Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report The document presents a comprehensive overview of the economic situation across multiple sectors, including macro - data, commodity investments, finance, and the stock market. It shows a complex economic landscape with various trends such as fluctuations in macro - economic indicators, significant price movements in commodities, and diverse performances in the financial and stock markets [1][2][5][8][14][27]. Summary by Relevant Catalogs 1. Macro Data - GDP in Q4 2025 grew at a 4.5% year - on - year rate, lower than the previous quarter (4.8%) and the same period last year (5.4%) [1] - Manufacturing PMI in December 2025 was 50.1%, slightly up from the previous month (49.8%) and the same as last year [1] - Non - manufacturing PMI for business activities in December 2025 was 50.2%, up from the previous month (50.0%) but lower than last year (52.2%) [1] - Social financing scale in December 2025 was 22075 billion yuan, down from the previous month (35299 billion yuan) and last year (28537 billion yuan) [1] - CPI in December 2025 increased by 0.8% year - on - year, up from - 0.3% in the previous month and 0.1% last year [1] - PPI in December 2025 decreased by 1.9% year - on - year, an improvement from - 2.3% in the previous month and last year [1] 2. Commodity Investment Comprehensive - The Shanghai Futures Exchange adjusted the daily price limit and trading margin ratios for copper and aluminum futures contracts from January 28, 2026 [2] - The Dalian Commodity Exchange plans to modify the minimum price change for soybean oil and palm oil futures and is seeking public opinions [2] - The Dalian Commodity Exchange will list soybean meal and corn series options contracts on February 2, 2026 [2] Metals - Precious metals like gold, silver, and platinum reached new highs. Spot silver rose over 6% and touched $110/oz, gold rose over 2% and reached $5100/oz, platinum rose over 5% and broke through $2900/oz, and palladium rose nearly 3% and neared $2100/oz [5] - The tungsten market was booming with prices of tungsten raw materials, products, and alloys hitting new highs [5] - Hong Kong plans to increase its gold storage to 2000 tons in the next three years and establish a regional gold reserve hub [5] Energy and Chemicals - NYMEX Henry Hub natural gas futures rose over 33%, breaking through $7 per million British thermal units due to cold weather and supply disruptions [8] - OPEC+ is likely to keep oil production unchanged in March [9] - The EU will ban Russian liquefied natural gas from January 1, 2027, and pipeline gas from September 30, 2027 [9] Agricultural Products - The Ministry of Agriculture and Rural Affairs held a meeting to stabilize beef cattle production and relieve difficulties in the dairy industry [11] 3. Financial News Open Market - The central bank conducted 1505 billion yuan of 7 - day reverse repurchase operations on January 26, with an operating rate of 1.40%. The net withdrawal was 78 billion yuan [13] Important News - The central bank will expand the scope of macro - prudential policies and maintain financial stability [14] - Policies to boost service consumption, such as expanding inbound consumption and promoting the digital trade demonstration zone, will be introduced [14] Bond Market - Chinese bond market showed mixed performance. 10 - year and 30 - year treasury bonds had slightly lower yields, while most treasury futures declined [18] - Exchange - traded bonds: Vanke bonds were strong, while some industrial finance bonds were weak [19] - The central bank's money market rates mostly rose [20] Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9572, up 70 points from the previous trading day [23] Research Report Highlights - Huatai Fixed Income suggests investors moderately lock in profits in convertible bonds and adjust positions from overweight to neutral [24] - Huatai Fixed Income believes the bond market's trading opportunities have improved this year [24] - CITIC Securities warns of the upward risk of global bond interest rates [25] Today's Reminders - On January 27, 231 bonds will be listed, 191 bonds will be issued, 103 bonds will make payments, and 76 bonds will pay principal and interest [26] 4. Stock Market - On Monday, the A - share market declined slightly, with the Shanghai Composite Index down 0.09%. The market turnover increased to 3.28 trillion yuan [27] - The Hong Kong Hang Seng Index rose 0.06%, while the Hang Seng Tech Index fell 1.24% [28]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The net short position of the soda ash futures 2605 contract shrank to 108,712 lots, indicating that the short - side advantage has weakened. It is expected that the soda ash futures will maintain a volatile and moderately strong trend in the future [6] 3. Summary by Related Catalog Futures Market Performance - The soda ash futures 2605 contract showed a trend of increasing volume, increasing positions, stabilizing in oscillation, and rising slightly. The intraday price dropped to a minimum of 1,183 yuan/ton and rose to a maximum of 1,210 yuan/ton, closing at 1,205 yuan/ton with a gain of 1.43%. The positions increased by 9,307 lots to 1,160,211 lots [2] Changes in Long and Short Positions - In the top 20 long - side and short - side positions of the soda ash futures 2605 contract, both long and short positions increased. The long - side positions increased by 2,841 lots to 579,131 lots, and the short - side positions increased by 1,736 lots to 687,843 lots [2] Details of Long - Side Position Changes - Among the top 20 long - side positions, 10 increased their long positions. 