Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The report shows that the iron ore market is experiencing narrow - range fluctuations. The trend strength of iron ore is 0, indicating a neutral stance [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I2605 was 783.0 yuan/ton, down 8.5 yuan/ton or 1.07%. The yesterday's position was 520,684 hands, with a decrease of 20,544 hands [1]. - **Spot Prices**: Imported ores like Carajás fines (65%) dropped from 884.0 to 879.0 yuan/ton, PB (61.5%) from 794.0 to 787.0 yuan/ton, etc. Domestic ores such as Hanxing (66%) decreased from 956.0 to 950.0 yuan/ton [1]. - **Basis and Spreads**: The basis of I2605 against Super Special increased by 2.0 yuan/ton to 96.3 yuan/ton. The spread between I2605 - I2609 decreased by 2.0 yuan/ton to 17.0 yuan/ton [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [1]. - Many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio regularly [1]. 3.3 Trend Strength - The trend strength of iron ore is 0, within the range of [-2, 2], indicating a neutral view on the market [2].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report indicates that tin is in a phase of decline and consolidation, with a trend strength of -1, suggesting a bearish outlook [1][3]. Group 3: Summary by Directory 1. Fundamental Tracking - **Price and Volume Data**: The closing price of the Shanghai Tin main contract was 392,650, with a daily decline of 11.00%, and the night - session closing price was 360,000, with a decline of 12.38%. The closing price of the LME Tin 3M electronic - disk futures was 45,605, with a decline of 9.87%. The trading volume of the Shanghai Tin main contract decreased by 277,948 to 190,922, and the position decreased by 1,757 to 38,322. The trading volume of the LME Tin 3M electronic - disk increased by 153 to 1,143, and the position decreased by 14 to 25,211 [2]. - **Inventory Data**: The inventory of Shanghai Tin decreased by 427 to 8,097, and the inventory of LME Tin increased by 10 to 7,105. The cancellation warrant ratio of LME Tin was 6.57%, with a decrease of 0.38% [2]. - **Spot and Price Difference Data**: The SMM 1 tin ingot price decreased by 35,900 to 392,750, the Yangtze River Non - ferrous 1 tin average price decreased by 31,000 to 392,500. The LME Tin (spot/three - month) spread decreased by 27 to - 227, the spread between the nearby contract and the consecutive first contract remained unchanged at 198,590, and the spread between the spot and the futures main contract increased by 6,130 to - 16,500 [2]. - **Industrial Chain Price Data**: The price of 40% tin concentrate (Yunnan) decreased by 35,900 to 378,750, the price of 60% tin concentrate (Guangxi) decreased by 35,900 to 382,750, the price of 63A solder bar decreased by 22,500 to 260,250, and the price of 60A solder bar decreased by 21,500 to 248,750 [2]. 2. Macro and Industry News - Iran's Foreign Ministry Spokesperson stated that the details of talks with the US are still in the decision - making stage. The Shanghai Futures Exchange issued a notice on market risk control. Ant CEO issued an internal letter to increase incentives for "pioneering contributions" in AI. Medvedev confirmed that Russia and the US are having secret consultations [4].

