证券代码：002961 证券简称：瑞达期货 公告编号：2026-018 瑞达期货股份有限公司 关于全资子公司为控股孙公司向银行申请综合授信额度 提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 瑞达期货股份有限公司（以下简称"公司"）于 2026 年 1 月 20 日召开了第 五届董事会第十一次会议，审议通过了《关于 2026 年度向银行申请综合授信额 度并提供担保暨关联交易的议案》。根据子公司（包括下属全资、控股子公司、 孙公司）发展计划及日常经营资金需求，公司董事会同意 2026 年度子公司向银 行申请不超过人民币 14 亿元的综合授信额度。融资担保方式包括但不限于：子 公司以自有资产提供抵押或质押担保、公司控股股东福建省瑞达控股有限责任公 司及公司合并报表范围内其他子公司提供的担保等。上述授信额度的申请期限自 公司董事会审议通过之日起一年内有效。如单笔授信或担保的存续期超过了决议 的有效期，则决议的有效期自动顺延至单笔授信或担保终止时止。授信额度在有 效期限内可循环使用，在不超过授信额度的情况下，无需再逐项提请公司董事 ...

研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 白糖产业日报 2026-01-27 | 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) | 5168 | -4 主力合约持仓量:白糖(日,手) | 472603 | 4628 | | | 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) | -76951 | -1387 | | | 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/ | 132 | 0 进口加工估算价(配额内):泰国糖(日,元/ | | | | 现货市场 | | 4049 | 8 | 4100 | 8 10 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) 11 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5129 | | 5196 | | | /吨) | 云南昆明白 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The industry is expected to maintain a situation of high production and high inventory in the short - term. The SH2603 contract is expected to oscillate at a low level, with the range around 1900 - 2000. The 03 contract has limited room for rebound, while the 05 contract is stronger due to the trading of maintenance expectations. The spot supply and demand of liquid caustic soda remain loose, and the low profit of the alumina industry restricts procurement demand and increases the expectation of production cuts in the future. Non - aluminum downstream may maintain rigid procurement [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda is 1951 yuan/ton, a decrease of 22 yuan. The main contract position is 263,142 lots, an increase of 328 lots. The net position of the top 20 futures is - 29,970 lots, a decrease of 457 lots. The main contract trading volume is 621,860 lots, a decrease of 268,681 lots. The closing price of the January contract is 2426 yuan/ton, a decrease of 15 yuan, and the May contract is 2213 yuan/ton, a decrease of 23 yuan [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 603 yuan/ton, a decrease of 2 yuan; in Jiangsu, it is 740 yuan/ton, a decrease of 10 yuan. The converted - to - 100% price of 32% caustic soda in Shandong is 1884 yuan/ton, a decrease of 7 yuan. The basis is - 67 yuan/ton, an increase of 15 yuan [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 242.5 yuan/ton, unchanged; in the Northwest, it is 220 yuan/ton, unchanged. The price of steam coal is 642 yuan/ton, a decrease of 1 yuan [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 300 yuan/ton, unchanged; in Jiangsu, it is 350 yuan/ton, an increase of 25 yuan [3] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, unchanged, and the spot price of alumina is 2555 yuan/ton, unchanged [3] 3.6 Industry News - From January 16th to 22nd, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 87.7%, a 1.0% increase from the previous week. From January 17th to 23rd, the alumina operating rate decreased by 0.65% to 85.18%. From January 16th to 22nd, the viscose staple fiber operating rate remained stable at 88.43%, and the printing and dyeing operating rate decreased by 2.23% to 56.54%. As of January 22nd, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 509,600 tons (wet tons), a 0.49% decrease from the previous period and a 105.77% increase year - on - year. From January 16th to 22nd, the average weekly profit of Shandong chlor - alkali enterprises was 209 yuan/ton, a decrease of 2 yuan/ton [3]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of LLDPE are slightly bearish, and it is expected to fluctuate weakly in the short term. Technically, for the daily K - line of L2605, pay attention to the support near 6780 and the resistance near 6955. [2] Summary by Related Catalogs Futures Market - The closing price of the main futures contract of polyethylene is 6899 yuan/ton, down 36 yuan; the 1 - month contract closing price is 6947 yuan/ton, down 27 yuan; the 5 - month contract closing price is 6899 yuan/ton, down 36 yuan; the 9 - month contract closing price is 6930 yuan/ton, down 32 yuan. [2] - The trading volume is 496,965 lots, down 