1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The economic growth is characterized by slower steel inventory accumulation compared to previous years, with power plant daily consumption fluctuating at a high level, while inflation shows a nationwide increase in pork prices and oil prices oscillating within a range [2][3] 3. Summary of Each Section 3.1 Economic Growth: Slower Steel Inventory Accumulation than Previous Years 3.1.1 Production: High - level Fluctuation of Power Plant Daily Consumption - Power plant daily consumption is fluctuating at a high level. On January 20, the average daily consumption of 6 major power - generating groups was 857,000 tons, a 3.8% increase from January 13. On January 16, the daily consumption of power plants in eight southern provinces was 2.152 million tons, a 5.3% decrease from January 8 [5][12] - The overall blast furnace operating rate has declined. On January 16, the national blast furnace operating rate was 78.8%, a 0.5 - percentage - point decrease from January 9, and the capacity utilization rate was 85.5%, a 0.6 - percentage - point decrease from January 9. However, the blast furnace operating rate of Tangshan steel mills increased by 0.8 percentage points to 90.8% on January 16 compared to January 9 [5][16] - The tire operating rate has significantly rebounded. On January 15, the operating rate of all - steel truck tires was 62.9%, a 4.9 - percentage - point increase from January 8, and the operating rate of semi - steel car tires was 73.4%, a 7.6 - percentage - point increase from January 8. Meanwhile, the operating rate of looms in the Jiangsu and Zhejiang regions has continued to decline [5][19] 3.1.2 Demand: Slower Steel Inventory Accumulation than Previous Years - The sales volume of new houses in 30 cities has weakened month - on - month. From January 1 - 20, the average daily sales area of commercial housing in 30 large and medium - sized cities was 160,000 square meters, a 48.0% decrease from the same period in December, a 39.5% decrease from the same period in January last year, and a 38.4% decrease from the same period in January 2024 [5][25] - The retail growth of the automotive market is weak. In January, retail sales decreased by 32% year - on - year, and wholesale sales decreased by 40% year - on - year [5][29] - Steel prices have declined weakly. On January 20, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 0.6%, 0.5%, 0.6%, and 0.3% respectively compared to January 13. The inventory accumulation of steel is slower than in previous years [5][34] - Cement prices have continued to break previous lows. On January 20, the national cement price index decreased by 0.6% compared to January 13, with prices in the East China and Yangtze River regions showing slightly weaker performance than the national average [5][37] - The glass price has ended its rebound. On January 20, the active glass futures contract price was 1,064 yuan/ton, a 4.9% decrease from January 13 [5][42] - The near - end decline of the container shipping freight rate index has widened. On January 16, the CCFI index increased by 4.2% compared to December 26, while the SCFI index decreased by 0.5% [5][46] 3.2 Inflation: Nationwide Increase in Pork Prices 3.2.1 CPI: Nationwide Increase in Pork Prices - Pork prices have increased nationwide. On January 20, the average wholesale price of pork was 18.5 yuan/kg, a 2.4% increase from January 13. The month - on - month price has turned upward [5][50] - The agricultural product price index has increased seasonally before the Spring Festival. On January 20, the agricultural product wholesale price index increased by 1.6% compared to January 13. By variety, the price increases are in the order of eggs (5.7%) > pork (2.4%) > vegetables (2.4%) > fruits (1.3%) > mutton (0.7%) > beef (0.4%) > chicken (- 1.3%) [5][54] 3.2.2 PPI: Oil Price Oscillation within a Range - Oil prices are oscillating within a range. On January 20, the spot prices of Brent