Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The steel market may trade the winter storage logic in advance and experience a rebound. The rebound space depends on the intensity of winter storage [1] Group 3: Summary by Related Catalog Market Review - On Monday, the night - session prices of rebar and hot - rolled coil showed a mixed trend, with rebar and hot - rolled coil rising and falling respectively at night [1] Important News - Recently, Hebei, Jiangsu, and Shanxi released the list of key construction projects in 2026, including 63 projects related to the steel industry [1] - In December 2025, a total of 482 projects started across the country, with a total investment of approximately 534.092 billion yuan; the total investment in 2025 was approximately 27.52 trillion yuan [1] - Minister Li Lecheng of the Ministry of Industry and Information Technology stated that in 2026, efforts will be focused on four aspects: "stability", "expansion", "innovation", and "increase" to maintain the stable growth of the industrial economy [1] - Some cities in Hebei and Liaocheng launched heavy - pollution weather emergency responses [1] Market Logic - On Monday, steel prices rose in some areas. The supply of the five major steel products this period was 818,590 tons, a week - on - week increase of 7,380 tons. Among them, the production and inventory of rebar increased, the production of hot - rolled coil increased, and the inventory decreased. Overall, steel supply increased, demand decreased, and inventory increased [1] Trading Strategy - The market may trade the winter storage logic in advance and experience a rebound. The rebound space depends on the intensity of winter storage [1]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 13 日星期二 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 昨日日盘锰硅主力合约 SM2603 收于 5930，环比日盘开盘上涨 0.44%；硅铁主力合约 SF2603 收于 5698，环比日盘开盘上涨 1.17%。 | | | | | 【重要资讯】 | | | | | 1、河北省衡水市、保定市、廊坊市、沧州市自 2026 年 1 月 12 日 12 时起，邯郸市自 2026 | | | | | 年 1 月 12 日 13 时起，启动重污染天气Ⅱ级应急响应。聊城市于 1 月 12 日 20 时发布重 | | | | | 污染天气橙色预警，并于 1 月 13 日 20 时启动Ⅱ级应急响应。 | | | 硅铁、 | | 2、大商所拟修改《大连商品 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 13 日星期二 研究员： 吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周一尿素主力合约 2605 价格上涨 4 元至 1783 元/吨，华中主流地区现货价格下跌 10 元至 1740 元/吨。持仓方面，多头持仓增加 5161 手至 23.39 万手，空头持仓增 加 6011 手至 25.4 万手。 | | | | | 【重要资讯】 | | | | | 1、供应方面，尿素行业日产 20.2 万吨，较上一工作日增加 0.18 万吨；较去年同期 | | | | | 增加 2.79 万吨；今日开工率 85.8%，较去年同期 81.2%回升 4.5%。 | | | | | 2、库存方面，中国尿素企业总库存量 102.22 万吨，较上周增加 0.30 万吨，环比增 ...

联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 昨日夜盘玉米期货震荡偏强，截至夜盘收盘主力合约2603合约涨幅0.75%，收于229 | | | | | 3元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网数据显示昨日深加工企业收购价整体稳定。东北地区企业主流 | | | | | 收购价2163元/吨；华北地区企业收购均价2254元/吨。 | | | | | 2、中国粮油商务网数据显示昨日南北港口价格继续走强。锦州港15%水二等玉米收 | | | | | 购价2275-2280元/吨，较上周五涨20元/吨；蛇口港玉米成交价2420元/吨，较上周 | | | | | 五持平。 | | | | | 3、大商所数据显示，截至1月12日玉米期货仓单数量较前一交易日增1520手，共计 | | | | | 38075手。 | | | | | 4、美国农业部1月份供需报告调高美玉米产量和库存，CBOT玉米承压下跌。2025/ | | | 玉米 | 区 ...

研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周一国债期货主力合约开盘涨跌参半，早盘小幅冲高，午后略有回落，临近尾盘再 | | | | | | | | | | | | | | | | | | 度拉升，截至收盘 | 30 | 年期国债期货主力合约 | TL2603 | 上涨 | 0.30%，10 | 年期 | T2603 | 上 | 涨 | 0.06%，5 | 年期 | TF2603 | 上涨 | 0.05%，2 | 年期 | TS2603 | 持平。 | | 【重要资讯】 | | | | | | | | | | | | | | | | | | | 1、公开市场：周一央行开展了 ...

