白糖产业日报 2026-01-22 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) 14 主力合约持仓量:白糖(日,手) | 5158 | 477452 | 16093 -6833 | | | 仓单数量:白糖(日,张) -665 期货前20名持仓:净买单量:白糖(日,手) | 13756 | -77893 | | | | 有效仓单预报:白糖:小计(日,张) 0 进口加工估算价(配额内):巴西糖(日,元/ -58 进口加工估算价(配额内):泰国糖(日,元/ | 50 | | | | 现货市场 | | 4026 | 4052 | -58 -75 | | 吨) | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 -76 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | | 5099 | 5134 | | | /吨) | /吨) 云南昆明白糖现货价格(日,元/吨) -35 广西南宁白糖现货价格(日,元/吨) | 5160 | 5260 | -1 ...

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 | 期货主力合约收盘价:红枣(日,元/吨) | 8745 | 5 主力合约持仓量:红枣(日,手) | 132255 | -994 | | | 期货前20名持仓:净买单量:红枣(日,手) | -17050 | 478 仓单数量:红枣(日,张) | 3298 | 0 | | | 有效仓单预报:红枣:小计(日,张) | 404 | 12 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6.5 | 0 河北一级灰枣批发价格(日, ...

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 | I 主力合约收盘价（元/吨） | 786.50 | +2.50↑ I 主力合约持仓量(手) | 566,469 | -8780↓ | | | I 5-9合约价差（元/吨） | 17 | -0.50↓ I 合约前20名净持仓(手) | -14751 | -3102↓ | | | I 大商所仓单（手） | 1,300.00 | -100.00↓ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.55 | +0.36↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 846 | +2↑ 青岛港60.5%麦克粉矿 (元/干吨) | 841 | 0.00 | | | 京唐港56.5%超特粉矿 (元/干吨) | 751 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | 55 | -3↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 103.20 | -0. ...

| 项目类别 数据指标 沪铝主力合约收盘价(日,元/吨) | | 最新 24,055.00 | 环比 数据指标 -100.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 最新 2,717.00 | 环比 +45.00↑ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -110.00 | +10.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -123.00 | -6.00↓ | | | 主力合约持仓量:沪铝(日,手) | 337,960.00 | -5263.00↓ 主力合约持仓量:氧化铝(日,手) | 489,138.00 | +2713.00↑ | | | LME铝注销仓单(日,吨) | 28,800.00 | 0.00 库存:氧化铝:合计(周,万吨) | 217,143.00 | +21062.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 3,115.00 -44,665.00 | +7.50↑ LME铝库存（日，吨） +3182.00↑ 沪伦比值 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On Thursday, Treasury bond spot yields increased collectively. The 1 - 7Y maturity yields rose by about 0.25 - 0.75bp, and the 10Y and 30Y yields increased by about 0.65bp and 0.10bp to 1.84% and 2.26% respectively. Treasury bond futures weakened slightly, with the TS, TF, T, and TL main contracts falling by 0.02%, 0.04%, 0.05%, and 0.07% respectively. The weighted average rate of DR007 rebounded to around 1.51%. [4] - In 2025 Q4, China's GDP grew by 4.5% year - on - year, and the annual GDP growth rate reached 5.0%, achieving the expected growth target. In December, industrial added value was higher than market expectations, fixed - asset investment continued to shrink, and social retail sales were lower than the previous value. December's financial data exceeded expectations, but the growth rate of social financing continued to decline, mainly dragged down by government bonds. Credit increased slightly less than expected, with marginal improvement in medium - and long - term corporate financing demand, but the trend of household deleveraging continued, and credit performance remained weak. In December, China's import and export scale hit a monthly high, with annual exports growing by 6.1% and the structure continuously optimizing, especially high - tech product exports growing by 13.2%. [4] - Overseas, concerns about the US labor market eased. The unemployment rate in December dropped to 4.4%, non - farm payrolls increased by 50,000, and the number of initial jobless claims last week dropped to a recent low, dashing the expectation of a Fed rate cut in January. [4] - As some negative factors eased, bond market sentiment has recovered. The regulatory adjustment of the margin ratio for margin trading cooled the equity market, leading to a decline in market risk appetite. In 2025, China's economy maintained a stable and progressive growth trend, but there were still structural contradictions. With the stabilization of the RMB exchange rate and bank net interest margins and the weakening of internal and external constraints, the central bank indicated that there is still some room for reserve requirement ratio and interest rate cuts this year. The issuance of interest - bearing bonds in January