Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

| | | | SDIC FUTURES | | | | --- | --- | --- | | | 操作评级 | 2026年01月09日 | | | | 杨蕊霞 农产品组长 | | 豆一 | な女女 | F0285733 Z0011333 | | 豆粕 | ☆☆☆ | 吴小明 首席分析师 | | 豆油 | ☆☆☆ | | | 棕櫚油 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜粕 | ★☆☆ | F0302203 Z0012037 | | 菜油 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | ななな | F03135787 Z0021166 | | 生猪 | な☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货主力合约高位表现为调整态势,国产大豆现货价格表现偏强，本周呈现上涨的状态。1月中旬吉林省贸 易粮也将要进行竞价拍卖,持续关注。进口大豆方面南美新李大豆目前仍然是维持年产预期,供应端的风险仍 然偏低。短期持续关注政策端表 ...

1月9日盘中，菜籽粕期货主力合约遭遇一波急速下挫，最低下探至2330.00元。截止收盘，菜籽粕主力 合约报2338.00元，跌幅1.72%。 菜籽粕期货主力跌近2%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 南华期货 菜籽粕盘面高度有限 广州期货 菜籽粕近期持续下跌 菜粕端来看，目前菜粕仍保持供需双弱状态，供应端来看，澳菜籽压榨进度不及预期，中加会谈预期压 制盘面；需求端处于水产消费淡季，整体增量有限。当前菜籽库存与压榨已经榨尽，全国菜粕库存同样 继续下行，但后续库存由于澳籽供应增量而存在回升预期，故认为盘面高度有限。 广州期货：菜籽粕近期持续下跌 当前蛋白粕处于强预期弱现实状态，豆粕现货价格受大豆供应偏紧预期支撑，但库存仍处高位，期价冲 高回落。菜粕因澳菜籽入榨较慢，供应紧张格局仍未缓解，但因中加谈判及加拿大总理访华预期影响， 近期持续下跌。 中金财富期货：菜粕期货仍可能惯性回调 当前国内进口大豆库存高企，中方累计采购美豆量已近1000万吨，并将陆续发运到港。巴西大豆保持丰 产预期，新豆收割陆续启动，为一季度国内供应保持宽松提供保障。在中加贸易关系改善预期下，菜粕 期货仍可能惯性回调，并对豆粕 ...

客服产品系列•日评 国新国证期货早报 2026 年 1 月 9 日 星期五 品种观点： 【焦炭 焦煤】1 月 8 日焦炭加权指数强势震荡，收盘价 1766.3，环比上涨 43.3。 1 月 8 日焦煤加权指数强势，收盘价 1191.1 元，环比上涨 52.6。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：现货采购价格第四轮下调已经落地。焦化企业利润下滑，但开工整体来看仍然稳定。因高炉利润处于 低位，钢厂虽有复产动作，但铁水产量回升幅度较小，对焦炭的需求偏弱。 焦煤：主产地煤矿陆续复产，国产焦煤产量环比上升；需求，下游焦企按需采购，煤矿出货情况转差，不同 煤种采购价格表现存在差异，但多数煤种价格小幅下跌。（数据来源：东方财富网） 【郑糖】巴西 2025 年 12 月出口同比增加预示短期需求或回暖，受此影响美糖周三震荡走高。受美糖上升提 振郑糖 2605 月合约期价周三高开，但是受短线多头平仓打压期价后期震荡回落收盘小幅上升。夜盘，郑糖 2605 月合约波动不大窄幅震荡小幅收低。巴西对外贸易秘书处公布的出口数据显示，巴西 12 月出口糖和糖蜜 291.3 万吨，较 2024 年 12 月的 283.36 万吨增 ...

Morning session notice 早盘提示 研究员： 刘锦 从业资格：F0276812 交易咨询资格：Z0011862 联系方式：13633849418 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 1 月 8 日，植物油板块延续分化走势，加拿大政府访华和谈判重启预期，菜籽油领 | | --- | --- | --- | --- | | | | | 跌植物油板块，豆油面临技术性压力回落，棕榈油相对偏强。 豆油主力合约 Y2605 合约报收于 7944 元/吨，按收盘价日环比下跌 0.18%，日增仓 | | | | | 20895 手； | | | | | 豆油次主力合约 Y2609 合约报收于 7814 元/吨，按收盘价日环比上涨 0.08%，日增 | | | | | 仓 2413 手; | | | | | 棕榈油主力合约 P2605 合约收盘价 8612 元/吨，按收盘价日环比上涨 0.58%，日增 | | | | | 仓 326 手； | | | | | 棕榈油次主力合约 P2609 报收于 8500 元/吨，按收盘价日环比上涨 0.57%，日增仓 | | | | | 1940 ...

