Report Summary 1. Report Industry Investment Rating - The report suggests a bullish and volatile market outlook for the rebar industry, advising investors to pay attention to risk control [2]. 2. Core Viewpoint - On Monday, the RB2605 contract rebounded with increased positions. Despite the weakening downstream demand for rebar during the off - season, the current macro - environment is positive, and market expectations are optimistic. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are above the 0 - axis [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract is 3,165 yuan/ton, up 21 yuan; the position volume is 1,726,703 lots, up 11,840 lots; the net position of the top 20 in the RB contract is - 19,314 lots, up 9,160 lots; the RB5 - 10 contract spread is - 46 yuan/ton, up 6 yuan; the RB warehouse receipt at the SHFE is 75,421 tons, down 1,212 tons; the HC2605 - RB2605 contract spread is 146 yuan/ton, down 4 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,350 yuan/ton, up 10 yuan; (actual weight) is 3,436 yuan/ton, up 10 yuan; in Guangzhou (theoretical weight) is 3,500 yuan/ton, unchanged; in Tianjin (theoretical weight) is 3,200 yuan/ton, unchanged. The basis of the RB main contract is 185 yuan/ton, down 11 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou is - 20 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 834 yuan/wet ton, up 14 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,160 yuan/ton, unchanged; the price of Q235 billets in Hebei is 2,970 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 162.7994 million tons, up 4.18 million tons; the inventory of coke at sample coking plants is 439,800 tons, down 46,200 tons; the inventory of coke at sample steel mills is 6.4586 million tons, up 20,300 tons; the blast furnace operating rate of 247 steel mills is 79.33%, up 0.37%; the blast furnace capacity utilization rate of 247 steel mills is 86.06%, up 0.78%; the inventory of billets in Tangshan is 1.4075 million tons, up 141,400 tons [2]. 3.4 Industry Situation - The weekly output of rebar at sample steel mills is 1.9104 million tons, up 28,200 tons; the capacity utilization rate is 41.88%, up 0.62%. The inventory at sample steel mills is 1.4793 million tons, up 85,600 tons; the social inventory of rebar in 35 cities is 2.9018 million tons, up 75,200 tons. The operating rate of independent electric arc furnace steel mills is 70.83%, up 1.04%. The monthly output of crude steel in China is 69.87 million tons, down 2.13 million tons; the monthly output of rebar is 1.434 million tons, up 59,000 tons; the net export volume of steel is 948,000 tons, up 20,000 tons [2]. 3.5 Downstream Situation - The national real - estate prosperity index is 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment is - 2.60%, down 0.90%; the cumulative year - on - year growth rate of real - estate development investment is - 15.90%, down 1.20%; the cumulative year - on - year growth rate of infrastructure investment is - 1.10%, down 1.00%. The cumulative value of housing construction area is 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area is 534.57 million square meters, down 43.95 million square meters; the inventory of commercial housing for sale is 393.61 million square meters, up 2.84 million square meters [2]. 3.6 Industry News - In December 2025, 482 projects started across the country, with a total investment of about 534.092 billion yuan; the total investment in 2025 was about 27.52 trillion yuan. The Minister of the Ministry of Industry and Information Technology stated that in 2026, China's industrial economy has strong resilience, great potential, and sufficient vitality, and the government will focus on four aspects: "stabilize", "expand", "innovate", and "increase" [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。 碳酸锂产业日报 2026/1/12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 156,060.00 | +12640.00↑ 前20名净持仓（日，手） | -137,883.00 | +5135.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 506,702.00 | -4172.00↓ 近远月合约价差（日，元/吨） | -10,660.00 | -6360.00↓ | | | 广期所仓单（日，手/吨） | 25,970.0 ...

