Group 1: Industry Overview - The global futures market is experiencing increased volatility, leading to a growing adoption of futures trading as a risk management tool by enterprises and investors [1] - By 2025, the average daily trading volume in the global futures market is expected to exceed 50 million contracts, with energy futures accounting for 38%, agricultural futures 22%, metal futures 15%, and financial futures 25% [1] - The core value of futures trading lies in price discovery and risk hedging through standardized contracts, with significant applications in various sectors such as cotton, coal, and crude oil [3] Group 2: Technical Requirements - Futures trading demands high system stability, response speed, and data analysis capabilities, particularly for high-frequency trading and arbitrage [4] - A significant portion (78%) of trading losses due to technical failures in 2025 is attributed to system delays or data errors, highlighting the importance of selecting a technologically robust futures company [4] Group 3: Company Profile - Dongwu Futures Co., Ltd. - Dongwu Futures Co., Ltd. is recognized for its comprehensive service capabilities and stable operational strategies, with a registered capital of 1.0318 billion yuan and total assets of 19.016 billion yuan as of August 2025 [5] - The company offers a full range of futures trading services, including cotton, coal, and crude oil futures, with a market share of 15% in cotton futures and a customer coverage rate of 42% in coal futures by 2025 [6] Group 4: Technical Advantages and Risk Control - Dongwu Futures has invested heavily in an intelligent trading platform with microsecond-level response speed, processing over 5 million orders daily [8] - The company has established a comprehensive risk control system, achieving a risk event occurrence rate of only 0.03% in 2025, significantly lower than the industry average of 0.15% [8] Group 5: Industry Recognition and Customer Satisfaction - Dongwu Futures has received multiple accolades, including being rated as an A-class company for five consecutive years and recognized as an "Excellent Member" by major exchanges [9] - The company serves a diverse client base, with over 100,000 individual clients and more than 5,000 institutional clients, achieving a customer satisfaction rate of 95% [9]

Group 1: Report Overview - The report is an agricultural product R & D report focusing on cotton and cotton yarn, dated January 7, 2026 [1] Group 2: Market Information Futures Market - CF01 contract closed at 15,200, up 245; CF05 at 15,035, up 180; CF09 at 15,225, up 185; CY01 at 20,250 (unchanged); CY05 at 20,880 (unchanged); CY09 at 20,695 (unchanged) [2] - CF01 trading volume was 10,135 hands, an increase of 672; CF05 was 618,089 hands, an increase of 223,930; CF09 was 73,247 hands, an increase of 40,596; CY01 was 32 hands (unchanged); CY05 was 61 hands (unchanged); CY09 was 1 hand (unchanged) [2] - CF01 open interest was 68,415, a decrease of 8,049; CF05 was 925,465, an increase of 9,611; CF09 was 95,727, an increase of 17,291; CY01 was 378 (unchanged); CY05 was 171 (unchanged); CY09 was 14 (unchanged) [2] Spot Market - CCIndex3128B was 15,784 yuan/ton, up 169; Cot A was 74.70 cents/pound; FCY IndexC33S was 21,059 yuan, up 101; Indian S - 6 was 55,800 (unchanged); polyester staple fiber was 7,450 yuan, up 70; pure polyester yarn T32S was 11,080 (unchanged); viscose staple fiber was 12,730 yuan (unchanged); viscose yarn R30S was 17,320 (unchanged) [2] Spread Market - Cotton inter - month spreads: 1 - 5 spread was 165, up 65; 5 - 9 spread was - 190, down 5; 9 - 1 spread was 25, down 60. Cotton yarn inter - month spreads: 1 - 5 spread was - 630 (unchanged); 5 - 9 spread was 185 (unchanged); 9 - 1 spread was 445 (unchanged) [2] - Cross - product spreads: CY01 - CF01 was 5,050, down 245; CY05 - CF05 was 5,845, down 180; CY09 - CF09 was 5,470, down 185. Internal - external spreads: 1% tariff internal - external cotton spread was 2,900, up 116; sliding - scale internal - external cotton spread was 1,883, up 107; internal - external cotton yarn spread was 241, down 41 [2] Group 3: Market News and Views Cotton Market News - On January 7, 2026, the Xinjiang cotton road transport price index was 0.1789 yuan/ton·km, unchanged from the previous day. Short - term price index is expected to be relatively stable [4] - U.S. upland cotton inspection volume was 259.9 tons, with 85.94% progress, a year - on - year decrease of 11%; Pima cotton inspection volume was 68,500 tons, with 83.3% progress, 22% slower year - on - year. Weekly deliverable ratio was 77.5%, quarterly deliverable ratio was 82.5%, 1.4 percentage points higher year - on - year [4] - As of January 3, Brazil's 2025/26 cotton planting was 31.2% complete, a 6.1 - percentage - point increase from the previous period, 0.1 percentage points faster year - on - year, and 0.3 percentage points