12道贵州风物亮 相大湾区，总台 文创联名礼盒成 焦点_南方+_南 方plus 岁末年味渐浓， 正值礼赠亲友、 传递祝福的黄金 时段。1月13 日，"帮扶市集 策马迎春"主题 活动在广州南方 报社289艺术园 区热闹开市，其 中，中央广播电 视总台文创联 名"新春贵礼"礼 盒亮相现场，12 道贵州特色风物 以"产品+文化 +品鉴"创新模 式，激活大湾区 消费热情，助 推"贵品入湾" 。 中央广播电视总台文创联名"新春贵礼"礼盒亮相"帮扶市集 策马迎春"主题活动 据介绍，该礼盒 由贵州省农业农 村厅指导，贵州 电商云联合12个 农产品区域公用 品牌主体匠心打 造，是中央广播 电视总台"大春 晚季"版权文创 合作的重要成 果，以"大春晚 季"IP为文化纽 带，实现总台文 创优势资源与贵 州山地特色农产 品的深度融合。 "看到这么喜庆 的设计，很好 看，很有年 味。"一名来自 越秀区退休教师 陈女士连连称 赞，她认为，送 亲朋好友，既喜 庆又体面。据了 解，这款礼盒在 设计上兼具文化 内涵与地域辨识 度。礼盒左上角 印刻中央广播电 视总台与总台文 创联合标识，右 上角标注马年总 台春节联欢晚会 主标识，中部以 喜庆 ...

Core Insights - The market for essential goods in Qingdao is stable, with sufficient reserves and no significant price fluctuations reported [1] Price Monitoring Summary - Grain and oil prices remain stable, with average retail prices for long-grain rice at 3.25 yuan per 500 grams, special flour at 2.37 yuan, and peanut oil (5-liter) at 133.20 yuan, unchanged from the previous day [1] - Pork prices have seen a slight increase, with lean pork at 14.69 yuan, up by 0.27% from the previous day; prices for fatty pork remain at 14.25 yuan, while lamb and beef prices are stable at 41.40 yuan and 37.59 yuan respectively [1] - Egg prices have risen, with the average price now at 3.66 yuan, reflecting a 0.27% increase from the previous day [1] - Vegetable prices have increased, with wholesale prices at 2.56 yuan, up by 0.39% from the previous day; however, the transaction volume in wholesale markets has decreased by 11.76% [1] - Seafood prices are stable, with mackerel at 11 yuan, oysters at 7.5 yuan, average prices for ribbon fish at 15 yuan, and shrimp at 34 yuan, all remaining unchanged from the previous day [1]

Core Viewpoint - The recent unilateral sanctions imposed by the U.S. aim to directly target Iran while also delivering precise strikes against China and Russia, attempting to force global alignment through trade tariffs [1] Trade Data Summary - In 2024, trade between China and Iran is projected to reach $13.37 billion, with China exporting $8.93 billion in essential goods and importing $4.44 billion primarily in energy and minerals [3] - Non-oil trade between China and Iran has also been significant, exceeding $30.4 billion in the first 11 months of 2025, with China being Iran's largest trading partner, accounting for over 30% of its total exports [3] - The trade between Russia and Iran is expected to reach $4.8 billion in 2024, marking a 16.2% year-on-year increase, with an additional 8% growth in the first three quarters of 2025 [3] Impact on China - The 25% tariff will primarily impact China's exports to the U.S., which are mainly machinery and electrical products with an average profit margin of less than 5%, leading to increased export costs [5] - However, China has already initiated currency settlement and "oil-for-infrastructure" models with Iran, mitigating risks associated with dollar transactions [5] - The trade volume between China and Iran represents only 2% of China's total trade with the U.S., allowing China to adjust its supply chain and expand into ASEAN markets to offset potential losses [5] Impact on Russia - The sanctions may accelerate cooperation between Russia and Iran, as their trade is primarily settled in rubles and rials, minimizing the impact of the U.S. dollar system [7] - Both countries are working towards a free trade agreement within the Eurasian Economic Union, aiming to increase their trade volume to $10 billion [7] - The sanctions will not disrupt the energy complementarity between Russia and Iran, as Russia can leverage Iran to access Middle Eastern energy routes while providing nuclear technology and military support to Iran [7] Consequences of U.S. Actions - The sanctions are likely to accelerate the de-dollarization process, with 95% of trade between China and Russia already settled in local currencies, making barter trade and local currency settlements more common among the three countries [7] - The unilateral sanctions may undermine U.S. international credibility, as many countries are likely to reject alignment with U.S. policies, with a Pew survey indicating that over half of the populations in 19 countries lack confidence in U.S. handling of international affairs [7] - The sanctions could lead to increased global oil prices, as Iran exports 1.4 million barrels of oil daily and Russia exports 7.4 million barrels, potentially disrupting global energy supply and exacerbating inflation in the U.S. [9]

吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 报告导读： 本次 USDA 双报告偏空，预计豆价暂时低位运行。1 月 USDA 供需报告上调美豆期末库存，因为供应微 增、需求下降。供应端的问题在于美豆单产维持高预估、未出现超预期下调。需求端的问题在于出口下调 数量较多，内需微增无法抵消出口调降的影响。由于供应端短期不再调整，可关注美豆需求调整：出口需 求首当其冲、中方采购仍是关键点。截至目前，中方采购美豆节奏正常、且低价美豆仍有吸引力，所以美 豆出口存在好于预期可能性。我们对于美豆盘面价格并不过分悲观，预计暂时保持低位运行，等待新的基 本面消息指引。巴西方面，虽然产量上调、但出口和内需同步上调，期末库存变化不大、平衡表维持中性 状态，预计巴西升贴水有支撑（巴西大豆争夺美豆出口市场，巴西升贴水和美豆盘面价格可能有"跷跷板 效应"）。从进口成本主要项目来看，美豆盘面价格暂无上行驱动、保持低位运行，但巴西升贴水或有支 撑、因争夺美豆出口市场，所以国内豆粕价格预计暂时低位运行，等待新的驱动。后期关注：巴西收获、 美豆出口、南美产区天气。（个人观点，仅供参考，上述内容在任何情况下 ...

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints - The domestic soybean market has improved, and the soybean price center has shifted upward. On January 7, 2026, the soybean futures price reached a nearly 16 - month high, and the futures market activity continued to increase [1][29]. - The improvement is due to two main reasons: the better situation in the soybean spot market since 2025, including good auction results, the "low - opening and high - running" price of new - season Northeast soybeans, and the increase in both market and state - reserve purchase prices; and the strong policy sentiment, with industrial policies emphasizing key points to support the soybean industry's development, and the trading sentiment on the market being strong in response to policies. The policy sentiment boosts the trading sentiment and pushes up the price [1][29]. Group 3: Summary of Each Section 1. Soybean Futures Price Reaches a Phased High - On January 7, 2026, the closing price of the main 2605 contract of soybean futures was 4404 yuan/ton, reaching the highest point since mid - August 2024 [3]. - In 2025, the annual total trading volume of soybean futures was about 47.71 million lots (a year - on - year increase of about 65%), and the average daily trading volume was about 200,000 tons (a year - on - year increase of about 64%), both reaching the highest since 2022. As of the week of January 9, 2026, the average daily trading volume climbed to the highest since 2021 [3]. - In 2025, the average daily open interest of soybean futures was about 320,000 lots, a year - on - year increase of about 49%, reaching a new high since 2021. As of the week of January 9, 2026, it was about 370,000 lots, hitting a new high [3]. 2. Improvement in the Spot Market - **Good Auction Results**: In 2025, the total auction volume of domestic soybeans was about 1.61 million tons, the highest since 2021. The state - reserve soybeans were auctioned 26 times, with 23 successful auctions and 3 failures, and the average success rate was about 47%. Nearly half of the auctions were at a premium, and the last three auctions in December 2025 were all at a premium of 64 - 95 yuan/ton, with a significant increase in the success rate [8][13]. - **"Low - opening and High - running" Price of New - season Northeast Soybeans**: In the week of October 10, 2025, the purchase price of clean soybeans in some Northeast areas dropped by 40 - 120 yuan/ton compared with the end of September. Then the price rebounded. As of the week of January 9, 2026, the price in the Northeast production area was 4260 - 4360 yuan/ton, a 440 - yuan/ton increase compared with the week of October 10, 2025. The price performance in 2025 was better than that in the same period of 2024 [13]. - **Increase in Market Purchase Price**: In 2025, the purchase price of new - season Northeast soybeans by some market enterprises was higher than that in the same period of 2024 and was in an upward trend. For example, on September 29, 2025, "Nehe Xiangyu Agricultural Products Co., Ltd." raised the purchase price to 1.92 yuan/jin, higher than the 1.9 yuan/jin in mid - October 2024, and it was further raised to 1.99 yuan/jin by November 9, 2025 [16]. - **Increase in State - reserve Purchase Price**: In 2025, the state - reserve purchase price was slightly increased. On November 3, 2025, the purchase prices for different protein levels were announced. On November 28, 2025, Suihua Direct Warehouse slightly raised the price, and on December 24, 2025, both the Hulunbuir Reserve Co., Ltd. and Suihua Direct Warehouse raised the purchase price again, with the state - reserve purchase price being higher than the market price and having a positive impact [20]. 3. Strong Policy Sentiment - **Industrial Policy**: Since the new soybeans were launched in mid - September 2025, domestic policies have supported the development of the soybean industry. Key points such as "grain production capacity improvement", "quality improvement", etc. were emphasized to support the development of the domestic soybean industry [23][24]. - **Trade Policy**: The domestic market also trades on changes in import soybean policies, such as Sino - US tariff policies and soybean import policies, due to the competitive pressure of imported soybeans on domestic soybeans [24]. - **Reserve Policy**: The domestic soybean auction rhythm affects short - term supply and market sentiment, and the market also trades on this [24]. 