1. Report's Industry Investment Rating - No information provided 2. Core Views of the Report - On February 4, 2026, A - share market showed mixed performance with the Shanghai Composite Index up 0.85%, Shenzhen Component Index up 0.21%, and ChiNext Index down 0.4%. The trading volume of the three markets in Shanghai, Shenzhen, and Beijing was 2.5 trillion yuan, a slight decrease of 6.23 billion yuan from the previous day [1] - Different futures varieties had various trends and influencing factors. For example, the prices of some were affected by supply - demand relationships, seasonal factors, international news, and policy expectations [2][4][5] 3. Summary by Variety 3.1 Stock Index Futures - On February 4, the Shanghai Composite Index closed at 4102.20, up 0.85%; the Shenzhen Component Index closed at 14156.27, up 0.21%; the ChiNext Index closed at 3311.51, down 0.4%. The trading volume of the three markets in Shanghai, Shenzhen, and Beijing was 2.5 trillion yuan, a slight decrease of 6.23 billion yuan from the previous day. The CSI 300 index fluctuated within a range, closing at 4698.68, up 38.58 [1][2] 3.2 Coke and Coking Coal - On February 4, the coke weighted index was strong, closing at 1773.1, up 48.8. The coking coal weighted index trended stronger, closing at 1217.1 yuan, up 40.4. The price of coke futures was affected by factors such as steel mills' acceptance of price increases, environmental protection, and supply - demand. The price of coking coal was affected by factors such as steel mill production, coal mine production cycles, imports, and downstream demand [2][3][4] 3.3 Zhengzhou Sugar - The 2026/27 global sugar surplus is expected to shrink to 1.4 million tons, lower than 4.7 million tons in 2025/26. The Zhengzhou sugar 2605 contract fluctuated higher on February 4, affected by factors such as the expected reduction in the supply surplus in the next season and the increase in US sugar prices [4] 3.4 Rubber - Affected by the general rise of commodities and the increase in the stock market, Shanghai rubber fluctuated higher on February 4. Due to large short - term gains, it fluctuated and adjusted slightly higher at night. In 2025, Hainan's natural rubber production was 349,500 tons, and Yunnan's was 613,500 tons. In 2025, Indonesia's total exports of natural rubber and mixed rubber were 1.672 million tons, a year - on - year increase of 1.8% [5] 3.5 Soybean Meal - On February 4, the CBOT soybean futures in the international market were strong, reaching a two - month high. Brazilian soybean production is expected to increase, and the harvest rate has reached 10%. In the domestic market, the main soybean meal 2605 contract closed at 2723 yuan/ton, down 0.15%. The pre - festival stocking is coming to an end, and the inventory has increased again. The soybean meal futures price lacks upward momentum [5] 3.6 Live Pigs - On February 4, the main live pig contract LH2605 closed at 11735 yuan/ton, up 1.16%. Before the Spring Festival, the supply pressure is large due to possible early concentrated slaughter. The demand for Spring Festival stocking provides short - term support, but the market is still in a situation of oversupply in the medium term [5] 3.7 Palm Oil - On February 4, the palm oil night session opened higher but then fluctuated downward. The main contract P2605 closed at 9138, up 0.48%. In January 2026, Malaysia's palm oil production decreased by 13.08% month - on - month [5] 3.8 Shanghai Copper - The main Shanghai copper contract (2603) closed at 105160 yuan/ton. Driven by policies such as national reserve expansion and the suspension of some smelting projects, the supply is expected to shrink. In January, the electrolytic copper production was 1.1793 million tons (year - on - year + 16.32%), and it is expected to decrease by 3.04% in February. The downstream demand is stable, and the inventory pressure still exists [5][6][8] 3.9 Cotton - On February 4, the main Zhengzhou cotton contract closed at 14655 yuan/ton at night. The cotton inventory increased by 38 lots. The 2025/26 Chinese cotton production is expected to be 7.512 million tons, a significant increase compared to the previous report [8] 3.10 Iron Ore - On February 4, the 2605 main iron ore contract closed down 0.32% at 781.5 yuan. The shipping volume from Australia and Brazil has rebounded, the domestic arrival volume has increased slightly, and the port inventory has continued to accumulate. The iron ore price is in a volatile trend in the short term [8] 3.11 Asphalt - On February 4, the 2603 main asphalt contract closed up 1.69% at 3361 yuan. The refinery production plan in February has decreased slightly, and the market is in the off - season. The asphalt price shows a volatile trend in the short term [8] 3.12 Logs - On February 4, the 2603 main log contract opened at 801, with a minimum of 798, a maximum of 810.5, and closed at 807.5, with an increase of 427 lots in positions. The port coniferous log inventory has decreased for three consecutive weeks. The price is affected by factors such as the spot market, import data, and inventory changes [8][9] 3.13 Steel - On February 4, rb2605 closed at 3110 yuan/ton, and hc2605 closed at 3274 yuan/ton. The steel market activity has continued to decline, and the steel price is expected to continue to fluctuate in a narrow range in the short term [9] 3.14 Alumina - On February 4, ao2605 closed at 2824 yuan/ton. There is no news of subsequent production cuts before the Spring Festival, and the new planned production capacity may be put into operation after the Spring Festival. The spot market is in a mild state [9] 3.15 Shanghai Aluminum - On February 4, al2603 closed at 23955 yuan/ton. The supply side is stable, the social inventory continues to accumulate, and the demand side shows a slight decline [9][10]

1. Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral [8] 2. Core Views - Apple: In January 2026, the apple market showed a characteristic of divergence between the pulling of shipments by pre - holiday stocking in the production areas and the weak demand in the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The market performance during the peak season was not prosperous due to the impact of substitute fruits [3]. - Red dates: The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Substitute products such as tangerines and nuts compressed the downstream sales space of red dates. The next 20 days are the key stocking period, and the market performance depends on the sales volume in the sales areas [7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9485 yuan/ton, a change of +105 yuan/ton from the previous day, with a change rate of +1.12%. - Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 4.00 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1485, a change of - 105 from the previous day. The price of semi - commercial late - Fuji above 70 in Shaanxi Luochuan was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1085, a change of - 105 from the previous day [1]. Recent Market Information - The apple trading situation in the production areas decreased slightly compared with the previous period, and the prices remained stable. Traders mainly shipped pre - packaged goods, and the overall packaging and shipping accelerated slightly. The transaction volume of general goods of fruit farmers in the main production areas was average, with mainly high - grade and third - grade fruits being sold. Some fruit farmers were more eager to sell. In Shaanxi, the transactions of fruit farmers' goods were mainly in small quantities of extreme - end goods, and traders mainly shipped their own inventory. In Gansu, the Jingzhuang area mainly shipped packaged goods of traders, and the trading in the Qingyang area improved. In Shandong, the transactions were average, mainly for gift - box purchases, with a small amount of 75 and third - grade goods being shipped out. The prices of fruit farmers' 80 first - and second - grade slice - red apples in Qixia were 3.2 - 4.5 yuan/jin, and the 80 general goods were around 2.5 - 3 yuan/jin. The ex - warehouse price of general goods of fruit farmers in Shaanxi Luochuan was 3.5 - 4.0 yuan/jin, and the semi - commercial ex - warehouse price was 4.0 - 4.3 yuan/jin. The semi - commercial price of fruit farmers in Gansu Jingning was 5 - 6 yuan/jin, and the ex - warehouse price of general goods of fruit farmers was 3.7 - 5 yuan/jin. The stocking atmosphere in the production areas was average, and traders preferred to ship their own inventory. The transactions of fruit farmers' goods were concentrated in extreme - end goods, and the transactions of general goods were limited. In the sales areas, the number of arriving trucks increased, and gift - box products were gradually sold, but the sales were affected by competing fruits and were not fast. It is expected that the sales volume will increase slightly under the boost of stocking in the short term, and the prices will be slightly weak [2]. Market Analysis - The apple futures price rose slightly yesterday. With the start of pre - Spring Festival stocking, the market demand increased significantly, and the trading activity improved significantly. In terms of circulation, the pre - holiday purchase demand was released rapidly, and the overall sales speed in the market accelerated. Some dealers still put pressure on the prices at the production end. The current price was still at a high level compared with substitute varieties such as tangerines and cherries, but the prices of high - quality goods remained firm. Attention should be paid to the actual consumption performance in the terminal market. In January 2026, the apple market showed a divergence between the production areas and the sales areas. Although the inventory removal speed accelerated, the inventory was still at a high level. The Spring Festival stocking drove the shipment of late - Fuji apples to accelerate month - on - month but slow down year - on - year. The price polarization was obvious. High - quality goods remained price - firm due to scarcity, while the general goods of fruit farmers were sold at a lower price due to the eagerness to sell. The sales in Shandong and Shaanxi were sluggish, and the transactions of fruit farmers' goods in Gansu were relatively concentrated. The average daily number of arriving trucks in the three major core markets in Guangdong decreased month - on - month, and the overall sales in the month were not smooth. The backlog in the transfer warehouses increased. Although the number of arriving trucks increased at the end of the month due to stocking, the terminal digestion was insufficient. Coupled with the price impact of substitute fruits such as tangerines and cherries, the market performance during the peak season was not prosperous [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 8920 yuan/ton, a change of +100 yuan/ton from the previous day, with a change rate of +1.13%. - Spot: The price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 920, a change of - 100 from the previous day [5]. Recent Market Information - In