Group 1 - The core viewpoint of the article is that Yong'an Futures' subsidiary, New Yong'an Futures, participates in the European Futures Exchange (EUREX) but does not engage in the direct production or export of tangible goods to overseas markets [1] - Yong'an Futures clarified that its services primarily involve providing overseas derivative trading and risk management services to clients [1] - Investors are encouraged to refer to the company's periodic reports published on the Shanghai Stock Exchange for detailed operational information [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Northeast low - protein soybean prices are stable, supply is tightening, high - protein soybeans are in short supply. With 100% bid - ask success rate of 24099 tons of CGSCC soybeans, soybeans are expected to continue a strong and volatile trend [1] - In the corn market, farmers in Northeast China are more willing to sell after the twelfth lunar month. Feed and deep - processing plants have pre - holiday stocking needs, but with sufficient inventory, the market is cautious. Corn is expected to fluctuate widely before the Spring Festival, and buying on dips can be considered if there is a significant decline [1] - In the first half of 2026, the inventory of laying hens will decline monthly, with significant drops in March and April and a narrowing decline in May. Due to a marginal improvement in inventory, excessive short - selling is not recommended [2] - At the end of 2025, the inventory of breeding sows decreased by 2.9%, and the inventory of live pigs increased by 0.5%. The supply of live pigs around the Spring Festival is expected to be large, and the near - term and spot prices are unlikely to rise continuously. The far - term market depends on recent capacity reduction and the number of breeding sows [2][3] Summary by Related Categories Soybean - Northeast low - protein soybean prices are stable, high - protein soybeans are in short supply, with some 39% protein soybeans at around 2.2 yuan per catty. The 100% bid - ask success rate of 24099 tons of CGSCC soybeans shows market demand support, and soybeans are expected to be strongly volatile [1] Corn - In Northeast China, farmers' willingness to sell increases after the twelfth lunar month, and feed and deep - processing plants have pre - holiday stocking needs. However, with sufficient inventory (more than 30 days), the market is cautious. Corn is expected to fluctuate widely before the Spring Festival, and buying on dips can be considered for significant drops [1] Egg - From chicken - chick replenishment data, the inventory of laying hens will decline monthly in H1 2026, with significant drops in March and April due to low replenishment and accelerated old - hen culling. The decline narrows in May. Due to a marginal improvement in inventory, excessive short - selling is not recommended [2] Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and 101.6% of the normal level; the number of live pigs sold was 719.73 million, an increase of 17.16 million or 2.4%, and the inventory of live pigs was 429.67 million, an increase of 2.24 million or 0.5%. The supply around the Spring Festival is large, and near - term and spot prices are unlikely to rise continuously. The far - term market depends on recent capacity reduction and the number of breeding sows [2][3]

【冠通期货研究报告】 软商品日报：溢价回落，注意支撑 发布日期：2026 年 1 月 28 日 棉花：新疆棉库存下降，加工企业积极销售，现货基差坚挺，下游棉纱品种 延续分化表现，中高支纱订单稳定，低支纱偏弱运行。整体看，短期市场基本面 驱动有限，价格跟随市场情绪波动，或将延续区间震荡态势。棉企库存较为充裕， 积极报价促销，纺企逢下跌点价增加，上涨过程中成交有所减少，年前补库进入 最后阶段，局部成交略增。下午盘面出现明显上涨，不过外盘反应平平，内外棉 差价继续扩大。关注上方一万五关口压力，短期仍然高位调整看待。 白糖：1 月 27 日，印度食品部宣布 2026 年 2 月的食糖内销配额为 225 万 吨，较 1 月的 220 万吨增加 5 万吨，该配额将从 2026 年 2 月 1 日起生效。市场 专家指出，随着 2026 年 2 月 225 万吨食糖配额公告的发布，叠加斋月（2 月 17 日开始持续至 3 月中旬）的开启，国内食糖市场预计将保持看涨态势。节日期间 需求动能预计维持强劲，且从 2 月中旬起，马哈拉施特拉邦的糖厂将逐步结束压 榨作业，这将有助于缓解市场供应过剩压力。 经测算，配额内巴西糖加工完税估 ...