115,013 lots; the open interest is 520,760 lots, up 5,747 lots. [2] - The 1 - 5 spread is 48, up 9. The buy order volume of the top 20 futures positions is 510,998 lots, up 6,394 lots; the sell order volume is 533,068 lots, up 5,465 lots; the net buy order volume is - 22,070 lots, up 929 lots. [2] Spot Market - The average price of LLDPE (7042) in North China is 6,841.3 yuan/ton, down 21.3 yuan; in East China, it is 6,935.81 yuan/ton, up 7.21 yuan. The basis is - 57.7, up 14.69. [2] Upstream Situation - The FOB middle - price of naphtha in Singapore is 61.19 US dollars/barrel, up 0.92; the CFR middle - price of naphtha in Japan is 573.25 US dollars/ton, up 8. [2] - The CFR middle - price of ethylene in Southeast Asia is 686 US dollars/ton, down 5; in Northeast Asia, it is 706 US dollars/ton, unchanged. [2] Industry Situation - The national PE petrochemical operating rate is 84.67%, up 3.08 percentage points. [2] Downstream Situation - The operating rate of PE packaging film is 44.96%, down 3.19 percentage points; the operating rate of PE pipes is 29%, down 0.33 percentage points; the operating rate of PE agricultural film is 36.32%, down 0.61 percentage points. [2] Option Market - The 20 - day historical volatility of polyethylene is 13.76%, down 0.01; the 40 - day historical volatility is 15.96%, up 0.19. [2] - The implied volatility of at - the - money put options for polyethylene is 16.46%, up 1.06; the implied volatility of at - the - money call options is 16.46%, up 1.07. [2] Industry News - From January 16th to 22nd, China's total polyethylene production was 698,900 tons, a 4.34% increase from last week; the capacity utilization rate of polyethylene production enterprises was 84.67%, a 3.07 - percentage - point increase from the previous period. [2] - From January 16th to 22nd, the average operating rate of polyethylene downstream products decreased by 1.4% from the previous period. Among them, the overall operating rate of agricultural film decreased by 0.6%, and the operating rate of PE packaging film decreased by 3.2%. [2] - As of January 21st, the inventory of PE production enterprises was 335,000 tons, a 4.37% decrease from last week; the social inventory of PE was 477,400 tons, a 1.43% decrease from last week. [2] - From January 16th to 22nd, the cost of oil - based LLDPE decreased by 0.22% to 7,202 yuan/ton, and the oil - based profit increased by 1 yuan/ton to - 530 yuan/ton; the cost of coal - based LLDPE decreased by 0.54% to 6,524 yuan/ton, and the coal - based profit increased by 27 yuan/ton to 244 yuan/ton. [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - On Tuesday, the I2605 contract rebounded but was blocked. Macroscopically, Ukrainian President Volodymyr Zelensky said that a new round of tripartite negotiations between Ukraine, the US, and Russia may be held on February 1st. In terms of supply and demand, Australian and Brazilian ports continued the inventory accumulation trend, and spot resources were relatively abundant. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA were running below the 0 - axis, and the red bars were shrinking. Iron ore shipments increased, arrivals decreased, the blast furnace operating rate of steel mills decreased slightly, molten iron production remained below 2.3 million tons, and iron ore port inventories continued to increase. Overall, refer to the pressure around 800 and pay attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 788 yuan/ton, up 3.50 yuan; the position of the I main contract was 571,053 lots, up 2,878 lots; the I 5 - 9 contract spread was 18.5 yuan/ton; the net position of the top 20 in the I contract was - 15,262 lots, up 1,310 lots; the Dalian Commodity Exchange warehouse receipts were 1,100 lots; the Singapore iron ore main contract quoted 103.85 US dollars/ton as of 15:00, up 0.32 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 850 yuan/dry ton, down 6 yuan; the price of 60.5% Mac fines at Qingdao Port was 846 yuan/dry ton, down 5 yuan; the price of 56.5% Super Special fines at Jingtang Port was 754 yuan/dry ton, down 3 yuan; the basis of the I main contract (Mac fines dry ton - main contract) was 58 yuan, down 9 yuan; the 62% Platts iron ore index (previous day) was 103.35 US dollars/ton, down 1.30 US