乘用车市场稳健增长，全年产销量均突破30 00万辆；中国品牌乘用车销量占有率达69.5%，较去年同期上升4.3个百分点。与此同时， 商用车市场回暖向好，产销重回400万辆以上。对外贸易呈现出较强韧性，全年汽车出口超700万辆，其中新能源汽车出口达2 61.5万 辆。 2025年我国新能源汽车产销量均超1600万辆，新能源汽车国内新车销量占比突破50%。 中国汽车工业协会14日发布数据显示，2025年，我国汽车产销量均突破34 00万辆，再创历史新高。新能源汽车产销量均超1600万辆， 新能源汽车国内新车销量占比突破50%。 具体来看，2025年，我国汽车产销分别完成34 53.1万辆和3 440万辆，同比分别增长10.4%和9.4%，连续17年稳居全球第一。汽车产销 连续三年保持30 00万辆以上规模。新动能加快释放，新能源汽车产销分别完成1662 .6万辆和1649万辆，同比分别增长29%和28.2%， 连续11年位居全球第一。 "我国汽车行业继续展现出强大的发展韧性和活力，多项指标再创新高，实现'十四五'圆满收官。"中汽协会副秘书长陈士华说，2025 年，"两新"政策加力扩围，企业新品密集上市，终端需求持 ...

新华社北京1月14日电（记者唐诗凝）中国汽车工业协会14日发布数据显示，2025年，我国汽车产销量 均突破3400万辆，再创历史新高。新能源汽车产销量均超1600万辆，新能源汽车国内新车销量占比突破 50%。 ...

新华社国内部出品 中国汽车工业协会1月14日发布的数据显示，2025年，我国汽车产销量均突破3400万辆，再创历史 新高，连续17年稳居全球第一。汽车产销连续三年保持3000万辆以上规模。 新动能加快释放，2025年，新能源汽车产销量均超1600万辆，保持较快增长。新能源汽车国内新车 销量占比突破50%，成为我国汽车市场主导力量。 记者：唐诗凝 海报制作：贾稀荃 【纠错】 【责任编辑:赵文涵】 ...

Group 1 - The core indices related to the Sci-Tech Innovation Board, including the Sci-Tech 50 Index, Sci-Tech 100 Index, and Sci-Tech Growth Index, all experienced an increase of approximately 3.6% to 3.7% [1] - The E Fund Sci-Tech 50 ETF (588080) has surpassed a scale of 75 billion yuan, with a tracking error of only 0.26% for 2025 and an excess return of 0.66%, ranking first among comparable products [1] - Small Sci-Tech enterprises in sectors such as electronics, electric power equipment, pharmaceuticals, and computer industries account for over 75% of the total [5] Group 2 - The Sci-Tech Comprehensive Index ETF by E Fund features a low fee rate and tracks the comprehensive index of the Sci-Tech Innovation Board, covering all market securities and focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [6][7] - The Sci-Tech Growth ETF by E Fund tracks the Sci-Tech Growth Index, which consists of 50 stocks with high growth rates in operating income and net profit, predominantly in the electronics and communications sectors [7]

Market Overview - The Hong Kong stock index opened slightly higher and experienced fluctuations before rising, with the Hang Seng Index up 0.92% at 27,094.31 points, the Hang Seng Tech Index up 1.54% at 5,960.07 points, and the National Enterprises Index up 0.89% at 9,367.75 points [1] - Major tech stocks saw gains, with Alibaba up 5.25%, Tencent Holdings up 1.67%, and Kuaishou up 5.48%, while Meituan fell by 2.96% [1] - AI-related stocks surged, particularly in the AI healthcare sector, with Alibaba Health rising over 16% and a cumulative increase of 50% for the month [1] - Cryptocurrency-related stocks also performed well, with Blue Ocean Interactive rising over 11% [1] - Chinese brokerage stocks generally rose, with Xingsheng International up over 8% [1] - Some sectors, including aviation, electricity, insurance, and domestic banks, saw declines [1] Company News - Q Technology (01478.HK) announced an expected net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) projected a 10.2% decrease in coal sales to approximately 256 million tons for 2025, with December sales down 23% year-on-year [2] - Zhixing Technology (01274.HK) was selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) reported a 16.3% decrease in property contract sales to 8.467 billion yuan for 2025 [3] - Hopson Development Holdings (00754.HK) projected a total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) issued a profit warning, expecting a profit attributable to shareholders between 76 million and 85 million yuan for 2025, representing a growth of 127% to 154% [4] - Suoteng Juchuang (02498.HK) estimated laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings Limited (09698.HK) recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) plans to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Junshi Biosciences (02696.HK) received acceptance from the FDA for the Biologics License Application (BLA) for Hanbeitai® (Bevacizumab Injection) [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for approximately 41.788 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities noted limited opportunities for the Federal Reserve to cut interest rates this year, suggesting that the rebound of Hong Kong stocks will depend on fundamental conditions [11] - The firm maintains a "barbell strategy" for overall allocation, recommending a focus on value dividends and sectors like AI technology, non-ferrous metals, and innovative pharmaceuticals [11] - China Merchants Securities highlighted that the recent lagging performance of Hong Kong stocks compared to A-shares is due to overseas liquidity dynamics, with a 95.6% probability of the Fed pausing rate cuts in January [11] - The firm anticipates that the recovery of sentiment will drive southbound capital to boost the Hong Kong tech sector [11] - Industrial Securities recommends prioritizing leading internet companies in the AI sector and suggests focusing on dividend assets in low-interest-rate environments [11] - Zheshang International expressed optimism for sectors benefiting from policy support, including new energy, innovative pharmaceuticals, and AI technology, and expects the Hong Kong market to be driven by "AI applications + PPI improvement + expanded domestic demand" in the spring of 2026 [11]