the 2025 production season, the purchase price range of Xinjiang grey dates was 5.00 - 6.50 yuan/kg. The mainstream price of general goods in Aksu was 5.00 - 5.30 yuan/kg, in Alar was 5.20 - 5.80 yuan/kg, in Kashgar was 6.20 - 6.40 yuan/kg, and in Maigaiti was 6.00 - 6.30 yuan/kg. The raw material purchase in the production areas was priced according to quality, adhering to the principle of high - quality and high - price. On February 2, there were 5 trucks of goods arriving at the Hebei Cuierzhuang market. The reference price of special - grade dates was 8.00 yuan/kg, with average quality. Downstream buyers purchased according to demand. Small and medium - sized enterprises with self - purchased goods actively sold their inventory due to the limited pre - holiday stocking time. In the Guangdong Ruyifang market, 7 trucks of goods arrived, and the prices remained stable. Downstream buyers purchased according to demand, and the sales were okay. The market will be on holiday from the 25th of the twelfth lunar month to the eighth day of the first lunar month. According to traders, the logistics will stop operating from the 15th to the 23rd of the twelfth lunar month. The available trading time before the Spring Festival is limited, and it is expected that the prices will remain stable in the short term [6]. Market Analysis - The red date futures price fluctuated sideways yesterday. Although the inventory removal speed has accelerated recently, the market supply is still sufficient due to the overlay of old and new goods, and the prices are under continuous pressure. As more buyers enter the market, the pressure on inventory sales has been relieved. Although it is approaching the Spring Festival, the terminal consumption has not increased significantly. Attention should be paid to the actual sales performance in the sales areas and the change in the festival consumption atmosphere during the Spring Festival. The red date purchase in the production areas has ended. The 2025 red date market had a production reduction, but the inventory overlay and insufficient consumption kept the prices under pressure. Although the pre - holiday stocking drove inventory removal, it was difficult to change the overall abundant supply pattern. The arrival volume in the sales areas increased month - on - month, but the actual sales were less than expected. Downstream traders were cautious in purchasing, and the sales were weak. At the same time, substitute products such as tangerines and nuts occupied the market, continuously compressing the downstream sales space of red dates. The next 20 days are the key stocking period. If the sales volume in the sales areas increases significantly, it may relieve the inventory pressure and support the prices in the short term; otherwise, the pressure will be further transmitted after the Spring Festival [7].

Group 1: Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [4][8] Group 2: Core Views - The apple market currently has a pattern where the supply side is supported but the demand side remains sluggish. The spring festival preparation period is postponed, and if the peak - season effect is absent, the post - festival inventory digestion pressure will increase. For red dates, the market is in the pre - Spring Festival traditional stocking season, but it shows a weak peak - season characteristic with a slow de - stocking speed [3][7] Group 3: Market News and Important Data Apple - The closing price of the apple 2605 contract yesterday was 9532 yuan/ton, a change of +28 yuan/ton or +0.29% from the previous day. The price of Shandong Qixia 80 first and second - grade late Fuji apples was 4.00 yuan/jin, unchanged from the previous day, and the spot basis AP05 - 1532 changed by - 28 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji apples was 4.20 yuan/jin, unchanged from the previous day, and the spot basis AP05 - 1132 changed by - 28 from the previous day [1] Red Dates - The closing price of the red date 2605 contract yesterday was 8830 yuan/ton, a change of +10 yuan/ton or +0.11% from the previous day. The spot price of first - grade gray dates in Hebei was 8.00 yuan/kg, unchanged from the previous day, and the spot basis CJ05 - 830 changed by - 10 from the previous day. The purchase price range of Xinjiang gray dates in the 2025 production season is 5.00 - 6.50 yuan/kg [6] Group 4: Recent Market Information Apple - In the production areas, merchants are mainly shipping pre - packaged goods, with the overall packaging and shipping slightly accelerating. The transaction volume of fruit farmers' goods is still limited, and the market is generally stable but weak. In the sales areas, the transit warehouses are seriously overstocked, and the apple sales are slow due to the impact of competing fruits [2] Red Dates - The raw material acquisition in the production areas is based on quality, adhering to the principle of high - quality and high - price. The Hebei Cuierzhuang market has some arrivals, mainly off - grade dates, and the market sales are okay recently. The Guangdong Ruyifang market has a small number of arrivals, and the price is stable. The logistics will stop operating soon, and the subsequent stocking intensity may decline [6] Group 5: Market Analysis Apple - The apple futures price fluctuated widely yesterday. The supply side is supported, but the demand side is sluggish. The shipping in the production areas depends on pre - festival stocking, but the local shipping rhythm is still slow. The sales areas are weak, with serious overstocking in transit warehouses, showing a pattern of "hot production areas and cold sales areas" [3] Red Dates - The red date futures price fluctuated slightly down yesterday. The red date market is in the pre - Spring Festival stocking season, but the sales areas show a weak peak - season characteristic. The inventory pressure is high, and the demand side is weak [7] Group 6: Strategy - The strategy for both the apple and red date industries is neutral [4][8]