dollars; the ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port was 3.09, up 0.03; the estimated import cost was 831 yuan/ton, down 10 yuan [2] Industry Situation - The global iron ore shipment volume (weekly) was 29.783 million tons, up 485,000 tons; the arrival volume at 47 ports in China (weekly) was 26.255 million tons, down 2.722 million tons; the iron ore inventory at 47 ports (weekly) was 174.9653 million tons, up 2.0783 million tons; the iron ore inventory of sample steel mills (weekly) was 93.8882 million tons, up 1.266 million tons; the iron ore import volume (monthly) was 119.65 million tons, up 9.11 million tons; the available days of iron ore (weekly) were 24 days, up 2 days; the daily output of 266 mines (weekly) was 403,100 tons, up 3,600 tons; the operating rate of 266 mines (weekly) was 63.76%, up 0.74 percentage points; the iron ore concentrate inventory of 266 mines (weekly) was 442,700 tons, up 8,300 tons; the BDI index was 1780, up 18; the iron ore freight rate from Tubarao, Brazil to Qingdao was 21.98 US dollars/ton, up 0.20 US dollars; the iron ore freight rate from Western Australia to Qingdao was 7.975 US dollars/ton, up 0.12 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 78.66%, down 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 85.53%, up 0.07 percentage points; the domestic crude steel output (monthly) was 6.818 million tons, down 169,000 tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) was 19.70%, down 0.04 percentage points; the 40 - day historical volatility of the underlying (daily) was 16.51%, down 0.06 percentage points; the implied volatility of at - the - money call options (daily) was 17.41%, down 0.51 percentage points; the implied volatility of at - the - money put options (daily) was 16.53%, down 0.29 percentage points [2] Industry News - From January 19th to January 25th, 2026, the global iron ore shipment volume was 29.783 million tons, a week - on - week increase of 485,000 tons. The total iron ore shipment volume from Australia and Brazil was 23.943 million tons, a week - on - week increase of 1.476 million tons. Australia's shipment volume was 18.374 million tons, a week - on - week increase of 1.493 million tons, of which the volume shipped to China was 14.876 million tons, a week - on - week increase of 978,000 tons. Brazil's shipment volume was 5.568 million tons, a week - on - week decrease of 18,000 tons [2] - From January 19th to January 25th, 2026, the arrival volume at 47 ports in China was 26.255 million tons, a week - on - week decrease of 2.722 million tons; the arrival volume at 45 ports in China was 25.30 million tons, a week - on - week decrease of 1.297 million tons; the arrival volume at six northern ports was 12.381 million tons, a week - on - week decrease of 2.048 million tons [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report predicts that the Shanghai nickel will have a wide - range and slightly upward adjustment in the short - term, and suggests paying attention to the range of 143,000 - 155,000 yuan/ton [4] - The probability of the US government shutting down again before January 31 has soared to nearly 80%. The import volume of nickel ore is in a downward trend due to the rainy season in the Philippines, and the planned reduction of the RKAB quota in Indonesia next year and the expected sharp increase in the domestic trade base price in Indonesia lead to concerns about tight raw material supply. The production of nickel iron in Indonesia remains high, and the amount flowing back to China is expected to increase. The domestic refined nickel production capacity is large, and with the recent rise in nickel prices, the production profit has room for profit, so the refined nickel production is expected to rise again. The profit of stainless steel plants has improved, and the production volume is expected to be high. The production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. The domestic nickel inventory is on an upward trend, and the market mainly buys on dips, with high spot premiums; the overseas LME inventory continues to increase. Technically, with the reduction of positions and price adjustment, the long - position sentiment is cautious, and it is expected to be mainly wide - range