Report Summary 1. Industry Investment Rating No investment rating information is provided in the report [2] 2. Core Viewpoint The new grain sales have slowed down, and the remaining grain after the Spring Festival is still expected to be insufficient. Although there is a tight supply expectation of high - quality grain in some areas, the public bidding transactions and a significant increase in imports, along with the support of downstream procurement demand, suggest that corn prices in the first half of the year may be relatively optimistic, but the upside space is limited. It is recommended that grain - using enterprises purchase spot goods as needed and maintain a safe reserve, while traders should buy at low prices and sell at high prices [6] 3. Summary by Category 3.1 Futures and Spot Market Conditions - The corn main 2603 contract rebounded again, while the spot price was stable with a slight decline. The basis of corn oscillated weakly, and the discount of the futures price narrowed. The starch main 2603 contract oscillated and rebounded, with a stable starch price and a weakly oscillating basis [3] 3.2 New Grain Sales Progress - As of January 22, the national grain sales progress was 56%, 1% slower year - on - year. There was obvious regional differentiation: the Northeast was 56%, 2% faster year - on - year; North China was 51%, 3% slower year - on - year; and the Northwest was 69%, 3% slower year - on - year. It is expected that the national grain sales progress before the Spring Festival will exceed 60%, and there will be insufficient remaining grain after the Spring Festival. As of January 22, CGSCC had put 750,000 tons into public bidding and 611,000 tons were transacted [3] 3.3 Inventory Status - As of January 16, the corn inventory in northern ports was 1.497 million tons, rebounding month - on - month and at a low level in the same period in recent years. The weekly shipping volume was 389,000 tons, dropping significantly. In Guangdong Port, the domestic trade corn inventory was 478,000 tons, dropping month - on - month, and the foreign trade corn inventory was 219,000 tons, also dropping month - on - month. As of January 23, the corn inventory of deep - processing enterprises was 3.838 million tons, rising continuously month - on - month and still at a low level in the same period in recent years. The corn inventory of feed enterprises was 31.32 days, rising month - on - month [4] 3.4 Substitute and Import Situation - Due to the delayed wheat sowing and poor seedling conditions, wheat may have a reduced yield. The wheat - corn price difference remains high, and wheat substitution for corn is not feasible. In December 2025, China's corn imports increased significantly again, up 44.1% month - on - month and 135.3% year - on - year. The cumulative corn imports in 2025 were 2.647 million tons, down 80.8% year - on - year. Corn imports have increased significantly since last October and may continue to rise [4] 3.5 External Market Conditions - The U.S. corn in the external market oscillated at a low level. The U.S. Department of Agriculture's January supply - demand report increased the U.S. corn production to a record high due to increased yield per unit and harvested area, which led to a nearly 10% increase in the ending inventory, up 44% year - on - year. The South American corn production was not adjusted. The global corn ending inventory increased by 4.2% but was still 1.29% lower than last year [4] 3.6 Demand Situation - Feed demand was relatively strong. Pig prices rebounded, and pig farming turned profitable. As of January 16, the profit of purchasing piglets for fattening was 48.35 yuan per head, and the self - breeding and self - fattening profit was 7.39 yuan per head. The reduction of pig production capacity achieved certain results. In December, the national inventory of breeding sows was 39.61 million, and the national pig inventory was 429.67 million, showing the first month - on - month decline in recent years and only a 0.5% year - on - year increase. In the poultry sector, egg prices rebounded, and the breeding loss narrowed. The demand for feed may remain strong. Deep - processing enterprise demand was insufficient. The processing profit of starch processing enterprises was in the red in some areas, and the operating rate stopped falling. The operating rate of starch processing enterprises was 60.46% as of January 23, rising month - on - month, and the starch inventory was 1.069 million tons, continuing to decline. Alcohol processing enterprises continued to make losses, and the operating rate dropped to 57.33%. The operating rate of downstream starch sugar enterprises was rising, and that of paper - making enterprises was relatively stable [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints -民间出口商报告向未知目的地出售192,350吨2025/2026市场年度付运的大豆[1] -截至1月15日当周，美国大豆出口销售料净增150 - 320万吨，其中2025 - 26年度料净增150 - 300万吨，2026 - 27年度料净增0 - 20万吨；美国豆粕出口销售料净增20 - 50万吨，2025 - 26年度料净增20 - 50万吨，2026 - 27年度料净增0吨；美国豆油出口销售料净增0.5 - 2.5万吨，2025 - 26年度料净增0.5 - 2.5万吨，2026 - 27年度料净增0吨[1] -Hedgepoint上调巴西2025/26年度大豆产量预估至1.795亿吨，截至1月16日，巴西大豆收割率为3%，高于前一周的1%[1] -Abiove预计巴西2025/26年度大豆产量将达到1.77124亿吨，2026年将出口1.115亿吨大豆，2026年大豆压榨量料达到创纪录的6,100万吨，2025/26年度大豆期末库存为919.5万吨[1] -巴西贸易商认为1月份大豆出口量料低于出口商预期，Anec重新考虑本月380万吨发货量的估计，实际出口量可能接近300万吨，物流瓶颈可能影响1月份出口[1] -SGS数据显示，马来西亚2026年1月1 - 20日棕榈油产品出口量为658,379吨，较上月同期的676,674吨减少2.70%[1] 3. Summary by Relevant Catalogs Overnight Market Information -民间出口商向未知目的地出售192,350吨2025/2026市场年度付运的大豆[1] -截至1月15日当周，美国大豆、豆粕、豆油出口销售预估情况[1] -Hedgepoint上调巴西2025/26年度大豆产量预估，巴西大豆收割率情况[1] -Abiove对巴西2025/26年度大豆产量、出口量、压榨量、期末库存的预计[1] -巴西贸易商对1月份大豆出口量的看法及Anec的估计情况[1] -SGS发布的马来西亚1月1 - 20日棕榈油出口量数据[1] Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2026/01/16 | 3060 | 2440 | 8540 | 8630 | 9950 | | 2026/01/19 | 3060 | 2370 | 8540 | 8620 | 9780 | | 2026/01/20 | 3060 | 2380 | 8560 | 8720 | 9810 | | 2026/01/21 | 3050 | 2380 | 8550 | 8800 | 9770 | | 2026/01/22 | 3070 | 2400 | 8600 | 8910 | 9840 | [2] Others -油脂基差、蛋白粕基差、油脂油料盘面价差等提及但无具体内容[3][4] -主产国降水情况、进口大豆盘面压榨利润、油脂进口利润提及但无具体内容[1]

