Group 1: Report Industry Investment Rating - Unilateral strategy: Neutral [5] - Arbitrage strategy: Neutral [5] Group 2: Core View of the Report - The weakening of the US dollar and the Middle - East crisis have led to a rise in zinc prices, but high prices have dampened downstream procurement enthusiasm, causing the spot premium to decline [4] - The fundamentals are relatively strong. Although it is gradually entering the consumption off - season, there is no inventory accumulation trend in social inventories [4] - Domestic zinc ore supply remains weak, but winter reserve inventory of domestic smelters is basically completed due to imported ore supplements [4] - Imported ore continues to decline. Before the new - year Benchmark is signed, it is difficult for the imported ore TC to rise [4] - Comprehensive smelting is still facing losses, and the supply pressure of zinc ingots is unlikely to appear [4] - Long - term consumption is still promising, inventory pressure is not high, zinc price valuation is still low, and the callback space of zinc prices is limited even if short - term sentiment weakens [4] Group 3: Summary by Relevant Catalogs Important Data Spot - LME zinc spot premium is -$30.81 per ton [1] - SMM Shanghai zinc spot price rises by 480 yuan/ton to 25,240 yuan/ton, with a spot premium of 5 yuan/ton [1] - SMM Guangdong zinc spot price rises by 480 yuan/ton to 25,300 yuan/ton, with a spot premium of 20 yuan/ton [1] - Tianjin zinc spot price rises by 500 yuan/ton to 25,190 yuan/ton, with a spot premium of - 45 yuan/ton [1] Futures - On January 28, 2026, the main SHFE zinc contract opens at 24,920 yuan/ton and closes at 25,605 yuan/ton, up 605 yuan/ton from the previous trading day [2] - The trading volume for the whole trading day is 284,497 lots, and the holding volume is 118,199 lots [2] - The highest intraday price reaches 25,645 yuan/ton, and the lowest reaches 24,820 yuan/ton [2] Inventory - As of January 28, 2026, the total inventory of zinc ingots in seven SMM regions is 116,800 tons, a decrease of 2,000 tons from the previous period [3] - As of January 28, 2026, the LME zinc inventory is 110,375 tons, a decrease of 175 tons from the previous trading day [3]

现货成交偏淡 铅价维持震荡格局 市场要闻与重要数据 现货方面：2026-01-28，LME铅现货升水为-47.43美元/吨。SMM1#铅锭现货价较前一交易日变化-75元/吨至16775 元/吨，SMM上海铅现货升贴水较前一交易日变化 25元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化-50元 /吨至16825元/吨，SMM河南铅现货较前一交易日变化-75元/吨至16750元/吨，SMM天津铅现货升贴水较前一交易 日变化-50元/吨至16825元/吨。铅精废价差较前一交易日变化0元/吨至-100元/吨，废电动车电池较前一交易日变化 25元/吨至10050元/吨，废白壳较前一交易日变化0元/吨至10125元/吨，废黑壳较前一交易日变化25元/吨至10325元 /吨。 期货方面：2026-01-28，沪铅主力合约开于17000元/吨，收于16995元/吨，较前一交易日变化-5元/吨，全天交易日 成交53913手，较前一交易日变化-8210手，全天交易日持仓59512手，手较前一交易日变化-1288手，日内价格震荡， 最高点达到17080元/吨，最低点达到16915元/吨。夜盘方面，沪铅主力合约开于173 ...

农产品日报 | 2026-01-29 基本面边际缓慢变动，后续需观察备货进程 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11270元/吨，较前交易日变动-15.00元/吨，幅度-0.13%。现货方面，河南地区 外三元生猪价格12.86元/公斤，较前交易日变动-0.26元/公斤，现货基差 LH03+1590，较前交易日变动-245；江苏 地区外三元生猪价格 13.14元/公斤，较前交易日变动-0.08元/公斤，现货基差LH03+1870，较前交易日变动-65；四 川地区外三元生猪价格12.58元/公斤，较前交易日变动-0.21元/公斤，现货基差LH03+1310，较前交易日变动-195。 风险 疫病情况 鸡蛋观点 市场要闻与重要数据 据农业农村部监测，1月28日"农产品批发价格200指数"为130.51，比昨天上升0.12个点，"菜篮子"产品批发价格指 数为133.49，比昨天上升0.16个点。全国农产品批发市场猪肉平均价格为18.72元/公斤，比昨天上升0.3%；牛肉66.16 元/公斤，比昨天上升0.2%；羊肉64.12元/公斤，比昨天上升0.8%；鸡蛋8.56元/公斤，比昨天上升0 ...