and slightly upward [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 146,110 yuan/ton, with a week - on - week increase of 730 yuan/ton; the price difference between the 02 - 03 contracts of Shanghai nickel is - 260 yuan/ton, with a week - on - week increase of 90 yuan/ton [3] - The price of LME 3 - month nickel is 18,590 US dollars/ton, with a week - on - week decrease of 120 US dollars/ton; the position of the main contract of Shanghai nickel is 40,119 lots, with a week - on - week decrease of 15,899 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 69,268 lots, with a week - on - week increase of 600 lots; the LME nickel inventory is 285,552 tons, with a week - on - week increase of 1,824 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 50,794 tons, with a week - on - week increase of 2,614 tons; the cancelled warrants of LME nickel total 10,788 tons, with a week - on - week increase of 1,506 tons [3] - The warrant quantity of Shanghai nickel is 42,499 tons, with a week - on - week decrease of 18 tons [3] 3.2 Spot Market - The spot price of SMM 1 nickel is 148,100 yuan/ton, with a week - on - week decrease of 5,700 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 147,900 yuan/ton, with a week - on - week decrease of 5,800 yuan/ton [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, with a week - on - week increase of 125 US dollars/ton; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, with a week - on - week increase of 125 US dollars/ton [3] - The average price of battery - grade nickel sulfate is 33,750 yuan/ton, with no week - on - week change; the basis of the main NI contract is 1,990 yuan/ton, with a week - on - week decrease of 6,430 yuan/ton [3] - The LME nickel (spot/three - month) premium is - 208.96 US dollars/ton, with a week - on - week decrease of 6.27 US dollars/ton [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 199.28 million tons, with a month - on - month decrease of 134.67 million tons; the total port inventory of nickel ore is 1,228.62 million tons, with a week - on - week decrease of 44.76 million tons [3] - The average monthly import price of nickel ore is 75.53 US dollars/ton, with a month - on - month increase of 3.36 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no week - on - week change [3] 3.4 Industry Situation - The monthly production of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly production of nickel iron is 21,400 metal tons, with a month - on - month decrease of 700 metal tons [3] - The monthly import volume of refined nickel and alloys is 23,861.23 tons, with a month - on - month increase of 11,020.74 tons; the monthly import volume of nickel iron is 99.61 million tons, with a month - on - month increase of 10.07 million tons [3] 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 174.72 million tons, with a month - on - month decrease of 1.45 million tons; the total weekly inventory of 300 - series stainless steel is 53.93 million tons, with a week - on - week increase of 0.08 million tons [3] 3.6 Industry News - The Chinese Ministry of Commerce is willing to manage differences and promote cooperation with the US, and will introduce policies and measures to expand inbound consumption [3] - Zou Lan, the deputy governor of the People's Bank of China, supports increasing the RMB business fund arrangement scale in Hong Kong from 100 billion yuan to 200 billion yuan [3] - Forecast market data shows that the probability of a new shutdown of the US government is close to 80% [3]

| | 周二国债现券收益率集体走弱，到期收益率1.7Y上行0.35-0.75bp左右，10Y、30Y到期收益率 | | --- | --- | | | 平收，TL主力合约下跌0.33%。资金面持续收敛，DR007加权利率回升至1.58%附近震荡。国 | | | 分别上行0.55、1.30bp左右至1.83%、2.26%。周二国债期货涨跌不一，TS、TF、T主力合约 | | | 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，社零低于前值。12月金融数据超预 | | | 期，社融增速持续回落，政府债造成较大拖累；信贷小幅少增，企业中长期融资需求边际改 | | | 善，但居民去杠杆趋势延续，信贷表现依然偏弱。12月全国规上工企业利润同比5.3%，全年 | | 观点总结 | 利润实现增长，扭转连续三年下行趋势。消息面上，今年首批936亿元超长期特别国债支持设 | | | 备更新资金已下达，将带动总投资超过4600亿元。海外方面，美国2025第三季度GDP终值年 | | | 化环比4.4%，为近两年来最快 ...

| | | 沪锌产业日报 2026-01-27 货升水维持低位。技术面，持仓减量高开调整，多头氛围谨慎。观点参考：预计沪锌偏强调整，关注区间2. 45-2.55。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 24950 | 225 02-03月合约价差:沪锌(日,元/吨) | -55 | 25 | | | LME三个月锌报价(日,美元/吨) | 3342.5 | 73.5 沪锌总持仓量(日,手) | 230617 | -4179 | ...

