1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The A-share market continued to rise on January 21, 2026, with the Wind All A index up 0.57% and a trading volume of 2.62 trillion yuan. The CSI 1000 index rose 0.79%, the CSI 500 index rose 1.12%, the SSE 50 index fell 0.11%, and the SSE 300 index rose 0.09%. The recent economic regulation policies have provided fundamental support for the index. The central bank's interest rate cut on structural monetary policy tools and the adjustment of the minimum margin ratio for margin trading have affected market sentiment. The stock market is expected to remain volatile in the short term, but the risk of a significant decline in the index is relatively low in the medium to long term [1]. - On January 21, 2026, the 30-year Treasury bond futures contract rose 0.75%, the 10-year contract rose 0.03%, the 5-year contract rose 0.01%, and the 2-year contract fell 0.01%. The central bank conducted 363.5 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 122.7 billion yuan. The bond market is expected to continue to fluctuate under the current environment of loose funds, stable economy, rising prices, and low short-term expectations of a comprehensive interest rate cut. The yield curve is expected to remain steep [3]. 3. Summary by Directory 3.1 Research Views 3.1.1 Stock Index Futures - The A-share market continued to rise, with different performance among various indices. The recent economic regulation policies and the central bank's interest rate cut on structural monetary policy tools have provided support for the market. However, the adjustment of the minimum margin ratio for margin trading has increased market volatility. The market is expected to remain volatile in the short term, and investors are advised to be cautious [1]. 3.1.2 Treasury Bond Futures - The Treasury bond futures market showed mixed performance on January 21, 2026. The central bank's reverse repurchase operations and the current market environment have affected the bond market. The bond market is expected to continue to fluctuate, and the yield curve is expected to remain steep [3]. 3.2 Daily Price Changes - The prices of stock index futures and stock indices showed different trends on January 21, 2026. The prices of some Treasury bond futures contracts also changed. The specific price changes are as follows: - Stock Index Futures: IH fell 0.06%, IF rose 0.30%, IC rose 1.48%, and IM rose 1.36% [4]. - Stock Indices: The SSE 50 index fell 0.11%, the SSE 300 index rose 0.09%, the CSI 500 index rose 1.12%, and the CSI 1000 index rose 0.79% [4]. - Treasury Bond Futures: TS fell 0.01%, TF rose 0.00%, T rose 0.02%, and TL rose 0.68% [4]. 3.3 Market News - The Minister of Housing and Urban - Rural Development, Ni Hong, stated that the government will continue to implement city - specific policies to promote the stable operation of the real estate market. The government will support the reasonable financing needs of real estate enterprises and the rigid and improved housing needs of residents [5]. 3.4 Chart Analysis 3.4.1 Stock Index Futures - The report provides charts showing the historical trends of stock index futures contracts (IH, IF, IM, IC), their basis, and other indicators, which can help investors analyze the market trends of stock index futures [7][8][10]. 3.4.2 Treasury Bond Futures - The report includes charts of Treasury bond futures contracts, bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates, which can assist in the analysis of the Treasury bond futures market [14][17][18]. 3.4.3 Exchange Rates - The report presents charts of exchange rates, including the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and the exchange rates between major currencies such as the US dollar, euro, pound, and yen, which can help investors understand the trends of the foreign exchange market [22][24][26].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total open interest of coking coal increased slightly month - on - month. The downstream's seasonal increase in pre - holiday rigid demand for restocking can support coal prices, so it is judged that the short - term decline of the futures market is limited. Future focus should be on the supply trend of coking coal, changes in hot metal production, and the restocking rhythm of downstream enterprises [1]. 3) Summary by Related Catalog Futures Market Data - **Closing Prices and Changes**: For coking coal futures, the closing prices of the January, May, and September contracts on the previous day were 1366.5, 1129.0, and 1203.0 respectively, with price changes of 5.0, 1.0, and - 0.5 and price change rates of 0.07%, 0.44%, and - 0.04% compared to the day before. For coke futures, the closing prices of the January, May, and September contracts on the previous day were 1872.0, 1683.5, and 1758.5 respectively, with price changes of 12.0, 10.0, and 10.0 and price change rates of 0.65%, 0.60%, and 0.57% compared to the day before [1]. - **Trading Volume and Open Interest**: The trading volumes of coking coal futures for the January, May, and September contracts were 2093, 864680, and 43683 respectively, and the open interests were 