slower than the three - year average [4] Trading Logic - The rumored reduction in Xinjiang's cotton planting area in 2026 is being confirmed. Cotton sales progress is fast, and factors like improved Sino - U.S. relations and expansion of Xinjiang textile mills' production capacity support the cotton price. However, due to the rapid rise on Friday, there may be short - term correction risks [5] Trading Strategies - Unilateral: U.S. cotton is expected to trade in a range, while Zhengzhou cotton is expected to be bullish with short - term correction risks [6] - Arbitrage: Hold off on trading [6] - Options: Hold off on trading [8] Cotton Yarn Industry News - In the pure - cotton yarn market, trading was average, with traders and downstream weavers making purchases based on demand. Yarn prices continued to rise, especially for medium - and high - count yarns. Air - spun and low - count yarns lagged in price increases and had higher inventory pressure. Mainland textile mills' operating rates continued to decline, while Xinjiang mills' high operating rates supported cotton consumption. As January approaches the holiday, orders are scarce, and weavers are stocking up, with a high probability of early holidays if the market doesn't improve [8] - The pure - cotton grey fabric market remained weak, with most manufacturers cautious about post - holiday performance. Orders for the new year are few, and the overall trading atmosphere is thin. Weavers are eager to sell, with price increases subject to negotiation based on order volume. The market trend is weaker than last year [8] Group 4: Options Option Data - On November 24, 2025, for CF601C13400.CZC, the underlying contract price was 13,585.00, the closing price was 183.00, up 71.0%, IV was 6.7%, Delta was 0.7924, Gamma was 0.0012, Vega was 8.9763, theoretical leverage was - 2.5396, and actual leverage was 58,823.8 [10] - For CF601P13000.CZC, the underlying contract price was 13,585.00, the closing price was 7.00, down 75.9%, IV was 11.4%, Delta was - 0.0470, Gamma was 0.0000, Vega was 3.0820, theoretical leverage was - 1.2967, and actual leverage was 91,213.6 [10] - For CF601P12400.CZC, the underlying contract price was 13,585.00, the closing price was 2.00, down 83.3%, IV was 17.3%, Delta was - 0.0106, Gamma was 0.0001, Vega was 0.8840, theoretical leverage was - 0.5394, and actual leverage was 72,000.5 [10] Volatility Analysis - The 10 - day HV of cotton the previous day was 6.4492, with a slight increase in volatility. The implied volatility of CF601 - C - 13400 was 6.7%, CF601 - P - 13000 was 11.4%, and CF601 - P - 12400 was 17.8% [10] Option Strategy - The previous day, the PCR of the main Zhengzhou cotton contract's open interest was 0.7339, and the PCR of trading volume was 0.6421. Both call and put trading volumes decreased today. The option strategy is to hold off on trading [11][12] Group 5: Related Attachments - The report includes charts such as the internal - external cotton price spread under 1% tariff, cotton basis for January, May, and September, CY05 - CF05 and CY01 - CF01 spreads, and CF9 - 1 and CF5 - 9 spreads [14][17][21][22]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current supply and demand of hot-rolled coils are both increasing. Last week's data showed that the increase in production was greater than the growth in demand, and the absolute level of inventory was relatively high, which had been digested by the market. Today's sharp rise in the market will drive a certain increase in spot prices and a warming of transactions. The warming of winter storage sentiment may stimulate a wave of demand. The cost side provides strong support, and the anti-involution policy also provides strong support at the bottom. It is recommended to adopt a bullish approach and buy on dips, expecting the price to continue to rise strongly [5] Group 3: Summary of Each Section According to the Table of Contents Market Review - Futures prices: The main contract of hot-rolled coil futures increased its open interest by 103,802 lots on Wednesday, with a trading volume of 943,506 lots, a significant increase compared to the previous trading day. The intraday low was 3,259 yuan, and the high was 3,338 yuan. It closed at 3,332 yuan/ton, up 82 yuan/ton or 2.52%. It stood above the 5-day, 10-day, and 20-day moving averages [1] - Spot prices: The price of hot-rolled coils in Shanghai, a major region, was reported at 3,290 yuan/ton, an increase of 30 yuan compared to the previous trading day [1] - Basis: The basis between futures and spot was -42 yuan, indicating a slight premium of the futures over the spot [2] Fundamental Data - Supply side: As of December 31, the weekly production of hot-rolled coils increased by 109,700 tons to 3.0451 million tons. Production has rebounded for two consecutive weeks, mainly due to improved profitability of steel mills, increased production enthusiasm, iron