| | | 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。 同比仍缺乏增量。进口方面，印尼 11 月出口量大幅增加，缓解了对印尼供应受限的担忧；不过进口窗口仍 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 保持关闭状态。需求端，近日下游按需采购，库存继续下降，现货升水500元/吨；LME库存持稳，现货升 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 水上涨。技术面，持仓增量价格上涨，多头氛围增强。观点参考：预计沪锡短期强势运行，测试前历史高 免责声明 点，上方关注36-38。 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 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 沪锡产业日报 2026-01-07 | 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:沪锡( ...

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- ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 142,300.00 | +4360.00↑ 前20名净持仓（日，手） | -152,063.00 | -12737.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 506,520.00 | -28479.00↓ 近远月合约价差（日，元/吨） | -1,400.00 | +1580.00↑ | | | 广期所仓单（日，手/吨） | 25,180.00 | +2039.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 133,500.00 | +6000.00↑ 工业级碳酸锂平均价（日，万元/吨） | 130,000.00 | +5750.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -8,800.00 | +1640.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,510.00 | 0.00 磷锂铝石平均价（ ...

铁矿石产业链日报 2026/1/6 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：I：铁矿石 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 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 801.00 | +4.00↑ I 主力合约持仓量(手) | 640,868 | +22093↑ | | 期货市场 | I 5-9合约价差（元/吨） | 21 | -1.00↓ I 合约前20名净持仓(手) ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US's tough actions against Venezuela have temporarily boosted market risk - aversion sentiment, leading to a strong performance in the precious metals market, with significant rebounds in the platinum and palladium futures contracts on both domestic and international exchanges [2]. - Platinum is expected to maintain strong resilience due to the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the long - term expansion of demand expectations in the hydrogen energy economy [2]. - The demand for palladium is expected to weaken due to its over - concentration in the automotive catalyst field and the continuous popularization of new - energy vehicles. The palladium market is gradually shifting from a supply shortage to a surplus, but the bullish sentiment driven by interest - rate cut expectations may support its price, and its current low price may make it a cost - effective choice again [2]. - In the short term, the situation between the US and Venezuela increases the risk - aversion premium, attracting risk - aversion funds into the precious metals market and potentially supporting prices. In the medium to long term, the differentiation in supply - demand patterns may continue to drive the "platinum - strong, palladium - weak" market trend [2]. - For the running range, the upper resistance level for London platinum is $2400 per ounce, and the lower support level is $1900 per ounce; the upper resistance level for London palladium is $1800 per ounce, and the lower support level is $1500 per ounce [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the palladium main contract (daily, yuan/gram) is 471.90, up 23.15; the closing price of the platinum main contract (daily, yuan/gram) is 616.80, up 35.00 [2]. - The position of the platinum main contract (daily, lots) is 10387.00, down 277.00; the position of the palladium main contract (daily, lots) is 3179.00, up 90.00 [2]. 3.2 Spot Market - The average spot price of Yangtze River palladium is 605.53, up 31.88; the spot price of platinum on the Shanghai Gold Exchange (Pt9995) is 419.00, up 6.00 [2]. - The basis of the palladium main contract (daily, yuan/gram) is - 11.27, down 3.12; the basis of the platinum main contract (daily, yuan/gram) is - 52.90, down 17.15 [2]. 3.3 Supply - Demand Situation - The CFTC non - commercial long positions of palladium (weekly, contracts) are 9966.00, down 243.00; the CFTC non - commercial long positions of platinum (weekly, contracts) are 3003.00, down 342.00 [2]. - The total supply of palladium (annual, tons) in 2025 is expected to be 220.40, down 0.80; the total supply of platinum (annual, tons) in 2025 is expected to be 293.00, down 5.00 [2]. - The total demand for platinum (annual, tons) in 2025 is expected to be 261.60, up 25.60; the total demand for palladium (annual, tons) in 2025 is expected to be 287.00, down 27.00 [2]. 3.4 Macroeconomic Data - The US dollar index is 98.46, up 0.21; the 10 - year US Treasury real yield is 1.94%, up 0.01 [2]. - The VIX volatility index is 14.51, down 0.44 [2]. 3.5 Industry News - Venezuelan President Maduro made his first appearance in the US Southern District of New York Federal Court, pleading "not guilty" to the US "accusations", and was required by the US judge to appear in court again on March 17 [2]. - The US ISM manufacturing index in December 2025 slightly decreased from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, export orders are still weak, and employment has declined for 11 consecutive months [2]. - Bank of Japan Governor Kazuo Ueda said that if the economic and price trends meet the central bank's expectations, the Bank of Japan will continue to raise interest rates. He also said that the Japanese economy achieved a moderate recovery last year despite the impact of US tariff hikes on corporate profits [2]. - Former Federal Reserve Chair Janet Yellen warned that a "fiscal dominance" scenario is brewing, where a large debt scale may force the central bank to keep interest rates low to reduce debt - servicing costs rather than focus on curbing inflation. The US Congressional Budget Office estimates that the US deficit will reach $1.9 trillion this year, and the debt - to - GDP ratio will rise to 100% and continue to climb [2]. 3.6 Key Points to Watch - The US ISM non - manufacturing PMI on January 6 at 23:00 [2] - The US ADP employment report on January 7 at 21:15 [2] - The US December non - farm payrolls report on January 9 at 21:30 [2]

