长江期货尿素周报： 日产提升 基差走弱 长江期货股份有限公司交易咨询业务资格：鄂证监期货字【2014】1号 2026-01-26 【产业服务总部 | 能化产业服务中心】 研 究 员：张 英 执业编号：F03105021 投资咨询号：Z0021335 尿素：日产提升 基差走弱 01 1 市场变化：价格：尿素盘面价格先弱后强。1月23日尿素2605合约收盘价1788元/吨，较上周下调3元/吨，跌幅 0.17%，期间最高1797元/吨，最低1756元/吨。尿素现货河南市场日均价1727元/吨，较上周下调17元/吨，跌幅 0.97%。基差：尿素主力基差走弱，1月23日河南市场主力基差-61元/吨，周度基差运行区间（-61）— （-41）元/ 吨。价差：尿素5-9价差窄幅波动，1月23日 5-9 价差25元/吨，周度运行区间 25 — 29 元/吨。 2 基本面变化：供应端中国尿素开工负荷率85.99%，较上周提升2.4个百分点，其中气头企业开工负荷率58%，较上 周提升3.82个百分点，尿素日均产量20.34万吨。云南、四川、河南部分检修装置复产，日产量增至20万吨以上，货 源供应充足，下周四川地区检修装置计划恢复， ...

商 品 研 究 2025 年 12 月 25 日 LLDPE：基差走弱，现货成交放量 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6408 | 1.78% | 773352 | -41207 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -208 | | -196 | | | | 05-09合约价差 | -37 | | -39 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华 北 | 6200 | | 6100 | | | | 华 东 | 6300 | | 6250 | | | | 华 南 | 6300 | | 6250 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货反弹 ...

Report Investment Ratings - **Bullish**: Palm oil (long - term) [1] - **Bearish**: Copper, Aluminum, Alumina, Zinc, Iron ore (short - term), Crude oil, Fuel oil, Asphalt, BR rubber, PTA, Ethylene glycol, Logs, Crude oil, Fuel oil, Bitumen, Shanghai stocks, BR rubber, PTA, Ethylene glycol, Short fiber, Styrene, Cotton (domestic, long - term), Corn (near - term), Soybean (far - month C01) [1] - **Neutral (Oscillating)**: Stock index, Treasury bond, Gold, Silver, Nickel, Stainless steel, Steel, Coke, Coking coal, Coke breeze, Rapeseed oil, Cotton (domestic, short - term), Sugar, Pulp, Live pigs, PE, PVC, Caustic soda, LPG, Container shipping secondary line [1] Core Views The report provides trend judgments and logical analyses for various commodities in different sectors. Market conditions are influenced by multiple factors such as macroeconomic data (e.g., US non - farm payrolls), geopolitical situations (e.g., Middle East tensions), supply - demand relationships, and policy changes. Different commodities show different trends, including upward, downward, and oscillating movements, and investors are advised to pay attention to relevant factors for each commodity [1]. Summary by Industry Macroeconomic and Financial - **Stock Index**: In the short term, market trading volume gradually shrinks slightly, and with mediocre domestic and international positive factors, there is resistance to upward breakthrough, and it may show an oscillating pattern. Follow - up attention should be paid to macro - incremental information for direction guidance [1] - **Treasury Bond**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1] - **Precious Metals (Gold and Silver)**: Market uncertainties remain. Gold and silver prices are expected to oscillate mainly. Attention should be paid to tariff developments [1] Non - ferrous Metals - **Base Metals**: Due to factors such as the cooling of the Fed's interest - rate cut expectations, high prices suppressing downstream demand, and inventory changes, copper, aluminum, alumina, zinc, etc., have downward risks. Nickel prices oscillate, and attention should be paid to supply and macro - changes [1] - **Stainless Steel**: After an oscillating rebound, the sustainability needs to be observed. Attention should be paid to raw material changes and actual steel - mill production [1] - **Industrial Silicon and Polysilicon**: Industrial silicon has a downward risk, and polysilicon is affected by supply - side reform expectations and market sentiment [1] - **Lithium Hydroxide**: Supply has not been reduced, downstream replenishment is mainly by traders, and there is capital gaming. The price oscillates [1] Ferrous Metals - **Steel and Related Products**: Macro uncertainties remain. With raw material price weakening, social inventory slightly declining, and steel - mill production reduction news boosting confidence, the market situation is complex. The sustainability of stainless - steel rebound needs to be observed [1] Agricultural Products - **Oils and Fats**: OPEC +'s unexpected production increase causes oils to follow the decline of crude oil. In the long term, international oil demand increases, and the far - month contracts of palm oil are bullish [1] - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums. In the long term, macro uncertainties are strong. Domestic cotton prices are expected to oscillate weakly [1] - **Sugar**: Brazil's sugar production is expected to reach a record high. If crude oil continues to be weak, it may affect Brazil's sugar - making ratio and production [1] - **Corn and Soybeans**: Corn is affected by policy - based grain releases and price differences. Soybeans have different trends for near - and far - month contracts, depending on factors such as supply - demand and trade policies [1] - **Pulp and Logs**: Pulp has low valuation and macro - positive factors. Logs are in the off - season, and supply decline is limited [1] - **Live Pigs**: With the continuous repair of pig inventory, the market shows a certain stability [1] Energy and Chemicals - **Crude Oil and Related Products**: Due to the cooling of the Middle East geopolitical situation and OPEC +'s unexpected production increase, crude oil, fuel oil, etc., have downward risks [1] - **Petrochemical Products**: PTA, ethylene glycol, etc., are affected by factors such as cost, supply - demand, and production - reduction expectations [1] - **Synthetic Rubber**: BR rubber is under pressure due to factors such as OPEC's production increase and high basis [1] - **Plastics and Chemicals**: PE, PVC, caustic soda, etc., show different trends due to factors such as maintenance, demand, and market sentiment [1] - **LPG**: Affected by factors such as price cuts, production increases, and seasonal demand, it has downward space [1] Other - **Container Shipping**: It is expected that the freight rate will reach its peak in mid - July and show an arc - top trend from July to August. The subsequent shipping capacity is relatively sufficient [1]