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260109 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：金属价格调整延续，A 股步入结构性行情 海外方面，美联储理事米兰指出，当前利率明显高于中性水平、仍具限制性，在基础通 胀已接近目标的背景下，2026 年存在约 150bp 的降息空间，目前 CME 利率期货定价 6、9 月各降息一次。首次申领失业救济人数仍处历史低位，短期压力有限，但持续申领上行反映 再就业效率下降，长期失业风险仍在累积，重点关注今晚非农就业数据。美元指数回升至 98.9，美股涨跌不一，金属价格连续 2 日调整，贵金属相对抗跌，油价反弹。 国内方面，1 月国内经济数据与政策处于相对真空期，对行情的边际驱动有限，市场更 依赖资金结构与风险偏好的自我演绎。周四 A 股延续震荡、结构分化，上证指数小幅收跌 于 4083 点，突破动能趋弱；宽基指数结构分化，微盘、科创风格占优，上证 50、沪深 300 延续弱势，航天军工、发电设备等板块领涨，两市成交额小幅回落至 2.83 万亿、超 3730 只 个股收涨，赚钱效应回升，市场仍处于分化博弈 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 1 月 9 日） 一、动力煤 | 商品 | | 动力煤 （元/吨） | | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | | 2025/12/31 | -123.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/01/08 2026/01/07 2026/01/06 2026/01/05 2025/12 ...

