Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - This week, the export transactions of some domestic butadiene resources drove up the raw material market, increasing the production cost of butadiene rubber and affecting production profits. The bearish sentiment in the spot market subsided, and traders actively supported prices. However, downstream procurement was slow. The price of butadiene rubber in the Shandong market rebounded rapidly after a significant decline [6]. - Recently, there have been few shutdowns of domestic butadiene rubber plants, and supply has remained at a high level. Sufficient spot resources have led to continuous price - pressure from downstream buyers, putting pressure on production profits. Some producers' inventories increased this week, while the price advantage of arbitrage resources led to increased low - price procurement by downstream, and traders' inventories decreased. It is expected that the inventories of producers and traders will change little in the short term [6]. - This week, the capacity utilization rate of domestic tire enterprises showed mixed trends. The capacity utilization rate of semi - steel tire enterprises increased slightly due to foreign trade orders, while most other enterprises maintained stable production. The shipment pressure of all - steel tire enterprises increased, and some enterprises moderately controlled production, dragging down the capacity utilization rate. It is expected that the capacity utilization rate of tire enterprises will be slightly weak and stable in the short term [6]. - For the br2603 contract, short - term traders need to beware of the callback correction caused by the rapid rise of the futures price. It is recommended to wait and see for the time being [6] Summary by Directory 1. Week - by - Week Summary - **Market Review**: The export transactions of domestic butadiene resources drove up raw material prices, increasing the production cost of butadiene rubber. The bearish sentiment in the spot market subsided, but downstream procurement was slow. The price of butadiene rubber in the Shandong market rebounded after a decline [6]. - **Market Outlook**: Supply of butadiene rubber remains high, and downstream procurement is still pressuring prices. Producer inventories increased, and trader inventories decreased. It is expected that inventories will change little in the short term. The capacity utilization rate of tire enterprises showed mixed trends, and it is expected to be slightly weak and stable in the short term [6]. - **Strategy Recommendation**: For the br2603 contract, short - term traders should beware of callback correction and wait and see for the time being [6] 2. Futures and Spot Markets Futures Market - **Price Trend**: The price of the synthetic rubber futures main contract fluctuated and closed up this week, with a weekly increase of 9.44% [10]. - **Position Analysis**: Not detailed in the provided content - **Inter - Period Spread**: As of January 23, the 3 - 4 spread of butadiene rubber was - 30 [17]. - **Warehouse Receipts**: As of January 23, the warehouse receipts of butadiene rubber were 8,120 tons, an increase of 1,590 tons from last week [20]. Spot Market - **Price and Basis**: As of January 22, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,850 yuan/ton, an increase of 100 yuan/ton from last week. The basis of butadiene rubber was - 420 yuan/ton, a decrease of 355 yuan/ton from last week [26] 3. Industry Situation Upstream - **Naphtha and Ethylene Prices**: As of January 22, the CFR mid - price of naphtha in Japan was 567 US dollars/ton, an increase of 18.5 US dollars/ton from last week. The CIF mid - price of Northeast Asian ethylene was 700 US dollars/ton, a decrease of 10 US dollars/ton from last week [29]. - **Butadiene Capacity Utilization and Port Inventory**: As of January 23, the weekly capacity utilization rate of butadiene was 69.45%, an increase of 0.08% from last week. The port inventory of butadiene was 34,500 tons, a decrease of 10,100 tons from last week [32]. Industry - **Production and Capacity Utilization**: In December 2025, the domestic production of butadiene rubber was 143,600 tons, an increase of 13,500 tons from the previous month, a month - on - month increase of 10.38% and a year - on - year increase of 1.97%. As of January 22, the weekly capacity utilization rate of domestic butadiene rubber was 76.12%, a decrease of 3.45% from last week [35]. - **Production Profit**: As of January 22, the domestic production profit of butadiene rubber was - 1,002 yuan/ton, a decrease of 281 yuan/ton from last week [38]. - **Inventory**: As of January 23, the social inventory of domestic butadiene rubber was 35,400 tons, an increase of 460 tons from last week. The producer inventory was 29,050 tons, an increase of 2,150 tons from last week, and the trader inventory was 6,350 tons, a decrease of 1,690 tons from last week [42]. Downstream - **Tire Capacity Utilization**: As of January 22, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 73.84%, a month - on - month increase of 1.31 percentage points and a year - on - year increase of 8.92 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 62.53%, a month - on - month decrease of 0.49 percentage points and a year - on - year increase of 22.14 percentage points. The capacity utilization rate of sample enterprises showed mixed trends this week [45]. - **Tire Exports**: In December 2025, China's tire exports were 698,500 tons, a month - on - month increase of 1.48% and a year - on - year increase of 1.94%. From January to December, the cumulative tire exports were 8.4307 million tons, a cumulative year - on - year increase of 3.38%. The exports of passenger car tires and truck and bus tires showed different trends [48] 4. Option Market Analysis - Not mentioned in the report

