Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report provides a comprehensive analysis of various futures products, including financial derivatives, precious metals, shipping, non - ferrous metals, ferrous metals, agricultural products, and energy chemicals. It assesses the market conditions, supply - demand relationships, and price trends of each product, and offers corresponding investment strategies and advice [1][2][3]. Summary by Directory Daily Selections - **Tin**: Market sentiment is strong, and tin prices have reached a record high. Supply may increase as Myanmar's tin mine复产 progresses, while demand shows regional differences. Short - term price fluctuations are large, and options are recommended for trading [2][31][35]. - **LLDPE**: Upstream prices have risen, and hedging transactions are booming. Supply is expected to increase, demand is in a seasonal off - peak, and some long positions are recommended to be closed [3]. - **Coking Coal**: Coal trading in Shanxi has improved, and Mongolian coal prices follow futures. Supply is increasing slightly, demand for restocking is warming up, and it is recommended to go long on dips and consider arbitrage strategies [3][59]. - **Pigs**: Driven by capital sentiment, the futures price has strengthened in the short term. Spot prices are oscillating, supply in January is expected to be abundant, and it is recommended to go short after stabilization [4][74]. Financial Derivatives Stock Index Futures - **Market Conditions**: A - shares were volatile at a high level. The TMT sector was hot, while the large - finance sector declined. The four major stock index futures contracts showed different trends, and the basis of some contracts changed [5][6]. - **News**: The margin ratio for margin trading has been adjusted, and overseas, the US is considering responses to the Iranian situation. A - share trading volume continued to increase, and the central bank conducted reverse repurchase operations [6][7]. - **Operation Suggestions**: A - shares may have limited downward space after a pull - back. It is recommended to control portfolio risks, avoid heavy - position chasing, and allocate IH appropriately. Use bull spreads for small - and medium - cap indexes [7]. Treasury Bond Futures - **Market Performance**: Most treasury bond futures closed higher. The yield of some bonds decreased [8]. - **Funding Situation**: The central bank conducted reverse repurchase operations, and the net investment was 2122 billion yuan. The funding situation was tight, but the central bank's long - term investment may stabilize short - term fluctuations [8]. - **Operation Suggestions**: The bond market is in a short - term oscillating situation. It is recommended to continue to wait and see on a single - side strategy and tend to steepen the curve on a curve strategy [10]. Precious Metals - **Market Review**: US economic data showed consumption and inflation resilience. The Fed's Beige Book indicated economic improvement, and the dollar index was stable. Precious metals generally rose, with gold and silver reaching new highs [11][13]. - **Outlook**: The US economy and employment are weak. Geopolitical risks drive capital to allocate precious metals. Gold is expected to maintain a strong - oscillating trend, and it is recommended to hold long positions above the 20 - day moving average. Silver is expected to have a higher price center, and platinum and palladium are expected to rise in the medium - to - long term [13][14]. Shipping (Container Shipping Index - European Line) - **Index Performance**: The SCFIS European line index and some shipping rates increased, while the SCFI composite index decreased slightly [15]. - **Fundamentals**: Global container capacity increased, and demand in the eurozone and the US showed different trends [15]. - **Logic and Suggestions**: The futures price oscillated upwards, but the spot price is in a downward cycle. It is expected to oscillate in the short term [15]. Non - Ferrous Metals - **Copper**: Copper prices are at a high level, and inventories are accumulating. Supply and demand are affected by factors such as US inflation data and the situation in Venezuela. The medium - to - long - term fundamentals are good, and it is recommended to hold long positions lightly and cautiously [16][19]. - **Alumina**: The spot price is loose, and the futures price oscillates widely. The core contradiction is between policy expectations and a weak fundamental situation. It is recommended to wait and see in the short term and go short on rallies in the medium term [20][22]. - **Aluminum**: The price is strong, driven by macro and policy expectations. However, the fundamental situation is under pressure, with increasing supply and weakening demand. It is recommended not to chase the price and consider long positions after a pull - back [23][25]. - **Zinc**: The price center has shifted upwards, and the spot premium has decreased. Supply is affected by mine shortages and smelter production cuts, and demand is suppressed by high prices. It is recommended to go long on dips in the long term and hold cross - market reverse arbitrage positions [28][31]. - **Tin**: The price has reached a record high. Supply may increase, and demand shows regional differences. It is recommended to wait and see [31][35]. - **Nickel**: The price oscillates at a high level. Supply is expected to decrease slightly, and demand varies in different sectors. The market is affected by Indonesian policies and geopolitical factors. It is recommended to have a bullish view [35][38]. - **Stainless Steel**: The price oscillates strongly, driven by raw material costs. Supply pressure eases slightly, and demand is weak in the off - season. It is recommended to expect a strong - oscillating trend [39][41]. - **Lithium Carbonate**: The price oscillates widely. Supply is expected to increase slightly, and demand has some resilience. Social inventory is accumulating. It is recommended to wait and see [43][45]. - **Polysilicon**: The futures price oscillates, with support at 48,000 yuan/ton. Supply is high, and demand is weak. It is recommended to wait and see [46][48]. - **Industrial Silicon**: The futures price oscillates strongly. Supply and demand are both weak, and it is expected to oscillate at a low level. It is recommended to pay attention to production cut implementation [48][50]. Ferrous Metals - **Steel**: Inventory has entered the seasonal accumulation phase, and steel prices oscillate. Spot prices are stable to weak, costs are rising, and production is increasing. It is expected to oscillate in January [50][52]. - **Iron Ore**: Supply is facing the off - season, and port inventories are accumulating. The futures price oscillates at a high level. Supply is expected to decrease, and demand has some support. It is recommended to trade within a range [53][54]. - **Coking Coal**: The price oscillates. Supply is increasing slightly, demand for restocking is warming up, and it is recommended to go long on dips and consider arbitrage strategies [55][59]. - **Coke**: The price oscillates. After the fourth price cut, the market is stable. Supply and demand are improving, and it is recommended to go long on dips and consider arbitrage strategies [60][64]. - **Silicon Iron**: The price oscillates. Supply is at a low level, and demand has some support from steelmaking and non - steel sectors. It is recommended to go long on dips [65][66]. - **Manganese Silicon**: The price oscillates. Supply is at a neutral - to - low level, and demand has support from steelmaking. Manganese ore prices are strong. It is recommended to go long on dips [67][70]. Agricultural Products - **Meal**: The auction premium is limited, and soybean meal oscillates. The US soybean supply and demand situation affects the market, and domestic supply is abundant. It is expected to oscillate in the short term [71][73]. - **Pigs**: Driven by capital sentiment, the futures price has strengthened in the short term. Spot prices are oscillating, supply in January is expected to be abundant, and it is recommended to go short after stabilization [74][75]. - **Corn**: The supply is tight, and the price oscillates at a high level. Northeast China has a strong reluctance to sell, and downstream demand for restocking exists. Policy auctions are ongoing. It is recommended to pay attention to farmers' selling attitudes and policy implementation [76][78]. - **Sugar**: The international raw sugar price oscillates weakly, and the domestic sugar price is expected to oscillate at a low level. Brazilian and Indian production situations affect the market, and domestic sales are affected by the Spring Festival [79][80]. - **Cotton**: The US cotton price oscillates at a low level, and the domestic cotton price stops falling and stabilizes. The US cotton supply and demand situation and domestic inventory and sales affect the market [81][83]. - **Eggs**: Egg prices are stable to rising, and the market digestion speed is acceptable. Supply is in an oversupply situation, and demand is supported by the Spring Festival. It is expected to oscillate at a low level [84][85]. - **Oils and