water transfer from building materials to plates, and the end of annual maintenance and increased resumption of production [3] - Demand side: As of December 31, the weekly apparent consumption increased by 37,300 tons to 3.1077 million tons. Demand still shows resilience, but future demand data needs to be monitored [3] - Inventory side: As of December 31, the total inventory decreased by 62,600 tons to 3.7096 million tons week-on-week. Social inventory decreased by 80,600 tons, while steel mill inventory increased by 18,000 tons. The inventory is still being depleted, but the depletion rate has narrowed. The total inventory is at a five-year high, still exerting downward pressure on prices [3] - Policy side: The new regulations on the export license management of steel products will cause short-term export fluctuations, increase supply, and put pressure on prices. In the long term, it will promote industrial upgrading, structural optimization, and competitiveness enhancement. The Central Economic Work Conference held in December proposed a proactive fiscal policy and a moderately loose monetary policy, which is beneficial to prices and industry profitability [3][4] - External macro: The events in the United States and Venezuela may bring uncertainties [5] Market Driving Factor Analysis - Bullish factors: Significant decline in supply-side production, expectation of winter storage demand start, export rush, policy support ("14th Five-Year Plan", infrastructure investment), and strong iron ore prices [5] - Bearish factors: Exceeding expectations in steel mill复产 in January, seasonal weakening of demand, insufficient manufacturing orders, and inventory accumulation suppressing prices [5]

1. Report Industry Investment Rating - The unilateral strategy is cautiously bullish, suggesting buying the main contract of BU on dips without over - chasing the rise; for the inter - period strategy, it is recommended to buy the spread of BU2303/2306 on dips (positive spread trading); there are no suggestions for inter - variety, spot - futures, and options strategies [2] 2. Core View - On January 6, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3,156 yuan/ton, down 7 yuan/ton or 0.22% from the previous settlement price. The position was 209,414 lots, up 6,685 lots from the previous day, and the trading volume was 224,437 lots, down 25,877 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were 3,306 - 3,500 yuan/ton in the Northeast, 3,020 - 3,190 yuan/ton in Shandong, 3,100 - 3,150 yuan/ton in South China, and 3,100 - 3,200 yuan/ton in East China. The spot prices of asphalt in North China, East China, and Sichuan - Chongqing regions continued to rise, while that in South China slightly declined, and those in other regions remained basically stable [1] - Although the spot circulation in South China increased slightly due to the implementation of new contracts from Jingbo Hainan, the overall spot circulation in some areas was still tight, and the price - holding mentality in local markets was strong, so the average domestic asphalt price continued to rise [1] - Due to the uncertain situation in South America, there is still an expectation of tightened crude oil supply from Venezuela. Although refineries can find alternative heavy - quality raw materials from the Middle East, Canada, and South America in the future, the cost increase is inevitable, providing short - term support to the market [1] 3. Summary by Relevant Catalogs Market Analysis - Futures market: The closing price of the main BU2603 contract of asphalt futures on January 6 was 3,156 yuan/ton, with a decline of 0.22% from the previous settlement price. The position increased, and the trading volume decreased [1] - Spot market: The spot settlement prices of heavy - traffic asphalt varied by region. The prices in some regions rose, some declined slightly, and some remained stable. The overall average domestic asphalt price continued to rise due to tight supply in some areas [1] - Cost side: Uncertainties in the South American situation lead to an expectation of tightened Venezuelan crude oil supply. Although there are alternative raw materials, cost increase is likely, providing short - term market support [1] Strategy - Unilateral: Cautiously bullish, buy the main contract of BU on dips, avoid over - chasing the rise [2] - Inter - period: Buy the spread of BU2303/2306 on dips (positive spread trading) [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]

Group 1 - The core point of the article is that coking coal futures have seen a significant increase, with the main contract rising over 7% to a price of 1757 yuan per ton on January 7 [1]