FICC日报 | 2026-01-29 PA联盟价格逐步修正，主力合约短期走势预计震荡 市场分析 线上报价方面。 Gemini Cooperation：马士基 上海 - 鹿特丹 WEEK6 报价 1295/2070 ， WEEK7 报价 1210/1920 ， WEEK8 报价 1200/1900 ， WEEK9 报价 1200/1900；HPL 2月上半月船期报价1235/2035，2月下半月船期报价1235/2035 MSC+Premier Alliance：MSC 2月上半月价格1400/2340，2月下半月船期价格1400/2340；ONE 2月上半月船期报 价1420/2235，2月下半月船期报价1420/2235；HMM上海-鹿特丹2月上半月船期报价1433/2436，2月下半月船期 1433/2436. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1459/2493，2月下半月船期报价1459/2493；EMC2月上 半月船期报价1615/2430；OOCL 2月上半月船期价格1455/2430，2月下半月船期报价1480/2430. FICC日报 | 2026-01- ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The situation in Iran has become an important influencing factor for the methanol market. The movement of US warships to the Middle East and the reported progress of US preparations for action against Iran have led to a rebound in the methanol futures market, but the basis in ports has weakened. The winter shutdown of Iranian methanol plants and the subsequent reduction in arrivals to China are key factors affecting the port inventory and market trends [3]. - Inland, coal - based methanol production maintains high - pressure operation, and it is in the traditional seasonal inventory rebuilding period with the traditional downstream in the off - season [4]. - The recommended trading strategy is to cautiously go long on a hedging basis on a single - sided basis, and there are no recommended strategies for inter - period or cross - variety trading [5]. 3. Summary by Relevant Catalog I. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis (such as methanol basis in different regions including Taicang, Lunan, Inner Mongolia North Line, etc. compared with the main futures contract) and inter - period spreads (such as spreads between different methanol futures contracts like 01 - 05, 05 - 09, 09 - 01) [7][8][23] II. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and various import profit - related indicators such as the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [7][27][28] III. Methanol Start - up, Inventory - Information on methanol port total inventory, MTO/P start - up rate (including integrated ones), inland factory sample inventory, and China's methanol start - up rate (including integrated ones) is presented in the charts [7][35][42] IV. Regional Price Differences - The report shows regional price differences such as the price difference between North Shandong and Northwest, East China and Inner Mongolia, Taicang and Lunan, etc. through multiple charts [7][39][49] V. Traditional Downstream Profits - Charts display the production gross profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [7][51][55]

市场要闻与重要数据 1、 WTI原油涨1.5%，报63.481美元。布伦特原油涨1.38%，报67.58美元。（来源：Bloomberg） 原油日报 | 2026-01-29 美国打击伊朗风险仍在增加 下行风险：俄乌和谈达成协议，宏观黑天鹅事件 上行风险：制裁油（俄罗斯、伊朗、委内瑞拉）供应收紧、中东冲突导致大规模断供 2、 1月28日，美国国务卿鲁比奥称，特朗普政府准备动用武力，确保委内瑞拉代总统德尔西·罗德里格斯在最大程 度上与美国合作。鲁比奥表示，罗德里格斯承诺向美国公司开放委内瑞拉的能源部门，提供生产优惠准入，并将 石油销售所得用于购买美国商品。鲁比奥在参议院外交关系委员会的声明中表示："如果其他方法无效，我们准备 动用武力以确保委内瑞拉最大限度的合作。我们希望这种情况不会发生，但我们绝不会回避我们对美国人民的责 任以及我们在这个半球的使命。"（来源：Bloomberg） 3、 1月28日，非洲今年正吸引大型石油巨头前来投资，各企业计划在该地区钻探的高影响力勘探井数量预计将达 到其他任何地区的两倍以上，以寻求未来储备资源。根据数据，非洲以12口超深水钻井（预计深度达1500米及以 上）位居全球之首，此 ...

2月CP预期上调，内盘阻力仍存 市场分析 1、\t1月28日地区价格：山东市场，4360-4440；东北市场，3940-4100；华北市场，4150-4450；华东市场，4170-4390； 沿江市场，4780-5080；西北市场，4270-4440；华南市场，4790-4900。（数据来源：卓创资讯） 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷633美元/吨，涨6美元/吨，丁烷623美元/吨，涨6美元/吨，折合 人民币价格丙烷4861元/吨，涨39元/吨，丁烷4784元/吨，涨39元/吨。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷625美元/吨，涨6美元/吨，丁烷615美元/吨，涨6美元/吨，折合 人民币价格丙烷4800元/吨，涨39元/吨，丁烷4723元/吨，涨39元/吨。（数据来源：卓创资讯） 近期伊朗局势升温，美国派遣军舰前往中东地区，市场担忧美国与以色列对伊朗采取军事打击。由于LPG是伊朗 出口的主要油品之一，且大部分出口到我国，因此市场供应面临一定风险，需要持续关注伊朗局势发展。此外， 美国的寒潮天气也对LPG存在利多。然而，如果排除地缘和季节因素， ...

