1. Report Industry Investment Rating - The investment ratings for PX, PTA, and MEG are all "trending strongly" [1] 2. Core Views of the Report - PX has a medium - term unilateral upward trend, with more pre - holiday corrections and a 3 - 5 reverse spread operation due to supply relaxation and a focus on the capital side, and the unilateral price remains strong due to downstream pre - spring demand [4] - PTA has a unilateral upward trend, with more pre - holiday corrections. Future supply and demand will be weak, leading to a stock - building situation. There is support around the 5100 - 5200 range, and the processing fee should be shorted on rallies [5] - MEG should be bought on dips and traded in the 3800 - 4200 range. Supply pressure is high, but the downside is limited, and the short - term trend is still strong [5] 3. Summary by Relevant Catalogs 3.1 Futures Market - **PX**: The closing price of the PX主力 was 7376, down 254 or 3.33%. The PX5 - 9 spread closed at 56, down 6 from the previous day [2] - **PTA**: The closing price of the PTA主力 was 5258, down 180 or 3.31%. The PTA5 - 9 spread closed at 16, down 14 from the previous day [2] - **MEG**: The closing price of the MEG主力 was 3938, down 56 or 1.40%. The MEG5 - 9 spread closed at - 92, up 5 from the previous day [2] - **PF**: The closing price of the PF主力 was 6662, down 164 or 2.40%. The PF3 - 4 spread closed at - 46, up 4 from the previous day [2] - **SC**: The closing price of the SC主力 was 446.7, down 10.6 or 2.32%. The SC2 - 3 spread closed at 8.3, up 12.6 from the previous day [2] 3.2 Spot Market - **PX**: The PX CFR China price was 902.67 dollars/ton, down 27 dollars/ton from the previous day. The PX - naphtha price difference was 357.42 dollars/ton, up 17.75 dollars/ton from the previous day [2] - **PTA**: The PTA East China price was 5220 yuan/ton, down 130 yuan/ton from the previous day. The PTA processing fee was 415.64 yuan/ton, up 51.69 yuan/ton from the previous day [2] - **MEG**: The MEG spot price was 3827 yuan/ton, down 58 yuan/ton from the previous day [2] - **Naphtha**: The MOPJ naphtha price was 568.5 dollars/ton, down 4.75 dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil price difference was - 4.34 dollars/barrel, unchanged from the previous day [2] - **Brent**: The Dated Brent price was 69.08 dollars/barrel, up 1.27 dollars/barrel from the previous day [2] 3.3 Fundamental Data - **PX**: An 800,000 - ton PX plant in South China is restarting and expected to produce products soon. The PX spot price dropped significantly on January 27, and the 2 - month MOPJ naphtha price was around 563 dollars/ton CFR [3] - **MEG**: From January 26 to February 1, the planned arrival quantity at the main ports was about 147,000 tons [3] - **Polyester**: On January 27, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of about 30%. The sales of direct - spun polyester staple fibers were highly differentiated, with an average sales rate of 68% [3][4]