Group 1 - The coal sector in the Hong Kong stock market is experiencing significant gains, with notable increases in various coal stocks [1] - Feishang Anthracite Coal surged by 33%, while Shougang Resources and Mongol Mining rose over 5% [1] - Coking coal futures hit a limit up with an 8% increase, reaching 1164 yuan/ton, and coking coal main contracts rose over 7% to 1757 yuan/ton [1] Group 2 - Feishang Anthracite Coal's latest price is 0.140 yuan, with a total market value of 193 million yuan and a year-to-date increase of 37.25% [2] - Shougang Resources has a latest price of 3.190 yuan, a market value of 16.24 billion yuan, and a year-to-date increase of 8.87% [2] - Mongol Mining's latest price is 11.570 yuan, with a market value of 11.996 billion yuan and a year-to-date increase of 9.77% [2]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 1月7日早盘，焦煤期货主力合约触及涨停，涨幅7.98%，报1164元/吨。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：朱赫楠 1月7日早盘，焦煤期货主力合约触及涨停，涨幅7.98%，报1164元/吨。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：朱赫楠 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - The core point of the article is that glass futures main contract increased by 5%, reaching 1136 yuan per ton on January 6 [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 快讯：2026年1月6日，碳酸锂期货主力合约触及涨停，涨幅8.99%，报137940元/吨。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：赵思远 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 快讯：2026年1月6日，碳酸锂期货主力合约触及涨停，涨幅8.99%，报137940元/吨。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：赵思远 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The global sugar market is in a state of oversupply, but concerns about a decline in Guangxi sugar production may support domestic sugar prices. Zheng sugar short - positions are advised to exit and wait and see [3]. - The supply pressure of pulp is gradually easing, and the cost of new warehouse receipts is rising, which is expected to drive up the bottom of the futures price. However, due to high inventory and weak paper mill profits, it is difficult to form a trending upward market in the short term. Short - term operations can consider long - positions at low levels in the range [3][4]. - The spot price of offset paper remains stable, and the futures price may fluctuate with the basis. As the basis narrows, the upward space of the futures price may be limited. Consider short - positions near the pressure level [5][6]. - The global cotton supply is abundant, and the domestic cotton market is a game between strong expectations and weak reality. The short - term supply is sufficient, but there is a long - term support due to the expected decline in planting area. It is recommended to hold long - positions in the 05 contract cautiously [9]. - The apple 05 contract is facing a game between supply decline and the off - season of consumption, maintaining a high - level range expectation. It is recommended to adopt the idea of buying on dips [10]. - The market's expectation of a decline in jujube production has cooled, and the consumption season is approaching. Aggressive investors can consider short - term long - positions in the 2609 contract near 8900 - 9000 points [11][12]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Apple 2605**: Recommend buying on dips. The new - season output, good - fruit rate, and peak value have declined year - on - year, but the driving force for consumption growth is insufficient. The support range is 8800 - 8900, and the pressure range is 10000 - 10200 [20]. - **Jujube 2605**: Recommend short - term long - positions at low levels. The expectation of production decline may be gradually reflected in the far - month contracts. The support range is 8500 - 8600, and the pressure range is 9500 - 9800 [20]. - **Sugar 2605**: Recommend temporary waiting and seeing. The international sugar supply is sufficient, and the domestic sugar - cane pressing season is underway. The market is worried about the decline in production and sugar - making rate this season, weakening short - position confidence. The support range is 5000 - 5030, and the pressure range is 5300 - 5330 [20]. - **Pulp 2605**: Recommend long - positions in the range. The futures price has risen above the price of the main physical delivery product, increasing potential delivery pressure. There is limited improvement in the fundamentals, but there is support below. The support range is 5300 - 5400, and the pressure range is 5600 - 5800 [20]. - **Offset Paper 2605**: Recommend temporary waiting and seeing. Raw material fluctuations affect the price of offset paper from the cost side, but the spot price is stable, and the futures price may operate within a range. The support range is 3900 - 4000, and the pressure range is 4200 - 4300 [20]. - **Cotton 2605**: Recommend holding long - positions cautiously. The external market is operating at a low level, the domestic market expectation is positive, and the long - term bullish expectation is strong. The futures price is expected to move up. The support range is 13500 - 13600, and the pressure range is 15400 - 15500 [20]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. As of December 25, 2025, the inventory of apple cold storage in the main producing areas was 7.021 million tons, a month - on - month decrease of 106,000 tons and a year - on - year decrease of 857,800 tons [21]. - **Spot Market Situation**: The price of late - maturing bagged Fuji in Shandong is stable, and the overall shipment has slightly increased. The price of bagged Fuji 65 - 70 in Qixia is 2.0 - 2.2 yuan per catty. The price in Shaanxi is also stable, and the trading volume of cold - storage merchants has increased. The price of bagged Fuji 70 in Luochuan is 3.8 - 4.2 yuan per catty. The arrival volume in the sales area has slightly decreased, and the price is stable [21][22][23]. 