FICC日报 | 2026-01-09 沪指走出15连阳，关注美国12月非农数据 市场分析 政策预期回摆。12月11日中央经济工作会议召开：会议强调，深入实施提振消费专项行动；强调深入整治"内卷式" 竞争制定和实施；会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。后续继续提振消费， 以及推进"反内卷"的大方向并未发生变化，未来物价回升路径仍需关注供给侧的政策方向。2026年中国人民银行 工作会议1月5日-6日召开，会议强调，把促进经济高质量发展、物价合理回升作为货币政策的重要考量，灵活高效 运用降准降息等多种货币政策工具。中共中央政治局常务委员会1月8日全天召开会议。随着国内系列重要会议的 召开，以及美联储12月宣布重回"限制性"立场，且美联储目前内部分歧犹存，巴尔金强调"精细调整"，而米兰称今 年应降息超过100个基点，因此后续内外的政策预期存在回摆的风险，资产情绪和宏观有所背离。后续：一、关注 国内具体政策出台情况；二、特朗普宣布的美联储主席候选人。此外，元旦假期期间，地缘局势骤紧，在民粹主 义和贸易保护主义思潮下，未来全球局势动荡仍将是常态，商品的供给端风险以及宽松货币政策仍将是商品价 ...

流动性日报 | 2026-01-09 市场流动性概况 2026-01-08，股指板块成交7495.48亿元，较上一交易日变动+4.85%；持仓金额15336.30亿元，较上一交易日变动 -0.01%；成交持仓比为48.50%。 国债板块成交4024.47亿元，较上一交易日变动-9.52%；持仓金额8010.60亿元，较上一交易日变动+0.04%；成交持 仓比为49.67%。 基本金属板块成交15105.86亿元，较上一交易日变动+8.85%；持仓金额8126.70亿元，较上一交易日变动-1.28%； 成交持仓比为206.26%。 贵金属板块成交11995.95亿元，较上一交易日变动-6.41%；持仓金额5047.91亿元，较上一交易日变动-2.37%；成交 持仓比为347.81%。 能源化工板块成交5558.46亿元，较上一交易日变动-13.80%；持仓金额4660.87亿元，较上一交易日变动+1.99%； 成交持仓比为114.46%。 农产品板块成交3638.16亿元，较上一交易日变动+0.95%；持仓金额5970.14亿元，较上一交易日变动+0.85%；成交 持仓比为58.70%。 黑色建材板块成交401 ...

行业 贵金属日评 日期 2026 年 01 月 09 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 每日报告 二、贵金属市场相关图表 2025 年 12 月美国 ADP 私人就业增加 4.1 万，这为美联储再次暂停降息进程 提供依据，美元指数持续反弹至 98.8 附近；金银价格在前高附近遇阻后连续第二 天调整，因美元指数反弹、委内瑞拉局势恶化的避险需求边际减退，且市场关注 将于周五公布的非农就业报告的方向指示。我们认为 2025 年 12 月底的回调已经 充分释放贵金属内部积累的调整风险，总体看在国际政经格局重组、美联储宽松 货币政策、全球 ...

贵贵贵贵贵贵 贵贵贵贵贵 2026/01/05 作者：刘诗瑶 我公司依法已获取期货交易咨询业务资格 观点小结 从业资格证号：F3041949 交易咨询证号：Z0019385 弹。 邮箱：liushiyao@zjtfqh.com ◼ 受COMEX一周内两度上调贵金属期货保证金这一风险抑制措施影响，伦敦现货黄金与白银暂时放缓了此前汹涌的涨势。2025 年全年，现货黄金累计涨幅达64%，现货白银更是暴涨147%，成为年度表现最佳的大宗商品品类。新年伊始，我们认为2026 年1月贵金属市场的核心关注点集中在以下三方面： ◼ 1）鲍威尔的继任者归属？当前热门候选人包括国家经济委员会主任哈塞特、美联储前理事沃什、美联储现任理事沃勒及鲍 曼等。若最终当选者为哈塞特，其政策倾向与行事风格已被市场充分消化，对贵金属市场的影响或相对有限；若为其他候选 人，未来降息节奏或面临延缓，进而对金银价格形成压制。 ◼ 2）2026年1月9日将公布的12月非农数据。当前市场已提前定价，预期12月失业率将从四年来高点4.6%回落至4.5%，新增就 业岗位温和增长5.9万人。若实际数据与预期偏差不大，其利空影响也将相对有限。 ◼ 3）值得注意的 ...