Group 1: Report Industry Investment Rating - The investment strategy for both the pig and egg markets is cautiously bearish [3][5] Group 2: Core Viewpoints of the Report - The pig price is adjusting in a stable and slightly weak manner. The supply of standard pigs has increased, leading to a decline in pig prices. However, the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious. The subsequent consumption - end Spring Festival stocking is expected to increase, and the marginal changes in the supply - demand game need to be observed [2] - The egg spot price continues to rise slightly. The tight supply in the northern region due to logistics has driven the price up. The pre - holiday stocking demand is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels. The inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2603 contract was 11,285 yuan/ton, a change of - 180 yuan/ton from the previous trading day, a decrease of 1.57%. - Spot: In Henan, the price of external ternary live pigs was 13.12 yuan/kg, a change of - 0.03 yuan/kg from the previous trading day; in Jiangsu, it was 13.22 yuan/kg, a change of - 0.15 yuan/kg; in Sichuan, it was 12.79 yuan/kg, a change of - 0.08 yuan/kg. The spot basis in these areas also changed accordingly [1] - Agricultural product prices: On January 27, the "200 - index of agricultural product wholesale prices" was 130.39, up 0.05 points from the previous day; the "vegetable basket" product wholesale price index was 133.33, up 0.07 points. The average price of pork in the national agricultural product wholesale market was 18.66 yuan/kg, up 0.1%; beef was 66.01 yuan/kg, down 0.3%; mutton was 63.64 yuan/kg, down 0.5%; eggs were 8.51 yuan/kg, up 1.2%; white - striped chickens were 17.25 yuan/kg, up 1.9% [1] Market Analysis - The pig price is adjusting in a stable and slightly weak manner, with the northern region showing better price stability and the southern region having a relatively larger decline. The enthusiasm of breeding enterprises to sell pigs has increased this week, and the month - on - month increase in sales is the largest since New Year's Day. The increase in the supply of standard pigs has led to a decline in pig prices, but the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price after the recent adjustment of pig prices may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious, and they have a low willingness to significantly increase procurement [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2603 contract was 3,047 yuan/500 kg, a change of - 22 yuan from the previous trading day, a decrease of 0.72%. - Spot: In Liaoning, the egg spot price was 3.78 yuan/jin, a change of + 0.11 yuan from the previous trading day; in Shandong, it was 4.10 yuan/jin, a change of + 0.10 yuan; in Hebei, it was 3.62 yuan/jin, a change of + 0.11 yuan. The spot basis in these areas also changed accordingly [3] - Inventory: On January 27, 2026, the national production - link inventory was 0.52 days, a decrease of 0.06 days from the previous day, a decrease of 10.34%. The circulation - link inventory was 0.68 days, unchanged from the previous day [3] Market Analysis - The egg spot price continues to rise slightly, with a slight increase in the mainstream regions across the country. The tight supply in the northern region due to logistics has driven the market sentiment and the price up. The pre - holiday stocking demand at the terminal is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels, and the inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Strategy - Cautiously bearish [5]

Apple Market Insights - The apple futures contract closed at 9504 yuan/ton, with a change of +38 yuan/ton, representing a +0.40% increase [2][14] - In the spot market, prices for late Fuji apples in Shandong and Shaanxi remained stable, with no change in price [2][14] - Overall market conditions are stable but slightly weak, with limited transaction volumes and increased urgency among farmers to sell [3][15] Recent Market Developments - Packaging and shipping in production areas have slightly accelerated, but transaction volumes remain limited, leading to a weak market sentiment [3][15] - In Shaanxi, transactions are primarily based on limited high-quality sources, while Gansu's market is stable with steady shipping [3][15] - The market is entering a critical period for pre-Spring Festival stocking, with a focus on wholesale market performance and shipping progress from production areas [3][15] Market Analysis - The apple market is characterized by supply support but weak demand, with farmers willing to lower prices to stimulate sales [5][16] - The pre-Spring Festival stocking phase has seen a slight improvement in transactions, but overall activity remains subdued [5][16] - The market is experiencing a "hot production area, cold sales area" dynamic, with significant inventory buildup in transit warehouses [5][16] Strategy - The current market strategy is neutral, reflecting the mixed signals from supply and demand dynamics [6][17] Jujube Market Insights - The jujube futures contract closed at 8820 yuan/ton, with