Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall data of the domestic sugar market is neutral to bearish, with a year - on - year decrease in both sugar production and sales in Guangxi in February, while Yunnan has a faster sugar production progress and slightly better sales than the same period last year. However, the market's expectation of the decline in Brazil's export prospects supports the sugar market, and sugar prices are expected to fluctuate in the short term [2] 3. Summary of Each Section According to the Catalog 3.1 Futures Market - The closing price of the main futures contract for sugar is 5299 yuan/ton, with a change of 46; the main contract position is 428965 hands, a decrease of 984. The number of sugar warehouse receipts is 240, and the net long position of the top 20 futures holders is - 65851 hands, an increase of 2305. The effective warehouse receipt forecast is 1829, a decrease of 240. The estimated import - processing price of Brazilian sugar within the quota is 4036 yuan/ton, a decrease of 15; the estimated price of imported Brazilian sugar outside the quota (50% tariff) is 4086 yuan/ton, a decrease of 15. The estimated import - processing price of Thai sugar within the quota is 5112 yuan/ton, and the estimated price of imported Thai sugar outside the quota (50% tariff) is 5178 yuan/ton, a decrease of 19 [2] 3.2 Spot Market - The spot price of sugar in Kunming, Yunnan is 5230 yuan/ton, unchanged; the spot price in Nanning, Guangxi is 5370 yuan/ton, an increase of 10; the spot price in Liuzhou, Guangxi is 5370 yuan/ton, unchanged [2] 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, an increase of 60. The sowing area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24. The cumulative sales of cane sugar in Guangxi is 8.94 million tons, a decrease of 593.35. The cumulative output of cane sugar in Yunnan is 4.48 million tons, a decrease of 237.4. The total export volume of Brazilian sugar is 291.3 million tons, an increase of 15 [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 212 yuan/ton, an increase of 20; the price difference outside the quota (50% tariff) is 1238 yuan/ton, an increase of 19. The price difference between imported Thai sugar and Liuzhou sugar within the quota and outside the quota (50% tariff) is also provided. The monthly import volume of sugar is 44 million tons, a decrease of 31, and the cumulative import volume is 434 million tons [2] 3.5 Downstream Situation - The monthly output of refined sugar is 130.3 million tons, and the monthly output of soft drinks is 1045.7 million tons, a decrease of 50.5 [2] 3.6 Option Market - The implied volatility of the at - the - money call option for sugar is 9.24%, a decrease of 0.22; the implied volatility of the at - the - money put option is also 9.24%, a decrease of 0.22. The 20 - day historical volatility is 10.83%, an increase of 0.01; the 60 - day historical volatility is 7.63%, an increase of 0.09 [2] 3.7 Industry News - According to Unica, in the first half of December 2025, sugarcane crushing in the central - southern region of Brazil was 5.92 million tons, a year - on - year decrease of 32.8%; sugar production was 254,200 tons, a year - on - year decrease of 28.80%. As of December 16, 2025/26 crushing season (April 2025 - March 2026), the cumulative sugarcane crushing in the central - southern region of Brazil was 598 million tons, a year - on - year decrease of 2.36%, the cumulative sugar production was 40.158 million tons, a year - on - year increase of 0.86%, and the cumulative sugar - making ratio was 50.91%, 2.72 percentage points higher than 48.19% in the same period last year. ICE's most actively traded March raw sugar futures rose on Tuesday due to the decline in sugar production in the central - southern region of Brazil in the first half of December [2] 3.8 Viewpoint Summary and Prompt Attention - The futures closed up 0.05 cents or 0.30%, at 14.89 cents per pound. In the domestic market, the production and sales data of the main producing areas showed that in December, the monthly sugar production in Guangxi was 1.808 million tons, a year - on - year decrease of 431,000 tons, and the monthly sugar sales was 795,400 tons, a year - on - year decrease of 551,800 tons. As of December 31, 2025, the cumulative sugar production in Yunnan was 392,300 tons, higher than 326,900 tons in the same period of the previous crushing season; the cumulative sugar sales in Yunnan was 281,400 tons, compared with 267,100 tons in the same period last year [2]

