广发期货日评-20260113

1. Report Industry Investment Ratings - No industry - wide investment ratings are provided in the report. 2. Core Views - The report provides daily views and operation suggestions for various futures varieties, including trends such as A - share continuous upward movement, bond market marginal repair, and price fluctuations in multiple commodities [3]. 3. Summary by Related Categories Equity Index - A - shares continue to rise with increasing trading volume, and the trading sentiment is strong. It is recommended to hold the bull spread combination and consider constructing a covered combination on dips, focusing on risk control. Among them, the IC component is more in line with the main - line structure and performs better [3]. Treasury Bonds - After the previous adjustment, the duration of the trading positions in the bond market has been reduced, and the selling pressure has eased. Supported by the continuous loosening of the capital side, the bond market has shown a marginal repair. In the short - term, the bond market is still in a volatile situation, and the rebound of bond futures may be limited. The later trend depends on the fundamentals and government bond supply. It is recommended to wait and see on the unilateral strategy and tend to steepen the curve in the medium - term [3]. Precious Metals - Due to the uncertainty of the US domestic and foreign situations, the US dollar weakens and precious metals generally rise. Gold can be lightly held long above $4300, or sell out - of - the - money put options. Silver is recommended to hold long positions above $75, and platinum and palladium are recommended to be bought lightly on dips near the 20 - day moving average [3]. Steel and Iron Ore - Steel inventory has reached the seasonal accumulation inflection point, and steel prices remain volatile. The iron ore supply is in the off - season, and the port inventory continues to accumulate, with prices in a wide - range shock. For coking coal, Shanxi coal prices rise more than fall, and it is recommended to go long on dips and conduct arbitrage by going long on coking coal and short on coke. After the fourth round of coke price cuts after New Year's Day, it stabilizes, and the same arbitrage strategy is applicable [3]. Non - ferrous Metals - Copper prices are at a high level, and downstream operating rates are weakening, so long positions should be held cautiously. Alumina has a short - term oversupply trend, and it is recommended to wait and see in the short - term and short on rallies in the medium - term. Aluminum prices continue to reach new highs, and it is not recommended to chase the rise. Zinc prices move up, and long positions can be held for long - term on dips. Tin prices hit the daily limit, and the previously bought call options can be held. Nickel prices rise sharply, and long positions should be appropriately reduced on rallies [3]. New Energy and Chemicals - Lithium carbonate futures hit the daily limit, and a long - on - dips strategy is recommended. PX has limited rebound space, and a low - level positive arbitrage strategy is recommended. PTA and short - fiber follow raw material fluctuations, and a low - level positive arbitrage strategy is also applicable. Ethanol is under upward pressure, and it is recommended to conduct reverse arbitrage and sell out - of - the - money call options [3]. Agricultural Products - Soybean meal is in a weak adjustment, and the USDA's increase in US soybean production puts pressure on beans. Pork demand declines after the festival, and the price is in a range - bound shock. Corn has strong downward support and shows a strong upward trend. The USDA report is negative for soybean oil in the short - term [3].