Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The I2605 contract fluctuated strongly on Monday. In terms of macro, on January 4th, US President Trump threatened Venezuelan Acting President Rodriguez. In terms of supply and demand, the shipment volume of Australian and Brazilian iron ore decreased, the arrival volume increased, the blast furnace operating rate of steel mills and molten iron output increased slightly, and the iron ore port inventory continued to increase. Overall, the ports are in a trend of inventory accumulation, while the in - plant inventory is at a medium - low level, and there is still an expectation of stockpiling in the long term. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are sorted above the 0 axis. It is recommended for short - term trading with attention to risk control [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 797 yuan/ton, up 7.5 yuan; the position volume was 618,775 lots, up 25,428 lots. The I 5 - 9 contract spread was 22 yuan/ton, up 1 yuan; the net position of the top 20 in the I contract was - 16,904 lots, up 1,762 lots. The DCE warehouse receipts were 2,000 lots, up 700 lots. The Singapore iron ore main contract was quoted at 105.75 US dollars/ton at 15:00, up 0.41 US dollars [2]. Spot Market - The price of 61.5% PB powder ore at Qingdao Port was 854 yuan/dry ton, up 6 yuan; the price of 56.5% Super Special powder ore at Jingtang Port was 756 yuan/dry ton. The price of 60.5% Macfayden powder ore at Qingdao Port was 856 yuan/dry ton, up 5 yuan. The I main contract basis (Macfayden powder dry ton - main contract) was 59 yuan, down 2 yuan. The 62% Platts iron ore index was 105.50 US dollars/ton (previous day), down 3 US dollars. The ratio of Jiangsu scrap steel to 60.5% Macfayden powder ore at Qingdao Port was 3.01, down 0.02. The estimated import cost was 852 yuan/ton, down 25 yuan [2]. Industry Situation - The global iron ore shipment volume (weekly) was 3,213.70 million tons, down 463.40 million tons; the arrival volume at 47 ports in China (weekly) was 2,824.70 million tons, up 96.90 million tons. The iron ore inventory at 47 ports (weekly) was 16,721.79 million tons, up 101.83 million tons; the iron ore inventory of sample steel mills (weekly) was 8,946.54 million tons, up 86.35 million tons. The iron ore import volume (monthly) was 11,054.00 million tons, down 77.00 million tons; the available days of iron ore (weekly) were 22 days, up 5 days. The daily output of 266 mines (weekly) was 36.56 million tons, down 0.25 million tons; the operating rate of 266 mines (weekly) was 0%, down 58.66%. The iron concentrate inventory of 266 mines (weekly) was 0 million tons, down 45.90 million tons. The BDI index was 1,882, up 5. The iron ore freight rate from Tubarao, Brazil to Qingdao was 22.21 US dollars/ton, down 1.40 US dollars; the iron ore freight rate from Western Australia to Qingdao was 8.46 US dollars/ton, down 0.45 US dollars [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 78.96%, up 0.66%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 85.28%, up 0.32%. The domestic crude steel output (monthly) was 6,987 million tons, down 213 million tons [2]. Option Market - The 20 - day historical volatility of the underlying (daily) was 14.57%, up 0.09%; the 40 - day historical volatility of the underlying (daily) was 13.88%, up 0.16%. The implied volatility of at - the - money call options (daily) was 17.14%, down 0.25%; the implied volatility of at - the - money put options (daily) was 17.72%, up 1.46% [2]. Industry News - From December 29, 2025 to January 4, 2026, the global iron ore shipment volume was 3,213.7 million tons, down 463.4 million tons. The shipment volume of Australian and Brazilian iron ore was 2,742.7 million tons, down 316.9 million tons. The arrival volume at 47 ports in China was 2,824.7 million tons, up 96.9 million tons; the arrival volume at 45 ports in China was 2,756.4 million tons, up 155.0 million tons; the arrival volume at six northern ports was 1,512.9 million tons, up 182.3 million tons [2]. Viewpoint Summary - The I2605 contract fluctuated strongly on Monday. The Australian and Brazilian iron ore shipment volume decreased, the arrival volume increased, the blast furnace operating rate of steel mills and molten iron output increased slightly, and the iron ore port inventory continued to increase. The ports showed a trend of inventory accumulation, the in - plant inventory was at a medium - low level, and there was still an expectation of stockpiling in the long term. