免责声明 整，关注MA10支撑。 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 沪镍产业日报 2026-01-08 | 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:沪镍(日,元/吨) | 136440 | -11280 02-03月合约价差:沪镍(日,元/吨) | -150 | 380 | | | LME3个月镍(日,美元/吨) | 17655 | -775 主力合约持仓量:沪镍(日,手) | 128055 | -4897 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -65174 | -13231 LME镍:库存(日,吨) | 275634 | 20088 | | | 上期所库存:镍(周,吨) | 45544 | 1090 LME镍:注销仓单:合计(日,吨) | 11580 | ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-005 | | --- | --- | --- | | 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。 重要内容提示： 1、最后交易日：2026 年 1 月 13 日 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 8 日收市后，距离"瑞达转债"停止交易仅剩 3 个交 易日，距离"瑞达转债"停止转股并赎回仅剩 6 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 ...

Core Viewpoint - The financial sector is experiencing a significant decline, with brokerage firms and insurance companies leading the downturn [1]. Group 1: Sector Performance - The financial sector, including brokerage and insurance, has seen notable declines, with the brokerage sector down by 2.74% and insurance down by 3.99% [2]. - Other sectors also reported losses, with engineering machinery down by 1.60% and basic metals down by 1.50% [2]. Group 2: Individual Company Performance - Huayin Securities has hit the daily limit down, falling by 10.00% to a price of 16.92 [3]. - Huashan Securities dropped by 5.58% to 7.11, while Huatai Securities fell by 4.88% to 23.99 [3]. - Other notable declines include China Ping An down by 4.63% to 70.05, and Guangfa Securities down by 4.19% to 22.19 [3]. - Several other companies, including CITIC Securities and Changjiang Securities, also experienced declines ranging from 2.57% to 3.19% [3].

证券日报网讯 1月7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。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For corn, wait for the USDA monthly supply - demand report and quarterly grain inventory report. The domestic corn market shows different situations in different regions. The corn acquisition in the Northeast has passed half, and after the New Year's Day, the reserve corn and imported corn are being put into the market. The deep - processing enterprises' inventory is rising, and feed enterprises maintain rigid procurement. In the North China and Huanghuai regions, the market supply increases as the Spring Festival approaches. The corn futures price is relatively volatile recently, and it is advisable to wait and see [2]. - For corn starch, as of January 7, the enterprise inventory is at a high level in the same period, with a supply pressure. However, the demand increases as some downstream customers turn to corn starch due to the large increase in the price of tapioca starch. The starch price has been oscillating recently, and short - term waiting and seeing is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2248 yuan/ton, up 37 yuan compared to the previous period. Corn monthly spread (5 - 9) is - 21 yuan/ton, and corn starch monthly spread (3 - 5) is - 43 yuan/ton [2]. - Futures positions of active contracts: 1011495 hands for yellow corn and 195499 hands for corn starch. The net long positions of the top 20 futures holders for corn starch are - 172821 hands, a decrease of 4995 hands [2]. - Registered warehouse receipts: - 7740 hands for yellow corn and 31655 hands for corn starch. The CS - C spread of the main contract is 320 yuan/ton [2]. 3.2 Outer - market Market - CBOT corn futures closing price (active contract) is 443.75 cents/bushel, down 0.75 cents. CBOT corn total positions (weekly) are 1543015 contracts, an increase of 26463 contracts. The non - commercial net long positions of CBOT corn are 53192 contracts, a decrease of 11680 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2353.33 yuan/ton, down 1.18 yuan. The factory - gate price of corn starch in Changchun is 2570 yuan/ton, unchanged; in Weifang, it is 2750 yuan/ton, down 50 yuan; in Shijiazhuang, it is 2730 yuan/ton, unchanged [2]. - The import price of corn (CIF) is 2050.4 yuan/ton, down 0.65 yuan. The international freight of imported corn is 0 dollars/ton. The basis of the main corn starch contract is 41 yuan, down 37 yuan [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 425.53 million hectares, and the predicted output is 36.44 million tons, an increase of 0.55 million tons. In Brazil, the sown area is 53 million hectares, and the output is 7.5 million tons; in China, the sown area is 295 million hectares, and the output is 44.3 million tons; in Ukraine, the output is 32 million tons [2]. - The corn inventory in southern ports is 15.6 million tons, and the deep - processing corn inventory is 349.4 million tons, an increase of 11.6 million tons [2]. 3.5 Industry Situation - The corn inventory in northern ports is 157 million tons, a decrease of 31 million tons. The weekly inventory of starch enterprises is 112.5 million tons, an increase of 0.2 million tons [2]. - The monthly import volume of corn is 36 million tons, and the monthly export volume of corn starch is 19.17 million tons, an increase of 6.39 million tons [2]. 3.6 Downstream Situation - The monthly output of feed is 2977.9 million tons. The processing profit of corn starch in Shandong is - 8 yuan/ton, in Hebei is 65 yuan/ton, and in Jilin is - 56 yuan/ton [2]. - The alcohol enterprise operating rate is 63.5%, down 1.38 percentage points, and the starch enterprise operating rate is 59.37%, down 0.49 percentage points [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 11.04%, down 0.04 percentage points; the 60 - day historical volatility is 9.29%, up 0.01 percentage points [2]. - The implied volatility of at - the - money call options for corn is 9.98%, down 0.04 percentage points; the implied volatility of at - the - money put options is 9.98%, down 0.04 percentage points [2]. 3.8 Industry News - Private consulting firm Safras & Mercado's survey shows that Brazil's corn export volume in January may reach 264.7 million tons, far lower than 615.8 million tons in December 2025 [2]. - Broker StoneX says Brazil's first - season corn output in the 2025/26 season is expected to be 26 million tons, a 0.5% decrease from the December forecast, mainly due to the output reduction in Santa Catarina state [2]. 3.9 Key Points to Follow - Pay attention to mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday. Also, focus on the impact of downstream stockpiling on corn starch prices [3].

