。不过，上方压力仍然较大，短期有望高位震荡。 | 观点总结（ | 临近春节，下游领域需求较好，提货积极，库存整体下降。截至1月21日，全国玉米淀粉企业淀粉库存总量106.9万吨，较上周下降 | | --- | --- | | 淀粉） | 3.10万吨，周降幅2.82%，月降幅2.99%；年同比增幅10.43%。不过，整体库存水平仍然处于相对高位。盘面来看，近期淀粉维持 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | 震荡，短期观望。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 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 ...

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 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。 | | | | 集运指数（欧线）期货日报 | | 2026/1/26 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | EC主力收盘价 | 62.1↑ EC次主力收盘价 1447.6 | 1200.200 | | | +48.60↑ | | 期货盘面 | EC2604-EC2606价差 +27.20↑ EC2604-EC2608价差 | -247.40 | | -323.80 | +33.40↑ | | EC合约基差 | -156.78↓ | 659.11 | | | | | 期货持仓头寸（手） EC主力持仓量 | 541↑ | 41690 | | | | | SCFIS（欧线）（周） | -94.88 ...

白糖产业日报 2026-01-26 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。 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 后市供应减少，提供原糖价格一定支撑。国内基本面表现相对平淡，春节备货接近尾声，且销区港口货物 持续增加，旺季不旺背景下，现货价格下调，期货市场缺乏现货支撑，价格继续下探可能。 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 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 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 517 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a stage of excessive supply and stable demand. It is recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. - For electrolytic aluminum, the fundamentals may be in a stage of stable supply and cautious demand. The aluminum price remains high due to macro - expectations. The option market sentiment is bullish, and it is also recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. - For cast aluminum alloy, the fundamentals may be in a stage of sufficient supply and weak demand. Due to cost support, the cast aluminum price remains in high - level oscillation. It is recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum Futures**: The closing price of the Shanghai aluminum main contract is 24,215.00 yuan/ton, down 75.00 yuan; the main contract position is 322,085.00 hands, down 18,490.00 hands. The spread between the main and the second - consecutive contract is - 155.00 yuan/ton, down 45.00 yuan. The LME aluminum three - month quotation is 3,173.50 US dollars/ton, up 41.00 US dollars. The LME aluminum inventory is 507,275.00 tons, down 2000.00 tons. The Shanghai - London ratio is 7.63, down 0.12 [2]. - **Alumina Futures**: The closing price of the alumina futures main contract is 2,732.00 yuan/ton, up 8.00 yuan; the main contract position is 488,440.00 hands, down 6325.00 hands. The spread between the main and the second - consecutive contract is - 138.00 yuan/ton, down 15.00 yuan [2]. - **Cast Aluminum Alloy Futures**: The closing price of the cast aluminum alloy main contract is 23,010.00 yuan/ton, up 15.00 yuan; the main contract position is 11,389.00 hands, down 5206.00 hands. The spread between the main and the second - consecutive contract is - 110.00 yuan/ton, down 80.00 yuan [2]. 3.2 Spot Market - **Aluminum Spot**: The Shanghai Non - ferrous A00 aluminum price is 24,030.00 yuan/ton, down 80.00 yuan; the Yangtze River Non - ferrous Market AOO aluminum price is 24,130.00 yuan/ton, down 140.00 yuan. The Shanghai Wumao aluminum premium/discount is - 180.00 yuan/ton, down 10.00 yuan; the LME aluminum premium/discount is - 3.75 US dollars/ton, up 15.23 US dollars [2]. - **Alumina Spot**: The alumina spot price of Shanghai Non - ferrous is 2,555.00 yuan/ton, down 5.00 yuan. The basis of alumina is - 177.00 yuan/ton, down 13.00 yuan [2]. - **Cast Aluminum Alloy Spot**: The average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 24,000.00 yuan/ton, unchanged. The basis of cast aluminum alloy is 990.00 yuan/ton, down 15.00 yuan [2]. 3.3 Upstream Situation - The alumina production is 801.08 million tons, down 12.72 million tons; the alumina import volume is 22.78 million tons, down 0.46 million tons; the alumina export volume is 21.00 million tons, up 4.00 million tons. The average price of crushed raw aluminum in Foshan metal scrap is 18,650.00 yuan/ton, up 250.00 yuan; the average price in Shandong metal scrap is 18,150.00 yuan/ton, up 250.00 yuan. The import volume of aluminum scrap and fragments in China is 194,102.07 tons, up 31,482.14 tons; the export volume is 70.80 tons, down 0.73 tons [2]. 3.4 Industry Situation - The primary aluminum import volume is 189,196.58 tons, up 43,086.86 tons; the primary aluminum export volume is 37,575.30 tons, down 15,472.39 tons. The electrolytic aluminum total production capacity is 4,536.20 million tons, up 12.00 million tons; the electrolytic aluminum social inventory is 71.50 million tons, up 0.30 million tons [2]. 3.5 Downstream and Application - The aluminum product production is 613.56 million tons, up 20.46 million tons; the export volume of un - forged aluminum and aluminum products is 54.00 million tons, down 3.00 million tons. The production of recycled aluminum alloy ingots is 68.40 million tons, down 1.60 million tons; the export volume of aluminum alloy is 2.55 million tons, down 0.51 million tons [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum is 23.56%, up 0.02%; the 40 - day historical volatility is 18.88%, up 0.06%. The implied volatility of the Shanghai aluminum main contract at - the - money option is 23.97%, up 0.0385%. The call - put ratio of Shanghai aluminum options is 1.72, up 0.0027 [2]. 3.7 Industry News - In the US, the January S&P Global Manufacturing PMI preliminary value is 51.9, slightly higher than the previous value of 51.8; the services PMI preliminary value is flat at 52.5, and the composite PMI preliminary value rises slightly to 52.8, all slightly lower than expected [2]. - In the Eurozone, the January Manufacturing PMI preliminary value rebounds slightly to 49.4, still in the contraction range; the services PMI preliminary value drops to 51.9, lower than expected. In Germany, both the manufacturing and services PMIs rebound more than expected. In France, the manufacturing PMI rises to a nearly four - year high of 51, but the services PMI slows sharply to 47.9 [2]. - The National Market Operation and Consumption Promotion Work Conference emphasizes promoting the expansion and upgrading of commodity consumption, implementing the replacement of old consumer goods with new ones, and promoting large - scale consumption such as automobiles and home furnishings. It also focuses on cultivating new growth points in service consumption and new types of consumption [2]. - Jiangsu Province will continue to promote large - scale equipment updates and optimize the implementation of the replacement of old consumer goods with new ones in 2026, with specific subsidy standards for different types of products [2]. - In 2026, the automobile replacement subsidy in Chongqing is open for application, with the first - batch of funds of 185 million yuan. Consumers can get subsidies according to 8% or 6% of the new - car sales price [2]. - In Beijing, the number of new - energy vehicles exceeds 1.3 million, and the proportion of new - energy and "National V - standard" or above vehicles exceeds 80%. In 2025, Beijing implemented policies to scrap and update old trucks and large - and medium - sized buses, and made progress in the new - energy vehicle field [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 | 主力合约收盘价甲醇(日,元/吨) | 2347 | 49 甲醇5-9价差(日,元/吨) | -13 | 8 | | | 主力合约持仓量:甲醇(日,手) | 855550 | 48556 期货前20名持仓:净买单量:甲醇(日,手) | -122843 | -19632 | | | 仓单数量:甲醇(日,张) | 7695 | -50 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2295 | 50 内蒙古(日,元/吨) | 1795 | 0 | | | 华东-西北价差(日,元/吨) | 450 | 20 郑醇主力合约基差(日,元/吨) | -52 | 1 | | | 甲醇:CFR中国主港(日,美元/吨) | 267 | 3 CFR东南亚(日,美元/吨) | 322 | 0 | | | FOB鹿特丹(日,欧元/吨) | 269 | -1 中国主港-东南亚价差(日,美元/吨) | -55 | 3 | | 上游情况 | NYMEX天然 ...