3.2.2 Jujube Market As of one week before New Year's Day, the physical inventory of 36 sample points was 15,898 tons, a month - on - month decrease of 1.30% and a year - on - year increase of 37.17%. The acquisition in Xinjiang is coming to an end, and the market supply is increasing. The overall sales in the sales area are stable, showing a pattern of "overall stability and local dynamic adjustment" [24]. 3.2.3 Sugar Market As of December 31, 2025, the sugar - cane crushing volume in India was 133.921 million tons, a year - on - year increase of 24%, and the sugar production was 11.83 million tons. From the beginning of the 2025/26 season to December 27, the cumulative sugar - cane crushing volume in Thailand was 14.0733 million tons, a year - on - year decrease of 16.71%, and the sugar production was 1.2793 million tons, a year - on - year decrease of 15.83%. As of December, the cumulative sugar production in Guangdong was 86,600 tons, and the sugar - making rate was 8.72%. India's domestic sugar sales quota in January 2026 was 2.2 million tons, a decrease of 50,000 tons compared with January 2025 [27]. 3.2.4 Pulp Market In November 2025, the total import volume of pulp was 3.246 million tons, a month - on - month increase of 24.0% and a year - on - year increase of 15.9%. The total export volume of Brazilian hardwood pulp was 1.6206 million tons, a month - on - month decrease of 3.7% and a year - on - year increase of 7.0%. The export volume to China was 636,400 tons, a year - on - year increase of 8.7% [29]. 3.2.5 Offset Paper Market The inventory days of offset paper increased by 0.76% compared with last Thursday, and the increase rate narrowed by 0.93 percentage points. The social demand is still weak, and the inventory pressure has increased. The operating rate is 55.24%, a month - on - month increase of 1.02 percentage points, and the increase rate expanded by 0.23 percentage points [30]. 3.2.6 Cotton Market The sowing progress in the Argentine cotton area has reached about 90%, and the final planting area is estimated to be between 380,000 and 430,000 hectares. The new - cotton planting progress in Brazil is about 25%, basically the same as the same period last year, and the final sown area is expected to be between 2.05 million and 2.1 million hectares. As of now this year, the Cotton Corporation of India (CCI) has cumulatively purchased about 2.85 million tons of seed cotton, accounting for about 20% of the total estimated output [31]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9547 | 427 | 4.68% | | Jujube 2605 | 8955 | - 10 | - 0.11% | | Sugar 2605 | 5257 | 6 | 0.11% | | Pulp 2605 | 5530 | - 2 | - 0.04% | | Cotton 2605 | 14655 | 70 | 0.48% | [32] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan per catty) | 4.45 | 0.00 | 0.45 | | Jujube (yuan per kilogram) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan per ton) | 5330 | - 20 | - 710 | | Pulp (Shandong Yinxing) | 5580 | 0 | - 870 | | Offset Paper (Taiyang Tianyang - Tianjin) | 4450 | 0 | - 500 | | Cotton (yuan per ton) | 15615 | 30 | 888 | [39] 3.4 Fourth Part: Basis Situation No specific data summary provided, only figures are mentioned, such as the basis of Apple 5 - month contract, Jujube main contract, etc. 3.5 Fifth Part: Inter - Monthly Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1026 | - 30 | 1313 | Oscillating strongly | Buying on dips | | Jujube | 9 - 1 | - 45 | 145 | - 710 | Range - bound | Waiting and seeing | | Sugar | 1 - 5 | 21 | 8 | - 39 | Oscillating | Waiting and seeing | | Cotton | 5 - 9 | - 190 | - 15 | - 25 | Oscillating weakly | Selling on rallies | [57] 3.6 Sixth Part: Futures Position Situation No specific data summary provided, only figures about the top 20 long - positions, short - positions, trading volume, etc. of each variety are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 2102 | - 18 | 148 | | Sugar | 6005 | 823 | - 4775 | | Pulp | 115576 | 11089 | - 224540 | | Cotton | 6118 | 406 | 2531 | [83] 3.8 Eighth Part: Option - Related Data No specific data summary provided, only figures about option trading volume, open interest, put - call ratio, historical volatility, etc. of apple, sugar, and cotton are mentioned.