交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2026-1-12 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，12月份，官方12月制造业PMI为50.1%，较上月上升0.9个百分点，时隔 8个月重回扩张区间。OPEC+1月4日发表声明， 8个主要产油国决定，维持2025年11月初制定的产 量计划，在2026年2月和3月继续暂停增产。近日伊朗政局动荡，引发市场对伊朗原油供应中断的 担忧，推动国际油价反弹。供需端，农膜方面，棚膜需求回落，地膜需求抬头，包装膜企业订单 及开工有所提升。当前LL交割品现货价6600（-20），基本面整体中性； • 2. 基差： LLDPE 2605合约基差-74，升贴水比例-1.1%，偏空； • 3. 库存：PE综合库存42.5万吨（+2.6），中 ...

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 12 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 | | 2026/01/09 | -102.4 | 0.0 | 0.0 | 0.0 | | 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 | 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 2026/01/09 2026/01/08 2026/01/07 2026/01/06 2026/0 ...

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 ...

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].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on January 7, 2026, presenting the basis, inter - period, and inter - variety data of various futures products including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal from December 29, 2025, to January 6, 2026, are - 131.4, - 131.4, - 123.4, - 116.4, - 113.4 yuan/ton respectively, and the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 29, 2025, to January 6, 2026, are presented, such as the basis of INE crude oil being - 5.19 yuan/ton on January 6, 2026 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 29, 2025, to January 6, 2026, are provided. For example, the basis of rubber on January 6, 2026, is - 400 yuan/ton [8] - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber is 35 yuan/ton [9] - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, LLDPE - PVC is 1648 yuan/ton [9] 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 33.0 yuan/ton [18] - **Inter - variety**: The inter - variety data such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, rebar/iron ore is 3.89 [18] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 29, 2025, to January 6, 2026, are given. For example, the basis of rebar on January 6, 2026, is 159.0 yuan/ton [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 29, 2025, to January 6, 2026, are presented. For example, the basis of copper on January 6, 2026, is - 1600 yuan/ton [28] 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 6, 2026, are provided. For example, the LME premium/discount of copper is 2.98 [31] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 29, 2025, to January 6, 2026, are presented. For example, the basis of soybeans No.1 on January 6, 2026, is - 196 yuan/ton [37] - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - 1 month spread of soybeans No.1 is 61 [37] - **Inter - variety**: The inter - variety data such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, soybeans No.1/corn is 1.92 [37] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 29, 2025, to January 6, 2026, are presented. For example, the basis of CSI 300 on January 6, 2026, is 12.69 [48] - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month - current - month spread of CSI 300 is - 10.6 [48]

1. Report Industry Investment Rating - No relevant information provided in the given content. 2. Core View of the Report - This is a futures research report from Baocheng Futures, presenting daily arbitrage data for various futures varieties on January 6, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Power Coal - The report shows the basis of power coal from December 26, 2025, to January 5, 2026, with the basis on January 5, 2026, being - 116.4 yuan/ton. The spreads between May - January, September - January, and September - May contracts are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For fuel oil, crude oil, and asphalt, data such as basis, ratio, and other indicators are presented from December 26, 2025, to January 5, 2026. For example, on January 5, 2026, the basis of INE crude oil is 26.43 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 26, 2025, to January 5, 2026, are provided. For instance, on January 5, 2026, the basis of rubber is - 240 yuan/ton [8]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the May - January spread of rubber is 35 yuan/ton [9]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the LLDPE - PVC spread is 1736 yuan/ton [9]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of rebar is 166.0 yuan/ton [19]. - **Inter - period Spreads**: The spreads between May - January, September(10) - January, and September(10) - May contracts of rebar, iron ore, coke, and coking coal are provided. The May - January spread of rebar is 23.0 yuan/ton [18]. - **Inter - commodity Spreads**: The spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the rebar/iron ore ratio is 3.91 [18]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 26, 2025, to January 5, 2026, are given. On January 5, 2026, the basis of copper is - 770 yuan/ton [28]. 3.4.2 London Market - Data such as LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 5, 2026, are presented. For example, the LME premium of copper is 38.60, and the import profit/loss is (1543.51) [31]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans - 1, soybeans - 2, soybean meal, soybean oil, and corn from December 26, 2025, to January 5, 2026, are provided. On January 5, 2026, the basis of soybeans - 1 is - 163 yuan/ton [37]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of soybeans - 1, soybeans - 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. The May - January spread of soybeans - 1 is 56 yuan/ton [37]. - **Inter - commodity Spreads**: The spreads of soybeans - 1/corn, soybeans - 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the soybeans - 1/corn ratio is 1.92 [37]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of CSI 300 is 20.75 [48]. - **Inter - period Spreads**: The spreads of next - month - current - month and next - quarter - current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. The next - month - current - month spread of CSI 300 is - 10.6 [48].