鸡蛋产业日报 2026-01-20 期近月合约或处于低位宽幅震荡状态,远月在产能下滑预期下，表现有望好于近月，可轻仓试多远月。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 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 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3027 | 4 期货前20名持仓:净买单量:鸡蛋(日,手) | 3167 | 0 | | | 克) ...

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 合成橡胶产业日报 2026-01-20 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 11585 | -20 主力合约持仓量:合成橡胶(日,元/吨) | 91002 | -3182 | | | 合成橡胶3-4价差(日,元/吨) | -40 | -10 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 6830 | 300 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 11700 | -50 主流价:顺丁橡胶(BR9000,大庆石化):山 | 11650 | -100 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 11700 | 东(日,元/吨) -150 主流价 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current national commercial inventory of cotton continues to rise, and market supply is relatively sufficient. Additionally, port pick - up has increased, and Brazilian cotton has started to arrive in large quantities, leading to a continued increase in inventory. In terms of downstream demand, the price of high - count yarn is firm, but overall market demand is weak. However, driven by costs, yarn prices remain stable. Moreover, the growth rate of China's textile and clothing exports in December rebounded compared to the previous month, still supporting the market. On the market, the previous expectation of a decrease in cotton planting area has been reflected in the market, and it is expected to be in an adjustment state in the short term [2] Summary According to Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,525 yuan/ton, down 20 yuan; cotton yarn's main contract closing price is 20,500 yuan/ton, down 10 yuan. - The net position of the top 20 in cotton futures is - 150,374 lots, an increase of 10,718 lots; the net position of the top 20 in cotton yarn futures is - 1,509 lots, a decrease of 144 lots. - The main contract position of cotton is 788,099 lots, a decrease of 12,920 lots; the main contract position of cotton yarn is 16,289 lots, an increase of 1,511 lots. - The number of cotton warehouse receipts is 9,647 sheets, a decrease of 11 sheets; the number of cotton yarn warehouse receipts is 70 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) is 15,856 yuan/ton, down 24 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 21,300 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM: 1% tariff) is 12,582 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 21,059 yuan/ton, down 8 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 13,722 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 22,547 yuan/ton, down 9 yuan [2] Upstream Situation - The national cotton sowing area is 5,444 thousand hectares; the national cotton output is 6160 thousand tons; the national industrial inventory of cotton is 850 thousand tons [2] Industrial Situation - The monthly import volume of cotton is 120 thousand tons, an increase of 30 thousand tons; the monthly import volume of cotton yarn is 150 thousand tons, an increase of 10 thousand tons. - The daily profit of imported cotton is 2,158 yuan/ton, a decrease of 51 yuan; the national monthly commercial inventory of cotton is 468360 tons, an increase of 175300 tons [2] Downstream Situation - The inventory days of yarn are 26.33 days, an increase of 0.21 days; the inventory days of grey cloth are 32.34 days, an increase of 0.37 days. - The monthly output of cloth is 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn is 2039 thousand tons, an increase of 38 thousand tons. - The monthly export value of clothing and clothing accessories is 11,593,686 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 12,275,733,101,731.408 thousand US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton is 12%, a decrease of 1.35%; the implied volatility of at - the - money put options for cotton is 12%, unchanged. - The 20 - day historical volatility of cotton is 14.15%, an increase of 0.13%; the 60 - day historical volatility of cotton is 9.16%, an increase of 0.04% [2] Industry News - Mysteel research shows that the national commercial inventory of cotton is on the rise. As of January 16, 2026, the total commercial inventory of cotton is 5.6863 million tons, a week - on - week increase of 0.1133 million tons (a growth rate of 2.03%). Among them, the commercial cotton in Xinjiang is 4.7063 million tons, a week - on - week increase of 0.0222 million tons (a growth rate of 0.47%); the commercial cotton in the inland area is 0.533 million tons, a week - on - week increase of 0.0436 million tons (a growth rate of 8.91%). - The Intercontinental Exchange (ICE) market was closed on Monday due to the US Martin Luther King Jr. Day holiday [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1775 | 3 郑州尿素5-9价差(日,元/吨) | 26 | 0 1676 | | | 郑州尿素主力合约持仓量(日,手) | 233074 | -2813 郑州尿素前20名净持仓 | -15068 | | | | 郑州尿素交易所仓单(日,张) | 13355 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1750 | -10 河南(日,元/吨) | 1750 | -10 | | | 江苏(日,元/吨) | 1760 | -10 山东(日,元/吨) | 1750 | -20 | | | 安徽(日,元/吨) | 1760 | -10 郑州尿素主力合约基差(日,元/吨) | -22 | -1 | | | FOB波罗的海(日,美元/吨) | 375 | 0 FOB中国主港(日,美元/吨) | 405 | 0 | | 产业情况 | 港口库存(周,万吨) | 13.4 | -0.6 企业 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current domestic natural rubber main - producing areas are in the off - season, while the Thai production area is still in the peak season. Recently, the total inventory at Qingdao Port has continued to accumulate, with both bonded and general trade warehouses showing inventory increases. The overall inventory accumulation amplitude has little change compared to the previous period. African rubber accounts for most of the overseas ship - to - port arrivals. The total inventory keeps increasing, and the bonded warehouse continues to accumulate inventory. The downstream enterprises' sentiment of stocking up at low prices has improved, and the total outbound volume has increased month - on - month. The general trade inventory accumulation amplitude has narrowed. In the short term, some tire enterprises are expected to stock up at low prices, and the outbound volume is expected to increase slightly. - In terms of demand, last week, as the production scheduling of maintenance enterprises gradually stabilized, the operating rate of domestic tire enterprises increased significantly month - on - month. In the short term, supported by foreign trade orders, the operating rate of some semi - steel tire enterprises will remain high, and the overall production scheduling is expected to be basically stable. For all - steel tire enterprises, there is still a phenomenon of production control to control inventory. The ru2605 contract is expected to fluctuate in the range of 15,500 - 16,000 yuan in the short term, and the nr2603 contract is expected to fluctuate in the range of 12,500 - 13,250 yuan in the short term [2]. 