Core Viewpoint - Tin has been a crucial material throughout human history, from the Bronze Age to modern technology, and is now essential in various industries, including electronics, food packaging, and green energy [1] Macro and Sentiment - External factors such as lower-than-expected U.S. core CPI have strengthened expectations for Federal Reserve rate cuts, supporting overall metal valuations; the approval of NVIDIA's sales of H200 chips to China has boosted demand expectations in the AI chip sector [2] - Domestic monetary policy remains loose, and policies like "trade-in" for consumer goods indirectly stimulate downstream solder demand for tin [3] Geopolitical and Supply Factors - The escalation of conflict in the Democratic Republic of the Congo, a key source of tin imports for China, has raised concerns about supply stability, contributing to a significant price increase; ongoing supply tightness and low global visible inventories further exacerbate the situation [4] Demand and Structure - Emerging sectors such as AI and photovoltaics are driving significant demand; NVIDIA's high-end chip delivery expectations are increasing demand for high-grade solder, while the expansion of photovoltaic production capacity is raising solder consumption [5] Industry Chain and Leaders - Profit margins are shifting towards upstream resources due to tight supply, putting pressure on smelting companies; industry leader Yunnan Tin Company has seen a 35.99% year-on-year increase in net profit for the first three quarters of 2025, closely tied to tin prices and deepening supply chain cooperation with leading AI and new energy firms [6] Market Outlook - The strong price trend for tin is expected to continue in the short term, with London tin prices targeting $50,000 per ton; domestic prices may also break through 410,000 yuan, supported by liquidity expectations, historically low inventories, and structural growth in emerging demands [7] - Potential risks include the stabilization of the situation in the Democratic Republic of the Congo or unexpected recovery in Myanmar's supply, which could lead to temporary price corrections, but the long-term supply-demand gap is likely to support a systemic price increase [8]

Group 1: Copper Market - The rebound of the US dollar and geopolitical tensions have increased safe-haven demand, leading to a slight decline of 0.12% in overnight London copper prices. However, favorable fiscal policies in China and the explosive growth in emerging industries like AI are expected to boost copper demand, indicating a potential rise in domestic copper prices today [1]. Group 2: Aluminum Market - Expectations of interest rate cuts by the Federal Reserve and rising oil prices have driven a 0.16% increase in overnight London aluminum prices. Domestic electrolytic aluminum production capacity is unlikely to increase, and the surge in demand from the new energy sector is expected to further support aluminum prices, suggesting a potential rise in domestic aluminum prices today [1]. Group 3: Zinc Market - The decline in US stocks and the strengthening of the US dollar have pressured the zinc market, resulting in a 0.36% drop in overnight London zinc prices. Despite weak supply and demand in the domestic zinc market, the rise in surrounding commodities, low processing fees, and supportive policies are expected to lead to a potential increase in domestic zinc prices today [1]. Group 4: Lead Market - Positive macroeconomic sentiment and tight supply-demand dynamics have supported lead prices, with overnight London lead prices rising by 0.34%. Seasonal maintenance and winter breaks are constraining supply, while strong demand is expected to support lead prices, indicating a potential slight increase in domestic lead prices today [1]. Group 5: Tin Market - The lower-than-expected US core CPI has raised expectations for interest rate cuts, contributing to a 1.96% increase in overnight London tin prices. The escalation of conflict in the Democratic Republic of the Congo has raised risk premiums, and the surge in tin usage for new energy and AI chip packaging is expected to drive domestic tin prices up today [1]. Group 6: Nickel Market - The rebound of the US dollar and profit-taking by bulls have led to a 2.63% decline in overnight London nickel prices. The market is gradually digesting Indonesia's production cut plans, and while there is still an oversupply in the industry chain, spot purchases at lower prices are expected to lead to a slight increase in domestic nickel prices today [1].