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - The report predicts that Shanghai Tin will experience short - term wide - range adjustments, with attention on the MA10 support and a price range of 420,000 - 460,000 yuan/ton [3]. - On the supply side, the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, which are expected to continue rising in Q1. The tin ore supply shortage has shown signs of easing. However, smelting production is currently limited due to low raw material inventories, year - end maintenance, and losses for most enterprises, but there is pressure for production to rebound after the Chinese New Year. The increase in Indonesian tin exports has opened the import window and increased import pressure [3]. - On the demand side, the strong development prospects of the AI field will drive a significant increase in solder demand. Recently, tin prices have risen again, and downstream buyers purchase on price dips. Inventories are stable, with a spot premium of 500 yuan/ton. LME inventories have increased significantly, and the spot premium has declined [3]. - Technically, the price has risen while the position has decreased, and attention should be paid to the battle at the 440,000 - yuan mark [3]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for Shanghai Tin is 451,160 yuan/ton, with a month - on - month increase of 25,820 yuan/ton. The closing price of the February - March contract for Shanghai Tin is - 940 yuan/ton, with a month - on - month decrease of 560 yuan/ton [3]. - The price of LME 3 - month tin is 54,232 US dollars/ton, with a month - on - month decrease of 2,373 US dollars/ton. The position of the main Shanghai Tin contract is 55,071 lots, with a month - on - month decrease of 162 lots [3]. - The net position of the top 20 futures for Shanghai Tin is - 4,150 lots, with a month - on - month increase of 823 lots. The total LME tin inventory is 7,065 tons, with a month - on - month decrease of 130 tons [3]. - The Shanghai Futures Exchange inventory of tin is 9,720 tons (weekly), with a month - on - month increase of 171 tons. The LME tin cancelled warrants are 230 tons, with a month - on - month decrease of 115 tons [3]. - The Shanghai Futures Exchange tin warrants are 8,553 tons (daily), with a month - on - month decrease of 71 tons [3]. Spot Market - The SMM 1 tin spot price is 428,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton. The Yangtze River Non - ferrous Market 1 tin spot price is 426,170 yuan/ton, with a month - on - month decrease of 11,030 yuan/ton [3]. - The basis of the main Shanghai Tin contract is - 22,760 yuan/ton, with a month - on - month decrease of 32,270 yuan/ton. The LME tin premium (0 - 3) is - 243 US dollars/ton, with a month - on - month increase of 2 US dollars/ton [3]. Upstream Situation - The import volume of tin ore and concentrates is 1.76 million tons (monthly), with a month - on - month increase of 0.25 million tons. The average processing fee for 40% tin concentrate (Antaike) is 14,500 yuan/ton, with no month - on - month change [3]. - The average price of 40% tin concentrate is 414,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton. The average price of 60% tin concentrate is 418,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton [3]. - The average processing fee for 60% tin concentrate (Antaike) is 10,500 yuan/ton, with no month - on - month change [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons. The monthly import volume of refined tin is 2,239.1 tons, with a month - on - month increase of 323.25 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu is 270,070 yuan/ton, with a month - on - month decrease of 4,260 yuan/ton. The cumulative output of tin - plated sheets (strips) is 1.5287 million tons (monthly), with a month - on - month increase of 0.1387 million tons [3]. - The monthly export volume of tin - plated sheets is 142,900 tons, with a month - on - month decrease of 45,000 tons [3]. Industry News - The Chinese Ministry of Commerce stated that China is willing to manage differences and promote cooperation with the US and will introduce policies and measures to expand inbound consumption [3]. - Zou Lan, the deputy governor of the People's Bank of China, announced support for increasing the scale of RMB business fund arrangements in Hong Kong from 100 billion yuan to 200 billion yuan [3]. - Reports indicate that the probability of a new US government shutdown is nearly 80% according to prediction markets [3].