was stable, alleviating market concerns about long - term bond supply pressure. It is expected that interest rates will fluctuate within a narrow range in the short term, and the market is still waiting for new incremental information for directional selection. [4] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Futures Closing Price and Volume**: The closing prices of T, TF, TS, and TL main contracts decreased by 0.05%, 0.04%, 0.02%, and 0.07% respectively. The trading volumes of T, TF, and TL main contracts decreased by 26,132, 5,611, and 38,868 respectively, while the trading volume of TS main contract increased by 930. [2] - **Futures Spreads**: Some spreads changed, such as the TL2603 - 2606 spread decreased by 0.01, the T2603 - 2606 spread increased by 0.02, etc. [2] - **Futures Positions**: The T main contract's open interest increased by 1,012, the TF and TS main contracts' open interest decreased by 250 and 398 respectively, and the TL main contract's open interest decreased by 120. The net short positions of T and TF top 20 increased by 2,574 and 193 respectively, while the net short positions of TS and TL top 20 decreased by 181 and 1,179 respectively. [2] 3.2 CTD and Active Bond Data - **CTD Net Price**: The net prices of most CTD bonds decreased, except for 240022.IB (2y) which increased by 0.0090. [2] - **Active Bond Yields**: The yields of 1y and 3y active bonds increased by 7.75bp and 0.25bp respectively, the 5y yield remained unchanged, and the 7y and 10y yields decreased by 0.65bp and 0.20bp respectively. [2] 3.3 Interest Rate Data - **Short - term Interest Rates**: Most short - term interest rates increased, such as the overnight silver - pledged repo rate increased by 7.01bp, and the Shibor overnight rate increased by 9.10bp. The Shibor 14 - day rate decreased by 0.70bp. [2] - **LPR Rates**: The 1y and 5y LPR rates remained unchanged. [2] 3.4 Open Market Operation - The issuance scale of open - market reverse repurchase was 210.2 billion yuan, the maturity scale was 179.3 billion yuan, and the interest rate was 1.4% for 7 - day reverse repurchase. The net investment was 30.9 billion yuan. [2] 3.5 Industry News - The Minister of Housing and Urban - Rural Development stated that this year, the focus in urban renewal is to promote the renovation of old urban residential areas, the construction of complete communities, and the renovation of small public spaces in cities. The government will also stabilize the real estate market by implementing the project company system in real - estate development, the lead - bank system in real - estate financing, and the spot - sale system in commercial housing sales. [2] - The National Development and Reform Commission announced that the first batch of 93.6 billion yuan of ultra - long - term special treasury bonds for equipment update funds in 2026 has been allocated, supporting about 4,500 projects in multiple fields and driving a total investment of over 460 billion yuan. [3] - The Trump administration and NATO reached a "framework agreement" on Greenland. Denmark will transfer the sovereignty of a small piece of land on Greenland to the US for military base construction. US President Trump said that based on the meeting with NATO Secretary - General Mark Rutte, they reached an agreement on the future cooperation framework for Greenland and the entire Arctic region, and he will not implement the tariff measures originally scheduled to take effect on February 1. [3] 3.6 Key Events to Watch - At 20:30 on January 22, the European Central Bank will release the minutes of the December 2025 monetary policy meeting. At 21:30 on January 22, the US will release the November 2025 PCE price index. [4]

场客源较少，整体走货较慢。盘面看，受备货需求支撑，短期价格调整到位后有所上调可能。 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ | 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:苹果(日,元/吨) 71 主力合约持仓量:苹果(日,手) | 9489 | 103881 | -4980 | | | 期货前20名持仓:净买单量:苹果(日,手) 2778 | -2823 | | | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, 0 | 5.25 | 2.4 | 0 | | 元/斤) | 陕西洛川苹果现货价格(纸袋70#以上半 元/斤) 山东烟台栖霞现货价格(纸袋80#以上一 | | | | | | 0 | 4.2 | 3.7 | 0 | | 上游情况 | 商品)(日,元/斤) 全国:苹果产量(年,万吨) 二级果农货)(日,元/斤) 168.34 | 5128.51 | | | | 产 ...

