [28] - Jujubes: Weakly range - bound [28] Agricultural and Livestock - Pigs: Short on rebounds [30] - Eggs: Avoid shorting in the short term [32] - Corn: Be cautious about chasing highs, hedge on rebounds [34] - Soybean meal: Bearish on rallies [35] - Fats and oils: Bullishly range - bound [41] Core Views The report provides trading suggestions for various futures products based on their respective market fundamentals, including supply - demand relationships, cost factors, policy impacts, and international situations. It also analyzes short - term and long - term trends and risks of each product to help investors make decisions. Summary by Category Macroeconomics and Finance - Index: Affected by international trade policies, central bank policies, and market sentiment, it may range - bound in the short term but is long - term bullish [5] - Treasury bonds: Without significant negative factors, they may range - bound in a narrow range as there is limited impetus for further interest rate declines [5] Black Building Materials - Coking coal: Due to weak fundamentals, demand is sluggish, and supply disturbances may limit the downside. Short - term trading is recommended [6] - Rebar: With a slight over - valuation in price, weak short - term supply - demand contradictions, and a policy vacuum period, range trading is the main strategy [7] - Glass: With stable supply, weakening speculative demand, and limited downstream inventory digestion, it may range - bound around 1050 - 1070. Attention should be paid to the opportunity of going long on glass and short on soda ash [7] Non - ferrous Metals - Copper: Supported by macro factors but with weak fundamentals, it may range - bound at high levels. Be cautious of pre - holiday profit - taking [9] - Aluminum: With stable supply, weakening demand, and cooling of market sentiment, it may adjust at high levels [11] - Nickel: Although stimulated by policy, fundamentals are weak. It is recommended to hold off [12] - Tin: With tight supply and stable demand, it may range - bound. Attention should be paid to supply resumption and demand recovery [13] - Gold and silver: Driven by geopolitical tensions and changes in the Fed's policy expectations, they are bullish. Silver is recommended to hold long positions, and gold is recommended for range trading [15] - Lithium carbonate: With supply disturbances and strong demand, it may range - bound [17] Energy and Chemicals - PVC: With low valuation, weak domestic demand, and high inventory, it may have a bottom. Range trading is recommended, and attention should be paid to policies and cost factors [17] - Caustic soda: With high supply pressure and weak demand, it may range - bound at low levels. Attention should be paid to supply - side adjustments [19] - Styrene: With high valuation after a rebound, it is recommended to be cautious about chasing highs. Attention should be paid to cost and supply - demand changes [19] - Rubber: With supply contraction but high inventory pressure, it may range - bound. Attention should be paid to inventory and downstream demand [21] - Urea: With sufficient supply and increasing demand, it may range - bound. Attention should be paid to supply - side changes and demand trends [23] - Methanol: With weak domestic demand and strong local prices, it may range - bound. Attention should be paid to geopolitical situations and port arrivals [25] - Polyolefins: With increasing supply and weakening demand, they may range - bound weakly. Attention should be paid to cost and demand [25] - Soda ash: With supply over - capacity and cost support, it is recommended to hold off [26] Cotton Textile Industry Chain - Cotton and cotton yarn: With a decrease in global cotton output and an increase in consumption, long - term expectations are optimistic, but short - term caution is needed [26] - Apples: With slow sales in the main production areas and slightly improved sales in some secondary areas, they may range - bound weakly [28] - Jujubes: With the end of raw material acquisition in Xinjiang and stable market transactions, they may range - bound weakly [28] Agricultural and Livestock - Pigs: In the short term, prices may range - bound due to supply - demand games. In the long term, be cautious about the upside. Range - bound trading and hedging are recommended [30] - Eggs: With high valuation and supply pressure in the medium - long term, hedging of post - holiday contracts is recommended [32] - Corn: With short - term supply - demand balance and long - term loose supply - demand, be cautious about chasing highs and hedge on rebounds [34] - Soybean meal: With short - term support and long - term pressure, short - term range trading and long - term bearishness are recommended [35] - Fats and oils: Bullishly range - bound. Hold previous long positions and exit previous spread - narrowing strategies [41]