鸡蛋产业日报 2026-01-20 期近月合约或处于低位宽幅震荡状态,远月在产能下滑预期下，表现有望好于近月，可轻仓试多远月。 数据来源于第三方，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 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3027 | 4 期货前20名持仓:净买单量:鸡蛋(日,手) | 3167 | 0 | | | 克) ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current national commercial inventory of cotton continues to rise, and market supply is relatively sufficient. Additionally, port pick - up has increased, and Brazilian cotton has started to arrive in large quantities, leading to a continued increase in inventory. In terms of downstream demand, the price of high - count yarn is firm, but overall market demand is weak. However, driven by costs, yarn prices remain stable. Moreover, the growth rate of China's textile and clothing exports in December rebounded compared to the previous month, still supporting the market. On the market, the previous expectation of a decrease in cotton planting area has been reflected in the market, and it is expected to be in an adjustment state in the short term [2] Summary According to Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,525 yuan/ton, down 20 yuan; cotton yarn's main contract closing price is 20,500 yuan/ton, down 10 yuan. - The net position of the top 20 in cotton futures is - 150,374 lots, an increase of 10,718 lots; the net position of the top 20 in cotton yarn futures is - 1,509 lots, a decrease of 144 lots. - The main contract position of cotton is 788,099 lots, a decrease of 12,920 lots; the main contract position of cotton yarn is 16,289 lots, an increase of 1,511 lots. - The number of cotton warehouse receipts is 9,647 sheets, a decrease of 11 sheets; the number of cotton yarn warehouse receipts is 70 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) is 15,856 yuan/ton, down 24 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 21,300 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM: 1% tariff) is 12,582 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 21,059 yuan/ton, down 8 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 13,722 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 22,547 yuan/ton, down 9 yuan [2] Upstream Situation - The national cotton sowing area is 5,444 thousand hectares; the national cotton output is 6160 thousand tons; the national industrial inventory of cotton is 850 thousand tons [2] Industrial Situation - The monthly import volume of cotton is 120 thousand tons, an increase of 30 thousand tons; the monthly import volume of cotton yarn is 150 thousand tons, an increase of 10 thousand tons. - The daily profit of imported cotton is 2,158 yuan/ton, a decrease of 51 yuan; the national monthly commercial inventory of cotton is 468360 tons, an increase of 175300 tons [2] Downstream Situation - The inventory days of yarn are 26.33 days, an increase of 0.21 days; the inventory days of grey cloth are 32.34 days, an increase of 0.37 days. - The monthly output of cloth is 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn is 2039 thousand tons, an increase of 38 thousand tons. - The monthly export value of clothing and clothing accessories is 11,593,686 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 12,275,733,101,731.408 thousand US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton is 12%, a decrease of 1.35%; the implied volatility of at - the - money put options for cotton is 12%, unchanged. - The 20 - day historical volatility of cotton is 14.15%, an increase of 0.13%; the 60 - day historical volatility of cotton is 9.16%, an increase of 0.04% [2] Industry News - Mysteel research shows that the national commercial inventory of cotton is on the rise. As of January 16, 2026, the total commercial inventory of cotton is 5.6863 million tons, a week - on - week increase of 0.1133 million tons (a growth rate of 2.03%). Among them, the commercial cotton in Xinjiang is 4.7063 million tons, a week - on - week increase of 0.0222 million tons (a growth rate of 0.47%); the commercial cotton in the inland area is 0.533 million tons, a week - on - week increase of 0.0436 million tons (a growth rate of 8.91%). - The Intercontinental Exchange (ICE) market was closed on Monday due to the US Martin Luther King Jr. Day holiday [2]

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 、需求跟进有限。成本方面，美伊局势仍有不确定性，国际油价或受地缘因素扰动。PE现货供应维持宽松 助理研究员: 徐天泽 期货从业资格号F03133092 ，短期L2605预计偏弱震荡，日度K线关注6540附近支撑。 免责声明 塑料产业日报 2026-01-20 | 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:聚乙烯(日,元/吨) | 6640 | -27 1月合约收盘价:聚乙烯(日,元/吨) | 6706 | -14 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6640 | -27 9月合约收盘价:聚乙烯(日,元/吨) | 6664 | -27 | | | 成交量(日,手) | 384155 | -27783 持仓量(日,手) | 495272 | 9808 | | | 1-5价差 | 66 | 13 期货前20名持仓:买单量:聚乙烯(日,手) | 0 | -457 ...