文字早评 2026/01/08 星期四 宏观金融类 股指 【行情资讯】 1、工信部等八部门印发《"人工智能+制造"专项行动实施意见》，支持突破高端训练芯片、人工智能 服务器、智算云操作系统等关键核心技术； 2、工信部印发《工业互联网和人工智能融合赋能行动方案》，到 2028 年，推动不少于 50000 家企业实 施新型工业网络改造升级； 3、中信证券收盘集合竞价现 14.5 亿元压盘大单； 4、美国 11 月职位空缺降至一年多以来最低水平。 期指基差比例： IF 当月/下月/当季/隔季：-0.08%/-0.33%/-0.50%/-1.45%； IC 当月/下月/当季/隔季：-0.07%/-0.55%/-0.92%/-3.12%； IM 当月/下月/当季/隔季：-0.31%/-1.15%/-1.85%/-4.69%； IH 当月/下月/当季/隔季：-0.02%/-0.09%/-0.04%/-0.30%。 【策略观点】 年初机构配置资金有望重新流入市场，加之政策支持资本市场的态度未变，中长期仍是逢低做多的思路 为主。 国债 【行情资讯】 行情方面：周三，TL 主力合约收于 110.470 ，环比变化-0.41%； ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月7日 | 品种 | 历史1年分位数 | 全历史分位数 | 价差 | 展新值 | 较前一日变化 | | | | | | | | | | | -12.69 | 8.05 | 62.70% | 33.70% | 上期间处差 | H期现价去 | 3.04 | 3.98 | 83.60% | 74.30% | 期现价差 | | | | | | | IC期现价差 | 43.70% | 27.46 | 76.20% | -27.74 | -102.50 | 44.20 | 55.00% | IM期现价差 | 16.40% | 次月-当月 | -10.60 | 0.80 | 60.6096 | 37.90% | | | 零月-当月 | -17.40 | - ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the liquidity data of various market sectors on January 6, 2026, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day, to reflect the market liquidity status of different sectors. [1][2] 3. Summary by Directory I. Plate Liquidity - The report provides data on the trading - holding ratio, trading volume change rate, holding amount, etc. of multiple market sectors, and uses multiple figures to visually present these data. [1][2][8] II. Stock Index Plate - On January 6, 2026, the stock index plate had a trading volume of 819.195 billion yuan, a +15.16% change from the previous trading day; the holding amount was 1553.766 billion yuan, a +3.40% change; the trading - holding ratio was 53.15%. There are also figures showing the price change, trading - holding ratio, and other information of each variety in the stock index plate. [1][5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 403.894 billion yuan, a +10.01% change from the previous trading day; the holding amount was 798.811 billion yuan, a +1.50% change; the trading - holding ratio was 49.46%. There are figures for each variety's price change, trading - holding ratio, etc. [1][5] IV. Base Metals and Precious Metals (Metal Plate) - The base metals plate had a trading volume of 994.937 billion yuan, a +70.13% change from the previous trading day; the holding amount was 800.201 billion yuan, a +8.70% change; the trading - holding ratio was 129.44%. The precious metals plate had a trading volume of 1129.613 billion yuan, a +133.40% change; the holding amount was 512.831 billion yuan, a +5.74% change; the trading - holding ratio was 320.11%. There are figures for each variety's price change, trading - holding ratio, etc. [1][5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 479.474 billion yuan, a +30.85% change from the previous trading day; the holding amount was 444.680 billion yuan, a +3.90% change; the trading - holding ratio was 102.43%. There are figures for the main varieties' price change, trading - holding ratio, etc. [1][5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 267.146 billion yuan, a - 0.58% change from the previous trading day; the holding amount was 568.582 billion yuan, a +2.69% change; the trading - holding ratio was 43.19%. There are figures for the main varieties' price change, trading - holding ratio, etc. [1][5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 195.838 billion yuan, a +35.29% change from the previous trading day; the holding amount was 301.052 billion yuan, a +0.98% change; the trading - holding ratio was 64.32%. There are figures for each variety's price change, trading - holding ratio, etc. [2][5]

知识图强,求实奉献,客户至上,合作共赢 | 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月7日 | 品种 | 历史1年分位数 | 全历史分位数 | 价差 | 展新值 | 较前一日变化 | | | | | | | | | | | -12.69 | 8.05 | 62.70% | 33.70% | 上期间处差 | H期现价去 | 3.04 | 3.98 | 83.60% | 74.30% | 期现价差 | | | | | | | IC期现价差 | 43.70% | 27.46 | 76.20% | -27.74 | -102.50 | 44.20 | 55.00% | IM期现价差 | 16.40% | 次月-当月 | -10.60 | 0.80 | 60.6096 | 37.90% | | ...