华电新疆公司通过"新能源+生态治理""新能源+产业协同"等模式，推动项目建设与生态环境保护、地方 经济协同发展。天山北麓基地600万千瓦新能源项目是大基地建设与戈壁荒漠治理协同推进的标杆典 范，助力新疆将能源资源优势转化为经济发展优势。巴州"混合储能+100万千瓦"风电一体化项目作为国 家第三批新能源大基地项目，通过"高抗硫酸盐混凝土"与"硅烷浸渍防腐涂层"组合技术，破解高盐碱环 境下的设备腐蚀难题。古尔班通古特沙漠基地135万千瓦新能源项目是火电灵活性改造和国家沙戈荒规 划协同推进的"疆电外送"基地项目，有效促进戈壁地区荒漠生态系统正向演替。通过高质量建设运营战 略性清洁能源基地，华电新疆公司将奋力书写高质量发展新篇章。（于渲儿） 责任编辑：江蓬新 1月7日，从中国华电集团有限公司获悉，随着新疆华电天山北麓基地600万千瓦新能源项目、新疆华电 巴州"混合储能+100万千瓦"风电一体化项目、新疆华电古尔班通古特沙漠基地135万千瓦新能源项目等 项目投产，华电新疆公司装机规模达4112.8万千瓦。其中清洁能源装机占比近60%，较"十三五"末提升 40.3个百分点。 "十四五"期间，华电新疆公司深入开展"绿能行动 ...

Group 1 - Precious metal prices have risen collectively, boosting the performance of non-ferrous metal stocks in the A-share market [1] - Luoyang Molybdenum (603993.SH) was included in the "Betting on China" top ten core assets list for 2026, with a 4.3% increase to 23.78 yuan, reaching a historical high [1] - The stock has cumulatively increased by 210% in 2025 and over 18% in the first eight trading days of this year [1] Group 2 - Luoyang Molybdenum holds approximately 23% of global cobalt reserves and possesses world-class copper-cobalt mining clusters [1] - The KFM Phase II production will add 100,000 tons of copper capacity, supported by the Congo (Kinshasa) cobalt export quota [1] - The company benefits from resource endowment advantages and digital reforms to reduce costs, maintaining relatively low copper production costs [1] Group 3 - The "mining + trading" model smooths out cyclical fluctuations, providing industry-leading risk resistance [1] - Copper and cobalt are benefiting from the expansion of demand in the new energy sector [1] - The acquisition of Brazilian gold mines and the layout of Ecuadorian gold mines create a "copper-gold dual pole" strategy [1] - H-share equity incentives are tied to the core team, indicating strong long-term growth certainty [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The report analyzes the market conditions of various commodities, including bonds, stocks, precious metals, and industrial and agricultural products, and provides corresponding investment suggestions based on the analysis of supply - demand relationships, macro - economic factors, and technical indicators [5][7][10]. 3. Summary by Directory 3.1 Bonds - **Treasury Bonds**: The previous trading day, most treasury bond futures closed higher. The 30 - year, 10 - year, and 5 - year main contracts rose by 0.28%, 0.06%, and 0.04% respectively, while the 2 - year main contract remained flat. The central bank conducted 358.6 billion yuan of 7 - day reverse repurchase operations, with a net injection of 342.4 billion yuan. Due to the stable macro - data but weak recovery momentum, and the relatively low treasury bond yields, it is expected that treasury bond futures will face some pressure, and caution is advised [5]. 3.2 Stocks - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures fell by 0.44%, 0.15%, 1.20%, and 1.76% respectively. Although the domestic economic recovery momentum is weak and corporate profit growth is low, the low valuation of domestic assets and the resilience of the Chinese economy, along with the inflow of incremental funds, are expected to push the volatility center of the stock index up gradually. It is recommended to hold previous long positions [7][8]. 3.3 Precious Metals - **Precious Metals**: The previous trading day, the gold main contract rose by 0.09% and the silver main contract rose by 0.28%. The US CPI data was in line with expectations. Given the complex global trade and financial environment and central banks' gold - buying behavior, the allocation and hedging value of gold is favorable. However, due to the recent sharp rise in precious metals and the significant increase in speculative sentiment, it is expected that market volatility will increase significantly. It is recommended to exit long positions and wait and see [10]. 3.4 Industrial Products - **Steel Products**: The previous trading day, rebar and hot - rolled coil futures showed weak oscillations. In the medium term, the price of finished products is dominated by the industrial supply - demand logic. The demand for rebar is decreasing year - on - year, and the market will enter the off - season. The supply pressure has been alleviated, and the inventory is slightly higher than last year but with a fast consumption speed. It is expected that the rebar price will continue its weak oscillation, and the hot - rolled coil may have a similar trend. Technically, the rebound momentum of steel futures is insufficient. Investors can pay attention to the opportunity of buying on dips and manage their positions carefully [12]. - **Iron Ore**: The previous trading day, iron ore futures oscillated at a high level. The supply of iron ore may strengthen, with the continuous resumption of blast furnaces and the increase in port inventory. Technically, the iron ore futures have broken through the previous high and may continue to be strong in the short term. Investors can pay attention to the opportunity of buying on dips and manage their positions carefully [14]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures fell sharply. The production of domestic coking coal is stable, and the demand from downstream coke enterprises has improved. The first - round increase in the spot purchase price of coke is expected to start. The cost support for coke has strengthened, and the demand for coke has increased due to the continuous resumption of blast furnaces. Technically, the futures form of coke and coking coal has strengthened. Investors can pay attention to the opportunity of buying at low levels and manage their positions carefully [16][17]. - **Ferroalloys**: The previous trading day, the manganese - silicon main contract fell by 0.37% and the silicon - iron main contract fell by 0.11%. The supply of manganese ore is gradually recovering, and the cost of ferroalloys fluctuates in a narrow range at a low level. The production of ferroalloys has decreased since the fourth quarter of 2025, and the overall over - supply pressure continues. It is recommended to consider long positions in the low - level range after the price decline [19]. - **Crude Oil**: The previous trading day, INE crude oil rose significantly due to the possible escalation of the Iranian situation. The US and oil companies are discussing the development strategy of Venezuelan oil, but it has been met with a cold response. The US - Iran conflict has intensified. Crude oil has stabilized around $60 and is expected to continue to rise. It is recommended to pay attention to the opportunity of going long on the main crude oil contract [20][22]. - **Fuel Oil**: The previous trading day, fuel oil rebounded after hitting the bottom. The decrease in Singapore's fuel oil inventory and the increase in the cost of crude oil are expected to drive the price of fuel oil up. It is recommended to pay attention to the opportunity of going long on the main fuel oil contract [24][25]. - **Polyolefins**: The previous trading day, the PP market in Hangzhou reported higher prices, and the LLDPE price in Yuyao increased. After the New Year's Day, the demand in traditional industries such as plastic weaving and PP pipes has decreased, while the demand in some fields such as new energy vehicles and medical protection has increased. It is recommended to pay attention to the opportunity of going long on polyolefins [27]. - **Synthetic Rubber**: The previous trading day, the synthetic rubber main contract rose by 0.29%. The market rose last week, supported by the increase in butadiene prices and high device operating rates, but the weak downstream demand limited the increase. It is expected to oscillate strongly [29][30]. - **Natural Rubber**: The previous trading day, the natural rubber main contract closed flat, and the 20 - rubber main contract fell by 0.19%. It is expected that the natural rubber market will oscillate widely in the short term. The supply is decreasing as the domestic production area enters the end of the rubber - tapping season, while the demand from the tire industry is weak, and the inventory is increasing [32]. - **PVC**: The previous trading day, the PVC main contract rose by 1.73%. Although it is in the traditional off - season, the policy expectation may lead to a strong oscillation of the futures price. In the medium term, the supply - demand situation may improve due to capacity clearance and export growth. It is necessary to be vigilant about the uncertainty of the demand side [34]. - **Urea**: The previous trading day, the urea main contract fell by 0.11%. In the short term, the urea price will maintain a strong oscillation, driven by export demand and cost support. The supply is relatively stable, and the demand from the industrial and agricultural sectors shows different trends. The inventory is lower than expected [38]. - **PX**: The previous trading day, the PX2603 main contract fell by 0.49%. The PXN spread and short - term profit are stable, and the PX operating rate is maintained. The increase in crude oil prices provides support. In the short term, PX may oscillate and adjust. It is recommended to participate in the range and pay attention to the risks of external