| | | 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 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The steel market fundamentals are mixed, with coal and coke futures prices rebounding from their lows, ore prices remaining strong, and the downward trend of the black sector slowing down, providing support for hot-rolled coils. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,263 yuan/ton, up 15 yuan; the trading volume is 1,274,085 lots, down 20,441 lots. The net position of the top 20 in the HC contract is 22,252 lots, down 6,347 lots. The HC5 - 10 contract spread is - 19 yuan/ton, up 4 yuan; the HC2605 - RB2605 contract spread is 152 yuan/ton, up 8 yuan. The HC warehouse receipt on the Shanghai Futures Exchange is 132,188 tons, unchanged [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,300 yuan/ton, up 10 yuan; in Guangzhou it is 3,250 yuan/ton, unchanged; in Wuhan it is 3,320 yuan/ton, unchanged; in Tianjin it is 3,160 yuan/ton, down 10 yuan. The basis of the HC main contract is 37 yuan/ton, down 5 yuan; the spread between hot - rolled coils and rebar in Hangzhou is - 10 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 802 yuan/wet ton, down 7 yuan. The price of quasi - first - grade metallurgical coke in Hebei is 1,540 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (ex - tax) is 2,160 yuan/ton, unchanged. The price of Q235 billet in Hebei is 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 158.6194 million tons, up 3.538 million tons. The inventory of coke at sample coking plants is 486,000 tons, down 13,700 tons. The inventory of coke at sample steel mills is 6.4383 million tons, up 14,300 tons. The inventory of billets in Hebei is 1.2661 million tons, up 86,000 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 78.96%, up 0.66 percentage points; the blast furnace capacity utilization rate is 85.28%, up 0.32 percentage points. The weekly output of hot - rolled coils at sample steel mills is 2.9354 million tons, up 16,300 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 74.98%, up 0.41 percentage points. The inventory of hot - rolled coils at sample steel mills is 805,200 tons, down 29,000 tons; the social inventory of hot - rolled coils in 33 cities is 2.967 million tons, down 106,000 tons. The monthly output of domestic crude steel is 69.87 million tons, down 2.13 million tons; the monthly net export volume of steel is 9.48 million tons, up 200,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 3.5316 million vehicles, up 172,900 vehicles; the monthly sales volume is 3.429 million vehicles, up 106,900 vehicles. The monthly output of air conditioners is 15.026 million units, up 822,000 units; the monthly output of household refrigerators is 9.442 million units, up 654,000 units; the monthly output of household washing machines is 12.013 million units, up 978,000 units [2] 3.6 Industry News - Hebei Province has drafted the Interim Measures for Reward for Reporting Illegally New - added Steel Production Capacity (Draft for Comment) and is soliciting public opinions. The Passenger Car Association preliminarily estimates that the wholesale volume of new - energy passenger vehicles of national manufacturers in December 2025 is 1.57 million, a year - on - year increase of 4% and a month - on - month decrease of 8%. The cumulative wholesale volume of new - energy passenger vehicles in 2025 is expected to be 15.33 million, a year - on - year increase of 25% [2]

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 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。 集运指数（欧线）期货日报 2026/1/6 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | EC主力收盘价 | 13.3↑ EC次主力收盘价 | 1872.700 | 1223.8 | +34.20↑ | | 期货盘面 | EC2602-EC2604价差 -8.60↓ EC2602-EC2606价差 | 648.90 | 455.70 | -10.80↓ | | EC合约基差 | -17.20↓ | -76.87 | | | | 期货持仓头寸（手） EC主力持仓量 | -1050↓ | 24996 | | | | SCFIS（欧线）（周） | 53.19↑ SCFIS（美西线）（周） SCFI（综合指数）（周） ...