and WTI crude oil were $68.1 and $60.4 per barrel respectively, a 0.9% and 1.3% decrease from January 13 [5][57] - Copper and aluminum prices have declined. On January 20, the prices of LME 3 - month copper and aluminum decreased by 2.3% and 1.5% respectively compared to January 13. The domestic commodity index has turned upward month - on - month [5][61] - Industrial product prices have shown mixed month - on - month changes. Since January, the prices of glass, coking coal, coke, and steam coal have increased month - on - month, while other industrial product prices have decreased month - on - month. Most of the year - on - year declines in industrial product prices have converged [64]

Group 1: Power Investment and Construction Industry - The core viewpoint is that power investment is entering an accelerated cycle during the "14th Five-Year Plan" period, with the State Grid's fixed asset investment expected to reach a historical high of 4 trillion yuan, a 40% increase compared to the previous plan [2][5][6] - The investment plan will focus on strengthening the power grid platform, accelerating the construction of ultra-high voltage direct current transmission channels, enhancing distribution network construction, and solidifying digital infrastructure [5][6] - The State Grid's investment in 2023 was 538.1 billion yuan, projected to increase to 609.2 billion yuan in 2024, and exceed 650 billion yuan in 2025, indicating a compound annual growth rate (CAGR) of over 5% during the "14th Five-Year Plan" [2][5][6] Group 2: Recommendations for Key Companies - It is recommended to focus on leading state-owned enterprises with capabilities in power engineering contracting and deep involvement in grid and renewable energy construction, such as China Power Construction and China Energy Engineering [2][6] - These companies have a strong foundation in ultra-high voltage transmission projects, energy base construction, and renewable energy stations, making them core players in the State Grid's investment system [6] - The expected high intensity of grid investment combined with the continuous expansion of renewable energy installations will directly boost the order scale and project volume for these companies [6] Group 3: Agriculture and Livestock Industry - The pig farming sector has seen a 4.9% decline, primarily due to market sentiment and concerns over capacity reduction, with the number of pigs slaughtered in 2025 reaching 71.973 million, a 2.4% increase year-on-year [10][11] - The price of pigs has recently risen to 13.25 yuan/kg, indicating a recovery in market sentiment, while the price of piglets has also increased, suggesting a weakening of capacity reduction expectations [10][11] - The industry is undergoing a policy shift towards protecting farmers' rights and stimulating enterprise innovation, with a focus on high-quality development and cost-leading enterprises expected to enjoy excess profits [11]

(苹果) | | | | Million | 国投期货 | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2026年01月21日 | | 棉花 | な女女 | 曹凯 首席分析师 | | 纸浆 | な女女 | F03095462 Z0017365 | | 白糖 | な女女 | 胡华轩 高级分析师 | | 苹果 | ★★★ | F0285606 Z0003096 | | 木材 | な女女 | | | 20号胶 | 女女女 | 黄维 高级分析师 | | 天然橡胶 | ななな | F03096483 Z0017474 | | 丁二烯橡胶 ☆☆☆ | | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉小幅上涨，此前的上涨既有现实的支撑，也有预期和资金的推动，经过此前的上涨之后，对于利多有所体观,下游需 求总体一般,且新疆种植面积成少情况仍有待最终观察,短期郑棉或延续调整。今天棉花现货成交一般,基差总体持稳。截至 12月底全国棉花商业库存为578.47万吨，环比增加110.11万吨，同比增加9 ...

国家统计局的数据显示，近年来，我国粮食生产能力持续增强，畜牧业生产平稳发展，农产品市场供应 品种丰富、数量充足，完全可以应对突发的天气变化。例如，我国粮食产量已连续2年稳定在1.4万亿斤 以上，2025年达到了14297.5亿斤；猪牛羊禽肉产量突破亿吨，2025年为10072万吨，比2024年增加409 万吨，其中猪肉产量创历史新高。 "面对暴雪寒潮天气，我们当地相关机构和居民早早就采取了各项应对措施。"湖北省荆州市常年进行小 麦、玉米、稻谷经营业务的严德忠表示，当前的市场信息传递十分迅速，当气象部门的暴雪、寒潮、冰 冻等天气预警发布后，交通运输等部门的联动保障民生物资运输通道就建好了，鲜活农产品运输等完全 可以保证"运得出""调得进"，超市及农产品批发市场之间的衔接更是紧密，粮油、肉、蛋供应充足，城 乡居民则通过加大耐储粮油和肉类备货量来保证日常生活的稳定。 近期，全国多地出现大幅降温与降雪天气。由于降雪与降温范围大，部分地区道路出现结冰等情况，人 们对粮油、肉、蛋等商品的供应和价格担忧情绪升温。那么，市场情况如何呢？ 河南省郑州市居民梁建民告诉记者，自2月19日中午开始，当地出现了较大降雪，虽然这次降雪量 ...