瑞达期货研究院 「 2026.01.23」 甲醇市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业链分析 4、期权市场分析 「 周度要点小结」 策略建议： MA2605合约短线关注前期高点附近压力，暂以观望为主。 3 行情回顾：本周港口甲醇市场震荡整理运行，其中江苏价格波动区间在2180-2250元/吨，广东价 格波动在2180-2240元/吨。内地甲醇价格持续下行，主产区鄂尔多斯北线价格波动区间在1787- 1835元/吨；下游东营接货价格波动区间2115-2115元/吨。宏观情绪溢价消散，国产现货供应充 裕，中下游环节库存高企，需求季节性淡季等利空犹存，节前企业积极降价排库为主。 行情展望：近期国内甲醇检修、减产涉及产能损失量多于恢复涉及产能产出量，整体产量减少。 随着节前排库的进行，本周内地企业库存小幅下降，港口库存略有积累，江苏沿江主流库区提货 良好，少量卸货导致库存下降，而浙江烯烃目前均处停车，外轮集中卸货导致库存积累；华南港 口库存呈现累库，进口及 ...

瑞达期货研究院 「2026.01.23」 玉米类市场周报 现货市场偏强支撑 玉米期价继续收涨 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 取 更 多 资 讯 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 3 联系电话：0595-86778969 Ø 玉米： Ø 行情回顾：本周玉米期货震荡收涨。主力2603合约收盘价为2300元/吨，较上周+19元/吨。 Ø 行情展望：美玉米供需格局较为宽松，继续牵制国际玉米市场价格。国内方面，东北产区截止1月 20日中储粮储备玉米累计销售成交量已近87万吨，随着拍卖底价下调，成交率大幅提升，市场看 涨预期有所收敛，加之随着年关临近，基层售粮主体基于变现需求，售粮心态已出现松动迹象， 深加工企业收购价格偏高，带动潮粮销售进度加快。深加工企业整体库存同比略低，春节前仍存 在一定备货需求，对价格仍有较强支撑作用。华北黄淮产区雨雪天气继续缩减，随着天气转好物 流运输陆续恢复，贸易商为缓和资金压力，也有意销售变现，整体购销活跃度有 ...

瑞达期货研究院 「2026.01.23」 沪铜市场周报 供应充足需求暂稳，沪铜或将震荡运行 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 80000 130000 180000 230000 280000 330000 50000 60000 70000 80000 90000 100000 110000 2025-02-27 2025-04-27 2025-06-27 2025-08-27 2025-10-27 2025-12-27 主力合约收盘价及持仓 CUZL.SHF CUZL.SHF 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线高位震荡，周线涨跌幅为+0.57%，振幅2.77%。截止本周主力合约收盘报价101340元/吨。 后市展望：国际方面，美国2025年第三季度GDP终值年化环比增长4.4%，高于4.3%的初值，创下近两年来最快增速。美 联储青睐的通胀指标——11月核心PCE物价指数同比上涨2.8%，环比上涨0.2%，均符合预期。美国上 ...

Market Performance - The diversified financial sector increased by 1.06% on January 23, with Lakala leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Top Gainers - Lakala (300773) closed at 29.20, up 4.70% with a trading volume of 926,800 shares and a transaction value of 2.682 billion [1] - Hainan Huatie (603300) closed at 7.65, up 3.24% with a trading volume of 1,021,600 shares and a transaction value of 776 million [1] - Wukuang Rongben (600390) closed at 6.04, up 3.07% with a trading volume of 1,507,800 shares and a transaction value of 927 million [1] Top Losers - Jiuding Investment (600053) closed at 22.20, down 5.57% with a trading volume of 176,800 shares and a transaction value of 401 million [2] - ST Nengmao (600599) closed at 8.55, down 1.16% with a trading volume of 38,300 shares and a transaction value of 32.738 million [2] - Jiangsu Jinzu (600901) closed at 6.13, down 0.97% with a trading volume of 230,600 shares and a transaction value of 142 million [2] Capital Flow - The diversified financial sector experienced a net outflow of 13.5995 million from institutional investors, while retail investors saw a net inflow of 186 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Lakala saw a net inflow of 16.8 million from institutional investors, but a net outflow of 78.8714 million from speculative funds and 89.5493 million from retail investors [3] - Hainan Huatie had a net inflow of 63.0874 million from institutional investors, with outflows from both speculative and retail investors [3] - Zhejiang Dongfang (600120) had a net inflow of 32.0632 million from institutional investors, while also experiencing outflows from speculative and retail investors [3]

