经济增长：补贴退潮，车市走弱 (1) 猪价涨势渐颓。1 月 27 日，猪肉平均批发价为 18.7 元/公斤，较 1 月 20 日上涨 1.0%。 (2) 农产品价格指数偏强运行。1 月 27 日，农产品批发价格指数较 1 月 20 日上涨 0.1%。分品种看，鸡蛋（上涨 4.7%）> 猪肉（上涨 1.0%）>羊肉（上涨 0.8%）>牛肉（上涨 0.2%）>水果 (上涨 0.1%）>蔬菜（下跌 0.7%）>鸡肉（下跌 1.3%）。 PPI：油价温和上涨 (1) 油价温和上涨。1 月 27 日，布伦特和 WTI 原油现货价报 69.5 和 62.4 美元/桶，较 1 月 20 日分别上涨 2.0%和上 涨 3.4%。 (2) 铜铝回升。1 月 27 日，LME3 月铜价和铝价较 1 月 20 日分别上涨 0.8%和上涨 1.3%。 (3) 国内商品指数环比转涨。1 月 27 日，南华工业品指数较 1 月 20 日上涨 2.1%；1 月 27 日，CRB 指数较 1 月 20 日 上涨 2.1%。 生产：电厂日耗超出去年同期 通货膨胀：猪价涨势渐颓 CPI：猪价涨势渐颓 风险提示 统计口径误差。数据统计大多为抽样， ...

Core Viewpoint - The article highlights the successful marketing event "Guangdong Year Cuisine" held in Beijing, showcasing the agricultural brand "Guangfu Shouxin" from Fengkai County, which aims to promote local specialty products and expand their market presence in Northern China [8][9][11]. Group 1: Event Overview - The marketing event took place on January 26-27, featuring various specialty products from Fengkai County, aiming to add unique Cantonese flavors to the New Year shopping list of Beijing residents [8][9]. - "Guangfu Shouxin" was officially launched during the "Bai Qian Wan Project" investment promotion conference, integrating high-quality agricultural resources to enhance market competitiveness [15][16]. Group 2: Product Highlights - Key products included the award-winning "Xinghua Chicken Egg Phoenix Roll," made from antibiotic-free and bacteria-free eggs, and various mountain delicacies like oil chestnuts and bamboo fungus, which received positive consumer feedback [20][22][23]. - The "Xinghua Chicken" is positioned as the flagship product of "Guangfu Shouxin," known for its unique flavor due to free-range farming practices [27][29]. Group 3: Market Strategy - The event served as a crucial opportunity for "Guangfu Shouxin" to connect with the Beijing-Tianjin-Hebei market, aiming to expand its reach beyond the Guangdong-Hong Kong-Macau Greater Bay Area [34][36]. - The brand has established a comprehensive online and offline sales network, including an official mini-program and flagship store on JD.com, ensuring efficient access to consumers nationwide [41][42]. Group 4: Future Prospects - The initiative is seen as a significant step in the brand's development, aiming to enhance the recognition and reputation of Fengkai agricultural products in the Northern market [48][49]. - The county plans to continue leveraging "Guangfu Shouxin" as a core engine for agricultural brand development, focusing on deep processing of agricultural products to promote rural revitalization [50][51].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 生猪 豆类 | 日报 专业研究·创造价值 2026 年 1 月 28 日 豆类日报 豆类震荡偏强 油脂延续强势 核心观点 1 月 28 日，豆类油脂市场整体延续震荡偏强。豆一期价震荡偏强，期价 暂获 5 日均线支撑，资金变化不大；豆二期价涨幅超 1%,期价暂获 5 日均线支 撑，伴随增仓 2.1 万手；豆粕期价震荡偏强，期价承压于 60 日均线压力，资 金变化不大；菜粕期价涨幅超 1%，期价承压于 20 日均线压力，伴随减仓 3 万 手。油脂期价震荡偏强，豆油期价涨幅超 1%，期价依托 5 日均线延续强势， 资金变化不大；棕榈油期价涨幅超 1%，均线逐渐形成多头排列，资金变化不 大；菜籽油期价震荡偏强，期价探底回升，继续位于 60 日均线上方，资金变 化不大。 豆类市场呈现出外强内稳的格局。阿根廷核心产区的持续高温与干旱天气 构成了关键的天气升水，严重威胁大豆与玉米产量，成为推升美豆期价的核心 驱动；与此同时，美元指数持续走弱，降低了以美元计价农产品成本。国内市 场受外盘强势带动，豆粕、菜粕期货价格联动走高，但资金表现谨慎，市场被 动跟涨为主。 ...

