Core Viewpoint - The "Zhongshan Xiangnong" brand will participate in the first Pudong Chinese New Year Flavor Festival from January 30 to February 9, showcasing local agricultural products and promoting regional specialties to a broader market [3][4][9]. Group 1: Event Details - The "Zhongshan Xiangnong" brand will be featured at the Pudong Chinese New Year Flavor Festival, with activities scheduled from January 30 to February 9 [3]. - The brand will also participate in the "Guanghuo Xing Tianxia, Zhongshan Baohuo Jin Shanghai" promotional event from January 31 to February 2 [4]. - The event will include free tastings, limited edition gift bags, and a showcase of local flavors [4]. Group 2: Brand and Product Information - "Zhongshan Xiangnong" is a comprehensive regional brand in the agricultural sector of Zhongshan, currently involving 62 companies and 100 products, representing the most iconic local agricultural products [7]. - The brand will present 43 main products across six categories, including traditional specialties like Huangpu cured meat and new items such as non-heritage pastries and dragon fruit freeze-dried snacks [11]. - The event will feature a tasting area with 20 products available for attendees to sample [12]. Group 3: Special Offerings - The brand will launch six types of New Year gift boxes and seasonal limited edition gift bags, designed with exquisite packaging to highlight "quality New Year goods" [15][16]. - Additional promotional items such as thermos cups, refrigerator magnets, and canvas bags will be distributed to enhance the New Year experience for consumers [17].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the overseas market, the January FOMC meeting maintained the interest rate at 3.50%–3.75%. The Fed continued to purchase short - term bonds, and the balance sheet expanded. In the context of a weak US dollar and rising geopolitical risks, precious metals, industrial metals, and oil prices all showed upward trends. In the domestic market, A - shares fluctuated and closed higher, with funds flowing back to the dividend sector. The market was in a differentiated stage, and the medium - term trend was still positive [2][3]. - Precious metals continued to soar, and the gold - silver ratio was expected to recover from a low level. Copper prices were expected to remain volatile at a high level in the short term, and aluminum prices reached a new high. Alumina was expected to rebound in the short term, and cast aluminum was expected to follow the upward trend. Zinc prices were expected to be volatile and slightly stronger, while lead prices were expected to consolidate at the integer - level mark. Tin prices were expected to be volatile at a high level. Steel products and iron ore were under pressure, and coking coal and coke futures rebounded. Bean and rapeseed meal were expected to be volatile and stronger, and palm oil was expected to be volatile and slightly stronger [4][6][8][10][11][12][14][16][17][19][20][21][23]. Summary by Related Catalogs Macroeconomy - Overseas: The January FOMC meeting maintained the interest rate at 3.50%–3.75% with a 10:2 vote. Most members adhered to data - dependence and policy observation. The Fed continued to purchase $40 billion of short - term bonds per month, and the balance sheet expanded until at least April. Powell emphasized the marginal stability of the economy, and the weak US dollar and rising geopolitical risks drove up the prices of precious metals, industrial metals, and oil [2]. - Domestic: A - shares fluctuated and closed higher on Wednesday. Funds returned to the dividend sector, and the two - market trading volume rebounded to 2.99 trillion yuan. The margin trading scale remained above 2.7 trillion yuan. The market was in a differentiated stage, and the medium - term trend was positive [3]. Precious Metals - Prices continued to rise strongly. COMEX gold futures exceeded $5400 per ounce, and COMEX silver futures approached $120 per ounce. Geopolitical tensions and economic uncertainties led investors to seek refuge in gold. The Fed's interest - rate decision was in line with expectations, and concerns about silver delivery risks also boosted silver prices. The gold - silver ratio was expected to recover from a low level [4][5]. Copper - Shanghai copper's main contract fluctuated and declined, while LME copper was strongly volatile above $13,000. Domestic spot trading was poor, and inventories increased. The Fed's neutral policy stance was considered