玉米系产业日报 2026-01-15 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 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2295 | 23 玉米淀粉期货收盘价(活跃合约):(日,元/ | 2565 | 22 | | | 玉米月间价差(5-9):(日,元/吨) | -18 | 2 玉米淀粉月间价差(3-5):(日,元/吨) 吨) | -32 | 5 | | 期货市场 | 期货持仓量(活跃 ...

关于提前赎回"瑞达转债"暨最后一个转股日的重要提示性公告 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。 重要内容提示： | 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 瑞达期货股份有限公司 1、最后转股日：2026 年 1 月 16 日 2026 年 1 月 16 日是"瑞达转债"最后一个转股日，当日收市前，持有"瑞 达转债"的投资者仍可进行转股；2026 年 1 月 16 日收市后，未转股的"瑞达转 债"将停止转股。 2、截至 2026 年 1 月 15 日收市后，距离"瑞达转债"停止转股并赎回仅剩 1 个交易日。特提醒"瑞达转债"持有人务必仔细阅读本公告，充分了解相关风 险，注意最后转股时间，审慎作出投资决策。 特别提示： 1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准 ...

Market Overview - The diversified financial sector experienced a decline of 2.57% on January 15, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Notable performers in the diversified financial sector included: - Sichuan Shuangma (Code: 000935) with a closing price of 27.97, up 1.75% and a trading volume of 74,200 shares [1] - Bohai Leasing (Code: 000415) closed at 4.05, up 0.75% with a trading volume of 993,700 shares [1] - Jiuding Investment (Code: 600053) closed at 21.00, up 0.67% with a trading volume of 87,000 shares [1] - Conversely, Lakala (Code: 300773) saw a significant drop of 5.92%, closing at 30.18 with a trading volume of 1,582,000 shares and a transaction value of 4.804 billion [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 1.764 billion from institutional investors, while retail investors experienced a net inflow of 1.092 billion [2] - The capital flow for individual stocks showed: - Bohai Leasing had a net inflow of 41.08 million from institutional investors, but a net outflow of 33.48 million from retail investors [3] - Jiuding Investment had a net inflow of 17.84 million from institutional investors, with a net outflow of 14.78 million from retail investors [3] - Sichuan Shuangma had a net inflow of 4.18 million from institutional investors, but a net outflow of 589.49 thousand from retail investors [3]