3326, 515444, and 79074 respectively. The changes in open interest were 882, - 17288, and 684 respectively. For coke futures, the trading volumes of the January, May, and September contracts were 19, 14616, and 632 respectively, and the open interests were 82, 38358, and 1438 respectively. The changes in open interest were 15, - 71, and - 55 respectively [1]. - **Price Spreads**: For coking coal, the current price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively. For coke, the current price spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [1]. Spot Market Data - **Prices and Changes**: The port self - pick - up price of Meng 5 main coking coal was 1234, the ex - factory price in Linfen was 1640, the rail - side price in Taiyuan was 1530, the ex - factory price of Tangshan Grade I coke was 1800, the ex - factory price of Jinzhong Quasi - Grade I coke was 1280, and the warehouse price of a certain grade was 1450. The changes in spot prices were 0, 20, 0, 0, 0, and 0 respectively [1]. Industry News and Market Analysis - **Real Estate Policy**: The Minister of Housing and Urban - Rural Development, Ni Hong, emphasized making good use of the urban regulatory autonomy, adhering to the policy of implementing measures according to the city, and giving play to the role of the "white list" system for real estate financing to support reasonable demand and promote the stable operation of the market [1]. - **Steel Production and Inventory**: According to Steel Valley data, the current national building materials production was basically flat month - on - month, and the hot - rolled coil production decreased slightly month - on - month. The total inventory of building materials continued to increase month - on - month, and the total inventory of hot - rolled coils was basically flat month - on - month. The apparent demand for both decreased slightly month - on - month. Last week, the hot metal production decreased slightly month - on - month, and the profitability rate of sample steel mills increased month - on - month [1].

Group 1: Hot News - The Ministry of Housing and Urban - Rural Development will stabilize the real estate market this year, implement city - specific policies, and support reasonable financing needs of real estate enterprises and residents' rigid and improved housing needs [2] - Trump said the US won't take Greenland by force [2] - BHP's iron ore production in the fourth quarter of 2025 continued the seasonal growth trend, with the annual output of WAIO reaching 292 million tons, a year - on - year increase of 0.8% [2] - From January 1 - 20, 2026, Malaysia's palm oil yield per unit decreased by 16.49% month - on - month, the oil extraction rate increased by 0.08% month - on - month, and the output decreased by 16.06% month - on - month [2] - In January, many leading polysilicon companies will stop or reduce production as planned. The monthly average output in the first quarter is expected to drop to about 80,000 tons. The supply - demand relationship will gradually reach a weak balance, and the market will remain in a wait - and - see situation [3] Group 2: Plate Performance - Key focus: asphalt, coking coal, coke, glass, and soda ash [4] - Night - trading performance: Non - metallic building materials rose 1.98%, precious metals rose 38.08%, oilseeds rose 7.87%, non - ferrous metals rose 24.46%, coal - coking - steel - ore rose 9.34%, energy rose 2.13%, chemicals rose 9.52%, grains rose 1.11%, agricultural and sideline products rose 2.81%, and soft commodities rose 2.69% [4][5] Group 3: Plate Position - The document shows the position changes of commodity futures plates in the past five days, including Wind agricultural and sideline products, Wind grains, etc. [6] Group 4: Performance of Major Asset Classes - Equity: Shanghai Composite Index rose 0.08%, S&P 500 rose 1.16%, etc. [7] - Fixed - income: 10 - year treasury bond futures rose 0.03%, 5 - year treasury bond futures rose 0.01%, etc. [7] - Commodity: CRB commodity index rose 0.00%, WTI crude oil rose 0.43%, etc. [7] - Others: US dollar index rose 0.23%, CBOE volatility remained unchanged [7]

Group 1 - The real estate sector is experiencing renewed activity, with companies such as Hualian Holdings, Wantong Development, Dayuecheng, Ningbo Fuda, China Merchants Shekou, and New Town Holdings showing upward trends [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, stated that future policies will focus on city-specific measures, precise strategies, and tailored approaches to control supply, reduce inventory, and enhance quality supply [1] - The "white list" financing system for real estate will be leveraged to support reasonable financing needs of real estate companies [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - For the stock index, in the long - term, policies support the capital market, and the strategy is to buy on dips [4]. - For treasury bonds, in the context of weak domestic demand recovery, there is still room for reserve requirement ratio and interest rate cuts, and the bond market is expected to fluctuate [6]. - For precious metals, in the medium - term, there is a buying opportunity after the