3. Summary by Directory Futures Market - The closing price of the main Shanghai rubber contract is 15,620 yuan/ton, down 125 yuan; the closing price of the main 20 - number rubber contract is 12,550 yuan/ton, down 105 yuan. The 5 - 9 spread of Shanghai rubber is 45 yuan/ton, up 5 yuan; the 3 - 4 spread of 20 - number rubber is - 35 yuan/ton, up 5 yuan. The spread between Shanghai rubber and 20 - number rubber is 3,070 yuan/ton, down 20 yuan. The positions of the main Shanghai rubber contract are 178,976 lots, down 7,467 lots; the positions of the main 20 - number rubber contract are 63,724 lots, down 2,101 lots. The net positions of the top 20 in Shanghai rubber are - 45,563 lots, up 2,214 lots; the net positions of the top 20 in 20 - number rubber are - 8,160 lots, up 2,031 lots. The exchange warehouse receipts of Shanghai rubber are 109,870 tons, down 20 tons; the exchange warehouse receipts of 20 - number rubber are 56,750 tons [2]. Spot Market - The price of state - owned whole latex in the Shanghai market is 15,600 yuan/ton, down 100 yuan; the price of Vietnamese 3L in the Shanghai market is 16,100 yuan/ton, unchanged. The price of Thai standard STR20 is 1,900 US dollars/ton, down 5 US dollars; the price of Malaysian standard SMR20 is 1,895 US dollars/ton, unchanged. The price of Thai RMB mixed rubber is 14,850 yuan/ton, down 80 yuan; the price of Malaysian RMB mixed rubber is 14,800 yuan/ton, down 80 yuan. The price of Qilu Petrochemical's styrene - butadiene 1502 is 12,100 yuan/ton, unchanged; the price of Qilu Petrochemical's butadiene BR9000 is 11,700 yuan/ton, down 200 yuan. The basis of Shanghai rubber is - 145 yuan/ton, down 10 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 895 yuan/ton, up 10 yuan. The price of 20 - number rubber in the Qingdao market is 13,280 yuan/ton, down 67 yuan; the basis of the main 20 - number rubber contract is 625 yuan/ton, up 23 yuan [2]. Upstream Situation - The market reference price of smoked sheets of Thai raw rubber is 60.25 Thai baht/kg, down 0.05 Thai baht; the market reference price of rubber sheets of Thai raw rubber is 56.92 Thai baht/kg, up 0.27 Thai baht. The market reference price of glue of Thai raw rubber is 57 Thai baht/kg, down 1 Thai baht; the market reference price of cup rubber of Thai raw rubber is 52.95 Thai baht/kg, up 0.85 Thai baht. The theoretical production profit of RSS3 is 138.6 US dollars/ton, up 13.6 US dollars; the theoretical production profit of STR20 is 12 US dollars/ton, down 12 US dollars. The monthly import volume of technically - classified natural rubber is 168,800 tons, an increase of 42,700 tons; the monthly import volume of mixed rubber is 302,200 tons, an increase of 45,800 tons [2]. Downstream Situation - The weekly operating rate of all - steel tires is 65.52%, up 7.5 percentage points; the weekly operating rate of semi - steel tires is 74.39%, up 8.5 percentage points. The inventory days of all - steel tires in Shandong at the end of the period are 46.1 days, up 1.48 days; the inventory days of semi - steel tires in Shandong at the end of the period are 47.92 days, up 0.56 days. The monthly output of all - steel tires is 13.01 million pieces, an increase of 590,000 pieces; the monthly output of semi - steel tires is 58.31 million pieces, an increase of 6.63 million pieces [2]. Option Market - The 20 - day historical volatility of the underlying is 15.17%, up 0.07 percentage points; the 40 - day historical volatility of the underlying is 13.88%, down 0.27 percentage points. The implied volatility of at - the - money call options is 23.08%, up 0.26 percentage points; the implied volatility of at - the - money put options is 23.08%, up 0.24 percentage points [2]. Industry News - In the first week of the future (January 18 - 24, 2026), the rainfall in the main natural rubber producing areas in Southeast Asia decreased compared with the previous period. In most areas north of the equator, including western Malaysia and southern Indonesia, the rainfall was at a low level, slightly increasing the impact on rubber tapping. In December 2025, China's heavy - truck market sold about 95,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month decrease of about 16% compared with November 2025 and a year - on - year increase of about 13% compared with 84,200 vehicles in the same period of the previous year. In 2025, China's heavy - truck market ended with nearly 1.14 million vehicles. As of January 18, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 584,900 tons, a month - on - month increase of 16,700 tons, an increase of 2.94%. The bonded area inventory was 99,500 tons, an increase of 6.42%; the general trade inventory was 485,400 tons, an increase of 2.26%. The inbound rate of Qingdao's natural rubber sample bonded warehouses increased by 0.85 percentage points, and the outbound rate increased by 0.05 percentage points; the inbound rate of general trade warehouses increased by 0.72 percentage points, and the outbound rate increased by 1.55 percentage points. As of January 15, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.53%, a month - on - month increase of 8.75 percentage points and a year - on - year decrease of 5.03 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 63.02%, a month - on - month increase of 7.52 percentage points and a year - on - year increase of 5.21 percentage points [2].