"广货行天下"无疑是其中一个。自1月15日启动以来，春季行动已先后在佛山举办家电专场、在东莞举办手机专场，企业真金白银促销让利，电商平台线上 大力支持，直播间人气火爆，企业销售额大增，"广货行天下"打响了第一炮、实现了开门红。 文 | 丁建庭 2026年开年以来，什么促消费活动最火？ "广货行天下"推广广货、行销天下，意义却不止于促消费、稳经济。 "广货天下行"家电专场直播带货现场。 （一） "广货"为什么行？ 从家喻户晓的老字号到引领潮流的新国货，从硬核智造的工业产品到风味独特的岭南农品，从粤菜美食到南粤风光，"广货"早已成为中国货中的一块"金字 招牌"。 这得益于广东对外贸易千年不衰，一直扮演着中国"商贸橱窗"的角色。 广东向海而生，自古贸易繁荣。著名历史学家吕思勉精辟概括了广东在中国历史中的特殊地位："中国与外人之接触，以广东为最早，人民之通知外情，也 以广东为最。" PCRE PA � 日 : B I U 4 Jr "广货行天下"展位，汇聚全品类高质量"老字号"广货，展现广东产品的多元魅力。 回看历史，1000多年前，广州就是海上丝绸之路的一个起点，借助"广州通海夷道"，大批"广货"走向世界；100多 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Globally, the geopolitical landscape is undergoing adjustments, with the US - EU game as a key variable. The EU's freezing of the US - EU trade agreement approval process has led to a halt in bilateral economic and trade cooperation, triggering panic about a possible $4 trillion US debt sell - off by Europe. The traditional safe - haven status of US debt is challenged, and the financial market has entered a "safe - haven - dominated" stage. The US faces structural dilemmas, and global capital is shifting to diversified allocation. Domestically, in 2025, the economy showed structural differentiation. In 2026, with a GDP growth target of 4.5% - 5%, expanding domestic demand is the core focus. Fiscal and monetary policies are coordinated to support domestic demand, infrastructure investment, consumption stimulation, and industrial upgrading [2]. - For the RMB exchange rate, the appreciation foundation of the RMB against the US dollar is solid, but the appreciation process will be relatively moderate, affected by the strength of the US dollar index and the central bank's regulation [3]. - For the stock index, although there are many external disturbances, the bottom support of the stock index is strong [4]. - For treasury bonds, the short - term upward trend of the bond market is mainly driven by the stock market adjustment, and it is recommended to hold medium - term long positions and wait and see in the short term [6]. - For the container shipping European line, the short - term is expected to continue the volatile pattern, and it is recommended to wait and see [9]. - For lithium carbonate, the spot market may show "off - season not off" characteristics, and the futures are expected to be in a high - level wide - range volatile state. It is recommended to wait for the market risk to be fully released before entering the market [10]. - For industrial silicon and polysilicon, in the short term, the price of industrial silicon is likely to rise, and in the medium - long term, it is recommended to pay attention to the supply side [12]. - For copper, the exchange has strengthened supervision, and the short - term price is under pressure. It is recommended to be cautious when building new positions above 100,000 yuan [16]. - For aluminum, the short - term is affected by emotions and may fluctuate and correct, but there is upward space in the medium - long term; for alumina, it is in an oversupply situation and is expected to be weak; for cast aluminum alloy, it has strong follow - up to aluminum and is recommended to pay attention to the spread [18]. - For nickel - stainless steel, it is expected to be volatile in the short term, and attention should be paid to the quota issuance rhythm [19]. - For oilseeds, the external market of US soybeans is weak, the domestic soybean meal is affected by the reserve release, and the rapeseed meal may return to international pricing if the trade relationship improves [23]. - For oils, they are easy to rise and difficult to fall in the short term [23]. - For fuel oil, the high - sulfur market is still weak, and the low - sulfur cracking is sluggish [26][27]. - For asphalt, it will continue to fluctuate in the short term, and attention can be paid to positive spreads, 03 basis, and cracking long - matching opportunities [29]. - For platinum and palladium, the bull market foundation is still there, but attention