国债期货日报 2026/1/20 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.180 | 0.13% T主力成交量 | 61868 | 9620↑ | | | TF主力收盘价 | 105.875 | 0.09% TF主力成交量 | 49231 | 5457↑ | | | TS主力收盘价 | 102.444 | 0.05% TS主力成交量 | 29819 | 6168↑ | | | TL主力收盘价 | 111.490 | 0.52% TL主力成交量 | 108559 | 30411↑ | | 期货价差 | TL2603-2606价差 | -0.11 | +0.00↑ T03-TL03价差 | -3.31 | -0.43↓ | | | T2603-2606价差 | 0.08 | +0.02↑ TF03-T03价差 | -2.31 | -0.05↓ | | | TF2603-2606价差 | 0.00 | +0.03↑ TS03-T03价差 | -5.74 | - ...

玉米系产业日报 2026-01-20 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。 观点总结（ 淀粉） 截至1月14日，全国玉米淀粉企业淀粉库存总量110万吨，较上周下降2.50万吨，周降幅2.22%，月降幅0.18%；年同比增幅21.48 %。企业库存仍处于同期高位，总体供应压力仍存。不过，春节临近，下游淀粉糖，造纸等下游领域进入生产旺季，淀粉需求有所 增加。关注春节前下游备货对玉米淀粉价格带动情况。盘面来看，近期受玉米走强提振，淀粉同步偏强震荡，短期观望。 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 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 ...

| 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) | 5183 | -61 主力合约持仓量:白糖(日,手) | 438833 | 11536 | | | 仓单数量:白糖(日,张) | 14439 | 313 期货前20名持仓:净买单量:白糖(日,手) | -70286 | 1501 | | | 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/ | 50 | -313 -45 进口加工估算价(配额内):泰国糖(日,元/ | | | | 现货市场 | 吨) | 4002 | | 4053 | -45 -58 | | | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) -59 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5068 | | 5134 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) | 5195 | /吨) -20 广西南宁白糖现货价格(日,元/吨) | 533 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The current slaughter rhythm of large-scale farms is normal, but the slaughter in some areas is affected by snowfall. After the New Year's Day, the demand for curing decreases, and the terminal consumption tolerance is limited after the recent increase in spot prices. The operating rate of slaughtering enterprises has declined from the high level. Attention should be paid to the start of pre - Spring Festival stocking. Overall, the price increase has led to a decrease in procurement by slaughtering enterprises, and the spot price of live pigs has stagnated and adjusted. Before the Spring Festival, both supply and demand will increase, and the game will intensify. On the futures market, due to the slowdown of capacity reduction and the year - end inventory data, the market sentiment is weak, the live pig 2603 contract has fallen by 2.53%, the center of the oscillation range has continued to move down, and the futures performance is weaker than the spot [2] 3. Summary According to Relevant Catalogs Futures Disk - The closing price of the main futures contract of live pigs is 11,550 yuan/ton, a decrease of 155 yuan; the main contract position is 144,103 lots, a decrease of 10,286 lots; the number of warehouse receipts is 433 lots, unchanged; the net long position of the top 20 futures positions is - 48,591 lots, an increase of 704 lots [2] Spot Price - The live pig price in Zhumadian, Henan is 13,200 yuan/ton, a decrease of 100 yuan; in Siping, Jilin is 12,900 yuan/ton, a decrease of 200 yuan; in Yunfu, Guangdong is 14,100 yuan/ton, unchanged. The main live pig basis is 1,650 yuan/ton, an increase of 55 yuan [2] Upstream Situation - The live pig inventory is 42,9670,000 heads, a decrease of 7,130,000 heads; the inventory of breeding sows is 3,9610,000 heads, a decrease of 290,000 heads [2] Industry Situation - The year - on - year CPI in the current month is 0.8%, an increase of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,100 yuan/ton, unchanged; the spot price of corn is 2,369.41 yuan/ton, an increase of 4.9 yuan; the Dalian Commodity Exchange pig feed cost index is 906.92, an increase of 0.48; the monthly output of feed is 29,779,000 tons, an increase of 209,000 tons; the