Group 1 - The core point of the news is that Jiangsu Canqin Technology Co., Ltd. held its first extraordinary general meeting of shareholders in 2026, where two significant proposals were approved: the profit distribution plan for the first half of 2025 and the proposal to engage in futures and options hedging business [1][2][3] Group 2 - On January 15, 2026, the company’s stock closed at 35.3 yuan, with a slight increase of 0.48%, a turnover rate of 2.59%, a trading volume of 103,500 shares, and a transaction amount of 361 million yuan [1] - The meeting was attended by 65 shareholders, representing 283,780,477 shares, which accounts for 70.9451% of the total share capital [2] - The profit distribution proposal received 99.7846% approval from ordinary shareholders, while the hedging business proposal received 99.7834% approval [2]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The short - term, medium - term, and intraday trends of rebar 2605 are expected to be volatile, volatile, and weakly volatile respectively. Attention should be paid to the support at MA10. The industrial contradiction is accumulating, and steel prices are under pressure [2]. - The supply - demand pattern of rebar is weak, with inventory increasing. The supply is rising and there is still room for growth, while the demand is weak, and the fundamental contradiction is accumulating, causing the steel price to be under pressure. It is expected to continue the low - level volatile trend [3]. Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2605, the short - term, medium - term, and intraday trends are "volatile", "volatile", and "weakly volatile" respectively. The reference view is to pay attention to the MA10 support, and the core logic is that the industrial contradiction is accumulating and steel prices are under pressure [2]. Market Driving Logic - The supply - demand pattern of rebar is weak. Inventory starts to increase, and the production of construction steel mills is active, with supply continuing to rise and still having room for growth. The demand is weak, with high - frequency demand indicators at a low level and remaining at the lowest in the same period in recent years. The downstream industry has not improved, so the subsequent demand will continue the seasonal weakness, dragging down the steel price. The steel price is under pressure, and it is expected to continue the low - level volatile trend, and attention should be paid to the production and sales data released by Steel Union today [3].

1. Report Industry Investment Ratings and Core Views Investment Ratings - **Positive Trends**: PX, MEG, synthetic rubber, methanol, urea, fuel oil, low - sulfur fuel oil [10][11][16][39][44][69] - **Neutral Trends**: Rubber, LLDPE, PP, paper pulp, glass, benzene, styrene, soda ash, LPG, propylene, short - fiber, bottle - chip, pure benzene [13][19][22][30][35][48][52][57][58][87][95] - **Negative Trends**: Caustic soda, PVC, container shipping index (European line), offset printing paper [25][66][71][90] Core Views - The report analyzes the fundamentals of various energy and chemical futures, including price changes, supply - demand relationships, and market news, and provides investment suggestions based on trend strength and market conditions [1][2] 2. Summary by Commodity PX, PTA, MEG - **PX**: Cost - supported, supply is loose, and downstream demand is expected to decline. Suggest long PX short PTA and long SC short PX hedging [6][10] - **PTA**: Cost - supported, high processing fees, and polyester production cuts need to be observed. Suggest long SC short PTA [10][11] - **MEG**: Short - term rebound, pay attention to the implementation of spring maintenance of coal - chemical ethylene glycol plants [11] Rubber - Wide - range oscillation, with inventory increasing in Qingdao and mixed performance in the tire industry [13][14][15] Synthetic Rubber - The price center moves up, affected by geopolitical conflicts and the supply - demand of butadiene [16][18] LLDPE - Futures and spot prices resonate, with low standard product production. There are still concerns about supply - demand pressure in the medium term [19][20] PP - Cost - supported by downstream export rush, but overall fundamentals are weak at the end of the year [22][23] Caustic Soda - Weak oscillation, facing problems of high production, high inventory, and weak demand [25][27] Paper Pulp - Oscillation, with weak downstream demand and price adjustment of broad - leaf pulp [30][33][34] Glass - The original sheet price is stable, and the market trading atmosphere is average [35][36] Methanol - Oscillation with support, affected by geopolitical conflicts and inventory expectations [39][42] Urea - Medium - term upward oscillation, with inventory reduction and improved fundamentals [44][46][47] Benzene, Styrene - Short - term oscillation, with high valuation and concerns about supply - demand in the medium term [48][49][50] Soda Ash - The spot market changes little, and the demand support is gradually weakening [52][54] LPG, Propylene - LPG: Short - term supply is tight, affected by geopolitical factors. Propylene: Spot supply - demand tightens, with a strong trend [57][58] PVC - Weak oscillation, with high production, high inventory, and weak demand [66][67] Fuel Oil, Low - Sulfur Fuel Oil - Fuel oil: Sharp rise, short - term easy to rise and hard to fall. Low - sulfur fuel oil: Follow the rise, with a slight contraction in the price difference between high - and low - sulfur fuels [69] Container Shipping Index (European Line) - Weak operation, affected by geopolitical situations and supply - demand in the shipping market [71][82][83] Short - Fiber, Bottle - Chip - Both are oscillating strongly. For short - fiber, hold long TA short PF; for bottle - chip, hold long - short spread arbitrage [87][88] Offset Printing Paper - Hold short positions, with stable prices and weak demand in the market [90][91][93] Pure Benzene - Short - term oscillation, with inventory accumulation and price adjustment [95][96]