Report Industry Investment Ratings - Bean No.1: ☆☆☆ [1] - Soybean Meal: ★★★ [1] - Soybean Oil: ★★★ [1] - Palm Oil: ★★★ [1] - Rapeseed Meal: ★☆☆ [1] - Rapeseed Oil: ★☆☆ [1] - Corn: ★★★ [1] - Live Pigs: ★★★ [1] - Eggs: ★☆☆ [1] Core Views - Market sentiment has ebbed, and commodities with large previous gains face profit - taking pressure. Different agricultural products have different market trends and influencing factors. Attention should be paid to policy, weather, export, and other aspects [2][3][4] Summary by Related Categories Bean No.1 - Bean No.1 futures main contract shows an adjustment trend with a reduction in positions. The domestic soybean spot price remains strong. The South American new - season soybean has a high - yield expectation, and short - term attention should be paid to policies and market guidance [2] Soybean & Soybean Meal - The USDA January report predicts the US 2025/26 soybean ending stocks and inventory as of December 1, 2025. Reuters predicts a slight increase in Brazilian and Argentine soybean production. South American weather is favorable, and the probability of ENSO neutral in the first quarter is 68%. Dalian soybean meal rebounds with US soybeans. Attention should be paid to US soybean exports and South American weather [3] Soybean Oil & Palm Oil - Market sentiment has ebbed, and soybean oil and palm oil show a trend of rising and then falling. Indonesia may raise palm oil export taxes, and the Malaysian palm oil market may continue to accumulate inventory. The supply - side risk of overseas soybeans is low, and the inventory pressure of Malaysian palm oil continues, with a weak supply - demand situation [4] Rapeseed Meal & Rapeseed Oil - Rapeseed - related futures decline significantly today. The market has high expectations for the Canadian Prime Minister's visit to China. If Canada changes its tariff policies on Chinese products, the export of Canadian rapeseed, rapeseed meal, and rapeseed oil to China may resume. The domestic rapeseed - related futures are expected to be in a weak and volatile trend [6] Corn - Dalian corn futures continue to increase positions and rise. Some Northeast deep - processing enterprises slightly raise the purchase price. The overall inventory of ports, traders, and downstream is still low. The spot price of some ports is stable or slightly weak. The number of remaining vehicles at corn deep - processing enterprises in the morning continues to decrease. The recent auction of China Grain Reserves Corporation's corn spot has a high transaction rate and premium. The short - term trend is wide - range volatility [7] Live Pigs - Live pig futures continue to fluctuate. Different data sources show different trends in the number of sows and newborn piglets. The fat - to - lean price difference is high, and the utilization rate of second - fattening pens is low. There is a large supply pressure before the Spring Festival, and the upward rebound space of the futures is limited. In the long - term, the pig price is likely to have a second bottom - testing in the first half of next year [8] Eggs - The near - month egg futures contract strengthens again, showing a near - weak and far - strong pattern compared with yesterday. The spot price is stable or slightly strong. The monthly year - on - year decline in chick replenishment from September to December exceeds 10%, and the egg - laying hen inventory is expected to continue to decline in the first half of 2026. It is recommended to go long on the first - half - year 2026 futures contracts at low prices. The second - half - year contracts may have different trends [9]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report is a daily data report on futures variety arbitrage from Baocheng Futures, covering multiple futures varieties including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. It provides data on basis, inter - month spreads, and inter - commodity spreads for different trading dates [1][2][8][10][18][19][20][28][31][38][49]. 3. Summary by Directory 3.1 Thermal Coal - The report presents the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from December 30, 2025, to January 7, 2026. During this period, the basis gradually increased from - 131.4 yuan/ton to - 108.4 yuan/ton, while the inter - month spreads remained at 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 30, 2025, to January 7, 2026, along with price ratios for some commodities [6]. 3.2.2 Chemical Commodities - **Basis**: The report shows the basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from December 30, 2025, to January 7, 2026. For example, the basis of rubber decreased from - 370 yuan/ton to - 430 yuan/ton [8]. - **Inter - month Spreads**: It presents the inter - month spreads (5 - 1, 9 - 1, 9 - 5) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol [10]. - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) for different dates from December 30, 2025, to January 7, 2026, are provided [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from December 30, 2025, to January 7, 2026, are given. For example, the basis of rebar decreased from 186.0 yuan/ton to 153.0 yuan/ton [20]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) for rebar, iron ore, coke, and coking coal are presented. Note that the main contract months of rebar are January, May, and October [19]. - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) for different dates from December 30, 2025, to January 7, 2026, are provided [19]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 30, 2025, to January 7, 2026, are shown. For example, the basis of copper increased from - 1600 yuan/ton to 480 yuan/ton on January 7, 2026 [28]. 3.4.2 London Market - The report provides data on LME spreads, Shanghai - London ratios, CIF, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on January 7, 2026 [31]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 30, 2025, to January 7, 2026, are presented. For example, the basis of soybeans No. 1 decreased from - 204 yuan/ton to - 324 yuan/ton [38]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) for multiple agricultural products such as soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [38]. - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) for different dates from December 30, 2025, to January 7, 2026, are provided [38]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 30, 2025, to January 7, 2026, are shown. For example, the basis of CSI 300 increased from 12.69 to 23.67 on January 7, 2026 [49]. - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [49].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260108 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美国 12 月服务业 PMI 回升，A 股上涨动能回落 海外方面，12 月美国 ADP 就业人数由负转正，但低于预期，叠加 11 月 JOLTS 职位空 缺降至一年多低点、职位空缺数四年来首次低于失业人数，显示招聘放缓、劳动力需求系统 性走弱的趋势仍在延续；但与此同时，12 月 ISM 服务业 PMI 升至一年多新高 54.4，新订单 显著回升，带动服务业就业出现阶段性修复，且价格涨幅放缓，表明需求回暖尚未引发通胀 反弹。整体而言，美国就业降温主线未改，但服务业韧性对冲下行压力。美股涨跌不一，美 元指数回升至 98.7，金属上涨动能暂缓，金银铜及其他金属均不同程度下跌，美国扣押与委 内瑞拉关联的俄籍油轮，油价延续调整。 国内方面，周三 A 股宽幅震荡、放量收涨，上证指数冲击 4100 点关口受阻，收于 4085 点，显示上行动能边际趋弱；宽基指数结构分化，上证 50、沪深 300 收跌，科创 50、中证 1000 占优，半导体、煤炭等板块领涨，两 ...