纯苯产业日报 2026-01-26 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。 支撑与6240附近压力。 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 | 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:纯苯(日,元/吨) | 6078 | 22 主力结算价:纯苯(日,元/吨) | 6083 | 50 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 31197 5940 | -23869 主力持仓量:纯苯(日,手) 50 市场价:纯苯:华北市场:主流价(日,元/吨) | 32149 5940 | 306 210 | | 现 ...

回落，包装膜备货峰值已过。春节临近，下游企业陆续休假停工，PE需求或延续弱势。成本方面，美国对 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 伊朗等产油国制裁仍存，同时严寒天气可能导致美国产油量下降，国际油价有所上涨。近期市场情绪偏暖 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 助理研究员: 徐天泽 期货从业资格号F03133092 ，工业品期货以涨为主、文华工业品指数涨幅显著。不过，从基本面看，塑料向上驱动有限，后市L2605谨 慎看多。 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。 塑料产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 ...

，降库主要集中在内蒙古区域，主产销区尿素企业维持弱平衡，部分企业出现小幅累库，但因东北局域需 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 求推动周边企业出货，整体带动国内尿素企业库存下降，随着春节临近，尿素企业逐渐启动收单计划，清 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 库催发货为主，尿素企业库存或仍有继续小幅去库。UR2605合约短线预计在1770-1830区间波动。 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。 尿素产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- ...

2、截至2026年1月26日，A股共有921家上市公司披露2025年业绩预告，其中340家预喜（预增234家、略增33家、 扭亏70家、续盈3家），预喜比例为36.91%；579家预忧，2家业绩不确定。 观点总结 重点关注 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 A股主要指数收盘普遍下跌，三大指数早盘集体高开后表现分化，上证指数窄幅震荡深证成指、创业板指震荡下行。大 盘蓝筹股强于中小盘股。截止收盘，上证指数跌0.09%，深证成指跌0.85%，创业板指跌0.91%。沪深两市成交额回升 。全市场超3700只个股下跌。行业板块多数下跌，国防军工板块大幅走弱，有色金属、石油石化板块大幅走强。海外 方面，特朗普表示，如果加拿大与中国达成贸易协议，会向加拿大征收100%关税。特朗普滥用关税武器，引发市场对 美元资产的不信任，美元指数进一步走弱。国内方面，经济基本面，四季度我国GDP进一步回落，但全年5%经济增长 目标仍顺利完成，12月份除规上工业增加值外，固投、社零、出口同比均较11月回落。个股方面，已发布 ...

不锈钢产业日报 2026-01-26 | 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:不锈钢(日,元/吨) | 14645 | -80 02-03月合约价差:不锈钢(日,元/吨) | 60 | 40 -6836 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -20304 | -3231 主力合约持仓量:不锈钢(日,手) | 155289 | | | | 仓单数量:不锈钢(日,吨) | 38938 | 0 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 15050 | 100 市场价:废不锈钢304:无锡(日,元/吨) | 9750 | 0 | | | 基差:不锈钢(日,元/吨) | 75 | 180 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量:精炼镍及合金(月,吨) | 23861.23 | 11020 ...