Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The bond market is currently facing multiple shocks, with a significant increase in adjustment pressure. The better-than-expected recovery of the manufacturing PMI in December may lead to a marginal improvement in the economic data of that month, weakening the fundamental support and reducing the short - term necessity of loose monetary policy. - After the holiday, the strong performance of the equity market has intensified the liquidity pressure on the bond market. - In January, the issuance scale of government bonds has increased compared with the same period last year, but the market allocation power remains weak, and the ultra - long bonds have continued to rise under the supply pressure. - In the short term, interest rates are expected to fluctuate weakly. [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: On January 7, 2026, the closing prices of T, TF, TS, and TL futures all declined, with decreases of 0.08%, 0.06%, 0.03%, and 0.44% respectively. The trading volumes of T, TF, TS, and TL were 86,507, 69,708, 50,979, and 122,870 respectively, with increases of 3,627, 640, 7,144, and 15,230 respectively compared to the previous period. - **Futures Spreads**: Some spreads such as TL2603 - 2606 and TS2603 - 2606 decreased, while others like T03 - TL03, T2603 - 2606, etc. increased. - **Futures Positions**: The positions of T, TF, and TS decreased by 1,119, 1,320, and 2,839 respectively, while the position of TL increased by 4,241. The net short positions of T and TS increased, while that of TF decreased. [2] 3.2 Bond Market - **CTD Bonds**: The net prices of several CTD bonds such as 250018.IB, 220025.IB, etc. all declined. - **Active Treasury Bonds**: The yields of 1 - 10 - year active treasury bonds mostly increased, with the 1 - year yield remaining unchanged, and the 3 - year, 5 - year, 7 - year, and 10 - year yields increasing by 3.25bp, 2.75bp, 2.35bp, and 2.15bp respectively. [2] 3.3 Interest Rates - **Short - term Interest Rates**: The overnight silver - pledged repo rate decreased by 14.39bp, while the Shibor overnight rate increased by 0.30bp. The 7 - day silver - pledged repo rate decreased by 3.00bp, while the Shibor 7 - day rate increased by 2.80bp. The 14 - day silver - pledged repo rate increased by 4.00bp, while the Shibor 14 - day rate decreased by 1.20bp. - **LPR Rates**: Both the 1 - year and 5 - year LPR rates remained unchanged. [2] 3.4 Open Market Operations - On January 7, 2026, the issuance scale of reverse repurchase operations was 286 billion yuan, the maturity scale was 5,288 billion yuan, with a net回笼 of 5,002 billion yuan, and the interest rate was 1.4% for 7 - day operations. [2] 3.5 Industry News - **Monetary Policy**: The 2026 China People's Bank of China Work Conference was held from January 5th to 6th. The central bank will continue to implement a moderately loose monetary policy, use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts flexibly and efficiently to maintain sufficient liquidity, and strengthen financial support for key areas. - **Foreign Exchange Management**: The 2026 National Foreign Exchange Management Work Conference was held in Beijing, aiming to create a more convenient, open, safe, and intelligent foreign exchange policy environment. - **Trade Policy**: The Ministry of Commerce announced a ban on the export of all dual - use items to Japanese military users, military purposes, and other end - user purposes that contribute to enhancing Japan's military strength. [2] 3.6 Overseas Situation - The US raided Venezuela and arrested Maduro, causing geopolitical shocks. - The US ISM manufacturing PMI index in December 2025 unexpectedly dropped to 47.9, the lowest since 2024, indicating continuous manufacturing contraction. - The minutes of the Fed's December meeting showed differences among officials, but most participants believed that if inflation declined as expected, future monetary policy would be further relaxed. [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On Wednesday, the RB2605 contract increased in volume and rose. The central bank released a loose monetary policy to boost market confidence, and the strong rise of furnace materials led to the upward movement of finished products. The overall view is oscillating to the upside, with attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,187 yuan/ton, up 76 yuan; the position volume was 1,741,383 lots, up 178,435 lots; the net position of the top 20 in the RB contract was -879 lots, up 3,073 lots; the RB5 - 10 contract spread was -48 yuan/ton, down 3 yuan; the RB warehouse receipt at the SHFE was 77,844 tons, down 600 tons; the HC2605 - RB2605 contract spread was 145 yuan/ton, down 7 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,360 yuan/ton, up 50 yuan; (actual weight) was 3,446 yuan/ton, up 51 yuan. In Guangzhou (theoretical weight), it was 3,520 yuan/ton, up 30 yuan; in Tianjin (theoretical weight), it was 3,180 yuan/ton, up 30 yuan. The basis of the RB main contract was 173 yuan/ton, down 26 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was -20 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 823 yuan/wet ton, up 21 yuan; the first - grade metallurgical coke at Tianjin Port was 1,540 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan was 2,160 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,950 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 158.6194 