分析师：黄思源 从业资格证：F03124114 投资咨询资格证：Z0023501 弘 研 究 院 期 货 金 贵金属周报：地缘局势扰动， 贵金属波动加剧 | 品种 | 主要观点 | 相关策略 | | --- | --- | --- | | | 在12月22日至1月4日期间，国外贵金属涨跌互现，COMEX黄金期货跌 | 院 | | | 幅为1.03%，报4341.90美元/盎司；COMEX白银期货涨幅为7.08%，报 | | | | 72.27美元/盎司。国内贵金属也随之涨跌互现，沪金下跌幅度为 | 究 | | | 0.27%,收于977.56元/克；沪银上涨幅度为11.92%，收于17074.00元/ 研 | 贵金属在年末出现一波 | | | 千克。结构上来看，白银表现优于黄金，金银比价继续下行。 融 | 回调的主要原因是由资 | | | 美国经济数据方面，最新公布的2025年第三季度GDP增速高达4.3%， | 金行为、市场恐慌情绪 | | | 金 不仅远超市场预期，还创下了两年来的最快增速。尽管GDP数据超出 | 与芝商所上调保证金事 | | | 预期，但是市场对此保持谨慎态度，这是由于此前美国政府停摆使 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum is still weak, but different investment products have different trends. For example, the stock index is expected to have its fluctuation center gradually move up, while the treasury bond futures are expected to face some pressure [6][9]. 3. Summary by Category Treasury Bonds - **Market Performance**: The previous trading day saw most treasury bond futures close down. The 30 - year, 5 - year, and 2 - year main contracts declined by 0.05%, 0.02%, and 0.03% respectively, while the 10 - year main contract rose by 0.03% [5]. - **Policy and News**: The central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations on January 5th, with a net withdrawal of 468.8 billion yuan due to 482.3 billion yuan of reverse repurchases maturing. The 9 - department notice on promoting green consumption was released [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and caution is advised [6]. Stock Index Futures - **Market Performance**: The previous trading day saw mixed performance in stock index futures. The main contracts of IF, IH, IC, and IM rose by 2.26%, 2.55%, 3.11%, and 2.69% respectively [8]. - **Policy and News**: The China Securities Regulatory Commission held a symposium on promoting the cross - departmental work of the comprehensive prevention and control system for financial fraud in the capital market. It aims to improve the system, strengthen coordination, and enhance corporate governance [9]. - **Outlook**: The fluctuation center of the stock index is expected to gradually move up, and investors can choose the right time to go long [9]. Precious Metals - **Market Performance**: The previous trading day saw the gold main contract close at 995 with a 1.78% increase, and the silver main contract close at 18,247 with a 6.87% increase [11]. - **Policy and News**: The Minneapolis Fed President Kashkari commented on the employment market, inflation, and economic outlook [11]. - **Outlook**: The market volatility is expected to significantly increase. It is advisable to exit long positions and wait and see [11]. Steel Products (Thread and Hot - Rolled Coil) - **Market Performance**: The previous trading day saw thread steel and hot - rolled coil futures weakly oscillate. The spot prices of Tangshan billet, Shanghai thread steel, and Shanghai hot - rolled coil were reported [13]. - **Supply and Demand**: The demand for thread steel is in a year - on - year decline, and the market will enter the off - season. The supply pressure has eased as the production is at a low level this year. The inventory is higher than last year but the consumption speed is fast. The hot - rolled coil has similar fundamentals [13]. - **Outlook**: The prices are likely to continue to weakly oscillate. Investors can look for short - selling opportunities at high levels during rebounds and manage their positions carefully [13]. Iron Ore - **Market Performance**: The previous trading day saw iron ore futures oscillate at a high level. The spot prices of PB powder and Super Special powder were reported [15]. - **Supply and Demand**: The national hot metal daily output has declined in the past two months. The import volume in the first 11 months of 2025 increased by 1.4% year - on - year, and the domestic production is lower than in 2024. The port inventory is at the highest level in the same period of the past five years [15]. - **Outlook**: The market supply - demand pattern is weak, but the futures may continue to be strong in the short term. Investors can look for short - selling opportunities at high levels and manage their positions carefully [15]. Coking Coal and Coke - **Market Performance**: The previous trading day saw coking coal and coke futures decline significantly [17]. - **Supply and Demand**: After the holiday, domestic coking coal production increased. The demand from