（编辑 姚尧） 证券日报网讯 1月14日，瑞达期货在互动平台回答投资者提问时表示，公司全资科技子公司瑞达瑞控科 技有限公司目前完成了瑞达期货旗舰版APP2.0版本的建设，为公司创新展业提供持续支持；同时，完 成了员工展业平台的建设，为公司经纪业务合规展业提供了全面的平台化改造；此外，在大数据平台建 设，产业研究数据建设方面也达成了一定效果，为公司合规运营，提升展业效率等方面提供了坚实的保 障。 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The supply - demand situation of domestic pure benzene is expected to remain in a relatively loose balance. The short - term BZ2603 is expected to fluctuate strongly. The increase in the geopolitical situation in the Middle East and seasonal growth in heating demand support international oil prices. The tight supply - demand and strong prices of styrene warm up the pure benzene market sentiment [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract was 5707 yuan/ton, up 123 yuan; the settlement price was 5671 yuan/ton, up 115 yuan. The trading volume was 33,508 lots, up 16,781 lots, and the open interest was 30,967 lots, up 1097 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5455 yuan/ton, 5300 yuan/ton, 5400 yuan/ton, and 5325 yuan/ton respectively. The offshore middle price of pure benzene in South Korea was 691 US dollars/ton, up 3 US dollars, and the CFR middle price of pure benzene in China was 691.98 US dollars/ton, up 2.09 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.73 US dollars/barrel, up 2.98 US dollars, and the CFR middle price of naphtha in the Japanese region was 561.25 US dollars/ton, up 3.25 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 74.38%, down 0.8%; the weekly output was 43.71 tons, up 0.16 tons. The port inventory was 31.8 tons, up 1.8 tons. The production cost was 4914.6 yuan/ton, down 78.65 yuan, and the production profit was 395 yuan/ton, up 63 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 70.92%, up 0.69%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 74.22% (down 1.3%), 85.37% (up 5.64%), 61.31% (up 1.5%), and 67.6% (down 0.6%) respectively [2] 3.6 Industry News - From January 3rd to 9th, the operating rate of petroleum benzene decreased by 0.80% to 74.38%, and that of hydrobenzene increased by 1.66% to 61.66%. The weighted operating rate of pure benzene downstream increased by 1.01% to 72.35%. As of January 12th, the inventory of pure benzene in East China ports was 32.4 tons, a week - on - week increase of 1.89%. From January 2nd to 8th, the profit of petroleum benzene increased by 64 yuan/ton to 395 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - PE supply - demand drivers are not significant, and it is expected to fluctuate with oil prices in the short - term. Pay attention to the support around 6730 and the pressure around 6890 on the daily K - line [2]. 3. Summary of Each Section 3.1 Futures Market - Futures主力合约收盘价:聚乙烯(日,元/吨) is 6820, up 54; 1 - month contract is 6655, up 105; 5 - month contract is 6820, up 54; 9 - month contract is 6855, up 53 [2]. - Volume (daily, lots) is 564,696, up 9,740; Open interest (daily, lots) is 466,526, down 10,862 [2]. - 1 - 5 spread is - 165, up 51; Futures top 20 long positions: polyethylene (daily, lots) is 436,624, up 209; Futures top 20 short positions: polyethylene (daily, lots) is 467,191, down 14,021; Futures top 20 net long positions: polyethylene (daily, lots) is - 30,567, up 14,230 [2]. 3.2 Spot Market - LLDPE(7042) average price: North China (daily, yuan/ton) is 6,868.7, up 73.48; LLDPE(7042) average price: East China (daily, yuan/ton) is 6,971.4, up 126.98 [2]. - Basis is 48.7, up 19.48 [2]. 3.3 Upstream Situation - FOB: Middle price: Naphtha: Singapore region (daily, US dollars/barrel) is 59.63, up 0.31; CFR: Middle price: Naphtha: Japan region (daily, US dollars/ton) is 561.25, up 3.25 [2]. - Ethylene: CFR Southeast Asia: Middle price (daily, US dollars/ton) is 711, unchanged; Ethylene: CFR Northeast Asia: Middle price (daily, US dollars/ton) is 731, unchanged [2]. 3.4 Industry Situation - Operating rate: PE: Petrochemical: National (daily, %) is 83.67, up 0.43 [2]. 3.5 Downstream Situation - Operating rate: Polyethylene(PE): Packaging film (weekly, %) is 48.96, up 0.55; Operating rate: Polyethylene(PE): Pipes (weekly, %) is 29.5, down 0.67; Operating rate: Polyethylene(PE): Agricultural film (weekly, %) is 37.89, down 1.06 [2]. 3.6 Option Market - 20 - day historical volatility: Polyethylene (daily, %) is 16.65, down 0.61; 40 - day historical volatility: Polyethylene (daily, %) is 14.38, up 0.02 [2]. - At - the - money put option implied volatility: Polyethylene (daily, %) is 16.09, up 0.68; At - the - money call option implied volatility: Polyethylene (daily, %) is 16.09, up 0.69 [2]. 3.7 Industry News - From January 2nd to 8th, China's polyethylene production was 686,800 tons, up 0.52% from last week; Polyethylene production enterprises' capacity utilization rate was 83.67%, up 0.43 percentage points from the previous period [2]. - From January 2nd to 8th, PE downstream operating rate increased 0.1% week - on - week, with agricultural film operating rate down 1.1% and packaging film operating rate up 0.6% [2]. - As of January 7th, PE production enterprises' inventory was 395,400 tons, up 6.66% week - on - week; As of January 9th, PE social inventory was 484,300 tons, down 0.11% week - on - week [2]. - From January 3rd to 9th, the cost of oil - based LLDPE decreased 0.56% to 6,920 yuan/ton, and the oil - based profit increased 159 yuan/ton to - 472 yuan/ton; The cost of coal - based LLDPE increased 0.50% to 6,397 yuan/ton, and the coal - based profit increased 97 yuan/ton to 34 yuan/ton [2]. - Last week, Maoming Petrochemical's 110,000 - ton and Yangzi Petrochemical's 200,000 - ton plants stopped, while Zhanjiang BASF's 500,000 - ton plant restarted, leading to a slight increase in PE production [2]. - This week, Lanzhou Petrochemical's 200,000 - ton plant is under maintenance, and Guangdong Petrochemical's 400,000 - ton plant had a short - term stop, and the impact of some previously stopped plants has expanded, so PE production and capacity utilization are expected to decline [2].

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-011 | | --- | --- | --- | | 证券代码：128116 | 债券简称：瑞达转债 | | 瑞达期货股份有限公司 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。 特别提示： 关于控股股东持股比例被动稀释触及1%整数倍的公告 1、本次权益变动主要系瑞达期货股份有限公司（以下简称"公司"）公开 发行的可转换公司债券（以下简称"可转债"）转股导致公司总股本增加，从而 使控股股东福建省瑞达控股有限责任公司（以下简称"瑞达控股"）所持有的公 司股份比例被动稀释触及 1%整数倍，不涉及其持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控制权发生变化，不会影 响公司的治理结构和持续经营能力。 2025 年 12 月 25 日至 2025 年 12 月 26 日，"瑞达转债"新增转股 6,309,810 股，公司总股本增加至 459,859,762 股，从而使控股股东瑞达控股的持股比例被 动稀释触及 1%整数倍。具体内容详见公司于 2025 年 12 月 30 日刊 ...

