> **来源：[研报客](https://pc.yanbaoke.cn)** # China Futures Daily Note # 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No: F3023159 投资咨询号 Consulting No.: Z0013632 CITIC Futures International Service Platform: https://internationalservice.citicsf.com # 摘要 Abstract Macro News: The SSE, SZSE and BSE have raised the minimum margin ratio for margin trading to $100\%$ . Futures Prices: On Jan 14, equity index futures traded mixed while CGB futures steadied; most commodities edged higher, with AG, SN and FU leading the gains. Commentary: Tin, Silver, Fuel Oil Risks: Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 宏观：沪深北交易所上调融资保证金最低比例至 $100\%$ 期货：1月14日，股指期货涨跌不一，国债期货持稳；商品多数上涨，白银、锡、燃料油领涨。 今日点评：锡、白银、燃油 风险提示：宏观经济波动、地缘政治变化、政策趋向扭转。 # Related Reports 近期报告 【20260114】Benzene, Ethenylbenzene, Poly-Silicon 纯苯、苯乙烯、多晶硅 【20260113】Lithium Carbonate, Tin, Silver 碳酸锂、锡、白银 【20260110】Crude Oil, Aluminum, Nickel 原油、铝、镍 * Click on the hyperlink of report titles to read historical reports # Content 目录 1.China Futures期货异动 4 1.1 Overview 行情概述 1.2 Daily Rose 上涨品种 ..... 5 1.2.1 Tin 锡 5 1.2.2 Silver白银 6 1.2.3 Fuel Oil 燃油 2. China News 中国要闻 2.1 Macro News 宏观要闻 8 2.2 Industry News 行业要闻 ..... 8 CITIC Futures International Research Reports 11 # Charts图表 # 图表1：Commodity Futures Top Daily Rise 4 中国商品期货主力连续合约涨幅前十 4 # 图表2：Commodity Futures Top Daily Drop 4 中国商品期货主力连续合约跌幅前十 4 # 图表3：RecentTrendofTin 5 锡价格走势 5 # 图表4：On Jan 14,Tin Rose By $8.0\%$ .5 1月14日，锡上涨 $8.0\%$ # 图表5：RecentTrendofSilver 6 白银价格走势 6 # 图表6：On Jan 14,Siler Rose By $8.0\%$ . 6 1月14日，白银上涨了 $8.0\%$ # 图表7：RecentTrendofFuel Oil 7 燃油价格走势 7 # 图表8：On Jan 14, Fuel Oil Rose By $6.1\%$ 1月14日，燃油上涨 $6.1\%$ # 图表9：TheChangeofFuturesPricesandOpenInterests 9 中国期货涨跌幅与持仓变化 9 # 图表 10: China Futures Price 10 中国期货概览 10 # 1. China Futures 期货异动 # 1.1 Overview 行情概述 On Jan 14, equity index futures traded mixed while CGB futures steadied; most commodities edged higher, with AG, SN and FU leading the gains. China's financial futures: In equity index futures, IM rose $0.1\%$ and IC rose $0.9\%$ ; in CGB futures, TL rose $0.0\%$ and T rose $0.1\%$ . China's commodity futures: The top three gainers were Silver, Tin, and Fuel Oil. Silver rose $8.0\%$ with open interest increasing $3.0\%$ month-on-month; Tin gained $8.0\%$ while open interest decreased $1.1\%$ month-on-month; Fuel Oil climbed $6.1\%$ with open interest rising $7.9\%$ month-on-month. The top three decliners were Lithium Carbonate, Sodium Hydroxide, and Glass. Lithium Carbonate fell $3.5\%$ with open interest decreasing $1.7\%$ month-on-month; Sodium Hydroxide dropped $2.3\%$ while open interest increased $11.1\%$ month-on-month; Glass declined $2.1\%$ with open interest rising $1.7\%$ month-on-month. 1月14日，股指期货涨跌不一，国债期货持稳；商品多数上涨，白银、锡、燃料油领涨。 金融期货：股指期货方面，IM上涨 $0.1\%$ ，IC上涨 $0.9\%$ ；国债期货方面，TL上涨 $0.0\%$ ，T上涨 $0.1\%$ 。 商品期货：涨幅前三的是白银、锡和燃料油，其中白银上涨 $8.0\%$ ，持仓环比增加 $3.0\%$ ；锡上涨 $8.0\%$ ，持仓环比减少 $1.1\%$ ；燃料油上涨 $6.1\%$ ，持仓环比增加 $7.9\%$ 。 跌幅前三的是碳酸锂、烧碱和玻璃，其中碳酸锂下跌 $3.5\%$ ，持仓环比减少 $1.7\%$ ；烧碱下跌 $2.3\%$ 持仓环比增加 $11.1\%$ ；玻璃下跌 $2.1\%$ ，持仓环比增加 $1.7\%$ 。 图表1：Commodity Futures Top Daily Rise 中国商品期货主力连续合约涨幅前十 Source: iFind, CITIC Futures 图表2：Commodity Futures Top Daily Drop 中国商品期货主力连续合约跌幅前十 Source: iFind, CITIC Futures # 1.2 Daily Rose 上涨品种 # 1.2.1 Tin 锡 On Jan 14, Tin rose $8.0\%$ to 413,170 yuan/ton. The supply side of tin remains the market's key focus. Supply disruptions reoccurred in Wa region: hampered by slower-than-expected explosive approval progress, local mines will face raw material shortages and production difficulties in early 2026, with Myanmar's monthly output projected to hover at merely 500–1000 metal tons. In Indonesia, Q1 supply is expected to stay constrained due to RKAB approval-related issues. In Africa, political instability and poor infrastructure have continued to restrict tin ore production and exports, with risks remaining elevated. Looking ahead, persistent ore-side tightness has kept tin concentrate processing fees low, crimping the growth of refined tin output. On the demand front, the US and Europe are still in a rate-cut cycle, coupled with fiscal expansion, which is set to fuel positive global economic momentum. Additionally, the semiconductor industry maintains robust growth, while consumption in sectors like photovoltaics (PV) and new energy vehicles (NEVs) keeps rising. Combined with the need for industrial chain inventory restocking, tin ingot demand will see sustained growth. Overall, amid high supply risks and low industrial chain inventories, tin prices are forecast to trend strongly upward. 