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Platinum: Be vigilant about panic selling. - Palladium: Follow the weak adjustment [1]. Summary by Relevant Sections 1. Fundamental Tracking - **Price Information**: - Platinum futures 2606 closed at 630.55 with a -11.70% decline; gold - exchange platinum at 638.39 with a -9.31% decline; New York platinum main - continuous (previous day) at 2178.20 with a -17.40% decline; London spot platinum (previous day) at 2180.80 with a -17.38% decline. - Palladium futures 2606 closed at 464.05 with a -11.88% decline; RMB spot palladium at 484.00 with a -3.78% decline; New York palladium main - continuous (previous day) at 1701.00 with a -16.41% decline; London spot palladium (previous day) at 1711.00 with a -14.60% decline [1]. - **Trading Volume and Position Information**: - Guangdong platinum trading volume was 41,775 kg (up 12,277 kg from the previous day), and the position was 33,860 kg (down 2,505 kg). NYMEX platinum trading volume was 88,712 kg (up 24,026 kg), and the position was 99,945 kg (down 1,281 kg). - Guangdong palladium trading volume was 20,005 kg (up 2,817 kg), and the position was 12,615 kg (down 518 kg). NYMEX palladium trading volume was 36,973 kg (up 7,101 kg), and the position was 49,380 kg (down 2,333 kg) [1]. - **ETF and Inventory Information**: - Platinum ETF position (ounces, previous day) was 3,364,010 (up 39,842). Palladium ETF position (ounces, previous day) was 1,222,741 (up 2,231). - NYMEX platinum inventory (ounces, previous day) was 655,182 (unchanged), and NYMEX palladium inventory (ounces, previous day) was 224,021 (unchanged) [1]. - **Spread Information**: - PT9995 to PT2606 spread was 7.84 (up 18.04 from the previous day); Guangdong platinum 2606 contract to 2610 contract spread was 5.05 (down 3.00); buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 7.74 (down 0.99). - RMB spot palladium price to PD2606 spread was 19.95 (up 43.55); Guangdong palladium 2606 contract to 2610 contract spread was 5.05 (up 3.05); buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.76 (down 0.75) [1]. - **Exchange Rate Information**: - The US dollar index was 97.12 (up 1.42%); the US dollar to RMB (CNY spot) was 6.95 (up 0.09%); the US dollar to offshore RMB (CNH spot) was 6.95 (up 0.10%); the US dollar to RMB (6M forward) was 6.87 (down 0.13%) [1]. 2. Macro and Industry News - The US federal government has entered a technical and partial "shutdown" state. - An informed source said that talks between Russia and the US have started in Miami, USA. - SpaceX has applied to deploy one million satellites to build an orbital AI data center network. - According to Interfax, Russia has lifted the gasoline export ban for producers. - Huang Renxun said that he will definitely participate in the current investment in OpenAI, which may be the largest - scale investment in the company's history. - China's National Bureau of Statistics reported that the manufacturing PMI in January was 49.3%, a 0.8 - percentage - point decline from the previous month. - Trump said that negotiations regarding Greenland have started, and he believes that the negotiations are basically in agreement and will eventually reach a deal, emphasizing that it is a "very important" agreement from a national security perspective [4]. 3. Trend Intensity - Platinum trend intensity: -1; Palladium trend intensity: -1. The trend intensity ranges from -2 to 2, where -2 indicates the most bearish and 2 indicates the most bullish [3].

Report Summary 1. Report Industry Investment Rating - The investment rating for the log industry is "Range-bound" [1] 2. Core Viewpoint - The log market is expected to experience range-bound fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: - For the 2603 contract, the closing price was 776 on January 26, 2026, with a daily change of 0.0% and a weekly change of 2.6%. The trading volume was 5068, down 46.3% daily and 43% weekly. The open interest was 10481, down 9.7% daily and 33% weekly [1] - For the 2605 contract, the closing price was 783 on January 26, 2026, with a daily change of -0.7% and a weekly change of 1%. The trading volume was 1996, up 108.8% daily and 133% weekly. The open interest was 3551, up 14.1% daily and 14% weekly [1] - For the 2607 contract, the closing price was 795 on January 26, 2026, with a daily change of -0.5% and a weekly change of 1%. The trading volume was 71, down 60.8% daily and 58% weekly. The open interest was 1018, up 0.8% daily and -3% weekly [1] - **Spot Market**: - The prices of most log and wood square products in the Shandong and Jiangsu markets remained stable on January 26, 2026, with some showing slight increases or decreases [1] 3.2 Macro and Industry News - China's December RatingDog Composite PMI was 51.3, exceeding the 50.0 boom-bust line and slightly up from 51.2 in November, indicating a further increase in the total production and operation volume of Chinese enterprises at the end of 2025 [3] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral stance [3]

