1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Industrial silicon prices are expected to maintain range - bound fluctuations. With both supply and demand decreasing, along with the upward price transmission effects of coking coal and the photovoltaic industry chain, price support is evident. The upside potential depends on downstream demand recovery and inventory reduction progress, while the downside is limited by cost support and production - cut expectations [1][3]. - Polysilicon prices are expected to oscillate within the range of 54,000 - 60,000 yuan per ton. The risk - control measure of raising the margin by the Guangzhou Futures Exchange has increased the trading threshold and dampened market sentiment. Inventory backlog and supply - side pressure may be the reasons for the high - price transactions being scarce and the price decline on that day [3][6]. 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On January 7, 2026, the industrial silicon futures price fluctuated upward. The main contract 2605 opened at 9,050 yuan per ton and closed at 8,980 yuan per ton, a change of 95 yuan per ton (1.07%) from the previous settlement. As of the close, the position of the main contract 2605 was 244,734 lots, and the number of warehouse receipts on January 6, 2026, was 10,799 lots, a change of 112 lots from the previous day [1]. - Industrial silicon spot prices remained basically stable. According to SMM data, the price of oxygen - passing 553 silicon in East China was 9,200 - 9,300 yuan per ton; 421 silicon was 9,500 - 9,800 yuan per ton. The price of oxygen - passing 553 silicon in Xinjiang was 8,600 - 8,800 yuan per ton, and 99 silicon was 8,600 - 8,800 yuan per ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1]. - As of December 31, the total social inventory of industrial silicon in major regions was 557,000 tons, a change of 0.36% from the previous week [1]. Consumption End - The quoted price of organic silicon DMC was 13,500 - 13,700 yuan per ton. Recently, an orange pollution alert was issued in Shihezi, Xinjiang, and the expected supply contraction reduced short - term supply pressure and supported price increases. The weekly output of organic silicon enterprises changed little. Against the background of emission reduction and price support, organic silicon monomer enterprises began to gradually reduce production since early December. The operating rate of aluminum - silicon alloy enterprises remained stable. The secondary aluminum enterprises in Chongqing that reduced production due to air pollution last week maintained the production - cut state this week. The downstream demand for aluminum alloys showed marginal weakness, and the subsequent operating rate is expected to be stable with a slight decline [2]. Strategy - Industrial silicon prices are expected to maintain range - bound fluctuations. Short - term range operation is recommended for single - side trading. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Polysilicon Market Analysis - On January 7, 2026, the main contract 2605 of polysilicon futures fluctuated downward, opening at 59,400 yuan per ton and closing at 58,300 yuan per ton, a change of - 2.13% from the previous trading day. The position of the main contract reached 67,800 lots (72,353 lots the previous day), and the trading volume on that day was 20,581 lots [3]. - Polysilicon spot prices strengthened slightly. According to SMM statistics, the price of N - type material was 50.00 - 57.00 yuan per kilogram, and N - type granular silicon was 50.00 - 51.00 yuan per kilogram. Polysilicon manufacturers' inventory and silicon wafer inventory increased. The latest polysilicon inventory was 30.60 (unit not specified), a change of 0.90% month - on - month, silicon wafer inventory was 23.19 GW, a change of 6.92% month - on - month. The weekly polysilicon output was 24,000 tons, a change of - 5.10% month - on - month, and the silicon wafer output was 10.18 GW, a change of - 1.45% month - on - month [3]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.38 yuan per piece, N - type 210mm was 1.68 yuan per piece, and N - type 210R silicon wafers were 1.48 yuan per piece [4]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.27 yuan per watt; PERC210 battery cells were about 0.28 yuan per watt; Topcon M10 battery cells were about 0.39 yuan per watt; Topcon G12 battery cells were 0.39 yuan per watt; Topcon 210RN battery cells were 0.39 yuan per watt; HJT210 half - cell battery was 0.37 yuan per watt [4][5]. - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan per watt, PERC210mm was 0.69 - 0.73 yuan per watt, N - type 182mm was 0.69 - 0.70 yuan per watt, and N - type was 0.70 - 0.72 yuan per watt [5]. Strategy - Polysilicon prices are expected to oscillate within the range of 54,000 - 60,000 yuan per ton. Short - term range operation is recommended for single - side trading, and the main contract is expected to fluctuate within the range of 54,000 - 60,000 yuan per ton. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [6].