研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 、需求跟进有限。成本方面，美伊局势仍有不确定性，国际油价或受地缘因素扰动。PE现货供应维持宽松 助理研究员: 徐天泽 期货从业资格号F03133092 ，短期L2605预计偏弱震荡，日度K线关注6540附近支撑。 免责声明 塑料产业日报 2026-01-20 | 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:聚乙烯(日,元/吨) | 6640 | -27 1月合约收盘价:聚乙烯(日,元/吨) | 6706 | -14 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6640 | -27 9月合约收盘价:聚乙烯(日,元/吨) | 6664 | -27 | | | 成交量(日,手) | 384155 | -27783 持仓量(日,手) | 495272 | 9808 | | | 1-5价差 | 66 | 13 期货前20名持仓:买单量:聚乙烯(日,手) | 0 | -457 ...

国债期货日报 2026/1/20 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.180 | 0.13% T主力成交量 | 61868 | 9620↑ | | | TF主力收盘价 | 105.875 | 0.09% TF主力成交量 | 49231 | 5457↑ | | | TS主力收盘价 | 102.444 | 0.05% TS主力成交量 | 29819 | 6168↑ | | | TL主力收盘价 | 111.490 | 0.52% TL主力成交量 | 108559 | 30411↑ | | 期货价差 | TL2603-2606价差 | -0.11 | +0.00↑ T03-TL03价差 | -3.31 | -0.43↓ | | | T2603-2606价差 | 0.08 | +0.02↑ TF03-T03价差 | -2.31 | -0.05↓ | | | TF2603-2606价差 | 0.00 | +0.03↑ TS03-T03价差 | -5.74 | - ...

玉米系产业日报 2026-01-20 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。 观点总结（ 淀粉） 截至1月14日，全国玉米淀粉企业淀粉库存总量110万吨，较上周下降2.50万吨，周降幅2.22%，月降幅0.18%；年同比增幅21.48 %。企业库存仍处于同期高位，总体供应压力仍存。不过，春节临近，下游淀粉糖，造纸等下游领域进入生产旺季，淀粉需求有所 增加。关注春节前下游备货对玉米淀粉价格带动情况。盘面来看，近期受玉米走强提振，淀粉同步偏强震荡，短期观望。 重点关注 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投 ...

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) | 3,276 | -23↓ HC 主力合约持仓量(手) | 1486145 | -15864↓ | | | HC 合约前20名净持仓(手) | -13,902 | +5130↑ HC5-10合约价差(元/吨) | -19 | +1↑ | | | HC 上期所仓单日报(日，吨) | 216602 | -44 ...

区市场来看，中转库积压严重，市场客源较少，整体走货较慢。盘面看，苹果期价短期偏弱运行可能。 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 数据指标 | | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 26 主力合约持仓量:苹果(日,手) | 9371 | | 109865 | -1282 | | | 期货前20名持仓:净买单量:苹果(日,手) | -4914 | -3186 | | | | 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, ...