Core Viewpoint - The main point of the article is that the Shanghai tin futures main contract has surged by 10% [1] Group 1 - The significant increase in the Shanghai tin futures indicates a strong market demand or potential supply constraints [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On January 13, equity index futures declined while CGB futures advanced. Most commodities moved lower, with metal futures seeing a divergent performance [2][10][12]. - The MIIT emphasized at its meeting to conscientiously resist internal competition and promote win - win outcomes [1][3][35]. Summary by Directory 1. China Futures 1.1 Overview - On January 13, in equity index futures, IM dropped 1.8% and IC dropped 1.2%; in CGB futures, TL rose 0.3% and T rose 0.1%. Among commodity futures, the top three gainers were Lithium Carbonate (up 7.4% with open interest decreasing 9.2% month - on - month), Silver (up 5.9% with open interest increasing 2.7% month - on - month), and Tin (up 4.1% with open interest falling 15.4% month - on - month). The top three decliners were SCFIS (Europe) (down 5.4% with open interest increasing 4.5% month - on - month), Palladium (down 5.2% with open interest decreasing 0.8% month - on - month), and Poly - Silicon (down 4.4% with open interest remaining unchanged) [10][11][12]. 1.2 Daily Rose - **Benzene**: On January 13, it rose 0.9% to 5,584 yuan per ton. Recent price increases were driven by downstream styrene export deals, firm US - denominated prices and high US - South Korea price spread, geopolitical tensions, and improved macro sentiment. However, the market has weak fundamentals, high inventory, and oversupply, limiting valuation recovery [16][17][19]. - **Ethenylbenzene**: On January 13, it rose 0.3% to 7,028 yuan per ton. The recent strength was due to robust exports, port destocking and tight liquidity, and firm macro sentiment and crude prices. The 1 - month stockbuild expectation has reversed, but there could be corrections if there are unforeseen supply increases or liquidity easing [24][25][26]. 1.3 Daily Dropped - **Poly - Silicon**: On January 13, it fell 4.4% to 49,005 yuan per ton. On the supply side, northern furnace operations changed little, and southwest operations were at a low ebb. On the demand side, it was in the dry season. The revocation of export tax rebates for photovoltaic products might marginally lift polysilicon operating rates in Q1. Overall, industrial silicon remains in a stock - build - up pattern [29][30][32]. 2. China News 2.1 Macro News - The MIIT held a manufacturing enterprise symposium on January 13, emphasizing that entrepreneurs should focus on main businesses, resist cut - throat competition, and promote win - win outcomes. Also, the G7 finance ministers' plan to reduce rare - earth imports from China was responded to by China's Foreign Ministry, stating China's stance on maintaining global critical mineral supply chain stability [35][36][37]. 2.2 Industry News - CME Group notified on January 12 that it will adjust precious metals margin requirements after the close on January 13, based on a routine assessment of market volatility to ensure adequate collateral coverage [38][39]

人民财讯1月13日电，沪银期货主力合约大涨5%，报22131元/千克。 ...