Report Industry Investment Rating - No relevant content provided Core View of the Report - The supply pressure is not significant, and the demand is in the peak season but has declined from the high level. The supply - demand shows a weak balance, and the live pig price continues the volatile trend. The live pig 2603 contract rose in the afternoon, closing up 1.82% [2] Summary by Relevant Catalogs Futures Disk - The closing price of the futures main contract for live pigs is 12,010 yuan/ton, with a month - on - month increase of 215; the main contract position volume is 168,526 lots, with a month - on - month increase of 7,459; the number of warehouse receipts is 855 lots, with no change; the net long position of the top 20 futures positions is - 51,836 lots, with a month - on - month decrease of 649 [2] Spot Price - The live pig price in Zhumadian, Henan is 13,000 yuan/ton, with a month - on - month increase of 100; in Siping, Jilin is 12,400 yuan/ton, with a month - on - month increase of 100; in Yunfu, Guangdong is 13,300 yuan/ton, with no change. The main basis of live pigs is 990 yuan/ton, with a month - on - month decrease of 115 [2] Upstream Situation - The live pig inventory is 43,680 ten thousand heads, with a month - on - month increase of 1,233; the inventory of breeding sows is 3,990 ten thousand heads, with a month - on - month decrease of 45 [2] Industry Situation - The year - on - year increase of CPI is 0.8%, with a month - on - month increase of 0.1; the spot price of soybean meal in Zhangjiagang is 3,120 yuan/ton, with a month - on - month decrease of 20; the spot price of corn is 2,357.55 yuan/ton, with a month - on - month decrease of 0.59; the Dalian Commodity Exchange pig feed cost index is 905.87, with a month - on - month decrease of 4.39; the monthly output of feed is 29.779 million tons, with a month - on - month increase of 209,000; the price of binary breeding sows is 1,429 yuan/head, with no change; the breeding profit of purchasing piglets is - 2.31 yuan/head, with a month - on - month increase of 46.04; the breeding profit of self - breeding and self - raising live pigs is - 11.54 yuan/head, with a month - on - month increase of 23.05; the monthly import volume of pork is 60,000 tons, with a month - on - month decrease of 10,000; the average price of white - striped chicken in the main producing areas is 13.5 yuan/kg, with a month - on - month decrease of 0.6 [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 39.57 million heads, with a month - on - month increase of 1.23 million; the monthly value of catering revenue in total retail sales of social consumer goods is 605.7 billion yuan, with a month - on - month increase of 85.8 billion [2] Industry News - Mysteel data shows that on January 14, the daily slaughter volume of live pigs by key provincial sample slaughtering enterprises was 148,178, a month - on - month decrease of 0.02%. The January sample enterprise slaughter plan decreased month - on - month. Currently, the slaughter rhythm of large - scale farms has recovered compared with that after the Spring Festival, but the overall slaughter volume is average [2]

证券日报网讯 1月13日，瑞达期货发布公告称，根据安排，截至2026年1月16日收市后仍未转股的"瑞达 转债"将被强制赎回，特提醒"瑞达转债"持有人注意在限期内转股。本次赎回完成后，"瑞达转债"将在 深圳证券交易所摘牌。"瑞达转债"持有人持有的"瑞达转债"存在被质押或被冻结的，建议在停止交易日 前解除质押或冻结，以免出现因无法转股而被强制赎回的情形。本次"瑞达转债"赎回价格可能与其停止 交易和停止转股前的市场价格存在较大差异，投资者如未及时转股，可能面临损失，敬请广大投资者详 细了解《瑞达期货股份有限公司公开发行可转换公司债券募集说明书》中可转换公司债券（简称"可转 债"）有条件赎回条款的相关约定，及时关注公司后续公告，注意投资风险。 （文章来源：证券日报） ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic cotton market currently has relatively sufficient supply with accelerated national cotton inspection and increased port pick - up after quota issuance. Brazilian cotton is arriving in a concentrated manner, leading to an increase in inventory. As of the week ending January 8th, the inventory at major import cotton ports increased by 0.55% week - on - week, reaching a total of 39.95 million tons [2]. - Downstream textile enterprises have limited orders, lower than the previous year's level. Some fabric mills may have early holidays. However, the expected decline in cotton planting area in the new year provides some support to the cotton market. The January US Department of Agriculture supply - demand report