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the arbitrage data of various futures varieties on January 5, 2026, including basis, inter - period spreads, and inter - variety spreads for different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][8] 3. Summary by Directory 3.1 Thermal Coal - The report provides the basis data of thermal coal from December 25, 2025, to December 31, 2025. During this period, the basis values are - 125.4, - 129.4, - 131.4, - 131.4, and - 123.4 respectively, and the spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month are all 0.0 [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - It presents the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 25, 2025, to December 31, 2025 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 25, 2025, to December 31, 2025, are provided [8] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [9] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from December 25, 2025, to December 31, 2025, are presented [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 25, 2025, to December 31, 2025, are provided [19] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month(10) vs 1 - month, 9 - month(10) vs 5 - month) of rebar, iron ore, coke, and coking coal are given [18] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 25, 2025, to December 31, 2025, are presented [18] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 25, 2025, to December 31, 2025, are provided [27] 3.4.2 London Market - The LME spreads, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 31, 2025, are presented [30] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 25, 2025, to December 31, 2025, are provided [36] - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [36] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 25, 2025, to December 31, 2025, are presented [36] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 25, 2025, to December 31, 2025, are provided [47] - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given [47]

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on December 31, 2025, presenting the basis, inter - period, and inter - variety data of various futures products in different industries [1]. 3. Summary by Directory Power Coal - The basis data of power coal from December 24 - 30, 2025 is presented, with the basis on December 30 being - 131.4 yuan/ton. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads are all 0.0 [1][2]. Energy and Chemical Industry Energy Commodities - For energy commodities, the basis data of fuel oil, INE crude oil, and the crude oil/asphalt ratio from December 24 - 30, 2025 are provided. For example, the basis of INE crude oil on December 30 is - 2.76 yuan/ton, and the crude oil/asphalt ratio is 0.1455 [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 24 - 30, 2025 are given. For instance, the basis of rubber on December 30 is - 370 yuan/ton [9]. - **Inter - period**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 inter - period spread of LLDPE is 81 yuan/ton [11]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 24 - 30, 2025 are shown. For example, the LLDPE - PVC spread on December 30 is 1668 yuan/ton [11]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 24 - 30, 2025 are provided. For example, the basis of rebar on December 30 is 186.0 yuan/ton [21]. - **Inter - period**: The inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 inter - period spread of rebar is 24.0 yuan/ton [20]. - **Inter - variety**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 24 - 30, 2025 are shown. For example, the rebar/iron ore ratio on December 30 is 3.95 [20]. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 24 - 30, 2025 are presented. For example, the basis of copper on December 30 is - 220 yuan/ton [28]. London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 30, 2025 are provided. For example, the LME spread of copper is 39.87, and the import profit and loss is - 886.92 yuan/ton [35]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 24 - 30, 2025 are given. For example, the basis of soybeans No.1 on December 30 is - 204 yuan/ton [42]. - **Inter - period**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 inter - period spread of soybean meal is - 312 yuan/ton [42]. - **Inter - variety**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 24 - 30, 2025 are shown. For example, the soybean oil/soybean meal ratio on December 30 is 2.84 [42]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 24 - 30, 2025 are provided. For example, the basis of CSI 300 on December 30 is 29.08 [53]. - **Inter - period**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next month - current month inter - period spread of CSI 300 is - 13.0 [53].