Fats**: The prices of various oils and fats oscillate. Palm oil is affected by inventory pressure, soybean oil is affected by the US - Iran relationship and supply, and rapeseed oil is affected by multiple factors. It is recommended to pay attention to price trends [86][88]. - **Jujubes**: The futures price rebounds, but the supply - demand situation is still oversupplied. It is recommended to short on rallies and test the support at 9000 yuan/ton [89][90]. - **Apples**: The futures price is strong, driven by market sentiment. Short - term factors support the price, but long - term consumption may be affected. It is recommended to use long positions with put - option protection [91]. Energy Chemicals - **PX**: The price rebound is under pressure. Supply is at a high level, and demand is weak. It is expected to oscillate at a high level in the short term and have limited downward space in the medium term [92][93]. - **PTA**: The price rebound is under pressure. Supply is at a high level, and demand is weak. It is expected to oscillate in the short term and have a low - long strategy in the medium term [94]. - **Short - Fiber**: The supply - demand situation is weak. It is expected to follow raw materials and oscillate. It is recommended to do the same as PTA on a single - side strategy and shrink the processing fee on a high level [95]. - **Bottle Chips**: Supply and demand are both decreasing in January. It is expected to follow the cost side. It is recommended to do the same as PTA on a single - side strategy and expect the processing fee to oscillate within a certain range [96][97]. - **Ethylene Glycol**: The price is under pressure. Supply is high, and demand is weak. It is recommended to pay attention to the pressure at 4000 yuan for EG2605, do reverse arbitrage for EG5 - 9, and sell out - of - the - money call options [98]. - **Pure Benzene**: The price is under pressure due to high inventory. Demand has improved slightly. It is recommended to wait and see for BZ2603 and shrink the EB - BZ spread [99]. - **Styrene**: The price is short - term strong but has limited upward space. Supply is tight in the short term, but there is an inventory accumulation expectation during the Spring Festival. It is recommended to look for short - selling opportunities for EB03 and shrink the processing fee [100][101]. - **LLDPE**: Upstream prices have risen, and hedging transactions are booming. Supply is expected to increase, demand is in a seasonal off - peak, and some long positions are recommended to be closed [3][102][103]. - **PP**: The price is strong due to increased maintenance. Supply and demand are both weak, and inventory pressure has eased. It is recommended to hold PDH profit - expanding positions [103][105]. - **Methanol**: The price oscillates. Supply is increasing, and demand is weak. It is recommended to wait and see [105]. - **Caustic Soda**: The price is expected to be weak. Supply is increasing, and demand is weak. It is recommended to pay attention to downstream procurement and chlorine price fluctuations [106][107]. - **PVC**: The price is affected by export policies. Supply is stable, and demand is weak. It is recommended to wait and see for short - selling positions [108][109]. - **Urea**: The price center has shifted upwards. Supply is high, but agricultural demand in the Su - Wan region has increased. It is expected to be strong in the short term [110][111]. - **Soda Ash**: The price oscillates. Supply is increasing, and demand is stable. It is recommended to wait and see [113][114]. - **Glass**: The price is strong. Supply is decreasing, and demand has some support. It is recommended to wait and see [114][115]. - **Natural Rubber**: The price oscillates within a range. Supply is increasing, and demand is weak. It is recommended to wait and see [116][118]. - **Synthetic Rubber**: The price is expected to be strong in the short term. Cost is rising, and demand is expected to improve. It is recommended to pay attention to support levels and do arbitrage between BR2603 and NR2603 [119][120][121].

首先通胀会侵蚀纸币储蓄的价值，促使更多人投向白银等有形资产。而地缘政治不确定性以及最新升级的美联储独立性担忧的局面，可能会为白银价格进一 步冲高创造必要条件。 周三，今年势如破竹的白银期货价格再次大涨，连续攻克90-93共四个整数关口。过去五年间，白银价格稳步攀升，2025年开启的这轮涨势尤为引人注目， 区间累计涨幅已超过200%。 在持续通胀、美元走弱、各国央行需求上升以及投资者在经济不确定性中寻求避险资产等多重因素的共同作用下，大量资金 正涌入白银市场。那么，白银 何时可以跨越近在咫尺的100美元呢？ 历史性超越 据企业市值数据平台companiesmarketcap 显示，持续创下历史新高的白银，在周三市值突破5万亿美元，超过英伟达成功跻身全球价值第二高的资产，仅次 于黄金。 此前，英伟达凭借人工智能概念股热潮，一直在全球金融市场占据领先地位。但长期被视为传统避险资产的白银，依托贵金属属性与工业实用价值的双重加 持，上演了一场出人意料的逆袭。 从历史上看，黄金一直是这两种贵金属中价值更高的品种，在金融与贸易领域常被奉为 "金本位"的标杆。然而，随着市场趋势与工业需求的转变，白银的 价值正在被挖掘。 不过 ...