4. Conclusion - The domestic soybean market has improved, and the soybean price center has shifted upward. The improvement is due to the better situation in the spot market and strong policy sentiment. The policy can play a role in guiding the supply - demand relationship of the domestic soybean market and promoting the sustainable development of the industry. Later, attention should be paid to the No. 1 Central Document, the auction rhythm, and the selling pressure of farmers after the Spring Festival [1][29].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes multiple commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals, and provides corresponding market analysis, fundamental analysis, and trading strategies for each market [1][2][5] Summary by Directory Precious Metals - **Gold**: On Monday, precious metal prices continued to rise, with London gold reaching $4,600 per ounce. The fundamentals are affected by geopolitical factors and inventory changes. It is recommended to go long on gold [1] - **Silver**: The silver price reached $85 per ounce. The speculation sentiment is strong, and the overall volatility increases. It is recommended to wait and see [1] Base Metals - **Copper**: The copper price continued to strengthen. The supply of copper mines remains tight, and it is recommended to buy on dips [2] - **Aluminum**: The price of electrolytic aluminum rose by 1.01% to 24,575 yuan per ton. The supply is increasing, and the demand is slightly rising. It is expected to maintain a high - level shock in the short term [2] - **Alumina**: The price of alumina rose by 0.81% to 2,866 yuan per ton. The market is in a state of oversupply, and it is expected to be in a weak shock [2] - **Zinc and Lead**: The zinc price is driven by macro - sentiment and funds, but the fundamentals are not strong. The lead market shows a weak reality, and it is recommended to wait and see for zinc and operate in a range or be bearish on lead [3] - **Silicon**: The silicon price fluctuates. The supply is affected by production reduction, and the demand in some industries is weak. It is expected to fluctuate in the range of 8,400 - 9,200 yuan per ton, and it is advisable to go short lightly on rallies [3] - **Lithium Carbonate**: The price of lithium carbonate rose. The supply is increasing, and the demand in some industries is decreasing. It is expected that the price will be supported and is likely to rise rather than fall [3] - **Polycrystalline Silicon**: The polycrystalline silicon price fell. The market is affected by regulatory factors, and the supply is expected to decrease. The demand in some downstream industries is weak. The price is expected to fluctuate weakly at a low level [3] - **Tin**: The tin price continued to strengthen. The supply of tin mines remains tight, and it is recommended to buy on dips [4] Black Industry - **Rebar**: The rebar price rose slightly. The inventory is decreasing, and the supply - demand relationship is weak. It is recommended to hold short positions on the 2605 contract [5] - **Iron Ore**: The iron ore price fell slightly. The supply is in line with the seasonal pattern, and the demand may decline. It is recommended to wait and see [5] - **Coking Coal**: The coking coal price rose slightly. The supply - demand relationship is weak, and the futures valuation is high. It is recommended to wait and see, and aggressive investors can try to short the 2605 contract [5] Agricultural Products - **Soybean Meal**: The CBOT soybean price fell. The global soybean supply is expected to be loose. The US soybean is weak, and the domestic far - month contract is under pressure. The near - month contract depends on the game between the throwing volume and customs clearance [7] - **Corn**: The corn futures price is strong, and the spot price rose slightly. The supply - demand contradiction is not significant, and the price is expected to fluctuate [7] - **Oils and Fats**: The palm oil price rose. The supply is in a seasonal decline, and the demand is increasing. The inventory has risen. The oils and fats market is expected to be in a strong shock, and the long - term weak seasonal decline cycle can be traded [7] - **Sugar**: The sugar price