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA were sorted above the 0 axis. It was recommended for short - term trading with attention to risk control [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of L2605 is expected to be volatile, with the daily range estimated to be around 6360 - 6580 yuan/ton [2][3] 3. Summary by Relevant Categories Futures Market - The closing price of the main futures contract for polyethylene decreased by 23 yuan/ton to 6449 yuan/ton; the 1 - month contract decreased by 30 yuan/ton to 6240 yuan/ton, the 5 - month contract decreased by 23 yuan/ton to 6449 yuan/ton, and the 9 - month contract decreased by 13 yuan/ton to 6496 yuan/ton [2] - The trading volume of futures increased by 72,633 hands to 397,441 hands, and the open interest increased by 7,498 hands to 508,923 hands [2] - The 1 - 5 spread decreased by 7 to - 209 [2] - Among the top 20 futures positions, the buy volume increased by 19,428 hands to 424,068 hands, the sell volume increased by 8,277 hands to 486,835 hands, and the net buy volume increased by 11,151 hands to - 62,767 hands [2] Spot Market - The average price of LLDPE (7042) in North China increased by 53.91 yuan/ton to 6476.52 yuan/ton, and in East China increased by 30.93 yuan/ton to 6534.88 yuan/ton [2] - The basis was 27.52 yuan/ton, and the change value was NAN [2] Upstream Situation - The FOB mid - price of naphtha in Singapore decreased by 0.6 dollars/barrel to 56.36 dollars/barrel; the CFR mid - price of naphtha in Japan decreased by 6.25 dollars/ton to 530.13 dollars/ton [2] - The CFR mid - price of ethylene in Southeast Asia remained at 726 dollars/ton, and in Northeast Asia remained at 746 dollars/ton [2] Industry Situation - The national PE petrochemical plant operating rate increased by 0.59 percentage points to 83.23% [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film increased by 0.19 percentage points to 48.41%, the operating rate of PE pipes decreased by 0.5 percentage points to 30.17%, and the operating rate of PE agricultural film decreased by 4.91 percentage points to 38.95% [2] Option Market - The 20 - day historical volatility of polyethylene decreased by 0.05 percentage points to 16.03%, the 40 - day historical volatility increased by 0.01 percentage points to 12.77% [2] - The implied volatility of at - the - money put options and at - the - money call options for polyethylene both decreased by 0.73 percentage points, to 14.15% and 14.14% respectively [2] Industry News - From December 27 to January 2, the PE plant operating rate increased by 0.59% to 83.23%, and the PE downstream operating rate decreased by 0.68% to 41.15%, with the agricultural film operating rate decreasing by 4.91% to 38.95% and the packaging film operating rate increasing by 0.19% to 48.41% [2] - As of January 2, the PE plant inventory was 37.07 tons, a week - on - week decrease of 19.17%, and the PE social inventory was 47.51 tons, a week - on - week increase of 0.76% [2] - From December 27 to January 2, the LLDPE oil - based production cost decreased by 0.55% to 6925.43 yuan/ton, the coal - based production 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 [2]

研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 | | | 贵金属期货日报 | | | 2026/1/5 | | --- | --- | --- | --- | --- | --- | | | 项目类别 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | | 沪金主力合约收盘价（日，元/克） 995.000 期货市场 | | 17.4↑ 沪银主力合约收盘价（日，元/千克） | 18247 | +1173.00↑ | | | 主力合约持仓量:沪金(日,手) 132,523.00 | | -3780.00↓ 主力合约持仓量:沪银(日,手) | 2,370.00 | -238.00↓ | | | 主力合约成交量:沪金 115,296.00 | | -169259.00↓ 主力合约成交量:沪银 | 671,811.00 | -1627695.00↓ | | | 仓单数量:沪金(日,千克) 97704 | | 0↑ 仓单数量:沪银(日,千克) | 669,547 | -22091↓ | | | 上金所黄金现货价 993.57 现货市场 | | 18.67↑ 华 ...