price of binary breeding sows is 1,431 yuan/head, an increase of 2 yuan; the breeding profit of purchased piglets is 48.35 yuan/head, an increase of 50.66 yuan; the breeding profit of self - breeding and self - raising live pigs is 7.39 yuan/head, an increase of 18.93 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 13.5 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 39,570,000 heads, an increase of 1,230,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, a decrease of 31.9 billion yuan [2] Industry News - In December 2025, the national average price of piglets was 23.39 yuan/kg, a year - on - year decrease of 29.5% and a month - on - month decrease of 3.5%. The prices in 29 monitored provinces across the country declined. Among them, the month - on - month decline in Northeast China was relatively large, with Liaoning leading the decline at 11.3%. In terms of price levels, the average price of piglets in South China was the highest at 27.89 yuan/kg, and the lowest in North China at 21.85 yuan/kg [2]

1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The overall fundamentals of lithium carbonate may be in a stage of stable supply and cautious demand, with a slowdown in the inventory destocking rate of the industry [2] - In the options market, the put - call ratio of open interest is 135.71%, down 8.9296% month - on - month. The sentiment in the options market is bearish, and the implied volatility has slightly decreased [2] - Technically, on the 60 - minute MACD, the two lines are above the 0 axis, and the green bars are converging [2] - The summary of the view is to conduct light - position trading with a slightly bullish and oscillating trend, and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 160,500 yuan/ton, up 13,240 yuan; the net position of the top 20 is - 147,403 lots, down 1,016 lots [2] - The open interest of the main contract is 415,351 lots, up 4,020 lots; the spread between the near and far contracts is - 1,560 yuan/ton, up 100 yuan [2] - The warehouse receipts of the Guangzhou Futures Exchange are 27,681 lots, down 17 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 152,500 yuan/ton, up 1,500 yuan; the average price of industrial - grade lithium carbonate is 149,000 yuan/ton, up 1,500 yuan [2] - The basis of the Li₂CO₃ main contract is - 8,000 yuan/ton, down 11,740 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,845 US dollars/ton, down 45 US dollars; the average price of amblygonite is 16,650 yuan/ton, unchanged [2] - The price of lithium mica (2 - 2.5%) is 6,400 yuan/ton, up 200 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 56,820 tons, up 2,840 tons; the monthly import volume is 23,988.66 tons, up 1,933.47 tons [2] - The monthly export volume of lithium carbonate is 911.90 tons, up 152.66 tons; the monthly output of power batteries is 201,700 MWh, up 25,400 MWh [2] - The monthly operating rate of lithium carbonate enterprises is 49%, up 2%; the price of lithium manganate is 45,000 yuan/ton, unchanged [2] - The price of lithium hexafluorophosphate is 154,000 yuan/ton, unchanged; the price of lithium cobaltate is 400,500 yuan/ton, unchanged [2] - The price of ternary material (811 type) in China is 197,000 yuan/ton, down 2,000 yuan; the price of ternary material (622 power type) in China is 180,500 yuan/ton, down 2,000 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 195,500 yuan/ton, down 2,000 yuan; the monthly operating rate of ternary cathode materials is 50%, down 1% [2] - The price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 60%, down 3% [2] - The monthly output of new energy vehicles (according to CAAM) is 1,718,000 