盘前要闻 1、美国白宫宣布对特定半导体等加征25%关税 类型：行业 情绪影响：负面 美国白宫14日宣布，从15日起对部分进口半导体、半导体制造设备和衍生品加征25%的进口从价关税。 美政府旨在激励芯片制造商在美国生产，减少对中国等地芯片制造商的依赖。 美国联邦最高法院未就 特朗普政府关税政策的合法性作出最终裁决。银河证券表示，在外部环境背景下，供应链安全与自主可 控是长期趋势。 2、多个降温信号！多只权重股再现巨额压单，上交所也出手 类型：市场 情绪影响：中性 1月14日，市场再现多个降温信号。首先，交易所提高保证金后，尾盘集合竞价多只权重股再现巨额压 单，招商银行压单金额超65亿。其次，上交所对国晟科技相关投资者采取暂停账户交易等自律监管措 施。分析认为，降温措施核心目标不是打压市场，而是防风险、促长期健康发展。防止市场由"快涨"演 变为"急跌"。 3、财政部：布置推进财政金融协同促内需一揽子政策工作 类型：行业 情绪影响：正面 1月13日下午，财政部会同有关部门召开财政金融协同促内需一揽子政策全国推进工作视频会议。会议 布置推进财政金融协同促内需一揽子政策工作，要求各级财政部门要会同相关部门和经办机构完整 ...

Core Viewpoint - Silver prices are experiencing a significant surge, with the potential to reach $100 per ounce, driven by various factors including inflation, a weakening dollar, and increased demand from central banks and investors seeking safe-haven assets [1][4]. Group 1: Market Dynamics - Silver futures prices have risen sharply, breaking through multiple key levels, with a cumulative increase of over 200% since the beginning of the current bull market in 2025 [1]. - The market capitalization of silver has surpassed $5 trillion, making it the second most valuable asset globally, only behind gold [4]. - The demand for silver is structurally increasing due to its industrial applications, particularly in electric vehicles and solar panels, which are expected to drive further price appreciation [5]. Group 2: Economic Influences - Historical context suggests that reaching $100 per ounce is feasible, especially when considering inflation-adjusted values from past peaks [6]. - The supply-demand balance is critical, with rising physical demand from central banks and declining available supply potentially accelerating price increases [6]. - Geopolitical uncertainties and concerns regarding the Federal Reserve's independence may create conditions conducive to higher silver prices [4]. Group 3: Market Signals - The gold-silver ratio has dropped below 50 for the first time since March 2012, indicating that silver's price increase is outpacing that of gold [8]. - A low gold-silver ratio may suggest that silver is overvalued, as historical averages indicate fluctuations based on macroeconomic cycles [8]. - Market participants are advised to consider their exposure to monetary assets rather than fixating solely on the allocation between gold and silver [9].

