资金情绪维持向好，胶价延续走高

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating but gives individual outlooks for each agricultural product, including "oscillation", "oscillation with an upward bias", and "oscillation with a downward bias" [5][7][10] 2. Core Viewpoints - The report analyzes the market trends of various agricultural products, including factors such as inventory changes, supply - demand relationships, weather conditions, and macro - environmental impacts. It concludes that most products will maintain an oscillatory trend in the short - to - medium term, with some showing a slight upward or downward bias [5][7][10] 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Oils and Fats - Viewpoint: Spot inventory is decreasing, and oils and fats are oscillating narrowly. - Logic: The commercial inventory of three major oils has decreased, but the impact of international geopolitical issues on crude oil prices has weakened, and the supply - demand relationship in the oil market is complex. - Outlook: Soybean oil, palm oil, and rapeseed oil will all oscillate [5] 3.1.2 Protein Meals - Viewpoint: Weather in Argentina has drawn attention, and both soybean meal and rapeseed meal have risen slightly. - Logic: International soybean markets face competition, and domestic pre - holiday supply and demand are both weak. - Outlook: Soybean meal and rapeseed meal will oscillate [7][8] 3.1.3 Corn/Starch - Viewpoint: Corn purchase has restarted, and prices are oscillating within a range. - Logic: The fundamentals are stable, and the purchase policy provides short - term support. - Outlook: Corn prices will oscillate, with a possible decline before the Spring Festival and a rise after [10][11] 3.1.4 Hogs - Viewpoint: Sow inventory decreased in December, and the far - month futures contract has rebounded. - Logic: Short - term supply is abundant, and long - term supply pressure may ease. - Outlook: Hog prices will oscillate, with near - month contracts at a low level and far - month contracts supported by production - reduction expectations [12][13][14] 3.1.5 Natural Rubber - Viewpoint: Positive capital sentiment continues, and rubber prices are rising. - Logic: Driven by overall commodity sentiment, the fundamentals have not changed significantly. - Outlook: In the short term, it can be treated as bullish [17][18] 3.1.6 Synthetic Rubber - Viewpoint: The futures price follows the upward trend of natural rubber. - Logic: The improvement in the supply - demand pattern of butadiene is relatively certain, but there is short - term pressure. - Outlook: In the short term, there is pressure and may need adjustment; in the medium term, it will oscillate with an upward bias [19][20] 3.1.7 Cotton - Viewpoint: The upward trend continues. - Logic: Domestic demand is expected to increase, and there is an expectation of a reduction in planting area. - Outlook: In the long term, it is expected to oscillate with an upward bias [20][21] 3.1.8 Sugar - Viewpoint: Sugar prices are oscillating slightly. - Logic: Global and domestic sugar supplies are both increasing. - Outlook: In the medium - to - long term, it will oscillate with a downward bias [21] 3.1.9 Pulp - Viewpoint: The market is dominated by capital and macro factors, and pulp futures are oscillating repeatedly. - Logic: The fundamentals are a mix of positives and negatives, and the market is currently driven by capital. - Outlook: It will oscillate with an upward bias [22] 3.1.10 Offset Paper - Viewpoint: Market sentiment has improved, and offset paper is performing strongly. - Logic: Paper mills have raised prices, and the market sentiment has warmed up. - Outlook: In the short term, it will oscillate with an upward bias [23][24] 3.1.11 Logs - Viewpoint: There are no significant contradictions, and it is recommended to operate within a range. - Logic: The market is in a state of weak supply and demand before the Spring Festival, and there is support at certain price levels. - Outlook: From January to February, supply pressure will ease marginally, and logs will mainly oscillate within a range [25] 3.2 Variety Data Monitoring - The report lists the data monitoring of various varieties, including oils and fats, protein meals, corn, starch, hogs, natural rubber, synthetic rubber, cotton, sugar, pulp, offset paper, and logs, but does not provide specific data analysis content [26][45][58] 3.3 Commodity Index - On January 6, 2026, the comprehensive index, the commodity 20 index, and the industrial products index all showed an upward trend. The agricultural product index also had a positive performance, with a daily increase of 0.70%, a 5 - day increase of 0.73%, a 1 - month increase of 0.78%, and a year - to - date increase of 0.70% [184][186]