price correction [8]. - For non - ferrous metals, in the double - wide cycle, the bullish sentiment of commodities continues, with the main focus on precious metals and non - ferrous metals, and other sectors are affected by the spill - over of market sentiment [41]. - For black building materials, the prices of black series continue to oscillate in the bottom range, and attention should be paid to the inventory reduction progress of hot - rolled coils and relevant policies [30]. - For energy and chemicals, different varieties have different trends, such as rubber is expected to decline after consolidation, and some varieties have opportunities for long - term investment [51]. - For agricultural products, different products have different outlooks, such as short - term support for the near - month contracts of live pigs and eggs, but medium - term pressure on some products [78][80]. Summary by Relevant Catalogs Stock Index - **Market Information**: Policies include solving abnormal low - price problems in government procurement, supporting the real estate market, and promoting cross - border payment systems [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different periods are provided [3]. - **Strategy**: Adopt a long - on - dips strategy in the long - term, and pay attention to the market rhythm in the short - term [4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS contracts changed on Wednesday. Policies focus on urban renewal and real estate system construction. The central bank conducted reverse repurchase operations with a net investment of 1227 billion yuan [5]. - **Strategy**: In the context of weak domestic demand recovery, there is room for reserve requirement ratio and interest rate cuts, and the bond market is expected to fluctuate, mainly affected by the stock - bond seesaw [6]. Precious Metals - **Market Information**: The prices of gold and silver in domestic and foreign markets changed. The conflict over Greenland was alleviated, and the inventory of COMEX silver decreased [7]. - **Strategy**: In the medium - term, there is a buying opportunity after the price correction, with reference price ranges for Shanghai gold and silver contracts [8]. Non - Ferrous Metals Copper - **Market Information**: The price of copper followed the trend of gold and fell. LME copper inventory increased, and the domestic spot was at a discount [10]. - **Strategy**: The copper price is expected to oscillate and adjust in the short - term, with reference price ranges for Shanghai copper and LME copper [11]. Aluminum - **Market Information**: The price of aluminum fell slightly. The inventory of LME aluminum increased, and the domestic downstream procurement sentiment improved [12]. - **Strategy**: The decline of aluminum price is limited, and it is still supported in the short - term, with reference price ranges for Shanghai aluminum and LME aluminum [13]. Zinc - **Market Information**: The price of zinc fell. The inventory of zinc ingots increased, and the LME announced restrictions on some zinc brands [14]. - **Strategy**: Zinc has room for price increase compared with copper and aluminum, and follow - up attention should be paid to the leading varieties in the sector and the Shanghai - London ratio [15]. Lead - **Market Information**: The price of lead fell. The inventory of lead ingots increased, and the LME announced restrictions on some lead brands [16]. - **Strategy**: The lead price may oscillate and adjust, and follow - up attention should be paid to the leading varieties in the sector and the Shanghai - London ratio [17]. Nickel - **Market Information**: The price of nickel fluctuated slightly. The prices of nickel ore and nickel iron changed [18]. - **Strategy**: The Shanghai nickel is expected to oscillate widely in the short - term, and it is recommended to wait and see, with reference price ranges for Shanghai nickel and LME nickel [19]. Tin - **Market Information**: The price of tin rebounded. The smelting start - up rates in Yunnan and Jiangxi were stable, and the inventory increased [20][21]. - **Strategy**: The supply - demand of tin has improved marginally, and the price is expected to oscillate. It is recommended to wait and see, with reference price ranges for domestic and overseas tin contracts [22]. Carbonate Lithium - **Market Information**: The price of carbonate lithium rebounded. The spot index and futures contract price increased [23]. - **Strategy**: The supply contraction expectation has not been falsified, but there is a callback risk. It is recommended to wait and see or try with a light position, with a reference price range for the futures contract [23]. Alumina - **Market Information**: The price of alumina increased slightly. The inventory increased, and the overseas price decreased [24]. - **Strategy**: The ore price is expected to decline, and the over - capacity of alumina smelting is difficult to change in the short - term. It is recommended to wait and see, with a reference price range for the domestic contract [25]. Stainless Steel - **Market Information**: The price of stainless steel increased. The inventory decreased, and the raw material prices changed [26]. - **Strategy**: In the short - term, the market is expected to be strong, and the price may oscillate at a high level, with a reference price range for the main contract [26]. Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy oscillated. The inventory decreased, and the trading volume increased [27]. - **Strategy**: The price is expected to oscillate and consolidate, with strong cost support and general demand [28]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coils changed. The inventory and production of hot - rolled coils and rebar changed [30]. - **Strategy**: The prices of steel products continue to oscillate in the bottom range. Attention should be paid to the inventory reduction progress of hot - rolled coils and relevant policies [30]. Iron Ore - **Market Information**: The price of iron ore fell. The inventory increased, and the supply and demand changed [31]. - **Strategy**: The supply pressure eases marginally, and the price is supported in the short - term. Attention should be paid to the steel mill's restocking and iron - water production rhythm [32]. Coking Coal and Coke - **Market Information**: The prices of coking coal and coke changed. The technical forms and supply - demand structures are analyzed [33][34]. - **Strategy**: The prices of coking coal and coke are expected to oscillate strongly, and attention should be paid to market sentiment fluctuations [36]. Glass and Soda Ash - **Glass** - **Market Information**: The price of glass fell. The inventory decreased, and the trading volume changed [37]. - **Strategy**: The glass market is in a loose balance, and the price is expected to oscillate widely, with a reference price range for the main contract [38]. - **Soda Ash** - **Market Information**: The price of soda ash fell. The inventory increased slightly, and the trading volume changed [39]. - **Strategy**: The soda ash market is in a weak - oscillating pattern, and the price is expected to continue to be weak, with a reference price range for the main contract [39]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon changed. The technical forms and supply - demand structures are analyzed [40]. - **Strategy**: The supply - demand of manganese silicon is not ideal, and that of ferrosilicon is basically balanced. Attention should be paid to market sentiment and relevant factors, and there are opportunities for long - term investment [43]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The price of industrial silicon increased slightly. The supply and demand changed [44]. - **Strategy**: The price of industrial silicon is expected to oscillate due to news disturbances, and attention should be paid to the implementation of production cuts by large factories [45]. - **Polysilicon** - **Market Information**: The price of polysilicon fell. The supply pressure is expected to ease [46]. - **Strategy**: The market is in a wait - and - see state, and the price is expected to fluctuate in the short - term. Attention should be paid to spot transactions and exchange risk - control measures [47]. Energy and Chemicals Rubber - **Market Information**: The price of rubber oscillated and rebounded. The supply and demand, inventory, and spot prices changed [49][50]. - **Strategy**: Rubber is expected to decline after consolidation, and a short - on - rebound strategy is recommended [51]. Crude Oil - **Market Information**: The price of crude oil increased. The inventory of refined oil products in ports changed [52]. - **Strategy**: Take profit on heavy - oil spreads and go long on crude oil at the shale - oil break - even cost range [53]. Methanol - **Market Information**: The regional spot and futures prices of methanol changed [54]. - **Strategy**: The valuation is low, and there is room for long - term investment due to geopolitical expectations [55]. Urea - **Market Information**: The regional spot and futures prices of urea changed [56]. - **Strategy**: The import window is open, and it is recommended to take profit on rallies [57]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene changed. The supply, demand, and inventory are analyzed [60]. - **Strategy**: There is room for upward valuation repair of styrene non - integrated profit, and it is recommended to go long on non - integrated profit before the first quarter [61]. PVC - **Market Information**: The price of PVC fell. The supply, demand, and inventory changed [62]. - **Strategy**: The domestic supply is strong and demand is weak. In the short - term, there is support from electricity prices and export rush, and in the medium - term, a short - on - rallies strategy is recommended [63]. Ethylene Glycol - **Market Information**: The price of ethylene glycol increased. The supply, demand, and inventory changed [64][65]. - **Strategy**: The supply - demand pattern needs to be improved by increasing production cuts. There is a risk of rebound in the short - term, and valuation compression is expected in the medium - term [66]. PTA - **Market Information**: The price of PTA increased. The supply, demand, and inventory changed [67]. - **Strategy**: PTA is expected to enter the Spring Festival