Morning session notice 早盘提示 Morning session notice 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | ICE3 月合约结算价 64.91 涨 50 点，5 月 66.44 涨 53 点，7 月 67.86 涨 55 点；成 交约 6.6 万手。 | | | | | 郑棉总成交 794361 持仓 1176485。结算价 1 月 14650，5 月 14565，9 月 14730。 | | | | | 【重要资讯】 | | | | | 1、1 月 4 日南疆巴州区域纺企采购 31 级双 29 含杂 2.8%以内机采新棉疆内库 2605 | | | | | 合约基差成交价 950-1050 元/吨，提货价在 15500-15650 元/吨，较前一日持平。 | | | | | 2、据统计，截至 2025 年 12 月 18 日，美国累计净签约出口 2025/26 年度棉花 148.8 | | | | | 万吨，达到年度预期出口量的 56.03%，累计 ...

Report Industry Investment Rating - The investment rating for the energy and chemical sector (pure benzene) is "oscillating" [2] Core View of the Report - Amidst continuous global geopolitical disturbances, crude oil prices have stabilized and rebounded. This week, the pure benzene inventory at Jiangsu ports continued to increase, while the downstream demand-side operating rates improved. In the short term, the pure benzene price will experience wide fluctuations, with the reference range for the 03 contract being 5450 - 5630 yuan/ton. Future focus should be on port arrivals and the future transaction prices in the US dollar-denominated pure benzene market [2] Summary by Relevant Catalog Market Review - On Monday night, the price of the main contract futures BZ2603 dropped by 12 yuan to 5523 yuan/ton. The spot price in the mainstream East China region was 5420 yuan/ton (a week-on-week increase of 85), and in Shandong, it was 5315 yuan/ton (a week-on-week increase of 92). In terms of positions, long positions increased by 1325 lots to 20300 lots, and short positions increased by 698 lots to 25500 lots [2] Important Information - Supply: In December, the domestic pure benzene production was 1.934 million tons, a year-on-year increase of 1.3%. In November, the pure benzene import volume was 459,600 tons, a month-on-month decrease of 7.4%. The 2025 November import volume was 459,624.998 tons, with a month-on-month decline of 7.48% and a year-on-year increase of 5.93%. The cumulative import volume was 5.071144069 million tons, a 33.61% increase compared to the same period last year [2] - Inventory: The total commercial inventory of the Jiangsu pure benzene port samples was 324,000 tons, up 6000 tons from the previous inventory of 318,000 tons, a month-on-month increase of 1.89%. It was 149,700 tons higher than the inventory of 174,300 tons in the same period last year, a year-on-year increase of 85.89%. From January 5th to January 11th, the estimated arrivals were about 36,000 tons, and the pickups were about 30,000 tons [2] - Demand: The styrene operating rate was 70.9%, a month-on-month increase of 0.4%; the phenol operating rate was 85%, a month-on-month increase of 5%; the caprolactam operating rate was 74.2%, a month-on-month decrease of 1.1%; the aniline operating rate was 61.3%, a month-on-month increase of 1.5%; the adipic acid operating rate was 67.6%, a month-on-month increase of 0.6%. Caprolactam factories started self-disciplinary production cuts, and there was an expected reduction in monthly pure benzene demand from December to January. The second line of Guangxi Hengyi's caprolactam was put into operation [2] - International Oil Prices: Due to the ongoing instability in the Iranian situation and potential supply risks, international oil prices rose. The NYMEX crude oil futures 02 contract increased by 0.38 dollars/barrel to 59.50 dollars/barrel, a month-on-month increase of 0.64%; the ICE Brent crude oil futures 03 contract increased by 0.53 dollars/barrel to 63.87 dollars/barrel, a month-on-month increase of 0.84%. The Chinese INE crude oil futures 2603 contract rose 9.9 to 436.8 yuan/barrel, and in the night session, it rose 0.2 to 437 yuan/barrel [2] - Other News: On January 11th, it was reported that the US District of Columbia Federal Prosecutor's Office had launched a criminal investigation into Federal Reserve Chairman Jerome Powell, regarding the renovation project of the Fed's Washington headquarters building and whether Powell lied to Congress about the project's scope [2] Market Logic - With continuous global geopolitical disturbances, crude oil prices have stabilized and rebounded. This week, the pure benzene inventory at Jiangsu ports continued to increase, while the downstream demand-side operating rates improved. In the short term, the pure benzene price will experience wide fluctuations, with the reference range for the 03 contract being 5450 - 5630 yuan/ton. Future focus should be on port arrivals and the future transaction prices in the US dollar-denominated pure benzene market [2] Trading Strategy - Reduce long positions and wait and see [2]

Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "oscillating" [1] Group 2: Core View of the Report - With continuous global geopolitical disturbances, the crude oil price has stabilized and rebounded. Last week, the supply of bottle chips increased slightly, and downstream factories mainly made rigid restocking. The expected commissioning of new plants has little impact on the market. In the short term, the price of bottle chips will oscillate following the raw materials, with the reference range for the main contract PR2603 being 5980 - 6200 yuan/ton. The trading strategy is to reduce long - positions and wait and see [1] Group 3: Summary by Related Contents Market Conditions - On the night of Monday, the main price of bottle chips fell by 46 yuan to 6042 yuan/ton. The price of East China water - grade bottle chips was 6110 yuan/ton (+80), and the price of South China bottle chips was 6150 yuan/ton (+70). Long - position holdings increased by 3355 lots to 66,500 lots, and short - position holdings increased by 2840 lots to 68,500 lots [1] Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production this week was 334,700 tons, a week - on - week decrease of 600 tons. The average weekly capacity utilization rate of domestic polyester bottle chips was 72.27%, a week - on - week decrease of 1.01. The production cost of polyester bottle chips was 5592 yuan, a week - on - week decrease of 31 yuan/ton. The weekly production gross profit of polyester bottle chips was - 166 yuan/ton, a week - on - week increase of 15 yuan/ton [1] - In November 2025, China's polyester bottle chip exports were 533,000 tons, an increase of 9900 tons from the previous month. The cumulative export volume in 2025 was 5.865 million tons [1] - In December 2025, the output of China's polyester bottle chip industry was 1.4789 million tons, a month - on - month increase of 3.48%. The capacity utilization rate this month was 73.12%, a month - on - month increase of 0.1 percentage points [1] - Due to the continued instability in the Iranian situation and potential supply risks worrying the market, international oil prices rose. The NYMEX crude oil futures 02 contract was at 59.50, up 0.38 dollars/barrel, a week - on - week increase of 0.64%; the ICE Brent crude oil futures 03 contract was at 63.87, up 0.53 dollars/barrel, a week - on - week increase of 0.84%. The China INE crude oil futures 2603 contract rose 9.9 to 436.8 yuan/barrel, and rose 0.2 to 437 yuan/barrel in the night session [1] - According to CCTV news, on January 11, local time, it was learned from informed officials that the US District of Columbia Federal Prosecutor's Office has launched a criminal investigation into Federal Reserve Chairman Jerome Powell. The investigation involves the renovation project of the Fed's Washington headquarters building and whether Powell lied to Congress about the scope of the project [1]

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 13 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | 【重要资讯】 | | | | | | 1、美国哥伦比亚特区联邦检察官办公室已就美国联邦储备委员会华盛顿总部翻修 | | | | | 相关事宜，对美联储主席鲍威尔启动刑事调查。鲍威尔说，刑事指控的威胁，实因 | | | | | 美联储依据对公共利益的最佳评估设定利率，而非追随总统的偏好。 | | | | | 2、中国 2025 年 12 月向国际电信联盟申请了超 20 万颗卫星的频轨资源，其中 19 | | | | | 万颗来自刚成立的"国家队"无线电创新院。这是无线电领域首家以技术创新和成 | | | | | 果转化为目标的新型研发机构，意味着卫星频轨资源申请已上升至国家战略层面。 | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The overall report data is neutral, but in the context of the hot sentiment in the overall commodity market, with the settlement of uncertain factors, the U.S. takeover of Venezuelan oil exports, the rapid recovery of international crude oil prices, the resurgence of the biodiesel concept, and hot money flowing quickly into low - priced palm oil. Technically, the palm oil 2605 contract on the daily line level breaks through the downward channel. Macro - level factors drive the financial attributes to stand out, and long positions in palm oil should continue to be held [1]. 3. Summary by Relevant Catalogs Malaysia Palm Oil Production - In December 2026, Malaysia's palm oil production was 1,829,761 tons, a month - on - month decrease of 5.46%, higher than the market expectation. The previous value was 1,936,000 tons, and the predicted value was 1,760,000 tons [2]. Malaysia Palm Oil Exports - In December 2026, Malaysia's palm oil exports were 1,316,522 tons, a month - on - month increase of 8.52%, higher than the market expectation. The previous value was 1,213,000 tons, and the predicted value was 1,250,000 tons [1][2][3]. Malaysia Palm Oil Imports - In December 2026, Malaysia's palm oil imports were 33,292 tons, a month - on - month increase of 43.64%, in line with expectations. The previous value was 23,000 tons, and the predicted value was 30,000 tons [2]. Malaysia Palm Oil Inventory - In December 2026, Malaysia's palm oil inventory was 3,050,598 tons, a month - on - month increase of 7.58%, higher than the market expectation. The previous value was 2,835,000 tons, and the predicted value was 2,970,000 tons [2][3].