| | | 预计排产量高位；新能源汽车产销继续爬升，三元电池贡献小幅需求增量。国内镍库存增长趋势，市场逢 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 回调采买为主，现货升水高位；海外LME库存延续增长。技术面，持仓高位价格震荡，多空分歧较大，预 计宽幅调整为主。观点参考：预计短线沪镍宽幅调整，关注MA10争夺，区间14-14.8。 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 沪镍产业日报 2026-01-22 | 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) | 142500 | -560 02-03月合约价差:沪镍(日,元/吨) | -240 | -130 | | | LME3个月镍(日,美元/吨) | 17975 ...

股指期货全景日报 2026/1/22 观点总结 重点关注 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 A股主要指数收盘普遍上涨，三大指数窄幅震荡。中小盘股强于大盘蓝筹股，四大宽基指数中中证1000最为强势。截 止收盘，上证指数涨0.14%，深证成指涨0.5%，创业板指涨1.01%。沪深两市成交额小幅回升。全市场超3500只个股 上涨。行业板块多数上涨，建筑材料、国防军工、石油石化板块大幅走强，美容护理板块领跌。国内方面，经济基本 面，四季度我国GDP进一步回落，但全年5%经济增长目标仍顺利完成，12月份除规上工业增加值外，固投、社零、出 口同比均较11月回落。个股方面，已发布2025年业绩预告的公司中，仅有约三分之一的公司预喜，但值得注意的是利 润预喜的公司多数集中在人工智能等高技术产业。整体来看，目前，A股市场积极因素仍然较多，虽然12月多项经济指 标进一步回落，但在航空航天、人工智能等代表新质生产力的产业带动下工业生产稳步增长，在一定程度上弱化了其他 经济指标下行对市场的负面影响。同时，上市公司 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - On Thursday, the futures prices of the container shipping index (European line) rose collectively. The spot freight rate was affected by the cancellation of full - scale tax refunds for photovoltaic products and the seasonal demand of Christmas. The geopolitical situation might improve, and the freight rate declined significantly. The freight rate market was generally greatly influenced by seasonal demand. It was recommended that investors be cautious, pay attention to operation rhythm and risk control, and timely track geopolitical, capacity and cargo volume data [1] 3. Summary According to Relevant Catalogs 3.1 Futures Market Data - EC main contract closed at 1137.7, up 6.6; EC sub - main contract closed at 1399.1, up 31.8. The spread between EC2604 - EC2606 was - 261.4, down 13.1; the spread between EC2604 - EC2608 was - 360.7, down 4.3. The EC contract basis was 816.49, down 8 [1] - The main contract EC2604 of the container shipping index (European line) futures rose 0.58%, and the far - month contracts rose between 1 - 3% [1] 3.2 Spot Market Data - The latest SCFIS European line settlement freight rate index was 1954.19, down 2.1 points from last week, with a month - on - month increase of 8.9%. SCFI (composite index) was 1574.12, down 0.04; SCFIS (US West line) was 1305.27, down 73.27 [1] - CCFI (composite index) was 1209.85, up 14.96; CCFI (European line) was 1582.60, up 14.85. The 1803.00 index was down 74.00, and the Panama - type freight index was 1606.00, down 36.00 [1] - The average charter price of Panamax ships was 0.00, up 0.00; the average charter price of Capesize ships was 22377.00, up 791.00 [1] - The spot freight rate in the fourth week was between 2600 - 3200 US dollars for a large container. Maersk's large container price in the fourth - week opening was 2700 US dollars, up 100 US dollars from the third week [1] 3.3 Industry News - The Minister of Housing and Urban - Rural Development said that during the "14th Five - Year Plan" period, efforts would be made to promote the high - quality development of the real estate industry, focusing on building "good houses" and constructing a new real estate development model, and promoting the spot - sale system of commercial housing [1] - US President Trump reached an agreement framework with NATO Secretary - General Rutter on the Greenland issue and would not implement the originally scheduled tariff measures on February 1 [1] - Russian President Putin met with US President's special envoy Witkov on January 22. He believed that the US - Denmark issue on Greenland had nothing to do with Russia and that the two countries would reach an agreement. Russia was willing to pay 1 billion US dollars from the frozen assets in the US to join the "Peace Committee" [1] - Starting from April 1, 2026, all listed photovoltaic products would no longer enjoy VAT export tax - refund incentives, which might lead to a rush of shipments and boost long - term contract cargo volume, but weaken the support on the spot side [1] - China's manufacturing PMI data in December showed a slight recovery, in line with seasonal rules. The new export order index rose to 49, indicating a significant recovery in terminal transportation demand boosted by Christmas [1] - Zelensky said that the negotiations with the US and Europe had reached a new level, and there was hope to end the conflict with Russia in the first half of 2026, and the expectation of the Red Sea resuming navigation had improved [1] - Eurozone inflationary pressure