Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - Both Shanghai Rubber (RU) and Synthetic Rubber (BR) are expected to run in a strong - biased manner, with short - term and medium - term trends being oscillatory and the intraday trend being strong - biased [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Trends**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: strong - biased; Overall reference view: strong - biased operation [1][5] - **Core Logic**: Domestic Yunnan and Hainan natural rubber producing areas are in the off - season, reducing the supply pressure of domestic full - latex rubber. However, Southeast Asia is in the peak tapping season. The domestic automobile production and sales data are positive, and December's heavy - truck sales are better than expected. Due to the increasing bullish atmosphere in the energy and chemical sector, the Shanghai Rubber futures maintained an oscillatory and strong - biased trend on the night of last Friday, with a slight increase in prices. It is expected to maintain this trend on Monday [5]. Synthetic Rubber (BR) - **Price Trends**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: strong - biased; Overall reference view: strong - biased operation [1][7] - **Core Logic**: The supply and demand of butadiene, the core raw material of domestic synthetic rubber, have tightened recently, driving up its price significantly. Butadiene accounts for over 70% of the production cost of synthetic rubber. The upward oscillation of international crude oil has supported the high price of naphtha, rigidly raising the cost and laying a foundation for the futures price. The operating rate of butadiene plants has dropped to 72%, while the operating rate of downstream rubber plants remains at a high level of 78%, strengthening the expectation of cost increase. The improvement of the supply - demand pattern provides important support. In addition, the natural rubber in Southeast Asia has entered the production - reducing season, and the price difference between Shanghai Rubber standard rubber and synthetic rubber has widened significantly, indirectly supporting the upward shift of the synthetic rubber price center. The domestic synthetic rubber futures maintained a strong - biased stance on the night of last Friday, with a slight increase in prices. It is expected to maintain an oscillatory and strong - biased trend on Monday [7].

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The steel price of rebar 2605 is expected to maintain a low - level oscillating trend, with the short - term, medium - term, and intraday trends being oscillating, oscillating, and oscillating weakly respectively [2] - The industrial contradictions are accumulating, and the steel price is under pressure due to the imbalance between supply and demand [2][3] Group 3: Summary by Related Content Market Situation - The spot price of steel remained stable over the weekend, and the trading volume was weak. The supply - demand pattern of rebar was weakly stable [3] Supply - Construction steel mills are actively producing, and the rebar output has significantly rebounded to a relatively high level, increasing the supply pressure [3] Demand - The demand for rebar continues its seasonal weakness. High - frequency demand indicators have declined and are at the low level in recent years, and the downstream industries have not improved [3] Market Outlook - The steel price is expected to maintain a low - level oscillating trend. Attention should be paid to the inventory changes. The cost support and positive sentiment increase the downward resistance [3]

