全球市场，正在为黄金而"沸腾"。 1月29日，世界黄金协会发布的报告显示，2025年全球黄金总需求首次突破5000吨大关，创历史新高；全球黄 金需求总值飙升至前所未有的5550亿美元，同比增长45%。 在避险情绪与资产重估浪潮的推动下，黄金正在成为全球资本市场最耀眼的资产之一，金价持续刷新纪录。当 日，黄金现货、期货价格双双站上5500美元/盎司关口，伦敦金本月涨幅高达28%。 金价的凌厉上涨，也迅速传导至终端消费市场。多家黄金珠宝品牌当日公布的足金饰品价格普遍突破1700元/ 克，再创历史新高。 突破5000吨！黄金需求创纪录 1月29日（周四），世界黄金协会发布的2025年全年《全球黄金需求趋势报告》显示，2025年全球黄金总需求 达5002吨，创历史新高。 从结构看，投资需求成为推动2025年全球黄金需求创纪录的核心力量。 报告显示，2025年全球黄金投资需求攀升至2175吨，首次站上2000吨以上的里程碑水平。其中，全球黄金ETF 全年净增持801吨，创下历史第二高年度增量。持续的地缘政治风险、全球经济不确定性以及主要经济体政策 博弈，使得大量资金涌入黄金ETF，寻求避险与资产多元化配置。 中国央行方 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - CEA trading volume has recovered and prices remained stable, while CCER has returned to a "discount" state [4] - Sellers have a low willingness to sell, while buyers' procurement funds have gradually arrived and their procurement willingness has emerged [4] - For CEA, most transactions are internal knock - outs within groups, and the price reference is limited; for CCER, the number of deliverable spot goods is small and the quotes are high [5] 3. Summary by Related Catalogs CEA Market - **Trading Volume**: The listed trading volume is 148,000 tons, and the large - scale trading volume is 500,000 tons. The total trading volume of CEA24 is 200,500 tons, and that of CEA25 is 447,600 tons [4][7] - **Price**: The listed average transaction price is 78.57 yuan/ton, with a change of 0.12%. The closing prices of CEA19 - 20 to CEA25 range from 70.00 to 79.00 yuan/ton, and the large - scale average transaction prices of CEA24 and CEA25 are 81.00 yuan/ton and 75.79 yuan/ton respectively [4][7] - **Price Change**: The price changes of CEA19 - 20 to CEA23 are 0.00%, and those of CEA24 and CEA25 are 1.28% and 0.11% respectively [7] CCER Market - **Trading Volume**: The listed agreement trading volume is 20,000 tons [4] - **Price**: The average transaction price is 75.00 yuan/ton, with a change of 8.23% [4] - **Transaction Amount**: The transaction amount is 1.13 million yuan, and the premium rate is - 4.54% [8]

为深入探索党建引领乡村振兴的有效路径，推动金融服务直达乡村一线，2026年1月12日下午，中信期货有限公司上海湖滨路分公司党支部与江西省宁都县 洛口镇南岭村党支部，通过线上视频会议形式，联合举办了一场以"党建引领·乡村振兴"为主题的党建共建活动。活动吸引了约14位村民和员工的参与，交 流基层党建经验，共话乡村发展未来。 中信期货上海湖滨路分公司负责人张菁菁表示，此次与南岭村的线上联建，是推动党建与业务深度融合、促进金融服务向乡村延伸的重要一步。通过倾听来 自乡村一线的声音，能够更精准地把握农业产业发展的金融需求。未来，支部将继续发挥期货风险管理专业优势，深化"保险+期货"模式的应用与创新，探 索更多贴合各地实际的项目方案，切实将金融活水引入田间地头，为巩固拓展脱贫攻坚成果、全面推进乡村振兴贡献专业的"期货力量"。 本次线上联建活动，不仅加强了企业党支部与农村基层党组织之间的交流互动，构建了资源共享、优势互补的党建工作新格局，更具体呈现了金融行业如何 通过产品与服务创新，将国家乡村振兴战略落到实处。双方均表示，将以此次活动为起点，建立更紧密的联系，共同探寻党建引领下，产业振兴、文化振兴 与金融助农相结合的高质量 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has approved the equity cooperation between China Petroleum and State Grid, involving the transfer of shares and acquisition of a futures company [2][12]. Group 1: Share Transfer Announcement - China Petroleum Group plans to transfer 379,262,372 A-shares, representing 3.00% of the total share capital, to State Grid Yingda Group through a state-owned share transfer agreement signed on December 26, 2025 [2][6]. - The transfer has received approval from the SASAC [6][12]. Group 2: Acquisition of Yingda Futures - China Petroleum's wholly-owned subsidiary, China Petroleum Capital Co., intends to acquire 100% of Yingda Futures for a price of RMB 1,129,286,232.00 [12]. - This acquisition was also approved by the SASAC [12]. - The qualification of China Petroleum Capital as the controlling shareholder of Yingda Futures requires approval from the China Securities Regulatory Commission, indicating potential uncertainty regarding the successful implementation of the transaction [12].

| | | | SDIC FUTURES | | 2026年01月29日 | | --- | --- | --- | | | 操作评级 | | | 螺纹 | ★☆☆ | 曹颖 首席分析师 | | 热轧卷板 | ★☆☆ | F3003925 Z0012043 | | 铁矿 | ★☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 證硅 | な女女 | 韩惊 高级分析师 | | 硅铁 | 女女女 | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面有所反弹。本周螺纹表需继续下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下降,压 力逐步缓解。钢厂利润欠佳,下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看,地产投资降幅继续扩大,基 建、制造业投资增速持续回落,内需整体依然偏弱,钢材出口维持高位 ...