| 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2274 | -9 玉米淀粉期货收盘价(活跃合约):(日,元/ | 2530 | -10 | | | 玉米月间价差(5-9):(日,元/吨) | -18 | -2 玉米淀粉月间价差(3-5):(日,元/吨) 吨) | -80 | -12 | | | 期货持仓量(活跃合约):黄玉米(日,手) | 956567 | -88239 期货持仓量(活跃合约):玉米淀粉(日,手) | 177571 | -18647 | | 期货市场 | | | | | | | | 期货前20名持仓:净买单量:玉米(日,手) | -176169 | 3982 期货前20名持仓:净买单量:玉米淀粉(日, | -27260 | 2908 | | | 注册仓单量:黄玉米(日,手) | 54345 | 2299 注册仓单量:玉米淀粉(日,手) 手) | 11611 | 0 | | | 主力合约CS-C价差(日,元/吨) | 326 | 7 ...

Group 1 - The core viewpoint of the articles highlights the active performance of the agricultural sector, particularly with the surge in agricultural stocks like Nongfa Seed Industry, which hit the daily limit, driven by a record grain production of 14,298 billion jin, an increase of 1.68 billion jin, marking a historical high and maintaining stability above 14 trillion jin for two consecutive years [1] - The agricultural and rural affairs department indicates that the new cycle of bulk commodities has begun, supported by a weakening dollar and a rebound in the BDI index, suggesting a foundation for price increases in commodities [1] - The demand for agricultural products is expected to grow due to increased industrial demand, although the supply has been relatively ample due to favorable weather conditions over the past two years, which could lead to competition for agricultural products if weather conditions change [1] Group 2 - As of January 28, 2026, the National Grain Industry Index (399365) rose by 3.01%, with significant increases in constituent stocks such as Kangsheng Biological (up 10.16%) and Nongfa Seed Industry (up 10.06%) [2] - The Grain ETF (159698) increased by 3.84%, with the latest price reported at 1.14 yuan, closely tracking the National Grain Industry Index, which reflects the price changes of listed companies in the grain industry [2] - The top ten weighted stocks in the National Grain Industry Index as of December 31, 2025, include major companies like Dabeinong and Longping High-Tech, collectively accounting for 51.88% of the index [2]

1月26日至27日，"广货行天下 粤味贺岁来"2026广东特色农产品进北京营销活动在北京举行。继1月26 日在北京广东大厦举行品鉴推介活动后，1月27日洽谈推介活动在新发地国际农产品会展中心举行。广 东企业组团走进新发地批发市场，现场对接80余家采购商，既丰富首都消费者的年货采购单，更与京津 冀市场展开深度对接，推动"广货行天下"春季行动之农产品促销系列活动落地见效。活动现场，"广货 行天下 好品亮京城"广东特色农产品进京（新发地）精准对接座谈交流会也同步举行。 "'广货行天下'，行的是品质，赢的是口碑，通的是民心。"广东省农业农村厅党组副书记黎明表示，期 待以此次活动为桥梁，让更多"粤字号"特色农产品走进北京的商超、餐桌、家庭。 广东农产品现场"圈粉" 化州橘红、新会陈皮、连州菜心……在新发地国际农产品会展中心一楼，广东年货大卖场集中展示了各 类广东特色农产品。三楼同步开展产销对接活动，广东企业与采购商面对面洽谈。现场还设置了试吃环 节，企业代表一边介绍产品，一边邀请采购商品尝体验，交流氛围热烈轻松。 "广东是鱼米之乡，这次我们带来了广东优质的丝苗米。"江门台山市国有粮食集团有限公司市场营销部 经理王海潮介 ...

Group 1 - The core point of the article highlights the significant impact of the China-South Korea Free Trade Agreement (FTA) on trade facilitation, with the Yanji Customs issuing nearly 2,000 certificates of origin over the past five years, valued at approximately 560 million yuan, effectively reducing trade costs for enterprises engaging with South Korea [1][3][4] Group 2 - Yanji Customs has focused on key areas such as machinery imports and specialty agricultural exports, optimizing customs supervision and services to accelerate the benefits of the FTA [3] - The customs authority has provided one-on-one policy guidance, enabling companies to utilize tariff reductions effectively, exemplified by a local company saving 44,000 yuan in taxes through zero-tariff clearance for imported machinery parts [3] - The implementation of a "single window" and smart customs initiatives has improved trade facilitation, reducing the time and costs associated with customs clearance and certificate application processes [3] Group 3 - Yanji Customs is committed to deepening the implementation of FTA policies and enhancing customs facilitation measures to support Jilin enterprises in integrating more deeply into China-South Korea economic and trade cooperation [4]