appropriate. The weak US dollar boosted copper prices. In the short term, copper prices were expected to remain volatile at a high level, and precious metals would drive up the copper price center in the medium term [6][7]. Aluminum - Shanghai aluminum's main contract closed at 25,640 yuan/ton, up 5.75%. LME aluminum closed at $3263.5/ton, up 1.59%. Geopolitical risks in Iran and capital inflows pushed up aluminum prices. However, short - term capital overheating and the seasonal off - season in consumption led to large price fluctuations. Investors were advised to be cautious when chasing high prices [8][9]. Alumina - The main futures contract closed at 2811 yuan/ton, up 2.27%. The overall strength of the aluminum sector improved the market sentiment of alumina. The supply pressure was slightly relieved due to factory maintenance. It was expected to rebound in the short term, but the upward space was limited [10]. Cast Aluminum - The main futures contract closed at 23,785 yuan/ton, up 3.35%. The rapid rise of primary aluminum drove up the price of cast aluminum futures. The supply of scrap aluminum decreased, and the cost support increased. It was expected to follow the upward trend [11]. Zinc - Shanghai zinc's main contract was volatile and slightly stronger. The market risk preference remained high, and rising natural gas prices and low processing fees supported zinc prices. It was expected to be volatile and slightly stronger, but there was a risk of correction [12][13]. Lead - Shanghai lead's main contract was in a narrow - range shock. Due to heavy pollution and losses, smelters' production cuts increased, but the terminal consumption was weak, and social inventories increased. It was expected to consolidate at the integer - level mark [14][15]. Tin - Shanghai tin's main contract was in a sideways shock. The impact of Indonesia's expected increase in the minimum tin ore purchase price was limited. The raw material supply was tight, and downstream demand was weak. It was expected to be volatile at a high level [16]. Steel Products (Screw and Coil) - Steel futures fluctuated and rebounded. Steel mills' maintenance increased, and the supply pressure decreased. The demand was weak, and the market entered the inventory - accumulation stage. It was expected to remain volatile at a low level, and attention should be paid to inventory and policy changes [17][18]. Iron Ore - Iron ore futures were under pressure. The implementation of the steel export license policy might lead to a 15% - 20% decline in steel exports in the first quarter of 2026. The supply was strong, and the demand was weak. It was expected to be under pressure [19]. Coking Coal and Coke (Double - Coking) - Coking coal and coke futures rebounded. The first round of coke price hikes was basically implemented, and the profit of coke enterprises was repaired. The supply of coke decreased due to environmental protection, and the demand was weak. It was expected to be volatile in the short term [20]. Bean and Rapeseed Meal - Bean and rapeseed meal futures were stronger. The dry and hot weather in Argentina affected crop growth, and the domestic pre - holiday stocking and declining inventories supported prices. It was expected to be volatile and stronger [21][22]. Palm Oil - Palm oil futures were slightly stronger. The Fed paused interest - rate cuts, and rising oil prices and the expected decrease in palm oil production and increase in demand supported palm oil prices. It was expected to be volatile and slightly stronger [23][24]. Metal Trading Data - The report provided the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, lead, nickel, tin, etc., on the previous trading day [25]. Industrial Data - The report presented detailed industrial data of copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel products, iron ore, coking coal, coke, lithium carbonate, industrial silicon, and bean and rapeseed meal, including prices, inventories, spreads, etc. [26][28][29][30][31]

格隆汇1月29日｜近期农业产业链也迎来涨价上涨，豆粕ETF(159985)涨1.7%，冲击两连阳，农业ETF华 夏(516810)小幅上涨0.11%。 消息面上： 太平洋证券指出，近期我国养猪行业产能持续去化，，预计在"疫情风险上升+政策施压"的多重压力 下，养猪业产能有望继续去化。白鸡行业产能水平较高，鸡价中期或继续震荡；种植产业链上，粮价各 品种近期震荡上涨，中期在国内外因素支撑下有望趋势性上涨，并有利于种子价格上涨。 相关产品： 国内农产品商品型ETF的独苗：豆粕ETF(159985)是唯一跟踪大商所豆粕期货价格指数的ETF，上游大豆 和下游猪肉市场供需及价格波动对豆粕价格的影响较大，支持T+0交易，该ETF从去年8月26起连续104 个交易日"吸金"。场外联接基金(A类: 007937，C类:007938)。 养殖与农资双轮驱动：农业ETF华夏(516810)，农林牧渔+基础化工占比超90%，权重股包括牧原股份 （生猪养殖龙头）、温氏股份（肉鸡、生猪养殖）、海大集团（饲料+养殖）和藏格矿业（钾肥+锂资 源）。该ETF连续三日获资金净申购。 ①阿根廷大豆产区持续高温干旱，威胁大豆作物生长，同时春节终端消 ...