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, it indicates that both platinum and palladium are expected to be "oscillating strongly" [1][2]. Core Viewpoints - Due to concerns about the Fed's independence and escalating geopolitical risks, platinum is expected to oscillate strongly. The supply in South Africa faces power - supply and extreme - weather risks, while demand in the platinum market is in a structural expansion phase [1]. - With tariff - expectation disturbances and rising geopolitical risks, palladium is also expected to oscillate strongly. Although the long - term supply - demand for palladium is loosening, short - term spot shortages and the Fed's potential interest - rate cuts support the price [1][2]. Summary by Related Catalogs Platinum Analysis - On January 14, 2026, the closing price of the GFEX platinum main contract was 630.65 yuan/gram, with a 3.67% increase [1]. - The main logic for the strong - oscillation outlook is the resurgence of concerns about the Fed's independence and geopolitical risks, and the uncertainty of the US "233" clause on key minerals. In the future, South Africa's supply risks persist, and the demand in the platinum market is expanding in multiple fields [1]. Palladium Analysis - On January 14, 2026, the closing price of the GFEX palladium main contract was 495.5 yuan/gram, with a 1.60% increase [1]. - The market expected a 50% high - tariff on palladium from the US on January 10, which led to a supply shortage in non - US regions. Although the long - term supply - demand is loosening, short - term spot shortages and Fed's potential rate cuts support the price [1][2]. Index Information - On January 14, 2026, the comprehensive index of CITICS Futures is not detailed. The special indexes include the Commodity Index (2448.62, +0.96%), Commodity 20 Index (2809.04, +1.08%), Industrial Products Index (2362.72, +0.62%), and PPI Commodity Index (1466.29, +0.70%) [47]. - The non - ferrous metal index on January 14, 2026, had a daily increase of 1.52%, a 5 - day increase of 2.83%, a 1 - month increase of 11.72%, and a year - to - date increase of 6.17% [48].

Group 1 - The core viewpoint of the articles highlights the significant price movements in precious metals and oil markets, with gold and silver reaching historical highs while oil prices are under pressure [1][2]. Group 2 - As of January 14, gold prices reached $4,650, marking a historical high, while silver prices surpassed $93 per ounce, also setting a new record [1]. - The overall trend for precious metals since 2025 has been upward, with gold increasing approximately 64% over the year and silver showing an even more remarkable rise of over 140% [1]. - Silver's performance is supported by increasing demand in sectors such as photovoltaics, electric vehicles, and AI hardware, creating a structural supply-demand gap [1]. - The financial attributes of silver have been reinforced by global liquidity easing, and some central banks have included silver in their national reserves [1]. - In contrast, the oil market faces ongoing pressure, with West Texas Intermediate crude oil futures down over 20% and Brent crude down more than 19% since 2025 [1]. - The International Energy Agency's long-term forecast indicates that China's oil demand will peak by 2027, with domestic refined oil demand already in decline [1].