million tons, up 3.538 million tons; the coke inventory of sample coking plants was 486,000 tons, down 13,700 tons; the coke inventory of sample steel mills was 6.4383 million tons, up 14,300 tons; the billet inventory in Tangshan was 1.2661 million tons, up 86,000 tons. The blast furnace operating rate of 247 steel mills was 78.96%, up 0.66%; the blast furnace capacity utilization rate was 85.28%, up 0.32% [2] 3.4 Industry Situation - The weekly output of rebar from sample steel mills was 1.8439 million tons, up 27,100 tons; the capacity utilization rate was 40.42%, up 0.59%. The mill inventory of rebar from sample steel mills was 1.4006 million tons, up 5,200 tons; the social inventory of rebar in 35 cities was 2.9419 million tons, down 188,100 tons. The operating rate of independent electric arc furnace steel mills was 69.79%, up 2.08%. The monthly output of domestic crude steel was 69.87 million tons, down 2.13 million tons; the monthly output of Chinese steel bars was 14.34 million tons, up 590,000 tons; the net export volume of steel was 9.48 million tons, up 200,000 tons [2] 3.5 Downstream Situation - The national real estate climate index was 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment was -2.60%, down 0.90; the cumulative year - on - year growth rate of real estate development investment was -15.90%, down 1.20; the cumulative year - on - year growth rate of infrastructure construction investment was -1.10%, down 1.00. The cumulative value of housing construction area was 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area was 534.57 million square meters, down 43.95 million square meters; the area of unsold commercial housing was 393.61 million square meters, up 2.84 million square meters [2] 3.6 Industry News - In January 2026, the planned volume of rebar shipped south from Northeast China was 380,000 tons, a year - on - year decrease of 45,000 tons and a month - on - month decrease of 14,000 tons; the planned volume of wire rod shipped south was 246,000 tons, a year - on - year decrease of 22,000 tons and a month - on - month increase of 10,000 tons. In December, 26 national construction steel production enterprises carried out production reduction and maintenance, 16 less than the previous month, and the impact on production increased month - on - month, with the estimated impact on construction steel production being 2.5921 million tons, a month - on - month increase of 28.74% [2] 3.7 Key Points of Attention - The weekly output of rebar, mill inventory, and social inventory on Thursday [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The upstream zinc ore imports are at a high level, but domestic zinc mines reduce production at the end of the year. The competition among domestic smelters for purchasing domestic ores intensifies, and both domestic and foreign processing fees decline significantly. The profits of domestic smelters shrink, and production is expected to continue to be restricted. However, the price of LME zinc has recently corrected, the SHFE - LME ratio has rebounded, and the export window may close again. [3] - 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 the automotive and other sectors have some bright spots due to policy support. The downstream market mainly purchases on - demand at low prices. Recently, zinc prices have fluctuated and adjusted, with flat trading volume and on - demand purchases. The spot premium is high and stable, and domestic inventories continue to decline. The increase in LME zinc inventories has slowed down, and the spot premium remains low. [3] - Technically, the position volume decreases while the price adjusts. The bullish sentiment is strong, but there is resistance at the upper edge of the upward channel. It is expected that SHFE zinc will adjust strongly, and attention should be paid to the 24,200 - 24,500 yuan/ton adjustment range. [3] 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the SHFE zinc main contract is 24,330 yuan/ton, up 35 yuan/ton. The price difference between the 02 - 03 contracts of SHFE zinc is - 40 yuan/ton, up 10 yuan/ton. [3] - The LME three - month zinc quotation is 3,251 US dollars/ton, up 56 US dollars/ton. The total position of SHFE zinc is 225,559 lots, down 4,684 lots. [3] - The net position of the top 20 in SHFE zinc is 5,722 lots, down 1,132 lots. The SHFE zinc warehouse receipts are 0 tons, unchanged. [3] - The SHFE inventory is 69,793 tons, down 3,170 tons (weekly). The LME inventory is 105,775 tons, down 75 tons. [3] b. Spot Market - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 24,300 yuan/ton, down 40 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,190 yuan/ton, down 440 yuan/ton. [3] - The basis of the ZN main contract is - 30 yuan/ton, down 75 yuan/ton. The LME zinc cash - to - three - month spread is - 36.67 US dollars/ton, down 0.37 US dollars/ton. [3] - The arrival price of 50% zinc concentrate in Kunming is 21,140 yuan/ton, up 290 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 16,550 yuan/ton, unchanged. [3] c. Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons (monthly), down 14,700 tons. The ILZSG zinc supply - demand balance is 20,300 tons (monthly), down 27,600 tons. [3] - The global zinc mine production value of ILZSG is 1.0666 million tons (monthly), down 31,000 tons. The domestic refined zinc production is 665,000 tons (monthly), up 40,000 tons. [3] - The zinc ore import volume is 340,900 tons (monthly), down 164,500 tons. [3] d. Industry Situation - The refined zinc import volume is 18,836.76 tons (monthly), down 3,840.75 tons. The refined zinc export volume is 8,518.67 tons (monthly), up 6,040.84 tons. [3] - The social zinc inventory is 113,900 tons (weekly), up 5,000 tons. [3] e. Downstream Situation - The production of galvanized sheets is 2.34 million tons (monthly), up 20,000 tons. The sales volume of galvanized sheets is 2.42 million tons (monthly), up 140,000 tons. [3] - The newly started housing area is 534.567 million square meters (monthly), up 43.9531 million square meters. The completed housing area is 348.61 million square meters (monthly), up 37.3212 million square meters. [3] - The automobile production is 3.519 million vehicles (monthly), up 240,000 vehicles. The air - conditioner production is 14.204 million units (monthly), down 3.8908 million units. [3] f. Option Market - The implied volatility of at - the - money call options on zinc is 22.56% (daily), up 2.84 percentage points. The implied volatility of at - the - money put options on zinc is 22.56% (daily), up 2.84 percentage points. [3] - The 20 - day historical volatility of at - the - money zinc options is 19.26% (daily), up 1.97 percentage points. The 60 - day historical volatility of at - the - money zinc options is 12.39% (daily), up 0.58 percentage points. [3] g. Industry News - The People's Bank of China clarified its key work in 2026: increasing counter - cyclical and cross - cyclical adjustment efforts, and flexibly and efficiently using various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. [3] - The US Supreme Court has set January 9 (Friday) as the opinion release day, which means the court may rule on the legality of the US President Trump's global tariff policy on that day. [3] - Fed officials have sent different signals on the future interest - rate path. Richmond Fed President Barkin emphasized that the policy is in a "delicate balance" between dealing with rising inflation and unemployment, and interest rates have reached a neutral level. Fed Governor Milan said that the data supports further interest - rate cuts, with a possible cut of more than 100 basis points this year. [3]

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The shipping index (European Line) futures prices fluctuated on Wednesday, with the main contract EC2602 down 3.62%. The latest SCFIS European Line settlement rate index rose 3.1% week-on-week, driving up the futures prices. China's manufacturing PMI in December showed a slight recovery, and the new export orders index rose to 49, indicating a significant recovery in terminal transport demand. Spot freight rates continued to rise slowly in January. Geopolitical tensions, such as the resumption of the Israeli offensive in Gaza, supported freight rates. The eurozone economy continued to recover, and the German service industry showed strong repair. Trade war situation improvement and the arrival of the shipping peak season are conducive to the recovery of futures prices, while the short - term impact of geopolitical situation on freight rates has weakened. The freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [2]. 3. Summary by Directory 3.1 Futures Market - EC main contract closing price was 1779.10, down 66.9; EC next - main contract closing price was 1182, down 23.10. EC2602 - EC2604 spread was down 51.80; EC2602 - EC2606 spread was 356.20, down 99.50. EC contract basis was up 93.60 to 16.73. EC main contract open interest decreased by 3185 to 21811 [2]. 3.2 Spot Market - SCFIS (European Line) (weekly) rose 53.19 to 1795.83; SCFIS (US West Line) (weekly) was 1250.12, down 51.29; SCFI (composite index) (weekly) rose 103.40. CCFI (composite index) (weekly) rose 21.94; CCFI (European Line) (weekly) was 1519.06, up 45.16. The Baltic Dry Index (daily) rose 21.00; the Panamax Freight Index (daily) was 1304.00, down 11.00. The average charter price of Panamax ships remained unchanged, and that of Cape - size ships rose 870.00 to 22415.00 [2]. 3.3 Industry News - China banned the export of dual - use items to Japanese military users and military purposes. The US was discussing ways to acquire Greenland, including purchase, free association, and military means. A large number of US military planes flew to Europe, and Iran's armed forces were on high alert [2]. 3.4 Key Data - The new export orders index in China's manufacturing PMI in December rose to 49. The eurozone economy continued to recover, with Germany's service industry showing strong repair and the composite PMI above 50, and inflation continuing to decline [2]. 3.5 Spot Freight Rate - Spot freight rates in January maintained a slow - rising trend, with the early - January quotation up 400 US dollars compared to December, and the late - January preliminary quotation for large containers ranging from 2700 - 3100 US dollars [2]. 3.6 Geopolitical Situation - After a brief cease - fire at the end of 2025, the Israeli army restarted a large - scale ground offensive in the southern Gaza Strip in early 2026, and the Red Sea resumption expectation turned cold [2]. 3.7 Focus on Data - Focus on data such as the UK's December Halifax seasonally - adjusted house price index monthly rate, the eurozone's November PPI monthly rate, the eurozone's November unemployment rate, the US initial jobless claims for the week ending January 3, and the US October wholesale sales monthly rate [2].