1. Report Industry Investment Ratings - **Macro Finance**: Long - term bullish on stock indices, suggesting buying on dips; government bonds are expected to move in a range [1] - **Black Building Materials**: Short - term trading for coking coal, range trading for rebar, and waiting and seeing for glass [1] - **Non - ferrous Metals**: Waiting and seeing or holding long positions in small quantities for copper; strengthening observation for aluminum; waiting and seeing for nickel; range trading or taking profit on previous long positions for tin; range trading for gold; bullish movement for silver; range - bound oscillation for lithium carbonate [1] - **Energy and Chemicals**: Range trading for PVC, caustic soda and soda ash for the time being, range trading for styrene, rubber, urea, and methanol; weak oscillation for polyolefins [1] - **Cotton Textile Industry Chain**: Oscillatory adjustment for cotton and cotton yarn, oscillatory movement for apples and jujubes [1] - **Agriculture and Animal Husbandry**: Opportunities for short - selling on rebounds for hogs; hedging post - festival contracts on rallies for eggs; being cautious about chasing highs and waiting for rebounds to hedge for corn; bearish on rallies for soybean meal; bullish oscillation for three major oils [1] 2. Core Views of the Report The report provides trading suggestions for various futures products based on their current market conditions, including macro - economic factors, supply - demand relationships, and cost factors. It also emphasizes the importance of paying attention to policy changes, inventory levels, and external market factors [1][5][7] 3. Summaries According to Relevant Catalogs Macro Finance - **Stock Indices**: Medium - to long - term bullish, suggesting buying on dips. Market is volatile due to factors such as the Fed's interest - rate decision, China's industrial profit data, and consumer spending intentions [5] - **Government Bonds**: Expected to move in a range. There is no significant negative news in the bond market, but there is limited downward space for bond yields without more capital inflows [5] Black Building Materials - **Coking Coal**: Short - term trading. The coal market shows short - term fluctuations, but the price increase may not be sustainable due to factors like weak downstream demand and stable supply [7] - **Rebar**: Range trading. The futures price is slightly higher than the valley - electricity cost of electric furnaces and lower than the flat - electricity cost. There is no significant supply - demand contradiction in the short term [7] - **Glass**: Waiting and seeing. The supply is stable, the market speculative demand is weak, and the downstream inventory is high. The price is expected to oscillate between 1050 - 1070 [8] Non - ferrous Metals - **Copper**: High - level oscillation. Macro factors provide support, but the fundamentals are weak. It is recommended to wait and see or hold long positions in small quantities, and beware of the risk of a pullback before the Spring Festival [9] - **Aluminum**: High - level oscillation. The supply of bauxite and alumina is relatively stable, and the demand is entering the off - season. It is recommended to strengthen observation [11] - **Nickel**: Oscillatory movement. The reduction of Indonesian nickel ore quotas has boosted the price, but the fundamentals are weak. It is recommended to wait and see [13] - **Tin**: Oscillatory movement. The supply of tin concentrate is tight, and the downstream demand is mainly for rigid procurement. It is recommended for range trading or taking profit on previous long positions [13] - **Silver**: Bullish movement. Geopolitical tensions and changes in the Fed's leadership expectations have pushed up the price. It is recommended to hold long positions and be cautious about new positions [15] - **Gold**: Range trading. Similar to silver, geopolitical and Fed - related factors have led to a higher price center. It is recommended for range trading and be cautious about chasing highs [15] - **Lithium Carbonate**: Range - bound oscillation. The supply is affected by mine production, and the demand from the energy - storage terminal is good. The price is expected to be bullish [17] Energy and Chemicals - **PVC**: The bottom may have been reached. The supply is high, the demand is weak, but the valuation is low. It is recommended for long - term low - buying and positive spread trading [17] - **Caustic Soda**: Low - level oscillation. The demand is weak, and the supply pressure is high. It is recommended to wait and see [19] - **Styrene**: Oscillatory movement. The price has rebounded due to export growth and device maintenance, but the valuation is high. It is recommended to be cautious about chasing highs [19] - **Rubber**: Oscillatory movement. The supply is shrinking, but the inventory pressure remains. The price is in a state of multi - empty tug - of - war [20] - **Urea**: Oscillatory movement. The supply is increasing, the demand from compound fertilizers is rising, and the inventory is at a low level. The price is expected to oscillate between 1730 - 1830 [21] - **Methanol**: Oscillatory movement. The supply is decreasing, the demand from methanol - to - olefins is weakening, and the traditional downstream demand is also weak [23] - **Polyolefins**: Weak oscillation. The supply is increasing, the demand from PE downstream is declining, and the price is expected to be weak with limited upside [24] - **Soda Ash**: Waiting and seeing. The supply is in excess, but the cost support is strong. It is recommended to leave the market temporarily [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillatory adjustment. The global cotton supply - demand situation has changed, and the internal - external price difference has put pressure on the domestic market. It is recommended to be cautious in the short term and optimistic in the long term [24] - **Apples**: Oscillatory movement. The packaging and shipping in the production areas have accelerated slightly, but the overall market is still weak [26] - **Jujubes**: Oscillatory movement. The purchase price of Xinjiang gray jujubes in the 2025 production season is in a certain range, and the acquisition is based on quality [26] Agriculture and Animal Husbandry - **Hogs**: Bottom - building oscillation. In the short term, the price is restricted by supply - demand game. It is recommended to short on rebounds for off - season contracts. In the long term, be cautious about being bullish due to high - level production capacity and cost reduction [28] - **Eggs**: Rebound from a low level. The current valuation is high, and it is recommended to hedge post - festival contracts on rallies. Also, consider hedging the 05 and 06 contracts due to the possible post - poned supply pressure [30] - **Corn**: Limited upside. In the short term, the supply - demand is balanced, and it is recommended to be cautious about chasing highs. In the long term, the supply - demand situation is relatively loose, restricting the price increase [32] - **Soybean Meal**: Low - level oscillation. The short - term support for the M2603 contract is at 3000 - 3030, and the pressure for the far - month 05 contract is at 2800 - 2850. It is recommended to be bearish on rallies [32] - **Oils**: Bullish oscillation. The three major oils are expected to move strongly. It is recommended to buy on dips and hold previous long positions [38]