光大期货软商品日报（2026 年 1 月 13 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，ICE 美棉上涨 0.82%，报收 64.94 美分/磅，郑棉主力合约环比下降 0.75%， | 震荡 | | | 报收 14625 元/吨，主力合约持仓环比下降 31040 手至 81.79 万手，棉花 3128B 现 | | | | 货价格指数 15365 元/吨，较前一日下降 145 元/吨。国际市场方面，近期海外地缘 | | | | 扰动较多，美联储 1 月降息概率仍有摇摆，美元指数在 98-99 区间震荡，基本面 | | | | 变化有限，美棉震荡为主。国内市场方面，郑棉持续减仓下行，市场分歧加剧， | | | 棉花 | 基本面有了一些改变。受原料成本增加影响，纺织企业生产利润压缩，数据显示 | | | | 纺织企业开机率已经有一定程度下降。库存方面，本年度纺企补库动作提前，TTEB | | | | 数据显示，纺企原料库存可用天数约 31.5 天，原料库存相对充裕，棉花价格处于 | | | | 相对高位情况下，纺企采购观望情绪渐浓。综合来看，短期 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report indicates that the kinetic energy of US soybeans is limited, and the soybean oil market will mainly operate within a certain range [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing prices and price changes of palm oil, soybean oil, and rapeseed oil futures are presented. For example, the closing price of palm oil (day session) is 8,724 yuan/ton with a 0.48% increase, and the closing price of soybean oil (day session) is 7,994 yuan/ton with no change [2]. - **Trading Volume and Open Interest**: The trading volume and open - interest changes of palm oil, soybean oil, and rapeseed oil futures are provided. For instance, the trading volume of palm oil futures is 512,074 lots, with an increase of 145,968 lots [2]. - **Spot Prices**: The spot prices of palm oil (24 - degree in Guangdong), first - grade soybean oil in Guangdong, and fourth - grade imported rapeseed oil in Guangxi, along with their price changes, are given. For example, the spot price of palm oil in Guangdong is 8,650 yuan/ton, with a decrease of 30 yuan/ton [2]. - **Basis and Spreads**: The basis of palm oil, soybean oil, and rapeseed oil in different regions, as well as various spreads such as the spread between rapeseed oil and palm oil futures, are presented [2]. 3.2 Macro and Industry News - **Malaysian Palm Oil**: From January 1 - 10, 2026, Malaysian palm oil exports increased by 17.65% compared to the same period last month. The yield decreased by 20.49% during this period, and the inventory in December 2025 increased by 7.58% month - on - month [3][5]. - **Global Soybeans**: In the 2025/26 season, global soybean production increased by 3.1 million tons to 425.7 million tons. As of December 1, 2025, the total US soybean inventory was 3.29 billion bushels, a year - on - year increase of 6% [5]. - **US Soybean and Soybean Oil**: The 2025/2026 US soybean planting area is expected to increase by 100,000 acres, and the soybean production is expected to increase by 9 million bushels. The US soybean oil production is expected to decrease by 210 million pounds, and the ending inventory is expected to increase by 26 million pounds [6][7]. - **Brazilian Soybeans**: As of last Thursday, the harvesting rate of Brazilian 2025/26 soybeans was 0.6%, compared to 0.3% in the same period last year [8]. 3.3 Trend Intensity The trend intensity of palm oil and soybean oil is 1 [9].

2026年01月13日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：报告利空落地，原油反弹推涨油脂 | 2 | | --- | --- | | 豆油：美豆动能有限，单边区间为主 | 2 | | 豆粕：USDA报告偏空，或跟随美豆回调 | 4 | | 豆一：USDA报告影响，或调整震荡 | 4 | | 玉米：关注现货 | 6 | | 白糖：区间整理 | 7 | | 棉花：延续调整态势20260113 | 8 | | 鸡蛋：现货盈利，远月情绪转弱 | 10 | | 生猪：需求存负反馈，供应预期增量 | 11 | | 花生：震荡运行 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 01 月 13 日 棕榈油：报告利空落地，原油反弹推涨油脂 豆油：美豆动能有限，单边区间为主 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 ...

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 2026年1月13日，早盘开盘，国内期货主力合约涨跌不一，碳酸锂涨超8%，沪银涨超6%，沪锡涨超 4%，PVC、棕榈油、沪金涨超1%。跌幅方面，多晶硅、钯跌超3%，烧碱跌超2%，铂跌近2%。 | 序号 | 合打名称 | 域新 | 现于 | 25-17 | 三价 | 家(四) + | 天堂 | 本書 | 成交量 | 图肤 | 持创量 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 残酷播 2602 M | 165160 | 202 | 165000 | 165160 | 6.27% | 240 | ব | 38812 9740 | | 499053 | -7649 | | 2 | 2月17日2604 M | 21013 | 73 | 21013 | 21018 | 5.94% | 13 | 2 | 724474 | 1179 | 318747 | -6982 | | 3 | 沪铝2602 n | 00Z08E ...