1. Report Industry Investment Ratings No relevant information provided in the reports. 2. Core Views of the Reports Oils and Fats Industry - Palm oil: Market will focus on inventory impact on the market. If inventory decline is less than expected, Malaysian palm oil may end its rally and face downward pressure. It maintains a near - strong, far - weak pattern. - Soybean oil: Market speculates on potential policy announcements that could boost export demand. Domestic downstream demand is weak due to rapid price increases. - Rapeseed oil: Influenced by strong external markets, domestic prices maintain an upward trend [1]. Cotton Industry - ICE US cotton maintains a low - level震荡 pattern. Domestic cotton prices are expected to be 震荡 - strong in the short term, supported by high cotton consumption in the downstream and the expected adjustment of planting area in 2026 [2]. Sugar Industry - ICE raw sugar maintains a 震荡 pattern. Brazil's sugar production in late December decreased year - on - year, but the cumulative production increased. Thailand's sugar - crushing season is slow. Domestic sugar prices are weak, but cost and market sentiment provide some support [3]. Jujube Industry - The jujube spot market has weak trading, with prices stabilizing. Some traders offer discounts, and small factories stop production, supporting prices. The futures market is in a low - valuation range, and attention should be paid to pre - Spring Festival trading and inventory [5]. Apple Industry - Driven by pre - holiday demand, market sentiment improves, but the inventory reduction progress is slow. High prices and competition from other fruits may suppress consumption. Attention should be paid to post - holiday inventory [7]. Corn Industry - In the short term, the corn fundamental situation changes little, with support at the bottom and pressure at the top. Prices are stable, and attention should be paid to enterprise stocking and policy [9]. Pig Industry - The spot price of pigs is 震荡 - weak, with increasing supply. The futures price is also weak. The market is expected to remain in a bottom - range 震荡 pattern [11]. Meal Industry - US soybeans have strong support. The domestic spot market is loose, with high inventory. The market is expected to be 震荡 before the festival, and attention should be paid to macro - sentiment [16]. Egg Industry - Egg prices have risen, leading to profitability in egg - chicken farming. Supply is stable, but demand may weaken as pre - holiday stocking nears completion. Attention should be paid to the digestion of high - price eggs [19]. 3. Summary According to Relevant Catalogs Oils and Fats Industry - **Prices**: On January 28, soybean oil, palm oil, and rapeseed oil prices had varying degrees of change. For example, the price of soybean oil in Jiangsu increased by 70 yuan to 8670 yuan, with a growth rate of 0.81% [1]. - **Spreads**: The spreads between different varieties and contracts also changed, such as the soybean - palm oil spread and the inter - monthly spreads of each variety [1]. - **Inventory**: The inventory of palm oil, soybean oil, and rapeseed oil in China showed different trends [1]. Cotton Industry - **Futures Market**: On January 29, the prices of cotton 2605 and 2609 increased, and the ICE US cotton price also rose [2]. - **Spot Market**: The prices of Xinjiang - arrival cotton and CC Index decreased slightly [2]. - **Industrial Situation**: The inventory of some regions decreased, while the industrial inventory and some import - related inventories increased [2]. Sugar Industry - **Futures Market**: The prices of sugar 2605 and 2609 rose slightly, and the ICE raw sugar price also increased [3]. - **Spot Market**: The prices in Nanning and Kunming remained unchanged, and the basis decreased [3]. - **Industrial Situation**: The cumulative production and sales of sugar in the country and Guangxi decreased year - on - year, while the industrial inventory increased [3]. Jujube Industry - **Futures Market**: The prices of jujube 2605, 2607, and 2609 had small changes, and the spreads between contracts also changed [5]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade jujubes had different trends, and the basis changed [5]. - **Inventory**: The number of warehouse receipts and effective forecasts decreased slightly [5]. Apple Industry - **Futures Market**: The prices of apple 2605 and 2610 increased, and the basis decreased [7]. - **Spot Market**: The arrival volume of fruit wholesale markets increased, and the national cold - storage inventory decreased [7]. - **Profit**: The disk profit decreased [7]. Corn Industry - **Futures Market**: The price of corn 2603 decreased, and the basis and spreads also changed [9]. - **Spot Market**: The prices of Jinzhou Port and Shekou Port had different trends, and the import profit increased [9]. - **Inventory**: The inventory of corn starch and corn had different trends, and the number of warehouse receipts increased [9]. Pig Industry - **Futures Market**: The prices of pig 2605 and 2603 had small changes, and the spreads between contracts decreased [11]. - **Spot Market**: The spot prices in different regions decreased, and the slaughter volume and white - strip price increased [11]. Meal Industry - **Prices**: The prices of soybean meal, rapeseed meal, and soybeans in different regions and contracts had different trends [16]. - **Spreads**: The spreads between different varieties and contracts, such as the soybean - rapeseed meal spread and the inter - monthly spreads, changed [16]. - **Inventory**: The inventory of soybeans and soybean meal decreased, but the absolute inventory was still high [16]. Egg Industry - **Futures Market**: The prices of egg 03 and 04 contracts had different trends, and the basis increased [19]. - **Spot Market**: The prices of eggs, egg - chicken seedlings, and culled chickens increased, and the egg - feed ratio also increased [19]. - **Supply and Demand**: Egg production is stable, and demand may weaken as pre - holiday stocking nears completion [19].