should be paid to the opening jump phenomenon [33]. - For gold and silver, gold is strong, and silver is volatile. The overall trend of precious metals is easy to rise, but attention should be paid to the risk of silver's decline [34]. - For pulp - offset paper, the pulp market is relatively bearish, and the offset paper is expected to be neutral. It is recommended to wait and see [39][40]. - For LPG, the supply - demand relationship has weakened, and attention should be paid to geopolitical changes and domestic device maintenance [41]. - For PTA - PX, the short - term is affected by unexpected maintenance rumors, and it is recommended to buy on dips in the long term [41]. - For MEG - bottle chips, the demand side is under pressure, and the over - supply expectation suppresses the valuation [44]. - For methanol, the geopolitical logic continues, but the 05 contract's fundamentals have weakened marginally, and it is recommended to wait and see [45]. - For PP, it is necessary to pay attention to the PDH device dynamics, and the short - term supply - demand pattern is expected to be better than that of PE [48]. - For PE, it is turning to a pattern of increasing supply and decreasing demand and is expected to be weak in the short term [49]. - For pure benzene - styrene, the supply side has new changes, and the styrene price rose at night [49]. - For rubber, it is expected to fluctuate in a wide range and may stabilize in the short term, but external risks should be noted [53]. - For glass and soda ash, the supply - demand expectation is weak [55][56]. - For propylene, the supply - demand relationship has weakened, and attention should be paid to geopolitical and device changes [57]. - For rebar and hot - rolled coil, they are expected to fluctuate at a low level, and the price range is recommended [58][59]. - For iron ore, it is expected to fluctuate in a wide range, and the price is affected by macro expectations [60]. - For coking coal and coke, the disk is weak, and the long - term price may be under pressure if the macro situation changes [62]. - For live pigs, the cold wave has put pressure on the northern pig prices [63]. - For cotton, it is expected to fluctuate, and attention should be paid to downstream imports and orders [65]. - For sugar, it is expected to fluctuate under pressure, and attention should be paid to the production progress in Thailand and India [67]. - For eggs, the price is expected to be stable overall with local adjustments [69]. - For apples, the near - term contracts are affected by weak demand, and the far - term contracts are less affected. Attention should be paid to the stocking situation [74]. - For red dates, the short - term price may fluctuate at a low level, and attention should be paid to downstream procurement [75]. - For logs, although the price has broken through, it does not have the condition to continue to fall sharply. It is recommended to operate in the range of 750 - 795 [76]. Summary by Directory Financial Futures - **Market Information**: The EU has frozen the US - EU trade agreement approval process; the ADP weekly employment report shows an average increase of 8,000 private - sector jobs per week; there are issues related to Greenland; domestic fiscal and financial policies are coordinated to promote domestic demand; the US Treasury Secretary reveals the progress of nominating the next Fed Chairman [1]. - **Core Judgments and Transmission Logic**: Geopolitical changes have led to a "safe - haven - dominated" global financial market. Domestically, expanding domestic demand is the focus in 2026, and fiscal and monetary policies are coordinated to support the economy [2]. - **Exchange Rate Analysis**: The RMB has a solid foundation for appreciation against the US dollar, but the process will be moderate, affected by the US dollar index and central bank regulation [3]. - **Strategy Recommendations**: Export enterprises are recommended to lock in forward