Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - Crude oil prices support the firmness of the oil and fat market, and the prices of the three major oils were volatile yesterday. The data from shipping survey agencies shows that the recent exports of Malaysian palm oil have increased month - on - month, and the international crude oil has risen by about 3%, providing strong support for oil and fat prices [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract yesterday was 9,270.00 yuan/ton, a change of +32 yuan or +0.35% compared with the previous day. The closing price of the soybean oil 2605 contract was 8,326.00 yuan/ton, a change of +68.00 yuan or +0.82%. The closing price of the rapeseed oil 2605 contract was 9,330.00 yuan/ton, a change of +4.00 yuan or +0.04% [1] Spot - In the Guangdong region, the spot price of palm oil was 9,190.00 yuan/ton, a change of +10.00 yuan or +0.11%, with a spot basis of P05 - 80.00, a change of -22.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,620.00 yuan/ton, a change of +80.00 yuan/ton or +0.94%, with a spot basis of Y05 + 294.00, a change of +12.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,160.00 yuan/ton, with no change, and a spot basis of OI05 + 830.00, a change of -4.00 yuan [1] Group 4: Recent Market Consultation Summary Crop C&F Prices - The C&F price of Canadian rapeseed (March shipment) was 545 US dollars/ton, an increase of 4 US dollars/ton compared with the previous trading day. The C&F price of Canadian rapeseed (May shipment) was 553 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of US Gulf soybeans (February shipment) was 482 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of US West soybeans (February shipment) was 476 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of Brazilian soybeans (February shipment) was 451 US dollars/ton, an increase of 3 US dollars/ton [2] Imported Soybean Premium Quotes - The premium of Mexican Gulf soybeans (February shipment) was 243 cents/bushel, an increase of 5 cents/bushel. The premium of US West Coast soybeans (February shipment) was 228 cents/bushel, an increase of 5 cents/bushel. The premium of Brazilian port soybeans (February shipment) was 160 cents/bushel, with no change [2] C&F Prices of Imported Oils - The C&F price of Argentine soybean oil (March shipment) was 1,202 US dollars/ton, a decrease of 29 US dollars/ton. The C&F price of Argentine soybean oil (May shipment) was 1,137 US dollars/ton, a decrease of 14 US dollars/ton. The C&F price of Canadian rapeseed oil (February shipment) was 1,040 US dollars/ton, with no change. The C&F price of Canadian rapeseed oil (April shipment) was 1,020 US dollars/ton, with no change [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various sectors in the market on January 28, 2026, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On January 28, 2026, the trading volume of the stock index plate was 8754.29 billion yuan, a - 26.67% change from the previous trading day; the holding amount was 17952.50 billion yuan, a - 0.65% change; the trading - holding ratio was 48.83% [1] III. Treasury Bond Plate - On January 28, 2026, the trading volume of the treasury bond plate was 2873.16 billion yuan, a + 0.58% change from the previous trading day; the holding amount was 8572.73 billion yuan, a + 0.03% change; the trading - holding ratio was 32.25% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On January 28, 2026, the trading volume of the basic metal plate was 12080.14 billion yuan, a - 7.78% change from the previous trading day; the holding amount was 8094.33 billion yuan, a - 1.58% change; the trading - holding ratio was 154.87%. The trading volume of the precious metal plate was 17727.68 billion yuan, a + 12.47% change; the holding amount was 7332.85 billion yuan, a + 2.19% change; the trading - holding ratio was 293.26% [1] V. Energy Chemical Plate - On January 28, 2026, the trading volume of the energy chemical plate was 6380.98 billion yuan, a - 15.06% change from the previous trading day; the holding amount was 5241.19 billion yuan, a - 0.98% change; the trading - holding ratio was 108.23% [1] VI. Agricultural Product Plate - On January 28, 2026, the trading volume of the agricultural product plate was 3012.28 billion yuan, a - 6.30% change from the previous trading day; the holding amount was 6487.26 billion yuan, a + 0.83% change; the trading - holding ratio was 42.58% [1] VII. Black Building Material Plate - On January 28, 2026, the trading volume of the black building material plate was 1453.00 billion yuan, a - 25.10% change from the previous trading day; the holding amount was 3156.98 billion yuan, a - 1.17% change; the trading - holding ratio was 44.37% [2]