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report provides investment outlooks and trend analyses for various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. It assesses the market conditions, supply - demand relationships, and price trends of each commodity, and gives corresponding trading suggestions and risk warnings [2][4]. Summary by Related Catalogs Precious Metals - **Gold**: Inflation is moderately declining. Gold prices are affected by factors such as inflation and macro - news. The trend strength is 0 [2][5]. - **Silver**: It is in a high - level adjustment. The price shows a downward trend, and the trend strength is 0 [2][5]. - **Platinum**: Capital outflows lead to a retracement. The price drops significantly, and the trend strength is - 1 [2][29]. - **Palladium**: It follows platinum's retracement. The price also shows a decline, and the trend strength is - 1 [2][29]. Base Metals - **Copper**: Capital liquidation causes price corrections. The price experiences a decline, and the trend strength is - 1 [2][12]. - **Zinc**: It is in a range - bound oscillation. The price fluctuates within a certain range, and the trend strength is 0 [2][15]. - **Lead**: The decrease in LME inventory limits price declines. The price shows a slight decline, and the trend strength is 0 [2][19]. - **Tin**: Supply is disrupted again. The price drops, and the trend strength is 1 [2][22]. - **Aluminum**: It follows copper. The price movement is related to copper, and the trend strength is 0 [2][26]. - **Alumina**: It is in a sideways oscillation. The price remains relatively stable, and the trend strength is 0 [2][26]. - **Cast Aluminum Alloy**: It shows a slight decline. The price drops slightly, and the trend strength is 0 [2][26]. - **Nickel**: There is a game between capital and industrial forces, and attention should be paid to the emergence of structural opportunities. The price shows certain fluctuations, and the trend strength is 0 [2][33]. - **Stainless Steel**: The fundamentals restrict elasticity, but attention should be paid to Indonesian policy risks. The price is relatively stable, and the trend strength is 0 [2][33]. Energy and Chemicals - **Crude Oil - related (implied in some products)**: Affects the prices of downstream products such as fuel oil and chemicals. For example, the price of fuel oil may be affected by crude oil price fluctuations [126]. - **Fuel Oil**: Night - session fluctuations increase, and it may maintain strength in the short term. The price shows certain fluctuations, and the trend strength is 0 [2][126]. - **Low - Sulfur Fuel Oil**: It is in a strong - side oscillation, and the spot high - low sulfur spread in the outer market is temporarily stable. The price shows a certain upward trend, and the trend strength is 0 [2][126]. - **PTA**: It is in a high - level oscillation market. The supply increases, and the demand is relatively stable. It is recommended to pay attention to position management before the holiday, and the trend strength is 0 [2][64][69]. - **MEG**: The upside space is limited, and there is still pressure in the medium term. The port inventory accumulates, and the trend is weak. The trend strength is 0 [2][64][70]. - **LPG**: The short - term supply is tight, and attention should be paid to the realization of downward drivers. The price shows certain fluctuations, and the trend strength is 0 [2][113]. - **Propylene**: The spot supply - demand tightens, and there is an expectation of a stop - falling rebound. The price shows a certain upward trend, and the trend strength is 0 [2][114]. - **PVC**: It is in a weak - side oscillation. The market has a high - production and high - inventory structure, and the rebound space is limited. The trend strength is 0 [2][122]. Agricultural Products - **Soybean - related (Soybean, Soybean Meal, Soybean Oil)**: - **Soybean Meal**: Overnight US soybeans closed down, and Dalian soybean meal may follow the adjustment. The price shows a decline, and the trend strength is - 1 [2][159][160]. - **Soybean Oil**: The US soybean drive is not significant, and it is mainly operated within a range. The price shows certain fluctuations, and the trend strength is 0 [2][154]. - **Soybean**: It is in an oscillation. The price is relatively stable, and the trend strength is 0 [2][161]. - **Corn**: Attention should be paid to the spot market. The price shows a certain upward trend, and the trend strength is 0 [2][163]. - **Sugar**: It is in a range - bound arrangement. The price fluctuates within a certain range, and the trend strength is 0 [2][167]. - **Cotton**: The area expectation is undetermined, and the futures price corrects. The price shows a decline, and the trend strength is 0 [2][172]. - **Eggs**: They are in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][178]. - **Hogs**: Contradictions continue to accumulate, and they are strong in the short term. The price shows an upward trend, and the trend strength is 0 [2][181]. - **Peanuts**: Attention should be paid to oil mill acquisitions. The price shows certain fluctuations, and the trend strength is 0 [2][187]. - **Palm Oil**: It has a short - term rhythm rebound, but the height is limited. The price shows a certain upward trend, and the trend strength is 0 [2][154]. Others - **Iron Ore**: It is in a high - level repetition. The price shows certain fluctuations, and the trend strength is - 1 [2][45]. - **Rebar**: Macroeconomic support and industrial suppression coexist, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - **Hot - Rolled Coil**: Similar to rebar, with macroeconomic support and industrial suppression, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - **Silicon Iron**: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - **Manganese Silicon**: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - **Coke**: The fourth - round price cut starts, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - **Coking Coal**: Year - end production cuts disrupt, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - **Log**: It is in a low - level oscillation. The price is relatively stable, and the trend strength is 0 [2][60]. - **Styrene**: It is in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][107]. - **Caustic Soda**: Attention should be paid to the delivery pressure in January. The price shows certain fluctuations, and the trend strength is - 1 [2][83]. - **Paper Pulp**: It is in a weak - side oscillation. The price shows a decline, and the trend strength is - 1 [2][89]. - **Glass**: The original sheet price is stable. The price is relatively stable, and the trend strength is 0 [2][96]. - **Methanol**: It oscillates with support. The price shows certain fluctuations, and the trend strength is 0 [2][99]. - **Urea**: It runs in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][103]. - **Short - Fiber**: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - **Bottle Chip**: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - **Offset Printing Paper**: It is advisable to wait and see. The price is relatively stable, and the trend strength is 0 [2][146]. - **Pure Benzene**: It is in a short - term oscillation mainly. The price shows certain fluctuations, and the trend strength is 0 [2][151]. - **Container Freight Index (European Line)**: Attention should be paid to the cabin - opening guidance. The price shows certain fluctuations, and the trend strength is 0 [2][128].