settlement at around 7.01, and import enterprises are recommended to adopt a rolling purchase strategy at the 6.93 level [4]. Stock Index - **Market Review**: The stock index closed down collectively, and the trading volume increased slightly [4]. - **Important Information**: The Ministry of Finance has announced policies to support the economy, and there is a global bond - selling wave [4]. - **Market Interpretation**: The stock index was affected by geopolitical factors and short - term capital adjustments but has strong bottom support [4]. Treasury Bonds - **Market Review**: The treasury bond market rose, and the bond yield decreased [5]. - **Important Information**: The LPR remained unchanged, and policies were announced to expand domestic demand [6]. - **Core Views**: The short - term upward trend of the bond market is driven by the stock market, and it is recommended to hold medium - term long positions and wait and see in the short term [6]. Container Shipping European Line - **Market Review**: The container shipping index (European line) futures market closed down, and the trading volume was light [7]. - **Information Sorting**: The core contradiction is the game between the price cut of leading shipping companies and the repeated resumption of navigation. There are both positive and negative factors [8]. - **Trading Judgments**: It is expected to continue to fluctuate in the short term, and it is recommended to wait and see [9]. Commodities New Energy - **Lithium Carbonate** - **Market Review**: The futures price of lithium carbonate rose, and the trading volume increased [10]. - **Industry Performance**: The spot market of the lithium - battery industry chain was average, and the price of lithium ore and lithium salt increased [10]. - **Viewpoint**: The spot market may show "off - season not off" characteristics, and the futures are expected to be in a high - level wide - range volatile state [10]. - **Industrial Silicon and Polysilicon** - **Market Review**: The futures price of industrial silicon decreased, and that of polysilicon increased [11]. - **Industry Performance**: The industrial silicon spot market was average, and the photovoltaic industry spot market improved [12]. - **Viewpoint**: In the short term, the price of industrial silicon is likely to rise, and in the medium - long term, it is recommended to pay attention to the supply side [12]. Non - ferrous Metals - **Copper** - **Market Review**: The copper price continued to adjust, and the basis decreased [14]. - **Industry Information**: The exchange has adjusted the trading margin and price limit, and the inventory has changed [15]. - **Viewpoint**: The exchange has strengthened supervision, and the short - term price is under pressure [16]. - **Aluminum Industry Chain** - **Market Review**: The prices of aluminum, alumina, and cast aluminum alloy changed [17]. - **Core Views**: Aluminum may fluctuate and correct in the short term but has upward space in the medium - long term; alumina is in an oversupply situation and is expected to be weak; cast aluminum alloy has strong follow - up to aluminum [18]. - **Nickel - Stainless Steel** - **Market Review**: The prices of nickel and stainless steel decreased [18]. - **Industry Performance**: The spot market price and inventory of nickel and stainless steel changed [19]. - **Market Analysis**: It is expected to be volatile in the short term, and attention should be paid to the quota issuance rhythm [19]. Oils and Feeds - **Oilseeds** - **Market Review**: The price of rapeseed meal decreased, and the funds in the meal market continued to decline [21]. - **Supply - Demand Analysis**: The supply of imported soybeans may be in short supply in the first quarter, and the supply of rapeseed meal may increase if the trade relationship improves [22]. - **Outlook**: The external market of US soybeans is weak, the domestic soybean meal is affected by the reserve release, and the rapeseed meal