Report Summary 1. Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View - The report focuses on the situation of the pig market, with the demand expectation for Laba Festival realized, and suggests paying attention to the supply contradiction [1]. - The trend intensity is -1, indicating a relatively bearish view, with -2 being the most bearish and 2 being the most bullish [2]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 13,280 yuan/ton, up 50 yuan/ton year - on - year; the Sichuan spot price is 12,800 yuan/ton, unchanged year - on - year; the Guangdong spot price is 13,360 yuan/ton, down 200 yuan/ton year - on - year [1]. - **Futures Prices**: The price of Live Pig 2603 is 11,565 yuan/ton, down 35 yuan/ton year - on - year; Live Pig 2605 is 11,850 yuan/ton, down 45 yuan/ton year - on - year; Live Pig 2607 is 12,470 yuan/ton, down 85 yuan/ton year - on - year [1]. - **Trading Volume and Open Interest**: For Live Pig 2603, the trading volume is 42,940 lots, down 7,794 lots from the previous day, and the open interest is 131,413 lots, down 4,037 lots from the previous day; for Live Pig 2605, the trading volume is 18,255 lots, down 1,790 lots from the previous day, and the open interest is 108,344 lots, up 1,559 lots from the previous day; for Live Pig 2607, the trading volume is 4,227 lots, down 52 lots from the previous day, and the open interest is 45,736 lots, up 692 lots from the previous day [1]. - **Price Spreads**: The basis of Live Pig 2603 is 1,715 yuan/ton, up 85 yuan/ton year - on - year; the basis of Live Pig 2605 is 1,430 yuan/ton, up 95 yuan/ton year - on - year; the basis of Live Pig 2607 is 810 yuan/ton, up 135 yuan/ton year - on - year; the spread between Live Pig 3 - 5 is - 285 yuan/ton, up 10 yuan/ton year - on - year; the spread between Live Pig 5 - 7 is - 620 yuan/ton, up 40 yuan/ton year - on - year [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The log market is in a state of repeated fluctuations, and the trend strength is neutral with a value of 0 [1][3] Group 3: Summary of Key Information from the Report 1. Fundamental Tracking - **Futures Contracts**: - For the 2603 contract, the closing price on January 22, 2026, was 768.5, with a daily increase of 1.0% and a weekly increase of 1.7%. The trading volume was 4760, with a daily increase of 98.1% and a weekly decrease of 20%. The open interest was 14921, with a daily decrease of 22.2% and a weekly decrease of 14% [1]. - For the 2605 contract, the closing price was 786, with a daily increase of 0.3% and a weekly increase of 1%. The trading volume was 695, with a daily increase of 37.6% and a weekly decrease of 12%. The open interest was 3267, with a daily decrease of 4.7% and a weekly increase of 12% [1]. - For the 2607 contract, the closing price was 799.5, with a daily decrease of 0.1% and a weekly increase of 0%. The trading volume was 110, with a daily increase of 92.6% and a weekly increase of 162%. The open interest was 1060, with a daily decrease of 4.7% and a weekly increase of 2% [1]. - **Spreads**: - The spread between the spot and the 2603 contract was -28.5, with a daily increase of 26.3% and a weekly increase of 57%. The spread between the spot and the 2605 contract was -46, with a daily increase of 5.4% and a weekly increase of 14% [1]. - The spreads between different contracts (2603 - 2605, 2603 - 2607, 2605 - 2607) remained relatively stable [1]. - **Spot Market**: - Most of the log and wood - square spot prices in different regions and specifications remained unchanged, with only a few showing slight fluctuations. For example, the price of 3 - meter radiation pine wood square in Chongqing increased by 0.7% both daily and weekly [1]. 2. Macro and Industry News - China's December RatingDog Composite PMI was 51.3, exceeding the 50.0 boom - bust line and slightly rising from 51.2 in November, indicating a further increase in the total production and operation volume of Chinese enterprises at the end of 2025 [3]