氧化铝现货价格：2026-01-07SMM氧化铝山西价格录得2655元/吨，山东价格录得2585元/吨，河南价格录得 2680元/吨，广西价格录得2745元/吨，贵州价格录得2785元/吨，澳洲氧化铝FOB价格录得304美元/吨。 氧化铝期货方面：2026-01-07氧化铝主力合约开于2822元/吨，收于2938元/吨，较上一交易日收盘价变化139 元/吨，变化幅度4.97%，最高价达到2975元/吨，最低价为2822元/吨。全天交易日成交1854026手，全天交易 日持仓494082手。 新能源及有色金属日报 | 2026-01-08 价格短期快速上涨抑制消费 重要数据 铝现货方面：SMM数据，华东A00铝价24140元/吨，较上一交易日变化230元/吨，华东铝现货升贴水-200元/ 吨，较上一交易日变化20元/吨；中原A00铝价23930元/吨，现货升贴水较上一交易日变化40元/吨至-410元/吨； 佛山A00铝价录24130元/吨，较上一交易日变化270元/吨，铝现货升贴水较上一交易日变化65元/吨至-205元/ 吨。 铝期货方面：2026-01-07日沪铝主力合约开于24280元/吨，收于24360元 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Corn: The price of corn and starch futures rose in tandem on Wednesday. The spot market in the Northeast remained stable, while the price in the North China was generally stable with minor adjustments. The price in the sales area declined slightly. The short - term focus is on the price pressure around 2270, and the weekly indicators continue to have a bearish expectation [2]. - Soybean and Bean Meal: CBOT soybeans hit a one - week high on Wednesday. Domestic two - meal prices fluctuated higher with an increase of over 1%. The bean meal trading volume increased, and the inventory is expected to rise again. The range - bound thinking remains unchanged, waiting for the USDA supply - demand report next week [2]. - Palm Oil: BMD palm oil rose on Wednesday. The estimated production of Malaysian and Indonesian palm oil in the 25/26 year is provided. Domestic three major oil futures prices all rose, and an oil price range - bound thinking is adopted. Attention is paid to the USDA supply - demand report on January 13th and the visit of the Canadian president to China in mid - early January [2]. - Eggs: The main contract of eggs fluctuated strongly on Wednesday, with a slight daily increase. The spot price mostly rose, and the short - term spot price continued the slight rebound trend. It is necessary to pay attention to whether the main contract can break through the long - term moving average [2][3]. - Pigs: The live - hog futures fluctuated and adjusted on Wednesday. The national live - hog price mostly rose, with local declines. It is necessary to pay attention to whether the short - term pig price can continue to rebound. It is recommended to set a dynamic stop - profit in the short term and pay attention to the technical performance of the long - term moving average of the live - hog futures main contract [3]. 3. Summary by Relevant Catalogs 2. Market Information - Indonesia set the reference price of crude palm oil in January at $915.64 per ton, lower than that in December. The export tax will remain at $74 per ton, and a 10% special export tax is also levied [4]. - The estimated soybean production in Argentina in the 2025/26 year was lowered by 1% to 46 million tons, with an estimated range of 44.8 - 47.2 million tons. The current planting area is estimated to be 16.7 million hectares [4]. - According to the National Bureau of Statistics, from late December to mid - December 2025, among 50 important production materials, 18 product prices rose, 28 declined, and 4 remained flat. The price of live hogs (ternary) increased by 1.7% [4]. - According to SPPOMA data, from December 1 - 31, 2025, the yield per unit of Malaysian palm oil decreased by 7.39% month - on - month, the oil extraction rate decreased by 0.13%, and the production decreased by 8.07% [4]. - OPEC+ agreed to maintain stable oil production in Q1 2026. The organization had agreed to suspend production increases in January, February, and March last November. The next meeting will be held on February 1st [5]. 3. Variety Spreads - Charts of the basis of corn, corn starch, soybeans, bean meal, soybean oil, palm oil, eggs, and live hogs are presented [7][8][12][16]