crude oil fluctuations [40][41]. - **PTA**: The previous trading day, the PTA2605 main contract fell by 0.31%. The supply and demand situation has not changed much, and the processing fee has returned to a neutral level. The inventory is still at a low level. The increase in crude oil prices may provide support. In the short term, PTA may oscillate. It is recommended to operate cautiously on dips and pay attention to oil price changes [43]. - **Ethylene Glycol**: The previous trading day, the ethylene glycol main contract fell by 1.4%. The supply is expected to increase, and the port inventory is under pressure. It is recommended to wait and see cautiously and pay attention to changes in port inventory and supply [44][45]. - **Short - Fiber**: The previous trading day, the short - fiber 2603 main contract fell by 0.37%. The supply is at a relatively high level, and the terminal demand is weak. The short - fiber inventory is at a low level, which may provide some support. It is expected to oscillate following the raw material price. It is necessary to control risks and pay attention to cost changes and macro - policy adjustments [46]. - **Bottle - Chip**: The previous trading day, the bottle - chip 2603 main contract rose by 0.16%. The processing fee has decreased. The supply is expected to shrink during the Spring Festival, and the export growth rate has increased. It is recommended to participate cautiously on dips and pay attention to the implementation of maintenance devices [47][48]. - **Soda Ash**: The previous trading day, the main 2605 contract of soda ash closed at 1212 yuan/ton, a decrease of 1.30%. The fundamental situation is still loose, with an increase in production and inventory. The downstream demand is weak. It is recommended to operate in the range in the short term [49]. - **Glass**: The previous trading day, the main 2605 contract of glass closed at 1096 yuan/ton, a decrease of 3.09%. The fundamental situation is still loose, and the downstream procurement is rational. The industry profit is low, and the downward space is limited [50][51]. - **Caustic Soda**: The previous trading day, the main 2603 contract of caustic soda closed at 2131 yuan/ton, a decrease of 2.74%. The winter seasonal characteristics are significant, with high production, low demand, high inventory, and low profit. It is expected to continue a weak trend in the short term, but there may be price - driving factors from downstream capacity optimization or supply - side production cuts. It is recommended to operate in the range and control positions [52]. - **Paper Pulp**: The previous trading day, the main 2605 contract of paper pulp closed at 5492 yuan/ton, a decrease of 0.54%. The price has risen under the influence of macro - sentiment, but the supply - demand fundamentals have not improved. The inventory is at a relatively high level, which suppresses the market trend. It is expected to oscillate in the range [53][54]. - **Lithium Carbonate**: The previous trading day, the lithium carbonate main contract rose by 7.44%. The cancellation of the export VAT rebate for lithium - battery products may stimulate enterprises to increase exports and inventory. The supply is at a high level, and the demand in the energy - storage and power - battery sectors has improved. The inventory has decreased. It is expected to oscillate strongly [55]. - **Copper**: The previous trading day, the Shanghai copper main contract closed at 103540 yuan/ton, an increase of 0.29%. The US economic data shows a mixed situation, and there are supply - side disturbances in the copper market. The high price suppresses short - term consumption, and the inventory has increased. It is expected to oscillate at a high level [56][57]. - **Aluminum**: The previous trading day, the Shanghai aluminum main contract closed at 24780 yuan/ton, an increase of 0.69%, and the alumina main contract closed at 2790 yuan/ton, a decrease of 0.64%. The alumina surplus situation remains unchanged, and the supply of electrolytic aluminum is difficult to increase significantly. The high price suppresses demand, and the inventory has increased. It is expected to adjust at a high level [59]. - **Zinc**: The previous trading day, the Shanghai zinc main contract closed at 24490 yuan/ton, an increase of 0.57%. The supply of zinc ore is tight, and the output of refined zinc has decreased. The demand is in the off - season, and the inventory has increased. It is expected to oscillate after the upward shift of the operating center [61]. - **Lead**: The previous trading day, the Shanghai lead main