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For the vegetable oil sector, the US biodiesel policy is on the agenda, boosting the global vegetable oil prices. Palm oil and soybean oil have stopped falling and rebounded, while rapeseed oil has stabilized at the bottom. In the medium to long term, it is advisable to maintain a long - position thinking of buying on dips, and continue to hold long positions in rapeseed oil [1][2] - For the two - meal sector, view the short - term rebound of double meals, and wait for short - selling opportunities after the return of fundamentals following the subsiding of macro - narrative sentiment [3][4] 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Sector 3.1.1 Market Review - On January 28th, boosted by the sharp rise in international crude oil and the shift of sector funds, the vegetable oil sector continued its strong upward trend. For example, the main soybean oil contract Y2605 closed at 8326 yuan/ton, up 0.82% day - on - day, with an increase of 8470 lots in open interest. Similar trends were seen in other contracts of soybean oil, palm oil, and rapeseed oil [1][2] 3.1.2 Important Information - International oil prices rose 1.49% on January 28th due to concerns about the Iranian situation and a weaker US dollar. The active March crude oil futures contract on NYMEX rose $0.93, or 1.49%, to settle at $63.21 per barrel [1] - Trump's claim that the US "fleet" was heading to Iran pushed up oil prices, providing additional support for soybean oil prices used in biofuel production [1] - The Trump administration is expected to finalize the 2026 biofuel blending ratio quota in early March, generally following the initial proposal and abandoning a plan to penalize imports of renewable fuels and raw materials. The US EPA is considering setting the 2026 biodiesel usage between 5.2 and 5.6 billion gallons [1] - Malaysia lowered its February reference price for crude palm oil, reducing the export tariff to 9%. The February reference price was 3,846.84 ringgit ($950) per ton, compared with 3,946.17 ringgit in January with an export tariff of 9.5% [1] - Indian buyers have locked in large - scale soybean oil purchases from South America from April to July 2026, at 150,000 tons per month [1] - From January 1st to 25th, Malaysia's palm oil production decreased by 14.81% month - on - month, with the fresh fruit bunch (FFB) yield down 15.28% and the oil extraction rate (OER) up 0.11% [1] - From January 1st to 20th, Malaysia's palm oil exports were 947,939 tons, an increase of 11.4% compared with 851,057 tons in the same period in December [1] - Indonesia's 2026 biodiesel total allocation is 15.65 billion liters, an increase of about 30 million liters compared with 2025. The PSO total allocation decreased, and the B50 mandatory addition plan is expected to start in the second half of 2026 [1][2] - As of the end of the 4th week of 2026, the total inventory of the three major edible oils in China was 2.0449 million tons, down 58,500 tons week - on - week, a 2.78% decrease and a 2.60% increase year - on - year. The inventory of different oils showed different trends [2] 3.1.3 Market Logic - Externally, the tense situation in the Middle East and winter storms tightened the expected supply of US crude oil, and international crude oil continued to rise, driving up the price of US soybean oil. The upward trend of Malaysian palm oil is expected to continue due to macro - narrative promotion and potential positive factors such as production decline and export growth [2] - Domestically, for soybean oil, the news is mixed. The customs tightened the clearance of imported soybeans, but the domestic auction of old imported soybeans was fully sold, and the oil mills had sufficient soybeans for crushing, with the Spring Festival stocking still ongoing. For palm oil, after the release of negative data from Southeast Asia, the market focused more on the US biodiesel policy expectations, and the improvement in export data boosted the price. For rapeseed oil, the new economic and trade agreement between China and Canada, the US tariff threat to Canada, and the Spring Festival stocking factors led to a sharp rise in price [2] 3.1.4 Trading Strategies - Unilateral trading: Continue to hold existing long positions in soybean oil and palm oil, and also hold long positions in rapeseed oil. Provide support and resistance levels for different contracts [2] - Arbitrage trading: None at present [2] 3.2 Two - Meal Sector 3.2.1 Market Review - On January 28th, with the shift of sector hotspots and the support of macro - narrative, the double - meal continued to rebound. For example, the main soybean meal contract M2605 closed at 2782 yuan/ton, up 0.58% day - on - day, with an increase of 5766 lots in open interest [2][3] 3.2.2 Important Information - Since the Sino - US trade truce agreement in late October, China has purchased about 12 million tons of US soybeans, fulfilling the commitment in advance [3] - The estimated soybean exports from Brazil in January 2026 are 3.79 million tons, higher than the previous estimate and a 238% increase from the same period last year [3] - StoneX predicts that Brazil's soybean production in the 2025/26 season may reach 178.9 million tons, higher than the USDA's previous estimate [3] - As of January 16th, Brazil's 2025/26 soybean harvest progress was 1.39%, and the harvest progress in Mato Grosso state was 6.69% [3] - As of December 30th, Argentina's 2025/26 soybean sowing was 82% complete, and the second - season soybean sowing progress reached 71.9% [3] - Safras & Mercado predicts that Brazil's 2026 soybean exports will be 105 million tons, a 3% decrease from the