is positive, and the short - term cotton price center is expected to continue to rise. Attention should be paid to macro and policy impacts [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price: 14,760 yuan/ton, up 135 yuan; cotton yarn main contract closing price: 20,765 yuan/ton, up 125 yuan [2]. - Cotton futures top 20 net positions: - 182,457 lots, down 11,680 lots; cotton yarn futures top 20 net positions: - 1,939 lots, down 89 lots [2]. - Cotton main contract positions: 837,159 lots, up 19,206 lots; cotton yarn main contract positions: 16,032 lots, down 153 lots [2]. - Cotton warehouse receipts: 8,410 lots, up 642 lots; cotton yarn warehouse receipts: 70 lots, up 10 lots [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 15,783 yuan/ton; China Yarn Price Index (pure - cotton carded yarn 32S): 21,300 yuan/ton [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff): 12,616 yuan/ton; China Imported Cotton Price Index (FCIndexM:sliding - scale duty): 13,735 yuan/ton [2]. - Imported cotton yarn price index (pure - cotton carded yarn 32S arrival price): 21,025 yuan/ton, up 4 yuan; imported cotton yarn price index (pure - cotton combed yarn 32S arrival price): 22,352 yuan/ton, up 4 yuan [2]. 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 540,000 tons [2]. - Cotton - yarn price difference: 5,517 yuan/ton, up 74 yuan; national industrial inventory of cotton: 850,000 tons, up 65,000 tons [2]. 3.4 Industry Situation - Cotton import volume (monthly): 120,000 tons, up 30,000 tons; cotton yarn import volume (monthly): 150,000 tons, up 10,000 tons [2]. - Imported cotton profit: 2,048 yuan/ton, down 118 yuan; national commercial inventory of cotton: 4.6836 million tons, up 1.753 million tons [2]. 3.5 Downstream Situation - Yarn inventory days: 26.33 days, up 0.21 days; grey fabric inventory days: 32.34 days, up 0.37 days [2]. - Cloth output (monthly): 2.81 billion meters, up 0.19 billion meters; yarn output (monthly): 2.039 million tons, up 38,000 tons [2]. - Clothing and clothing accessories export amount (monthly): 11,593,686 thousand US dollars, up 590,205.57 thousand US dollars; textile yarn, fabric and products export amount (monthly): 12,275,733 thousand US dollars [2]. 3.6 Option Market - Cotton at - the - money call option implied volatility: 13.12%, down 0.23%; cotton at - the - money put option implied volatility: 13.12%, down 0.22% [2]. - Cotton 20 - day historical volatility: 13.34%, up 0.14%; cotton 60 - day historical volatility: 8.84%, up 0.05% [2]. 3.7 Industry News - In the 2025/26 US cotton January supply - demand outlook, compared with December, production and ending stocks decreased, while beginning stocks and imports remained unchanged. Production decreased by over 2% to 13.9 million bales, mainly due to the decline in the Delta region. The national average yield decreased by 8% to 856 pounds per acre. Ending stocks decreased by 7% to 4.2 million bales [2]. - ICE cotton futures rose on Monday. The US Department of Agriculture supply - demand report predicted stable cotton demand and lowered production estimates. The weaker US dollar and the rise in the broader commodity market further boosted cotton prices. The ICE March cotton futures contract closed up 0.50 cents, or 0.78%, at 64.91 cents per pound [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The overall data of the domestic sugar market is slightly bearish, but the market's expectation of a decline in Brazil's export prospects supports the sugar market. In the short term, sugar prices are expected to fluctuate mainly [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar was 5253 yuan/ton, a decrease of 32 yuan; the main contract position was 429949 lots, a decrease of 1446 lots; the number of warehouse receipts was 9499, an increase of 560; the net buying volume of the top 20 futures positions was -68156 lots; the effective warehouse receipt forecast was 2069, a decrease of 560 [2]. 