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The current national cotton inspection is accelerating, and the market supply is relatively sufficient. With the quota issuance, port pick - up increases, and Brazilian cotton arrives in a concentrated manner, leading to a continuous increase in inventory. Downstream textile enterprises have limited orders, lower than the previous year's level, and some weaving factories may have early holidays. However, the general market expectation of a decline in the cotton planting area in the new year supports the cotton market to some extent. The short - term cotton price center is expected to continue to rise, and the impact of macro and policies should be focused on [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price: 14,625 yuan/ton, down 50 yuan; cotton yarn main - contract closing price: 20,640 yuan/ton, down 50 yuan - Cotton futures top 20 net positions: - 170,777 lots, up 6,745 lots; cotton yarn futures top 20 net positions: - 1,850 lots, up 98 lots - Cotton main - contract positions: 817,953 lots, down 31,033 lots; cotton yarn main - contract positions: 16,185 lots, down 631 lots - Cotton warehouse receipt quantity: 7,768 sheets, unchanged; cotton yarn warehouse receipt quantity: 60 sheets, unchanged [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 15,857 yuan/ton, down 73 yuan; China Yarn Price Index (pure - cotton carded yarn 32s): 21,300 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff): 12,531 yuan/ton, down 68 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty tariff): 13,691 yuan/ton, down 38 yuan - Imported cotton yarn arrival price (pure - cotton carded yarn 32s): 21,021 yuan/ton, down 23 yuan; imported cotton yarn arrival price (pure - cotton combed yarn 32s): 22,348 yuan/ton, down 24 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 0.54 million tons [2] 3.4 Industry Situation - Cotton - yarn price difference: 5,443 yuan/ton, up 73 yuan; national industrial cotton inventory: 850,000 tons, up 65,000 tons - Cotton import volume: 120,000 tons, up 30,000 tons; cotton yarn import volume: 150,000 tons, up 10,000 tons - Imported cotton profit: 2,239 yuan/ton, down 24 yuan; national commercial cotton inventory: 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 - cloth inventory days: 32.34 days, up 0.37 days - Cloth output: 2.81 billion meters, up 0.19 billion meters; yarn output: 2.039 million tons, up 0.038 million tons - Export value of clothing and clothing accessories: 11,593,686 thousand US dollars, up 590,205.57 thousand US dollars; export value of textile yarns, fabrics and products: 12,275,733 thousand US dollars, up 1,017,314.08 thousand US dollars [2] 3.6 Option Market - Cotton at - the - money call option implied volatility: 13.35%, down 1.46%; cotton at - the - money put option implied volatility: 13.34%, down 1.47% - Cotton 20 - day historical volatility: 13.2%, up 0.31%; cotton 60 - day historical volatility: 8.79%, up 0.09% [2] 3.7 Industry News - According to Mysteel research, the national commercial cotton inventory is increasing. As of January 9, 2026, the total commercial cotton inventory was 5.573 million tons, a week - on - week increase of 284,200 tons (a 5.37% increase). Among them, the commercial cotton in Xinjiang was 4.6841 million tons, a week - on - week increase of 192,600 tons (a 4.29% increase), and the commercial cotton in the inland area was 489,400 tons, a week - on - week increase of 89,400 tons (a 22.35% increase) - According to the USDA report, in the week ending January 1, the net export sales of U.S. upland cotton in the 2025/26 season increased by 98,000 bales, a 27% decrease from the previous week and a 49% decrease from the average of the previous four weeks. The export shipment volume of U.S. upland cotton in the 2025/26 season was 154,000 bales, a 9% increase from the previous week and an 18% increase from the average of the previous four weeks. The U.S. cotton export contract volume continued to decline [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report expects Shanghai zinc to undergo a strong adjustment, with attention on the MA10 support level in the range of 2.38 - 2.45 [3]. - On the macro - front, the US December non - farm payrolls increased by 50,000, falling short of expectations. The unemployment rate dropped to 4.4%, and the annual increase was the lowest since 2020. After the data release, the market expects the Fed to cut interest rates by about 50 basis points in 2026, with the probability of a January rate cut at zero [3]. - Fundamentally, zinc ore imports are at a high level, but domestic zinc mines cut production at the end of the year. Domestic smelters' competition for domestic ore purchases has intensified, processing fees at home and abroad have dropped significantly, and the profit of domestic smelters has shrunk, so production is expected to continue to be restricted [3]. - The export window may close again as the LME zinc price has corrected recently and the Shanghai - London ratio has rebounded. On the demand side, the downstream market is gradually entering the off - season. The real estate sector is a drag, and the infrastructure and home appliance sectors are also weakening, while there