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report analyzes multiple commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It provides market performance, fundamental analysis, and trading strategies for each sector, suggesting various actions such as buying, selling, or holding based on the specific market conditions [1][2][3]. 3. Summary by Directory Precious Metals - **Gold**: Overseas precious metals rose on Friday, with silver up over 10%. The RMB strengthened, and the CME will raise margins. Gold ETFs saw small inflows. Suggest going long on gold and staying on the sidelines for silver due to high volatility [1]. - **Silver**: Speculative sentiment is strong, with short - term upside potential but increased future volatility. It's recommended to wait and see [1]. Base Metals - **Copper**: The price continued to rise, driven by precious metals and short - covering. Supply of copper ore remains tight, while downstream demand is weak. It's advisable to wait and see due to high market sentiment [2]. - **Aluminum**: The price is expected to be volatile and slightly stronger, with high - load production on the supply side and a slight decline in demand. The positive macro - atmosphere and copper price breakthrough boost sentiment [2]. - **Alumina**: It has staged a rebound but is constrained by over - supply. The short - term trend may be weak rebounds with high volatility [2]. - **Industrial Silicon**: The market is expected to oscillate between 8400 - 9200 yuan/ton. With balanced supply and demand and potential production cut rumors, it's better to wait and see [3]. - **Lithium Carbonate**: The current price is likely to rise due to the anticipation of higher prices in 2026, despite the Q1 demand slump [3]. - **Polycrystalline Silicon**: The price may rise, but short - term chasing risks are high. It's recommended to wait for price corrections to enter the market [3]. - **Tin**: The price continued to rise. Supply recovery is slow, and demand is weak. It's advisable to wait and see due to high market sentiment [3][4]. Black Industry - **Rebar Steel**: The market is expected to oscillate. Supply and demand are weak, and the futures are undervalued. It's recommended to wait and see and consider shorting [5]. - **Iron Ore**: The market will likely oscillate. Supply and demand are weak, and the valuation is moderately high. It's better to wait and see [5]. - **Coking Coal**: The market is expected to oscillate. Supply and demand are weak, and the futures are overvalued. It's recommended to wait and see and consider shorting [5]. Agricultural Products - **Soybean Meal**: The US soybean market is likely to be volatile, depending on South American production. The domestic market is strong in the near - term and weak in the long - term [6]. - **Corn**: The futures and spot prices are expected to oscillate. Pay attention to weather and policy changes [6][7]. - **Oils and Fats**: The market is expected to be volatile, with a focus on future production and bio - diesel policies [7]. - **Sugar**: The futures market suggests shorting, and selling call options is also recommended [7]. - **Cotton**: It's recommended to buy at low prices, with a price reference range of 14300 - 14800 yuan/ton [7]. - **Eggs**: The futures price is expected to oscillate within a range [7]. - **Hogs**: The futures price is expected to be volatile and slightly stronger, with attention to recent slaughter volume [7]. - **Apples**: It's recommended to wait and see and pay attention to post - holiday sales [8]. Energy Chemicals - **LLDPE**: In the short - term, the market may be weak and volatile. In the long - term, it's advisable to go long on far - month contracts [8]. - **PVC**: The supply - demand is weak, and the valuation is low. An inverse spread strategy is recommended [8]. - **PTA**: PX is expected to be strong in the medium - term, and there are opportunities to go long on PTA processing margins in the 05 contract [8]. - **Rubber**: It's recommended to gradually close long positions around 16000 yuan/ton due to weak upward momentum [9]. - **Glass**: The supply - demand is downward, and the valuation is low. An inverse spread strategy is recommended [9]. - **PP**: In the short - term, the market may be weak and volatile. In the long - term, it's advisable to go long on far - month contracts [9]. - **MEG**: With a continuous inventory build - up, it's recommended to short at high prices [9]. - **Crude Oil**: The supply is likely to exceed demand at the end of the year and in Q1. It's recommended to short at high prices, considering geopolitical events [9][10]. - **EB**: In the short - term, the market may oscillate. In the second quarter, it's advisable to go long on styrene or use the inverse spread strategy for pure benzene [10]. - **Soda Ash**: The supply is increasing while demand is weak, and the valuation is low. An inverse spread strategy is recommended [10].