Group 1 - The core discussion during the Guangdong Two Sessions focused on the high-quality overseas expansion of enterprises and the development of the private economy, with proposals aimed at transforming Guangdong into a global hub for new productive forces [1] - According to Ernst & Young, China's total foreign direct investment exceeded $160 billion in the previous year, marking a 10% year-on-year increase, indicating robust growth in overseas investments by Chinese enterprises [1] Group 2 - Medium-sized enterprises face challenges such as insufficient internationalization capabilities, high compliance risks, and fragmented service systems, necessitating the establishment of a "new productive force output base" to support their overseas expansion [2] - Suggestions include creating a collaborative platform for overseas expansion based on the Belt and Road Initiative, forming an "overseas alliance" for key industries, and standardizing overseas business practices to enhance brand recognition [2] Group 3 - Leveraging the unique advantages of Macau in design, quality control, and international certification can add high value to products from Guangdong's county-level industries, promoting a "cross-border e-commerce + industrial belt" model [3] - The proposal includes establishing a policy coordination list for cross-border e-commerce and extending logistics subsidies and rent reductions to rural areas in Guangdong [3] Group 4 - The integration of over 8,000 professionals from Hong Kong and Macau in the Greater Bay Area is crucial for enhancing overseas expansion efficiency, but challenges such as qualification recognition and public service gaps remain [3] - Recommendations include creating a dynamic recognition list for professionals from Hong Kong and Macau and optimizing tax policies to facilitate talent mobility [3] Group 5 - The various proposals from committee members complement each other, emphasizing the need for institutional innovation to address development challenges and strengthen the foundation for overseas expansion [4]

Core Insights - Global commodity markets are experiencing significant capital inflows, with a focus on precious metals and agricultural products, leading to a record high in open interest value [1][4] - As of January 23, 2023, the total value of open interest in global commodity markets increased by nearly 6% week-over-week, reaching $1.83 trillion [1] - Precious metals, particularly gold, are attracting substantial investment, with gold alone seeing a net inflow of approximately $158 billion [4] Group 1: Precious Metals - Precious metals are the primary beneficiaries of recent capital inflows, with a net inflow of about $36 billion in the week, and gold's price increased by approximately 8% [4] - The total value of open interest in the precious metals market surged by 16% week-over-week, amounting to $433 billion, making it the largest contributing sector [4] - The structural logic for gold remains clear, with analysts favoring gold over silver due to potential volatility in silver prices [5] Group 2: Energy and Natural Gas - The energy market's open interest value grew by 4.8% week-over-week, reaching $700 billion, driven by geopolitical factors and supply disruptions [8] - Despite a net outflow of about $2.5 billion in natural gas contracts, prices surged by approximately 70% due to severe cold weather in North America and Europe [8] - European natural gas inventory levels are historically low, contributing to rising prices amid increased heating demand [8] Group 3: Agricultural Products - The agricultural sector also saw increased investment, with open interest value rising by 2.4% to approximately $337 billion, driven by net inflows of $8.9 billion [11] - Price increases in grains, oilseeds, and livestock markets offset declines in soft commodities, indicating a robust interest in agricultural products [11] Group 4: Base Metals - The base metals market's open interest value increased by 2% week-over-week to $258.4 billion, although the sector experienced a net outflow of $400 million [15] - Despite inflows in copper and lead, overall outflows in other base metals led to a cautious outlook on copper prices due to rising inventory levels [15] - Investor positions in base metals are stabilizing, but some commodities are nearing "overheated" conditions, suggesting potential for a slowdown in buying momentum [15]

银河期货研究所 2026 年 1 月 28 日 0 / 49 期 货 眼 ·日 迹 每日早盘观察 研究所 期货眼·日迹 | 股指期货：压力有所减轻 4 | | --- | | 国债期货：股债跷跷板 5 | | 蛋白粕：供应仍有压力 | 盘面走势偏强 6 | | --- | --- | | 白糖：外盘走势现分歧，郑糖底部震荡 6 | | | 油脂板块：油脂有所分化 7 | | | 玉米/玉米淀粉：北港现货稳定，盘面偏弱震荡 8 | | | 生猪：出栏压力增加 | 现货震荡运行 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：临近节前备货，蛋价有所上涨 10 | | | 苹果：节前走货尚可，苹果价格坚挺 11 | | | 棉花-棉纱：整体变化不大 | 棉价有所支撑 12 | | 钢材：需求边际转弱，钢价延续震荡 14 | | --- | | 双焦：基本面乏善可陈，关注资金扰动 14 | | 铁矿：终端需求低位，矿价震荡运行 15 | | 铁合金：估值偏低存在修复需求，短期震荡偏强 16 | | 金银：特朗普"暗示"弱美元，金银维持强势 17 | | --- | | 铂钯：美元信任危机 贵 ...