record in 2025, and the soybean crushing volume will reach 60 million tons, a 2.5% increase from last year [3] - ANEC estimates that Brazil's soybean exports in January 2026 will be 2.4 million tons, a 114% increase from the same period last year, and the annual exports in 2026 will reach a record 112 million tons [3] - As of the end of the 4th week of 2026, the domestic soybean meal inventory was 906,800 tons, down 4.35% week - on - week, and the contract volume decreased by 13.24% week - on - week. The inventory and contract volume of imported and crushed rapeseed meal remained unchanged [3] - The national grain trading center's auction of imported soybeans on January 13th had a 100% transaction rate [3] 3.2.3 Market Logic - Externally, the increasing drought risk in Argentina and the weaker US dollar led to the continued rise of US soybeans [4] - Domestically, in the spot market, the fixed - price and near - month basis of oil mills were mostly stable. The terminal pre - holiday stocking was nearing the end, and the oil mill inventory continued to decline. However, the high operating rate of oil mills and the alleviation of local vehicle - queuing problems made it difficult for the market trading volume to increase. Due to the renewed tension in Sino - Canadian trade relations affected by US remarks, the short - selling funds in rapeseed meal decreased, and the rapeseed meal futures price continued to rise. In the spot market, the downstream inventory - building rate slowed down due to policy fluctuations [4] 3.2.4 Trading Strategies - Unilateral trading: Operate the 05 and 09 contracts of double meals with a rebound mindset, and provide support and resistance levels for different contracts [4] - Arbitrage trading: None at present [4]

1. Report Industry Investment Ratings - No information provided on industry investment ratings in the given content. 2. Core Views - For the corn market, in the short - term, downstream enterprises' inventory - building pace slows down, and there is an expected wave of concentrated grain sales by farmers before the Spring Festival. In the medium - term, there is still inventory - building demand after the Spring Festival, and a wide - range trading strategy is maintained. In the long - term, the pricing logic is based on substitution and planting costs, with a focus on policy guidance [3]. - For the pig market, in the short - term, southern pig prices have dropped significantly, and there is a price inversion between the north and the south. In the medium - term, there is an expected increase in pig supply before March, and a supply pressure relief from April. In the long - term, there is still supply pressure before August, but the decline in the inventory of breeding sows at the end of 2025 was less than expected, leading to a downward shift in the expectations of far - month contracts [5]. - For the egg market, in the short - term, egg prices are slightly stronger, but the pattern of strong supply and weak demand in February may cause prices to fall again. In the medium - term, the supply pressure has not been fully released, and the upward momentum of spot prices is insufficient. In the long - term, the continuous expansion of egg - laying hen farming scale may limit the upward space of prices, and waiting for the process of capacity reduction driven by over - culling of hens [5]. 3. Summary by Related Catalogs Corn - **Market Review**: The corn futures fluctuated and consolidated in the night session yesterday. The main 2603 contract fell 0.39% and closed at 2270 yuan/ton [3]. - **Important Information**: Deep - processing enterprise quotes in the Northeast were stable at 2199 yuan/ton, and in North China, the average purchase price rose 2 yuan/ton to 2284 yuan/ton. The purchase price at Jinzhou Port dropped 10 yuan/ton to 2290 - 2300 yuan/ton, and the transaction price at Shekou Port dropped 10 yuan/ton to 2410 yuan/ton. The wheat - corn price difference in Shandong was 230 yuan/ton, unchanged from the previous day. The number of corn futures warehouse receipts increased by 2299 to 54345. The grain - selling progress in the Northeast was 62% and in North China was 53% [3]. - **Market Logic**: Short - term: focus on farmers' grain - selling progress; Medium - term: maintain a wide - range trading strategy and focus on the pace and intensity of policy - grain auctions; Long - term: follow the substitution and planting - cost pricing logic and focus on policy guidance [3]. - **Trading Strategy**: Maintain a wide - range trading strategy in the medium - term. For the 2603 contract, the pressure is at 2295 - 2310, the first support is at 2270, and the second support is at 2250 - 2260. For the 2605 contract, the pressure is at 2290 - 2300, and the support is at 2260 - 2270 [3]. Pig - **Market Review**: The pig futures continued to be weak yesterday. The main 2603 contract fell 0.88% and closed at 11270 yuan/ton [3]. - **Important Information**: The national average pig price was 12.57 yuan/kg, down 0.14 yuan/kg from the previous day. The inventory of breeding sows at the end of December was 39.61 million, a 2.9% year - on - year decrease, 101.6% of the normal level. The number of new - born piglets from January to September 2025 increased, and the number of piglet births in October and November 2025 decreased. The average slaughter weight of pigs increased to 124.66 kg. The fat - to - standard price difference was 0.41 yuan/jin, unchanged from the previous day. The number of pig futures warehouse receipts was 426, unchanged from the previous day [3][5]. - **Market Logic**: Short - term: pay attention to downstream stocking sentiment in the middle of the twelfth lunar month; Medium - term: there is an expected increase in pig supply before March, and a supply pressure relief from April, focus on the impact of diseases; Long - term: there is