Group 1 - The Ministry of Agriculture and Rural Affairs is focusing on ensuring the quality of agricultural products during the "first mile" of market entry [2] - A press conference held on January 22 highlighted the acceleration of agricultural modernization and the promotion of rural revitalization [5][10] - The Ministry has initiated a second round of land contract extensions for 30 years, covering 7 provinces, 221 counties, and 349 townships, benefiting over 25 million farmers [6][7] Group 2 - The Guangdong Provincial People's Congress is set to focus on agricultural modernization in 2026, which is a key year for advancing rural revitalization [14][15] - The "万人人鹅宴" event in Shantou attracted significant attention, reaching over 100 million people through various media [39] - The training program for 421 grassroots agricultural technicians in Zhanjiang emphasizes grain and oil stability and smart agriculture [41][45] Group 3 - China's tea exports are projected to reach 418,800 tons in 2025, marking a historical high with an export value of approximately $1.546 billion, reflecting strong global competitiveness [32][34]

Group 1 - The article highlights the traditional activity of preparing for the Spring Festival, known as "year-end shopping," which has become an integral part of people's routines as the festive season approaches [2] - The Beijing New Year Goods Fair officially opened on January 22, showcasing a variety of regional specialties from across China, including high-quality rice from Northeast China, unique盆菜 from Guangdong, and fresh mushrooms from Yunnan, creating a rich culinary experience [2] - The Ministry of Agriculture and Rural Affairs has deployed measures to ensure the stable supply of "vegetable basket" products during the holiday season, emphasizing the importance of local government accountability in maintaining product supply and quality, particularly during the winter and spring, especially around the Spring Festival [2]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On January 22, 2026, most domestic commodity futures markets closed higher, with chemicals leading the gains [14]. - The US economy maintains a "slight to moderate" expansion, inflation continues to cool, and consumption shows a "K-shaped" characteristic [14]. - In 2025, China's consumer market scale exceeded 50 trillion yuan, with service retail sales growing faster. In 2026, consumption is expected to grow steadily [14]. - In the short term, risk assets may continue to adjust, but in the medium term, it is recommended to go long on stock indices, non - ferrous metals, gold, and silver [14]. Summary by Directory Financial Market Fluctuations - **Stock Index Futures**: On January 22, 2026, the CSI 300 futures price was 4719.4, down 0.26; the SSE 50 futures price was 3061.2, down 0.61; the CSI 500 futures price was 8400, up 0.25; the CSI 1000 futures price was 8292.6, up 0.56 [3]. - **Treasury Bond Futures**: The 2 - year treasury bond futures price was 102.408, down 0.02; the 5 - year was 105.835, down 0.04; the 10 - year was 108.15, down 0.04; the 30 - year was 112.17, down 0.03 [3]. - **Foreign Exchange**: The US dollar index was 98.7693, up 0.23; the US dollar central parity rate was 6.9646, down 57 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.4952%, up 0.04%; the 10 - year Chinese treasury bond yield was 1.8312%, down 0.14 bp; the 10 - year US treasury bond yield was 4.26%, down 4 bp [3]. Popular Industry Fluctuations - On January 22, 2026, industries such as national defense and military industry, steel, and petroleum and petrochemicals had relatively large daily increases, while industries such as food and beverage, non - bank finance, and banking had declines [6]. Overseas Commodity Fluctuations - **Energy**: On January 21, 2026, NYMEX WTI crude oil was at $59.52, up 0.3%; ICE Brent crude was at $64.62, up 0.67%; NYMEX natural gas was at $3.891, up 25.39%; ICE UK natural gas was at $105.29, up 