fell. The international sugar price is under pressure from Indian production. It is recommended to go short in the futures market and sell call options [7] - **Cotton**: The cotton price rose slightly. The international cotton supply and demand are changing, and the domestic cotton price is rising. It is recommended to buy on dips in the range of 14,600 - 15,000 yuan per ton [7] - **Eggs**: The egg futures price fell, and the spot price is stable. The supply and demand are balanced, and the price is expected to fluctuate [7] - **Hogs**: The hog futures price fell, and the spot price rose in some areas. The supply pressure is not significant in the short term, and the price is expected to fluctuate strongly [8] - **Apples**: The apple price fell. The total output is low, and the inventory is low, but the sales pressure is high. It is recommended to wait and see [8] Energy Chemicals - **LLDPE**: The LLDPE price rebounded slightly. The supply pressure is slowing down, and the demand is weak. It is expected to be in a strong shock in the short term and advisable to buy on dips in the medium term [8] - **PVC**: The PVC price fell and then rebounded. The supply is high, and the demand is weakening. It is recommended to conduct a reverse spread of short - selling the 05 contract and long - buying the 09 contract [8] - **PTA**: The PX and PTA supply are high, and the demand is weak. The PX price is expected to be strong in the medium term, and it is advisable to look for opportunities to buy the 05 contract for processing fees [9] - **Rubber**: The rubber price rose. The raw material price is high, and the inventory is increasing. It is advisable to hold short - term short positions cautiously [9] - **Glass**: The glass price is stable. The supply is decreasing, and the demand is in the off - season. It is recommended to wait and see or conduct a long - glass and short - soda ash strategy [9] - **PP**: The PP price rebounded slightly. The supply pressure is increasing, and the demand is rising. It is expected to be in a strong shock in the short term and advisable to go short on rallies in the medium term [9] - **MEG**: The MEG supply is high, and the demand is weak. It is recommended to go short on rallies [10] - **Crude Oil**: The oil price rose. The supply pressure is large, and the demand is in the off - season. It is recommended to short the oil as a bearish allocation and look for short - selling opportunities on rallies [10] - **Styrene**: The styrene price rebounded slightly. The supply and demand of pure benzene are weak, and the styrene supply and demand are weakening. It is expected to be in a shock in the short term, and it is advisable to go long on styrene or conduct a pure benzene reverse spread in the second quarter [10] - **Soda Ash**: The soda ash price rose. The supply is high, and the demand is weak. It is recommended to wait and see [10]

Core Viewpoint - Argentine President Milei plans to visit China, emphasizing China's role as an excellent trade partner, which counters the U.S. pressure on Latin American countries [2][4] Group 1: Economic Motivations - Argentina's agricultural exports, particularly soybeans, corn, and shrimp, heavily depend on the Chinese market, making China its most important trade partner [5] - The urgency of Argentina's economic recovery drives Milei's decision to strengthen ties with China, as losing China as a stable buyer would severely impact agricultural exports [7] - Milei's visit to China is a strategic move for economic self-rescue and a subtle resistance against U.S. hegemony, aiming to balance relations between the U.S. and China [7][9] Group 2: Political Context - The U.S. government's aggressive tactics, including the detention of Venezuelan President Maduro, aim to curb China's influence in Latin America, but have not achieved the desired effect [2][4] - Milei's declaration to visit China disrupts U.S. plans to reassert dominance in the region, highlighting the ineffectiveness of U.S. coercive diplomacy [10] - The growing dissatisfaction among Latin American countries towards U.S. pressure indicates a shift towards favoring cooperation with China for development opportunities [9][10] Group 3: Implications for Latin America - If Milei's visit is successful, it could deepen agricultural trade and infrastructure cooperation between Argentina and China, injecting new momentum into Argentina's economy [9] - Milei's decision may serve as a model for other Latin American countries, encouraging them to strengthen ties with China, as evidenced by the success of Chilean cherries and Brazilian coffee in the Chinese market [9] - The essence of China-Latin America cooperation is mutual benefit, contrasting with the U.S. approach of coercion and dependency [10]