农产品日报 | 2026-01-29 郑棉强势上涨，糖价依旧承压 市场要闻与重要数据 期货方面，昨日收盘白糖2605合约5187元/吨，较前一日变动+19元/吨，幅度+0.37%。现货方面，广西南宁地区白 糖现货价格5270元/吨，较前一日变动+0元/吨，现货基差SR05+83，较前一日变动-19。云南昆明地区白糖现货价格 5155元/吨，较前一日变动+0元/吨，现货基差SR05-32，较前一日变动-19。 昨日郑棉期价强势上涨。国际方面，1月USDA下调全球棉花产量和期末库存，数据调整偏多。不过目前全球供需 格局仍偏松，美棉出口签约进度整体仍偏慢，短期ICE美棉预计仍将承压。中长期看，美棉已处于低估值区间，进 一步下跌的空间预计不大，但向上驱动暂不明确，后续需关注新季供应题材。国内方面，25/26年度国内棉花延续 大幅增产，商业库存呈季节性回升。春节前贸易商和纺织企业积极备货，现货成交较好，但下游新增订单减少， 产业链成品库存处于偏高水平。从整个年度来看，下游纱锭产能扩张使得国内用棉量有所提升，新年度维持高产 量和高消费预期，进口维持低位的情况下，供需预计偏平衡，年度末仍有库存趋紧的可能性。 策略 中性。短 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Option Trading Volume - On January 27, 2026, the trading volume of SSE 50 ETF options was 1686800 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1869200 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2513900 contracts; the trading volume of Shenzhen 100 ETF options was 67900 contracts; the trading volume of ChiNext ETF options was 2011600 contracts; the trading volume of SSE 50 index options was 52800 contracts; the trading volume of CSI 300 index options was 165300 contracts; the total trading volume of CSI 1000 options was 337500 contracts [1] - The table shows the call, put and total trading volumes of various index ETF options on the same day, such as 659700 call contracts and 502000 put contracts for SSE 50 ETF options, with a total of 1161700 contracts [18] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.69, with a month - on - month change of - 0.30; the open interest PCR was reported at 0.76, with a month - on - month change of + 0.06. Similar data are provided for other types of options, such as CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc. [2] - The table presents the turnover PCR, its month - on - month change, open interest PCR and its month - on - month change for various index ETF options [33] Option VIX - The VIX of SSE 50 ETF options was reported at 19.29%, with a month - on - month change of + 1.71%. Similar data are given for other types of options, including CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc. [3] - The table shows the VIX and its month - on - month change value for various index ETF options [46]

美国寒潮与滕吉兹油田复产缓慢推动油价走高 市场要闻与重要数据 1、 纽约商品交易所3月交货的轻质原油期货价格上涨1.76美元，收于每桶62.39美元，涨幅为2.9%；3月交货的伦 敦布伦特原油期货价格上涨1.98美元，收于每桶67.57美元，涨幅为3.02%。SC原油主力合约收涨1.54%，报456元/ 桶。（来源：Bloomberg） 原油日报 | 2026-01-28 2、 1月28日，美国贸易代表格里尔表示，印度还要做很多事情，才能消除美国对其购买俄罗斯石油的担忧，并获 得关税减免。格里尔称，虽然新德里在遏制俄油购买方面"取得了很大进展"，但"他们很难"完全停止购买俄油，因 为"他们喜欢从俄油中获得的折扣"。格里尔说："我经常与印度的对口官员联系。我们工作关系很好，但在这一点 上，他们还有很长的路要走。"这些评论表明，美国降低印度商品关税的协议仍遥遥无期。美国和印度官员已就降 低特朗普施加的50%的关税问题进行了数月的谈判。（来源：Bloomberg） 3、 1月27日，在经历外交寒潮后，随着两国关系重启，加拿大与印度将承诺扩大石油和天然气贸易。据外媒看到 的一份联合声明，在加拿大能源部长蒂姆·霍奇森与 ...

化工日报 | 2026-01-28 气温下降，泰国东北部逐步停割 市场要闻与数据 期货方面，昨日收盘RU主力合约16205元/吨，较前一日变动-25元/吨；NR主力合约13085元/吨，较前一日变动+0 元/吨；BR主力合约13045元/吨，较前一日变动-220元/吨。 现货方面，云南产全乳胶上海市场价格15950元/吨，较前一日变动+0元/吨。青岛保税区泰混15100元/吨，较前一 日变动-50元/吨。青岛保税区泰国20号标胶1940美元/吨，较前一日变动-5美元/吨。青岛保税区印尼20号标胶1875 美元/吨，较前一日变动+0美元/吨。中石油齐鲁石化BR9000出厂价格13000元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价12750元/吨，较前一日变动-150元/吨。 市场资讯 2025年12月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量80.34万吨，环比增 加24.84%，同比增加25.4%，2025年1-12月累计进口数量667.51万吨，累计同比增加17.94%。 据中国海关总署1月18日公布的数据显示，2025年中国橡胶轮胎出口量达965万吨，同比增长 ...

节前备货预期抬升，猪价走势相对平稳 农产品日报 | 2026-01-28 生猪观点 市场要闻与重要数据 谨慎偏空 期货方面，昨日收盘生猪 2603合约11285元/吨，较前交易日变动-180.00元/吨，幅度-1.57%。现货方面，河南地区 外三元生猪价格13.12元/公斤，较前交易日变动-0.03元/公斤，现货基差 LH03+1835，较前交易日变动+150；江苏 地区外三元生猪价格 13.22元/公斤，较前交易日变动-0.15元/公斤，现货基差LH03+1935，较前交易日变动+30；四 川地区外三元生猪价格12.79元/公斤，较前交易日变动-0.08元/公斤，现货基差LH03+1505，较前交易日变动+100。 据农业农村部监测，1月27日"农产品批发价格200指数"为130.39，比昨天上升0.05个点，"菜篮子"产品批发价格指 数为133.33，比昨天上升0.07个点。全国农产品批发市场猪肉平均价格为18.66元/公斤，比昨天上升0.1%；牛肉66.01 元/公斤，比昨天下降0.3%；羊肉63.64元/公斤，比昨天下降0.5%；鸡蛋8.51元/公斤，比昨天上升1.2%；白条鸡17.25 元/公斤，比 ...