免责声明 | 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) | 3,104.00 | -18↓ RB主力合约持仓量(手) | 1548351 | +43067↑ | | | RB合约前20名净持仓(手) | -22812 | -24902↓ RB5-10合约价差(元/吨) | -42 | -2↓ | | | RB上期所仓单日报(日，吨) | 78444 | 0.00 HC2605-RB2605合约价差(元/吨) | 144 | -4↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,320.00 | -10↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,405 | -10↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,170.00 | 0.00 | | | RB 主力合约基差 (元/吨) | 216.00 | ...

Report Summary - **Report Date**: January 5, 2026 [2] - **Report Type**: Urea Industry Daily Report 1. Industry Investment Rating - No investment rating is provided in the report 2. Core View - The resumption of some previously overhauled plants has led to an increase in domestic urea production. With 3 plants planning to stop production and 5 shut - down plants possibly resuming production this week, the probability of an increase in production is high. Agricultural demand is in the traditional off - season, trading atmosphere is tepid, and downstream buyers are resistant to high - price goods, mostly adopting a just - in - time purchasing strategy. Industrial sectors maintain rigid procurement. Considering some plant restarts, urea enterprise inventory may increase slightly this week. The UR2605 contract is expected to fluctuate in the range of 1730 - 1790 yuan/ton [3] 3. Summary by Category 3.1 Futures Market - **Closing Price**: The closing price of the Zhengzhou urea main contract is 1768 yuan/ton, up 19 yuan/ton [3] - **Spread**: The 5 - 9 spread of Zhengzhou urea is 38 yuan/ton, up 4 yuan/ton [3] - **Position**: The position of the Zhengzhou urea main contract is 218,596 lots, up 16,774 lots; the net position of the top 20 is - 30,527 [3] - **Warehouse Receipts**: The number of Zhengzhou urea exchange warehouse receipts is 12,376, down 5 [3] 3.2 Spot Market - **Domestic Prices**: Prices in Hebei are 1720 yuan/ton (unchanged); in Henan 1710 yuan/ton (up 10 yuan/ton); in Jiangsu 1710 yuan/ton (unchanged); in Shandong 1710 yuan/ton (unchanged); in Anhui 1710 yuan/ton (down 10 yuan/ton) [3] - **International Prices**: FOB Baltic is 355 US dollars/ton (up 5 US dollars/ton); FOB China's main port is 400 US dollars/ton (up 10 US dollars/ton) [3] - **Basis**: The basis of the Zhengzhou urea main contract is - 58 yuan/ton, up 15 yuan/ton [3] 3.3 Industry Situation - **Inventory**: Port inventory is 17.7 million tons, up 3.9 million tons; enterprise inventory is 101.92 million tons, down 4.97 million tons [3] - **Operating Rate**: The operating rate of urea enterprises is 80.29%, up 1.52 percentage points; the daily output of urea is 194,200 tons, up 3,700 tons [3] - **Export Volume**: Urea export volume is 60 million tons, down 60 million tons; the monthly output of urea is 6,000,330 tons, up 129,060 tons [3] 3.4 Downstream Situation - **Operating Rate**: The operating rate of compound fertilizer is 33.89%, down 3.86 percentage points; the operating rate of melamine is 47.65%, down 10.42 percentage points [3] - **Profit**: The weekly profit of compound fertilizer in China is 143 yuan/ton, up 3 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 108 yuan/ton, down 72 yuan/ton [3] - **Output**: The monthly output of compound fertilizer is 438.25 million tons, up 75.38 million tons; the weekly output of melamine is 30,200 tons, down 300 tons [3] 3.5 Industry News - As of December 31, China's total urea enterprise inventory was 101.92 million tons, down 4.97 million tons from last week, a 4.65% decrease. The decline rate narrowed. The overall inventory is still in a downward trend due to some plant overhauls, reserves, and appropriate promotion of rigid demand [3] - As of December 31, the sample inventory of China's urea ports was 17.2 million tons, down 0.5 million tons, a 2.82% decrease. Port changes were small, and the pace of manufacturers' goods collection to ports slowed down approaching the holiday [3] - As of December 31, China's urea output was 1.3591 billion tons, up 25.7 million tons from last week, a 1.93% increase; the weekly average daily output was 194,200 tons, up 3,700 tons. The capacity utilization rate was 80.29%, up 1.52 percentage points [3] 3.6 Suggested Attention - The operating rate of enterprises fluctuates little. Pay attention to the weather and local environmental protection conditions. Also, pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [3]

热轧卷板产业链日报 2026/1/5 | 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) | 3,248 | -22↓ HC 主力合约持仓量(手) | 1294526 | +26969↑ | | | HC 合约前20名净持仓(手) | 28,599 | +15719↑ HC5-10合约价差(元/吨) | -23 | 0.00 | | | HC 上期所仓单日报(日，吨) | 132188 | 0.00 HC2605-RB2605合约价差(元/吨) | 144 | -4↓ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,290.00 | -20.00↓ 广州 4.75热轧板卷(元/吨) | 3,250.00 | -10.00↓ | | | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,170.00 | -10.00↓ | | | HC主力合约基差(元/吨) | 42.00 | + ...

