1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This season, the high cost of apple warehouse receipts due to a low premium fruit rate strongly supports the apple futures price. As of January 14, 2026, the cold - storage inventory of apples in major producing areas was 7.0466 million tons, with a week - on - week decrease of 162,500 tons. The de - stocking speed accelerated compared to the previous week but was lower than the same period last year. Considering this year's later Spring Festival, the peak sales period is also postponed, and current demand is acceptable. With low cold - storage inventory, if the normal de - stocking volume is maintained, the later apple supply will be tight. The market previously expected weak apple demand, causing the May contract to decline slightly recently. If apple demand remains normal later, the May contract price is likely to rise [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 109.79, up 0.66 from the next working - day's price. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, and Penglai first and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits was 7.93, up 0.13 from the next working - day's price [2]. - **Futures Price**: AP01 was 8210, up 22 from the previous close; AP05 was 9489, up 71; AP10 was 8292, up 35. The spreads AP01 - AP05 was - 1279, down 49; AP05 - AP10 was 1197, up 36; AP10 - AP01 was 82, up 13 [2]. - **Basis**: The basis of Qixia first and second - grade 80 against AP01 was - 10, down 22 from the previous trading day; against AP05 was - 1289, down 71; against AP10 was - 92, down 32 [2]. 3.2 Market News and Views - **Market News**: As of January 23, 2026, the cold - storage inventory of apples in major producing areas was 6.8278 million tons, a year - on - year decrease of 4% with a narrowing decline. In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%; the import volume was 3100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. In the Shandong production area, the price of high - quality apples remained stable, while the price of low - quality apples declined slightly. The market arrival was stable, and the mainstream market was stable. The mainstream transaction price of semi - commodity apples in Luochuan, Shaanxi, was 3.8 - 4.2 yuan per jin [7]. - **Trading Logic**: High - cost warehouse receipts support the futures price. Low cold - storage inventory and a later Spring Festival may lead to tight supply if the de - stocking volume is normal. The May contract may rise if demand remains normal [5]. - **Trading Strategy**: Hold long positions in the May contract, short the October contract on rallies. Go long on the May contract and short the October contract for arbitrage. It is recommended to wait and see for options [8]. 3.3 Relevant Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80 apples, the price of Luochuan semi - commodity paper - bagged 70 apples, the basis of AP contracts, and the spreads of different AP contracts, as well as the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples nationwide, and the cold - storage apple de - stocking volume [10][11][12]

Market Overview - A-shares experienced a pullback after reaching highs, with market guidance leading to a rational return and short-term adjustments in themes [1][4] - In the medium to long term, market consolidation is expected to benefit a slow bull market, with high-growth sectors presenting investment value [1][4] - Short-term volatility may occur, but it is recommended to focus on sectors with upward momentum after the weight pressure diminishes [1][4] Equity Market Factors - The market style remains biased towards small-cap stocks, while the growth style continues to favor growth stocks [6][8] - Both small-cap and growth style volatilities have risen to near one-year highs, with increased volatility in the return differences between styles [6][8] - The excess return dispersion among industries has rebounded, while the speed of industry rotation continues to decline [6][8] Trading Activity - The proportion of rising stocks in the 300 and 500 indices has significantly decreased [6] - The trading concentration remains stable, with the top 100 stocks' trading volume holding steady and the top five industries' trading volume share slightly increasing [6][7] Market Liquidity - Market volatility, except for the 1000 index, has generally decreased, while the turnover rate is on an upward trend [7][8] Commodity Market Factors - In the commodity market, the energy and precious metals sectors have seen an increase in trend strength, while other sectors have experienced a decline [21][22] - The basis momentum for precious metals and agricultural products has risen, while other sectors have shown a downward trend [21][22] - Volatility in precious metals and non-ferrous metals remains high, while the volatility in black and energy sectors has slightly decreased [21][22] Options Market Factors - The implied volatility of the Shanghai Composite and CSI 1000 has started to decline from its peak, indicating a cooling market sentiment [28] - The skewness of call options has decreased while that of put options has increased, suggesting a reduction in market exuberance [28] Convertible Bond Market Factors - The convertible bond market has experienced wide fluctuations, with the premium rate for bonds at 100 yuan halting its upward trend and showing a slight adjustment [29] - The proportion of low premium convertible bonds has increased, while market transaction volumes remain high [29]