inventory - accumulation period. There is room for valuation increase after the Spring Festival, and attention should be paid to long - term investment opportunities [68]. p - Xylene - **Market Information**: The price of p - xylene fell. The supply, demand, and inventory changed [69]. - **Strategy**: PX is expected to maintain an inventory - accumulation pattern before the maintenance season. There are long - term investment opportunities following crude oil after the Spring Festival [71]. Polyethylene (PE) - **Market Information**: The price of PE increased. The supply, demand, and inventory changed [72]. - **Strategy**: The price of crude oil may have bottomed out. The supply pressure is reduced, and the price is supported by inventory reduction [73]. Polypropylene (PP) - **Market Information**: The price of PP increased. The supply, demand, and inventory changed [74]. - **Strategy**: The supply - demand is weak, and the inventory pressure is high. There is no prominent short - term contradiction. There are opportunities for long - term investment in the PP5 - 9 spread [75]. Agricultural Products Live Pigs - **Market Information**: The price of live pigs mainly declined. The consumption and supply situation is analyzed [77]. - **Strategy**: The short - term near - month contracts are supported, but the medium - term supply pressure is high [78]. Eggs - **Market Information**: The price of eggs was mostly stable. The supply, demand, and inventory are analyzed [79]. - **Strategy**: The near - month contracts are strong in the short - term, but the overall supply is sufficient, and the long - term outlook for the far - end contracts is uncertain [80]. Soybean and Rapeseed Meal - **Market Information**: The prices of soybean and rapeseed meal futures changed. The supply and demand situation is affected by policies and imports [81]. - **Strategy**: The prices of protein meals have fallen to the previous low, with many negative news. It is recommended to wait and see in the short - term [82]. Oils - **Market Information**: The prices of oils futures changed. The supply and demand situation is affected by production, consumption, and policies [83][84]. - **Strategy**: The current fundamentals are weak, but the long - term outlook is optimistic. It is recommended to wait and see in the short - term [85]. Sugar - **Market Information**: The price of sugar fell. The supply and demand situation is affected by imports and production in different countries [86][88]. - **Strategy**: After the negative impact of production increase is realized, there may be a rebound in international sugar prices. It is recommended to wait and see in the short - term [89]. Cotton - **Market Information**: The price of cotton oscillated. The supply and demand situation is affected by imports, production, and consumption [90][91]. - **Strategy**: In the long - term, there is room for the cotton price to rise. It is recommended to wait for a correction and then go long [92].

Group 1 - The Ministry of Housing and Urban-Rural Development supports reasonable financing needs of real estate companies and emphasizes the importance of the "white list" system for real estate financing [1] - The Ministry of Industry and Information Technology aims to achieve automated monitoring of computing power resources data across 31 provinces and key computing power enterprises by the end of 2026 [1] - The People's Bank of China is accelerating the construction of a cross-border payment system for the Renminbi, promoting interconnectivity in cross-border payments [1] Group 2 - The Ministry of Finance and four other departments are establishing new duty-free shops at 41 ports, including Wuhan Tianhe International Airport [1] - The Guangdong government is supporting the orderly opening of automated driving tests in multiple scenarios and expanding high-level automated driving application areas [1]

Group 1 - The core viewpoint of the article emphasizes the commitment to stabilize the real estate market in the current year [1] - The Ministry of Housing and Urban-Rural Development will implement city-specific and precise policies to address local market conditions [1] - The "white list" system for real estate financing will be leveraged to support reasonable financing needs of real estate companies [1] Group 2 - There will be a focus on supporting both rigid and improvement housing demands from residents [1]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development, led by Minister Ni Hong, emphasizes the importance of stabilizing the real estate market this year through targeted and precise policies, including the effective implementation of the "white list" financing system for real estate companies to support reasonable financing needs and meet the housing demands of residents [1] Group 1 - The focus will be on stabilizing the real estate market this year [1] - The approach will involve city-specific and precise policy measures [1] - The "white list" financing system will be utilized to support reasonable financing needs of real estate companies [1] Group 2 - There will be support for residents' rigid and improved housing demands [1]