Report Summary - **Report Date**: January 28, 2026 [2] - **Report Name**: Shanghai Zinc Industry Daily Report [2] Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - The upstream zinc ore imports are at a high level, but domestic zinc mines cut production at the end of the year. The competition among domestic smelters to purchase domestic ores has increased, and the processing fees at home and abroad have decreased significantly. The profits of domestic smelters have shrunk, and production is expected to continue to be restricted. Recently, the LME zinc price has corrected, the SHFE-LME ratio has rebounded, and the export window may close again. On the demand side, the downstream market is gradually turning to the off - season. The real estate sector is a drag, while the infrastructure and home appliance sectors are also weakening. However, policy support in areas such as the automotive industry brings some bright spots. The downstream market mainly purchases on - demand at low prices. Recently, the zinc price has fallen, downstream purchases have improved, the spot premium has remained stable, and domestic inventories have decreased. The LME zinc inventory has remained stable, and the spot premium has remained low. Technically, the increase in positions accompanied by rising prices indicates a strong bullish sentiment. It is expected that Shanghai zinc will adjust strongly, with the attention range at 24,800 - 26,300 yuan/ton [3] Summary by Directory 1. Futures Market - **Prices**: The closing price of the Shanghai zinc main contract was 25,605 yuan/ton, up 655 yuan; the LME three - month zinc quotation was 3,351 US dollars/ton, up 8.5 US dollars. The 03 - 04 contract spread of Shanghai zinc was - 5 yuan/ton, up 30 yuan [3] - **Positions and Inventories**: The total holding volume of Shanghai zinc was 240,242 lots, up 9,625 lots; the net holding volume of the top 20 in Shanghai zinc was 6,021 lots, up 2,805 lots; the Shanghai zinc warehouse receipts were 0 tons; the SHFE inventory was 73,151 tons, down 3,160 tons; the LME inventory was 110,550 tons, down 775 tons [3] 2. Spot Market - **Prices**: The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 25,240 yuan/ton, up 480 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 25,630 yuan/ton, up 630 yuan. The base price of the ZN main contract was - 365 yuan/ton, down 175 yuan; the LME zinc premium (0 - 3) was - 30.81 US dollars/ton, down 4.38 US dollars. The ex - factory price of 50% zinc concentrate in Kunming was 21,580 yuan/ton, up 50 yuan; the price of 85% - 86% crushed zinc in Shanghai was 16,950 yuan/ton, up 150 yuan [3] 3. Upstream Situation - **Supply and Demand Balance**: The WBMS zinc supply - demand balance was - 35,700 tons, a decrease of 14,700 tons; the ILZSG zinc supply - demand balance was - 7,700 tons, a decrease of 4,900 tons [3] - **Production and Imports**: The global zinc mine output was 1.0627 million tons, a decrease of 11,900 tons; the domestic refined zinc output was 675,000 tons, an increase of 21,000 tons; the zinc ore imports were 462,600 tons, a decrease of 53,900 tons [3] 4. Industry Situation - **Imports and Exports**: The refined zinc imports were 8,760.85 tons, a decrease of 9,469.07 tons; the refined zinc exports were 27,266.66 tons, a decrease of 15,548.89 tons [3] - **Inventory**: The social zinc inventory was 1.122 million tons, an increase of 58,000 tons [3] 5. Downstream Situation - **Production and Sales**: The production of galvanized sheets was 2.36 million tons, an increase of 20,000 tons; the sales of galvanized sheets were 2.36 million tons, a decrease of 60,000 tons [3] - **Related Industries**: The new housing construction area was 587.6996 million square meters, an increase of 53.1326 million square meters; the housing completion area was 603.4813 million square meters, an increase of 208.942 million square meters; the automobile production was 3.4115 million vehicles, a decrease of 107,500 vehicles; the air - conditioner production was 21.6289 million units, an increase of 6.6029 million units [3] 6. Option Market - **Volatility**: The implied volatility of at - the - money call options for zinc was 31.62%, up 3.13 percentage points; the implied volatility of at - the - money put options for zinc was 31.62%, up 3.13 percentage points; the 20 - day historical volatility of at - the - money zinc options was 23.71%, down 0.02 percentage points; the 60 - day historical volatility of at - the - money zinc options was 13.81%, up 0.07 percentage points [3] 7. Industry News - In December 2025, the profits of industrial enterprises above designated size in China increased by 5.3% year - on - year, and the annual profit increased by 0.6% year - on - year, achieving the first growth in four years. The supporting role of new industrial drivers was obvious, and the industrial economic development was moving towards the new and the better [3] - The U.S. government shutdown is approaching. Trump talked with the governor of Minnesota and agreed to consider reducing the number of ICE personnel [3] - Fed officials are expected to pause rate cuts this week. Due to inconsistent inflation and employment market data, there are obvious differences among officials on whether and when to continue rate cuts. Before mid - year, if there is to be another rate cut, it is likely to require a significant deterioration in the labor market. It is expected that Fed Governor Milan will continue to vote against at the January meeting, and the voting stance of Waller may receive special attention [3]

| | | 烧碱产业日报 2026-01-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) | 1969 | 18 烧碱主力合约持仓量(日,手) | 245977 | -17165 | | | 期货前20名净持仓:烧碱(日,手) | -29700 | 270 烧碱主力合约成交量(日,手) | 431845 | -190015 | | | 合约收盘价:烧碱:1月(日,元/吨) | 2431 | 5 合约收盘价:烧碱:5月(日,元/吨) | 2214 | 1 | | | 期货前20名净持仓:烧碱(日,手) | -29700 | 270 | | | | 现货市场 | 烧碱(32%离子膜碱):山东地区(日,元/吨) | 599 | -4 烧碱(32%离子膜碱):江苏地区(日,元/吨) | 735 | -5 | | | 山东地区32%烧碱折百价(日,元/吨) | 1873 | -11 基差:烧碱(日,元/吨) | -96 | -29 | | 上游情况 | 原 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December 2026 and a 0.6% increase for the whole year, achieving the first growth in four years. The supply of tin ore is expected to increase in the first quarter, with a slight rebound in processing fees, indicating a relief of the supply shortage. The production of refined tin is currently limited but may increase after the Chinese New Year. The import pressure is increasing as Indonesia's tin exports rise. The demand for solder in the AI field is expected to grow significantly. The short - term trend of Shanghai tin is expected to be a wide - range adjustment, with a focus on the 44 - level competition and support at MA10, in the range of 42 - 46 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 443,800 yuan/ton, a decrease of 7,360 yuan; the closing price of the March - April contract of Shanghai tin is - 490 yuan/ton, an increase of 160 yuan. The LME 3 - month tin price is 54,878 US dollars/ton, an increase of 646 US dollars. The main contract position of Shanghai tin is 52,024 lots, a decrease of 3,047 lots. The net position of the top 20 futures is - 7,628 lots, a decrease of 3,478 lots. The LME tin total inventory is 7,085 tons, an increase of 20 tons. The Shanghai Futures Exchange inventory of tin is 9,720 tons, an increase of 171 tons. The Shanghai Futures Exchange tin warehouse receipt is 8,657 tons, an increase of 104 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 436,600 yuan/ton, an increase of 8,200 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 433,700 yuan/ton, an increase of 7,530 yuan. The basis of the main Shanghai tin contract is - 22,760 yuan/ton, a decrease of 32,270 yuan. The LME tin premium (0 - 3) is - 244 US dollars/ton, a decrease of 1 US dollar [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.76 million tons, an increase of 0.25 million tons. The average price of 40% tin concentrate processing fee is 14,500 yuan/ton, unchanged; the average price of 40% tin concentrate is 414,400 yuan/ton, a decrease of 6,450 yuan; the average price of 60% tin concentrate is 418,400 yuan/ton, a decrease of 6,450 yuan; the average price of 60% tin concentrate processing fee is 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, a decrease of 0.16 million tons. The monthly import volume of refined tin is 2,239.1 tons, an increase of 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 275,410 yuan/ton, an increase of 5,340 yuan. The cumulative output of tin - plated sheets (strips) is 152.87 million tons, an increase of 13.87 million tons. The monthly export volume of tin - plated sheets is 14.29 million tons, a decrease of 0.45 million tons [3] 3.6 Industry News - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December 2026 and a 0.6% increase for the whole year, achieving the first growth in four years. The US government is approaching a shutdown. The Fed is expected