丙烯日报 | 2026-01-08 现货企稳，成本端仍有提振 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5954元/吨（+60），丙烯华东现货价5950元/吨（+0），丙烯华北现货价5795元/吨（+0）， 丙烯华东基差-4元/吨（-60），丙烯华北基差-154元/吨（-79）。丙烯开工率75%（+0%），中国丙烯CFR-日本石脑油 CFR206美元/吨（-12），丙烯CFR-1.2丙烷CFR20美元/吨（-7），进口利润-231元/吨（+102），厂内库存47790吨（+1780）。 丙烯下游方面：PP粉开工率38%（+0.77%），生产利润-45元/吨（+0）；环氧丙烷开工率74%（-1%），生产利润-159 元/吨（-82）；正丁醇开工率81%（+1%），生产利润545元/吨（+100）；辛醇开工率82%（-3%），生产利润856元/吨 （+50）；丙烯酸开工率83%（+3%），生产利润251元/吨（-36）；丙烯腈开工率78%（-2%），生产利润-998元/吨（-53）； 酚酮开工率81%（+3%），生产利润-902元/吨（+0）。 市场分析 供应端，丙烯产量整体延续高位，上游开工稳定回升，短期 ...

Core Viewpoint - The domestic cotton yarn futures market is experiencing fluctuations, with the main contract showing a slight increase of 0.05% to 20,995.00 yuan/ton as of the report date [1]. Market Information - As of January 7, the number of cotton yarn futures warehouse receipts on the Zhengzhou Commodity Exchange remained stable at 37, unchanged from the previous trading day [1]. - Valentin Olah from StoneX Risk Management indicates that ICE cotton prices are catching up with the rising prices of Chinese cotton and cotton yarn, and are beginning to price in expectations of reduced planting areas for the year [1]. - For the week of December 29 to January 2, the average price of domestic 32-count pure cotton combed yarn was 21,410 yuan/ton, reflecting an increase of 203 yuan/ton compared to the previous week [1]. - The average spot price of Indian 32-count pure cotton combed yarn was 21,170 yuan/ton, up by 76 yuan/ton week-on-week [1]. - The average spot price of Vietnamese 32-count pure cotton combed yarn was 20,920 yuan/ton, which increased by 80 yuan/ton compared to the previous week [1].

Group 1: Report Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Core Views of the Report - Apple: The trading speed of apple production areas is differentiated, with transactions improving in Shaanxi and Shanxi, but overall slow. The low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales. The market is waiting for the Spring Festival stocking to drive up sales [2][3][4] - 红枣: Although the current year's production has decreased, the market supply is still abundant due to sufficient inventory. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9583 yuan/ton, a change of -31 yuan/ton or -0.32% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second-grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 above semi-commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price opened high and closed low. Different production areas have different trading speeds. The consumption peak season may drive up sales, but the low-price alternative fruits in the sales area suppress the sales of apples. The excellent fruit rate is low, the hardness of cold storage fruits is insufficient, and the delivery cost is high [3] Strategy - Maintain a neutral view. The Spring Festival stocking season is approaching, but the low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales [4] 红枣 Market News and Important Data - Futures: The closing price of the 红枣 2605 contract was 9150 yuan/ton, a change of +175 yuan/ton or +1.95% from the previous day [5] - Spot: The price of first-grade grey jujube in Hebei was 8.20 yuan/kg, unchanged from the previous day [6] Market Analysis - The 红枣 futures price closed higher at a high level. The acquisition work in the production area has basically ended. Although the production has decreased, the market supply is still abundant. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7] Strategy - Maintain a neutral view. The new and old stocks of 红枣 are sufficient. The sales speed in the sales area is average, and the price fluctuates at a low level. Pay attention to the downstream sales atmosphere, acquisition price changes, and peak season consumption changes [8]

黑色建材日报 | 2026-01-08 原料成本推升，钢价强势向上 玻璃纯碱：宏观情绪转好，期现价格大涨 市场分析 玻璃方面，昨日玻璃盘面大幅上涨，现货方面，部分厂家存在涨价行为，期现商逐步拿货入场，短期对于价格有 所支撑。 供需与逻辑：目前玻璃供需矛盾依旧较大，虽然部分产线已经逐步冷修，但是相较刚需下降速度，减产力度仍显 不足。伴随期现商采购，库存压力有望缓解，市场对于春节后的旺季存在预期，持续关注玻璃冷修进展。 纯碱方面，昨日纯碱盘面大幅上涨，现货方面，下游刚需采购有限，期现商和贸易商拿货积极性提升，现货价格 跟随上涨。 供需与逻辑：目前纯碱供需矛盾相对有限，供给有所下降，伴随需求转弱，库存环比回升。考虑到纯碱后期仍有 新增项目投产，同时浮法玻璃存在冷修增加预期，仍需压制纯碱企业生产利润，避免再度陷入供需失衡局面。短 期在宏观情绪带动下，纯碱投机性需求提升，后期持续关注浮法玻璃产线变化和纯碱新投产项目进展。 策略 玻璃方面：震荡偏强 纯碱方面：震荡偏强 跨期：无 跨品种：无 风险 宏观及房地产政策、纯碱新投产进度、纯碱出口数据、浮法玻璃产线复产冷修情况等。 硅锰方面，昨日受黑色系整体上涨的影响，硅锰期货同 ...