Core Insights - Jinchuan Group Copper Co., Ltd. has successfully obtained dual qualifications for platinum and palladium futures brand registration and delivery warehouse from the Guangzhou Futures Exchange, marking a significant breakthrough for Gansu in the precious metals futures sector [1] - The development reflects Gansu's ongoing efforts to deepen the integration of futures markets with the real economy, establishing a new pattern of "integration of futures and spot" to support high-quality regional economic development [1][7] Group 1: Infrastructure Development - Gansu has established a network of eight futures delivery warehouses and delivery factories in key areas such as Lanzhou New Area, Yongdeng, and Jinchang, covering multiple commodities including aluminum, silicon iron, platinum, palladium, and apples [2] - The delivery warehouse for aluminum ingots and alumina in Lanzhou New Area has become a logistics hub for non-ferrous metals in Northwest China, promoting industrial agglomeration [2] - The establishment of the apple futures delivery warehouse in Jingning County has significantly enhanced the brand value and market influence of "Jingning Apples," positioning it as a center for fruit distribution and price formation in Northwest China [2] Group 2: Brand Certification - Gansu has registered 21 brands as designated delivery products in major futures exchanges, including "Gansu Aluminum," "Jinchuan," "Jiugang," and "Xitie," showcasing the quality control and standardized production capabilities of key industrial enterprises in the province [3] - The successful registration of brands not only enhances market credibility and financing capabilities for enterprises but also integrates Gansu's advantageous products into the national pricing system [3] - The breakthrough of Jinchuan Group in the platinum and palladium futures market exemplifies the financial infrastructure support for Gansu's industries to enter high-value-added sectors [3] Group 3: Service Platforms - Gansu is focused on cultivating a healthy "integration of futures and spot" ecosystem by establishing service support platforms for the integration of production and finance [4] - The province has co-established four production-finance service bases with major domestic futures exchanges, enhancing risk management awareness and capabilities among local SMEs [5] - These platforms not only disseminate knowledge but also attract external financial, informational, and intellectual resources to Gansu, creating a virtuous cycle of resource aggregation and service promotion [5] Group 4: Industry Development - Key enterprises like Jinchuan Group, Jiugang Group, and Baiyin Nonferrous Metals have advanced their risk management models from simple hedging to comprehensive risk control and supply chain optimization [6] - Jinchuan Group has established a robust risk management system, with a hedging scale exceeding 230 billion yuan, covering over 3.3 million tons of metals, serving as a stabilizing force for the industry chain [6] - The successful practices of leading enterprises have encouraged more SMEs in the industry chain to adopt futures tools for price risk management, enhancing production planning and inventory adjustments [6]

中国发展网讯 姜海军 记者李宏伟报道 1月18日，十堰珍品京彩相约——2026南水北调水源地·十堰市绿 色农产品展销暨丹江鲌品牌推介会，在北京四季御园国际大酒店举行。本次活动以国家地理标志产品丹 江鲌为核心亮点，集中展示十堰绿色农产品，现场达成12项合作意向，签约金额达2.9亿元。其中，丹 江鲌签约金额1.6亿元。 签约仪式上，丹江鲌长期供货项目、优质食用菌产品供应和房县黄酒销售项目等12个合作项目成功签 约。北京大型商超、农产品批发市场、生鲜电商、餐饮企业等采购商，围绕丹江鲌供应链稳定性、"带 水运输"活鱼直达技术等细节，与十堰企业展开一对一深度沟通。 湖北省农业农村厅相关领导在致辞中指出，十堰依托南水北调中线工程核心水源地优势发展绿色农业， 丹江鲌作为水源地生态农业的代表，是落实乡村振兴战略、深化京堰对口协作的重要载体，期待其成为 京津冀消费者餐桌上的优质选择。 十堰市农业农村局负责人表示，后续将建立京堰农产品产销对接长效机制，定期组织丹江鲌企业赴京参 展，同时邀请北京采购商实地考察丹江鲌陆基循环桶、工厂化设施养殖基地，持续强化丹江鲌"全国绿 色农产品输出地代表"品牌影响力，让这尾承载十堰生态保护与产业转 ...

Group 1: Commodity Market Overview - The domestic commodity futures market experienced a broad increase on January 22, with the chemical sector leading the gains, particularly in products like butadiene rubber, ethylene glycol, and styrene, which saw daily increases of over 3% to 4% [1][2] - The China Securities Commodity Futures Price Index closed at 1694.75 points, up 14.75 points or 0.88% from the previous trading day, while the China Securities Commodity Futures Index closed at 2337.01 points, also up 20.34 points or 0.88% [1] Group 2: Chemical Products Performance - Chemical products saw a significant rally, with synthetic rubber, ethylene glycol, and styrene all rising over 4%. This surge is attributed to a strong consensus on the return of a bull market in commodities, with investors shifting focus to the chemical sector after previous gains in precious and industrial metals [2] - Factors supporting this rally include rising oil prices due to geopolitical tensions in major oil-producing countries and increased natural gas prices in Europe and the U.S. due to severe weather, which have positively impacted the cost side for chemical products [2] - Supply-demand mismatches have also contributed to the strength in the chemical sector, with tight supply conditions for butadiene and unexpected shutdowns in styrene production leading to increased speculative activity in the market [2] Group 3: Lithium Carbonate and Other Commodities - Lithium carbonate saw a significant increase, rising nearly 6% to reach a new high, driven by supply uncertainties and strong downstream demand from battery manufacturers. The upcoming Chinese New Year has also led to stockpiling activities [3] - Other commodities, including polysilicon, alumina, tin, eggs, palm oil, and crude oil, also experienced gains of over 1% [3] Group 4: Precious Metals Adjustment - The precious metals sector underwent a high-level adjustment, with gold and silver rebounding to maintain their gains, while palladium and platinum led the declines with drops of 1.90% and 0.92%, respectively [4] - The recent geopolitical tensions and changes in trade policies have impacted the demand for precious metals, leading to a retreat in prices, particularly for palladium and platinum, which have shown weaker monetary attributes [4] Group 5: Sugar Market Dynamics - The sugar market saw a slight recovery after five consecutive days of decline, influenced by overall market improvements. However, expectations of increased global sugar production for the 2025/26 season and the nearing end of the domestic peak season have created a supply surplus against weak demand [5] - Current domestic sugar prices are considered undervalued and close to cost support levels, which may drive prices into a bottoming phase [5]

Core Viewpoint - The "Gansu Flavor Market Promotion and Consumption" event showcased organic agricultural products from Liangdang County, highlighting their quality and local flavor, which attracted significant consumer interest [1] Group 1: Event Overview - The event lasted for six days and was held in Lanzhou, featuring a variety of organic products such as handmade hollow noodles, organic mushrooms, black fungus, and chestnuts [1] - Liangdang County's organic products gained popularity at the event due to their "fully organic" quality and rich local flavors [1] Group 2: Marketing and Consumer Engagement - Staff at the event engaged consumers through product tastings, source tracing explanations, and sampling experiences, leading to immediate purchases by many attendees [1] - The event served as a platform to enhance consumer awareness of Liangdang's organic products, establishing a foundation for future market expansion [1] Group 3: Agricultural Development Strategy - Liangdang County has focused on an "agriculture-first" development strategy, prioritizing "fully organic" products and cultivating several certified specialty agricultural products [1] - The event facilitated the connection between agricultural products and consumers, effectively addressing the "last mile" delivery from farms to tables [1]

软商品日报 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三，ICE 美棉下跌 0.06%，报收 64.3 美分/磅，郑棉主力合约环比上涨 0.17%，报 收 14535 元/吨，主力合约持仓环比下降 908 手至 78.72 万手，棉花 3128B 现货价 格指数 15445 元/吨，较前一日上涨 55 元/吨。国际市场方面，近期海外宏观扰动 增量预期。上周纺企与织厂有补充原料库存动作，从库存结构来看，TTEB 数据显 | 震荡 | | | 不断，恐慌指数较高，美元指数偏弱，金银走势偏强，美棉价格缺乏方向性驱动。 | | | | 国内市场方面，昨日郑棉持仓环比基本持平，期价振幅收窄。近期关于 2026 年新 | | | 棉花 | 疆地区种植面积调整的预期交易逐渐降温，市场关注重心回归基本面，聚焦主要 | | | | 在于总供应、节前下游备货需求及开工情况。目前来看，棉花产量较高，进口有 | | | | 示纺织原料库存可用天数约 32 天，节前再度大幅补库动力不强。随着春节假期逐 | | | | 渐临近，企业也将陆续放假，开工率或从高位逐渐回落。整体来看，节 ...

农产品日报（2026 年 1 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 近期玉米主力 | 2603 | 合约先跌后涨，3 | 月期价调整，5 | 月跟随。现货市场方面，目 | 前距离春节长假不足一个月时间，农户销售进度加快，贸易商入市收购，产销成 | | | | | | | | | 交转旺。目前东北玉米价格暂以稳定为主，有存货贸易商随行出货，基层目前也 | 以随行出货为主，低价售粮意向暂显一般。销区市场玉米价格稳中偏强运行，受 | | | | | | | | | | | | | 玉米 | 震荡偏弱 | 北方降雪影响，贸易商到货成本支撑下报价坚挺。下游目前备货谨慎为主，维持 | | | | | | | | | | | | 安全头寸滚动补库，市场未出现集中补库现象。技术上，玉米市场的近期表现主 | 要受到周边商品及情绪的影响。玉米 | 5 | 月合约期价先弱后强，产区潮粮收购价格 | | | ...

Core Viewpoint - Local government officials in Guangdong are actively promoting regional products and city images through live streaming and public events, enhancing consumer trust and engagement with local goods [1][2][5] Group 1: Promotion of Local Products - City leaders are taking on the role of "chief promoters" for local specialties, which helps to bridge the psychological gap between consumers and products [2] - The introduction of innovative products, such as the "frozen dormancy" technology for lychee, allows for extended freshness and showcases the potential of local agricultural products [2] - The promotion of unique local items, like "Chenpi coffee," reflects a broader strategy to highlight the entire industry chain and cultural significance behind these products [2] Group 2: Cultural and Economic Integration - The integration of agricultural products with cultural tourism is being emphasized, as seen in the promotional efforts of cities like Qingyuan and Chaozhou [3] - Events like the "Dongguan Manufacturing Aesthetic Tour" showcase the transformation of industrial cities into centers of aesthetic and cultural value, highlighting the evolution of local manufacturing [4] - The shift from merely selling products to promoting lifestyle and experiences indicates a strategic change in how local governments engage with consumers [5] Group 3: Government Engagement and Image - Local officials are leveraging popular media platforms to enhance the visibility of their cities, transforming from abstract managers to relatable service-oriented representatives [5] - The active participation of city leaders in promotional activities reflects a commitment to fostering a service-oriented government that resonates with the public [5]

Core Viewpoint - The "青耘中国" live-streaming event in Tianjin's Baodi District aims to address the challenges faced by local farmers and businesses in marketing their high-quality agricultural products, leveraging youth engagement and cultural elements to enhance sales channels and community support [1][3]. Group 1: Event Overview - The event, themed "New Year Goods Festival," was organized by multiple governmental and youth organizations to promote over a hundred local agricultural products [1]. - The live-streaming format combines youthful energy with local culture, featuring various products such as small station rice and Tianying pepper [2]. Group 2: Youth Engagement and Community Impact - Grassroots hosts like Zheng Lei and his wife have successfully engaged audiences, leading to immediate sales and extending their selection standards nationwide [3]. - Local leaders, such as Liu Yuchen, have utilized live-streaming to generate community funds for public projects, significantly increasing local farmers' incomes [3]. - The commitment of hosts like Pang Xiaocheng, who has conducted 187 live-streams, showcases the transformative impact of these initiatives on local farmers' livelihoods [3]. Group 3: Cultural Significance - The event serves not only as a sales platform but also as a cultural resonance point, highlighting local heritage through storytelling and traditional products [4]. - Various local hosts emphasized the importance of cultural identity in their presentations, linking products to historical narratives and community values [4]. Group 4: Business Opportunities and Challenges - The event provided a crucial exposure opportunity for small and medium enterprises, allowing them to reach broader audiences and overcome previous marketing limitations [5]. - Companies like Tianjin Sijibaofeng Agricultural Technology Co. expressed optimism about increased visibility and potential sales through dedicated live-streaming sessions [6]. - The initiative aims to create sustainable partnerships between local hosts and suppliers, enhancing the distribution of Tianjin's unique products [6].