contract closed at 17435 yuan/ton, an increase of 0.11%. The production of primary lead has decreased, and the supply of secondary lead is scarce. The demand is differentiated, and the inventory is at a very low level. It is expected to oscillate in the range [63]. - **Tin**: The previous trading day, the Shanghai tin main contract rose by 4.63%. The supply of tin ore is tight, and the demand shows some resilience in emerging fields. The inventory has decreased. It is expected to run strongly [65][66]. - **Nickel**: The previous trading day, the Shanghai nickel main contract fell by 0.33%. The Indonesian policy risk has increased, and the cost of nickel production is expected to rise. The downstream demand is weak, and the inventory is at a relatively high level. It is necessary to pay attention to Indonesian policies [67]. 3.5 Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, the soybean - meal main contract fell by 0.90%, and the soybean - oil main contract rose by 0.18%. The Brazilian soybean planting is almost completed, and the US soybean production is expected to increase while exports are expected to decrease. The domestic soybean import has slowed down, and the oil - mill crushing is in a loss. The demand for soybean meal is growing moderately, and the demand for soybean oil has improved slightly. It is recommended to pay attention to the long - position opportunity for soybean meal in the low - cost support range and the opportunity to exit long positions for soybean oil after the price rises [68][70]. - **Palm Oil**: The Malaysian palm oil has turned from rising to falling, affected by the uncertainty of the Indonesian B50 biodiesel mandatory blending policy. The export data is optimistic, and the domestic inventory is at a medium level. It is recommended to consider the opportunity of going long after the price correction [71][72]. - **Rapeseed Meal and Rapeseed Oil**: The Canadian rapeseed price has increased, following the rise of CBOT soybean - oil futures. The global and Canadian rapeseed production is expected to increase. It is necessary to pay attention to changes in the import trade policy of Canadian rapeseed. The domestic rapeseed and rapeseed - oil inventory is at a medium - high level. It is recommended to consider the opportunity of expanding the spread between soybean - rapeseed meal and soybean - rapeseed oil [73][74]. - **Cotton**: The previous trading day, domestic Zheng cotton rose and then fell slightly. The USDA supply - demand report is favorable for the market. The domestic cotton production is high, but the inventory increase is lower than expected. The future supply is expected to be tight, and the demand is resilient. It is recommended to buy on dips in batches after the price correction [75][77]. - **Sugar**: The previous trading day, Zheng sugar oscillated weakly. The domestic sugar production is increasing, and the import volume is expected to be high in January. The Indian sugar production is expected to increase. The upward space of the sugar price may be limited in the medium - long term [79][80]. - **Apple**: The previous trading day, domestic apple futures rebounded slightly. The inventory is at a low level in recent years, and the new - season apple production and quality have declined. It is expected to run strongly in the medium - long term [82][85]. - **Pig**: The previous trading day, the national average price of pigs rose slightly. The supply is expected to increase in the middle of the month, and the demand is weak. It is recommended to wait and see and pay attention to changes in market funds [87][88]. - **Egg**: The previous trading day, the main contract of eggs fell by 1.32%. The egg supply is expected to remain at a high level in January, but the supply - side improvement is emerging. It is recommended to consider the positive - spread strategy [90][91]. - **Corn and Corn Starch**: The previous trading day, the corn main contract rose by 0.35%, and the corn - starch main contract rose by 0.31%. The US corn production is expected to increase, and the domestic corn supply and demand are basically balanced. The corn - starch demand has improved slightly, but the supply is abundant, and the inventory is at a high level. It is recommended to wait for the release of supply pressure [92][93]. - **Log**: The previous trading day, the main 2603 contract of logs closed at 774.5 yuan/ton, an increase of 0.06%. The supply is abundant, and the demand is stable. The basis oscillates at a low level, and the downward space is limited. It is expected to oscillate at the bottom [94].