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoint On Tuesday, the RB2605 contract decreased with reduced positions. Macroeconomic factors, such as Trump's threat to impose tariffs on Canada and the US increasing tariffs on South Korea, have intensified trade tensions. In terms of supply and demand, the weekly output of rebar has stopped falling and rebounded, reaching around 2 million tons, while the apparent demand has declined, and inventory has shifted from decreasing to increasing. Overall, during the off - season, rebar demand continues to shrink, more long - position holders among the mainstream positions are closing their positions, putting pressure on futures prices. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are adjusting downward, with the red bars turning green. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,126 yuan/ton, down 17 yuan [2] - RB main contract open interest: 1,714,659 lots, down 16,197 lots [2] - RB contract top 20 net open interest: - 58,403 lots, up 7,245 lots [2] - RB5 - 10 contract spread: - 48 yuan/ton, up 2 yuan [2] - RB Shanghai Futures Exchange warehouse receipt: 38,283 tons, unchanged [2] - HC2605 - RB2605 contract spread: 163 yuan/ton, up 4 yuan [2] 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,290 yuan/ton, down 20 yuan [2] - Hangzhou HRB400E 20MM (actual weight): 3,374 yuan/ton, down 21 yuan [2] - Guangzhou HRB400E 20MM (theoretical weight): 3,440 yuan/ton, unchanged [2] - Tianjin HRB400E 20MM (theoretical weight): 3,160 yuan/ton, down 10 yuan [2] - RB main contract basis: 164 yuan/ton, down 3 yuan [2] - Hangzhou hot - rolled coil - rebar spot spread: 20 yuan/ton, up 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 798 yuan/wet ton, down 7 yuan [2] - Tianjin Port first - grade metallurgical coke (FOB price): 1,490 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170 yuan/ton, unchanged [2] - Hebei Q235 billet: 2,950 yuan/ton, unchanged [2] - 45 - port iron ore inventory: 167.6285 million tons, up 2.1204 million tons [2] - Sample coking plant coke inventory: 419,400 tons, up 14,600 tons [2] 3.4 Industry Situation - Sample steel mill coke inventory: 6.6199 million tons, up 117,900 tons [2] - Tangshan billet inventory: 1.562 million tons, up 68,900 tons [2] - 247 steel mill blast furnace operating rate: 78.66%, down 0.16 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 85.53%, up 0.07 percentage points [2] - Sample steel mill rebar output: 1.9955 million tons, up 92,500 tons [2] - Sample steel mill rebar capacity utilization rate: 43.75%, up 2.03 percentage points [2] - Sample steel mill rebar inventory: 1.4898 million tons, up 63,200 tons [2] - 35 - city rebar social inventory: 3.0312 million tons, up 77,100 tons [2] - Independent electric arc furnace steel mill operating rate: 70.83%, down 1.05 percentage points [2] - Domestic crude steel output (monthly): 68.18 million tons, down 1.69 million tons [2] - China rebar monthly output: 13.75 million tons, up 190,000 tons [2] - Steel net export volume (monthly): 10.78 million tons, up 1.3 million tons [2] 3.5 Downstream Situation - National real estate prosperity index: 91.45, down 0.44 [2] - Cumulative year - on - year growth rate of fixed - asset investment: - 3.80%, down 1.20 percentage points [2] - Cumulative year - on - year growth rate of real estate development investment: - 17.20%, down 1.30 percentage points [2] - Cumulative year - on - year growth rate of infrastructure construction investment: - 2.20%, down 1.10 percentage points [2] - Cumulative value of housing construction area: 659.89 million square meters, down 38.24 million square meters [2] - Cumulative value of new housing construction area: 58.77 million square meters, down 53.13 million square meters [2] - Commercial housing unsold area: 40.236 million square meters, down 8.75 million square meters [2] 3.6 Industry News - Since late January, there has been a fine particulate matter (PM2.5) pollution process in central and eastern China, and the pollution level has recently increased. As of now, 87 prefecture - level and above cities in the Beijing - Tianjin - Hebei and surrounding areas, the Yangtze River Delta, and the middle reaches of the Yangtze River have launched emergency responses to heavy pollution weather warnings to jointly address this cross - regional heavy pollution process [2] - US President Trump recently stated that if Canada reaches a trade agreement with China, the US will impose a 100% tariff on all Canadian imports. In response, Chinese Foreign Ministry Spokesperson Guo Jiakun said at a regular press conference on the 26th that China advocates that countries should handle inter - country relations with the concept of win - win rather than zero - sum and in a cooperative rather than confrontational way [2]