vehicles, down 162,000 vehicles; the monthly sales volume is 1,710,000 vehicles, down 113,000 vehicles [2] - The cumulative sales penetration rate of new energy vehicles (according to CAAM) is 47.94%, up 0.45%; the cumulative sales volume and year - on - year increase are 16,490,000 vehicles, up 3,624,000 vehicles [2] - The monthly export volume of new energy vehicles is 300,000 vehicles, unchanged; the cumulative export volume and year - on - year increase are 2.615 million vehicles, up 1.331 million vehicles [2] - The 20 - day average volatility of the underlying is 83.14%, up 3.07%; the 40 - day average volatility is 66.44%, down 1.78% [2] 3.6 Options Situation - The total open interest of call options is 106,692 contracts, up 7,406 contracts; the total open interest of put options is 144,794 contracts, up 1,185 contracts [2] - The put - call ratio of total open interest is 135.71%, down 8.9296%; the implied volatility of at - the - money IV is 0.61%, down 0.0423% [2] 3.7 Industry News - In 2025, the GDP was 14,018.79 billion yuan, up 5.0% year - on - year; the per capita disposable income of national residents was 43,377 yuan, up 5.0% year - on - year [2] - In December 2025, China's lithium hydroxide exports were 6,318 tons, up 188% month - on - month and down 10% year - on - year [2] - In December 2025, the import volume of spodumene was 788,500 physical tons, equivalent to about 78,500 tons of lithium carbonate equivalent (LCE) [2] - In December 2025, China imported 23,989 tons of lithium carbonate, up 9% month - on - month and down 14% year - on - year; exported 912 tons, up 20% month - on - month and up 46% year - on - year [2] - In 2025, China implemented a series of more proactive macro - policies, which promoted the optimization and upgrading of the economic structure [2] - The main contract of lithium carbonate had a strong daily limit, with open interest increasing month - on - month, the spot at a discount to the futures, and the basis weakening compared with the previous day [2] - On the fundamentals, smelters in the raw material end have sufficient raw material inventories, but their purchasing attitudes are cautious due to high ore prices [2] - On the supply side, due to large fluctuations in the market, the upstream's shipping attitudes are divided, upstream inventories have accumulated, and production remains relatively stable [2] - On the demand side, downstream enterprises are sensitive to lithium prices, are cautious at high prices and mainly make purchases based on rigid demand, and actively inquire when lithium prices fall from high levels [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 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3023 | -49 期货前20名持仓:净买单量:鸡蛋(日,手) | 3167 | 1380 | | | 克) 鸡蛋期货月间价差(5-9):(日,元/500千克) | -432 | -42 期货持仓量(活跃合约):鸡蛋(日,手) | 265011 | 1813 | | | 注册仓单量:鸡蛋(日,手) | 10 | 10 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.75 | 0.1 基差(现货-期货)(日,元/500千克) | 723 | 151 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 112.03 | -2.21 淘汰产蛋鸡指数:全国(月,2015=100) | 101.18 | -13.26 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 3 | 0.1 新增雏鸡指数:全国(月,2015=100) | 93.62 | 26.5 ...

尿素产业日报 2026-01-19 | 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) | 1772 | -19 郑州尿素5-9价差(日,元/吨) | 26 | -2 | | | 郑州尿素主力合约持仓量(日,手) | 235887 | -7105 郑州尿素前20名净持仓 | -16744 | 148 | | | 郑州尿素交易所仓单(日,张) | 13355 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1760 | 0 河南(日,元/吨) | 1760 | 0 | | | 江苏(日,元/吨) | 1770 | 0 山东(日,元/吨) | 1750 | -20 | | | 安徽(日,元/吨) | 1770 | 0 郑州尿素主力合约基差(日,元/吨) | -22 | -1 | | | FOB波罗的海(日,美元/吨) | 375 | 7.5 FOB中国主港(日,美元/吨) | 405 | 2.5 | | 产业情况 | 港口库存(周,万吨) ...