Core Viewpoint - Shanghai is actively enhancing its influence in the non-ferrous metal commodity pricing sector through a series of initiatives aimed at improving the pricing capabilities of its domestic market and promoting the internationalization of "Shanghai prices" [1][2][3] Group 1: Policy Initiatives - The recent release of the "Action Plan for Strengthening the Linkage Between Futures and Spot Markets to Enhance the Competitiveness of Non-Ferrous Metal Commodities" aims to systematically develop the linkage between futures and spot markets [1] - The Shanghai Futures Exchange has launched nickel futures as the first non-ferrous metal futures product open to foreign markets, accelerating the internationalization of "Shanghai prices" [1][2] Group 2: Market Development - Shanghai has established a linked development pattern in the non-ferrous metal sector, integrating futures, spot, and over-the-counter derivative markets, with the Shanghai Futures Exchange listing 11 non-ferrous metal futures and 10 options [2] - The "Shanghai copper" futures have become a significant pricing benchmark for spot trading in China and the Asia-Pacific region, positioning Shanghai among the top three global pricing centers for non-ferrous metals [2][3] Group 3: Internationalization Efforts - The China Securities Regulatory Commission has designated nickel futures and options as specific domestic products, responding to long-standing industry calls and attracting global participants to enhance the price discovery mechanism [2] - The Shanghai Futures Exchange plans to implement universal international business rules by August 2025, optimizing market access, trading, settlement, risk control, and delivery processes to support the internationalization of "Shanghai prices" [2] Group 4: Future Strategies - To further enhance the international influence of "Shanghai prices," it is essential to focus on both "bringing in" and "going out" strategies, including high-level institutional openness, cross-border delivery mechanism innovations, and fostering internationally competitive trading entities [3] - Supporting warehouse receipt legislation and strengthening the functions of a national commodity warehouse receipt registration center are crucial for solidifying the credit foundation for price formation and enhancing international credibility [3]

【黄金期货行情表现】 美国总统特朗普周一表示，他将把进口自韩国的汽车、木材和药品的关税提高到25%，同时指责韩国的 立法机构"未能履行"两国达成的贸易协议。韩国产业通商资源部称，部长即将访问美国并与卢特尼克会 面，同时总统顾问将与相关部会召开会议，讨论因应措施。总统府则表示：美国政府尚未就可能的关税 调升发出正式通知。 美国官员周一表示，如果伊朗希望与华盛顿接触，美国将"愿意进行对话"。当被问及与伊朗谈判的条件 时，这位官员对记者说："我认为他们知道这些条件。他们清楚这些条件。" 美国核心资本财订单11月增幅超预期，显示第四季企业在设备方面的支出维持稳健增长态势。核心资本 财订单已连续第五个月增加。 1月28日，沪金主力暂报1186.20元/克，涨幅3.58%，今日沪金主力开盘价1146.80元/克，截至目前最高 1186.76元/克，最低1134.70元/克。 【机构观点】 【宏观消息】 地缘政治不确定性引发的避险需求与全球央行稳健的购金行为，推动了贵金属价格出现史诗级行情。白 银价格波动大于黄金，其工业属性使其对全球经济增长前景的预期更为敏感。在交易所持续限制投机炒 作后，白银走势转弱，需关注能否守住10 ...

发布日期：2026 年 1 月 28 日 【冠通期货研究报告】 焦煤日报：偏弱震荡 【行情分析】 焦煤低开低走，尾盘翻红。供应端，蒙煤近两日通关数量高涨，位于近年 来同期高位水平，国内据 Mysteel 统计 523 家炼焦煤矿山样本核定产能利用率 为 89.33%，环比增加 0.86%。焦煤年前停产企业多发复工，国内产量有增长， 原煤日均产量达到 199.44 万吨。本期焦煤矿山库存转为累库，周度环比增加 1.98 万吨，上周焦化企业累库 44.86 万吨，钢厂累库 1.04 万吨，冬储补库进 程放缓，库存下沉进度放慢，补库力度环比历年同期弱，尤其是钢厂累库节奏 强度均慢。下游铁水产量环比增加 0.04%，周度日均产量 228.1 万吨。焦炭一 轮提涨博弈中，前期焦煤补库接近尾声，供需压力进入宽松阶段，而目前尚未 见到矿端由于年前安全检查而有减产的迹象，下游对高价煤接受意愿低，终端 需求无明显起色，但刚性支撑有韧性，焦煤盘面偏弱震荡为主，但下方有支 撑。 【现货数据】 现货方面：山西市场（介休）主流价格报价 1300 元/吨，较上个交易日持平， 蒙 5#主焦原煤自提价 1003 元/吨，较上个交易日-37 ...

氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一般持仓交易保证金比例调整为11%； 不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保证金比例调整为8%，一般持仓交易保证金比例调整 为9%； 黄金期货AU2606、AU2608、AU2610、AU2612、AU2702合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓交易保证金比例 调整为18%； 1月28日上海期货交易所发布《关于调整镍等期货相关合约涨跌停板幅度和交易保证金比例的通知》，自2026年1月30日(星期五)收盘结算时起，涨跌停板 幅度和交易保证金比例调整如下： 镍期货已上市合约的涨跌停板幅度调整为11%，套保持仓交易保证金比例调整为12%，一般持仓交易保证金比例调整为13%； 白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、AG2612、AG2701合约涨跌停板幅度调整为16%，套保持仓交易保证金比 例调整为17%，一般持仓交易保证金比例调整为18%。 如遇《上海期货交易所风险控制管 ...

Group 1: Stock Indices - The Shanghai Composite Index closed on January 28, rising by 11.33 points, an increase of 0.27%, to 4151.24 points [5] - The Shenzhen Component Index closed on January 28, increasing by 12.99 points, a rise of 0.09%, to 14342.89 points [5] - The CSI 300 Index closed on January 28, up by 12.30 points, a gain of 0.26%, to 4717.99 points [5] - The ChiNext Index closed on January 28, decreasing by 19.04 points, a decline of 0.57%, to 3323.56 points [5] - The STAR Market 50 Index closed on January 28, down by 1.17 points, a drop of 0.08%, to 1554.80 points [41] Group 2: Commodity Indices - The document includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the excerpts [42][44][48][50][52][54][56][58][60][61][63][65][67][68]

Report Industry Investment Rating - Not provided Core Viewpoint - The supply - demand contradiction of glass has not been substantially improved, and the short - term price may fluctuate. However, there is a possibility of continued pressure and decline in the later period. Attention should be paid to macro - policy changes and production line cold - repair situations [4] Summary by Directory Market行情 Review - Futures market: The glass main contract fluctuated intraday, closing with a doji. The 120 - minute Bollinger Bands showed a narrowing pattern, indicating a short - term oscillation signal. The intraday pressure was near the 60 - day moving average on the daily chart, and the support was near the lower Bollinger Band. The trading volume decreased by 176,000 lots compared with the previous day, and the open interest increased by 59 lots. The intraday high was 1076, the low was 1054, and the closing price was 1067, down 6 yuan/ton (0.56%) from the previous settlement price [1] - Spot market: In North China, overall shipments were good, and prices of some specifications were raised; in East China, the trading atmosphere was average, and downstream buyers mainly purchased based on rigid demand; in Central China, most enterprises kept prices stable, while a few raised prices, and downstream buyers were rational in purchasing; in South China, most enterprises maintained stable prices, except for a few with large inventories offering discounts [1] - Basis: The spot price in North China was 1010, with a basis of - 57 yuan/ton [1] Fundamental Data - Supply: As of January 22, the total output of float glass this week was 1.0552 million tons, a week - on - week increase of 0.28% and a year - on - year decrease of 3.95%. The industry average operating rate was 71.62%, a week - on - week increase of 0.14%; the average capacity utilization rate was 75.57%, a week - on - week increase of 0.34%. There were no production line water - discharges or ignitions this week, and the daily output remained stable [2] - Inventory: The total inventory of national float glass sample enterprises was 53.216 million weight boxes, a week - on - week increase of 203,000 weight boxes (0.38%) and a year - on - year increase of 22.74%. The inventory days in terms of conversion were 23.1 days, an increase of 0.1 days from the previous period. This week, the downstream purchasing sentiment was average, and the shipments of some enterprises were weak due to weather, resulting in an overall increase in inventory compared with the previous period [2] - Demand: The average order days of national deep - processing sample enterprises were 9.3 days, a week - on - week increase of 7.9% and a year - on - year increase of 86.4%. As the Spring Festival approached, the order trends of deep - processing enterprises in the north and south regions diverged. The executable order days in the south increased slightly, with some orders lasting more than 20 days, while the orders in the north and central regions declined [2] - Profit: The weekly average profit of natural - gas float glass was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the weekly average profit of coal - gas float glass was - 65.11 yuan/ton, a week - on - week increase of 3.9 yuan/ton; the weekly average profit of petroleum - coke float glass was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [2][3] Main Logic Summary - On the supply side, long - term losses of glass production lines are accelerating the capacity clearance of some enterprises, and there are still plans for some production lines to undergo cold - repair before the Spring Festival, so the supply side is expected to contract further. However, this month, both real - estate development investment and capital availability continued to decline year - on - year, and the completion and new construction were weak, with no improvement in real - estate demand. In general, the pre - festival stocking expectations of downstream enterprises and the anti - involution sentiment provide short - term support to the market, but the supply - demand contradiction of glass has not been substantially improved [4]

1. Report Industry Investment Rating - The investment rating for the hot-rolled coil industry is "Bullish in the short - term" [6] 2. Core View of the Report - Currently, the supply of hot - rolled coils is contracting while the demand is resilient, with an overall tight balance between supply and demand. Pre - holiday winter stockpiling is an important support for current demand. The social inventory is decreasing on a week - on - week basis, and the factory inventory pressure is controllable, with the overall inventory risk marginally improving. However, the inventory is still relatively high year - on - year. The market needs to focus on the impact of the post - holiday resumption of work and production on supply and demand. The balance between supply and demand and inventory reduction support prices, and subsequent attention should be paid to raw material costs and the strength of post - holiday demand recovery. Currently, the macro - economic easing expectations and the pre - holiday weak demand are in a tug - of - war, with cautious market sentiment and low volatility. The technical support level is around last week's low, and a bullish view is maintained [6] 3. Summary by Relevant Catalogs Market行情回顾 - **Futures Price**: On Wednesday, the open interest of the main hot - rolled coil futures contract increased by 9,222 lots, with a trading volume of 283,776 lots, a decrease compared to the previous trading day. The intraday low was 3,275 yuan, the high was 3,290 yuan, showing a weak intraday oscillation. In terms of the daily moving average, it briefly fell below the 5 - day moving average and was near the 30 - day moving average, closing at 3,280 yuan/ton, a decrease of 13 yuan or 0.39% [1] - **Spot Price**: The price of hot - rolled coils in the mainstream Shanghai area was reported at 3,280 yuan/ton, a decrease of 10 yuan compared to the previous trading day [2] - **Basis**: The basis between the spot and futures prices was 0 yuan, showing a near - flat price relationship [3] Fundamental Data - **Supply**: As of January 22, the weekly output of hot - rolled coils decreased by 29,500 tons compared to the previous week to 3.0541 million tons, a year - on - year decrease of 172,300 tons. The output decline reflects that steel mills' capacity release has converged, possibly affected by maintenance schedules and profit fluctuations, which supports prices [4] - **Demand**: As of January 22, the weekly apparent consumption decreased by 42,000 tons compared to the previous week to 3.0996 million tons, a year - on - year increase of 73,900 tons. Although the demand has slightly declined on a week - on - week basis, it has maintained growth on a year - on - year basis. Pre - holiday stockpiling supports demand, and the overall demand is resilient [4] - **Inventory**: As of January 22, the total inventory decreased by 45,500 tons compared to the previous week to 3.5778 million tons (the social inventory decreased by 46,600 tons week - on - week, and the steel mill inventory increased by 1,100 tons), a year - on - year increase of 212,700 tons (the social inventory increased by 241,800 tons year - on - year, and the factory inventory decreased by 29,100 tons year - on - year). The total inventory has decreased on a week - on - week basis, and the inventory pressure has been marginally relieved. The year - on - year increase indicates that the inventory accumulation speed this year is slightly faster than last year, but the overall risk is controllable [4] - **Policy**: The new regulations on the export license management of steel products will cause short - term export fluctuations, increase supply, and put pressure on prices. In the long term, it will promote industrial upgrading, structural optimization, and competitiveness improvement. The Central Economic Work Conference in December proposed a proactive fiscal policy and a moderately loose monetary policy, and listed the in - depth rectification of involution - style competition as a key task for 2026, which is beneficial to prices and industry profitability. Efforts will be made to stabilize the real estate market and expand domestic demand [5] Market Driving Factor Analysis - **Bullish Factors**: Decrease in supply - side output, expectation of the start of winter stockpiling demand, export rush, policy support ("14th Five - Year Plan", infrastructure investment), and strong iron ore prices [6] - **Bearish Factors**: Steel mills' resumption of production in January exceeded expectations, seasonal weakening of demand, insufficient manufacturing orders, and inventory accumulation suppressing prices [6]