石油沥青日报 | 2026-01-29 市场情绪偏强，期货盘面大幅上涨 市场分析 1、1月28日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3410元/吨，较昨日结算价上涨130元/吨，涨幅 3.96%；持仓175279手，环比上涨11938手，成交454575手，环比下跌265014手。 2、卓创资讯重交沥青现货结算价：东北，3406—3550元/吨；山东，3130—3300元/吨；华南，3250—3300元/吨； 昨日BU期货盘面大涨，我们认为有来自成本端、基本面和资金面等多重因素的刺激。从成本端来看，近日油价偏 强运行。一方面，美国寒潮造成石油产量下滑，哈萨克斯坦滕吉兹油田复产进度偏慢，供应端存在阶段性利多； 另一方面，近期伊朗局势升温，美国官方表示已派遣军舰到中东地区，市场担忧美国和以色列对伊朗发动军事打 击，原油地缘溢价攀升。就沥青自身基本面而言，当前市场处于供需两弱格局。虽然终端消费已进入淡季，但炼 厂开工率与放货量同样较少，局部流通货源偏紧。此外，由于美国逐步控制委内瑞拉石油资源，马瑞原油对国内 炼厂的发货量大幅下滑，稀释沥青贴水远月报价显著上涨，沥青原料成本存在抬升预期。此外，由于市 ...

聚烯烃日报 | 2026-01-29 成本端支撑偏强，市场延续上行 市场要闻与重要数据 生产利润方面，PE油制生产利润为72.5元/吨（-161.0），PP油制生产利润为-527.5元/吨（-161.0），PDH制PP生产利 润为-621.0元/吨（+44.0）。 进出口方面，LL进口利润为365.7元/吨（-11.8），PP进口利润为-412.8元/吨（-33.1），PP出口利润为-68.1美元/吨（-1.1）。 下游需求方面，PE下游农膜开工率为36.3%（-0.6%），PE下游包装膜开工率为45.0%（-3.2%），PP下游塑编开工率 为42.0%（-0.6%），PP下游BOPP膜开工率为64.0%（+0.5%）。 市场分析 PE方面，地缘扰动加剧，成本端原油价格震荡上行，叠加近期北美寒潮影响乙烷供应价格高涨，PE成本端支撑持 续，聚烯烃市场情绪仍高涨；基本面情况看，供应端，短期包括中化泉州、茂名石化等重启装置偏多，PE供应端 存回升预期；需求端，PE下游延续淡季特征，下游整体开工延续下滑，下游工厂采购力度有所减弱，其中农膜需 求淡季，包装膜开工亦同期偏低，节前下游订单跟进情况仍显不足。整体看塑料供需格 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The news that the US informed Israel of its preparations for actions against Iran led to a rise in crude oil prices, driving cost - based increases in pure benzene and styrene [3]. - The pure benzene port inventory rebounded slightly at the beginning of the week. Although the arrival pressure eased, downstream提货 declined. The overall downstream start - up was okay, with non - styrene pure benzene downstream start - up rising, especially aniline start - up which increased significantly due to MDI restart. Domestic pure benzene start - up decreased further, and there are concerns about potential changes in overseas supply [3]. - For styrene, the lowest point of domestic start - up may have passed, with some plants having restart expectations. The port inventory increased for the first time this week. The downstream start - up was still okay, with inventory pressure further relieved [3]. 3. Summaries According to Related Catalogs I. Pure Benzene and EB's Basis Structure and Inter - period Spread - Figures related to pure benzene basis and inter - period spread include pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene consecutive first - contract to consecutive third - contract spread [8][15]. - Figures related to styrene basis and inter - period spread include styrene main contract basis and styrene consecutive first - contract to consecutive third - contract spread [16][19]. II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Production profit - related figures include naphtha processing fee, pure benzene FOB Korea - naphtha CFR Japan, styrene non - integrated device production profit [22][24]. - Domestic - foreign spread - related figures include pure benzene FOB US Gulf - FOB Korea, pure benzene FOB US Gulf - CFR China, pure benzene FOB Rotterdam - CFR China, styrene FOB US Gulf - CFR China, styrene FOB Rotterdam - CFR China, pure benzene import profit, and styrene import profit [24][28][34]. III. Inventory and Operating Rates of Pure Benzene and Styrene - For pure benzene, figures show East China port inventory and operating rate [40]. - For styrene, figures cover East China port inventory, operating rate, East China commercial inventory, and factory inventory [43][45]. IV. Operating Rates and Production Profits of Styrene Downstream - Figures include EPS operating rate and production profit, PS operating rate and production profit, ABS operating rate and production profit [53][55][57]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Figures include caprolactam operating rate and production profit, phenol - ketone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, as well as production profits of PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [63][67][75]. 4. Strategies - Unilateral: Cautiously buy on dips and hedge for EB2603 and BZ2603 [4]. - Basis and inter - period: No strategy provided [4]. - Cross - variety: No strategy provided [4].