Report Industry Investment Rating - Not available Core Viewpoints of the Report - Most prices of the Container Shipping Index (European Line) futures rose this week. The main contract EC2604 closed down 1.24%, and the far - month contracts closed down 3 - 8% [6][42]. - The latest SCFIS European Line settlement freight index was 1954.19, down 2.1 points from last week, a 0.1% month - on - month decline [6][42]. - The cancellation of full tax refunds for photovoltaic products is expected to lead to a rush for shipping, boosting long - term contract cargo volume. But after the trading sentiment stabilizes, the price increase fades, and with weakened spot - end support, the futures price declined [6][42]. - China's foreign trade in December 2026 rebounded beyond expectations, with both imports and exports improving significantly, possibly due to the cancellation of VAT export tax refunds for some goods and pre - holiday rush exports [6][42]. - China's exports are expected to maintain high growth in 2026 as its export competitiveness strengthens [6][42]. - Spot freight rates for the sixth week were between $2000 - $2600 for large containers. Some shipping companies in the PA alliance lowered their spot quotes in early February [6][42]. - There is an expectation that the conflict between Russia and Ukraine may end in the first half of 2026, and the expectation of Red Sea shipping resumption has improved [6][42]. - The market is optimistic about the economic recovery in the eurozone, and inflation is approaching the target level, supporting the expectation that the European Central Bank will keep interest rates unchanged in the foreseeable future [6][42]. - The current price increase by shipping companies boosts the futures price, and the rush - export effect of the photovoltaic tax - refund policy supports contracts after April. However, China's exports to the US are still under pressure, and the traditional peak - season boost may be weaker than expected. Investors are advised to be cautious [7][43]. Summary by Directory 1. Market Review - The main contract price of the Container Shipping Index (European Line) futures first fell and then rose this week [13]. - The trading volume and open interest of the EC2604 contract both decreased [15]. - Here are the specific data of futures contracts and spot index: | Futures/Spot | Contract/Index Name | Weekly Change Rate (%) | Weekly Change | Closing Price | | --- | --- | --- | --- | --- | | Futures | EC2602 | 0.33 | 5.70 | 1717.70 | | Futures | EC2604 | - 1.24 | - 14.30 | 1138.30 | | Futures | EC2606 | 4.71 | 63.50 | 1412.90 | | Futures | EC2608 | 1.67 | 24.50 | 1495.50 | | Futures | EC2610 | 1.62 | 17.40 | 1093.00 | | Futures | EC2612 | 1.05 | 13.90 | 1338.50 | | Spot | SCFIS | - 0.10 | - 2.10 | 1954.19 | [10] 2. News Review and Analysis | News | Impact | | --- | --- | | The central bank governor said that in 2026, a moderately loose monetary policy will continue, with room for reserve - requirement ratio cuts and interest - rate cuts. The financial market will be kept stable, and the RMB exchange rate will be basically stable at a reasonable and balanced level. | Neutral | | The Greenland crisis has turned around. Trump announced an agreement framework on Greenland with the NATO Secretary - General, and the originally planned tariffs on February 1 will not be implemented. | Bearish | | The IMF raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3% and also raised the forecasts for China, the US, the eurozone, and Japan. | Bullish | | Fed Governor Bowman said that the current monetary policy is moderately restrictive. If employment does not improve, the Fed should be ready to cut interest rates further. | Neutral | [18] 3. Weekly Market Data - The basis and spread of the Container Shipping Index (European Line) futures contracts both shrank this week [26]. - The export container freight index fluctuated slightly this week [30]. - Global container shipping capacity continued to grow, and the shipping capacity on the European line rebounded slightly. The BDI and BPI declined, and freight rates fluctuated slightly [34]. - The charter price of Panamax ships rebounded this week, and the spread between the offshore and on - shore RMB against the US dollar narrowed [37]. 4. Market Outlook and Strategy - The current price increase by shipping companies boosts the futures price, and the rush - export effect of the photovoltaic tax - refund policy supports contracts after April. However, China's exports to the US are still under pressure, and the traditional peak - season boost may be weaker than expected. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping - capacity, and cargo - volume data in a timely manner [7][43].