研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 28 日星期三 | 板块 能源与化 工 | | | 万吨，较上期库存 29.7 万吨 13.5 万吨累库 17 万吨，同比上 1.3 吨，提货约 0.5 万吨。 | | --- | --- | --- | --- | | | | | 元至 5975 元/吨，华东主流地区现货价 5941 元/吨（环比-11）。持仓方面， 手至 2.6 万手。 万吨，同比+1.3%。11 月纯苯进口量 45.96 | | | | | 原油期货 03 合约 62.39 涨 1.76 美元/桶， 1.98 美元/桶，环比+3.02%。中国 INE 6.9 至 456 元/桶。 | | | | | 【市场逻辑】 | | | | | 中东地缘局势不确定较大，原油表现坚挺。本周纯苯江苏港口小幅累库，中石化销 | | | | | 售价格连续提价，需求端下游开工提升 ...

Morning session notice 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周二夜盘瓶片主力价格下跌 | 52 | 元至 | 6260 | 元/吨。华东水瓶级瓶片价格 | 6300 | 元/吨 | | | | | | | | | | | （-150），华南瓶片价格 | 6300 | 元/吨（-190）。持仓方面，多头持仓减少 | 77 | 手至 | 6.04 | 万手，空头持仓减少 | 590 | 手至 | 6.5 | 万手。 | | | | | | | | 【重要资讯】 | 1、供应和成本利润方面，本周国内聚酯瓶片产量为 | 30.46 | 万吨，环比-2.07 | 万吨。 | | | | | | | ...

Morning session notice 早盘提示 Morning session notice 早盘提示 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 | 【行情复盘】 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE3 | 月合约结算价 | 63.83 | 涨 | 86 | 点，5 | 月 | 65.45 | 涨 | 77 | 点，7 | 月 | 67.01 | 涨 | 71 | 点；成 | 交约 | 7.1 | 万手。 | | 郑棉总成交 | 344386 | 持仓 | 1117427。结算价 | 5 | 月 | 14585，9 | 月 | 14720，1 | 月 | 15085。 | 【重要资讯】 | | | | | | | | | 1、1 | 月 | 23 | 日新疆巴州区域机采棉 | 3129B | 含杂 | ...