may return to international pricing [23]. - **Oils** - **Market Review**: The prices of US soybean oil and Malaysian palm oil rebounded [23]. - **Supply - Demand Analysis**: The export of palm oil increased, and the policies of the US and Indonesia affected the market [24]. - **Viewpoint**: They are easy to rise and difficult to fall in the short term [23]. Energy and Oil and Gas - **Fuel Oil** - **Market Review**: The prices of high - sulfur and low - sulfur fuel oil changed [26]. - **Industry Performance**: The supply and demand of high - sulfur and low - sulfur fuel oil have different characteristics, and the inventory has changed [26]. - **Core Logic**: The high - sulfur market is still weak, and the low - sulfur cracking is sluggish [26][27]. - **Asphalt** - **Spot Situation**: The asphalt price was stable, and the supply and demand in different regions were different [28]. - **Fundamental Situation**: The supply and demand and inventory of asphalt have changed, and the price is affected by geopolitical factors [29]. - **Viewpoint**: It will continue to fluctuate in the short term, and attention can be paid to positive spreads, 03 basis, and cracking long - matching opportunities [29]. Precious Metals - **Platinum and Palladium** - **Market Review**: The prices of platinum and palladium rose [31]. - **Trading Logic**: Geopolitical and tariff issues have injected short - term safe - haven premiums [31]. - **Viewpoint**: The bull market foundation is still there, but attention should be paid to the opening jump phenomenon [33]. - **Gold and Silver** - **Market Review**: Gold rose, and silver fluctuated [34]. - **Trading Logic**: The geopolitical situation has increased the safe - haven demand for gold, and silver is affected by industrial demand and other factors [34]. - **Viewpoint**: Gold is strong, and silver is volatile. The overall trend of precious metals is easy to rise, but attention should be paid to the risk of silver's decline [34]. Chemicals - **Pulp - Offset Paper** - **Market Review**: The futures prices of pulp and offset paper fluctuated [37]. - **Spot Market**: The price of pulp was stable, and the port inventory increased [37][38]. - **Viewpoint**: The pulp market is relatively bearish, and the offset paper is expected to be neutral. It is recommended to wait and see [39][40]. - **LPG** - **Market Dynamics**: The LPG price decreased, and the spread changed [40]. - **Spot Feedback**: The spot price decreased, and the supply and demand and inventory have changed [41]. - **Viewpoint**: The supply - demand relationship has weakened, and attention should be paid to geopolitical changes and domestic device maintenance [41]. - **PTA - PX** - **Fundamental Situation**: The supply and demand of PX and PTA have changed, and the profit has decreased [41]. - **Viewpoint**: The short - term is affected by unexpected maintenance rumors, and it is recommended to buy on dips in the long term [41]. - **MEG - Bottle Chips** - **Inventory**: The inventory of MEG in East China ports has increased [43]. - **Fundamental Situation**: The supply and demand of MEG and polyester have changed, and the profit has been repaired [43]. - **Viewpoint**: The demand side is under pressure, and the over - supply expectation suppresses the valuation [44]. - **Methanol** - **Market Dynamics**: The methanol price changed [45]. - **Spot Feedback**: The basis and inventory of methanol have changed [45]. - **Viewpoint**: The geopolitical logic continues, but the 05 contract's fundamentals have weakened marginally, and it is recommended to wait and see [45]. - **PP** - **Market Dynamics**: The PP price decreased [45]. - **Spot Feedback**: The spot price of PP is different in different regions, and the supply and demand and inventory have changed [46]. - **Viewpoint**: It is necessary to pay attention to the PDH device dynamics, and the short - term supply - demand pattern is expected to be better than that of PE [48]. - **PE** - **Market Dynamics**: The PE price decreased [49]. - **Spot Feedback**: The spot price of PE decreased, and the supply and demand and inventory have changed [49]. - **Viewpoint**: It is turning to a pattern of increasing supply and decreasing demand and is expected to be weak in the short term [49]. - **Pure Benzene - Styrene** - **Market Review**: The prices of pure benzene and styrene changed [49]. - **Spot Feedback**: The spot prices of pure benzene and styrene decreased, and the basis increased [50]. - **Viewpoint**: The supply side has new changes, and the styrene price rose at night [49]. - **Rubber** - **Market Trends**: The rubber price stabilized slightly [52]. - **Related Information**: The LPR remained unchanged, and domestic policies were favorable [52]. - **Core Views**: The rubber price is expected to fluctuate in a wide range and may stabilize in the short term, but external risks should be noted [72]. - **Glass and Soda Ash** - **Soda Ash**: The price decreased, and the inventory decreased [55]. The supply is expected to be high, and the price is restricted by inventory [55]. - **Glass**: The price decreased, and the inventory decreased. The supply and demand are expected to be weak, and attention should be paid to the supply change [56]. - **Propylene** - **Market Dynamics**: The propylene price decreased [56]. - **Spot Feedback**: The spot price of propylene is different in different regions, and the supply and demand have changed [56]. - **Viewpoint**: The supply - demand relationship has weakened, and attention should be paid to geopolitical and device changes [57]. Black Metals - **Rebar and Hot - Rolled Coil** - **Market Review**: They fluctuated and fell, and were relatively resistant to decline compared to furnace materials [58]. - **Core Logic**: The production growth of finished products has slowed

| 油脂产业期现日报 FIR | | | | | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2026年1月21日 王法庭 Z0019938 | | | | | 田洞 | | | | | 1月20日 1月19日 涨跌 涨跌幅 | | | | | 现价 江苏均价 8560 8540 20 0.23% | | | | | Y2605 8032 7996 36 0.45% 期价 | | | | | 星差 Y2605 528 544 -16 -2.94% | | | | | 现货墓差报价 江苏5月 05+520 05+530 -10 - | | | | | 27485 -1.82% 仓单 26985 -500 | | | | | 棕榈油 | | | | | 1月20日 1月19日 涨跌 涨跌幅 | | | | | 现价 广东24度 8800 8700 100 1.15% | | | | | 期价 P2605 8748 8648 100 1.16% | | | | | 墓差 P2605 52 52 0 0.00% | | | | | 现货墓差报价 广东5月 0 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 蛋白粕： （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 周二，CBOT大豆小幅下跌，结束此前三连涨，投资者对美欧紧张关系保持警惕，同时巴西产量创纪录 的预期盖过了美豆生物燃料需求的乐观情绪。地缘紧张局势令投资者不安，美元走软带来支撑。农业部 数据显示，民间向菲律宾出口销售19万吨豆粕。美豆检验数据回落，对中国大豆出口检验减少。巴西大 豆收割率为2.3%，高于去年同期，但低于五年均值。马托格罗索州收割最快，天气有利。目前已经收 割区域单产较高，强化了人们对丰收的预期。国内方面，蛋白粕小幅走高，菜粕强于豆粕。油厂压榨量 不高，叠加备货需求释放，豆粕库存连续第三周下降。豆粕节前去库趋势，下游滚动采购，上游挺价为 主。现货供应宽松及成本支撑令豆粕震荡偏空思路。策略上，双卖策略。 油脂： （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 周二，BMD棕榈油收高，因产量锐减且出口需求走强的预期支撑市场价格。船运数据显示马棕油1月1- 20日出口环比增加8.64%-11.4%。一项调查显示，马棕油202 ...

2026 年 1 月 21 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | 目录 | | --- | | 纸浆： 16 | | 碳酸锂： 16 | | --- | | 铜： 17 | | 铝： 17 | | 锌： 18 | | 铅： 18 | | 锡： 19 | | 镍： 19 | | 豆油、豆粕： 20 | | 棕榈油： 20 | | 菜粕、菜油： 21 | | 棉花： 21 | | 白糖： 22 | | 苹果： 23 | | 生猪： 24 | | 鸡蛋： 24 | | 玉米&淀粉： 25 | | 原木： 26 | | 免责声明 27 | 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.52%报 111.490 元， 10 年期主力合约涨 0.13%报 108.180 元，5 年期主力合约涨 0.09%报 105.875 元，2 年 期主力合约涨 0.05%报 102.444 元。 公开市场方面，央行公告称，1 月 20 日以 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 玉米：中性 1．东北深加工企业提价收购、东北农户大部分惜售，市场供需双方继续围绕连盘走强的持续性继续博弈 2．此前受天气影响，山东到车量从51台恢复到196台。沂水大地、米能、金汇、青援食品、鲁洲集团等企业继续上调收购价10-20元/吨。 3.20日共举行三场玉米采销竞价：中储粮公司举行玉米竞价采购交易，计划采购玉米量4.6万吨，成交数量2.2万吨，成交率48%。中储粮公司举行玉米购销 双向交易，计划数量1.3万吨，成交数量0.25万吨，成交率20%。中储粮黑龙江公司举行玉米竞价销售交易，计划销售玉米量1.1万吨，全部成交，成交价 2090-2160。结合现货成交一般的情况，侧面说明虽然市场观望情绪短期有所减弱，补库需求仍存，但市场整体仍对未来行情不能有较为确定性的判断。 观点总结：玉米03主力观察2250附近的支撑，上方2350。 3．美盘成本支撑削弱以及菜粕下跌均对豆粕价格形成拖累，但对未来大豆供应可能阶段性偏紧的担忧以及储备投放节奏的不确定性仍提供一定支撑。另一 方面，当前巴西远月船期对盘压榨利润相对可观，暗示若南美到港压力兑现，仍可能通 ...