still supply pressure before August, and the expectations of far - month contracts have shifted downward [5]. - **Trading Strategy**: For the 2603 contract, the support is at 11000 - 11200, and the pressure is at 11500. For the 2605 contract, the support is at 11500 - 11600, and the pressure is at 11900. For the 2607 contract, the support is at 12200 - 12300, and the pressure is at 12500. For the 2609 contract, the support is at 13100 - 13200, and the pressure is at 13400 - 13500 [5]. Egg - **Market Review**: The egg futures showed mixed trends yesterday. The main 2603 contract fell 0.59% and closed at 3048 yuan/500KG [5]. - **Important Information**: The average egg price in the main production areas rose 0.04 yuan/jin to 3.96 yuan/jin, and in the main sales areas, it rose 0.06 yuan/jin to 4.23 yuan/jin. The inventory in the production process decreased by 0.01 days to 1 day, and the inventory in the circulation process remained at 1.07 days. The average price of old laying hens rose 0.05 yuan/jin to 4.62 yuan/jin. The estimated number of laying hens in January is 1.334 billion [5]. - **Market Logic**: Short - term: egg prices are slightly stronger, but may fall in February. Medium - term: supply pressure has not been fully released, and the upward momentum of spot prices is insufficient. Long - term: the expansion of the egg - laying hen farming scale may limit price increases, and wait for the capacity - reduction process driven by over - culling [5]. - **Trading Strategy**: Wait for short - selling opportunities in the near - month contracts after the spot price stops rising and the inventory accumulates. For the 2603 contract, the short - term pressure is at 3100, and it needs to effectively break below 3030 to open further downward space. Do not be overly optimistic about egg prices in the second half of the year before over - culling occurs [5].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - As of the week ending January 22, US soybean export sales are expected to net increase by 40 - 190 million tons, with 40 - 180 million tons in the 2025 - 26 season and 0 - 10 million tons in the 2026 - 27 season [1] - US soybean meal export sales are expected to net increase by 22.5 - 50 million tons in the 2025 - 26 season, and 0 tons in the 2026 - 27 season [1] - US soybean oil export sales are expected to net increase by 0 - 2.6 million tons in the 2025 - 26 season, and 0 tons in the 2026 - 27 season [1] - The predicted value of Australia's rapeseed production in the 2025/26 season is raised by 10% to 7.2 billion tons, with an estimated range of 7 - 7.4 billion tons [1] 3. Summary by Relevant Catalogs Overnight Market Information - US soybean export sales forecast: 40 - 190 million tons (40 - 180 million tons in 2025 - 26, 0 - 10 million tons in 2026 - 27) [1] - US soybean meal export sales forecast: 22.5 - 50 million tons in 2025 - 26, 0 tons in 2026 - 27 [1] - US soybean oil export sales forecast: 0 - 2.6 million tons in 2025 - 26, 0 tons in 2026 - 27 [1] - Australia's rapeseed production forecast: increased by 10% to 7.2 billion tons, range 7 - 7.4 billion tons [1] Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2026/01/22 | 3070 | 2400 | 8600 | 8910 | 9840 | | 2026/01/23 | 3070 | 2390 | 8570 | 8880 | 9810 | | 2026/01/26 | 3070 | 2430 | 8660 | 9060 | 9990 | | 2026/01/27 | 3070 | 2430 | 8670 | 9210 | 10130 | | 2026/01/28 | 3070 | 2460 | 8740 | 9240 | 10160 | [4] Protein Meal Basis - Not detailed in the provided content [5] Oil Basis - Not detailed in the provided content [5] Oil and Oilseed Futures Spreads - Not detailed in the provided content [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn prices are expected to remain strong in the short - term due to limited supply growth and downstream备货 expectations, and long - term focus should be on import and domestic auction policies [1]. - Starch prices are supported by festival备货 and inventory reduction in the short - term, and long - term price trends depend on downstream consumption rhythm [2]. - For sugar, international production is expected to increase in the 25/26 season, and domestic prices are affected by supply pressure and global market surplus [3]. - Cotton is suitable for long - term long positions as demand is expected to improve and new - season planting area in Xinjiang may decline [3]. - Egg prices have rebounded due to Spring Festival备货, and the second - quarter egg prices are affected by the chicken culling data [4]. - Apple market has a light trading atmosphere, with good - quality apples maintaining stable prices and inventory gradually decreasing [7][8]. - Pig prices are subject to short - term supply - demand mismatches, with medium - term pressure and long - term inflection point support [8]. 3. Summary by Commodity Corn/Starch - **Price Data**: Corn prices in different regions showed slight fluctuations from January 22 - 28, with a 0 - 10 yuan change in some areas. Starch prices in Heilongjiang and Weifang remained stable at 2750 and 2820 yuan respectively [1]. - **Analysis**: Corn prices are expected to be strong in the short - term due to limited supply and downstream备货. Starch prices are supported by festival备货 and inventory reduction in the short - term, and long - term depends on downstream consumption [1][2]. Sugar - **Price Data**: Sugar prices in Liuzhou, Nanning, and Kunming remained stable from January 22 - 28, with a - 19 yuan change in the Liuzhou basis. Import profits from Thailand and Brazil increased by 39 yuan [3]. - **Analysis**: International sugar production is expected to increase in the 25/26 season, and domestic prices are affected by supply pressure and global market surplus [3]. Cotton/Cotton Yarn - **Price Data**: Cotton prices increased by 200 yuan from January 22 - 28. Import profits and other data also showed some changes [3]. - **Analysis**: Cotton demand is