醇产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2026年1月8日 张晓珍 Z0003135 甲醇价格及价差 | 品种 | 1月7日 | 1月6日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | MA2605 收盘价 | 2267 | 2293 | -26 | -1.13% | | | MA2609 收盘价 | 2247 | 2240 | 7 | 0.31% | | | MA59价差 | 20 | 53 | -33 | -62.26% | | | 太仓基差 | 3 | 3 | 0 | 0.00% | | | MTO05盘面 | -525 | -297 | 42 | -14.14% | | | 内蒙北线现货 | 1848 | 1850 | -3 | -0.14% | 元/吨 | | 河南洛阳现货 | 2083 | 2103 | -20 | -0.95% | | | 港口太仓现货 | 2270 | 2270 | 0 | 0.00% | | | 区域价差: 太仓-内蒙北线 | 423 | 420 | 3 | 0.60% | | | ...

Market Overview - As of January 7, coking coal futures showed a strong upward trend, with the near-month contract rising by 51.5 (+4.75%) to 1135.0 and the main contract increasing by 68.0 (+6.2%) to 1164.0 [1] Supply - As of December 31, the capacity utilization rate of 88 sampled coal mines was 79.76%, down by 2.89% month-on-month, with raw coal production at 805.56 million tons per week, a decrease of 29.17 million tons week-on-week [2] - The inventory of raw coal stood at 222.15 million tons, up by 17.5 million tons week-on-week, while the production of premium coal was 410.26 million tons per week, down by 17.43 million tons week-on-week [2] Demand - As of December 31, the average daily output of coke from independent coking plants was 62.7 million tons, with a slight increase of 0.1 million tons week-on-week [3] - The average daily pig iron output was 227.43 million tons, up by 0.85 million tons week-on-week, with a blast furnace operating rate of 78.94%, an increase of 0.62% [3] Inventory - As of December 31, the total inventory of coking coal (including mines, washing plants, coking plants, steel mills, ports, and terminals) increased by 59.7 million tons to 4104.3 million tons [4] - The inventory at 523 mines rose by 1.5 million tons to 528.8 million tons, while the inventory at 314 washing plants increased by 1.6 million tons to 531.6 million tons [4] Market Sentiment - The strong rise in coking coal futures was noted, with the main contract hitting the limit up. However, the spot prices in Shanxi showed weak performance, and the trading environment remains cautious with high auction failure rates [5] - The supply side is seeing a slight recovery in daily coal production as mines resume operations, but sales remain sluggish, leading to inventory accumulation [5] - On the demand side, steel mills are experiencing reduced losses, and pig iron production is stable, although coking profits are declining, leading to a slight decrease in operational rates [5] Policy and Strategy - The main policy focus remains on ensuring coal supply for power plants, with reports indicating that 26 coal mines in Shaanxi may be removed from the supply guarantee list, reducing capacity by 19 million tons, pending verification [5] - The strategy suggests a wait-and-see approach until policy confirmations are made, with an emphasis on arbitrage opportunities between coking coal and coke [5]

2026 年 01 月 08 日 短纤：短期震荡市 20260108 瓶片：短期震荡市 20260108 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【趋势强度】 短纤趋势强度：0；瓶片趋势强度：0(仅指报告日的日盘主力合约期价波动情况） 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2602 | 6544 | 6532 | 12 | PF02-03 | 0 | 0 | 0 | | PF | 短纤2602 | 6544 | 6532 | 12 | PF03-04 | T | 76 | -80 | | | 短纤2603 | 6548 | 6456 | 92 | PF主力基差 | -14 | 3 | -17 | | | 短纤主力持仓量 | 116315 | 165849 | -49534 | 短纤华东现货价格 | 6. 530 | 6, 535 | -5 | | | 短纤主力成交量 | 126634 | ...