3 increased by more than 1,000 lots, including Guotai Junan Futures (2,339 lots), Fangzheng Futures (2,244 lots), and CITIC Futures (1,009 lots). 5 increased between 100 and 1,000 lots [2] Details of Short - Side Position Changes - Among the top 20 short - side positions, 12 increased their short positions. 8 increased by more than 1,000 lots, including Huatai Futures (3,220 lots), Zheshang Futures (1,393 lots), etc. 4 increased between 100 and 1,000 lots [3] Multi - to - Short and Short - to - Long Operations - 3 positions carried out multi - to - short operations, such as Shenyin Wanguo Futures, GF Futures, and Huatai Futures. 2 positions carried out short - to - long operations, namely CITIC Futures and Yong'an Futures [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core View The report presents the arbitrage data of various futures varieties on January 27, 2026, including basis, inter - month spreads, and inter - commodity spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to offer data references for investors [1][5][20][26][35][47]. 3. Summary by Directory 3.1 Power Coal - **Basis and Inter - month Spreads**: The basis on January 26, 2026, was - 116 yuan/ton, consistent with January 23 and 22, and slightly different from January 21 (- 115 yuan/ton) and January 20 (- 112 yuan/ton). The 5 - 1 and 9 - 1, 9 - 5 inter - month spreads remained at zero during this period [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis and Ratios**: For example, on January 26, 2026, the basis of fuel oil was - 4.21 yuan/ton, and the ratio of crude oil to asphalt was 0.1395. Different energy commodities had different basis and ratio values on different dates [7]. 3.2.2 Chemical Commodities - **Inter - month Spreads**: For rubber, the 5 - 1 inter - month spread was - 595 yuan/ton, the 9 - 1 was - 670 yuan/ton, and the 9 - 5 was - 75 yuan/ton. Different chemical products had different inter - month spread values [9]. - **Inter - commodity Spreads**: On January 26, 2026, the LLDPE - PVC spread was 1977 yuan/ton, and the LLDPE - PP spread was 209 yuan/ton. These spreads changed on different dates [9]. - **Basis**: The basis of different chemical products such as rubber, methanol, etc., varied on different dates. For example, the basis of rubber on January 26, 2026, was - 280 yuan/ton [10]. 3.3 Black Metals - **Inter - month Spreads**: For rebar, the 5 - 1 inter - month spread was - 74 yuan/ton, the 9(10) - 1 was - 24 yuan/ton, and the 9(10) - 5 was 50 yuan/ton. Different black metal products had different inter - month spread values [19]. - **Inter - commodity Spreads**: On January 26, 2026, the ratio of rebar to iron ore was 3.98, and the rebar - hot - rolled coil spread was - 158 yuan/ton. These spreads changed on different dates [19]. - **Basis**: The basis of rebar, iron ore, coke, and coking coal varied on different dates. For example, the basis of rebar on January 26, 2026, was 147 yuan/ton [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis of copper, aluminum, zinc, lead, nickel, and tin in the domestic market varied on different dates. For example, the basis of copper on January 26, 2026, was 220 yuan/ton [27]. 3.4.2 London Market - **LME Premiums and Discounts, Shanghai - London Ratios, Import Profits and Losses**: On January 23, 2026, the LME premium/discount of copper was 66.06, the Shanghai - London ratio was 7.85, and the import loss was 638.66. Different non - ferrous metals had different values in these aspects [31]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn varied on different dates. For example, the basis of soybeans No.1 on January 26, 2026, was - 224 yuan/ton [35]. - **Inter - month Spreads**: For soybeans No.1, the 5 - 1 inter - month spread was - 29 yuan/ton, the 9 - 1 was - 3 yuan/ton, and the 9 - 5 was 26 yuan/ton. Different agricultural products had different inter - month spread values [35]. - **Inter - commodity Spreads**: On January 26, 2026, the ratio of soybeans No.1 to corn was 1.91, and the soybean meal - rapeseed meal spread was 505 yuan/ton. These spreads changed on different dates [35]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 varied on different dates. For example, the basis of CSI 300 on January 26, 2026, was - 68.03 [47]. - **Inter - month Spreads**: The spreads between the next - month and the current - month, and the next - quarter and the current - quarter contracts of different stock index futures varied. For example, for CSI 300, the next - month minus the current - month spread was - 12.4 [47].