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2026年01月29日15时48分 报告导读： 今日贵金属震荡上行，沪金主力收涨7.88%，沪银主力收涨8.51%，铂金主力收涨1.94%，钯金主力收涨涨2.95%。①核心逻辑， 短期避险方面，贸易战与地缘异动风险上升；美国就业走弱通胀温和，降息预期存在支撑。②避险属性方面，特朗普敦促伊朗重返 核谈判，否则下一次打击将更猛烈。特朗普表示，将对把部分韩国输美商品关税从15%上调至25%，贸易战与地缘异动风险上升。 ③货币属性方面，美联储1月维持利率不变，鲍威尔称通胀和就业风险均有所缓解。美国消费者信心跌至逾11年半最低，就业疲软 与高物价加剧忧虑。美国11月核心资本财订单连续第五个月增长，提振经济前景。美国12月CPI涨幅符合预期，但家庭食品与房租 支出增加。目前市场预期美联储下次降息或到6月。美元指数和美债收益率震荡偏强；④商品属性方面，波兰央行表示，已批准一 项购买多达150吨黄金的计划。白银受到供应偏紧支撑。铂金氢能产业铂基催化剂需求预期强劲。钯金短期需求仍有韧性，长期面 临燃油车市场结构性压力。CRB商品指数震荡偏弱，人民币升值利空内价格。⑤预计贵金属 ...

油粕日报：美国 45Z 生物燃料政策加快落地 发布日期：2026 年 1 月 29 日 豆粕：ANEC：2026 年 1 月份巴西大豆出口量估计为 323 万吨，比去年同期 的 112 万吨增长 188%，创下历史同期最高纪录。预计 2026 年巴西大豆出口量将 达到创纪录的 1.12 亿吨。2025 年全年巴西大豆出口量为 1.0873 亿吨，较 2024 年的 9729 万吨增长 11.8%，也超过了 2023 年的前历史峰值 1.013 亿吨。 Mysteel 农产品团队预估，2026 年 2 月份国内全样本油厂大豆到港 77 船， 共计约 500.50 万吨（本月船重按 6.5 万吨计），本月到港包含部分储备轮换豆。 此外，根据船期及调研初步预估，2026 年 3 月预计 480 万吨，4 月 950 万吨。 近月供应仍然存在一定缺口，但是相对去年缺货的极端情况预估发生概率偏 小，对于春节前后现货节奏仍然不清晰，近月豆粕预估震荡偏强运行，而远月合 约因为美国生物燃料政策加快落地而略微走强，美国生物燃料政策可能某种程度 弱化美豆的过剩，但是无法提供长期的向上驱动，南美大豆丰产带来的压力仍然 较大。建议现 ...

【冠通期货研究报告】 焦炭日报：短期延续反弹 发布日期：2026 年 1 月 29 日 【行情分析】 焦炭库存，截至 1 月 23 日受亏损扩大影响，部分中小企业生产积极性下降， 独立焦企焦炭库存回落 0.36 万吨至库存 81.45 万吨，焦炭综合库存增加 15.14 万吨至 1012.35 万吨，同比降幅接近 4%。 利润方面，全国 30 家独立焦化厂吨焦盈利-66 元/吨；山西准一级焦平均盈 利-51 元/吨，山东准一级焦平均盈利-8 元/吨，内蒙二级焦平均盈利-103 元/吨， 河北准一级焦平均盈利-11 元/吨。 下游需求，终端需求维持淡季特征，钢厂利润虽有小幅回升，但供应端整体 复产积极性依然有限。本周 247 家钢厂高炉开工率减少 0.16 个百分点至 78.68%， 同比去年增加 0.7 个百分点，盈利率环比上周增加 0.86 个百分点至 40.69%，高 炉炼铁产能利用率微幅回升至85.51%，日均铁水产量环比微增0.09万吨至228.1 万吨，同比去年增加 2.65 万吨。 上游焦煤，本周煤矿炼焦煤库存小幅回升，独立焦企炼焦煤总库存 1177.71 万吨，钢厂炼焦煤库存增加至 803.24 ...