1/7 21:15 美国12月ADP就业人数；23:00 美国11月JOLTs职位空缺 1/8 20:30 美国12月挑战者企业裁员人数 1/9 9:30 中国12月CPI、PPI 1/9 21:30 美国12月非农就业人口、失业率、劳动参与率 重点关注 股指期货全景日报 2026/1/7 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2603） | 4753.0 | -18.0↓ IF次主力合约（2601） | 4772.8 | -12.4↓ | | | IH主力合约（2603） | 3143.8 | -10.8↓ IH次主力合约（2601） | 3144.4 | -9.2↓ | | | IC主力合约（2603） | 7802.6 | +40.4↑ IC次主力合约（2601） | 7869.6 | +53.0↑ | | | IM主力合约（2603） | 7760.2 | +22.0↑ IM次主力合约（2601） | 7882.0 | +33.8↑ | | 期货盘面 | IF- ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-004 | | --- | --- | --- | | 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：2026-004 瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第八次提示性公告 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。 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。 11、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（以下简称"深交所"）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。 12、本次"瑞达转债"赎回价格可能与其 ...

Group 1 - The core viewpoint of the news is that 瑞达期货 has experienced fluctuations in stock price and financial performance, with a recent decline in stock price and mixed results in revenue and profit [1][2]. - As of January 7, 瑞达期货's stock price was 27.06 yuan per share, down 2.03%, with a total market capitalization of 12.444 billion yuan [1]. - The company has seen a net outflow of main funds amounting to 18.5189 million yuan, with significant selling pressure from large orders [1]. Group 2 - For the period from January to September 2025, 瑞达期货 reported an operating income of 1.621 billion yuan, a year-on-year decrease of 2.87%, while net profit attributable to shareholders increased by 42.15% to 386 million yuan [2]. - The company has distributed a total of 770 million yuan in dividends since its A-share listing, with 423 million yuan distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 6.61% to 22,700, while the average circulating shares per person increased by 7.07% to 19,604 shares [2][3].

·盛宝银行：支撑金银大涨的核心驱动因素依然稳固 ·正信期货：避险资金活跃推高贵金属价格 ·瑞达期货：贵金属中期看多逻辑尚未发生明显松动 ·东证期货：短期市场炒作热情高企贵金属延续涨势 ·Heraeus Metals：如果美联储宽松预期加强可能令黄金再次朝着新纪录迈进 （文章来源：新华财经） ·东证期货表示，金价延续涨势，贵金属其他板块以及有色金属大涨，委内瑞拉局势动荡强化了市场对 于逆全球化的交易逻辑，资金对大宗商品的做多意愿增加。美联储理事米兰再度发表支持大幅降息的讲 话，但1月降息概率较低，关注下任美联储主席人选花落谁家。此外，Bloomberg商品指数权重调整在 即，注意市场波动，贵金属抛压增加。 ·德国Heraeus Metals贵金属交易员Alexander Zumpfe表示，委内瑞拉的局势显然重新激活了避险需求。 如果地缘政治紧张局势进一步扩大，或者如果即将公布的美国经济数据强化了美联储将不得不采取比目 前预期更激进的宽松政策的预期，那么黄金很可能再次朝着刷新纪录迈进。市场正在等待周五的美国12 月非农就业数据。此外，白银在2025年飙升，得益于需求增长带来的结构性市场短缺。 ·盛宝银行大宗商品策 ...

| | | 免责声明 贵金属期货日报 2026/1/6 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 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） 19452 | 1004.980 | 10.0↑ 沪银主力合约收盘价（日，元/千克） | | +1205.00↑ | | | 主力合约持仓量:沪金(日,手) 1,752.00 | 130,227.00 | -2296.00↓ 主力合约持仓量:沪银(日,手) | | -618.00↓ | | | 主力合约成交量:沪金 | 192,491.00 | + ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,111.00 | +7↑ RB主力合约持仓量(手) | 1562948 | +14597↑ | | | RB合约前20名净持仓(手) | -3952 | +18860↑ RB5-10合约价差(元/吨) | -45 | -3↓ | | | RB上期所仓单日报(日，吨) | 78444 | 0.00 HC2605-RB2605合约价差(元/吨) | 152 | +8↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,310.00 | -10↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,395 | -10↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,490.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,150.00 | -10↓ | | | RB 主力合约基差 (元/吨) | 199.00 | -17↓ 杭 ...