光大期货软商品日报（2026 年 1 月 13 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，ICE 美棉上涨 0.82%，报收 64.94 美分/磅，郑棉主力合约环比下降 0.75%， | 震荡 | | | 报收 14625 元/吨，主力合约持仓环比下降 31040 手至 81.79 万手，棉花 3128B 现 | | | | 货价格指数 15365 元/吨，较前一日下降 145 元/吨。国际市场方面，近期海外地缘 | | | | 扰动较多，美联储 1 月降息概率仍有摇摆，美元指数在 98-99 区间震荡，基本面 | | | | 变化有限，美棉震荡为主。国内市场方面，郑棉持续减仓下行，市场分歧加剧， | | | 棉花 | 基本面有了一些改变。受原料成本增加影响，纺织企业生产利润压缩，数据显示 | | | | 纺织企业开机率已经有一定程度下降。库存方面，本年度纺企补库动作提前，TTEB | | | | 数据显示，纺企原料库存可用天数约 31.5 天，原料库存相对充裕，棉花价格处于 | | | | 相对高位情况下，纺企采购观望情绪渐浓。综合来看，短期 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends: oilseeds and oils are weakly volatile, oils and by - products maintain a volatile market, soft commodity sugar fluctuates slightly, cotton consolidates strongly, and grains such as corn and starch are narrowly bullish [2]. - Strategies suggest constructing option portfolio strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2603) is 4,336, up 29 with a 0.67% increase, trading volume is 2.35 million lots (up 0.50 million lots), and open interest is 5.67 million lots (down 0.16 million lots) [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and turning points. For instance, the trading volume PCR of soybean No.1 is 0.65 (up 0.30), and the open interest PCR is 0.91 (down 0.05) [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility reflects market expectations. For example, the at - the - money implied volatility of soybean No.1 is 13.035%, and the weighted implied volatility is 15.01% (down 0.97%) [6]. 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation shows that the US sold about 666,000 tons of soybeans to China in the week from January 5th to January 9th. The market has shown a short - term bullish rebound. Option strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The average daily提货量 of major oil mills decreased slightly week - on - week, and the basis decreased slightly. The market has shown an oversold rebound. Option strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: The inventory in Malaysia in December is expected to exceed 3 million tons, suppressing the rebound of the oil sector. The market has shown a rebound with upper pressure. Option strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [9]. - **Peanut**: The market price is stable, but the peak - season demand is lower than expected. The market has shown a short - term bullish rise followed by a rapid decline. The strategy is a long collar strategy for spot hedging [10]. 3.5.2 By - product Options - **Live Pig**: The average slaughter weight increased slightly, and the supply is expected to increase in March 2026. The market has shown a weak bearish oversold rebound. Option strategies include constructing a neutral call + put option selling strategy and a covered call strategy for spot [10]. - **Egg**: The inventory of laying hens decreased slightly month - on - month in December 2025. The market has shown a rebound with upper pressure. Option strategies include constructing a bearish call + put option selling strategy [11]. - **Apple**: The total sales volume decreased significantly compared with last year. The market has shown a continuous upward and high - level volatile trend with upper pressure. Option strategies include constructing a bullish call + put option selling strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The raw material acquisition in Xinjiang is completed, and the market is priced according to quality. The market has shown a weak bearish trend. Option strategies include constructing a wide - straddle option selling strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The domestic processing cost is high, and the external market shows signs of bottoming. The market has shown a weak bearish oversold rebound. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The national new - season cotton inspection volume increased year - on - year, and the inventory further rebounded. The market has shown a short - term bullish rise. The strategy is a long collar strategy for spot hedging [13]. 3.5.4 Grain Options - **Corn**: The inventory in northern ports has not yet accumulated, and the inventory in Guangdong ports is at a certain level. The market has shown a rebound with lower support. Option strategies include constructing a neutral call + put option selling strategy [13].