12.07% [9]. - **Precious Metals**: COMEX gold was at $4769.1, up 3.78%; COMEX silver was at $94.46, up 6.69% [9]. - **Non - ferrous Metals**: LME copper was at $12810, up 0.44%; LME aluminum was at $3115, up 0.24%; LME zinc was at $3175, up 0.06% [9]. - **Agricultural Products**: CBOT soybeans were at $1053, down 0.45%; CBOT soybean oil was at $54.05, up 2.83%; CBOT corn was at $424, down 0.18% [9]. Domestic Commodity Fluctuations - On January 22, 2026, most domestic commodities rose. Chemicals, new energy materials, non - metal building materials, energy products, etc. all had increases, while precious metals had declines [14]. Macro Summary - **Today's Market**: Domestic commodity futures markets closed mostly higher, with chemicals leading the gains [14]. - **Overseas Macro**: The US economy maintains a "slight to moderate" expansion, inflation cools, and consumption shows a "K - shaped" characteristic. Attention should be paid to upcoming GDP and inflation data [14]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, and in 2026, consumption is expected to grow steadily [14]. - **Asset Views**: The scenario of no interest rate cut in January is basically confirmed, and the first interest rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may adjust, while in the medium - term, it is recommended to go long on certain assets [14]. Viewpoint Highlights - **Financial**: Stock markets continue to wait for the main line, and bond markets still have disturbing factors. The short - term judgments for stock index futures, index options, and treasury bond futures are oscillatory rise, oscillation, and oscillation respectively [15]. - **Precious Metals**: After oscillatory adjustment, they maintain an upward trend. Gold and silver are expected to rise oscillatory [15]. - **Shipping**: Pay attention to the resumption of voyages in the far - month. The short - term judgment for the container shipping European line is oscillation [15]. - **Black Building Materials**: Fundamentals are lackluster. Most varieties are expected to oscillate [15]. - **Non - ferrous Metals and New Materials**: Wait for the macro - situation to become clearer. Base metals are oscillating and consolidating. Some varieties are expected to rise oscillatory, while others are expected to oscillate [15]. - **Energy and Chemicals**: The trade tension eases slightly, but the supply - demand pattern is still under pressure. Most varieties are expected to oscillate [17]. - **Agriculture**: Sentiment warms up but trends diverge. Some varieties are expected to rise oscillatory, while others are expected to oscillate or decline oscillatory [17].

Group 1 - The Canadian Federal Court overturned the government's order to shut down TikTok's operations in Canada, allowing the app to continue operating temporarily and requiring a review by the Minister of Innovation, Science and Industry [1][2] - The previous order was issued by the Canadian government citing national security risks, but the court's decision indicates a potential shift in the government's stance towards TikTok and its operations in Canada [1][2] - TikTok's Canadian spokesperson welcomed the court's decision, emphasizing the importance of retaining the Canadian team for future growth and investment, which could benefit the local economy and job market [2] Group 2 - The recent diplomatic visit by the Canadian Prime Minister to China has led to a thawing of relations, with both countries reaching a consensus on trade issues, including a strategic agreement allowing the import of Chinese electric vehicles at a preferential tax rate [3][4] - The agreement is significant for diversifying Canada's automotive market and addressing unemployment in the sector, while also providing opportunities for Canadian agricultural products in the Chinese market [3] - China's Ministry of Commerce expressed that Canada's adjustment regarding the import of Chinese electric vehicles is a positive step towards market expansion [3][4]