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Some plant recoveries drive the national average capacity utilization rate of caustic soda to increase month - on - month. Alumina's operating rate decreases month - on - month but the overall operating load remains high; the operating rate of viscose staple fiber and the printing and dyeing industry decline. Liquid caustic soda factory inventories accumulate month - on - month, higher than the same period in previous years. Affected by the decline in caustic soda prices, Shandong chlor - alkali profits narrow but remain in a theoretical profit state. In January, the planned maintenance capacity of chlor - alkali is small, and domestic chlor - alkali plants are expected to maintain a high operating state. In the short term, the operating load of alumina enterprises remains basically stable, and non - aluminum downstream may maintain rigid demand purchases with little change. The overall supply and demand of liquid caustic soda in the spot market is still relatively loose, and the prices of the main purchase price and market price of 32% liquid caustic soda in Shandong have recently declined. There are many alumina plants planned to be put into operation in the first half of the year, but the continuous low - profit situation in the industry strengthens the expectation of future production cuts. Shaanxi may implement differential electricity prices in July, and the ECU cost in the northwest region is expected to rise. In the short term, SH2603 is expected to fluctuate, and attention should be paid to the support around 2150 and the pressure around 2330 [3] 3. Summary by Directory 3.1 Futures Market - The main contract closing price of caustic soda is 2261 yuan/ton, up 67 yuan; the main contract position of caustic soda is 162,076 lots, up 2,113 lots; the net position of the top 20 futures is - 15,005 lots, down 458 lots; the main contract trading volume of caustic soda is 513,709 lots, up 169,482 lots; the closing price of the January contract is 1967 yuan/ton, down 3 yuan; the closing price of the May contract is 2405 yuan/ton, up 75 yuan [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 688 yuan/ton, down 2 yuan; in Jiangsu, it is 780 yuan/ton, unchanged; the converted price of 32% caustic soda in Shandong is 2150 yuan/ton, down 6 yuan; the basis of caustic soda is - 111 yuan/ton, down 73 yuan [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 250 yuan/ton, unchanged; in the northwest, it is 220 yuan/ton, unchanged; the price of steam coal is 642 yuan/ton, unchanged [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 250 yuan/ton, unchanged; in Jiangsu, it is 150 yuan/ton, down 75 yuan [3] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,900 yuan/ton, unchanged; the spot price of alumina is 2585 yuan/ton, down 15 yuan [3] 3.6 Industry News - From December 27th to January 2nd, the capacity utilization rate of China's caustic soda was 86.4%, up 0.4% month - on - month; the operating rate of alumina decreased 0.47% month - on - month to 84.67%, the operating rate of viscose staple fiber decreased 1.61% month - on - month to 85.42%, and the operating rate of printing and dyeing decreased 0.47% month - on - month to 60.81%. The commodity market atmosphere is warm, and industrial products mainly rose during the day, with SH2603 rising 4.34% to close at 2261 yuan/ton. As of January 2nd, the inventory of liquid caustic soda factories was 485,700 tons (wet tons), up 9.84% month - on - month. From December 25th to January 4th, the weekly average profit of Shandong chlor - alkali was 153 yuan/ton, lower than the previous period [3]

热轧卷板产业链日报 2026/1/7 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 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 | HC 主力合约收盘价(元/吨) | 3,332 | +69↑ HC 主力合约持仓量(手) | 1377887 | +103802↑ | | | HC 合约前20名净持仓(手) | -17,707 | -39959↓ HC5-10合约价差(元/吨) | -21 | -2↓ | | | HC 上期所仓单日 ...

