研究中心农产品团队 2026/01/08 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/30 | 2160 | 2280 | 2244 | 2440 | 50 | 10 288 | 2750 | 2800 | 179 | -49 | | 2025/12/31 | 2160 | 2280 | 2244 | 2420 | 54 | -10 269 | 2750 | 2800 | 190 | -79 | | 2026/01/05 | 2160 | 2260 | 2230 | 2420 | 36 | 10 287 | 2750 | 2800 | 196 | -79 | | 2026/01/06 | 2160 | 2260 | 2230 | 2410 | 38 | 0 255 | 2750 | 2800 | ...

研究中心农产品团队 2026/01/07 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/29 | 2160 | 2280 | 2244 | 2430 | 31 | 0 | 255 | 2750 | 2800 | 170 | -49 | | 2025/12/30 | 2160 | 2280 | 2244 | 2440 | 50 | 10 | 288 | 2750 | 2800 | 179 | -49 | | 2025/12/31 | 2160 | 2280 | 2244 | 2420 | 54 | -10 | 269 | 2750 | 2800 | 190 | -79 | | 2026/01/05 | 2160 | 2260 | 2230 | 2420 | 36 | 10 | 28 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2026-1-6 节后农业板块震荡为主 油脂：供应预期宽松，油脂回调整理 蛋白粕：南美丰产预期强，双粕低位震荡 玉米/淀粉：购销逐步恢复，价格区间震荡 生猪：节后需求驱动减弱，盘面下跌 天然橡胶：看涨情绪仍存，胶价高位震荡 合成橡胶：盘面维持震荡走势 棉花：棉价增仓上行 白糖：糖价窄幅波动，中期仍承压 纸浆：资金与宏观主导行情，纸浆期货反复震荡 双胶纸：现货持稳，盘面偏强 原木：供需双弱，窄幅震荡 【异动品种】 棉花观点：棉价增仓上⾏ 逻辑：昨日开盘棉价强势上行，最高触及14875元/吨，但随后回落，涨幅 回吐，尾盘收阳。基本面方面，新棉处于集中上市期，当前加工、公检进 度快于往年，但棉花商业库存累库情况不及预期，根据BCO，截至12月中 全国棉花商业库存同比下滑，本年度截至12月底棉花表需同比增加，利多 棉价。25/26年度，虽然全国棉花产量大幅增加，但若需求延续当前增 速，年度预计紧平衡。除基本面表现较好之外，政策端预期同样利多棉 价。2026年新疆植棉面积存在缩紧预期，当前政策导向已明确，但细则未 出，缩面积的预期在明年1季度前 ...

| | | | | | | | | | 研究中心农产品团队 2026/01/06 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/26 | 2160 | 2250 | 2250 | 2390 | 28 | -10 | 206 | 2750 | 2800 | 191 | -49 | | 2025/12/29 | 2160 | 2280 | 2244 | 2430 | 31 | 0 | 255 | 2750 | 2800 | 170 | -49 | | 2025/12/30 | 2160 | 2280 | 2244 | 2440 | 50 | 10 | 288 | 2750 | 2800 | 179 | -49 | | 2025/12/31 | 2160 | 2280 | ...

| | | | | | | 农产品早报 | | | 研究中心农产品团队 2026/01/05 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/25 | 2160 | 2230 | 2250 | 2380 | 41 | 0 | 195 | 2750 | 2800 | 221 | -49 | | 2025/12/26 | 2160 | 2250 | 2250 | 2390 | 28 | -10 | 206 | 2750 | 2800 | 191 | -49 | | 2025/12/29 | 2160 | 2280 | 2244 | 2430 | 31 | 0 | 255 | 2750 | 2800 | 170 | -49 | | 2025/12/30 | 2160 | 22 ...

农产品早报 研究中心农产品团队 2025/12/31 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/24 | 2160 | 2230 | 2250 | 2390 | 34 | 10 219 | 2750 | 2800 | 211 | -14 | | 2025/12/25 | 2160 | 2230 | 2250 | 2380 | 41 | 0 195 | 2750 | 2800 | 221 | -49 | | 2025/12/26 | 2160 | 2250 | 2250 | 2390 | 28 | -10 206 | 2750 | 2800 | 191 | -49 | | 2025/12/29 | 2160 | 2280 | 2244 | 2430 | 31 | 0 255 | 2750 | 28 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-12-31 原油上行走势，植物油持续反弹 油脂：原油上行走势，植物油持续反弹 蛋白粕：库存压力仍大，双粕窄幅震荡 玉米/淀粉：华北东北分化，期货冲高回落 生猪：月末缩量，猪价反弹 天然橡胶：看涨情绪仍存，胶价低位反弹 合成橡胶：原料调涨，盘面坚挺运行 棉花：延续偏强走势 白糖：小幅反弹，但依旧承压 纸浆：现货平淡，期货独自反复震荡 双胶纸：现货持稳，盘面偏强 原木：供需双弱，窄幅震荡 风险因素：宏观大幅变动；气候异常；供需超预期变化 【异动品种】 油脂观点：原油上行走势，植物油持续反弹 逻辑：国内油脂走势震荡偏强，其中棕榈油涨势更为明显。从宏观环境 看，国际原油价格延续上行趋势，地缘问题带来的供给顾虑仍需消化，同 时原油上涨使棕榈油作为生物柴油的吸引力加强。从产业端看，南美豆丰 产预期持续，巴西大豆种植基本结束，AgRural预计2025/26年度巴西大豆 产量将达到创纪录的1.804亿吨，高于11月份预估的1.785亿吨，同比提高 5.19%。阿根廷大豆种植截至12月19号的进度是67.3%，环比提高8.7个百 分点，去年 ...