3.2现货市场 - The import processing estimated price of Brazilian sugar within the quota was 4036 yuan/ton, a decrease of 15 yuan; the import processing estimated price of Thai sugar within the quota was 4086 yuan/ton, a decrease of 15 yuan; the estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5112 yuan/ton, a decrease of 20 yuan; the estimated price of imported Thai sugar outside the quota (50% tariff) was 5178 yuan/ton; the spot price of white sugar in Yunnan Kunming was 5230 yuan/ton, unchanged; the spot price of white sugar in Guangxi Nanning was 5360 yuan/ton, unchanged; the spot price of white sugar in Guangxi Liuzhou was 5370 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - cane planting area was 1480 thousand hectares; the cumulative sales volume of cane sugar in Guangxi was 8.94 million tons; the planting area of sugar - cane in Guangxi was 840.33 thousand hectares; the cumulative output of cane sugar in Yunnan was 4.48 million tons; the total export volume of Brazilian sugar was 291.3 million tons, a decrease of 38.9 million tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1288 yuan/ton, an increase of 15 yuan [2]. 3.4 Industry Situation - The price difference between imported Thai sugar and Liuzhou sugar within the quota was 1238 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 146 yuan/ton; the monthly import volume of sugar was 44 million tons, a decrease of 31 million tons; the cumulative import volume of sugar was 434 million tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 130.3 million tons, an increase of 42 million tons; the monthly output of soft drinks was 1045.7 million tons, a decrease of 50.5 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar was 9.24%, a decrease of 0.22%; the implied volatility of at - the - money put options for sugar was 9.24%, a decrease of 0.22%; the 20 - day historical volatility of sugar was 10.82%, a decrease of 0.06%; the 60 - day historical volatility of sugar was 7.54%, unchanged [2]. 3.7 Industry News - Brazil exported 74.05 million tons of sugar in the first two weeks of January, with a daily average export volume of 12.34 million tons, a 32% increase compared to the daily average export volume of 9.37 million tons in January of the previous year. The total export volume in January of the previous year was 206.2 million tons. The ICE raw sugar futures fell on Monday, but the decline was limited by the weakening of the US dollar. The most actively traded March raw sugar futures fell 0.05 cents or 0.30%, settling at 14.84 cents per pound [2]. 3.8 Viewpoint Summary - In December, the monthly sugar output in Guangxi was 180.8 million tons, a year - on - year decrease of 43.1 million tons, and the monthly sales volume was 79.54 million tons, a year - on - year decrease of 55.18 million tons. As of December 31, 2025, the cumulative sugar output in Yunnan was 39.23 million tons, higher than 32.69 million tons in the same period of the previous crushing season; the cumulative sugar sales volume in Yunnan was 28.14 million tons, compared with 26.71 million tons in the same period of last year [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply and demand of pure benzene in China are expected to remain in a slightly loose balance. The short - term BZ2603 is expected to show a volatile trend, with a daily range around 5480 - 5650 yuan/ton [2] Summary by Directory Futures Market - The closing price of the main pure benzene contract is 5584 yuan/ton, up 11 yuan; the settlement price is 5556 yuan/ton, up 21 yuan. The trading volume is 16727 lots, down 9958 lots; the open interest is 29870 lots, down 159 lots [2] - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions are 5405 yuan/ton, 5300 yuan/ton, 5400 yuan/ton, and 5315 yuan/ton respectively, with changes of 70 yuan, 80 yuan, 100 yuan, and 92 yuan [2] Spot Market - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5525 yuan/ton and 5045 yuan/ton respectively, with a change of 150 yuan and 0 yuan [2] - The FOB mid - price of pure benzene in South Korea is 688 dollars/ton, up 17 dollars; the CFR mid - price of pure benzene in China is 689.89 dollars/ton, up 14.82 dollars [2] Upstream Situation - The spot price of Brent DTD crude oil is 65.75 dollars/barrel, down 0.23 dollars; the CFR mid - price of naphtha in Japan is 558 dollars/ton, up 6.75 dollars [2] - The capacity utilization rate of pure benzene is 74.38%, down 0.8%; the weekly output is 43.71 tons, up 0.16 tons [2] Industry Situation - The port inventory of pure benzene is 31.8 tons, up 1.8 tons; the production cost is 4914.6 yuan/ton, down 78.65 yuan; the production profit is 395 yuan/ton, up 63 yuan [2] Downstream Situation - The开工率 of styrene is 70.92%, up 0.69%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 74.22% (down 1.3%), 85.37% (up 5.64%), 61.31% (up 1.5%), and 67.6% (down 0.6%) respectively [2] Industry News - From January 3rd to 9th, the开工率 of petroleum benzene decreased by 0.80% to 74.38%, and the开工率 of hydrogenated benzene increased by 1.66% to 61.66% [2] - From January 3rd to 9th, the weighted开工率 of pure benzene downstream increased by 1.01% to 72.35% [2] - As of January 12th, the inventory of pure benzene in East China ports was 32.4 tons, up 1.89% from last week [2] - From January 2nd to 8th, the profit of petroleum benzene increased by 64 yuan/ton to 395 yuan/ton [2]

