Group 1 - The core viewpoint indicates a tendency to short sell the PK03 contract after the end of terminal stocking before the Spring Festival, as the main oil factory group's market entry has concluded and acquisition prices have stabilized [3][5][30] - The valuation support for the main contract is primarily based on delivery costs, with the matching results for the PK December contract being generally normal, indicating a reduced probability of further price increases [3][5][30] - The remaining sales window for holding traders is limited to the pre-Spring Festival demand, which is expected to be relatively small, suggesting a potential decline in the valuation of the PK03 contract after stocking ends [3][5][30] Group 2 - The strategy suggests a preference for short selling the price spread between the PK03 and PK05 contracts, as the overall production in the regions has been slow, and market sales are not brisk [3][5][30] - The announcement of an export tax on peanuts by Senegal in December has led to a revision of previous expectations regarding delivery costs, providing relative support for the valuations of the PK04 and PK05 contracts compared to PK03 [3][5][30] - Overall, the strategy for January leans towards short selling the price spread between PK03 and PK05 contracts, anticipating a potential increase in selling pressure post-Spring Festival [3][5][30] Group 3 - The acquisition prices by oil factories have stabilized since December, with oil materials around 7000 yuan/ton receiving relative support, although there are significant price differences due to variations in the quality of incoming goods [35][36][42] - The demand from oil factories has shown marginal improvement, but the driving force remains limited as the main oil factory's market entry has concluded [36][42] - The focus for the upcoming period will be on the consumption of existing peanut and peanut oil inventories, with the potential for seasonal declines in consumption post-2026 [43][44] Group 4 - The market is currently experiencing a dual-edged effect from the pre-Spring Festival demand, with some traders showing a willingness to sell before the holiday, while others may hold back, impacting the trading rhythm of the PK03 contract [44][46][51] - The price difference between Northeast and Henan peanuts remains significant, with Northeast peanuts being priced higher, indicating limited demand absorption from food manufacturers and exporters [46][51][52] - The implementation of Senegal's export tax may lead to a decline in the expected delivery quantities for the PK04 and PK05 contracts, necessitating close monitoring of actual import costs and the potential return of US peanuts to the Chinese market [52][52]