1、赎回价格：101.118 元/张（含当期应计利息，当期年利率为 2.00%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 | 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：128116 | 债券简称：瑞达转债 | | 瑞达期货股份有限公司 关于提前赎回"瑞达转债"实施暨即将停止转股的重要提示性公告 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。 重要内容提示： 1、最后转股日：2026 年 1 月 16 日 2026 年 1 月 16 日是"瑞达转债"最后一个转股日，当日收市前，持有"瑞 达转债"的投资者仍可进行转股；2026 年 1 月 16 日收市后，未转股的"瑞达转 债"将停止转股。 2、截至 2026 年 1 月 14 日收市后，距离"瑞达转债"停止转股并赎回仅剩 2 个交易日。特提醒"瑞达转债"持有人务必仔细阅读本公告，充分了解相关风 险，注意最后转股时间，审慎作出投资决策。 特别提 ...

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core View of the Report - The utilization rate of caustic soda production capacity has slightly increased and remains at a high level The downstream alumina's operating rate has little change, the viscose staple fiber's operating load has increased, and the printing and dyeing's operating rate has seasonally declined [2] - The inventory has accumulated month - on - month and is higher than the same - period level The price of caustic soda in Shandong is weak, the price of liquid chlorine has been raised, and the profit of chlor - alkali in Shandong has increased slightly [2] - The planned maintenance capacity of chlor - alkali in January is relatively small, and the industry's operating rate is expected to remain at a relatively high level With the gradual release of the production capacity of newly - built plants at the end of the year, the supply pressure of caustic soda may further increase [2] - In the short term, the operating load of alumina enterprises remains basically stable, but the low profit of the industry restrains the procurement demand of alumina plants and strengthens the expectation of future production cuts Non - aluminum downstream may maintain rigid procurement with little change The overall supply and demand of liquid caustic soda in the spot market remains relatively loose, and the spot price is under pressure The SH2603 contract is expected to fluctuate weakly in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract closing price of caustic soda is 2093 yuan/ton, a decrease of 38 yuan The main contract's open interest is 231,988 lots, an increase of 23,201 lots The net position of the top 20 futures traders is - 30,153 lots, a decrease of 3,731 lots The trading volume of the main contract is 485,406 lots, a decrease of 273 lots [2] - The closing price of the January contract is 0 yuan/ton, with no change The closing price of the May contract is 2275 yuan/ton, a decrease of 38 yuan [2] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 672 yuan/ton, a decrease of 2 yuan The price in Jiangsu is 780 yuan/ton, with no change [2] - The converted - to - 100% price of 32% caustic soda in Shandong is 2100 yuan/ton, a decrease of 6 yuan The basis of caustic soda is 7 yuan/ton, an increase of 32 yuan [2] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 250 yuan/ton, with no change The mainstream price in the Northwest is 220 yuan/ton, with no change The price of steam coal is 644 yuan/ton, with no change [2] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 250 yuan/ton, an increase of 50 yuan The mainstream price in Jiangsu is 300 yuan/ton, an increase of 50 yuan [2] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, a decrease of 100 yuan The spot price of alumina is 2580 yuan/ton, with no change [2] 3.6 Industry News - From January 2nd to 8th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 86.8%, a month - on - month increase of 0.4% [2] - From January 3rd to 9th, the operating rate of alumina increased by 1.07% month - on - month to 85.74% From January 5th to 8th, the operating rate of viscose staple fiber increased by 3.01% month - on - month to 88.43%, and the operating rate of printing and dyeing decreased by 0.72% month - on - month to 60.09% [2] - As of January 8th, the inventory of fixed liquid caustic soda in sample enterprises with a capacity of 200,000 tons and above nationwide was 495,200 tons (wet tons), a month - on - month increase of 1.96% and a year - on - year increase of 76.03% [2] - From January 2nd to 8th, the average weekly profit of chlor - alkali enterprises in Shandong was 183 yuan/ton [2]

的实质影响有待观测。短期V2605预计震荡走势，日度K线关注4800附近支撑与5000附近压力。 免责声明 | 分瑞达期货 | | --- | | RUIDA FUTURES CO.,LTD. | 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。 PVC产业日报 2026-01-14 修影响季节性偏弱，开工率整体保持偏高水平。终端地产、基建正处低温淡季，且春节前管材、型材等硬 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: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 制品开工率季节性下降，需求端偏弱。出口方面，4月起出口退税取消政策利空远端价格，短期"抢出口" 助理研究员: 徐天泽 期货从业资格号F03 ...