Core Insights - Algeria's non-hydrocarbon exports are experiencing accelerated growth, reflecting the effectiveness of the new economic policy aimed at diversification [2] Group 1: Economic Policy and Export Growth - The country has restructured its foreign trade management system and optimized export rules and processes, which has significantly boosted non-hydrocarbon export growth [2] - Various facilitation measures in administration, taxation, and customs have been introduced to support this growth [2] Group 2: Export Performance and Future Goals - Non-hydrocarbon export value increased from $2.2 billion in 2020 to $5.1 billion in 2023, with projections of reaching $7 billion in 2024 [2] - The Algerian Cement Group announced an export target of 5 million tons by 2025, increasing to 6 million tons by 2026 [2] - Key industries such as steel, agricultural products, home appliances, mining, and pharmaceuticals have shown outstanding performance [2] Group 3: Collaboration and Market Expansion - Enhanced communication and collaboration between the government and enterprises have been crucial in eliminating barriers and expanding market opportunities [2] - This collaboration marks a new phase of high-quality development for Algeria's non-hydrocarbon exports [2]

Investment Rating - The report indicates a positive investment outlook for high-growth sectors, suggesting that they possess investment value in the medium to long term [3][9]. Core Insights - The A-share market has experienced a pullback, influenced by policy guidance, leading to a rational market return. Short-term themes have adjusted, but the market is expected to benefit from a slow bull trend after consolidation [3][9]. - The report emphasizes the importance of selecting industries with upward momentum, particularly as selling pressure diminishes [3][9]. Summary by Sections Stock Market Factor Tracking - The market style remains biased towards small-cap stocks, with a continued preference for growth over value styles. Both small-cap and growth style volatilities have reached near one-year highs, indicating increased fluctuations in returns between styles [10][11]. - The report notes a rebound in the dispersion of excess returns across industries, while the speed of industry rotation continues to decline. The proportion of rising stocks in the 300 and 500 indices has significantly decreased [10][11]. - Market activity shows a decline in volatility for most indices, except for the 1000 index, while turnover rates are on the rise [10][11]. Commodity Market Factor Tracking - The energy and precious metals sectors have seen an increase in trend strength, while other sectors have experienced a decline. The basis momentum for precious metals and agricultural products has risen, contrasting with declines in other sectors [23][28]. - Volatility remains high for precious metals and non-ferrous metals, while black and energy sectors have seen slight decreases in volatility. Liquidity has decreased in precious metals and energy sectors, with other sectors experiencing increases [23][28]. Options Market Factor Tracking - Implied volatility for the Shanghai 50 and CSI 1000 indices has begun to decline from recent highs. The skew in volatility indicates a decrease in bullish sentiment and an increase in bearish sentiment, suggesting that market participants perceive a lower risk of significant declines in small-cap stocks in the short term [31][32]. Convertible Bond Market Factor Tracking - The convertible bond market has experienced wide fluctuations. The premium rate for bonds convertible at 100 yuan has stabilized, showing a slight adjustment, while the proportion of low-premium convertible bonds has increased. However, market transaction volumes remain high [33][34].

- The report tracks quantitative factors in the equity market, highlighting that the market style remains tilted towards small-cap and growth-oriented stocks, with increased volatility in style performance and widened return differences between styles[10][11] - In terms of market structure, the dispersion of excess returns across industries has risen, while industry rotation speed has decreased. The proportion of rising constituent stocks in indices like CSI 300 and CSI 500 has declined. Additionally, the concentration of trading in the top 100 stocks remained stable, while the top 5 industries saw a slight increase in trading concentration[10][11] - Market activity indicators show a decline in market volatility across most indices except CSI 1000, while turnover rates have continued to rise[10][11] - In the commodity market, the trend strength of precious metals and energy chemicals has increased, while other sectors have seen a decline. Basis momentum for precious metals and agricultural products has risen, whereas other sectors have declined. Volatility remains high for precious metals and base metals, with slight decreases in energy chemicals and black metals. Liquidity has decreased for precious metals and energy chemicals but increased for other sectors[23][28] - In the options market, implied volatility for SSE 50 and CSI 1000 has decreased from previous highs. The skewness of call options has declined, while that of put options has increased. Despite this, the skewness of CSI 1000 put options remains negative, indicating that market participants perceive a low risk of significant declines in small-cap stocks in the short term[31][32] - In the convertible bond market, the market experienced wide fluctuations. The premium rate for bonds convertible at par value has stabilized with slight adjustments, while the pure bond premium rate for debt-oriented groups has continued to rise. The proportion of low-conversion-premium bonds has also increased. However, trading volume in the market remains high and has not weakened[33][39]

Group 1 - The price of Arabic gum in the Obeid agricultural market has reached 560,000 Sudanese pounds per quintal [1] - The price of white sesame is 140,000 Sudanese pounds [1] - The price of peanuts is 125,000 Sudanese pounds, with new shelled peanuts priced at 4 million Sudanese pounds per ton and old shelled peanuts at 3.8 million Sudanese pounds per ton [1]