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 opened with a gap down, rebounded after a decline, and finally closed at 5406 yuan/ton. Recently, the operating rates of petroleum benzene and hydrogenated benzene have slightly increased, and the domestic pure benzene production has increased month-on-month. The operating rates of downstream caprolactam, aniline, and adipic acid have increased month-on-month, while those of styrene and aniline have decreased. The weighted operating rate of pure benzene downstream has slightly increased. The inventory at East China ports continues to accumulate, far higher than the same period in previous years. The profit of domestic petroleum benzene has recovered from a low level and is maintaining a repair trend. In January, two sets of equipment at Zhejiang Petrochemical will be under maintenance, while equipment at Fune Energy, Yunnan Petrochemical, Maoming Petrochemical, etc. will be restarted one after another, and a new device at BASF Guangdong is planned to be put into production. The domestic pure benzene production is expected to increase slightly. The load of large-scale styrene equipment downstream is stable, and the operating rate is expected to remain stable. A small number of caprolactam devices have resumed operation, and the overall operating rate is expected to change little. Some maintenance devices for phenol, aniline, and adipic acid are planned to restart. In terms of cost, the geopolitical conflict between the US and Venezuela has been gradually digested, and there are still concerns about future crude oil oversupply. International oil prices fluctuated weakly during the day. In the short term, BZ2603 is expected to fluctuate in the range of 5350 - 5520 yuan/ton [2] Summary by Related Catalogs Futures Market - The closing price of the main pure benzene contract was 5406 yuan/ton, a decrease of 57 yuan; the settlement price was 5410 yuan/ton, a decrease of 76 yuan. The trading volume was 15,944 lots, an increase of 6366 lots; the open interest was 27,774 lots, an increase of 489 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5350 yuan/ton, in the North China market was 5250 yuan/ton, in the South China market was 5300 yuan/ton, and in the Northeast region was 5236 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu was 5375 yuan/ton. The spot price of pure benzene in South Korea was 666 US dollars/ton, and the CIF price in China was 673.16 US dollars/ton [2] Upstream Situation - The spot price of Brent DTD crude oil was 61.38 US dollars/barrel, a decrease of 1.53 US dollars; the CFR price of naphtha in Japan was 530.13 US dollars/ton, a decrease of 6.25 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.18%, an increase of 0.29 percentage points; the weekly output was 43.55 tons, a decrease of 0.08 tons. The terminal inventory of pure benzene at ports was 30 tons, an increase of 2.7 tons. The production cost was 4993.25 yuan/ton, a decrease of 115.75 yuan; the production profit was 332 yuan/ton, an increase of 131 yuan [2] Downstream Situation - The operating rate of styrene was 70.23%, a decrease of 0.47 percentage points; the capacity utilization rate of caprolactam was 75.52%, an increase of 1.47 percentage points; the capacity utilization rate of phenol was 79.73%, an increase of 1.58 percentage points; the capacity utilization rate of aniline was 59.81%, a decrease of 3.17 percentage points; the capacity utilization rate of adipic acid was 68.2%, an increase of 4.6 percentage points [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%. The weighted operating rate of pure benzene downstream increased by 0.27% to 71.34%. As of January 5, the inventory of pure benzene at East China ports was 31.8 tons, a month-on-month increase of 6.00%. As of January 4, the weekly profit of petroleum benzene was 371 yuan/ton, a month-on-month increase of 18 yuan/ton [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The decline in caustic soda prices has led to a narrowing of the profit margin for Shandong chlor - alkali enterprises, but they are still in a