expected to improve due to expanding textile production, good downstream profits, and consumption - promoting policies. New - season planting area in Xinjiang may decline, making it suitable for long - term long positions [3]. Eggs - **Price Data**: Egg prices in different producing areas increased from January 22 - 28, with a 0.11 - 0.12 yuan increase in some areas. The basis increased by 617 [4]. - **Analysis**: Egg prices rebounded due to Spring Festival备货, and the second - quarter egg prices are affected by the chicken culling data [4]. Apples - **Price Data**: Apple prices in Shandong and Shaanxi remained stable at 8900 and 4 yuan respectively. National inventory decreased by 33, Shandong inventory by 28, and Shaanxi inventory by 43 [7][8]. - **Analysis**: The apple market has a light trading atmosphere, with good - quality apples maintaining stable prices and inventory gradually decreasing [7][8]. Pigs - **Price Data**: Pig prices in different producing areas showed a - 0.05 - 0.25 yuan change from January 22 - 28, and the basis decreased by 185 [8]. - **Analysis**: Pig prices are subject to short - term supply - demand mismatches, with medium - term pressure and long - term inflection point support [8].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - The report provides a comprehensive analysis of various sectors including macro - finance, black commodities, non - ferrous metals, agriculture, and energy - chemical. It presents trend judgments and trading strategies for different futures products based on fundamental and technical indicators, as well as macro - economic and geopolitical factors. 3. Summary by Related Catalogs 3.1 Based on Fundamental and Technical Indicators 3.1.1 Fundamental Indicators - Trend空头: Eggs, zinc, etc. [4] - Oscillation with a bearish bias: Red dates, Shanghai Composite 50 Index Futures, etc. [4] - Oscillation: PVC, sugar, etc. [4] - Oscillation with a bullish bias: White sugar, five - year treasury bond futures, etc. [4] - Trend bullish: Cotton, ten - year treasury bond futures, etc. [4] 3.1.2 Technical Indicators - Bearish: PTA, soybean meal No.2, etc. [6] - Oscillation: Rebar, coking coal, etc. [6] - Bullish: Manganese silicon, hot - rolled coil, etc. [6] 3.2 Macro - economic News - Trump threatened Iran again, and Iran was on high alert [8]. - The Fed kept the benchmark interest rate unchanged at 3.50% - 3.75%, and there was uncertainty in the economic outlook [8]. - There was news about changes in quantitative stock trading rules, but no relevant requirements were received by private equity funds [8]. - By the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, with solar and wind power growing significantly [9]. - Some real - estate enterprises were no longer required to report "three red lines" indicators, but troubled enterprises still had reporting obligations [9]. - The Bank of Japan might continue to raise interest rates if the outlook was in line with expectations [9]. - Futures exchanges tightened risk - control measures, such as adjusting margin levels and price limits [9]. 3.3 Macro - finance 3.3.1 Stock Index Futures - The upward trend of IC/IM may continue, and trend - following strategies are recommended. The A - share market was volatile, with resource stocks rising and the photovoltaic industry chain adjusting. The market turnover increased, and small - and medium - cap stocks outperformed large - cap stocks [11]. 3.3.2 Treasury Bond Futures - The bond market sentiment improved, and the short - term rebound trend may continue. The capital market became looser, and the central bank's medium - term liquidity injection increased, indicating a shift towards a looser monetary policy [12]. 3.4 Black Commodities 3.4.1 Coal and Coking - The prices of coking coal and coke may oscillate in the short term. Coal mine production increased slightly, and the first round of coke price increase was basically implemented. However, the coking profit shrank, and the supply - demand contradiction may improve during the Spring Festival [13][14]. 3.4.2 Ferroalloys - For ferrosilicon, there was a small supply gap before the daily production in the main production areas increased significantly, and it was recommended to go long on dips. For manganese silicon, it was recommended to hold short positions from previous highs and not to enter new positions unilaterally [15]. 3.4.3 Soda Ash and Glass - It was recommended to wait and see. The supply of soda ash was at a high level, and there was an expected increase in new capacity. The market expected the glass supply to resume production. The supply - demand contradiction in soda ash was difficult to reverse, and the inventory of glass needed to be digested [16]. 3.5 Non - ferrous Metals and New Materials 3.5.1 Zinc - The zinc price was still strong, but it might be affected by the possible decline of precious metals. It was recommended to wait and see or re - enter short positions. The domestic zinc inventory decreased, but the downstream demand was weak [18][19]. 3.5.2 Lead - It was recommended to wait and see and hold previous short positions. The lead inventory increased, and the price continued to decline. The production of secondary lead enterprises decreased, and the downstream demand was limited [19][21]. 3.5.3 Lithium Carbonate - After a short - term correction, the price center of lithium carbonate may still rise, with wide - range oscillations. The demand increased, and the supply was disturbed, but market supervision was strict [22]. 3.5.4 Industrial Silicon and Polysilicon - Industrial silicon may run strongly in the short term but was pressured by the pessimistic outlook. It was recommended to sell out - of - the - money call options after a rebound. Polysilicon was under strict position limits and was expected to oscillate. It was necessary to wait for the guidance of the industry meeting [23]. 