downstream coke enterprises is weak, and the fourth - round price cut of coke procurement has been implemented. The blast furnace profit is low, and the demand for coke is weak [17]. - **Outlook**: The futures may continue to weakly oscillate in the short term. Investors can look for buying opportunities at low levels and manage their positions carefully [17]. Ferroalloys - **Market Performance**: The previous trading day saw the manganese - silicon main contract decline by 0.78% and the silicon - iron main contract decline by 1.37% [19]. - **Supply and Demand**: The manganese ore supply is gradually recovering, and the port inventory is slightly increasing. The cost of ferroalloys fluctuates slightly at a low level. The production of thread steel by sample steel mills is lower than in 2024, and the production of ferroalloys is at a low level in the past five - year period, but the inventory continues to increase [19]. - **Outlook**: After a decline, investors can consider long - position opportunities at low levels when the spot loss expands [20]. Crude Oil - **Market Performance**: The previous trading day saw INE crude oil decline significantly due to the possible development of Venezuelan oil resources by the US [21]. - **Policy and News**: The US may have captured the Venezuelan president, and the US oil production reached a record high in October. The OPEC meeting confirmed a suspension of production increase in the first quarter [21]. - **Outlook**: It is advisable to look for long - position opportunities in the main crude oil contract [22]. Fuel Oil - **Market Performance**: The previous trading day saw fuel oil decline significantly and close below the moving average group. The Asian VLSFO spot discount narrowed, and the HSFO oscillated within a range [23]. - **Supply and Demand**: The Singapore fuel oil inventory is high, which is negative for prices. The spot discount narrowing and the possible increase in crude oil prices may support the fuel oil price [24]. - **Outlook**: It is advisable to look for long - position opportunities in the main fuel oil contract [25]. Polyolefins - **Market Performance**: The previous trading day saw the Hangzhou PP market have mixed price movements, and the Yuyao LLDPE price increased [26]. - **Supply and Demand**: The production enterprises are actively reducing inventory, and the market price has stopped falling and rebounded, which is conducive to price stability [26]. - **Outlook**: It is advisable to wait and see for now [27]. Synthetic Rubber - **Market Performance**: The previous trading day saw the synthetic rubber main contract rise by 0.95%. The Shandong mainstream price increased, and the basis was stable [28]. - **Supply and Demand**: The price increase was supported by the rise in butadiene price and high device operating rate, but the weak downstream demand limited the increase. The inventory of domestic cis - polybutadiene rubber decreased [28][29]. - **Outlook**: It is expected to oscillate strongly [30]. Natural Rubber - **Market Performance**: The previous trading day saw the natural rubber main contract and 20 - rubber main contract rise by 1.06% and 1.14% respectively. The Shanghai spot price increased, and the basis slightly widened [31]. - **Supply and Demand**: The domestic supply has stopped, but the overseas pressure remains. The demand from tire enterprises is weak, and the inventory is seasonally increasing. The 20 - rubber delivery supply has expanded [31]. - **Outlook**: It is expected to oscillate [32]. PVC - **Market Performance**: The previous trading day saw the PVC main contract decline by 0.67%. The spot price was stable, and the basis slightly widened [33]. - **Supply and Demand**: It is in the traditional off - season. The supply pressure is increasing, and the demand is weak. The cost support is strong, and the social inventory is increasing [33][34]. - **Outlook**: It is expected to oscillate at a low level. Attention should be paid to changes in the supply side [33][34]. Urea - **Market Performance**: The previous trading day saw the urea main contract rise by 1.43%. The Shandong Linyi price increased, and the basis was stable [35]. - **Supply and Demand**: The daily output has slightly increased, and the agricultural demand is expected to increase. The demand from the industrial sector is weak. The inventory has decreased [35]. - **Outlook**: The downward space is limited [36]. PX - **Market Performance**: The previous trading day saw the PX2603 main contract decline by 1.23%. The PXN spread and short - term profit are recovering [37]. - **Supply and Demand**: The PX load is stable, and the inventory is low. The crude oil price may be adjusted due to the US - Venezuela situation [37][38]. - **Outlook**: It may oscillate and adjust in the short term. It is advisable to participate with caution and pay attention to macro - policies and fundamental changes [38]. PTA - **Market Performance**: The previous trading day saw the PTA2605 main contract decline by 1.87%. The processing fee has recovered [39]. - **Supply and Demand**: The PTA load has increased, and the polyester load has recovered. The export has increased. The cost of crude oil may be uncertain due to geopolitical situations [39]. - **Outlook**: It may oscillate in the short term. It is advisable to operate with caution and pay attention to oil price changes [39]. Ethylene Glycol - **Market Performance**: The previous trading day saw the ethylene glycol main contract decline by 2.51% [40]. - **Supply and Demand**: The supply is expected to increase, the port inventory is increasing, and the demand support is slightly weakening [40][41]. - **Outlook**: It is advisable to wait and see and pay attention to port inventory and supply changes [41]. Short - Fiber - **Market Performance**: The previous trading day saw the short - fiber 2602 main contract decline by 1.25% [42]. - **Supply and Demand**: The supply is at a relatively high level, and the terminal factories are mainly consuming inventory. The new orders in the weaving sector are weak [42]. - **Outlook**: It may oscillate following the raw material price. It is necessary to control risks and pay attention to cost changes and macro - policy adjustments [42]. Bottle - Chip - **Market Performance**: The previous trading day saw the bottle - chip 2603 main contract decline by 1.46%. The processing fee is around 410 yuan/ton [43]. - **Supply and Demand**: The bottle - chip factory load has increased, and the export growth rate has increased. The supply - demand structure has slightly improved, but the cost is still the main influencing factor [43]. - **Outlook**: It is expected to oscillate following the cost. It is advisable to participate with caution and control risks [44]. Lithium Carbonate - **Market Performance**: The previous trading day saw the lithium carbonate main contract rise by 7.74% [45]. - **Supply and Demand**: The supply is at a high level, and the demand from the energy - storage and power - battery sectors has improved. The inventory has decreased [45]. - **Outlook**: The price may be supported in the short term, but it is necessary to operate with caution as it is easily affected by news [45]. Copper - **Market Performance**: The previous trading day saw the Shanghai copper main contract rise by 2.22% [46]. - **Supply and Demand**: The global copper supply may be tight due to strikes in Chile. The domestic consumption is in the off - season, and the inventory is increasing [46]. - **Outlook**: The price is at a high level. It is necessary to be cautious about chasing the rise [46]. Aluminum - **Market Performance**: The previous trading day saw the Shanghai aluminum main contract rise by 2.57%, and the alumina main contract decline by 0.72% [48]. - **Supply and Demand**: The alumina supply is in excess, and the electrolytic aluminum production is stable. The demand from processing enterprises is weak [48]. - **Outlook**: The price is at a high level. It is necessary to be vigilant about price retracement [48]. Zinc - **Market Performance**: The previous trading day saw the Shanghai zinc main contract rise by 1.16% [50]. - **Supply and Demand**: The zinc concentrate processing fee is low, and the refined zinc production may decrease. The overseas supply - demand tension has eased [50]. - **Outlook**: It is necessary to be cautious about chasing the rise as the consumption off - season is approaching [50]. Lead - **Market Performance**: The previous trading day saw the Shanghai lead main contract rise by 0.32% [52]. - **Supply and Demand**: The supply from primary and secondary lead enterprises is weak, and the consumption is in the off - season. The inventory is low [52][53]. - **Outlook**: It is expected to