交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 1 月 30 日 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2026/1/30 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 交易咨询从业证书号：Z0013759 | | 烧碱 | 白糖 | 尿素 | 合成橡胶 | | 研究咨询电话： | | 鸡蛋 | 棉花 | 燃油 | | | | | 红枣 | 多晶硅 | 乙二醇 | | | 0531-81678626 | | 生猪 | 棉纱 | 短纤 | | | | | PVC | 工业硅 | PTA | | | 客服电话： | | | | | | | 400-618-6767 | | 中证500股指期货 | 纸浆 | 橡胶 | | | | | 中证1000指数期货 | 碳酸锂 | 对二甲苯 | | | 公司网址： | | | 热轧卷板 | 瓶片 | | | | | | 螺纹钢 | 硅 ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 基于量化指标研判 | 偏空 | 震荡 | 偏多 | | --- | --- | --- | | PTA | 螺纹钢 | 锰硅 | | 豆二 | 焦煤 | 热轧卷板 | | 棕榈油 | 郑棉 | 橡胶 | | 沥青 | 玉米 | 沪铅 | | 沪锌 | 菜粕 | 沪铜 | | 菜油 | 沪锡 | 甲醇 | | 豆油 | 铁矿石 | 焦炭 | | | 豆一 | | | | 玉米淀粉 | | | | 白糖 | | | | 玻璃 | | | | PVC | | | | 鸡蛋 | | | | 塑料 | | | | 沪铝 | | | | 豆粕 | | | | 沪银 | | | | 聚丙烯 | | | | 沪金 | | 备注： 1.趋势判断观点主要基于各品种的量价等技术指标因素。 请务必阅读正文之后的免责声明部分 - 2 - 2026 年 1 月 29 日 | [Table_Finance] | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 联系人：王 ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 [Table_Finance] 交易咨询资格号：证监许可[2012]112 2026 年 1 月 28 日 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2026/1/28 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 交易咨询从业证书号：Z0013759 | | 红枣 | 乙二醇 | 短纤 | 合成橡胶 | | 研究咨询电话： | | 鸡蛋 | 橡胶 | 对二甲苯 | | | | | 铁矿石 | 工业硅 | 原油 | | | 0531-81678626 | | 塑料 | 多晶硅 | PTA | | | 客服电话： | | 生猪 | 棉花 | 沥青 | | | | | 甲醇 | 白糖 | 瓶片 | | | 400-618-6767 | | 焦煤 | 棉纱 | 苹果 | | | 公司网址： | | 焦炭 | 胶版印刷纸 | 硅铁 | | | | ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 1 月 27 日 | [Table_Finance] | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2026/1/27 | 基于基本面研判 | 期货从业资格：F3024685 | | | | | | | | | 趋势空头 | 震荡偏空 | 震 | 荡 | 震荡偏多 | 趋势多头 | 交易咨询从业证书号：Z0013759 | 烧碱 | 二债 | 上证50股指期货 | 合成橡胶 | | 研究咨询电话： | 红枣 | 五债 | 原油 | 铁矿石 | 中证500股指期货 | 燃油 | 0531-81678626 | | | | | 鸡蛋 | 中证1000指数期货 | 沥青 | 客服电话： | 生猪 | 白糖 | 十债 | | | | | | 铅 | 沪深300股指期货 | 400-618-6767 | 多晶硅 | 三十债 | | | | | | | | 公司网址： | 工业硅 | 锌 | 棉花 ...

需求阶段性走强，宏观继续推升锌价 中泰期货· 2026年1月26日 中泰期货研究所 王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 目 录 CONTENTS 1 02 价格 01 综述 03 供给：锌矿、锌锭 04 需求：加工、终端 05 库存 06 其他 综述 综述 | 产业数据 | | 项目 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 上期 | 示期 | 环比 | 环比率 | 综述 | | 在锌矿紧缺背景下,国内锌精矿加工费跌势持续,国产加工费跌至1500元/金 | | 锌精矿国产TC(元/金属吨) | 1500 | 1500 | 0.00 | 0.00% | 属吨后企稳。 | | 尽管随着前期国内冶炼厂减产和进口锌精矿比价的修复,国内锌精矿市场的供 | | | | | | | 需情绪近期有所回暖,但目前国产锌精矿加工费仅暂时出现止跌现象,并未发 进口矿贸易市场上,临近年末,市场矿贸易商多继续休假,周度进口锌精矿报 盘较少,整体成交较为清淡。 | | | | 国内锌精矿产量(月度) ...