3.6 Agricultural Products 3.6.1 Cotton - Zhengzhou cotton entered a high - level and strong consolidation state. It was recommended to conduct short - term trading. The short - term supply was loose, but the long - term supply was expected to shrink. The USDA report was positive, and Brazilian cotton production decreased [25][26]. 3.6.2 Sugar - Domestic sugar was under pressure from supply and weak demand. It was recommended to conduct short - term trading in the low - level range. The global sugar supply surplus was still a concern, and the domestic supply pressure increased during the seasonal production period [27][28]. 3.6.3 Eggs - The spot price of eggs may weaken before the Spring Festival. It was recommended to have a bearish view on the main 03 contract. The egg - laying hen inventory was high, but it was expected to decline. The far - month contracts may be weaker due to increased replenishment [29][30]. 3.6.4 Apples - The apple futures price may run strongly. The apple出库 was slightly lower year - on - year, and the sales area market had stable demand and higher prices. The Spring Festival stocking continued, and the high - quality apple prices remained firm [31][32]. 3.6.5 Corn - The corn futures price was highly controversial. It was recommended to focus on the port collection situation and conduct short - term trading. The spot price was stable, and the price was supported by pre - festival replenishment but was restricted by policy grain release and future import substitution [32]. 3.6.6 Red Dates - It was necessary to closely monitor the market performance during the consumption peak season. The red dates market was expected to oscillate weakly. The new - season red dates had price and quality advantages, but the consumption growth was limited [33]. 3.6.7 Pigs - The supply and demand of pigs both increased, and the spot market had intense competition. It was recommended to pay attention to the impact of weight reduction before the Spring Festival on the spot price and look for opportunities to go short on the near - month contracts [34]. 3.7 Energy - Chemical 3.7.1 Crude Oil - The US pressure on Iran continued, and the supply - surplus problem was still severe. The geopolitical premium was high. The US EIA crude oil inventory decreased, and the international oil price rose [36]. 3.7.2 Fuel Oil - The fuel oil price was mainly affected by the geopolitical situation and the oil price. The supply - demand situation improved marginally, and the price would follow the oil price [37]. 3.7.3 Plastics - Polyolefins had large supply pressure and weak downstream demand. The upstream was in a loss state, and the price may rebound slightly but with limited space. It was necessary to prevent a callback [38]. 3.7.4 Rubber - The rubber price may be supported by pre - festival downstream replenishment and the upcoming off - season in overseas production areas. It was recommended to sell out - of - the - money put options on dips and pay attention to the spread between natural and synthetic rubber [39]. 3.7.5 Synthetic Rubber - Synthetic rubber may maintain a strong trend due to the expected tight supply of butadiene in the first half of the year. It was recommended to go long on dips and pay attention to the narrowing spread with natural rubber [40]. 3.7.6 Methanol - The methanol supply - demand situation improved slightly in the long term, but there was still a risk of inventory accumulation in the short term. The price may decline slightly after the geopolitical situation eased. It was recommended to reduce long positions temporarily [41]. 3.7.7 Caustic Soda - The caustic soda production was at a high level, and the profit of chlor - alkali enterprises was poor. The far - month contracts could be considered from a bullish perspective [42]. 3.7.8 Asphalt - The asphalt price followed the oil price and may oscillate strongly in the short term. It was necessary to pay attention to the geopolitical situation and the change of raw material premium [43]. 3.7.9 PVC - The recent rise of PVC was due to the expected policy of capacity reduction and increased exports. However, the core supply - demand contradiction remained. It was necessary to prevent a callback [44][45]. 3.7.10 Polyester Industry Chain - The near - end fundamentals of the polyester chain were weak due to the seasonal off - season, but the cost support limited the downward space. It was recommended to go long on dips or conduct positive spreads between May and September contracts [46]. 3.7.11 Liquefied Petroleum Gas (LPG) - The LPG price increased due to the high import cost. It may run strongly in the short term but was recommended to be observed. In the long - term, it was advisable to go short on highs [47]. 3.7.12 Pulp - The pulp market had intense long - short competition, and the price may oscillate. The spot market trading was weak, but the price was supported by the expected stable fundamentals and the high overseas prices [48]. 3.7.13 Logs - The fundamentals of logs were strong, and the spot price was stable. The finished product price increased due to the rising raw material cost. The market was expected to maintain a supply - demand balance [49]. 3.7.14 Urea - The urea futures market was expected to oscillate strongly. The spot price rose, and the futures market was affected by other related futures and geopolitical risks [50][51].

1月26日，2026咸阳新春年货购物节系列活动启动。本次年货购物节在咸阳各县（市、区）同步开 展，将持续至2月13日。市级会场设在咸阳老街、中华广场、人民广场，设置展位430余个，参展企业近 500家，涵盖农特产品、糖酒食品、年庆礼品、服装服饰、日用百货以及以旧换新等10多个领域。 1月26日至3月3日，咸阳将依托新春年货购物节，同步举办全市网上年货节，邀请网红达人、非遗 代表性传承人现场直播，满足群众多渠道购物需求。2月10日至4月9日，咸阳将聚焦百货、商超、餐 饮、成品油等重点领域，投放500万元专项消费券，咸阳相关县（市、区）也将结合实际，投放专项消 费券，引导企业叠加优惠，让群众享受实惠。（记者：琚鹏飞） "此次新春年货购物节活动规模大、持续时间长、覆盖面广，打通了商旅文、吃住用各环节，引导 上下游、产供销企业广泛参与。"咸阳市商务局相关负责人说，系列活动旨在以更高质量的商品供给和 更好的消费体验满足居民多元化、个性化消费需求，促进经营主体稳定发展，激发市场消费活力，让群 众在欢度新春佳节的同时畅享更多乐趣。 ...