Report Summary Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene but warns of potential pullback risks [4] Core Viewpoints - The aromatic hydrocarbon market continues its strong trend, but investors should be wary of pullback risks due to high price increases and potential future plant restarts [1][4] Content Summary by Section Fundamental Analysis - As of the week ending January 22, China's styrene plant output was 349,300 tons, a 1.72% decrease from the previous week, and the capacity utilization rate was 69.63%, down 1.23%. Overall production declined due to an unexpected shutdown in North China, a slight increase in Northeast China, and a decrease in South China [1] - For EPS, as of January 22, the capacity utilization rate was 58.71%, up 4.66%. Amid the off - season for downstream demand, the trading atmosphere was poor [1] - For PS, the capacity utilization rate was 57.3%, down 0.1%. Although some plants resumed or restarted, others reduced production lines. Supply was temporarily stable, but inventory increased as sales were average [1] - For ABS, the capacity utilization rate was 66.8%, down 3%. Supply remained tight, and prices rebounded after the holiday with increased inquiries and trading volume. UPR capacity utilization rate was 38%, down 1%, and butadiene - styrene rubber开工 was 82.92%, unchanged [2] Macroeconomic Analysis - The Fed kept interest rates in the 3.5 - 3.75% range in January. Some members supported a 25 - basis - point rate cut. Powell said the policy would depend on data and suggested that successors stay away from politics [3] - The EIA gasoline inventory in the US for the week ending January 23 recorded the largest decline since November 7, 2025, and it was the 11th consecutive week of increase. Domestic crude oil production was at its lowest since October 31, 2025 [3] Futures and Spot Market Analysis - Pure benzene and styrene continued to strengthen. The supply - demand situation of pure benzene improved marginally, and port inventory started to decline. A cautious bullish view is maintained, with opportunities for low - buying after pullbacks. However, due to high price increases and potential future plant restarts, pullback risks should be watched [4]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On January 29, 2026, stock indices showed volatile differentiation. The SSE 50 Index led the gains, while the CSI 500 and CSI 1000 Indices rose first and then fell. The total trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 325.94 billion yuan, an increase of 26.71 billion yuan from the previous day. In the short term, the driving force for the upward movement of stock indices has weakened, and there is a high demand for the CSI 500 and CSI 1000 Indices, which have had large previous gains, to consolidate through fluctuations. The defensive nature of the SSE 50 Index has attracted capital attention. In the medium to long term, positive policy expectations and the continuous net inflow of incremental funds into the stock market are the main supporting forces for the upward movement of stock indices. Overall, stock indices are likely to fluctuate and consolidate in the short term. For options, considering the relatively solid medium - to long - term upward logic of stock indices, a bull spread strategy can be adopted [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On January 29, 2026, the 50ETF rose 1.85% to 3.196; the 300ETF (SSE) rose 0.91% to 4.768; the 300ETF (SZSE) rose 0.87% to 4.974; the CSI 300 Index rose 0.76% to 4753.87; the CSI 1000 Index fell 0.80% to 8332.21; the 500ETF (SSE) fell 1.15% to 8.591; the 500ETF (SZSE) fell 1.19% to 3.411; the ChiNext ETF fell 0.45% to 3.292; the Shenzhen 100ETF rose 0.17% to 3.476; the SSE 50 Index rose 1.65% to 3110.91; the STAR 50ETF fell 2.81% to 1.59; and the E Fund STAR 50ETF fell 2.72% to 1.54 [6]. - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options, including the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 Index option, CSI 1000 Index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option, and compares them with the previous trading day [7]. - **Implied and Historical Volatility**: The report presents the 2026 February at - the - money implied volatility and 30 - trading - day historical volatility of various options, such as the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 Index option, CSI 1000 Index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option [8][9]. 3.2 Relevant Charts - **SSE 50ETF Option**: The report includes charts of the SSE 50ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [10][11][12][13][14][15][16][17][18]. - **SSE 300ETF Option**: It contains charts of the SSE 300ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [19][20][21]. - **SZSE 300ETF Option**: The report provides charts of the SZSE 300ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [22][23][25][27][29][31]. - **CSI 300 Index Option**: Charts of the CSI 300 Index option are presented, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [33][34][36][35]. - **CSI 1000 Index Option**: It includes charts of the CSI 1000 Index option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [37][38][40][42][44][46][48]. - **SSE 500ETF Option**: The report offers charts of the SSE 500ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [50][51][53][55][57][59][60]. - **SZSE 500ETF Option**: Charts of the SZSE 500ETF option are provided, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [63][64][66][68][70][72][73]. - **ChiNext ETF Option**: The report contains charts of the ChiNext ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [76][77][79][81][83][84]. - **Shenzhen 100ETF Option**: It includes charts of the Shenzhen 100ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [88][89][91][93][95][99]. - **SSE 50 Index Option**: The report provides charts of the SSE 50 Index option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [101][102][104][106][108][112]. - **STAR 50ETF Option**: Charts of the STAR 50ETF option are presented, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [114][115][116][118][120][122]. - **E Fund STAR 50ETF Option**: The report offers charts of the E Fund STAR 50ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [124][125].