新能源及有色金属日报 | 2026-01-28 春节临近需求持续偏弱 铜价仍陷震荡格局 市场要闻与重要数据 期货行情： 2026-01-27，沪铜主力合约开于 103260元/吨，收于 102600元/吨，较前一交易日收盘0.71%，昨日夜盘沪铜主力合 约开于 101,900元/吨，收于 101,560 元/吨，较昨日午后收盘下降1.18%。 现货情况： 据 SMM 讯，昨体贴水格局。因此，沪铜现货贴水预计将继续承压运行。 今日SMM 1#电解铜现货对2602合约报贴水310至220元/吨，均价贴水265元，较昨日下跌35元。现货价格区间为 101140-101600元/吨。 期铜主力早盘跳空低开后震荡走弱，盘中下探101610元，随后于101860-102200元间波动，收于101880元。隔月 Contango价差在340-270元之间，当月进口亏损约610-730元/吨。早间好铜报贴水220-150元，平水铜报贴水300-240 元，中条山等以贴水300-280元成交，祥光等报贴水240元，湿法铜货紧报贴水350-330元。部分持货商月底甩货， 当月票货源价格较高，金川isa等贴水330元迅速成交。午后 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The price of lithium carbonate showed resilience and closed higher in the late trading, indicating that the short - term supply - demand tight balance will continue. The low downstream inventory and pre - holiday restocking demand support the price. However, there is a game between the short - term "strong reality" and long - term "weak expectation", and the price may be prone to correction if supply recovers or demand is overdrawn [1][2][3] 3. Summary by Relevant Catalogs Market Analysis - On January 27, 2026, the lithium carbonate main contract 2605 opened at 166,700 yuan/ton and closed at 179,600 yuan/ton, with a 1.50% change in the closing price compared to the previous day's settlement price. The trading volume was 382,313 lots, and the open interest was 422,433 lots (416,719 lots the previous day). The current basis was 1,360 yuan/ton, and the lithium carbonate warehouse receipts were 29,166 lots, a change of 520 lots compared to the previous day [1] Spot Market - According to SMM data, the price of battery - grade lithium carbonate was 168,000 - 177,000 yuan/ton, a change of - 9,000 yuan/ton compared to the previous day; the price of industrial - grade lithium carbonate was 165,000 - 173,000 yuan/ton, also a change of - 9,000 yuan/ton. The price of 6% lithium concentrate was 2285 US dollars/ton, a change of - 10 US dollars/ton compared to the previous day. The total weekly output of lithium carbonate was 22,217 tons, a decrease of 388 tons compared to the previous week [2] Inventory - The spot inventory was 108,896 tons, a decrease of 783 tons compared to the previous period. Among them, the smelter inventory was 19,834 tons, an increase of 107 tons; the downstream inventory was 37,592 tons, an increase of 1,940 tons; other inventories were 51,470 tons, a decrease of 2,830 tons [2] Strategy - There is a game between short - term "strong reality" and long - term "weak expectation". The current price increase depends on supply disruptions and pre - demand. If supply recovers or demand is overdrawn, the price is likely to correct. It is recommended to mainly conduct range operations, pay attention to consumption and inventory turning points, and consider selling hedges at high prices when appropriate. For single - side trading, conduct short - term range operations [3]

燃料油日报 | 2026-01-28 地缘局势尚不明朗，情绪溢价有所回落 市场分析 上期所燃料油期货主力合约日盘收跌1.57%，报2692元/吨；INE低硫燃料油期货主力合约日盘收跌0.35%，报3165 元/吨。 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 近日中东局势升温，原油地缘溢价攀升，并带动下游能化商品上涨。但截至周二尚未发生大规模断供事件，昨日 油价回落，带动FU、LU盘面回调。 高硫燃料油是伊朗出口的主要油品，因此FU对于伊朗局势的发展相对敏感，短期波动较大。站在自身基本面的角 度来看，近期市场结构边际改善，现货贴水、月差与裂解价差明显走强，下游需求表现相对良好，俄罗斯与伊朗 供应则面临地缘冲突的潜在威胁。但如果伊朗局势缓和，市场不具备持续走强的动力。 低硫燃料油方面，当前市场矛盾有限，主要跟随原油端被动上涨。站在供需层面，近期随着Dangote与阿祖尔炼厂 装置动态变动，尼日利亚与科威特供应出现较大回升。此外，东西价差走阔后2月份套利船货量可能回升，市 ...