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 为瑞 达研究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 沪铝主力合约收盘价(日,元/吨) | 最新 24,375.00 | 环比 数据指标 -275.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,780.00 | -86.00↓ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -80.00 | +5.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -213.00 | -16.00↓ | | | 主力合约持仓量:沪铝(日,手) | 370,981.00 | -8100.00↓ 主力合约持仓量:氧化铝(日,手) | 553,364.00 | +7569.00↑ | | | LME铝注销仓单(日,吨) | 49,775.00 | 0.00 库存:氧化铝:合计(周,万吨) | ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report predicts that Shanghai tin will experience a short - term strong adjustment. It is recommended to pay attention to the MA5 support and test the upper 390,000 - yuan mark [3][4]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai tin is 379,330 yuan/ton, with a change of 2,410 yuan; the 2 - 3 month contract closing price is - 680 yuan, with a change of 30 yuan. The LME 3 - month tin price is 47,967 dollars/ton, with a change of 2,407 dollars. The main contract position of Shanghai tin is 42,853 lots, a decrease of 7,782 lots. The net position of the top 20 futures is - 3,845 lots, a decrease of 3,059 lots. The LME tin total inventory is 5,905 tons, an increase of 490 tons. The Shanghai Futures Exchange inventory of tin is 6,935 tons, a decrease of 1,001 tons. The LME tin cancelled warrants are 115 tons, a decrease of 10 tons. The Shanghai Futures Exchange tin warrants are 6,245 tons, a decrease of 88 tons [3]. 现货市场 - The SMM 1 tin spot price is 380,200 yuan/ton, with a change of 11,650 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 380,350 yuan/ton, with a change of 9,670 yuan. The basis of the Shanghai tin main contract is - 8,370 yuan/ton, a decrease of 5,580 yuan. The LME tin premium (0 - 3) is - 88.01 dollars/ton, a decrease of 58.01 dollars. The import volume of tin ore and concentrates is 1.16 million tons, an increase of 0.29 million tons. The average price of 40% tin concentrate is 356,550 yuan/ton, with a change of 18,800 yuan; the average price of 60% tin concentrate is 360,550 yuan/ton, with a change of 18,800 yuan. The processing fee of 40% tin concentrate by Antaike is 12,000 yuan/ton, an increase of 1,500 yuan; the processing fee of 60% tin concentrate is 8,000 yuan/ton, an increase of 1,500 yuan [3]. Upstream Situation - The report does not provide new information other than the data in the spot market section. Industry Situation - The monthly output of refined tin is 1.4 million tons, a decrease of 0.16 million tons. The monthly import volume of refined tin is 983.25 tons, a decrease of 518.38 tons [3]. Downstream Situation - The price of 60A solder bar in Gejiu is 241,930 yuan/ton, with a change of 7,040 yuan. The cumulative monthly output of tin - plated sheets (strips) is 139.01 million tons, an increase of 14.47 million tons. The monthly export volume of tin - plated sheets is 22.26 million tons, an increase of 2.5 million tons [3]. Industry News - The EU plans to adjust high tariffs on Chinese electric vehicles and replace them with a minimum price mechanism, indicating a relaxation of trade tensions. The Minister of Industry and Information Technology, Li Lecheng, said that efforts will be made to achieve new breakthroughs in future manufacturing, future information, and future materials, focusing on fields such as quantum technology, humanoid robots, brain - computer interfaces, deep - sea polar regions, and 6G [3]. Viewpoint Summary - On the macro - level, the Minister of Industry and Information Technology aims for new breakthroughs in future - related fields. On the fundamental level, the domestic tin ore import supply is still relatively tight, and the tin ore processing fee remains low. Although the resumption of production in Myanmar and the end of the rainy season have provided some incremental supply, the