投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 玻璃 空头优势增强 宝城期货 闾振兴 图为玻璃期货 2605 合约多空前 20 席位持仓变化 值得注意的是，当日多空排行榜前 20 席位中，只有 1 家进行多翻空操作。中辉期货席位在减持 301 手多单的同时增持 5 手空单。这反映出上述席位的交易者认为后市玻璃企稳反弹动力不足，部分增持空单。 采取空翻多操作的席位也只有 1 家。数据显示，方正中期席位在减持 1549 手空单的同时增持 802 手 多单，表明上述席位认为玻璃期价有望企稳反弹。 昨日，在玻璃期货 2605 合约多空排行榜前 20 席位中，由于多头席位减持而空头席位增持，导致净空 头寸扩大至 193870 手，表明空头优势有所增强。预计后市玻璃期货维持震荡偏弱的走势。 发表于 2026.1.29 期货日报第六版 昨日，玻璃期货 2605 合约呈现缩量增仓，震荡偏弱，略微收低的走势，盘中期价最低下探至 1054 元 /吨，最高收涨至 1076 元/吨。收盘报 1067 元/吨，跌幅为 0.56%。持仓略微增加 60 手，至 1205109 手。 交易所多空持仓排行榜前 20 席 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 8 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 1 月 29 日 钢材&铁矿石日报 专业研究·创造价值 螺纹钢：主力期价震荡走高，录得 1.12%日涨幅，量仓扩大。现阶段， 螺纹钢供应平稳，而需求表现偏弱，基本面延续弱势，淡季钢价承压运 行，相对利好则是商品情绪偏暖，乐观情绪主导下钢价震荡企稳，关注 库存变化情况。 商品情绪偏暖，钢矿震荡走高 热轧卷板：主力期价偏强震荡，录得 0.79%日涨幅，量仓扩大。目前来 看，热卷供需两端均维持 ...

多重利好因素提振 豆类油脂整体偏强 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 生猪 2026 年 1 月 29 日 豆类日报 油脂市场联动走强，主要受多重利好因素共振驱动。美国生物柴油政策的 潜在利好预期持续提振美豆油，而马棕 1 月季节性减产与印度斋月前备货需 求共同强化产地去库预期，叠加国际原油价格坚挺，BMD 毛棕榈油连续上涨。 国内油脂板块强势跟涨。但盘面的过快上涨已经开始抑制现货成交，下游贸易 商接受度低，导致豆油现货基差承压，但远月基差合同成交放量，反映出市场 在为远期供应进行布局。整体来看，油脂板块在进口成本上升与商品市场普涨 氛围支撑下，油脂期价保持偏强运行格局。现货市场随着近月船期采购持续推 进，供应预期趋于宽松，将限制基差走强空间，随着现货交投受到影响，近月 基差面临回落风险。 （仅供参考，不构成任何投资建议） 姓名：毕慧 宝城期货投资咨询部 从业资格证号：F0268536 投资咨询证号：Z0011311 电话：0571-87006873 邮箱：bihui@bcqhgs.com 作者声明 本人具有中国期货业协 会授予的期货从业资格证 书，期货投资咨询资格证 书，本人 ...