a change of +60 yuan/ton, representing a +0.68% increase [7][18] - In the spot market, prices for Hebei's first-grade gray jujubes remained stable at 8.00 yuan/kg [7][18] Recent Market Developments - The jujube market is entering the traditional pre-Spring Festival stocking peak, with increased transaction volumes compared to the initial listing of new jujubes [9][20] - Downstream channels are adopting a low inventory strategy, with limited time left for pre-holiday purchases due to impending logistics shutdowns [9][20] - The market is facing high inventory levels and soft consumer demand, leading to a cautious sentiment among traders [9][20] Market Analysis - The jujube market is experiencing a slight increase in prices but remains under pressure from high inventory and weak demand [9][20] - The focus is shifting to downstream consumption as production areas complete their harvests, with some processing plants halting operations due to inventory pressures [9][20] - The overall market sentiment is pessimistic, with a need to monitor sales pace and buyer sentiment closely [9][20] Strategy - The current market strategy for jujubes is also neutral, reflecting the ongoing challenges in the market [21][22]

Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [4][8] Core Viewpoints - The apple market has support on the supply side but weak demand. The peak season effect of pre - holiday stocking may be absent, and the inventory digestion pressure after the Spring Festival will be prominent. Attention should be paid to terminal consumption recovery, stocking progress, and substitute market dynamics [3] - The red date market is in the pre - holiday stocking window, but the peak season is not prosperous. There is pressure from high inventory and weak demand. Attention should be paid to the sales area's shipping rhythm, buyers' mentality changes, and abnormal weather in the production area [7] Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract yesterday was 9466 yuan/ton, a change of - 69 yuan/ton or - 0.72% from the previous day [1] - Spot: The price of 80 first and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 was - 1466 in Qixia and - 1066 in Luochuan, with a change of + 69 from the previous day [1] Red Date - Futures: The closing price of the red date 2605 contract yesterday was 8760 yuan/ton, a change of - 40 yuan/ton or - 0.45% from the previous day [6] - Spot: The spot price of first - grade gray dates in Hebei was 8.00 yuan/kg, unchanged from the previous day. The spot basis CJ05 was - 760, a change of + 40 from the previous day [6] - The purchase price range of Xinjiang gray dates in the 2025 production season was 5.00 - 6.50 yuan/kg, with different prices in different regions [6] Market Analysis Apple - The apple futures price fluctuated slightly down yesterday. The supply side has support, but the demand side is weak. The market shows a pattern of "hot in production areas, cold in sales areas". The pre - holiday stocking demand drives the shipment in production areas, but some areas have poor shipment. The prices of general and sub - quality fruits are stable and weak. The post - holiday inventory digestion pressure may increase if the peak season effect is absent [3] Red Date - The red date futures price closed down with fluctuations yesterday. The market is in the pre - holiday stocking window, but the peak season is not prosperous. The supply pressure of high inventory and weak demand on the consumption side exist. Attention should be paid to the shipping rhythm in sales areas, buyers' mentality, and abnormal weather in production areas [7] Strategies - The strategy for both the apple and red date industries is neutral [4][8]

Report Industry Investment Ratings - No information provided in the given content Core Views Pig Industry - Spot prices are oscillating weakly, and the overall boost from the Laba Festival is limited. Supply pressure is increasing, and the market is expected to maintain a bottom - range oscillation pattern [2] Meal Industry - US soybeans are showing a strong - side oscillation. The domestic spot market remains loose, but there is limited downward space for soybean meal and rapeseed meal. The market is expected to oscillate before the Spring Festival [5] Oil Industry - Palm oil futures are expected to continue to rise; soybean oil may be boosted by the US biofuel policy; rapeseed oil has been pushed up by capital. The overall market shows different trends [6] Red Date Industry - After the Laba Festival, the spot market's trading enthusiasm will decline. The futures are in a low - valuation range, and attention should be paid to the pre - Spring Festival trading and inventory [8] Apple Industry - The Spring Festival stocking atmosphere has slightly improved, but the inventory reduction is slow. Attention should be paid to the post - festival inventory [16] Corn Industry - Short - term corn remains in a high - level oscillation, supported by pre - festival stocking and restricted by policy releases. The 2,300 pressure level needs to be watched [19] Egg Industry - The egg market supply is stable, and the Spring Festival stocking is nearing the end. Attention should be paid to the terminal's digestion ability, and the egg price may correct [22] Cotton Industry - ICE cotton futures are in a low - level oscillation. Domestic cotton is supported by downstream demand and planting area expectations, and attention should be paid to the support at 14,500 [23] Sugar Industry - International raw sugar is expected to oscillate in the low range