Report Industry Investment Rating - No relevant content provided Core View of the Report - As of the current incomplete statistics, all 73 sugar mills in Guangxi have started crushing in the 2025/26 season, with significant differences in the current sugar extraction rates; 38 sugar mills in Yunnan have started crushing, an increase of 7 compared to the same period. In December, the sugar production in Guangxi decreased year-on-year, and the white sugar price fluctuated slightly stronger [2] Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for white sugar was 5281 yuan/ton, with a month-on-month increase of 22; the main contract position was 439,946 lots, with a month-on-month increase of 12,538 and a decrease of 9,316; the number of warehouse receipts was 6,005, with no change; the net long position of the top 20 futures positions was -81,404 lots; the estimated import processing price of Brazilian sugar within the quota was 4,029 yuan/ton, with an increase of 7; the estimated import processing price of Thai sugar within the quota was 4,074 yuan/ton, with an increase of 9 [2] Spot Market - The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,103 yuan/ton, with an increase of 9; the estimated price of imported Thai sugar outside the quota (50% tariff) was 5,162 yuan/ton; the spot price of white sugar in Kunming, Yunnan was 5,220 yuan/ton, with an increase of 20; the spot price of white sugar in Nanning, Guangxi was 5,350 yuan/ton, with an increase of 10; the spot price of white sugar in Liuzhou, Guangxi was 5,370 yuan/ton, with an increase of 10 [2] Upstream Situation - The national sugarcane planting area was 1,480 thousand hectares, with an increase of 60; the planting area of sugarcane in Guangxi was 840.33 thousand hectares, with an increase of 5.24 [2] Industry Situation - The cumulative national sugar production was 1,116.21 million tons, with a decrease of 5.49; the cumulative sales volume of cane sugar in Guangxi was 1,228 million tons, with a decrease of 4; the cumulative production of cane sugar in Yunnan was 4.48 million tons, with a decrease of 237.4; the total sugar exports from Brazil were 291.3 million tons, with a decrease of 38.9; the monthly import volume of sugar was 44 million tons, with a decrease of 31; the cumulative import volume of sugar was 434 million tons, with an increase of 44 [2] Downstream Situation - The monthly production of refined sugar was 130.3 million tons, with an increase of 42; the monthly production of soft drinks was 1,045.7 million tons, with a decrease of 50.5 [2] Option Market - The implied volatility of at-the-money call options for white sugar was 8.61%, with a decrease of 0.53; the implied volatility of at-the-money put options for white sugar was 8.62%, with a decrease of 0.49; the 20-day historical volatility of white sugar was 10.93%, with a decrease of 0.2; the 60-day historical volatility of white sugar was 7.95%, with a decrease of 0.03 [2] Industry News - According to the data of the Indian Sugar and Bioenergy Manufacturers Association, as of December 31, 2025, the total sugar production in India was approximately 12 million tons, a nearly 25% increase compared to 9.5 million tons in the same period last year. Sugarcane in major producing countries is being crushed one after another, with a significant year-on-year increase in sugar production in India. As of December 24, 2025/26, Thailand had produced 1.0005 million tons of sugar, a decrease of 166,700 tons year-on-year. As of December 15, Indian sugarcane had produced 7.79 million tons of sugar, a 28% increase year-on-year [2]