oscillate within a range [54]. Tin - **Market Performance**: The previous trading day saw the Shanghai tin main contract rise by 1.05% [55]. - **Supply and Demand**: The tin supply is tight due to geopolitical conflicts and slow production resumption in Wa State. The demand has some resilience [55]. - **Outlook**: It is expected to oscillate strongly [55]. Nickel - **Market Performance**: The previous trading day saw the Shanghai nickel main contract rise by 0.71% [56]. - **Supply and Demand**: The Indonesian nickel policy may increase costs. The stainless - steel demand is weak, and the primary nickel is in an oversupply situation [56]. - **Outlook**: It is necessary to pay attention to policy changes [56]. Soybean Oil and Soybean Meal - **Market Performance**: The previous trading day saw the soybean meal main contract decline by 0.28% and the soybean oil main contract decline by 0.13% [57]. - **Supply and Demand**: The Brazilian soybean planting is almost completed. The soybean supply is relatively loose, and the demand for soybean meal is growing moderately, while the demand for soybean oil has slightly improved [57][58]. - **Outlook**: It is advisable to look for long - position opportunities in the cost - support range for soybean meal and long - position opportunities for call options at low levels for soybean oil [58]. Palm Oil - **Market Performance**: The previous trading day saw Malaysian palm oil rise slightly [59]. - **Supply and Demand**: The Malaysian palm oil inventory is expected to reach a seven - year high, and the export has decreased. The domestic import has increased [60]. - **Outlook**: It is advisable to wait and see for now [61]. Rapeseed Meal and Rapeseed Oil - **Market Performance**: The Canadian rapeseed price increased by more than 1% [62]. - **Supply and Demand**: The domestic rapeseed and rapeseed oil imports have changed, and the inventory of rapeseed meal and rapeseed oil is at a relatively high and low level respectively in the past seven years [62]. - **Outlook**: It is advisable to wait and see for now [63]. Cotton - **Market Performance**: The previous trading day saw the domestic Zhengzhou cotton first rise and then fall. The overseas cotton price rose by 1% [64]. - **Supply and Demand**: The domestic cotton production is expected to increase slightly, but the future planting area may decrease. The textile and clothing export has shown some resilience [65][66]. - **Outlook**: The cotton price is expected to be strong [66]. Sugar - **Market Performance**: The previous trading day saw the Zhengzhou sugar oscillate and rebound, and the overseas raw sugar slightly rebounded [68]. - **Supply and Demand**: The domestic and Indian sugar production is expected to increase, and the supply pressure is increasing. The import volume has changed [69]. - **Outlook**: The upward space may be limited after the significant rebound [70]. Apples - **Market Performance**: The previous trading day saw the domestic apple futures rise significantly [72]. - **Supply and Demand**: The apple inventory is at a low level in recent years, and the new - season production and quality have declined [73]. - **Outlook**: The price is expected to be strong in the medium and long term [73]. Pigs - **Market Performance**: The previous trading day saw the national average pig price remain unchanged. The main contract declined by 0.98% [75][76]. - **Supply and Demand**: The supply of large - scale farms may increase in January, and the demand has weakened after the holiday. The frozen - product inventory has decreased [75][76]. - **Outlook**: The supply may face great pressure in the first quarter. It is advisable to consider an inverse spread strategy [76]. Eggs - **Market Performance**: The previous trading day saw the main contract rise by 1.42% [78]. - **Supply and Demand**: The egg supply is expected to remain at a high level in January, but the supply may improve marginally. The consumption is weak after the New Year's Day [77][78]. - **Outlook**: It is advisable to consider a positive spread strategy [78]. Corn and Starch - **Market Performance**: The previous trading day saw the corn main contract decline by 0.22% and the corn starch main contract decline by 0.44% [79]. - **Supply and Demand**: The North Port corn inventory is low, and the Northeast production area's grain - selling progress is fast. The