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View - The agricultural product options market shows different trends: oilseeds and oils are weakly oscillating, by - products are oscillating, soft commodities like sugar are slightly oscillating, cotton is strongly consolidating, and grains such as corn and starch are narrowly consolidating with a bullish bias [2]. - It is recommended to construct option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Category 3.1 Futures Market Overview - Different agricultural product futures have various price changes, trading volumes, and open - interest changes. For example, the latest price of soybean No.1 (A2603) is 4,143, up 21 with a 0.51% increase, trading volume is 1.72 million lots (up 0.67 million lots), and open interest is 5.05 million lots (down 0.05 million lots) [3]. 3.2 Option Factors - **Volume and Open - Interest PCR**: Each option variety has different volume and open - interest PCR values and their changes, which reflect the sentiment and strength of the market. For instance, the volume PCR of soybean No.1 is 0.41, up 0.06, and the open - interest PCR is 0.89, down 0.04 [4]. - **Pressure and Support Levels**: From the perspective of option factors, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4200, and the support level is 4000 [5]. - **Implied Volatility**: The implied volatility of each option variety also varies. For example, the at - the - money implied volatility of soybean No.1 is 10.535, and the weighted implied volatility is 12.76, up 0.40 [6]. 3.3 Strategy and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1**: Fundamentally, China's soybean procurement and Brazilian soybean import costs have an impact. The option strategy includes constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, trading volume, delivery volume, and basis have changed. Option strategies involve constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, production has decreased and exports have increased. Option strategies include constructing a short - biased neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, downstream consumption is weak. The option strategy is to use a long collar strategy for spot hedging [10]. - **By - product Options** - **Pig**: Fundamentally, supply has decreased and demand is in the peak season. Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, supply is sufficient and demand is weak. Option strategies involve constructing a short - biased call + put option combination strategy [11]. - **Apple**: Fundamentally, cold - storage inventory has decreased. Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, inventory has decreased. Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. - **Soft Commodity Options** - **Sugar**: Fundamentally, production in Thailand has decreased and domestic industrial inventory is increasing. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, China's cotton production has increased. Option strategies include constructing a bull - spread call option strategy, a neutral short call + put option combination strategy, and a long collar strategy for spot [13]. - **Grain Options** - **Corn**: Fundamentally, the corn germ market is weak. Option strategies include constructing a neutral short call + put option combination strategy [13]. - **Starch**: Option strategies are not detailed in the text, but related data on price trends, option factors, etc. are provided [309][311]. - **Log Options**: Option strategies are not detailed in the text, but related data on price trends, option factors, etc. are provided [328][330]

多元聚能兴工业 转型蝶变启新程 ——我市推动工业经济高质量发展行稳致远 投产运营的灵台电厂 记者 贾灏 摄 □记者 张成龙 "十四五"时期，平凉挣脱"一煤独大"的路径依赖，锚定"三区一城市"目标定位，紧盯打造全省工业转型发展创新区聚力 突破，以强工业行动为总牵引，在传统产业升级中夯实根基，在新兴产业培育中开拓新局，煤炭、生物制造、汽车零部 件、食品加工、新材料等多产业齐头并进，共同书写了工业经济量质齐升的转型答卷。规上工业增加值预计2025年底达 145亿元，较"十三五"末增加62.04亿元，年均增长7.8%；工业固投增速33个月保持30%以上；22个工业行业大类中14个实 现增长，新兴产业增速最高超240%…… 一组组实打实的数据，一个个看得见的变化，印证着平凉工业从"单点支撑"到"多点绽放"的深刻变革，彰显着转型发展 的强劲动能。 传统产业"焕新" 传统产业是平凉工业的"压舱石"，"十四五"期间，平凉没有停留在"吃老本"，而是以技术改造、智能升级、链条延伸为 抓手，让煤炭、电力、建材等传统产业在迭代中焕发新生机。 煤炭产业告别"挖煤卖煤"的粗放模式，迈向"智采+深加工"的高质量发展新阶段。累计实施煤矿智能 ...

研究中心农产品团队 2025/12/30 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/23 | 2160 | 2230 | 2250 | 2400 | 41 | 20 227 | 2750 | 2800 | 218 | -14 | | 2025/12/24 | 2160 | 2230 | 2250 | 2390 | 34 | 10 219 | 2750 | 2800 | 211 | -14 | | 2025/12/25 | 2160 | 2230 | 2250 | 2380 | 41 | 0 195 | 2750 | 2800 | 221 | -49 | | 2025/12/26 | 2160 | 2250 | 2250 | 2390 | 28 | -10 206 | 2750 | 2800 | ...