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: January 28, 2026 [3] Group 2: BR (Butadiene Rubber) Analysis Futures Market - On January 27, the closing price of the BR main contract was 13,045, a daily decrease of 220 and a weekly increase of 1,130 [4] - The open interest was 79,495, a daily decrease of 12,159 and a weekly decrease of 14,231 [4] - The trading volume was 749,819, a daily increase of 2,350 and a weekly increase of 621,761 [4] Spot Market - The warehouse receipt quantity was 28,120, a daily increase of 600 and a weekly increase of 2,490 [4] - The long - short ratio was 14.13, a daily decrease of 3 and a weekly decrease of 4 [4] Basis and Spread - The butadiene rubber basis was -145, a daily increase of 220 and a weekly increase of 120 [4] - The styrene - butadiene rubber basis was 155, a daily increase of 220 and a weekly increase of 70 [4] - The 02 - 03 spread was -40, a daily increase of 60 and a weekly increase of 15 [4] - The 03 - 04 spread was 15, a daily decrease of 25 [4] Price and Profit - The RU - BR spread was 3,160, a daily increase of 195 and a weekly decrease of 670 [4] - The NR - BR spread was 40, a daily increase of 220 and a weekly decrease of 660 [4] - The Shandong market price was 12,900, with no daily change and a weekly increase of 1,250 [4] - The Transfar market price was 12,900, with no daily change and a weekly increase of 1,300 [4] - The Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,300 [4] - The CFR Northeast Asia price was 1,550, with no daily or weekly change [4] - The CFR Southeast Asia price was 1,750, with no daily or weekly change [4] - The spot processing profit was -265, a daily increase of 306 and a weekly increase of 179 [4] - The import profit was 222, a daily increase of 16 and a weekly increase of 1,269 [4] - The export profit was 310, a daily decrease of 15 and a weekly decrease of 1,105 [4] Group 3: BD (Butadiene) Analysis Spot Market - The Shandong market price was 10,750, a daily decrease of 300 and a weekly increase of 1,050 [4] - The Jiangsu market price was 10,700, a daily decrease of 200 and a weekly increase of 1,150 [4] - The Yangzi ex - factory price was 10,800, with no daily change and a weekly increase of 1,200 [4] - The CFR China price was 1,270, a daily increase of 20 and a weekly increase of 90 [4] Profit - The ethylene cracking profit data was unavailable [4] - The carbon four extraction profit was 3,794 (data for January 26, subsequent data unavailable) [4] - The butene oxidative dehydrogenation profit was 2,160, a daily decrease of 150 and a weekly increase of 1,200 [4] - The import profit was 570, a daily decrease of 345 and a weekly increase of 457 [4] - The export profit was -1,670, a daily increase of 303 [4] - The styrene - butadiene production profit was 275, with no daily change and a weekly decrease of 63 [4] - The ABS production profit data was unavailable [4] - The SBS production profit was -1,270, with no daily change and a weekly decrease of 215 [4] Group 4: Data Source - Data sources: Mysteel, Wind [8]

免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司 本报告所涵括的信息仅供交流研讨 投资者应合理合法使用本报告所提供的信息 不得用于未经允许的其他任何用途 如因投资者将本报告所提供的信息、 ...

期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 研究所 农产品研发报告 农产品日报 2024 年 01 月 27 日 研究员：刘倩楠 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作目价 | 涨跌 | 指标 | 今日价格 | 上一工作日份 | 涨跌 | | 格 | | | | | | 格 | | | 富士苹果价格指数 | 108.44 | 108.53 | -0.09 | 洛川半商品纸袋70 | 4.20 | 4.20 | 0.00 | | 栖霞 一、二级纸袋 80 | 4.00 | 4.10 | -0.10 | 沂源纸袋70 | 2.50 | 2.50 | 0.00 | | 蓬莱 一、二级纸袋 80 | 4.10 | 4.25 | -0.15 | 6种水果平均批发价 | 7.84 | 7.88 | -0.04 | | 期货价格 | | | | | ...

南华期货（603093）股份(02691)发布公告，于2026年1月26日(美国时间)，Nanhua USA LLC(Nanhua USA)(即本公司间接全资附属公司)收到Nodal Exchange, LLC(Nodal Exchange)通知，获批成为Nodal Exchange交易会员。Nodal Exchange是一家领先的衍生品交易所，专注于北美电力、天然气和环境市 场。目前，Nanhua USA已是Nodal Exchange 指定清算机构Nodal Clear, LLC的清算会员。本次获批后， Nanhua USA可交易及清算在Nodal Exchange 上市的相关产品。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 獲批成為NODAL EXCHANGE交易會員 本公司董事（「董事」）會（「董事會」）謹此宣佈，於二零二六年一月二十六日（美 國時間），Nanhua USA LLC（「Nanhua USA」）（即本公司間接全資附屬公司）收 到Nodal Exchange, LLC（「Nodal Exchange」）通知，獲批成為Nodal Exchange交 易會員。Nodal Exchange是一家領先的衍生品交易所，專注於北美電力、天然氣 和環境市場。目前，Nanhua USA已是Nodal Exchange 指定清算機構Nodal Clear, LLC的清算會員。本次獲批後，Nanhua USA可交易及清算在Nodal Exchange 上市 的相關產品。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 南華期貨股份有限公司 ...