交易咨询资格号： 证监许可[2012]112 2026 年 1 月 26 日 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2026/1/26 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 交易咨询从业证书号：Z0013759 | | 鸡蛋 | 锌 | 燃油 | 合成橡胶 | | 研究咨询电话： | | 红枣 | 铅 | 液化石油气 | | | | | 生猪 | 多晶硅 | 原油 | | | 0531-81678626 | | 铁矿石 | 烧碱 | 尿素 | | | 客服电话： | | | 工业硅 | 沥青 | | | | | | 原木 | 碳酸锂 | | | 400-618-6767 | | | 橡胶 | 苹果 | | | 公司网址： | | | 纸浆 | 中证500股指期货 | | | | | | 胶版印刷纸 | 十债 | | | www.ztqh.com | | | 玉米 | 三十债 | | ...

中泰期货PVC烧碱产业链周报 PVC + NAOH + CL 2026年1月25日 姓名：芦瑞 从业资格号：F3013255 交易咨询从业证书号：Z0013570 联系电话： 18888368717 客服电话：400-618-6767 公司网址：www.ztqh.com 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 目录 1 现货市场 4 行情预期 3 产业链利润 2 基差价差 请务必阅读正文之后的声明部分 PVC综述及平衡表 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） PVC供需小结 | | | 上周 | 本周 | 周环比 | 下周 | 下下周 | 思路 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 总产量 | 48.75 | 48.21 | -0.54 | 46.48 | 46.73 | 本周产量略微下降，但是比预测的略 高，下周部分装置临时检修，产量预 | | | | | | | | | 计小幅度减少。 | | 产量 （万吨） | 乙烯法 | 1 ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 1 月 23 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | | 2026/1/23 基于基本面研判 | | | | | | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 原油 | | 燃油 | 瓶片 | 合成橡胶 | | 鸡蛋 | | 生猪 | 乙二醇 | | | 锰硅 | | 胶版印刷纸 | PTA | | | 锰硅 | | 棉花 | 短纤 | | | 红枣 | | 棉纱 | 对二甲苯 | | | 白糖 | | | 三十债 | | | 多晶硅 | | | 十债 | | | 工业硅 | | | 二债 | | | 纸浆 | | | 五债 | | | 玉米 | | | 液化石油气 | | ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 1 月 22 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 [Table_Report] 中泰期货公众号 | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | | 2026/1/22 | | 基于基本面研判 | | | | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | 鸡蛋 | 纯碱 | 合成橡胶 | | | | 红枣 | 玻璃 | 碳酸锂 | | | | 生猪 | 白糖 | 三十债 | | | | 液化石油气 | PTA | 甲醇 | | | | 中证500股指期货 | 棉花 | 硅铁 | | | | 上证50股指期货 | 乙二醇 | 苹果 | | | | 铅 | 瓶片 | 沥青 | | | | 沪深300股指期货 | 五债 | 燃 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Based on fundamental analysis, different futures varieties are classified into trend short, oscillating short, oscillating, oscillating long, and trend long. Based on quantitative indicators, they are divided into short - biased, oscillating, and long - biased [5][9] - Macroeconomic policies in 2026 focus on strengthening the domestic economic cycle and expanding domestic demand. Fiscal deficits, debt, and expenditures will remain at necessary levels [11][12] - Different sectors of the futures market, such as macro - finance, black commodities, non - ferrous metals, agricultural products, and energy - chemical, show different trends and investment opportunities [15][19][25][34][45] Summary by Directory 1. Fundamental and Quantitative Analysis - **Fundamental Analysis**: Futures varieties like coke, coking coal, and CSI 1000 index futures are in a trend short or oscillating short state; varieties like lithium carbonate and 30 - year bonds are oscillating; and some varieties have an oscillating long or trend long outlook [5] - **Quantitative Analysis**: Varieties like silver futures and soybean No. 2 are short - biased; iron ore and asphalt are oscillating; and manganese silicon and methanol are long - biased [9] 2. Macroeconomic News - A series of fiscal and financial policies to boost domestic demand are introduced, including a 500 - billion - yuan private investment special guarantee plan and loan discount policies for small and medium - sized enterprises [11] - The Greenland crisis and fiscal pressure concerns trigger a global bond market sell - off, with significant yield increases in Japanese and US long - term bonds [12] - The 1 - year and 5 - year - plus LPR remain unchanged in January, marking eight consecutive months of no change since May 2025 [13] 3. Macro - finance - **Stock Index Futures**: Short - term operations should focus on volume and price, and consider profit - taking. The A - share market shows a style shift from high - valuation growth sectors to value sectors, and the stock index may enter an adjustment phase if there is no further increase in volume [15] - **Treasury Bond Futures**: Ultra - long - term bonds may continue to rebound due to a decline in risk appetite. The yield curve of bonds remains steep, and there is a long - term expectation of monetary policy easing [16] 4. Black Commodities - **Steel and Iron Ore**: Macro policies have limited short - term impact on demand. Steel is in a de - stocking state, but downstream demand is weak. Iron ore supply is abundant, and short - term steel may oscillate, while iron ore is relatively weak [19][20] - **Coking Coal and Coke**: Prices may oscillate and decline in the short term. Coal mine production and downstream procurement need to be monitored. The supply - demand situation may improve during the Spring Festival [21] - **Ferroalloys**: Silicon iron has a small supply gap, and it is recommended to go long on dips. For manganese silicon, it is advisable to hold short positions from previous highs and wait and see [22][23] - **Soda Ash and Glass**: Currently, it is advisable to wait and see. Soda ash supply is at a high level, and new capacity is expected. Glass has复产 expectations, and the supply - demand pattern may improve if production cuts are implemented smoothly [24] 5. Non - ferrous Metals and New Materials - **Zinc**: Domestic zinc inventories are increasing. It is recommended to wait and see, and previous short positions can be held [26] - **Lead**: Lead inventories are rising, and prices are falling. It is recommended to wait and see, and previous short positions can be held [27] - **Lithium Carbonate**: Demand is improving, and supply disruptions are emerging. It is expected to oscillate widely in the short term [30] - **Industrial Silicon and Polysilicon**: Industrial silicon is under pressure at the upper limit and should be shorted on rallies. Polysilicon is expected to oscillate weakly, waiting for policy guidance [31] 6. Agricultural Products - **Cotton**: There is short - term supply relaxation, but long - term supply is expected to shrink. It is recommended for short - term trading [35] - **Sugar**: Domestic sugar is in a season of high supply and demand. It is recommended for short - term trading in the low - price range [37] - **Eggs**: The pre - holiday egg spot price may weaken. It is recommended to treat the 02 - 03 contracts as oscillating [39] - **Apples**: The futures price may be strong. The market is in a game between supply support and demand constraints [40] - **Corn**: The futures price shows large differences. It is recommended for short - term trading or to consider the 5/9 reverse spread [42] - **Red Dates**: The market is expected to oscillate weakly. Attention should be paid to the performance in the consumption peak season [43] - **Hogs**: The market sentiment has peaked, and it is advisable to short near - month contracts on rallies [44] 7. Energy - Chemical - **Crude Oil**: Geopolitical conflicts in the Middle East support prices, but supply is in surplus. Prices may weaken as the market returns to fundamentals [47] - **Fuel Oil**: Prices follow crude oil, and the short - term focus is on geopolitical factors [48] - **Plastics**: Polyolefins have high supply pressure. It is recommended to adopt a weak - oscillation mindset [49] - **Rubber**: Affected by falling overseas raw material prices and rising inventories, it is advisable to sell out - of - the - money put options on dips [49] - **Synthetic Rubber**: It may rebound in the short term. Be cautious when chasing the rise [50] - **Methanol**: The supply - demand situation is improving. It is advisable to wait for a pullback and then consider a long position in the far - month contracts [52] - **Caustic Soda**: It should be treated with a short - biased mindset due to high production and inventory [53] - **Asphalt**: Prices are expected to oscillate within a range, and the winter storage is in a stable period [54] - **Polyester Industry Chain**: The market is strong in the short term, but demand is expected to weaken. Consider the 5 - 9 positive spread for PX and PTA [55] - **Liquefied Petroleum Gas**: Short - term prices are supported by high costs and demand, but it is advisable to short lightly in the long term [56] - **Paper Pulp**: The market is expected to oscillate. Attention should be paid to international and macro factors [57] - **Logs**: The market is expected to be in a weak - balance state and oscillate [58] - **Urea**: The futures may rebound after a pullback as the market expects stronger demand [59]