of 14 - 15 cents. Domestic sugar prices are expected to maintain a low - level oscillation, supported by cost and the overall commodity atmosphere [27] Summary by Related Catalogs Pig Industry - **Futures Indicators**: The main contract basis remains unchanged; the prices of "Pig 2605", "Pig 2603" and the "Pig 3 - 5 spread" have decreased; the main contract position has increased [2] - **Spot Prices**: The spot prices in most regions have decreased, with only some regions showing an increase [2] - **Spot Indicators**: The daily slaughter volume of sample points has increased slightly; the weekly prices of white strips, piglets, sows and the weekly average slaughter weight have changed little; the weekly self - breeding profit has increased by 486.60% [2] Meal Industry - **Soybean Meal**: The spot price in Jiangsu has increased by 1.30%, the futures price of "M2605" has increased by 0.65%, and the basis has increased by 6.69% [5] - **Rapeseed Meal**: The spot price in Jiangsu has increased by 1.19%, the futures price of "RM2605" has increased by 1.52%, and the basis has decreased by 1.40% [5] - **Soybeans**: The spot prices of soybeans in Harbin and Jiangsu have increased; the futures prices of "Bean 1 main contract" and "Bean 2 main contract" have decreased [5] Oil Industry - **Soybean Oil**: The spot price in Jiangsu has increased by 1.05%, the futures price of "Y2605" has increased by 1.63%, and the basis has decreased by 8.82% [6] - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong has increased by 1.90%, the futures price of "P2605" has increased by 2.04%, and the basis has decreased by 30.00% [6] - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu has increased by 3.62%, the futures price of "OI605" has increased by 3.94%, and the basis has increased by 0.63% [6] Red Date Industry - **Futures Prices**: The prices of "Red Date 2605", "Red Date 2607" and "Red Date 2609" have decreased [8] - **Spot Prices**: The spot prices of Cangzhou's special - grade red dates have decreased slightly, while those of first - grade and second - grade red dates remain unchanged [8] Apple Industry - **Futures Prices**: The price of the "Apple 2605" main contract has decreased by 0.72%, and that of the "Apple 2610" contract has decreased by 0.17% [12] - **Spot Indicators**: The arrivals at several fruit wholesale markets have increased; the national cold - storage inventory has decreased by 3.11% [12] Corn Industry - **Corn**: The price of "Corn 2603" has decreased by 0.30%, the Pingcang price at Jinzhou Port has increased by 0.43%, and the basis has increased by 34.00% [19] - **Corn Starch**: The price of "Corn Starch 2603" has decreased by 0.66%, the average price of corn starch has increased by 0.18%, and the basis has increased by 13.58% [19] Egg Industry - **Futures Prices**: The prices of the "Egg 03" and "Egg 04" contracts have increased [22] - **Spot Prices**: The egg - producing area price and the egg - chick price have increased, and the egg - to - feed ratio and the breeding profit have also improved [22] Cotton Industry - **Futures Market**: The prices of "Cotton 2605" and "Cotton 2609" have decreased, and the ICE US cotton main contract has decreased slightly [23] - **Spot Market**: The Xinjiang arrival price and the CC Index of 3128B have increased, while the FC Index of M: 1% has decreased [23] - **Industry Situation**: The commercial inventory has decreased by 100%, the industrial inventory has increased by 1.5%, and the import volume has increased by 49.5% [23] Sugar Industry - **Futures Market**: The prices of "Sugar 2605" and "Sugar 2609" have decreased, and the ICE raw sugar main contract has decreased by 1.54% [26] - **Spot Market**: The spot prices in Nanning and Kunming have decreased [26] - **Industry Situation**: The national sugar production and sales have decreased year - on - year, and the industrial inventory has increased [26]

Group 1: General Information - The reports are from Guangfa Futures and cover various industries including oils, cotton, sugar, jujube, apple, corn, hog, meal, and egg, dated January 26, 2026 [1][2][3] Group 2: Oils Industry Investment Rating - Not provided Core View - For soybean oil, the speculation of favorable US biodiesel policy boosts CBOT soybean oil, but domestic pre - Spring Festival factors limit continuous long positions. Supply is sufficient, and the basis quote may still decline in the short - term [1] - Malaysian palm oil may continue to strengthen after a short correction. Domestic port inventory decline and pre - Spring Festival stocking expectations support the market [1] - Rapeseed oil maintains a wide - range shock. The 05 contract faces hedging pressure, and the basis quote of reserve rapeseed oil slightly declines [1] Data Summary - Soybean oil: The price of Y2605 on January 23 was 8094 yuan, up 0.12% from the previous day. The basis was 476 yuan, down 7.75% [1] - Palm oil: The price of P2605 on January 23 was 8910 yuan, down 0.38%. The basis increased by 53.85% [1] - Rapeseed oil: The price of OIROS on January 23 was 8991 yuan, down 0.12%. The basis remained unchanged [1] Group 3: Cotton Industry Investment Rating - Not provided Core View - US cotton maintains a low - level shock. Domestic cotton consumption is high due to high - capacity downstream spinning mills, and the basis is strong. The expected adjustment of the 2026 planting area provides support. Attention should be paid to the support around 14,500 yuan [2] Data Summary - Cotton 2605 on January 23 was 14,695 yuan/ton, down 0.24%. The main