theoretically profitable state. With fewer planned maintenance capacities for chlor - alkali in January and the resumption of previously shut - down facilities, domestic chlor - alkali plants are expected to maintain a high operating rate. In the short term, the operating load of alumina enterprises will remain basically stable, and non - aluminum downstream industries will maintain rigid demand with little change. The overall supply and demand of liquid caustic soda in the spot market remain relatively loose, and the purchase and market prices of 32% liquid caustic soda in Shandong have recently decreased. Although there are many planned alumina production facilities to be put into operation in the first half of the year, the long - term low profit in the industry has increased the expectation of production cuts in the future. In the short term, SH2603 is expected to show a volatile trend, with support around 2090 and resistance around 2200 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main caustic soda futures contract was 2164 yuan/ton, a decrease of 78 yuan; the position of the main caustic soda futures contract was 175,556 lots, an increase of 29,993 lots; the net position of the top 20 futures traders was - 21,007 lots, a decrease of 1,725 lots; the trading volume of the main caustic soda futures contract was 313,841 lots, an increase of 25,637 lots; the closing price of the January caustic soda contract was 1963 yuan/ton, a decrease of 57 yuan; the closing price of the May caustic soda contract was 2303 yuan/ton, a decrease of 66 yuan [2]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong was 690 yuan/ton, a decrease of 13 yuan; in Jiangsu, it was 780 yuan/ton, unchanged. The converted - to - 100% price of 32% caustic soda in Shandong was 2156.25 yuan/ton, a decrease of 40.63 yuan; the basis of caustic soda was - 8 yuan/ton, an increase of 37 yuan [2]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 250 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged. The price of steam coal was 642 yuan/ton, unchanged [2]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was 200 yuan/ton, an increase of 50 yuan; in Jiangsu, it was 250 yuan/ton, an increase of 100 yuan [2]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 12,900 yuan/ton, unchanged; the spot price of alumina was 2,610 yuan/ton, unchanged [2]. 3.6 Industry Data - From December 27 to January 2, the capacity utilization rate of China's caustic soda was 86.4%, a 0.4% increase from the previous week. The alumina operating rate decreased by 0.47% to 84.67%, the viscose staple fiber operating rate decreased by 1.61% to 85.42%, and the printing and dyeing operating rate decreased by 0.47% to 60.81%. As of January 2, the inventory of liquid caustic soda factories was 485,700 tons (wet tons), a 9.84% increase from the previous week. From December 25 to January 4, the weekly average profit of Shandong chlor - alkali was 153 yuan/ton, a decrease from the previous period [2]. 3.7 Industry News - SH2603 opened with a downward gap and closed down 3.82% at 2,164 yuan/ton. Recently, the resumption of some facilities in North, East, and South China has led to an increase in the average national capacity utilization rate of caustic soda [2].

瑞达期货股份有限公司 关于提前赎回"瑞达转债"的第六次提示性公告 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： | 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-002 | | --- | --- | --- | | 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：2026-002 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 ...

| 证券代码：002961 | 证券简称：瑞达期货 | 公告编号：2026-001 | | --- | --- | --- | | 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：2026-001 瑞达期货股份有限公司 关于全资子公司为全资子公司向银行申请综合授信额度 提供担保的进展公告 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。 一、担保情况概述 瑞达期货股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日召开了第 五届董事会第八次会议，审议通过了《关于向银行申请增加综合授信额度的议案》。 根据子公司（包括下属全资、控股子公司、孙公司）实际经营需要及已审批授信 额度的使用情况，公司董事会同意在原审议通过的向银行申请不超过人民币 8 亿元综合授信额度的基础上，向银行申请增加综合授信额度人民币 6 亿元，最终 额度以银行审批为准，实际授信额度可在子公司之间相互调剂。授信方式包括但 不限于流动资金贷款、银行承兑汇票、国内信用证、保函等，融资担保方式包括 但不限于：子公司以自有资产提供抵 ...