to pause rate cuts this week, and there are differences among officials on future rate cuts [3]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Due to the cold wave causing delays in resource arrivals at ports, the inventory at East China ports decreased week-on-week last week, but it remains at a high level compared to the same period. From late January to early February, multiple sets of devices such as Sinochem Quanzhou and Shanghai Petrochemical will restart, and the supply and demand of pure benzene in China may shift from a tight balance to a loose balance. The 450,000-ton maintenance device of styrene in Sinochem Quanzhou is planned to restart, and the operation of the 450,000-ton device of Bohua is still uncertain, with the operating rate expected to increase slightly. The negative impact in the nylon industry chain is transmitted upwards, and the operating rate of caprolactam is expected to remain low. The overall demand for phenol, aniline, and adipic acid is expected to increase slightly. In terms of cost, affected by the increased possibility of military conflict between the US and Iran, large-scale winter storms in the US, and the recent weakening of the US dollar, international oil prices have risen significantly recently. In the short term, BZ2603 is expected to fluctuate with oil prices [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene was 6,130 yuan/ton, up 140 yuan; the settlement price was 6,067 yuan/ton, up 58 yuan. The trading volume of the main contract was 29,884 lots, up 6,572 lots; the open interest was 31,613 lots, up 760 lots. The mainstream price of pure benzene in the East China market was 5,950 yuan/ton, unchanged; in the North China market, it was 5,940 yuan/ton, unchanged; in the South China market, it was 5,900 yuan/ton, unchanged; in the Northeast region, it was 5,941 yuan/ton, down 11 yuan [2] 3.2 Spot Market - The spot price of pure benzene in South Korea's FOB intermediate price was 750 US dollars/ton, down 18 US dollars; the CFR intermediate price of pure benzene in China was 750.79 US dollars/ton, down 14.72 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 69.53 US dollars/barrel, up 1.17 US dollars; the CFR intermediate price of naphtha in the Japanese region was 573.25 US dollars/ton, up 8 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.37%, down 1.89 percentage points; the weekly output was 425,300 tons, down 11,100 tons. The port inventory of pure benzene was 297,000 tons, down 27,000 tons. The production cost of pure benzene was 5,017.8 yuan/ton, up 39.8 yuan; the production profit was 446 yuan/ton, up 77 yuan [2] 3.5 Downstream Situation - The operating rate of styrene was 69.63%, down 1.23 percentage points; the capacity utilization rate of caprolactam was 76.17%, down 1 percentage point; the capacity utilization rate of phenol was 88.44%, down 0.31 percentage point; the capacity utilization rate of aniline was 87.61%, up 14.35 percentage points; the capacity utilization rate of adipic acid was 69.1%, up 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% week-on-week to 72.37%, and the operating rate of hydrogenated benzene decreased by 3.42% week-on-week to 54.17%. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% week-on-week to 75.53%. As of January 26th, the inventory of pure benzene at East China ports was 305,000 tons, up 2.69% week-on-week. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton week-on-week to 446 yuan/ton [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5187 | 19 主力合约持仓量:白糖(日,手) | 473871 | 1268 | | | 仓单数量:白糖(日,张) | 13715 | 0 期货前20名持仓:净买单量:白糖(日,手) | -78060 | -1109 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 454 | 0 进口加工估算价(配额内):泰国糖(日,元/ | | | | 吨) 现货市场 | 进口巴糖估算价(配额外,50%关税)(日,元 | 4057 | 8 | 4108 | 8 10 | | | | | 吨) | | | | | | 5139 | 10 进口泰糖估算价(配额外,50%关税)(日,元 | 5206 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) | 5155 | 0 广西南宁白糖现货价格(日,元/吨) /吨) | 5270 | 0 | | | 广 ...

，从企业库存变化趋势来看，近期尿素工厂基本维持产销平衡，其中因局部农业需求的启动，农业流向适 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 当增加，考虑到春节前工业开工下降，春节前储备需求为主，库存仍有小幅上涨趋势。UR2605合约短线预 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 计在1770-1830区间波动。 免责声明 尿素产业日报 2026-01-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1799 | 9 郑州尿素5-9价差(日,元/吨) | 29 | 7 -9977 | | | 郑州尿素主力合约持仓量(日,手) | 260290 | 15430 郑州尿素前20名净持仓 | -27038 | | | | 郑州尿素交易所仓单(日,张) | 12699 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1770 | 0 河南(日,元/吨) | 1750 | ...