Report Summary 1. Investment Rating - The report does not provide an investment rating for the industry. 2. Core Views - **Copper**: On January 29, 2026, copper prices increased with rising positions, breaking through the upper limit of the trading range since January. The trading volume of SHFE copper reached 700,000 contracts, and the main contract price touched 110,000 yuan. LME copper reached $14,000 per ton, rising over 6,000 yuan per ton during the day. Macroscopically, the US dollar index remained weak, leading to a general increase in precious and non - ferrous metals. Industrially, downstream buyers were hesitant, and the spread between February and March contracts continued to narrow, falling below 400 yuan per ton. In the short term, macro factors drove up copper prices, and the industry followed passively [6]. - **Aluminum**: Aluminum prices showed a strong and volatile trend, with trading volume and prices moving in the same direction. Macroscopically, the weak US dollar index led to a general increase in non - ferrous metals. Industrially, downstream buyers were hesitant, and the spread between February and March contracts continued to narrow, falling below 100 yuan per ton. Similar to copper, macro factors drove up aluminum prices, and the industry followed passively [7]. - **Nickel**: Nickel prices increased with rising positions in the morning and decreased with falling positions in the afternoon, showing an overall strong trend. Macroscopically, the weak US dollar was beneficial to non - ferrous metals. Industrially, the LME nickel 0 - 3 spread continued to narrow, and the domestic February - March spread also fell below 400 yuan per ton, reflecting a situation of strong expectations and weak reality. Macro factors drove up nickel prices, and the expected supply contraction supported nickel prices, while the weak industrial reality put pressure on them [8]. 3. Section Summaries 3.1 Industry Dynamics - **Copper**: On January 29, LME copper prices soared, hitting a record high of $13,965 per ton, with a cumulative increase of nearly 12% this year. Other major base metals also rose, and aluminum prices reached a three - year high. The strong performance of the commodity market at the beginning of the year was due to the weak US dollar, increased demand for physical assets, and geopolitical tensions. The weak US dollar made commodities more attractive to buyers [10]. - **Aluminum**: According to SMM data on January 29, the weekly ratio of molten aluminum in domestic electrolytic aluminum production was 72.64%, a decrease of 2.25 percentage points from the previous week, and a cumulative decrease of 3 percentage points in January [11]. 3.2 Relevant Charts - **Copper**: The report includes charts on copper basis, month - to - month spreads, Shanghai electrolytic copper social inventory, global copper exchange inventory (SHFE + LME + COMEX), LME copper cancelled warrant ratio, and SHFE warrant inventory [12][13][15]. - **Aluminum**: The report includes charts on aluminum basis, month - to - month spreads, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), Shanghai - London ratio, and aluminum bar inventory [26][28][30]. - **Nickel**: The report includes charts on nickel basis, LME inventory, LME nickel price trend, SHFE inventory, and nickel ore port inventory [38][40][42].

Group 1: Report Summary - The main contract LC2605.GFE closed at 164,820 yuan/ton, down 1,460 yuan/ton from the previous day, showing an upward trend in the past 10 trading days [4]. - The spot price of lithium carbonate was 167,880 yuan/ton, down 2.37% from the previous day, also showing an upward trend in the past 10 trading days [4]. - The current basis was 1,380 points, a positive basis (spot premium), weakening 240 points from the previous day, and the basis has weakened overall in the past 10 trading days [4]. - The registered warehouse receipt volume of lithium carbonate was 30,211 lots, an increase of 245 lots (+0.82%) from the previous day, and the warehouse receipts have increased overall in the past 10 trading days [4]. - The overall industry inventory remained at a relatively low level [4]. Group 2: Industry Dynamics - The main contract closing price of futures was 164,820 yuan/ton, down 1,460 yuan/ton from the previous day and 3,960 yuan/ton from the previous week [6]. - The main contract settlement price was 166,500 yuan/ton, down 3,840 yuan/ton from the previous day and 2,660 yuan/ton from the previous week [6]. - The prices of lithium spodumene concentrates from different regions (Australia, Brazil, Zimbabwe, etc.) showed various changes compared to the previous day and the previous week [6]. - The price of domestic 99.5% electric-grade lithium carbonate was 167,880 yuan/ton, down 4,080 yuan/ton from the previous day but up 3,320 yuan/ton from the previous week [6]. - The prices of domestic lithium hydroxide products also had different changes compared to the previous day and the previous week [6]. - The prices of downstream products such as ternary precursors, electrolytes, and lithium hexafluorophosphate also showed various trends [6]. Group 3: Related Charts - Multiple charts showed the price changes of ore, lithium, cathode materials, ternary materials, and other related products, as well as the changes in trading volume, open interest, and registered warehouse receipts of lithium carbonate futures [8][10][16]

专业研究·创造价值 1 / 13 请务必阅读文末免责条款 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-01-29 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2025-12-31 | 2025/12 | 制造业 PMI | % | 50.1 | 49.8 | 50.1 | | 2025-12-31 | 2025/12 | 非制造业 PMI:商务活动 | % | 50.2 | 50.0 | 52.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-15 | 202 ...

◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 1 月 29 日） | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 强势 | 强势 | 强势 | 长线看强 | 议息会议落地，避险需求推升金 价 | | 铜 | 2603 | 震荡 | 强势 | 弱势 | 观望 | 强预期弱现实 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：强势 中期观点：强势 参考观点：长线看强 品种：铜（CU） 核心逻辑：昨日贵金属在国内夜盘收盘后持续拉升，伦敦金由 5300 美元一线 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on January 29, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, with specific data on basis, inter - period spreads, and inter - variety spreads [1][5][24][30][39][51]. 3. Summary by Category Power Coal - Basis data from January 22 to January 28, 2026, shows that on January 28, the basis was - 111 yuan/ton, compared to - 116 yuan/ton in the previous few days [1][2]. Energy Chemicals Energy Commodities - Basis data for fuel oil, crude oil, and asphalt from January 22 to January 28, 2026, is provided, along with price ratios and basis values for INE crude oil [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from January 22 to January 28, 2026, shows fluctuations in basis values for each commodity [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from January 22 to January 28, 2026, are provided [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from January 22 to January 28, 2026, shows changes in basis values [24]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [23]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from January 22 to January 28, 2026, are provided [23]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from January 22 to January 28, 2026, shows significant fluctuations [32]. London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on January 28, 2026, are provided [35]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 22 to January 28, 2026, shows changes in basis values [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [39]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from January 22 to January 28, 2026, are provided [39]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from January 22 to January 28, 2026, shows fluctuations [51]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month to current - month and next - quarter to current - quarter spreads, are presented [51].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The domestic soybean meal market is in a game between external cost drivers, pre - holiday stocking support, and its own loose supply expectations. In the short term, the soybean meal futures price mainly follows the external market fluctuations, and may show a trend of rising and then falling during the day [5][6]. - The palm oil futures price is in a period of multiple positive resonances, and its strong pattern continues. In the short term, driven by fundamentals and sentiment, it remains the core variety in the oil and fat sector and maintains a relatively strong operating pattern [7]. Group 3: Summary According to Related Catalogs Soybean Meal (M) - **Short - term, Mid - term, and Intraday Views**: Short - term:震荡 (oscillation); Mid - term:震荡 (oscillation); Intraday:震荡偏弱 (oscillation with a weak bias); View reference:震荡偏弱 (oscillation with a weak bias) [5]. - **Core Logic**: The continuous high - temperature and drought in Argentina's core producing areas have pushed up the price of US soybeans. The US dollar index has weakened, reducing the cost of US - dollar - denominated agricultural products. The domestic soybean meal market is affected by the external market, and the pre - holiday stocking supports the price, but the new procurement is light. The soybean meal inventory of oil mills is passively reduced. Overall, it is in a game situation [5]. - **Factors Affecting**: Imported soybean cost, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [5]. Palm Oil (P) - **Short - term, Mid - term, and Intraday Views**: Short - term:强势 (strong); Mid - term:强势 (strong); Intraday:震荡偏强 (oscillation with a strong bias); View reference:震荡偏强 (oscillation with a strong bias) [5]. - **Core Logic**: Palm oil is in a period of multiple positive resonances, including improved supply - demand in the producing areas, favorable demand substitution, policy expectation support, and strong domestic sentiment. The dual drivers of improved supply - demand in the producing areas and rising domestic market sentiment will further consolidate its strong foundation [7]. - **Factors Affecting**: Malaysian palm oil production and exports, Indonesian biodiesel and export policies, EU - related policy changes, domestic arrival and inventory, and substitution demand [5]. Soybean Oil (Y) - **Short - term, Mid - term, and Intraday Views**: Short - term:强势 (strong); Mid - term:强势 (strong); Intraday:震荡偏强 (oscillation with a strong bias); View reference:震荡偏强 (oscillation with a strong bias) [5]. - **Factors Affecting**: US soybean cost support, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [5].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局持续走弱，直接体现库存高位攀升，钢厂生产趋稳，且淡季钢市矛盾累积，矿石 需求表现弱稳，相对利好则是节前钢厂补库。与此同时，国内港口到货持续回落，但矿商发运有所企 稳，按船期推算后续到货减量有限，相应内矿供应持续增加，叠加库存高企，供应压力未退。总之， 海外矿石发运企稳，且港口库存高企，矿石供应压力尚存，而矿石需求则是弱稳运行，矿石基本面表 现偏弱，矿价承压运行，相对利好则是商品偏暖情绪，预计走势维持震荡运行态势，关注钢厂补库情 况。 宝城期货铁矿石早报（2026 年 1 月 29 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | - ...