Group 1: Red Dates Report Industry Investment Rating Not provided Core View The current market supply is sufficient, pre - Spring Festival stocking has not started, and overall market transactions are light. Futures warehouse receipts are gradually increasing. Attention should be paid to the destocking progress of social inventory. In the short term, there is no obvious driver in the fundamentals, and futures prices will fluctuate and consolidate [1]. Summary by Relevant Catalogs - **Futures Market**: The prices of red dates 2605, 2607, and 2609 contracts have different degrees of changes, with the 2609 contract rising 0.48%. The 5 - 7 spread increased by 11.11%, and the 5 - 9 spread decreased by 21.88%. The position decreased by 0.36%, while the warehouse receipts increased by 11.77%, and the effective forecasts decreased by 23.25% [1]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained stable or slightly decreased. The basis of special - grade red dates to the main contract increased by 82.61%, and that of first - grade red dates decreased by 4.00% [1]. Group 2: Apples Report Industry Investment Rating Not provided Core View In the short term, the futures market is supported by a low good - fruit rate and low inventory. With the approaching of the Spring Festival stocking season, market activity has increased. In the medium - to - long term, good - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits with price advantages will squeeze the apple market, and the inventory pressure of ordinary apples is large. Therefore, the futures market will fluctuate at a high level, showing a pattern of near - term strength and long - term weakness [8]. Summary by Relevant Catalogs - **Futures Market**: The price of the apple 2605 (main) contract decreased by 0.61%, and the 2610 contract increased by 0.11%. The basis increased by 3.96%, and the 5 - 10 spread decreased by 5.59%. The position decreased by 10.69% [3]. - **Spot Market**: The arrivals at several fruit wholesale markets increased. The national cold - storage inventory decreased by 1.73%, and the factory - warehouse delivery profit decreased by 4.38% [3]. Group 3: Sugar Report Industry Investment Rating Not provided Core View ICE raw - sugar futures closed down, but the decline was limited by the weakening dollar. The market's focus has shifted to Brazil's 26/27 sugar - crushing season starting in April. The rainfall in Brazil is conducive to sugar - cane growth, and India's production is strong, while Thailand's crushing progress is slow. Overall, raw - sugar prices will fluctuate between 14.5 - 15.5 cents per pound. In the domestic market, the production and sales data of Guangxi and Yunnan are mixed, in line with market expectations. With the approaching of the Spring Festival, transactions are acceptable, and enterprises mainly sell at market prices. Considering the expected increase in production, the market is cautious, and sugar prices are expected to fluctuate at a low level [9]. Summary by Relevant Catalogs - **Futures Market**: The prices of sugar 2605 and 2609 contracts decreased, and the ICE raw - sugar main contract decreased by 0.47%. The 5 - 9 spread increased by 45.45%. The position of the main contract decreased by 0.33%, the warehouse receipts increased by 48.86%, and the effective forecasts decreased by 42.38% [10]. - **Spot Market**: The prices of Nanning and Kunming decreased or remained stable. The basis of Nanning decreased by 8.54%, and that of Kunming increased by 5.17%. The prices of imported Brazilian sugar (both within and outside the quota) decreased [10]. Group 4: Cotton Report Industry Investment Rating Not provided Core View ICE cotton futures closed slightly higher. The January USDA supply - and - demand report predicted stable cotton demand and lower production estimates. The drought index in the US cotton - growing areas continued to rise, but it is still early for sowing. USDA export sales have declined continuously, and export expectations may be lowered. It is expected that US cotton will maintain a low - level fluctuation pattern. Zhengzhou cotton is supported by the rigid demand of textile enterprises at low prices, but the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed. The fundamental positives have been fully priced in, and the adverse factors are increasing. Overall, the upward trend remains, but in the short term, cotton prices may enter an adjustment phase [13]. Summary by Relevant Catalogs - **Futures Market**: The prices of cotton 2605 and 2609 contracts decreased, and the ICE cotton main contract increased by 0.12%. The 5 - 9 spread increased by 8.11%. The position decreased by 3.66%, the warehouse receipts increased by 5.14%, and the effective forecasts decreased by 4.57% [13]. - **Spot Market**: The prices of Xinjiang's 3128B cotton and CC Index 3128B decreased. The basis of 3128B to the 05 and 09 contracts decreased [13]. - **Industry Situation**: Commercial inventory increased by 23.5%, industrial inventory decreased by 0.2%, imports increased by 33.3%, and bonded - area inventory increased by 15.8%. The inventory days of yarn and grey fabric changed, and the processing profit and retail sales of related products also changed [13]. Group 5: Corn and Corn Starch Report Industry Investment Rating Not provided Core View Snowfall in the Northeast affects the supply, and downstream pre - festival stocking supports prices. Futures price increases boost market sentiment, and prices in the producing areas and northern ports are strong. In North China, the grain - selling rhythm is stable, and prices fluctuate slightly. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their acceptance of high - priced corn is limited. Feed enterprises have sufficient inventories and mainly conduct rolling replenishment. In terms of policies, the targeted auction of imported corn and the release of policy corn continue, but the scale is limited. Overall, the tight supply of corn and the rigid - demand stocking intention of downstream enterprises support the strong operation of corn prices. Attention should be paid to changes in farmers' selling attitudes and policy releases [16]. Summary by Relevant Catalogs - **Corn Futures Market**: The price of the corn 2603 contract increased by 1.19%. The basis decreased by 25.37%, the 3 - 7 spread increased by 115.38%, and the position increased by 3.99%. The warehouse receipts increased by 4.16% [16]. - **Corn Starch Futures Market**: The price of the corn starch 2603 contract decreased by 1.22%. The basis decreased by 16.85%, the 3 - 7 spread increased by 38.30%, and the position increased by 1.46%. The warehouse receipts remained unchanged [16]. Group 6: Oils Report Industry Investment Rating Not provided Core View - **Palm Oil**: After the release of the MPOB report's negative news and the support of positive export data, crude palm - oil futures may rise to 4200 - 4250 ringgit. In the domestic market, affected by the synchronous rise of Malaysian palm oil and pre - festival stocking expectations, Dalian palm - oil futures may continue to strengthen and approach 9000 yuan [19]. - **Soybean Oil**: The USDA report is bearish, CBOT soybeans will enter a stagnant - rise and callback phase, and CBOT soybean oil may follow. In the domestic market, the inventory of factory soybean oil is decreasing, but the USDA reports are bearish, and Dalian soybean oil will be dragged down, with the market testing the support at 7900 yuan [19]. - **Rapeseed Oil**: The limited increase in international crude oil has weak support for the domestic vegetable - oil market. The visit of the Canadian prime minister has raised concerns about a loose supply of rapeseed oil. Rapeseed oil fell rapidly after reaching the 9000 - yuan mark. However, due to the unclear Sino - Canadian trade relationship and the digestion of negative news about Malaysian palm - oil inventory, the probability of large - scale short - selling is low, and it is expected to maintain a wide - range fluctuation pattern. The basis of rapeseed oil remains high due to the delay in crushing [19]. Summary by Relevant Catalogs - **Futures Market**: The prices of Y2605 and P2605 contracts changed. The positions and warehouse receipts of palm oil and soybean oil also had different degrees of changes [19]. - **Spot Market**: The prices of Jiangsu's first - grade soybean oil, Guangdong's 24 - degree palm oil, and Jiangsu's third - grade rapeseed oil changed, and the basis and import costs also changed [19]. Group 7: Pigs Report Industry Investment Rating Not provided Core View Spot prices have returned to a volatile pattern. After the New Year's Day, market demand has significantly declined. Northern pig slaughter has decreased, while southern demand has dropped significantly, suppressing spot prices. Although there is still some second - fattening replenishment in some areas, due to the relatively high current pig prices, the overall enthusiasm is limited. The market expects an increase in supply. Although there is speculation about pre - Spring Festival consumption, it is expected that pigs will be slaughtered in mid - to - late January, and with the expected increase in supply from large - scale farms, the supply in January will be relatively abundant. The upward space for the phased futures market is limited, and it is recommended to short at high prices [21]. Summary by Relevant Catalogs - **Futures Market**: The prices of the main contracts of live pigs changed, the basis of the main contract was 1165, and the position increased by 0.84%. The warehouse receipts remained unchanged [22]. - **Spot Market**: The prices of live pigs in different regions such as Henan, Shandong, and Sichuan changed. The slaughter volume, white - strip prices, and other indicators also had different degrees of changes [20][21]. Group 8: Eggs Report Industry Investment Rating Not provided Core View On the supply side, the recent increase in egg prices has improved breeding profits, reducing farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly, but due to the weather, the egg weight has increased rapidly, resulting in a significant shortage of small - and medium - sized eggs compared to large - sized eggs. Overall, the supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and procurement is increasing. With the approaching of the Spring Festival, festival stocking has started, but household consumption has not changed significantly. The increase in demand is mainly reflected in inventory turnover. After the recent price increase, there is short - term digestion pressure, and prices may decline slightly. Considering the relatively loose supply, it is expected that futures prices will fluctuate at a low level [23]. Summary by Relevant Catalogs - **Futures Market**: The prices of the egg 03 and 04 contracts decreased. The basis increased by 59.63%, and the 3 - 4 spread decreased by 0.36% [23]. - **Spot Market**: The prices of egg - laying chicks, culled hens, and the egg - to - feed ratio increased. The breeding profit increased by 18.01% [23]. Group 9: Meal Report Industry Investment Rating Not provided Core View US soybeans are strong due to capital and sentiment. The market is looking forward to the USDA supply - and - demand report for new trading guidance. China's soybean - buying speed is fast, and the supply will be continuously replenished. The visit of Canada to China has brought positive signals, and the price of domestic rapeseed products has dropped, dragging down the soybean - meal market. The domestic spot market remains loose, and soybean and soybean - meal inventories are still at a high level. The expectation of a large number of auctions also suppresses the market. Although the expected arrival volume in the first quarter is low and the arrival rhythm is uncertain, the downside space of soybean meal is limited, and the upside is mainly affected by policies. In the short term, the market sentiment is positive, and the market will fluctuate within a range [24]. Summary by Relevant Catalogs - **Futures Market**: The prices of soybean meal, rapeseed meal, and soybean contracts changed. The spreads between different contracts and the oil - meal ratios also changed [24]. - **Spot Market**: The prices of Jiangsu's soybean meal, rapeseed meal, and soybeans remained stable or changed slightly. The basis of each variety also had different degrees of changes [24].

Report Industry Investment Ratings - **Macro Finance**: Index futures are bullish in the medium - long term, recommended to buy on dips; Treasury bonds are expected to trade sideways [1][5] - **Black Building Materials**: Coking coal for short - term trading; Rebar for range trading; Glass recommended to sell on rallies [1][7] - **Non - ferrous Metals**: Copper recommended to hold long positions cautiously at low levels and conduct rolling operations; Aluminum advised to strengthen observation; Nickel advised to observe or sell on rallies; Tin for range trading; Gold for range trading; Silver is expected to be strong; Lithium carbonate to trade in a range [1][11] - **Energy Chemicals**: PVC with a low - buying strategy; Caustic soda and soda ash to wait and see temporarily; Styrene for range trading; Rubber for range trading; Urea for range trading; Methanol for range trading; Polyolefins to be weak and volatile [1][19] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to be strong with fluctuations; Apples are expected to be strong with fluctuations; Jujubes are expected to rebound from the bottom [1][26] - **Agricultural and Animal Husbandry**: Pigs: Near - term contracts to sell on rallies and roll short, far - term contracts to be bullish cautiously; Eggs: Current 02 contract for farmers to wait and sell on rallies for hedging; Corn: Short - term to be cautious of chasing high, grain - holding entities to sell on rallies for hedging; Soybean meal: Near - term contracts to be treated strongly on dips, far - term contracts to be treated weakly; Oils: Soybean and palm oil rallies are limited, be cautious of chasing up, rapeseed oil is weak [1][30] Core Viewpoints The report provides trading guidance for various futures products in different industries, analyzing the market conditions, supply - demand relationships, and influencing factors of each product, and giving corresponding trading strategies based on these analyses. Summary by Directory 1. Macro Finance - **Index Futures**: Although the US December non - farm payrolls were disappointing, the unemployment rate dropped, reducing January rate - cut bets. The January consumer confidence index reached a four - month high. Geopolitical and precious - metal risks increased. Considering the December PMI returning to expansion and strong expectations of early - year policy support, the market may develop further, but the index may trade sideways. It is recommended to be bullish in the medium - long term and buy on dips [5] - **Treasury Bonds**: The decline momentum of the bond market has attenuated in the short term, but it still faces supply pressure and rising inflation expectations in the medium term. Whether the bond - market pressure has been fully released remains to be seen. Treasury bonds are expected to trade sideways [5] 2. Black Building Materials - **Coking Coal**: The number of coal - hauling vehicles has decreased, the inventory at ports has accumulated, and market demand has not improved significantly. It is recommended for short - term trading [7] - **Rebar**: The futures price is slightly higher than the electric - furnace off - peak electricity cost and slightly lower than the flat - rate electricity cost. The supply - demand pattern has weakened seasonally. The rebound space is limited, and it is recommended for range trading [7] - **Glass**: The short - term price rise is due to factors such as production line shutdowns and inventory reduction, but the fundamental pattern has not changed. It is expected to be weak, and it is recommended to sell on rallies [7][9] 3. Non - ferrous Metals - **Copper**: The market is in a "strong expectation, weak reality" stage. The short - term upward momentum is exhausted, but the long - term shortage expectation and supporting factors still exist. It is expected to trade in a high - level range with a possible downward shift, and it is recommended to hold long positions cautiously at low levels and conduct rolling operations [11] - **Aluminum**: The weak reality of alumina surplus will continue, and the policy expectation is uncertain. The aluminum price is mainly driven by expectations and capital, and it faces great pressure in January. It is recommended to strengthen observation [13] - **Nickel**: The nickel ore quota is expected to be cut, but the overall nickel market remains in surplus. It is recommended to observe or sell on rallies [14] - **Tin**: The supply of tin ore is tight, and the downstream demand is recovering. It is expected to be strong with fluctuations, and it is recommended for range trading [15] - **Silver**: Due to factors such as the disappointing US non - farm payrolls and interest - rate cut expectations, the price is expected to be strong. It is recommended to hold long positions and be cautious of opening new positions [17] - **Gold**: Similar to silver, the price is expected to move up in the medium term. It is recommended for range trading and be cautious of chasing high [17] - **Lithium Carbonate**: The supply is expected to increase, and the demand is strong but may decline slightly. It is expected to trade in a range [18] 4. Energy Chemicals - **PVC**: The cost is at a low level, the supply is high, the domestic demand is weak, and the export is expected to maintain a high growth rate. Although the current supply - demand situation is weak, considering valuation and policies, it is recommended to buy at low levels [19] - **Caustic Soda**: The short - term has delivery pressure, and the medium - term may be supported by the market atmosphere of related commodities. However, the rebound space is limited without production cuts. It is recommended to wait and see [21] - **Styrene**: The current valuation is high, and the overseas gap has been filled. It is recommended to be cautiously bearish in the short term and focus on the improvement of cost and supply - demand in the long term [21] - **Rubber**: The supply is increasing during the high - yielding season, but the inventory accumulation may slow down. The downstream demand is weak. It is expected to trade in a range [22] - **Urea**: The supply is increasing, the agricultural and industrial demand has some support, and the inventory is at a low level. It is expected to trade in a range [23] - **Methanol**: The supply in the inland area is recovering, the demand for methanol - to - olefins is stable, and the traditional downstream demand is weak. Affected by geopolitical and port - arrival factors, the price is expected to trade in a range [24] - **Polyolefins**: The supply is still abundant, the demand has entered the off - season, and the price is expected to be weak and volatile [24] - **Soda Ash**: The supply is in surplus, but the cost support is strong. It is recommended to wait and see [26] 5. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply and demand are adjusted, and the price has shown high - level fluctuations after a continuous rise. It is recommended to be cautious in the short term and optimistic in the long term [28] - **Apples**: The market of late - Fuji apples in the warehouse is stable, with different trading situations in different regions. The price is expected to be strong with fluctuations [28] - **Jujubes**: The acquisition in Xinjiang is almost finished, and the market trading atmosphere is different in different regions. It is expected to rebound from the bottom [29] 6. Agricultural and Animal Husbandry - **Pigs**: The short - term supply - demand relationship may turn loose, and the price may decline. In the medium - long term, the supply in the first quarter will increase, and the price after the Spring Festival will be under pressure. It is recommended to sell on rallies for near - term contracts and be cautiously bullish for far - term contracts [30][31] - **Eggs**: The short - term price may rise seasonally, but the supply is sufficient, limiting the increase. In the medium - long term, the new - laying pressure is not large, but the supply pressure still exists. It is recommended to wait for the opportunity to sell on rallies for hedging [33][34] - **Corn**: The short - term price is under selling pressure, and the long - term demand will gradually recover, but the supply - demand pattern is relatively loose year - on - year. It is recommended to be cautious of chasing high in the short term and sell on rallies for hedging [35][36][37] - **Soybean Meal**: The short - term price is expected to be strong with fluctuations, and the long - term price is expected to be weak. It is recommended to be long on dips for the near - term contract and pay attention to the pressure levels [38][39] - **Oils**: The short - term rallies of soybean and palm oil are limited, and rapeseed oil is weak. In the medium - long term, soybean and palm oil may rebound, and rapeseed oil will continue to be weak. It is recommended to be cautious of chasing up for soybean and palm oil and gradually exit long positions for rapeseed oil [39][43][44]

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views Apple - The trading atmosphere in the national apple market has warmed up, with increased market activity. High - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits, such as citrus, have price advantages and squeeze the apple market. The inventory of ordinary apples is under pressure. Due to low inventory and a low rate of high - quality apples, the futures market has been oscillating upwards recently, and the delivery profit has been repaired. Attention should be paid to the de - stocking progress [1][5]. Red Dates - Affected by the warming sentiment in the commodity market, the futures market has rebounded and the basis has converged. The purchase in the production areas is basically over, and processing enterprises are actively arranging production and accelerating the shipment rhythm. New and old stocks are being supplied to the market. Currently, downstream buyers are purchasing as needed, and the number of buyers inspecting goods has increased, but there has been no significant improvement in transactions. The process of generating new - season warehouse receipts has accelerated. In the context of strong supply and weak demand, the rebound of red date futures is expected to be limited. Attention should be paid to pre - Spring Festival stocking and actual de - stocking progress [8]. Sugar - Internationally, the market's focus has shifted to Brazil's 26/27 sugar - cane crushing season starting in April. Since December, rainfall in most major producing areas in the central - southern region has exceeded the average, which is beneficial for the growth of sugar - cane in the 26/27 season and has improved the production outlook. The market initially expects the sugar - cane yield per unit area to increase by about 3% year - on - year. In India, production is strong, with cumulative sugar production reaching 11.83 million tons as of the end of December, a 24% year - on - year increase. However, due to the lack of price competitiveness, the current export progress is slow. In Thailand, the sugar - cane crushing season is progressing slowly. Domestically, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. As the Spring Festival approaches, downstream enterprises still have a certain scale of procurement demand, which can support prices. However, considering the current situation of increased production, market participants are generally cautious. It is expected that sugar prices will maintain a low - level oscillating trend [9]. Cotton - The drought index in the US cotton - producing areas continues to rise, in line with the expectations of a weak La Nina winter. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, and the positive factors in the industrial fundamentals have been fully priced in. The widening gap between domestic and foreign cotton prices will gradually allow imported cotton to enter the market with a 40% tariff, and the unfavorable factors for Zhengzhou cotton are gradually increasing. Overall, the upward trend remains unchanged. In the short term, cotton prices may enter an adjustment phase. Attention should be paid to the support level around the 14,100 - 14,300 moving average [11]. Oils and Fats - After the release of the USDA monthly report at the beginning of the week, the uncertainty makes it unlikely for funds to continue to go long on CBOT soybeans. Moreover, as Brazilian soybeans are about to be on the market, even if CBOT soybeans rise, they will likely correct later. The market is waiting for guidance from the USDA report. If the report causes CBOT soybeans to rise, the March contract of CBOT soybeans will test the resistance at 50 cents. Malaysian palm oil futures have been oscillating upwards, waiting for the MPOB supply - demand report next Monday. The international oil market has been boosted by the more than 3% increase in the US crude oil futures price and the follow - up rise of US soybeans, which is beneficial for the domestic vegetable oil market. The negative impact of the news of the Canadian Prime Minister's visit to China has been basically digested, and short - selling funds have taken profits and left the market. The rapeseed oil futures have rebounded above 9,000 yuan. Before the release of key information such as the US agricultural supply - demand report, Malaysian palm oil inventory data, and possible policy changes after the China - Canada meeting, the futures market is expected to maintain a wide - range oscillating pattern. In the spot market, the wait - and - see sentiment is still strong, and downstream buyers are replenishing stocks in small quantities as needed. Spot prices fluctuate with the market, and the basis quotation continues to be high [12]. Eggs - On the supply side, the recent increase in egg prices has improved breeding profitability, leading to a decrease in farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly compared with the previous period. However, due to the influence of weather, the egg weight has increased rapidly, resulting in a significant shortage of small and medium - sized eggs compared with large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the current market supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and their procurement volume is continuously increasing. In addition, as the Spring Festival approaches, the festival stocking plans of all links in the terminal consumer market have been gradually launched, and the willingness to purchase at low prices has increased. However, there has been no significant change in the procurement intensity of household consumption. The current increase in demand is mainly reflected in the inventory turnover of the trading link. In the coming week, pre - Spring Festival stocking will still be the core driving force for market demand growth. After the recent price increase, the market has short - term digestion pressure and may experience a slight decline. However, the positive support factors in the market are clear, and it is expected that after a short - term adjustment, there may still be a slight increase. Attention should be paid to the resistance level around the previous high of 3,100 [13]. Corn - On the supply side, in the Northeast region, the price is strongly supported by the price - holding attitude of grass - roots farmers and the rigid - demand stocking of some downstream enterprises. In the North China region, the supply can meet the needs of enterprises, and the supply - demand is relatively balanced, with prices oscillating within a narrow range. If the supply increases before the Spring Festival, prices may weaken. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their profits are slightly in the red, and they are less willing to accept high - priced corn. Feed enterprises have sufficient inventories and mainly replenish stocks on a rolling basis. On the policy side, the targeted auction of imported corn continues, and although there is a premium, it has cooled down. The policy - based corn supply is currently limited, and attention should be paid to its subsequent intensity. In general, the strong price - holding sentiment and the rigid - demand stocking intention of downstream enterprises support the corn price. However, the profit losses of downstream enterprises limit their acceptance of high prices, and the continuous policy - based supply suppresses the upward momentum of corn prices. Attention should be paid to the resistance level around 2,270, as well as changes in farmers' selling attitudes and policy - based supply [16]. Live Pigs - The spot price has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the north has decreased, while the demand in the south has dropped significantly, and purchasing power is weak, suppressing the spot price. Recently, there has been some restocking for secondary fattening in some areas, but due to the relatively high current pig price, the overall enthusiasm is limited. However, the average weight of the存栏 has been increasing, and the subsequent market supply is expected to increase. The market is betting on pre - Spring Festival consumption, but it is expected that pigs will be slaughtered gradually in mid - to - late January. Coupled with the expected increase in supply from large - scale farms, the overall supply in January will be relatively loose, and there is limited room for further upward movement in the futures market. It is recommended to short at high prices [18][19]. Meal - The US soybeans are strongly influenced by funds and sentiment. The market is looking forward to the USDA supply - demand report on Monday, which may provide new trading guidance. In China, the speed of soybean purchases is relatively fast, and the supply will be continuously supplemented by US soybeans and reserve auctions. The visit of Canada to China has brought positive signals, and there is an expectation of improved China - Canada relations, which has led to a significant decline in domestic rapeseed prices and dragged down the soybean meal market. The domestic spot market remains in a loose pattern, with high inventories of soybeans and soybean meal. There are also many expectations of auctions recently, which also put pressure on the market. Although the expected arrival volume in the first quarter is low, the arrival rhythm is uncertain. The downside of soybean meal is limited, and the upside is mainly affected by policy factors. In the short term, the market sentiment is relatively optimistic, and the futures market will maintain a range - bound oscillation [21]. Summary by Related Catalogs Apple - **Futures Market**: The price of the apple 2605 (main contract) increased by 158 yuan/ton to 9,689 yuan/ton, a rise of 1.66%. The price of the apple 2610 contract increased by 21 yuan/ton to 8,472 yuan/ton, a rise of 0.25%. The futures open interest increased by 23,520 lots to 156,793 lots, a rise of 17.65% [1]. - **Spot Market**: The arrival volume at several fruit wholesale markets has increased, with the arrival volume at Chalong Fruit Wholesale Market increasing by 40%, Jiangmen Fruit Wholesale Market by 37.5%, and Xiaqiao Fruit Wholesale Market by 33.33%. The national cold - storage inventory decreased by 126,600 tons to 7.209 million tons, a decline of 1.73% [1]. - **Profit**: The factory - warehouse delivery profit increased by 121 yuan/ton to 457 yuan/ton, a rise of 36.01% [1]. Red Dates - **Futures Market**: The price of the red date 2605 (main contract) increased by 75 yuan/ton to 9,150 yuan/ton, a rise of 0.83%. The open interest increased by 4,234 lots to 154,819 lots, a rise of 2.81% [8]. - **Spot Market**: The price of Cangzhou's extra - grade red dates increased by 50 yuan/ton to 9,520 yuan/ton, a rise of 0.53%. The basis of extra - grade red dates in Cangzhou relative to the main contract increased by 205 yuan/ton to - 230 yuan/ton, a rise of 87.80% [8]. Sugar - **Futures Market**: The price of sugar 2605 increased by 9 yuan/ton to 5,288 yuan/ton, a rise of 0.17%. The open interest of the main contract increased by 3,135 lots to 432,813 lots, a rise of 0.73% [9]. - **Spot Market**: The price in Nanning remained unchanged at 5,370 yuan/ton. The basis in Nanning decreased by 9 yuan/ton to 82 yuan/ton, a decline of 9.89% [9]. - **Industry Situation**: The cumulative national sugar production decreased by 317,900 tons to 1.05 million tons, a decline of 23.24%. The cumulative national sugar sales decreased by 259,000 tons to 350,000 tons, a decline of 42.53% [9]. Cotton - **Futures Market**: The price of cotton 2605 decreased by 65 yuan/ton to 14,675 yuan/ton, a decline of 0.44%. The open interest of the main contract decreased by 13,905 lots to 848,986 lots, a decline of 1.61% [11]. - **Spot Market**: The arrival price of Xinjiang cotton of grade 3128B decreased by 67 yuan/ton to 15,671 yuan/ton, a decline of 0.43% [11]. - **Industry Situation**: The commercial inventory increased by 1.1011 million tons to 5.784 million tons, a rise of 23.5%. The export of textile yarns, fabrics, and related products increased by 10.09 percentage points year - on - year to 0.98% [11]. Oils and Fats - **Soybean Oil**: The price of first - grade soybean oil in Jiangsu increased by 30 yuan/ton to 8,520 yuan/ton, a rise of 0.35%. The basis of the Y2605 contract decreased by 20 yuan/ton to 526 yuan/ton, a decline of 3.66% [12]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong increased by 60 yuan/ton to 8,680 yuan/ton, a rise of 0.70%. The basis of the P2605 contract decreased by 2 yuan/ton to - 2 yuan/ton, a decline of 125% [12]. - **Rapeseed Oil**: The price of third - grade rapeseed oil in Jiangsu increased by 100 yuan/ton to 9,800 yuan/ton, a rise of 1.03%. The basis of the OI2605 contract increased by 14 yuan/ton to 758 yuan/ton, a rise of 1.88% [12]. Eggs - **Futures Market**: The price of the egg 03 contract increased by 31 yuan/500KG to 3,040 yuan/500KG, a rise of 1.03%. The price of the egg 04 contract increased by 39 yuan/500KG to 3,316 yuan/500KG, a rise of 1.19% [13]. - **Spot Market**: The price of eggs in the production areas remained unchanged at 3.25 yuan/jin. The price of egg - laying chicken chicks increased by 0.10 yuan/feather to 2.90 yuan/feather, a rise of 3.57% [13]. Corn - **Futures Market**: The price of corn 2603 decreased by 3 yuan/ton to 2,263 yuan/ton, a decline of 0.13%. The open interest increased by 21,598 lots to 1,969,700 lots, a rise of 1.11% [16]. - **Spot Market**: The FOB price at Jinzhou Port increased by 10 yuan/ton to 2,330 yuan/ton, a rise of 0.43%. The basis increased by 13 yuan/ton to 67 yuan/ton, a rise of 24.07% [16]. Live Pigs - **Futures Market**: The price of the live - pig 2605 contract decreased by 60 yuan/ton to 1,120 yuan/ton, a decline of 5.08%. The open interest of the main contract decreased by 2,847 lots to 168,424 lots, a decline of 1.66% [18]. - **Spot Market**: The daily slaughter volume of sample slaughterhouses increased by 903 to 226,460, a rise of 0.40%. The price of piglets increased by 1.0 yuan/head to 16.50 yuan/head, a rise of 6.45% [19]. Meal - **Soybean Meal**: The price of soybean meal in Jiangsu remained unchanged at 3,150 yuan/ton. The price of the M2605 contract increased by 4 yuan/ton to 2,786 yuan/ton, a rise of 0.14%. The basis decreased by 4 yuan/ton to 364 yuan/ton, a decline of 1.09% [21]. - **Rapeseed Meal**: The price of rapeseed meal in Jiangsu decreased by 20 yuan/ton to 2,420 yuan/ton, a decline of 0.82%. The price of the RM2605 contract decreased by 20 yuan/ton to 2,338 yuan/ton, a decline of 0.85%. The basis remained unchanged at 82 yuan/ton [21].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - **Sugar**: The main contract of Zhengzhou sugar futures has oscillated upwards. The market is worried that the sugar production in Guangxi may decline year - on - year, and the domestic sugar spot price has slightly recovered. Globally, sugar is still in a state of oversupply. It is recommended to hold long positions in the main contract of Zhengzhou sugar [3]. - **Pulp**: The supply pressure of pulp is gradually alleviating, and the cost of new warehouse receipts has increased, which may drive up the bottom of the futures price. However, the global bleached softwood kraft pulp is not in short supply, and the ability of paper mills to accept high - priced pulp is limited. The upward space of pulp price is limited without further supply reduction or new production cut news [3]. - **Double - offset paper**: After the festival, the futures price of double - offset paper continued to rise, but the spot market was stable. The cost - driving force has weakened, and the upward space of the futures price is expected to be limited [5]. - **Cotton**: The futures price of cotton showed a trend of rising first and then falling. Globally, the supply of cotton is abundant, and the consumption side lacks obvious drivers. In the short term, the futures price may be slightly adjusted [7]. - **Apple**: The main 05 contract of apples showed a trend of rising first and then falling. The supply side has support, but the bullish factors have been somewhat realized, and the market is worried about consumption. The futures price is expected to be in a high - level range [8]. - **Jujube**: After the New Year's Day, the jujube futures price oscillated at a low level and tentatively rose. The spot market has entered the consumption peak season, and the inventory has started to decline. Pay attention to the spot and inventory situation in January [9]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2605, it is recommended to hold long positions cautiously due to medium - term supply support but with a declining marginal driving force. The support range is 8800 - 8900, and the pressure range is 10000 - 10200. For Jujube 2605, it is recommended to reduce short positions as the spot market enters the consumption peak season and the inventory has peaked [18]. - **Soft Commodity Futures**: For Sugar 2605, it is recommended to go long with a small position in the short term because of the uncertainty of domestic sugar production and sufficient international supply. For Pulp 2605, it is recommended to go long within a range. For Double - offset paper 2605, it is recommended to wait and see. For Cotton 2605, it is recommended to reduce long positions [18]. 3.2 Second Part: Plate Weekly Market Review 3.2.1 Futures Market Review - Apple 2605 closed at 9689, with a weekly increase of 569 and a weekly increase rate of 6.24%. - Jujube 2605 closed at 9150, with a weekly increase of 185 and a weekly increase rate of 2.06%. - Sugar 2605 closed at 5288, with a weekly increase of 37 and a weekly increase rate of 0.70%. - Pulp 2605 closed at 5550, with a weekly increase of 18 and a weekly increase rate of 0.33%. - Double - offset paper 2602 closed at 4196, with a weekly increase of 18 and a weekly increase rate of 0.43%. - Cotton 2605 closed at 14675, with a weekly increase of 90 and a weekly increase rate of 0.62% [19]. 3.2.2 Spot Market Review - The spot price of apples was 4.70 yuan per jin, with no环比 change and a year - on - year increase of 0.45 yuan. - The spot price of jujubes was 9.40 yuan per kilogram, with a环比 decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan. - The spot price of sugar was 5350 yuan per ton, with no环比 change and a year - on - year decrease of 650 yuan. - The spot price of pulp (Shandong Yinxing) was 5580 yuan, with no环比 change and a year - on - year decrease of 850 yuan. - The spot price of cotton was 15930 yuan per ton, with a环比 decrease of 62 yuan and a year - on - year increase of 1278 yuan [23]. 3.3 Third Part: Plate Basis Situation No specific analysis content provided in the given text, only relevant figure references are given. 3.4 Fourth Part: Inter - month Spread Situation No specific analysis content provided in the given text, only relevant figure references are given. 3.5 Fifth Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no环比 or year - on - year change. - The warehouse receipt volume of jujubes is 2523, with a环比 increase of 260 and a year - on - year decrease of 716. - The warehouse receipt volume of sugar is 6005, with no环比 change and a year - on - year decrease of 9158. - The warehouse receipt volume of pulp is 136489, with a环比 increase of 983 and a year - on - year decrease of 202170. - The warehouse receipt volume of cotton is 7388, with a环比 increase of 199 and a year - on - year increase of 2848. - The warehouse receipt volume of cotton yarn is 20, with no环比 change and a year - on - year decrease of 97 [43]. 3.6 Sixth Part: Option - related Data - **Apple 2605**: Sell out - of - the - money put options as the bullish factors have been somewhat realized, and the futures price is in a high - level range [45]. - **Jujube 2605**: Sell deep out - of - the - money call options as new jujubes are concentrated on the market, and the spot inventory is high [45]. - **Sugar 2605**: Buy out - of - the - money call options as there is a divergence in China's sugar production, and the futures price may rise in the short term [45]. - **Cotton 2605**: Sell out - of - the - money put options as there is a situation of strong expectation vs. weak reality, and the futures price is expected to continue to move up [45]. - **Pulp 2605**: Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 as there is cost support but weak upward fundamental driving force [45]. 3.7 Seventh Part: Plate Futures Fundamental Situation 3.7.1 Apple - **Production Area Weather**: No specific analysis content provided, only relevant figure references are given [54]. - **Export Situation**: No specific analysis content provided, only relevant figure references are given [57]. - **Inventory Situation**: No specific analysis content provided, only relevant figure references are given [59]. 3.7.2 Jujube No specific analysis content provided, only relevant figure references are given [62]. 3.7.3 Sugar No specific analysis content provided, only relevant figure references are given [64]. 3.7.4 Pulp No specific analysis content provided, only relevant figure references are given [70]. 3.7.5 Double - offset paper No specific analysis content provided, only relevant figure references are given [83]. 3.7.6 Cotton No specific analysis content provided, only relevant figure references are given [88].

Core Viewpoint - The article presents a comprehensive analysis of the commodity market outlook for 2026, based on insights from 31 institutions covering 47 trading varieties across various sectors including metals, energy, chemicals, and agricultural products [1][2]. Group 1: Agricultural Products & Soft Commodities - Cotton prices are expected to rise, but the upward potential is limited due to seasonal supply pressures and demand recovery dynamics [7][8]. - The core logic for cotton includes a lack of significant growth in domestic production, seasonal impacts on textile industry operations, and limited expansion in planting area due to policy guidance [9][10]. - Price predictions for cotton range from 13,500 to 15,500 CNY per ton, with strategies suggesting buying near the lower end of this range [11][12]. Group 2: Sugar - The sugar market is anticipated to experience a "low first, high later" trend, driven by the recovery of domestic production and weak consumer demand [55][56]. - The core logic indicates that ethanol will play a crucial role in balancing supply and demand, with an overall surplus expected but not catastrophic [57][58]. - Price predictions for sugar are set between 5,100 and 5,700 CNY per ton, with strategies focusing on high selling and low buying opportunities within this range [59][60]. Group 3: Rubber - Natural rubber is expected to remain in a wide fluctuation pattern, while synthetic rubber faces downward pressure [102][106]. - The core contradiction lies between the tight supply of natural rubber and the stable but uninspiring demand, while synthetic rubber faces pressure from increased production capacity [103][104]. - Price predictions for natural rubber range from 13,000 to 17,000 CNY per ton, with strategies suggesting buying near the lower end of this range [105][106]. Group 4: Apples - The apple market is projected to be weak in the short term but may strengthen in the long term due to quality disparities and competition from alternative fruits [140][141]. - The core logic indicates that high-quality apples will maintain strong prices due to scarcity, while lower-quality apples face pressure from consumer demand [142][143]. - Price predictions suggest a high-level fluctuation, with potential adjustments before and after the Spring Festival [144][145]. Group 5: Red Dates - The red date market is expected to operate under a bearish outlook due to oversupply and weak demand [180][181]. - The core logic highlights the pressure from high inventories of old dates and the impact of new crop quality on market dynamics [182][183]. - Price predictions for red dates are set between 8,500 and 9,500 CNY per ton, with strategies focusing on selling high and cautious buying [185][186]. Group 6: Pulp - The pulp market is anticipated to experience wide fluctuations without a clear trend, influenced by high inventories and weak demand [204][210]. - The core contradiction involves the ongoing supply pressure from domestic production and the structural differentiation in demand [205][206]. - Price predictions suggest a key resistance level around 5,500 CNY per ton, with strategies focusing on high selling and low buying opportunities [208][209]. Group 7: Live Pigs - The live pig market is expected to see a "low first, high later" trend, with significant supply pressures in the first half of the year [234][235]. - The core logic indicates that high supply during the off-season will lead to significant inventory pressure, while a seasonal recovery in demand is expected in the second half [234][235]. - The overall market is projected to transition from severe oversupply to a more balanced state by the end of the year [235].

Report Summary 1. Industry Investment Rating No investment rating provided in the report. 2. Core Views - **Soft Commodities** - **Sugar**: Global sugar is in a supply - surplus situation, but concerns about a decline in Guangxi sugar production in China have led to a slight recovery in domestic sugar prices. It's recommended to exit short positions in Zhengzhou sugar futures and wait and see [3]. - **Pulp**: The supply pressure of pulp is gradually easing, but the high inventory and weak paper mill profits limit the upward trend. The price is expected to run in a high - level range in the short term [3]. - **Double - offset Paper**: The spot price of double - offset paper is stable. The upward space of the futures price is limited due to the narrowing basis and weakening cost drive [4]. - **Cotton**: Globally and in the US, cotton supply is expected to be abundant, but in China, there are expectations of tight supply at the end of the year, a reduction in Xinjiang cotton planting, and support from substitutes. The price of the 05 contract is expected to move up [6]. - **Fresh Fruit and Nuts** - **Apple**: The 05 contract of apples is supported by low cold - storage inventory, poor fruit quality, and high acquisition prices. However, concerns about consumption limit the upward trend. The price is expected to fluctuate in a high - level range [7]. - **Jujube**: The supply of jujubes is gradually becoming more abundant, and the futures price has changed from a premium to a discount to the spot price. It's recommended to exit short positions below 9000 points and consider hedging strategies [8][9]. 3. Summary by Directory First Part: Sector Strategy Recommendations | Variety | Reference Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Apple 2605 | Hold long positions cautiously | New - season output, good - fruit rate, and peak inventory are lower than before, but the lack of consumption growth restricts the upward trend. It may fluctuate strongly in the short - term within the range | 8800 - 8900 | 10000 - 10200 | | Jujube 2605 | Buy on dips in the short - term | The expectation of reduced production may gradually be reflected in the far - month contracts | 8900 - 9000 | 9500 - 9800 | | Sugar 2605 | Go long with a light position and short - term | International sugar supply is sufficient, and the market is worried about a decline in China's sugar production this season, weakening short - seller confidence | 5000 - 5030 | 5300 - 5330 | | Pulp 2605 | Go long within the range | The potential delivery pressure increases as the futures price rises above the spot price. There is support for the downward movement | 5300 - 5400 | 5600 - 5800 | | Double - offset Paper 2605 | Wait and see for now | Raw material price fluctuations affect double - offset paper prices from the cost side, and the futures price may run within a range | 3900 - 4000 | 4200 - 4300 | | Cotton 2605 | Hold long positions cautiously | The overseas market is at a low level, and the domestic market has positive expectations. There is strong long - term bullish sentiment, and the price is expected to move up | 13500 - 13600 | 15400 - 15500 | [17] Second Part: Market News Changes - **Apple Market** - **Fundamentals**: In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. As of December 25, 2025, the cold - storage inventory of apples in the main producing areas was 7.021 million tons, a month - on - month decrease of 106,000 tons and a year - on - year decrease of 857,800 tons [18]. - **Spot Market**: The prices in Shandong and Shaanxi are stable. The overall shipment has slightly increased, and the prices in the sales areas are stable [18][19][20]. - **Jujube Market**: Before the New Year's Day, the inventory of 36 sample points decreased. The acquisition in Xinjiang is approaching the end, and the supply of off - grade products has increased significantly. The overall sales in the sales areas are stable [21]. - **Sugar Market**: As of December 31, 2025, India's sugar production increased year - on - year. Thailand's sugar production decreased from January to December 27, 2025/26, and Guangdong's sugar production also decreased [24]. - **Pulp Market**: As of December 31, the pulp price was stable. Some companies raised the price of BHK, and the supply tightened [27]. - **Double - offset Paper Market**: The inventory days increased, the social demand was weak, and the start - up rate increased slightly [28]. - **Cotton Market**: Egypt's cotton export contracts and shipments increased significantly, and Pakistan's new - season seed cotton listing volume decreased slightly year - on - year [29]. Third Part: Market Review - **Futures Market**: | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9614 | 67 | 0.70% | | Jujube 2605 | 8975 | 20 | 0.22% | | Sugar 2605 | 5259 | 2 | 0.04% | | Pulp 2605 | 5612 | 82 | 1.48% | | Cotton 2605 | 14855 | 200 | 1.36% | [30] - **Spot Market**: | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5340 | 10 | - 720 | | Pulp (Shandong Yinxing) | 5580 | 0 | - 950 | | Double - offset Paper (Taiyang Tianyang - Tianjin) | 4450 | 0 | - 500 | | Cotton (yuan/ton) | 15711 | 96 | 1037 | [36] Fourth Part: Basis Situation No specific data summary provided, only relevant charts are mentioned [46][47][48][49][50][51][52]. Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1026 | - 30 | 1313 | Oscillate strongly | Buy on dips | | Jujube | 9 - 1 | 25 | - 45 | - 600 | Oscillate within a range | Wait and see | | Sugar | 1 - 5 | 26 | 5 | - 44 | Oscillate | Wait and see | | Cotton | 5 - 9 | - 185 | 5 | - 15 | Oscillate weakly | Sell on rallies | [53] Sixth Part: Futures Positioning Situation No specific data summary provided, only relevant charts are mentioned [58][59][60][61][63][64][65][66][68][69][71][73][75][77][78][80][81][82]. Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 2105 | 3 | - 416 | | Sugar | 6005 | 0 | - 7024 | | Pulp | 131054 | 15478 | - 207984 | | Cotton | 6824 | 706 | 2818 | [82] Eighth Part: Option - related Data No specific data summary provided, only relevant charts are mentioned [84][85][86][88][89][90][91][92][94][95][96].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The 2026 central bank work meeting confirmed a moderately loose monetary policy, emphasizing the "integrated effect" of incremental and stock policies, which provides support for the economy and enhances the attractiveness of RMB assets. However, geopolitical conflicts and Fed policy uncertainty pose potential risks [2]. - In the short term, the stock index is expected to be strong, but there may be a phased correction due to local over - heating. The bond market may need to find a bottom, and if the stock market corrects, it may help the bond market stabilize [5][7][8]. - The shipping index (European line) is expected to fluctuate at a high level in the short term, with risks of insufficient actual cargo volume support. The far - month contract is suppressed by the resumption of navigation and off - season expectations [13]. - For new energy products, lithium carbonate has long - term value support and opportunities to build long positions on dips. Industrial silicon has limited downside space and is suitable for building long positions in far - month contracts. The spot price of polysilicon has risen, and attention should be paid to the sustainability of prices and terminal winning bids [17][19]. - In the non - ferrous metals market, copper prices are in an accelerating upward phase, aluminum is expected to be volatile and strong, zinc may reach a short - term top, nickel - stainless steel may be strong in the short term but with callback risks, tin has limited upside space, and lead is expected to fluctuate [24][25][28]. - In the oilseeds and fats market, oilseeds show a near - strong and far - weak pattern. Fats are expected to fluctuate widely in the short term [31][34]. - The asphalt crack spread may be strong in the short term due to supply disruptions [36][37]. - For precious metals, platinum and palladium may face short - term correction risks due to index parameter adjustment, while gold and silver are in an easy - to - rise and hard - to - fall pattern in the short term and are bullish in the medium - to - long term [40][43]. - In the chemical industry, pulp and offset paper prices have risen, and it is advisable to wait and see. LPG is supported in the short term by geopolitics but is under pressure in the long term. PTA - PX and MEG - bottle chips are affected by geopolitical disturbances and cost fluctuations. Methanol is likely to start an upward trend. PP and PE have short - term improvements in fundamentals but face Spring Festival inventory accumulation pressure. Pure benzene - styrene is running strongly, and rubber is expected to fluctuate widely [46][49][52][54][57][60][63][65][70]. - For black commodities, steel prices are expected to fluctuate, iron ore is running strongly, coking coal and coke may rebound, and ferroalloys may be under pressure to suppress the upward rhythm [80][82][84][86]. - In the agricultural and soft commodities market, cotton is affected by supply - demand expectations and policy adjustments, sugar is in a strong - side - oscillating pattern, rubber is expected to fluctuate widely, apples are running strongly, dates are in a low - level oscillation, and logs follow an interval trading strategy [90][92][96][99][101][103]. Summary by Relevant Catalogs Financial Futures - **Macro**: The central bank will implement a moderately loose monetary policy in 2026, using tools such as reserve requirement ratio and interest rate cuts. The Fed's policy and the Venezuelan situation may affect the market. The internal "policy integration" and external geopolitical disturbances create structural opportunities in the market [1][2]. - **RMB Exchange Rate**: Before the release of the US December ADP employment data, the US dollar index is oscillating. The RMB is relatively strong, and the central bank shows an intention to stabilize the exchange rate. Export enterprises are advised to lock in forward exchange settlement at 7.02, and import enterprises can adopt a rolling foreign exchange purchase strategy at 6.96 [3][4]. - **Stock Index**: The stock index is strong, but there may be a phased correction due to local over - heating. The short - term is expected to be strong [5][7]. - **Treasury Bond**: The bond market is under pressure. If the stock market corrects, it may help the bond market stabilize. It is recommended to hold medium - term long positions and try to buy on dips in the short term [7][8]. - **Container Shipping (European Line)**: The shipping index futures rose on January 2. The market is in a game between pre - Spring Festival and price increase implementation. The short - term is expected to fluctuate at a high level, and attention should be paid to the actual cargo volume support and resumption of navigation [9][11][13]. Commodities New Energy - **Lithium Carbonate**: The futures limit up, and the spot trading weakens. In the long - term, there is value support, and it is advisable to build long positions on dips [15][17]. - **Industrial Silicon & Polysilicon**: The prices of downstream products have risen. Industrial silicon is in a supply - demand weak situation but has a low - risk long - position value. The spot price of polysilicon has risen, and attention should be paid to price sustainability and terminal winning bids [18][19]. Non - Ferrous Metals - **Copper**: The copper price is in an accelerating upward phase. The futures market has net capital inflows. It is recommended to hold long positions in the 90000 - 100000 range and be cautious about new long positions above 100000 [22][24]. - **Aluminum Industry Chain**: Aluminum is expected to be volatile and strong, alumina is expected to oscillate, and cast aluminum alloy is expected to be volatile and strong. The core factors include funds and supply - demand expectations [25][26]. - **Zinc**: It may reach a short - term top. The short - term is expected to oscillate at a high level, and attention should be paid to the pressure at 24600 [27]. - **Nickel - Stainless Steel**: It rose strongly. The short - term may be strong due to Indonesian supply policy expectations, but there are callback risks [27][28]. - **Tin**: It is not recommended to short in the short term, and the upside space is limited. It is expected to be volatile and strong before the sentiment fades [29][30]. - **Lead**: It rose with the sector. It is expected to oscillate, and the price may fall after the sentiment fades [30]. Oilseeds and Fats - **Oilseeds**: It shows a near - strong and far - weak pattern. The supply pressure in Brazil next year suppresses the main contract, but there is a short - term supply gap. It is recommended to hold a 35 positive spread [31][33]. - **Fats**: It is expected to fluctuate widely in the short term. The fundamentals affect the price ratio, and attention should be paid to production areas and biodiesel information [34]. Energy and Oil & Gas - **Asphalt**: The supply is disturbed, and the short - term crack spread may be strong. The conflict between the US and Venezuela may affect the supply of heavy - crude oil and thus the price of asphalt [36][37]. Precious Metals - **Platinum & Palladium**: They rose strongly. In the short term, beware of the selling pressure caused by index parameter adjustment. In the medium - to - long term, the price center is expected to rise [40][41]. - **Gold & Silver**: They are approaching the previous high. In the short term, it is easy to rise and hard to fall. In the medium - to - long term, they are bullish, and corrections are opportunities to add long positions [42][43]. Chemicals - **Pulp - Offset Paper**: The spot price of pulp has risen, and the futures price is affected by spot support and overall commodity sentiment. The price of offset paper futures is rising, and it is advisable to wait and see [45][46]. - **LPG**: It is supported by geopolitics in the short term but is under long - term pressure. Attention should be paid to overseas events and domestic PDH maintenance [47][49]. - **PTA - PX**: It is affected by geopolitical disturbances and cost fluctuations. PTA is expected to have a tight supply - demand pattern in the first half of 2026, and PX is expected to be in short supply in the second quarter [50][52]. - **MEG - Bottle Chips**: It rebounded due to geopolitical speculation. The demand side is under pressure, and the inventory is high. The rebound is likely to be phased [53][54]. - **Methanol**: It is likely to start an upward trend. The change in inventory accumulation expectations is the main factor, and attention should be paid to the restart of Fude and the reduction of Iranian imports [55][57]. - **PP**: The short - term fundamentals have improved, and the Spring Festival inventory accumulation pressure exists. It is expected to oscillate [58][60]. - **PE**: It is rising from the bottom. The supply pressure is relieved, but the demand support is insufficient. It is in a supply - demand reduction pattern [61][63]. - **Pure Benzene - Styrene**: It is running strongly, affected by geopolitical pricing and capital allocation. The fundamentals are improving but are still in the off - season. Do not chase the high [64][65]. - **Rubber**: It is expected to fluctuate widely. The short - term may be strong, but there are callback risks. Pay attention to the pressure levels of different contracts and the RU - BR spread [66][70][72]. - **Soda Ash & Glass & Caustic Soda**: Soda ash has a surplus expectation, glass has high inventory and cold - repair expectations, and caustic soda is in a wide - range oscillation [73][75][76]. - **Propylene**: It is supported by cost in the short term, but the upside space is limited due to the loose supply - demand situation [77][78]. Black Commodities - **Rebar & Hot - Rolled Coil**: The prices are expected to oscillate. The fundamentals of steel products have little contradiction, but there is a possibility of inventory accumulation in the future [80]. - **Iron Ore**: It is running strongly. The high supply and rigid demand balance each other, and the price is affected by macro expectations [81][82]. - **Coking Coal & Coke**: They rebounded strongly. The inventory structure of coking coal has improved, and the supply pressure in January may ease. The coking profit of coke is under short - term pressure, and attention should be paid to the downstream steel mill's复产 elasticity [83][84]. - **Ferroalloys**: They rose due to electricity price news. The production has increased, and the inventory is accumulating. The upward rhythm may be suppressed, but the downside space is limited [85][86][87]. Agricultural and Soft Commodities - **Cotton**: The short - term is affected by supply - demand expectations and policy adjustment expectations. Pay attention to the cotton planting industry chain conference in Xinjiang and beware of price corrections. It is recommended to build long positions on dips [89][90][91]. - **Sugar**: It is in a strong - side - oscillating pattern. Pay attention to the trend of raw sugar [92][94]. - **Rubber**: It is expected to fluctuate widely. The short - term may be strong, but there are callback risks. Pay attention to the pressure levels of different contracts and the RU - BR spread [94][96][98]. - **Apple**: It is running strongly. The shortage of delivery products is expected to push up the prices of near - and far - month contracts [99][100]. - **Date**: It is in a low - level oscillation. The short - term price may be stable, and the long - term supply is abundant, and the price is under pressure [101][102]. - **Log**: It is oscillating. The 03 contract can adopt an interval trading strategy of buying low and selling high in the 760 - 790 range [103][104].

Group 1: Investment Ratings - Apple investment strategy is neutral to bullish [5] - Red dates investment strategy is neutral [10] Group 2: Core Views - In December, apples had low inventory, quality differentiation, and stable prices, with slow de - stocking. The new - season apples had reduced production and quality, and the sales of good and bad apples were polarized in the market. In January 26, due to low high - quality fruit rate and inventory, high - quality fruit prices suppressed sales in the sales area, and low - price substitute fruits squeezed the sales space [3][4][5] - As of the end of December, the acquisition of red dates in Xinjiang was nearing completion, and the market focus shifted to the circulation in the sales area and the release of Spring Festival stocking demand. The sales area had sufficient supply but weak trading atmosphere, and the inventory pressure was high. The price trend in the medium - and long - term depends on the consumption during the Spring Festival [7][9] Group 3: Market News and Important Data (Apple) - As of the end of December, the closing price of Apple 2605 contract was 9120 yuan/ton, a month - on - month decrease of 459 yuan/ton, a decline of 4.79%. The spot price of 80 first - and second - grade apples in Shandong Qixia was 8200 yuan/ton, a month - on - month increase of 700 yuan/ton; the spot price of semi - commercial apples above 70 in Shaanxi Luochuan was 8400 yuan/ton, a month - on - month increase of 100 yuan/ton [1] - As of the 52nd week of 2025, the average wholesale price of six kinds of fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.82 yuan/kg, a week - on - week increase of 0.25 yuan/kg and a month - on - month increase of 0.51 yuan/kg. As of December 25, 2025, the national apple cold - storage inventory was about 7.021 billion tons, a month - on - month decrease of 272.5 million tons [2] - As of the 52nd week of 2025, the wholesale prices of Kyoho grapes, bananas, watermelons, pineapples, and Fuji apples increased by 0.83 yuan/kg, 0.23 yuan/kg, 0.15 yuan/kg, 0.28 yuan/kg, and 0.07 yuan/kg respectively week - on - week, while the wholesale price of Ya pears decreased by 0.04 yuan/kg week - on - week [2] Group 4: Market News and Important Data (Red Dates) - As of the end of December, the closing price of Red Dates 2605 contract was 8965 yuan/ton, a month - on - month decrease of 210 yuan/ton, a decline of 2.29%. The current mainstream prices of general red dates in Aksu, Alar, Kashgar, and Maigaiti were 5 - 5.3 yuan/kg, 5.2 - 5.8 yuan/kg, 6.2 - 6.4 yuan/kg, and 6 - 6.3 yuan/kg respectively. The spot price of first - grade grey dates in Hebei was 8300 yuan/ton, a month - on - month decrease of 400 yuan/ton [7] - In December, the acquisition of grey dates in Xinjiang was nearing completion, and the ownership of the acquired goods was being transferred. The new - season red dates were generally smaller but of better quality than last year. The sales area had low trading activity, and the market focus shifted to the circulation in the sales area and the Spring Festival stocking demand [7] - The arrival volume of red dates in the sales area in December was small, but the supply increased. The average prices of special - grade and first - grade red dates in Hebei Cuierzhuang decreased by 0.28 yuan/kg and 0.47 yuan/kg respectively month - on - month. The prices of all grades in Henan and Guangzhou markets also decreased by 0.3 - 0.5 yuan/kg. The physical inventory of 36 sample points was 15,898 tons, an increase of 5050 tons compared with last month [8] Group 5: Market Analysis (Apple) - In December, the sales of out - of - cold - storage late Fuji apples were nearly over, and the trading was mainly based on cold - storage goods. The commodity rate was lower than in previous years, and the prices of good and bad apples were polarized. The cold - storage de - stocking was slow, and the de - stocking speed was lower than the same period in previous years. The de - stocking rhythm and the supply of substitute fruits in the next month will affect the market [4] Group 6: Market Analysis (Red Dates) - Currently, the acquisition of red dates is coming to an end, and the goods are being transferred from farmers and local cooperatives to processing enterprises and traders. In December, the sales area had sufficient supply but weak trading atmosphere, and the inventory pressure was high. The medium - and long - term price trend depends on the consumption during the Spring Festival [9] Group 7: Basis Analysis - The spot basis of 80 first - and second - grade apples in Shandong Qixia was AP05 - 920, a month - on - month increase of 1159; the spot basis of first - grade grey dates in Hebei was CJ05 - 665, a month - on - month decrease of 190. The basis of apples in Shaanxi Luochuan and red dates in Henan also had corresponding changes [13] - The basis is flattening, and it is expected that other regions will maintain the current basis structure. During the festival sales period, attention should be paid to the sales speed of apples and red dates [13]

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views of the Report - Overseas, the Q3 US GDP exceeded expectations with a 4.3% growth, and the job market showed resilience, dampening rate - cut expectations. Domestically, policies aim to expand domestic demand, but November economic data indicated weak domestic demand, still needing policy support. Attention should be paid to domestic PMI data and Trump's nominee for the next Fed chair [2]. - The breakthrough of the RMB against the US dollar at the 7.00 mark may end the low - volatility forex market. The RMB is likely to end the year stably, and attention should be paid to the effectiveness of exchange - rate stabilization policies [5][6]. - Short - term stock indices are expected to be volatile and bullish, but continuous upward breakthroughs still need to be observed. Bonds are not pessimistic in the medium - term. The container shipping European line futures are expected to be volatile, with the near - term contract range - bound and the far - term contract under pressure [6][8][11]. - For precious metals, platinum and palladium are recommended to be held lightly during the holiday. Gold and silver are expected to be weak in the short - term and bullish in the long - term. Copper is recommended to be observed more and traded less before the holiday. Aluminum is expected to be bullish in the long - term, while alumina and cast aluminum alloy have their own characteristics [15][18][21]. - Zinc has limited upside space. Nickel - stainless steel is driven by supply reduction expectations and demand improvement, but it is recommended to reduce positions during the holiday. Tin has rebounded from oversold conditions and is expected to be volatile. Carbonate lithium has long - term value support and is recommended to be bought on dips. Industrial silicon and polysilicon prices are gradually rising, and long positions can be considered on dips [25][26][29]. - Lead is expected to be volatile. Steel products are expected to be range - bound, with iron ore oscillating, coking coal and coke facing uncertain supply, and ferrosilicon and ferromanganese being volatile and bullish in the short - term [34][36][41]. - Pulp and offset paper can be observed first, and low - buying strategies can be tried lightly. Crude oil is expected to be range - bound at a low level. LPG is supported in the near - term and pressured in the long - term. PTA - PX has a strong - expectation and weak - reality situation. MEG - bottle chips are under valuation pressure until macro - narrative is realized. Methanol can be bought at a low level [45][49][58]. - PP and PE are expected to be bottom - oscillating. Pure benzene - styrene is expected to be bullish and oscillating. Fuel oil has weak cracking, and low - sulfur fuel oil has stable cracking. Urea can be bought in the far - month contract. Soda ash, glass, and caustic soda are affected by supply and demand and market sentiment [63][66][73]. - Logs can be observed or a fine - grid strategy can be used. Propylene is expected to be range - bound at a low level, and attention should be paid to marginal changes [79][80]. - For agricultural products, pigs' long - term supply may be affected by policies, while short - term fundamentals prevail. Oilseeds are strong in the near - term and weak in the far - term. Oils are widely oscillating under supply pressure. Cotton may correct in the short - term and rise in the long - term. Sugar maintains a balance. Eggs are generally bearish. Apples are expected to be oscillating. Red dates are expected to be range - bound at a low level [84][85][90] Group 3: Summaries by Relevant Catalogs Financial Futures - **Market Information**: Central rural work conference focuses on agricultural technology; 2026 national subsidy plan is released; Fed meeting minutes show divided views on rate cuts; Trump may sue the current Fed chair and will announce the next nominee in January [1][4]. - **Core Logic**: Overseas, the US economy is strong, dampening rate - cut expectations. Domestically, policies aim to expand domestic demand, but domestic demand is weak, still needing policy support [2]. - **RMB Exchange Rate**: The RMB broke through the 7.00 mark, and it is expected to end the year stably. Attention should be paid to exchange - rate stabilization policies [5][6]. - **Stock Indices**: The stock indices were volatile and bullish last trading day. Policy signals are positive, but continuous upward breakthroughs still need to be observed [6][7]. - **Bonds**: The bond market was range - bound on Tuesday. The mid - term view on bonds is not pessimistic, and long positions can be held during the holiday [7][8]. - **Container Shipping European Line**: The futures market closed down yesterday. The market is concerned about the sustainability of price increases, and the near - term contract is range - bound while the far - term contract is under pressure [9][11]. Commodities Non - ferrous Metals - **Platinum & Palladium**: Platinum rose and palladium oscillated last night. The long - term bullish foundation remains, but short - term price fluctuations may intensify. It is recommended to hold lightly during the holiday [14][15]. - **Gold & Silver**: Gold oscillated and silver rose. The short - term view is weak, and the long - term view is bullish. It is recommended to reduce long positions or stay out of the market during the holiday [16][18]. - **Copper**: Copper prices rose last night. Short - term adjustments do not change the long - term upward trend. It is recommended to observe more and trade less before the holiday [19][21]. - **Aluminum Industry Chain**: Aluminum is expected to be bullish in the long - term, alumina is expected to be range - bound, and cast aluminum alloy is expected to be bullish. Attention should be paid to the impact of related varieties [22][23]. - **Zinc**: Zinc prices were bullish last trading day. The upside space is limited, and it is expected to be range - bound at a high level in the short - term [25]. - **Nickel - Stainless Steel**: Nickel and stainless steel prices rose yesterday. The supply is expected to shrink in 2026, and demand is expected to improve. It is recommended to reduce positions during the holiday [25][26]. - **Tin**: Tin prices rebounded from oversold conditions last trading day. It is expected to be range - bound in the short - term [27]. - **Carbonate Lithium**: The futures price rose yesterday. The long - term value is supported, and it is recommended to buy on dips [28][29]. - **Industrial Silicon & Polysilicon**: The prices of industrial silicon and polysilicon futures rose yesterday. The industrial silicon market is in a supply - demand weak state, and polysilicon prices are showing signs of warming. Long positions can be considered on dips [30][32]. - **Lead**: Lead prices oscillated narrowly last trading day. It is expected to be range - bound in the short - term [33][34]. Black Metals - **Rebar & Hot - Rolled Coil**: Steel products oscillated yesterday. The fundamentals have few contradictions, and prices are expected to be range - bound [35][36]. - **Iron Ore**: Iron ore prices followed other metals up and down. The fundamentals are neutral, and prices are expected to be range - bound [37][38]. - **Coking Coal & Coke**: Coal and coke prices opened low and closed high on Tuesday. The supply and demand of coking coal and coke are facing uncertainties, and attention should be paid to the supply recovery in January [39][40]. - **Silicon Iron & Silicon Manganese**: Ferroalloys were bullish and oscillating yesterday. They are expected to be bullish and oscillating in the short - term, but the upside space may be limited [41][42]. Energy and Chemicals - **Pulp - Offset Paper**: Pulp futures rebounded yesterday, and offset paper futures rose. The market is still neutral, and low - buying strategies can be tried lightly [44][46]. - **Crude Oil**: Crude oil futures closed down yesterday. OPEC+ is expected to continue to suspend the production increase plan. Oil prices are expected to be range - bound at a low level [47][49]. - **LPG**: LPG prices rose yesterday. It is supported in the near - term and pressured in the long - term [50][51]. - **PTA - PX**: PX supply is expected to remain high, and PTA supply is uncertain. PTA processing fees are expected to rise, but the space is limited. PX is expected to be tight in the first half of 2026 [52][55]. - **MEG - Bottle Chips**: MEG supply is expected to increase, and demand is expected to weaken. It is under valuation pressure until macro - narrative is realized [56][58]. - **Methanol**: Methanol prices rose sharply. It is recommended to buy at a low level [59][60]. - **PP**: PP prices rose yesterday. It is expected to be range - bound, and attention should be paid to the scale of plant maintenance in January [61][63]. - **PE**: PE prices rose yesterday. It is expected to be bottom - oscillating, with supply pressure relieved and demand weakening [64][66]. - **Pure Benzene - Styrene**: Pure benzene and styrene prices rose yesterday. They are expected to be bullish and oscillating, but high - buying is not recommended [67][69]. - **Fuel Oil**: Fuel oil prices closed at 2473 yuan/ton yesterday. The supply is abundant, and the cracking is weak [70]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil prices closed at 2977 yuan/ton yesterday. The supply is improving, and the cracking is stable [71][72]. - **Urea**: Urea prices closed at 1756 yesterday. It is recommended to buy in the far - month contract [72][73]. - **Soda Ash - Glass - Caustic Soda**: Soda ash, glass, and caustic soda prices rose yesterday. Soda ash is affected by new capacity and demand; glass is affected by cold - repair and inventory; caustic soda is affected by market sentiment and downstream demand [73][76]. - **Logs**: Log prices closed at 776 yesterday. It can be observed or a fine - grid strategy can be used [77][79]. - **Propylene**: Propylene prices rose yesterday. It is expected to be range - bound at a low level, and attention should be paid to marginal changes [80]. Agricultural Products - **Pigs**: Pig futures prices rose yesterday. The long - term supply may be affected by policies, while short - term fundamentals prevail [83][84]. - **Oilseeds**: The external market was weak, and the domestic near - month market was strong. It is recommended to try a 3 - 5 positive spread lightly [85][86]. - **Oils**: International oils are under supply pressure, and domestic oils are oscillating. Palm oil and rapeseed oil are relatively strong, and soybean oil is weak [87][88]. - **Cotton**: Cotton futures prices were mixed. The short - term may correct, and the long - term may rise. Attention should be paid to downstream orders and policy changes [89][90]. - **Sugar**: Sugar futures prices were mixed. The short - term upward pressure is increasing [91][93]. - **Eggs**: Egg futures prices fell yesterday. It is generally bearish in the long - term, and long positions can be held lightly for a rebound [94]. - **Apples**: Apple futures prices rose yesterday. It is expected to be oscillating, and long positions can be bought on dips [95][96]. - **Red Dates**: Red date futures prices are expected to be range - bound at a low level. Attention should be paid to downstream pre - holiday purchases [97][98].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Market trends vary across different sectors. For example, in the stock market, A - shares showed a narrow - range consolidation, with the Shanghai Composite Index slightly down and the Shenzhen Component Index and ChiNext Index up. In the futures market, different commodities have different trends, such as some being in a bearish trend, some in a bullish trend, and some in a volatile state [11]. - Policy factors have a significant impact on various industries. For instance, the 2026 national subsidy policy has been adjusted, and the real - estate value - added tax policy has changed, which will affect related industries [6]. Summary by Directory 1. Macro Information - The 2026 national subsidy program is officially released, with 62.5 billion yuan in the first - batch funds for consumer goods trade - ins. The subsidy objects and ranges are adjusted, and the subsidy ratio and upper limit for some products are changed [6]. - The VAT collection rate for personal housing sales is adjusted. For housing sold within 2 years of purchase, the VAT rate is reduced from 5% to 3%, and housing sold after 2 years is exempt from VAT [6]. - The Central Rural Work Conference emphasizes the importance of "Three Rural Issues" in 2026 and the need to promote rural revitalization and food production [7]. - The Ministry of Education plans to introduce policies for AI education and application in the next year [7]. - The "Justice Mission - 2025" exercise of the Eastern Theater Command of the PLA conducts various military drills [7]. - The 2025 digital economy in China is expected to reach 49 trillion yuan, accounting for about 35% of GDP, with an increase in the proportion of the core digital economy industries [7]. - The Ministry of Industry and Information Technology promotes the innovation and development of the national new - type Internet exchange center [8]. - The secondary - market premium of Pop Mart's "Labubu" IP has ended, and resale profits have disappeared [8]. - The Fed's December meeting minutes show that the FOMC agreed to cut interest rates, but there were significant differences among officials [8]. - India's GDP has reached 4.18 trillion US dollars, becoming the world's fourth - largest economy, and is expected to reach 7.3 trillion US dollars by 2030 [9]. - The Bank of Korea modifies the currency and liquidity statistics, and the year - on - year growth rate of M2 in October drops from 8.7% to 5.2% under the new standard [9]. - OPEC + is expected to adhere to the plan to suspend production increases [9]. - Indonesia plans to cut production in 2026 to better match supply and demand [9]. 2. Stock Index Futures - The market's upward trend has slowed but shows no sign of ending. Unilateral trading can consider flexible stop - profit or arbitrage hedging [10]. 3. Treasury Bond Futures - Short - and medium - term bonds may be volatile and bullish, but the odds are more important than the direction. The market is waiting for the final PMI data and the first - quarter treasury bond issuance plan. The overall market sentiment is weak, and the short - term bonds are supported by funds, while the ultra - long - term bonds are still weak [12]. 4. Black Commodities 4.1. Steel and Iron Ore - Policy has little interference with steel production, which is relatively bearish for finished products and steel mill profits. The downstream demand for building materials is weak, while the demand for rolled products is good. The supply of steel mills is stable, and the inventory is high. The price of steel is expected to be volatile, and iron ore should be shorted on rallies [14][15]. 4.2. Coking Coal and Coke - The prices of coking coal and coke may rise in the short term but are restricted by factors such as coal mine production, safety supervision, and downstream demand. There is a potential for a phased rebound, but the space and strength are limited [17]. 4.3. Ferroalloys - For manganese silicon and ferrosilicon, the overall idea is to be short on rallies. The current industrial end of manganese silicon lacks driving forces, and the speculative demand is almost zero. Ferrosilicon has greater price elasticity, so attention should be paid to position management [18]. 4.4. Soda Ash and Glass - For soda ash, it is advisable to wait and see. For glass, try to go long after the market sentiment stabilizes. The supply of soda ash is expected to gradually recover, and the supply of glass may be reduced through cold - repair, which may improve the supply - demand pattern [19]. 5. Non - ferrous Metals and New Materials 5.1. Lithium Carbonate - In the short term, the price may adjust downward due to weakening demand expectations in the first quarter, but in the long term, the demand is positive. Pay attention to buying opportunities during the correction [21]. 5.2. Industrial Silicon and Polysilicon - Industrial silicon has some room for valuation repair but is still under pressure for rebound. Consider selling out - of - the - money call options on rallies. Polysilicon can be bought on dips, but operate with caution due to large price fluctuations [23]. 6. Agricultural Products 6.1. Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. Supported by pre - holiday replenishment demand, the cotton futures price is expected to be volatile and bullish [25]. 6.2. Sugar - After the domestic sugar market enters the season of strong supply and demand and the Zhengzhou sugar futures price rebounds to repair the valuation, pay attention to the pressure from hedging positions. It is advisable to wait and see or take a slightly short - term bearish operation [27]. 6.3. Eggs - The supply - demand pattern of eggs is still loose. Before the Spring Festival, the upside space of the spot price is limited. The far - month contracts are supported by the expectation of a post - festival inventory "gap" but have a high valuation, so it is advisable to wait and see [29]. 6.4. Apples - The apple futures price is expected to be volatile. The current market shows limited transactions in the production areas and slow sales in the sales areas. Pay attention to the price changes in the sales areas [31]. 6.5. Corn - Pay attention to the grain - selling sentiment after New Year's Day and whether the policy - grain auction will be implemented. The corn price is expected to be range - bound in the short term [33]. 6.6. Red Dates - The market is in a stage of new - product arrival, with supply pressure. The price is expected to be volatile in the short term. Pay attention to the sales rhythm and purchasing mentality in the sales areas [33]. 6.7. Pigs - The spot price of pigs is driven up by supply - demand mismatch but is not expected to continue to rise significantly. Consider shorting the main contract on rallies [34]. 7. Energy and Chemicals 7.1. Crude Oil - The crude oil supply is in surplus, and the price is mainly driven downward. Geopolitical issues have a phased impact. The oil price is expected to be volatile. Pay attention to geopolitical conflicts in Venezuela and the Middle East [34]. 7.2. Fuel Oil - The supply - demand structure of fuel oil is loose, and the price follows the oil price. Geopolitical and macro factors are the main drivers, and the inventory is increasing [37]. 7.3. Plastics - Polyolefins have a large supply pressure and weak downstream demand. The price may have a small - scale rebound due to upstream losses but has no strong upward driving force. It is advisable to view it with a bullish - volatile mindset [38]. 7.4. Rubber - Reduce long positions on rallies and hold the remaining positions for observation. Pay attention to the raw material supply in Thailand, the approaching end of the cutting season in the northeast, domestic demand, and macro factors [39]. 7.5. Synthetic Rubber - The short - term sentiment fluctuates significantly. Be cautious about chasing up on a single - side basis. It is advisable to wait and see if there are no positions. Pay attention to factors such as butadiene, butadiene rubber plants, downstream purchasing sentiment, and policy changes [40]. 7.6. Methanol - The actual supply - demand situation of methanol has slightly improved. In the short term, there may be some support, and the near - month contract can be viewed with a bullish - volatile mindset. The far - month contract can be gradually considered for a slightly long - side allocation after the inventory is smoothly reduced [40][41]. 7.7. Caustic Soda - Take a bearish view of the near - month contract and dynamically hold long positions in the far - month 05 contract [42]. 7.8. Asphalt - The price of asphalt is expected to have a larger fluctuation range. The future focus is on the price bottom after the winter - storage game [43]. 7.9. Polyester Industry Chain - The supply - demand of the polyester chain shows signs of weakening, and the market is in a short - term adjustment. Consider the positive spread arbitrage opportunity between the 5 - and 9 - month contracts of PX and PTA [44]. 7.10. Liquefied Petroleum Gas - The import cost supports the LPG price, and the futures price fluctuates between the fundamentals and the delivery logic. The market is expected to be volatile due to factors such as high import costs and large warehouse - receipt pressure [45][46]. 7.11. Pulp - The fundamentals of pulp are gradually improving, but there may be pressure from hedging positions. It is advisable to wait and see in the short term. If the spot price is stable and there are deliverable long - term goods with a suitable cost, consider selling out - of - the - money call options on the 03 contract [47]. 7.12. Logs - The fundamentals of logs are weakly bearish, and the spot price has temporarily stabilized. The market is expected to be weakly balanced in terms of supply and demand, and the futures price is expected to be volatile [48]. 7.13. Urea - The urea futures have fully priced in the expectation of post - holiday demand recovery. On the last trading day of 2025, view it with a volatile mindset [49].