contract's open interest increased by 1.62% [2] - Spot prices such as Xinjiang 3128B increased, and the basis of 3128B - 05 contract increased by 9.36% [2] Group 4: Sugar Industry Investment Rating - Not provided Core View - Internationally, Brazilian sugar production in late December decreased year - on - year, but the cumulative production increased. Thai sugar production is slow. Raw sugar is expected to remain in a low - level shock between 14 - 15 cents. Domestically, sugar prices are expected to maintain a low - level shock this week due to factors such as insufficient peak - season consumption and approaching the end of Spring Festival stocking [3] Data Summary - Sugar 2605 on January 23 was 5180 yuan/ton, up 0.43%. The national cumulative sugar production decreased by 16.43% year - on - year [3] Group 5: Jujube Industry Investment Rating - Not provided Core View - The market focuses on peak - season consumption. Sellers are actively shipping, and pre - holiday stocking may drive up spot prices. The price is expected to rebound from the bottom, but the upside is limited by hedging pressure [4] Data Summary - Jujube 2605 on January 23 was 8800 yuan/ton, up 0.63%. The open interest decreased by 2.38% [4] Group 6: Apple Industry Investment Rating - Not provided Core View - With the arrival of the pre - Spring Festival stocking period, the stocking atmosphere in some producing areas has improved. Good - quality apples have firm prices, while poor - quality ones face high inventory pressure. The futures price is expected to be strong due to low good - fruit rate, low inventory, and short - covering [5] Data Summary - Apple 2605 on January 23 was 9535 yuan/ton, up 0.48%. The national cold - storage inventory decreased by 3.11% week - on - week [5] Group 7: Corn Industry Investment Rating - Not provided Core View - The supply of corn is relatively tight in the short - term, and pre - holiday stocking demand supports the price. However, continuous policy corn auctions and limited high - price transmission restrict the upside. Attention should be paid to the enterprise stocking rhythm and policy release intensity [7] Data Summary - Corn 2603 on January 23 was 2300 yuan/ton, up 0.22%. The open interest increased by 2.33% [7] Group 8: Hog Industry Investment Rating - Not provided Core View - Spot prices are strengthening again, but the supply pressure will increase after the snow - weather passes. The market is expected to maintain a bottom - range shock as the main focus is on the post - holiday off - season [10] Data Summary - The main hog contract on January 23 was 1685 yuan, up 5.31%. The slaughter volume increased by 1.79% [10] Group 9: Meal Industry Investment Rating - Not provided Core View - US soybeans are expected to be strong due to macro factors and biodiesel policy. Domestic supply is abundant, but the first - quarter arrival expectation is low, and the meal price is expected to be in a shock range [13] Data Summary - The price of Jiangsu soybean meal on January 23 was 3080 yuan, unchanged. The basis of M2605 increased by 5.45% [13] Group 10: Egg Industry Investment Rating - Not provided Core View - Egg production is stable and sufficient. The demand may weaken as the Spring Festival stocking nears the end and group purchases decrease. Attention should be paid to the digestion ability of high - price eggs [14] Data Summary - The egg 03 contract on January 23 was 3046 yuan/500KG, down 1.58%. The basis increased by 26.72% [14]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][11]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by cost advantages, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][11][15]. - The report highlights a diversified performance across sub-sectors, with beverages outperforming food and liquor categories [2][11]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector saw a cumulative decline of 1.37% this week, with A-shares down 1.57% and H-shares up 1.21% [1]. - Key performers included companies like Hao Xiang Ni and Wei Zhi Xiang, with significant weekly gains [1]. 2. Sub-sector Insights - **Liquor**: - Moutai's price remains stable with an upward trend, and the focus is on sales momentum during the Spring Festival. Recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][11]. - **Beverages**: - The dairy segment is seeing orderly preparations for the Spring Festival, with a focus on leading companies like Yili. Recommendations include Nongfu Spring and Dongpeng Beverage [2][15]. - **Snacks**: - The report emphasizes strong alpha stocks in the snack sector, particularly in konjac products, with companies like Weidong and Yanjinpuzi showing strong innovation [2][13]. - **Catering Supply Chain**: - The sector is entering a peak season for inventory and sales, with new standards for prepared dishes being solicited for public opinion [2][14]. 3. Investment Recommendations - The report suggests a focus on four main lines for investment: cost advantages, efficiency improvements, innovation-driven companies, and potential recovery in the liquor sector [3][11]. - Recommended stocks include Baba Foods, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown resilience and growth potential [17][19]. 4. Earnings Forecasts - Key companies are projected to maintain strong earnings growth, with Moutai expected to achieve a stable performance and Yili showing significant recovery potential [4][15][19]. - The report provides detailed earnings forecasts for several companies, indicating a positive outlook for the food and beverage sector [4][19].