are some bright spots in the automotive and other sectors due to policy support [3]. - The downstream market mainly makes purchases on demand at low prices. Recently, the zinc price has risen rapidly, downstream purchases are scarce, the spot premium is high and stable, and domestic inventories have increased significantly. The increase in LME zinc inventories has slowed down, and the spot premium remains low. Technically, the price has risen with an increase in positions, showing a strong bullish sentiment and resistance at the upper edge of the upward channel [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 24,125 yuan/ton, a month - on - month increase of 155 yuan/ton. The price difference between the 02 - 03 contracts is - 50 yuan/ton, a month - on - month decrease of 5 yuan/ton [3]. - The LME three - month zinc quotation is 3,153.5 US dollars/ton, a month - on - month increase of 18.5 US dollars/ton. The total open interest of Shanghai zinc is 222,360 lots, a month - on - month increase of 4,307 lots [3]. - The net open interest of the top 20 in Shanghai zinc is 3,583 lots, a month - on - month decrease of 427 lots. The Shanghai zinc warehouse receipts are 0 tons, unchanged from the previous period [3]. - The SHFE inventory is 73,852 tons, a week - on - week increase of 4,059 tons. The LME inventory is 107,450 tons, a day - on - day decrease of 550 tons [3]. 3.2现货市场 - The spot price of 0 zinc on Shanghai Non - Ferrous Metals Network is 24,140 yuan/ton, a month - on - month increase of 110 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - Ferrous Metals Market is 24,210 yuan/ton, a month - on - month increase of 410 yuan/ton [3]. - The basis of the ZN main contract is 15 yuan/ton, a month - on - month decrease of 45 yuan/ton. The LME zinc cash - to - three - month spread is - 43.99 US dollars/ton, a month - on - month decrease of 1.42 US dollars/ton [3]. - The ex - works price of 50% zinc concentrate in Kunming is 21,070 yuan/ton, a month - on - month decrease of 130 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 16,450 yuan/ton, a month - on - month increase of 50 yuan/ton [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, a month - on - month decrease of 14,700 tons. The ILZSG zinc supply - demand balance is 20,300 tons, a month - on - month decrease of 27,600 tons [3]. - The global zinc mine production value of ILZSG is 1.0666 million tons, a month - on - month decrease of 31,000 tons. The domestic refined zinc production is 665,000 tons, a month - on - month increase of 40,000 tons [3]. - The zinc ore import volume is 340,900 tons, a month - on - month decrease of 164,500 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 18,836.76 tons, a month - on - month decrease of 3,840.75 tons. The refined zinc export volume is 8,518.67 tons, a month - on - month increase of 6,040.84 tons [3]. - The social inventory of zinc is 113,300 tons, a week - on - week decrease of 600 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets is 2.34 million tons, a month - on - month increase of 20,000 tons. The monthly sales volume of galvanized sheets is 2.42 million tons, a month - on - month increase of 140,000 tons [3]. - The monthly new housing construction area is 534.567 million square meters, a month - on - month increase of 43.9531 million square meters. The monthly housing completion area is 348.61 million square meters, a month - on - month increase of 37.3212 million square meters [3]. - The monthly automobile production is 3.519 million vehicles, a month - on - month increase of 240,000 vehicles. The monthly air - conditioner production is 14.204 million units, a month - on - month decrease of 3.8908 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options on zinc is 20.63%, a month - on - month decrease of 1.88 percentage points. The implied volatility of at - the - money put options on zinc is 20.63%, a month - on - month decrease of 1.88 percentage points [3]. - The 20 - day historical volatility of at - the - money zinc options is 1.35%. The 60 - day historical volatility of at - the - money zinc options is 21.03%, a month - on - month decrease of 0.18 percentage points [3]. 3.7 Industry News - The US December non - farm payrolls increased by 50,000, falling short of expectations. The unemployment rate dropped to 4.4%, and the annual increase was the lowest since 2020. After the data release, the market expects the Fed to cut interest rates by about 50 basis points in 2026, with the probability of a January rate cut at zero [3]. - China's December CPI year - on - year increase reached a 34 - month high, with a month - on - month turn to a 0.2% increase. PPI increased month - on - month for three consecutive months. The year - on - year increase in CPI to 0.8% was the highest since March 2023, mainly driven by the expansion of food price increases, with the fresh vegetable price increase at 18.2%. The month - on - month turn from a decrease to an increase in CPI was mainly affected by the price increase of industrial consumer goods excluding energy. The prices of communication tools, mother - and - baby products, etc. all increased, and the gold jewelry price increased by 5.6%. PPI decreased year - on - year for the 