棉花(纱)产业日报 2026-01-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14940 | 375 棉纱主力合约收盘价(日,元/吨) | 20725 | 305 | | | 棉花期货前20名净持仓(手) | -142878 | 14068 棉纱期货前20名净持仓(手) | -1857 | -255 | | | 主力合约持仓量:棉花(日,手) | 823272 | 36619 主力合约持仓量:棉纱(日,手) | 10465 | -710 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10209 | 4 仓单数量:棉纱(日,张) | 0 | 0 | | 现货市场 | | 15933 | -20 中国纱线价格指数:纯棉普梳纱32支(日, | 21365 | 0 | | | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) | | | | | | 12502 | 1 ...

国债期货日报 2026/1/28 3、国家统计局：2025年，全国规模以上工业企业实现利润总额73982亿元，比上年增长 0.6%；12月份，规模以上工业企业利润同比增长5.3%。国家统计局称，2025年，各地区各部 门加紧实施更加积极有为的宏观政策，加快推进新型工业化，推动工业经济稳定向好运行；全 年工业企业利润实现增长，扭转了连续三年下降态势，其中装备制造业、高技术制造业等新动 能支撑作用明显，传统产业利润结构持续优化，工业经济发展质效不断提升。 行业消息 | | 周三国债现券收益率多数下行，到期收益率2-7Y下行0.5-1.3bp左右，10Y、30Y到期收益率分 | | --- | --- | | | 别下行1.7、1.1bp左右至1.82%、2.25%。周三国债期货集体走强，TS、TF、T、TL主力合约 | | | 上涨0.01%、0.06%、0.05%、0.07%%。资金面边际宽松，DR007加权利率回落至1.55%附 | | | 近震荡。国内基本面端，我国2025年第四季度GDP同比增长4.5%，全年GDP增速达5.0%，圆 | | | 满实现预期增长目标。12月工增高于市场预期，固投规模持续收敛 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The stainless - steel futures price is expected to have a short - term adjustment, with attention on the battle for MA10, in the range of 14,100 - 14,800 yuan/ton. The market's long - position atmosphere is decreasing as the position volume decreases and the price corrects [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 14,465 yuan/ton, down 75 yuan. The 03 - 04 contract spread is - 75 yuan/ton, down 15 yuan. The net long position of the top 20 futures holders is - 12,482 lots, an increase of 2,264 lots, and the main contract position volume is 123,373 lots. The warehouse receipt quantity is 39,654 tons, unchanged [2]. 现货 Market - The price of 304/2B coil (cut - edge, Wuxi) is 14,950 yuan/ton, down 100 yuan. The market price of scrap stainless steel 304 in Wuxi is 9,750 yuan/ton, unchanged. The basis of stainless steel is 130 yuan/ton, an increase of 55 yuan [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons. The total nickel - iron output is 21,400 tons, a decrease of 700 tons. The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons, and the import volume of nickel - iron is 996,100 tons, an increase of 100,700 tons. The SMM1 nickel spot price is 146,100 yuan/ton, down 2,000 yuan. The average price of nickel - iron (7 - 10%) nationwide is 1,070 yuan/nickel point, unchanged. The monthly Chinese chromite output is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7472 million tons, a decrease of 14,500 tons. The weekly inventory of 300 - series stainless steel is 539,300 tons, an increase of 800 tons. The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters. The monthly output of large and medium - sized tractors is 95,000 units, an increase of 37,000 units. The monthly output of small tractors is 321,000 units, an increase of 10,000 units. The monthly output of excavators is 37,300 units, an increase of 1,000 units [2]. Industry News - In December 2026, the profits of industrial enterprises above the designated size in China increased by 5.3% year - on - year, and the annual profit increased by 0.6% year - on - year, achieving the first growth in four years. The US government is approaching a shutdown. The Federal Reserve officials are expected to pause interest - rate cuts this week, and there are differences on future interest - rate cuts. In the raw - material end, the raw - material supply of nickel - iron production will face contraction pressure. [2]

证券日报网讯 1月27日，瑞达期货（002961）在互动平台回答投资者提问时表示，公司股票价格主要受 二级市场供求关系、市场走势等多重因素影响，公司经营情况稳定，基本面没有发生变化，不存在重大 经营风险。 ...