Group 1: Report Industry Investment Rating - No relevant information Group 2: Core View of the Report - The short - term view of the stock index is mainly shock consolidation, with the core logic that the optimistic sentiment has cooled, and there is still a need for shock consolidation. The policy - favorable expectations and the continuous net inflow of incremental funds into the stock market support the upward movement of the stock index in the long - term, but the regulatory's risk - control expectation restrains the "chasing high" sentiment in the short - term [1][5] Group 3: Summary According to the Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is shock, the medium - term view is shock, the intraday view is weak, and the reference view is shock consolidation. The core logic is that the optimistic sentiment has cooled, and there is still a need for shock consolidation [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, IM. The intraday view is weak, the medium - term view is shock, and the reference view is shock consolidation. The core logic is that the stock indexes showed differentiation yesterday, with IM and IC having a high - level correction and IH and IF continuing shock consolidation. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3280.6 billion yuan, an increase of 162.5 billion yuan from the previous day. The policy - favorable expectations and the continuous net inflow of incremental funds support the upward movement of the stock index in the long - term, but the regulatory's risk - control expectation restrains the "chasing high" sentiment in the short - term. The rise of this stock rebound is mainly contributed by the valuation side, and the stock index has a growing need for short - term shock consolidation. Due to the market's preference for small - and medium - cap stocks, the fluctuations of IM and IC have intensified, and short - term repeated fluctuation risks should be noted [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The coal industry has a long - term expectation of a loose supply of thermal coal without capacity control policies. Even during the peak winter season, downstream users are cautious in purchasing. Considering the support during the peak season and the anti - involution policy, the thermal coal price is expected to remain in a narrow range in February [4] Group 3: Summary According to Relevant Catalogs Supply Side - In the week of January 16th, the capacity utilization rate of 462 thermal coal mines nationwide was 90.6%, with a daily average raw coal output of 5.467 million tons, returning to the level of mid - December. After entering the new year, some coal mines that had stopped production due to achieving annual targets resumed production, and the coal mines in the production areas were operating stably as the Spring Festival holiday had not yet arrived [4] - In the first two weeks of January, the seaborne coal arrival volume in China was 13.252 million tons, with a daily average arrival volume of 1.104 million tons. This was a month - on - month decrease compared to the daily average arrival volume of 1.317 million tons in December but a 13.8% year - on - year increase [4] Demand Side - In late January, affected by the cold wave, the temperature in coastal cities dropped sharply, and the daily coal consumption of power plants increased [4]

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货甲醇早报-2026-01-27 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | | 甲醇 2605 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 地缘风险降温，甲醇震荡偏弱 | 备注： 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—商品期货能源化工板块 甲醇（MA） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：近期海外供应"硬收缩"带来最强支撑，这是近期支撑甲醇价格上行的最关键因素。作 为主要进口来源地的伊朗，目前正面临严重的供应干扰。同时国内港口甲醇库存去化，带动了港口 现货价格的修复，基差走强。这种现货 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2026 年 1 月 27 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 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 供需格局弱稳，钢价延续震荡 | 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 螺纹钢供需两端有所变化，建筑钢厂提产积极，螺纹产量大幅回升并至相对高位，供应压力有 所增加，关注后续累库情况。与此同时，螺纹钢需求再度走弱，高频需求指标环比减量，且继续位 于近年来同期低位，而下游也未见好转，需求料将延续季节性弱势，继续拖累钢价。目前来看，螺 纹钢产量显著回升 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2026-01-27 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—商品期货能源化工板块 沪胶（RU） 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 备注： 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。 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：目前国内云南和海南天胶产区已进入停割季，国产全乳胶供应压力显著下降，而东 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The short - term and medium - term view of treasury bond futures is to oscillate and consolidate. The short - term upward and downward space of treasury bond futures is limited, mainly in an oscillatory consolidation state [1][5] 3. Summary according to the Directory 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the variety TL2603, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is weak, and the reference view is oscillatory consolidation. The core logic is that the possibility of a short - term comprehensive interest rate cut has decreased [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, TS. The intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that treasury bond futures oscillated in a narrow range yesterday. The macro - economy in 2025 showed strong resilience, and the central bank launched a structural interest rate cut policy recently, so the possibility of a short - term comprehensive interest rate cut is low, and the upward momentum of treasury bond futures is insufficient. However, the problem of insufficient effective domestic demand still exists. From the perspective of supporting demand and new kinetic energy, the possibility of a loose monetary policy in the future is relatively high, and treasury bond futures have strong support [5]

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 27 日） ◼ 品种观点参考 日内观点：弱势 中期观点：强势 参考观点：观望 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 震荡 | 强势 | 弱势 | 观望 | 短期资金获利了结 | | 铜 | 2603 | 震荡 | 强势 | 弱势 | 观望 | 短期资金获利了结 | 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） 时间周期说明：短期为一周以内、中期为两周至一月 核心逻辑：昨日夜盘海外金银价格的纷纷冲高回落，白银高位下挫近 10%。我们认为这是短期市场累 计较大涨幅后，由资 ...