Group 1: Report Overview - The report is an agricultural product morning report released by the research center's agricultural product team on January 13, 2026 [1] Group 2: Corn/Starch Price Data - From January 6 - 12, 2026, the price in Changchun remained at 2160, while in Jinzhou it increased by 20 to 2280. The prices in Weifang and Shekou remained stable at 2230 and 2430 respectively. Corn's basis decreased by 7 to -10, trade profit decreased by 20 to 0, and import profit increased to 292. For starch, the basis decreased by 31 to 89, and processing profit remained at -71 [2] Market Analysis - Short - term: Corn prices are expected to be moderately strong due to farmers' price - holding, limited supply increase, low inventory, and downstream stocking expectations. Starch prices are expected to be stable with a slight upward trend, depending on pre - festival downstream stocking enthusiasm [3] - Medium - to long - term: For corn, focus on import and domestic auction policies. For starch, focus on downstream consumption rhythm and post - season inventory reduction [3] Group 3: Sugar Price Data - From January 6 - 12, 2026, the prices in Liuzhou and Nanning were stable at 5390, while Nanning increased by 10 to 5360. The price in Kunming remained at 5230. The basis increased by 3 to 105, Thai import profit increased by 18 to 201, Brazilian import profit increased by 18 to 378, and the number of warehouse receipts increased by 1000 to 11568 [6] Market Analysis - International: In the 2025/2026 sugar - crushing season, the northern hemisphere's main producing countries are expected to increase production. Pay attention to the actual realization of the production increase [6] - Domestic: Short - term, the supply pressure of raw sugar decreases, and the pricing can refer to domestic sugar cost and spot price. Medium - to long - term, if the global sugar market surplus intensifies, the price will move towards the out - of - quota import cost [6] Group 4: Cotton/Cotton Yarn Price Data - From January 6 - 12, 2026, the price of 3128 cotton decreased by 145 to 15365. The number of warehouse receipts + forecasts increased by 275 to 9962. The price of Vietnamese yarn remained at 2.56, the import price decreased by 5 to 21600, the import profit increased by 19 to 1072, and the 32S spinning profit increased by 147 to -533 [19] Market Analysis - The initial inventory of cotton is relatively low year - on - year, offsetting most of the production increase. With the expansion of domestic textile production, good recent profits, and favorable tariff policies after the China - US meeting in Busan, cotton demand is expected to improve this year, suitable for long - term long positions [9] Group 5: Eggs Price Data - From January 6 - 12, 2026, egg prices in Hebei, Liaoning, Shandong, Henan, and Hubei increased by 0.11, 0.11, 0.10, 0.15, and 0.02 respectively. The basis decreased by 12 to 320. The prices of white - feather broilers, yellow - feather broilers, and pigs remained stable at 3.80, 3.65, and decreased by 0.14 to 17.83 respectively [14] Market Analysis - The inflection point of egg inventory has appeared, but the base is still high. The key to future inventory decline lies in the culling rhythm. If farmers cull chickens before Laba Festival due to low prices, it will be beneficial to the egg price in the second quarter [15] Group 6: Apples Price Data - From January 6 - 12, 2026, the prices of Shandong 80 first - and second - grade apples remained at 8900, and Shaanxi 70 general apples remained at 4. The national inventory increased by 21 to 673.37 (as of January 8), Shandong inventory increased by 59 to 257.98 (as of January 8), and Shaanxi inventory decreased by 9. The 1 - month basis increased by 22 to -1078, the 5 - month basis increased by 59 to -730, and the 10 - month basis decreased by 10 to 419 [17][18] Market Analysis - The trading atmosphere in the late - Fuji apple market is still light. High - quality apples maintain stable prices, while the prices of general and lower - quality apples have declined. The inventory removal rate has slightly increased, but it is still lower than the same period last year. The short - term futures market may maintain high - level fluctuations, and the medium - term pattern is strong in the near term and weak in the long term, depending on inventory removal [18] Group 7: Pigs Price Data - From January 6 - 12, 2026, the prices in Henan Kaifeng, Anhui Hefei, and Jiangsu Nantong decreased by 0.05 to 12.88, 13.35, and 13.50 respectively, while the prices in Hubei Xiangyang and Shandong Linyi increased by 0.05 to 12.95 and 13.12 respectively. The basis decreased by 15 to 1145 [18] Market Analysis - The weekend spot price of pigs first rose and then fell. Before the Spring Festival, both supply and demand are expected to increase, and there may be short - term supply - demand mismatches. Price increases depend on further production and inventory reduction in the near term. Pay attention to factors such as slaughter rhythm, diseases, and policies [18]