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [4][8] 2. Core Views Apple - The apple futures price closed higher with high - level fluctuations yesterday. The market focuses on the consumption demand side due to low cold - storage inventory and poor overall quality. The current inventory removal pace is slow, but it is expected to speed up in the coming weeks as the Spring Festival is late. The market demand is generally weak, and the market is affected by low - priced fruits like cherries. Attention should be paid to the Spring Festival stocking progress and terminal consumption [3] Red Date - The red date futures price fluctuated narrowly yesterday. The acquisition of new dates at the end of the year has accelerated, and the supply has become more abundant. Consumption has entered the peak season, and the high - level inventory has started to decline. The market focuses on terminal consumption. Although the output of red dates in this production season has decreased, the overall supply is still abundant due to the combination of old and new stocks. Attention should be paid to the terminal sales, inventory removal progress, buyers' mentality, and the impact of weather on logistics before the Spring Festival [7] 3. Summary by Directory Apple Market News and Key Data - Futures: The closing price of the apple 2605 contract yesterday was 9489 yuan/ton, a +71 yuan/ton change from the previous day, with a +0.75% change. Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.00 yuan/jin, a - 0.10 yuan/jin change from the previous day. The spot basis AP05 was - 1489, a - 271 change from the previous day. The price of 70 and above semi - commodity late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1089, a - 71 change from the previous day [1] Recent Market Information - The market in apple - producing areas is generally stable. Individual areas see a slight price decline in farmers' apples. The Spring Festival stocking has started, and the overall transaction has improved slightly. The sales of farmers' apples have increased but are still limited. In Shaanxi, the sales of farmers' apples are mainly small - quantity extreme - quality goods, and merchants mainly use their own inventory. In Gansu, merchants purchase farmers' apples as needed, and the packaging and shipping are stable with good sales. In Shandong, the transaction is average, and the packaging of gift boxes has started sporadically. The sales are mainly 75 and third - grade apples, with limited transactions. The apple sales in the consumer market are slow, and the transit warehouses are seriously overstocked. There may be a price decline for medium - quality apples as the sales of farmers' apples increase [2] Market Analysis - The apple futures price closed higher with high - level fluctuations. The market is concerned about the consumption demand side due to low cold - storage inventory and poor overall quality. The current inventory removal pace is slow, but it is expected to speed up in the coming weeks as the Spring Festival is late. The market demand is generally weak, and merchants mainly pick up their own goods and purchase as needed. The market is significantly affected by low - priced fruits like cherries. Attention should be paid to the Spring Festival stocking progress and terminal consumption [3] Red Date Market News and Key Data - Futures: The closing price of the red date 2605 contract yesterday was 8745 yuan/ton, a +5 yuan/ton change from the previous day, with a +0.06% change. Spot: The price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 745, a - 5 change from the previous day [5] Recent Market Information - In the 2025 production season, the acquisition price of Xinjiang grey dates ranges from 5.00 - 6.50 yuan/kg. The acquisition price varies by region, and the principle of high - quality high - price is maintained. On January 21, there were 7 trucks of goods arriving at the Hebei Cuierzhuang market, mainly sub - grade dates. Local processing plants mainly sold their own processed goods, and sellers actively sold their goods while buyers purchased as needed, with average transactions. In the Guangdong Ruyifang market, 5 trucks of goods arrived, and the price remained stable, with 1 - 2 trucks of goods sold. In the Hebei consumer market, processing plants mainly traded their own goods, and buyers purchased as needed. The price is expected to remain weak and stable in the short term as logistics is expected to stop around the 15th day of the twelfth lunar month [6] Market Analysis - The red date futures price fluctuated narrowly. The acquisition of new dates at the end of the year has accelerated, and the supply has become more abundant. Consumption has entered the peak season, and the high - level inventory has started to decline. The market focuses on terminal consumption. Although the output of red dates in this production season has decreased, the overall supply is still abundant due to the combination of old and new stocks. Attention should be paid to the terminal sales, inventory removal progress, buyers' mentality, and the impact of weather on logistics before the Spring Festival [7]