Report Summary Investment Rating - No investment rating provided in the report Core View - The crude oil market is expected to operate in a moderately strong manner. In the short - term (within a week), it will be volatile; in the medium - term (two weeks to a month), it will also show a volatile trend, and it will be moderately strong on the day [1][5] Summary of Related Content - **Price Movement and Judgment Criteria** - For varieties with night trading, the starting price is the night trading closing price; for those without night trading, it's yesterday's closing price, and the end price is the day - trading closing price to calculate the price change [2] - A decline greater than 1% is considered weak, a decline of 0 - 1% is moderately weak, a rise of 0 - 1% is moderately strong, and a rise greater than 1% is strong [3] - The moderately strong/moderately weak judgment only applies to the intraday view, not to short - term and medium - term views [4] - **Driving Logic of Crude Oil Price** - Recently, US President Trump has frequently sent out geopolitical risk signals, with Greenland and Canada potentially being the next targets for the US to seize and attack. The arrival of a US aircraft carrier in the Middle East and Iran's strong statements may lead to a new round of military conflicts between the US and Iran, threatening Middle East crude oil exports. Geopolitical risks have overshadowed the weak supply - demand fundamentals of the oil market, boosting the sharp rise of domestic and foreign crude oil futures prices on the night of last Friday. It is expected that domestic crude oil futures will maintain a moderately strong and volatile trend on Monday [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term view of Treasury bond futures is to oscillate and consolidate. The possibility of a comprehensive interest rate cut in the short term has decreased. Although there is support due to the need for a loose monetary and credit environment, the upward momentum is insufficient because the macro - demand has resilience and the urgency of a short - term comprehensive interest rate cut is weak [1][5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2603 variety, the short - term view is oscillatory, the medium - term view is oscillatory, and the intraday view is weak. The overall view is oscillatory consolidation, with the core logic being the reduced possibility of a short - term comprehensive interest rate cut [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties 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 last Friday, Treasury bond futures oscillated and consolidated. Due to the existing problem of relatively insufficient domestic demand and the policy support for technological innovation and consumption internal circulation, the future monetary and credit environment needs to be loose, providing strong support for Treasury bond futures. However, the macro - demand has resilience, and the short - term urgency for a comprehensive interest rate cut is weak, resulting in insufficient upward momentum for Treasury bond futures. In general, Treasury bond futures will mainly oscillate and consolidate in the short term [5]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 1 月 26 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 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 多空交织，焦煤窄幅震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 单边驱动不足，焦炭区间震荡 | 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%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 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—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2026 年 1 月 26 日） 品种观点参考 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—商品期货农产品板块 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2605 震荡 震荡 震荡 偏弱 震荡偏弱 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2605 震荡 震荡 震荡 偏弱 震荡偏弱 马棕产量和出口，印尼生柴 和出口政策，欧盟相关政策 变化，国内到港和库存，替代 需求 品种：豆粕（ ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货铁矿石早报（2026 年 1 月 26 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 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡运行 | 现实格局偏弱，矿价延续震荡 | 说明： 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，钢厂生产趋稳，矿石终端消耗低位运行，且淡季钢市矛盾在累积，需 求延续偏弱运行，相对利好则是节前钢厂补库。与此同时，国内港口到货高位回落，而矿商发运持续 减量，按船期推算后续到货将回落，带来矿石供应收缩，关注后续变化。目前来看，矿石供应收缩， 但库存高企，利好效应不强，同时需求表现偏弱，矿石基本面并未好转，矿价仍易承压，相对利好则 是钢厂补库与商品偏暖情绪，预计矿价维持震 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货动力煤早报（2026 年 1 月 26 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 | 动力煤现货 | | | | 震荡 | 观望氛围较浓，港口煤价窄幅震 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 荡 | 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—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 获 取 每 日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走 向 世 界 知行合一 专 业 敬 业 诚 信 至 ...

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 26 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 | | --- | --- | --- | --- | --- | --- | | 黄金 2604 | 强势 | 强势 | 上涨 | 长线看强 | 去美元化推升金价 | | 铜 2603 | 震荡 | 强势 | 震荡 偏强 | 长线看强 | 盘面做多氛围回暖 | 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：上涨 中期观点：强势 参考观点：长线看强 核心逻辑：上周金价持续上涨，纽约金由 4600 美元上涨逼近 5000 美元关口。周中虽然美欧地缘冲 突有所缓和，金价 ...

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints - The overall view on the stock index futures is that they will fluctuate and consolidate. In the short - term (within a week), the sentiment is oscillating, and in the medium - term (two weeks to a month), it's also oscillating. For the intraday, it's on the weaker side [1][5]. - The main factors supporting the long - term upward trend of the stock index are the positive policy expectations and the continuous net inflow of incremental funds into the stock market. In the short - term, the expectations of policy bottom - support, support for technological innovation, and boosting consumption are clear, which strongly support the stock index. Although the regulatory authorities have signaled risk control, the high trading volume in the stock market indicates that the market sentiment remains optimistic [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is oscillating, the medium - term view is oscillating, and the intraday view is on the weaker side. The reference view is that it will fluctuate and consolidate, with the core logic being that the optimistic sentiment has cooled down and there is still a need for oscillatory consolidation [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is on the weaker side, the medium - term view is oscillating, and the reference view is that they will fluctuate and consolidate. The core logic is that last Friday, the stock indices fluctuated and diverged, with IM and IC leading the gains, while IH and IF slightly declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 311.81 billion yuan, an increase of 40.17 billion yuan from the previous day [5].