Market Overview - The three major U.S. indices declined, with the Dow Jones falling by 42.36 points (0.09%) to 49,149.63, the Nasdaq dropping by 238.12 points (1%) to 23,471.75, and the S&P 500 decreasing by 37.14 points (0.53%) to 6,926.6 [1] - In Europe, the DAX30 index fell by 133.91 points (0.53%) to 25,277.53, while the FTSE 100 rose by 34.81 points (0.34%) to 10,172.16 [2] Cryptocurrency - Bitcoin surpassed $97,000, gaining over 2% in a single day, while Ethereum briefly reached $3,400 [2] Commodities - Precious metals continued their upward trend, with gold rising by 0.86% to $4,626.02 and silver breaking through $93 [2] Oil Market - WTI crude oil prices fell by 1.6% to $60.16 per barrel, while Brent crude dropped by 1.5% to $64.48 per barrel [3] Economic Indicators - The Federal Reserve's Beige Book indicated that 8 out of 12 districts experienced slight to moderate economic growth, with consumer spending showing mild to moderate increases due to the holiday shopping season [4] - President Trump announced a 25% tariff on imported chips not used for domestic AI, potentially generating billions in revenue [4] Bond Market - U.S. Treasury yields fell, with the 30-year bond yield reaching its lowest level of the year, driven by increased demand for safe-haven assets and strong auction demand [5] Company News - Elon Musk's xAI is under investigation by California's Attorney General for allegedly generating inappropriate images through its Grok chatbot [7] - KeyBanc has initiated an "Overweight" rating for Microsoft with a target price of $630 [7]

美股大型科技股全线下跌，万得美国科技七巨头指数下跌1.32%。Meta、亚马逊、微软跌超2%，特斯拉、英伟达跌超1%，苹果跌0.4%，谷歌跌0.04%。 当地时间1月14日，美股三大指数集体收跌，科技股承压。中概股表现不一，部分个股逆势走强。 商品市场上，贵金属表现亮眼，白银价格再创新高，黄金同步温和上行。分析人士认为，白银供需紧平衡、黄金宏观支撑强劲，共同推动了贵金属价格走 高。 美股三大指数收跌 当地时间1月14日，美股三大指数集体收跌。道指跌0.09%，报49149.63点；标普500指数跌0.53%，报6926.6点；纳指跌1%，报23471.75点。 中概股涨跌不一，纳斯达克中国金龙指数跌0.23%，万得中概科技龙头指数涨0.21%。世纪互联涨超7%，虎牙、哔哩哔哩涨逾6%，亿咖通科技涨超5%； 叮咚买菜跌超6%，老虎证券跌超5%。 | 成分 | 资讯 | 相关县金 | 月度收益 | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 ◆ | li | | 谷歌(ALPHABET). | 336.310 | -0.04% | 0.07% | | GOOG.O | | ...

证券时报记者 沈宁 1月14日，贵金属市场延续强势表现，白银领涨。国内白银期货大涨8%，再创上市以来新高。在海外市 场，伦敦现货银价也历史性地突破90美元/盎司关口。 伴随金银价格走高，国际机构频频上调目标价。然而，白银背后的"挤仓"问题，意味着市场波动正在加 大。不少业内人士也提醒投资者应当注意风险。 银价再度刷新历史纪录 截至1月14日下午收盘，沪银期货主力AG2604合约收报22763元/千克，上涨8.03%，持仓量增至34.47万 手。伦敦现货银在亚洲交易时段最高升至91美元/盎司以上，海内外银价均刷新历史纪录。 白银无疑是近期市场焦点之一，本周一，在外盘上涨影响下，沪银期货收盘涨逾14%。根据市值数据平 台Companies Market Cap数据，白银最新市值已突破5万亿美元，超越英伟达成为全球第二大资产。 花旗集团近期上调了黄金、白银的短期价格目标价。该行预计，贵金属牛市行情将持续至2026年初，黄 金未来3个月的目标价上调至每盎司5000美元，白银目标价上调至每盎司100美元。 此外，瑞银集团、美国银行等机构也调高对银价的预期。瑞银认为，受中国市场交易激增及投资者热情 推动，上半年白银或再上 ...

商品市场上，贵金属表现亮眼，白银价格再创新高，黄金同步温和上行。分析人士认为，白银供需紧平衡、黄金宏观支撑强劲，共同推动了贵金属价格走 高。 美股三大指数收跌 当地时间1月14日，美股三大指数集体收跌。道指跌0.09%，报49149.63点；标普500指数跌0.53%，报6926.6点；纳指跌1%，报23471.75点。 美股大型科技股全线下跌，美国科技七巨头指数下跌1.32%。Meta、亚马逊、微软跌超2%，特斯拉、英伟达跌超1%，苹果跌0.4%，谷歌跌0.04%。 中概股涨跌不一，纳斯达克中国金龙指数跌0.23%，中概科技龙头指数涨0.21%。世纪互联涨超7%，虎牙、哔哩哔哩涨逾6%，亿咖通科技涨超5%；叮咚 买菜跌超6%，老虎证券跌超5%。 白银价格再创新高 商品市场方面，白银表现强势，期货、现货价格再创新高。截至北京时间1月15日5:08，伦敦现货白银涨7.01%，COMEX白银期货涨7.94%，均突破93美 元/盎司。 黄金温和上涨，伦敦现货黄金涨0.96%，报4629.81美元/盎司；COMEX黄金期货涨0.87%，报4639.1美元/盎司。 当地时间1月14日，美股三大指数集体收跌，科技股承压。 ...