39th consecutive month, and the month - on - month increase expanded. The increase in international non - ferrous metal prices pulled up the prices of related domestic industries [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report expects Shanghai tin to operate strongly in the short - term, with attention on the MA5 support and testing the upper 390,000 - yuan mark. The macro - situation involves the US non - farm payrolls in December being lower than expected, leading to market expectations of about 50 - basis - point interest rate cuts by the Fed in 2026 and zero probability of a January cut. In China, the December CPI hit a 34 - month high. Fundamentally, the domestic tin ore import supply is tight, processing fees are low, and refined tin production is expected to be limited. The demand side shows that downstream procurement is active, and inventory decline is better than expected [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 376,920 yuan/ton, with a month - on - month increase of 24,380 yuan/ton. The closing price of the February - March contract of Shanghai tin is - 710 yuan/ton, with a month - on - month decrease of 250 yuan/ton. LME 3 - month tin is at 45,560 US dollars/ton, up 1,810 US dollars/ton. The main contract position of Shanghai tin is 50,635 lots, an increase of 9,898 lots. The net position of the top 20 futures is - 786 lots, an increase of 1,693 lots. LME tin total inventory is 5,415 tons, up 10 tons. Shanghai Futures Exchange inventory of tin is 6,935 tons, a decrease of 1,001 tons. Shanghai Futures Exchange warehouse receipts of tin are 6,333 tons, a decrease of 96 tons [3]. 3.2现货市场 - The SMM 1 tin spot price is 368,550 yuan/ton, up 18,800 yuan/ton. The Yangtze River Non - ferrous Market 1 tin spot price is 370,680 yuan/ton, up 19,980 yuan/ton. The basis of the Shanghai tin main contract is - 2,790 yuan/ton, a decrease of 8,200 yuan/ton. The LME tin premium (0 - 3) is - 30 US dollars/ton, an increase of 9 US dollars/ton [3]. 3.3 Upstream Situation - 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, up 18,800 yuan/ton, and its processing fee is 12,000 yuan/ton, up 1,500 yuan/ton. The average price of 60% tin concentrate is 360,550 yuan/ton, up 18,800 yuan/ton, and its processing fee is 8,000 yuan/ton, up 1,500 yuan/ton [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons. The monthly import volume of refined tin is 983.25 tons, a decrease of 518.38 tons [3]. 3.5 Downstream Situation - The price of 60A solder bars in Gejiu is 234,890 yuan/ton, up 11,790 yuan/ton. The cumulative monthly output of tin - plated sheets (strips) is 1.3901 million tons, an increase of 0.1447 million tons. The monthly export volume of tin - plated sheets is 222,600 tons, an increase of 25,000 tons [3]. 3.6 Industry News - The US December non - farm payrolls increased by 50,000, falling short of expectations, and the unemployment rate dropped to 4.4%, with the annual increase being the lowest since 2020. After the data release, the market expects about 50 - basis - point interest rate cuts by the Fed in 2026 and zero probability of a January cut. China's December CPI year - on - year increase hit a 34 - month high, with a month - on - month increase of 0.2%. PPI increased month - on - month for three consecutive months. The year - on - year increase in CPI was mainly driven by food prices, and the month - on - month increase was due to non - energy industrial consumer goods. PPI decreased year - on - year for the 39th consecutive month, and the month - on - month increase expanded [3]. 3.7 Key Points to Watch - No news today [3]

债券代码：128116 债券简称：瑞达转债 证券代码：002961 证券简称：瑞达期货 公告编号：2026-008 瑞达期货股份有限公司 关于"瑞达转债"即将停止交易 暨赎回前最后一个交易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： 1、最后交易日：2026 年 1 月 13 日 3、截至 2026 年 1 月 12 日收市后，距离"瑞达转债"停止交易仅剩 1 个交 易日，距离"瑞达转债"停止转股并赎回仅剩 4 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。 2026 年 1 月 13 日是"瑞达转债"最后一个交易日，当日"瑞达转债"简称 为"Z 达转债"；2026 年 1 月 13 日收市后"瑞达转债"将停止交易。 2、最后转股日：2026 年 1 ...

瑞达期货公告称，"瑞达转债"最后交易日为2026年1月13日，当日简称"Z达转债"，收市后停止交易；最 后转股日为1月16日，收市后未转股的将停止转股。赎回价格101.118元/张，赎回登记日为1月16日，赎 回日为1月19日，完成后将在深交所摘牌。公司于2025年12月24日决定行使提前赎回权。提醒持有人注 意限期转股，避免损失。 ...

重要内容提示： 1、最后交易日：2026年1月13日 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002961 证券简称：瑞达期货 公告编号：2026-006 证券代码：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"实施暨即将停止交易的重要提示性公告 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。 2026年1月13日是"瑞达转债"最后一个交易日，当日"瑞达转债"简称为"Z达转债"；2026年1月13日收市 后"瑞达转债"将停止交易。 2、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。 3、截至2026年1月9日收市后，距离"瑞达转债"停止交易仅剩2个交易日，距离"瑞达转债"停止转股并赎 回仅剩5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 ...

证券日报网讯 1月11日，瑞达期货发布公告称，"瑞达转债"将以101.118元/张全部赎回，赎回条件满足 日2025年12月24日，赎回登记日2026年1月16日，赎回日2026年1月19日；2026年1月13日为最后交易 日，2026年1月16日为最后转股日，逾期未转股将被强制赎回。 （编辑 袁冠琳） ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-007 | | --- | --- | --- | | 证券代码：128116 | 债券简称：瑞达转债 | | 瑞达期货股份有限公司 关于控股股东持股比例被动稀释触及1%整数倍的公告 公司发行"瑞达转债"之前的总股本为 445,000,000 股，截至 2025 年 12 月 24 日，"瑞达转债"累计转股 8,549,952 股，公司总股本相应增加至 453,549,952 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 并跨越 5%整数倍。具体内容详见公司于 2025 年 12 月 26 日刊登在巨潮资讯网 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。 一、本次权益变动的基本情况 经中国证券 ...