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2. Core View of the Report - The spot market for live pigs has weakened, and the expectations for the peak season have decreased [1] 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 13,430 yuan/ton with a year - on - year increase of 250 yuan/ton; the Sichuan spot price is 12,950 yuan/ton with a 150 yuan/ton increase; the Guangdong spot price is 14,060 yuan/ton with a 1,000 yuan/ton increase [2] - **Futures Prices**: The prices of live pig 2603, 2605, and 2607 are 11,705 yuan/ton, 11,945 yuan/ton, and 12,605 yuan/ton respectively, with year - on - year decreases of 275 yuan/ton, 210 yuan/ton, and 155 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of live pig 2603, 2605, and 2607 are 149,841 lots, 49,664 lots, and 10,219 lots respectively, with increases of 88,100 lots, 26,503 lots, and 6,862 lots compared to the previous day. The open interest are 154,389 lots, 106,779 lots, and 44,679 lots respectively, with changes of - 7,106 lots, + 6,963 lots, and + 632 lots compared to the previous day [2] - **Price Spreads**: The basis of live pig 2603, 2605, and 2607 are 1,725 yuan/ton, 1,485 yuan/ton, and 825 yuan/ton respectively, with year - on - year increases of 525 yuan/ton, 460 yuan/ton, and 405 yuan/ton. The spreads between live pig 3 - 5 and 5 - 7 are - 240 yuan/ton and - 660 yuan/ton respectively, with year - on - year decreases of 65 yuan/ton and 55 yuan/ton [2]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report [1] 2. Core Views of the Report - The report provides daily research and analysis on various energy - chemical futures, including price trends, supply - demand fundamentals, and trading strategies for each commodity [1][2] - Different commodities show diverse trends, such as some being in a short - term shock state, some showing a weakening trend, and others having a strong supply - demand relationship [2] 3. Summary by Commodity PX, PTA, MEG - **PX**: Valuation follows the cost - side correction, relatively neutral. Future supply is expected to be loose, and attention should be paid to the terminal restocking and the long - PX short - PTA hedging position [8] - **PTA**: The processing fee is high, and attention should be paid to reducing the processing - fee position. The supply increase is limited, and the polyester production cut plan increases, but the actual implementation needs to be observed [9] - **MEG**: Unilateral short - term strong rebound, short positions should leave. Attention should be paid to the spring inspection of coal - chemical ethylene glycol plants and the 5 - 9 positive spread [9] Rubber - It shows a weakening shock trend. The fundamentals are multi - empty intertwined. The domestic production area is at the end of the tapping season, while Southeast Asia is in the peak tapping season. The price is affected by macro - sentiment and fundamental contradictions [10][13] LLDPE - The standard - product production ratio remains low, and spot trading has weakened. The raw - material oil price is strong, but the ethylene monomer is weak. There is a supply - demand pressure in the medium - term due to high capacity and weakening demand [14][15] PP - Monomer prices continue to diverge, and the cost support is relatively strong. However, the end - of - year demand is weak, and attention should be paid to the marginal changes of PDH devices [17][18] Caustic Soda - It is in a weakening shock state. High production and high inventory persist. Demand is weak, and supply pressure is large. Without production cuts, it is difficult to rebound significantly [20][22] Pulp - It shows a weakening shock trend. The import market sentiment is light, and the price trend is differentiated. The port inventory is accumulating, and the downstream demand lacks new growth [25][29] Glass - The raw - sheet price is stable. The domestic float - glass price shows a pattern of being weak in the north and strong in the south. Supply - side pressure eases slightly, and downstream demand is weak [31][32] Methanol - It follows the commodity index to oscillate and decline. The port market oscillates and consolidates, and the inland price continues to fall. High inventory and weak demand suppress the market [34][36] Styrene - It is in a short - term shock state. The current valuation is high, and attention should be paid to shorting opportunities. In the medium - term, there is still pressure due to the weakening of the PX - BZ and overseas oil - blending drivers and high domestic inventory [38][40] Soda Ash - The spot market changes little. The domestic float - glass price is stable with partial declines. Demand support is weakening, and the overall supply - demand situation is not good [42][43] LPG and Propylene - **LPG**: Short - term supply is tight, and geopolitical disturbances are strong [46] - **Propylene**: Spot supply and demand are tightening, and the trend is strong [47] PVC - It is in a weakening shock state. The market has high production and high inventory, and the anti - involution sentiment is weakening. It is recommended to enter the market after seeing substantial large - scale maintenance plans [55][56] Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: The night - session decline suspends the upward trend [58] - **Low - Sulfur Fuel Oil**: It turns to decline, and the high - low sulfur price difference in the overseas spot market continues to shrink [58] Container Freight Index (European Line) - It is in a weakening shock state. Attention should be paid to the resumption - of - navigation expectation for the far - month contract. The 02 contract should be observed, and the 04 and 10 contracts can be considered for short - selling [60][76] Staple Fiber and Bottle Chip - Both are in a short - term shock state. The staple - fiber futures oscillate and decline, and the bottle - chip factory lowers the price following the raw - material decline [79][80] Offset Printing Paper - It is recommended to stop losses on short positions opportunistically. The market price is stable, production is stable in some areas, but downstream demand is limited [82][85] Pure Benzene - It is mainly in a short - term shock state. The port inventory is rising, and the market buying interest has retreated due to the price decline in East China and the futures market [87][89]

Group 1: Report Title and Date - The report is titled "Pigs: Negative Feedback in Demand, Supply Release Further Delayed" and was released on January 14, 2026 [1] Group 2: Analysts - The analysts are Zhou Xiaoqiu (Investment Consulting Qualification Number: Z0001891, email: zhouxiaoqiu@gtht.com) and Wu Hao (Investment Consulting Qualification Number: Z0018592, email: wuhao8@gtht.com) [1] Group 3: Pig Fundamental Data Spot Prices - Henan spot price is 13,030 yuan/ton, up 100 yuan year-on-year [2] - Sichuan spot price is 13,000 yuan/ton, down 100 yuan year-on-year [2] - Guangdong spot price is 13,260 yuan/ton, unchanged year-on-year [2] Futures Prices - The price of Pig 2603 is 11,795 yuan/ton, up 60 yuan year-on-year [2] - The price of Pig 2605 is 12,170 yuan/ton, up 5 yuan year-on-year [2] - The price of Pig 2607 is 12,830 yuan/ton, up 5 yuan year-on-year [2] Trading Volumes and Open Interests - The trading volume of Pig 2603 is 57,954 lots, down 5,059 lots from the previous day, and the open interest is 161,067 lots, down 8,770 lots from the previous day [2] - The trading volume of Pig 2605 is 16,639 lots, down 1,079 lots from the previous day, and the open interest is 98,403 lots, down 888 lots from the previous day [2] - The trading volume of Pig 2607 is 3,588 lots, down 1,034 lots from the previous day, and the open interest is 43,930 lots, down 176 lots from the previous day [2] Price Spreads - The basis of Pig 2603 is 1,235 yuan/ton, up 40 yuan year-on-year [2] - The basis of Pig 2605 is 860 yuan/ton, up 95 yuan year-on-year [2] - The basis of Pig 2607 is 200 yuan/ton, up 95 yuan year-on-year [2] - The spread between Pig 2603 and Pig 2605 is -375 yuan/ton, up 55 yuan year-on-year [2] - The spread between Pig 2605 and Pig 2607 is -660 yuan/ton, unchanged year-on-year [2] Group 4: Trend Intensity - The trend intensity is 0, with a range of [-2, 2] and classifications including weak, slightly weak, neutral, slightly strong, and strong, where -2 is the most bearish and 2 is the most bullish [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report focuses on the egg market, indicating that the spot market is profitable while the sentiment for far - month contracts is weakening [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of egg2602 and egg2603 are 2,996 and 3,020 respectively, with daily changes of 0.23 and - 0.33. The trading volume of egg2602 increased by 2,829, and its open interest decreased by 2,887. For egg2603, the trading volume decreased by 7,408, and the open interest increased by 19,367 [1]. - **Spread Data**: The egg 2 - 3 spread is - 24 (previous day: - 44), and the egg 3 - 9 spread is - 942 (previous day: - 939) [1]. - **Spot Price Data**: In the latest day, the spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.30, 3.11, 3.30, and 3.42 yuan per jin respectively. The corn spot price is 2,354 yuan per ton, the soybean meal spot price is 3,150 yuan per ton, and the Henan pig price is 12.93 yuan per kilogram [1]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of - 2 indicates the most bearish view, and 2 indicates the most bullish view [2].