supply in other regions is still unstable, and the overall tin ore import volume is at a low level. In the smelting sector, the raw material of tin ore is in short supply, most enterprises' raw material inventories are low, and most enterprises are operating at a loss. It is expected that the output of refined tin will continue to be restricted and lack year - on - year growth. In terms of imports, Indonesia's export volume increased significantly in November, alleviating concerns about supply constraints. Recently, the import window is approaching to open, increasing the import pressure. On the demand side, the tin price has adjusted at a high level recently, the downstream procurement willingness is relatively strong, the inventory decline is better than expected, and the spot premium is 500 yuan/ton. The LME inventory is stable, and the spot premium has increased. Technically, the position has slightly decreased, the price has adjusted, and the bullish sentiment is strong [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The probability of an increase in urea production is relatively high, but the agricultural demand is in the traditional off - season with lukewarm overall trading atmosphere. The downstream is resistant to high - price goods and mostly adopts a just - in - time procurement strategy. The industrial sector maintains rigid demand procurement. The inventory of domestic urea enterprises fluctuates slightly, and the de - stocking amplitude is limited. The short - term de - stocking amplitude of urea enterprises is expected to be limited. The UR2605 contract is expected to fluctuate in the range of 1750 - 1800 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1774 yuan/ton, down 9 yuan; the 5 - 9 spread is 25 yuan/ton, up 5 yuan. The main contract's open interest is 230,249 lots, down 6,626 lots; the net position of the top 20 is - 17,040. The exchange warehouse receipts are 13,355 sheets, up 155 sheets [2] 3.2 Spot Market - The spot prices in Hebei, Henan, and Anhui are 1740 yuan/ton, down 10 yuan; in Jiangsu and Shandong are 1730 - 1740 yuan/ton, down 20 yuan. The basis of the Zhengzhou urea main contract is - 53 yuan/ton, down 26 yuan. FOB Baltic is 367.5 dollars/ton, unchanged; FOB China main port is 402.5 dollars/ton, unchanged [2] 3.3 Industry Situation - The port inventory is 140,000 tons, down 32,000 tons; the enterprise inventory is 1.0222 million tons, up 3,000 tons. The urea enterprise operating rate is 83.22%, up 2.93%. The daily urea output is 195,900 tons, up 1,700 tons. The urea export volume is 600,000 tons, down 600,000 tons. The monthly urea output is 6,000,330 tons, up 129,060 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 37.17%, up 3.28%. The melamine operating rate is 54.35%, up 6.7%. The weekly profit of compound fertilizer in China is 244 yuan/ton, up 80 yuan; the weekly profit of melamine with externally - purchased urea is - 152 yuan/ton, down 106 yuan. The monthly output of compound fertilizer is 4.3825 million tons, up 753,800 tons; the weekly output of melamine is 28,300 tons, down 1,900 tons [2] 3.5 Industry News - As of January 7, the total inventory of Chinese urea enterprises is 1.0222 million tons, up 0.29% week - on - week. The inventory of domestic urea enterprises fluctuates slightly this period, with local inventory rising or falling differently. As of January 8, the sample inventory of Chinese urea ports is 140,000 tons, down 18.60% week - on - week. The departure volume of port goods increases this week, and some ports are loading and leaving. Due to the slow pace of factory goods gathering at ports and quota restrictions, most ports maintain a low level. As of January 8, the output of Chinese urea production enterprises is 1.3716 million tons, up 0.92% week - on - week, and the capacity utilization rate is 83.22%, up 2.93% [2] 3.6 Suggested Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2]

国债期货日报 2026/1/13 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.850 | 0.06% T主力成交量 | 54073 | -10308↓ | | | TF主力收盘价 | 105.625 | 0.04% TF主力成交量 | 44516 | -20415↓ | | | TS主力收盘价 | 102.330 | 0% TS主力成交量 | 31235 | -6059↓ | | | TL主力收盘价 | 111.350 | 0.28% TL主力成交量 | 89373 | -9823↓ | | 期货价差 | TL2603-2606价差 | -0.13 | -0.03↓ T03-TL03价差 | -3.50 | -0.14↓ | | | T2603-2606价差 | 0.07 | -0.02↓ TF03-T03价差 | -2.22 | -0.00↓ | | | TF2603-2606价差 | 0.02 | +0.02↑ TS03-T03价差 | -5.52 | ...