Report Title - Plastic Industry Daily Report 2026-01-07 [1] Report Industry Investment Rating - Not provided Core Viewpoints - The short - term L2605 is expected to show a volatile trend. It is necessary to pay attention to the support around 6460 and the pressure around 6760. The total inventory of PE maintains a de - stocking trend with little pressure. Oil - based process costs decrease and losses are reduced, while coal - based process costs remain stable and profits are repaired. In January, new domestic PE production capacity continues to increase, and low - priced overseas resources continue to flow in. Domestic enterprises may increase temporarily shut - down devices to relieve supply pressure. The demand for agricultural film is in the off - season, and the demand for packaging film is limited and difficult to form demand support [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of polyethylene is 6642 yuan/ton, with a change of 63. The 1 - month, 5 - month, and 9 - month contract closing prices are 6430 yuan/ton (change: 101), 6642 yuan/ton (change: 63), and 6687 yuan/ton (change: 69) respectively. The trading volume is 566498 lots (change: 108635), and the open interest is 505678 lots (change: - 2207). The 1 - 5 spread is - 212 (change: 38). The buy orders, sell orders, and net buy orders of the top 20 futures positions are 430624 lots (change: - 1454), 496022 lots (change: 6601), and - 65398 lots (change: - 8055) respectively [2] Spot Market - The average price of LLDPE(7042) in North China is 6542.17 yuan/ton (change: 61.3), and in East China is 6603.95 yuan/ton (change: 53.26). The basis is - 99.83 (change: - 1.7) [2] Upstream Situation - The FOB middle price of naphtha in Singapore is 56.74 US dollars/barrel (change: 1.44), the CFR middle price of naphtha in Japan is 534.25 US dollars/ton (change: 11.75). The CFR middle price of ethylene in Southeast Asia is 726 US dollars/ton (change: 0), and in Northeast Asia is 746 US dollars/ton (change: 0) [2] Industry Situation - The national petrochemical PE operating rate is 83.23% (change: 0.59%) [2] Downstream Situation - The operating rates of polyethylene (PE) in packaging film, pipes, and agricultural film are 48.41% (change: 0.19%), 30.17% (change: - 0.5%), and 38.95% (change: - 4.91%) respectively [2] Option Market - The 20 - day and 40 - day historical volatilities of polyethylene are 17.83% (change: 0.34) and 14.13% (change: 0.26) respectively. The implied volatilities of at - the - money put and call options of polyethylene are 14.32% (change: 0.58) and 14.31% (change: 0.55) respectively [2] Industry News - From December 27 to January 2, the PE factory operating rate increased by 0.59% to 83.23%, and the PE downstream operating rate decreased by 0.68% to 41.15%. The agricultural film operating rate decreased by 4.91% to 38.95%, and the packaging film operating rate increased by 0.19% to 48.41%. As of January 2, the PE factory inventory was 37.07 tons, a decrease of 19.17% from last week, and the PE social inventory was 47.51 tons, an increase of 0.76% from last week. From December 27 to January 2, the LLDPE oil - based cost decreased by 0.55% to 6925.43 yuan/ton, the coal - based cost remained stable at 5732 yuan/ton, the oil - based profit increased by 36.71 yuan/ton to - 630.29 yuan/ton, and the coal - based profit increased by 143.14 yuan/ton to - 63.57 yuan/ton. Recently, the 250,000 - ton device of Maoming Petrochemical restarted, and the PE capacity utilization rate increased slightly [2]

Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - The short - term BZ2603 is expected to show a volatile trend, with the range estimated to be around 5350 - 5520 yuan/ton. The domestic pure benzene production is expected to rise slightly, and the downstream weighted operating rate has a slight increase. The inventory in East China ports continues to accumulate and is much higher than the same period in previous years. The domestic petroleum benzene profit has recovered from a low level and maintains a repair trend [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract is 5464 yuan/ton, with a week - on - week increase of 31 yuan/ton; the settlement price is 5451 yuan/ton, up 34 yuan/ton. The trading volume is 18209 lots, with an increase of 8485 lots, and the open interest is 28809 lots, up 238 lots. Market prices vary by region, with the mainstream price in the East China market at 5295 yuan/ton, in the North China market at 5220 yuan/ton (down 30 yuan/ton), in the South China market at 5300 yuan/ton (unchanged), and in the Northeast at 5225 yuan/ton (down 8 yuan/ton) [2] Spot Market - The spot price of pure benzene in the domestic market has different values in different regions. The Korean FOB intermediate price is 659 dollars/ton, up 2 dollars/ton, and the Chinese CFR intermediate price is 668.22 dollars/ton, up 2.34 dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil is 63.48 dollars/barrel, up 0.38 dollars/barrel, and the CFR intermediate price of naphtha in the Japanese region is 534.25 dollars/ton, up 11.75 dollars/ton [2] Industry Situation - The capacity utilization rate of pure benzene is 75.18%, up 0.29 percentage points, and the weekly output is 43.55 tons, down 0.08 tons. The port inventory of pure benzene is 30 tons, up 2.7 tons. The production cost is 4993.25 yuan/ton, down 115.75 yuan/ton, and the production profit is 332 yuan/ton, up 131 yuan/ton [2] Downstream Situation - The operating rate of styrene is 70.23%, down 0.47 percentage points; the capacity utilization rate of caprolactam is 75.52%, up 1.47 percentage points; the capacity utilization rate of phenol is 79.73%, up 1.58 percentage points; the capacity utilization rate of aniline is 59.81%, down 3.17 percentage points; the capacity utilization rate of adipic acid is 68.2%, up 4.6 percentage points. From December 27 to January 2, the weighted operating rate of pure benzene downstream increased by 0.27% to 71.34% [2] Industry News - From December 27 to January 2, the operating rate of petroleum benzene increased by 0.22% to 75.11%, and the operating rate of hydrogenated benzene increased by 1.07% to 60%. As of January 5, the inventory of pure benzene in East China ports was 31.8 tons, a week - on - week increase of 6.00%. As of January 4, the weekly profit of petroleum benzene was 371 yuan/ton, a week - on - week increase of 18 yuan/ton [2]