eased, weakening the market's expectation of the European Central Bank raising interest rates before the end of the year. The Eurozone CPI in December returned to the medium - term target set by the ECB [1] 3.4 Upcoming Data Release Schedule - Japan's December core CPI annual rate on January 23 at 07:30 - UK's December seasonally - adjusted retail sales month - on - month rate on January 23 at 15:00 - France's January manufacturing PMI preliminary value on January 23 at 16:15 - Germany's January manufacturing PMI preliminary value on January 23 at 16:30 - Eurozone's January manufacturing PMI preliminary value on January 23 at 17:00 - UK's January manufacturing PMI preliminary value on January 23 at 17:30 - US's January S&P Global manufacturing PMI preliminary value on January 23 at 22:45 [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The BR2603 contract is expected to fluctuate in the range of 12,000 - 12,600 in the short term. Short - term semi - steel tire production in some enterprises will remain at a high level due to foreign trade orders, and the overall device scheduling is expected to remain stable. All - steel tire enterprises still have device production control to control inventory. It is expected that the inventory of production enterprises and trading enterprises will change little in the short term [2] Group 3: Summary According to the Catalog Futures Market - The closing price of the main contract of synthetic rubber is 12,270 yuan/ton, with a week - on - week increase of 355 yuan/ton; the position of the main contract is 96,682, with a week - on - week increase of 2,956. The 3 - 4 spread of synthetic rubber is - 20 yuan/ton, with a week - on - week increase of 20 yuan/ton. The total number of warehouse receipts for butadiene rubber is 8,120 tons, with a week - on - week decrease of 10 tons [2] Spot Market - The mainstream price of BR9000 from Qilu Petrochemical in Shandong is 11,650 yuan/ton, with a week - on - week increase of 100 yuan/ton; the mainstream price of BR9000 from Daqing Petrochemical in Shandong is 11,650 yuan/ton, with a week - on - week increase of 100 yuan/ton; the mainstream price of BR9000 from Daqing Petrochemical in Shanghai is 11,700 yuan/ton, with a week - on - week increase of 150 yuan/ton; the mainstream price of BR9000 from Maoming Petrochemical in Guangdong is 11,750 yuan/ton, with a week - on - week increase of 100 yuan/ton. The basis of synthetic rubber is - 420 yuan/ton, with a week - on - week decrease of 105 yuan/ton [2] Upstream Situation - The price of Northeast Asian ethylene is 65.24 US dollars/ton, the CFR price of butadiene in China is 710 US dollars/ton, the mainstream price of butadiene in Shandong market is 9,700 yuan/ton, with a week - on - week increase of 200 yuan/ton. The weekly production capacity of butadiene is 15.93 million tons, and the capacity utilization rate is 69.42%, with a week - on - week decrease of 1.89 percentage points. The port inventory of butadiene is 44,600 tons. The operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 53.91%, with a week - on - week decrease of 0.66 percentage points [2] Downstream Situation - The monthly output of all - steel tires is 1.301 million pieces, with an increase of 590,000 pieces; the monthly output of semi - steel tires is 5.831 million pieces, with an increase of 663,000 pieces. The inventory days of all - steel tires in Shandong are 46.1 days, with a week - on - week increase of 1.48 days; the inventory days of semi - steel tires in Shandong are 47.92 days, with a week - on - week increase of 0.56 days [2] Industry News - As of January 15, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.53%, a week - on - week increase of 8.75 percentage points and a year - on - year decrease of 5.03 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 63.02%, a week - on - week increase of 7.52 percentage points and a year - on - year increase of 5.21 percentage points. In December, the output of butadiene rubber was 143,600 tons, a month - on - month increase of 13,500 tons, a month - on - month increase of 10.38% and a year - on - year increase of 1.97%. The capacity utilization rate of butadiene rubber in December was 72.13%, a month - on - month increase of 4.65 percentage points and a year - on - year decrease of 2.68 percentage points. As of January 22, the domestic butadiene rubber inventory was 35,400 tons, a week - on - week increase of 500 tons, a week - on - week increase of 1.32% [2]