瑞达期货研究院 「2026.1.23」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2603 | -0.03 | -0.15 | 4709.2 | | | IH2603 | -1.51 | -0.66 | 3037.8 | | | IC2603 | 5.45 | 3.36 | 8658.2 | | | IM2603 | 4.13 | 3.06 | 8516.6 | | 现货 | 指数名称 | | | 收盘价 | | | 沪深300 | -0.62 | -0.45 | 4702.50 | | | 上证50 | -1.54 | -0.69 | 3032.19 | | | 中证500 | 4.34 | 2.42 | 8590.17 | | ...

期货公司入股券商，在下一盘什么棋？ 近日，瑞达期货（002961）公告称，拟以自有资金5.89亿元购买申港证券近11.94%股权（每股价格约 1.14元），其中8.11%股权处于质押状态。 申港证券方面回应《国际金融报》记者，公司部分现有股东因自身投资项目退出需要而转让股份。该交 易尚需提交中国证监会核准，公司将配合做好相关申请工作。 据了解，申港证券于2016年3月14日获中国证监会批复设立，同年10月正式开业，是国内首家根据CEPA 协议设立的合资多牌照证券公司。股权结构方面，申港证券由3家香港持牌金融机构、11家内地机构投 资者共同发起设立，其中港资股东持股比例合计为29.32%。 近年来，申港证券业绩相对稳健。2024年全年实现营收19.19亿元，净利润为3.71亿元；2025年前三季度 营收为15.14亿元，净利润为3.42亿元。 不过，申港证券2025年收到几笔行政监管或自律措施，根据中证协公布的2025年证券公司投行业务质量 评价结果，申港证券投行业务质量评级为B。公司表示，未来将持续认真贯彻落实监管要求，积极围绕 国家战略做好"五篇大文章"，持续强化合规风控管理，切实扛起"看门人"责任，进一步 ...

2026年1月21日，瑞达期货（002961）发布公告称，将以自有资金5.89亿元受让申港证券11.9%的股权，其中 8.1%处于质押状态，交易尚需 中国证监会等相关部门批准或核准，存在较大不确定性。 本次交易对价为5.89亿元，对应每股约1.14元。瑞达期货在公告中明确表示，收购是为实现成为"具有国际竞争力的衍生品投行"的战略目 标。这笔交易若成功，瑞达期货将持有申港证券11.9%的股权，跃升为第二大股东。 两笔股权转让 具体来看，这笔交易分为两部分：向申港证券股东Arta Global Markets Limited（裕承环球市场有限公司）购买其持有的8.1%股权，对应的 股份为3.5亿股；向JT Capital Management Limited（嘉泰新兴资本管理有限公司）购买其持有的3.8%股权，对应的股份为1.65亿股。 另外，申港证券的网点布局也是吸引瑞达期货的重要因素。该券商在北京、上海、深圳、湖北、四川、重庆等地分别设有17家分公司和7 家证券营业部，这些网点将为瑞达期货拓展期货经纪业务提供重要渠道。 按照瑞达期货披露的申港证券股东结构，前四大股东中，茂宸集团、裕承环球均为12.2%，而长甲 ...

白糖产业日报 2026-01-22 | 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) 14 主力合约持仓量:白糖(日,手) | 5158 | 477452 | 16093 -6833 | | | 仓单数量:白糖(日,张) -665 期货前20名持仓:净买单量:白糖(日,手) | 13756 | -77893 | | | | 有效仓单预报:白糖:小计(日,张) 0 进口加工估算价(配额内):巴西糖(日,元/ -58 进口加工估算价(配额内):泰国糖(日,元/ | 50 | | | | 现货市场 | | 4026 | 4052 | -58 -75 | | 吨) | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 -76 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | | 5099 | 5134 | | | /吨) | /吨) 云南昆明白糖现货价格(日,元/吨) -35 广西南宁白糖现货价格(日,元/吨) | 5160 | 5260 | -1 ...