1月14日，锡上涨 $8.0\%$ 至413170元/吨。 当前锡供应端仍是市场关注的核心问题：佤邦再现供应扰动，由于炸药审批进度不及预期，当地在2026年初将面临生产原料不足、矿山生产困难的情况，预计年初缅甸月均产量仅维持至500-1000金属吨左右；印尼由于受RKAB审批影响，预计一季度供应仍将受到限制；非洲因政治不稳定和基础设施落后，锡矿生产和出口持续受到限制，且当前风险维持高位。展望未来，供给方面，矿端持续紧缩，导致锡精矿加工费维持低位，精炼锡产量难以提升。需求方面，美欧仍处在降息周期中，叠加财政端扩张，预计将对全球经济产生积极效应。此外，半导体行业维持高增，光伏、新能源车等领域消费继续上升，再考虑到产业链库存需要重建，将使得锡锭需求持续增长。总体来看，供应风险偏高，叠加产业链库存低位，锡价预计偏强运行。 图表3：Recent Trend of Tin 锡价格走势 Source: iFind, CITIC Futures 图表4：On Jan 14, Tin Rose By $8.0\%$ 1月14日，锡上涨 $8.0\%$ Source: iFind, CITIC Futures # 1.2.2 Silver 白银 On Jan 14, Silver rose $8.0\%$ to 22,763 yuan/kg. In a high-volatility environment, price elasticity takes precedence, with financial attributes dominating short-term pricing. Against the backdrop of gold's sustained strength, silver has continued to show high-volatility characteristics. Easing inflation has tempered tightening expectations, providing a floor for silver's financial attributes. Meanwhile, earlier structural tightness and high participation of speculative capital have significantly amplified silver price elasticity. Caution is needed regarding technical corrections after a spike in short-term volatility; yet silver's relative performance will remain strong unless there is a material reversal in the macro environment. Phased disruptions from the Bloomberg Commodity Index weight adjustment have been fully digested. Driven by the confluence of long-term expectations for liquidity easing, pro-cyclical trades and resource security concerns, both gold and silver will maintain an overall oscillating and upward trend. Silver's high-volatility state may persist; for London Silver, focus on the 90-100 USD per ounce range and watch out for the risk of phased pullbacks amid heightened volatility. 1月14日，白银上涨 $8.0\%$ 至22763元/千克。 高波动环境下弹性占优, 金融属性主导短期定价。在黄金维持强势背景下, 白银延续高波动特征。通胀回落降低紧缩预期, 对白银金融属性形成托底, 同时前期结构性紧张与投机资金参与度较高, 使银价弹性明显放大。需警惕短线波动放大后的技术性修正, 但在宏观环境未发生实质逆转前, 白银相对表现仍偏强。彭博商品指数权重调整的阶段性扰动已消化, 金银在流动性宽松远期预期、顺周期交易与资源安全忧虑共振下, 整体维持震荡偏强格局。白银高波动状态或延续, 伦敦银关注【90—100】美元/盎司区间，需警惕波动放大背景下的阶段性回撤风险。 图表5：Recent Trend of Silver白银价格走势 Source: iFind, CITIC Futures 图表6：On Jan 14, Silver Rose By $8.0\%$ 1月14日，白银上涨 $8.0\%$ Source: iFind, CITIC Futures # 1.2.3 Fuel Oil 燃油 On Jan 14, Fuel Oil rose $6.1\%$ to 2586 yuan/ton. The recent market logic for High-Sulfur Fuel Oil (HSFO) is as follows: the OPEC+ group will suspend production hikes in Q1; according to CCTV news, Venezuela will transfer 30-50 million barrels of oil to the US, leading to a surge in heavy oil supply, while the US's long-term support for Venezuela's oil production increase will exert medium-to-long-term pressure on HSFO and drag down the HSFO crack spread in the Gulf of Mexico. Iran's suspension of natural gas supply to Iraq has reignited energy crisis expectations, with Iraq potentially resuming fuel oil-fired power generation. Currently, HSFO demand outlook is capped by high floating storage in the Asia-Pacific region, and the gradual replacement of fuel oil demand for power generation in the Middle East by natural gas and photovoltaics has created dual medium-to-long-term bearish factors—weaker external demand from Saudi Arabia and higher fuel oil exports by the country. The three key supportive drivers for HSFO, namely the Russia-Ukraine conflict, US-Venezuela conflict and US-Iran conflict, remain unclear, especially the US-Iran conflict. As the asphalt-fuel oil spread widens to 700 yuan per ton, asphalt refineries are expected to increase fuel oil feedstock intake, which will boost fuel oil processing demand. 1月14日，燃料油上涨 $6.1\%$ 至2586元/吨。 高硫燃油最近逻辑：1）欧佩克+集团将于一季度暂停增产，央视消息称委内瑞拉将向美国移交3000万至5000万桶石油，重油供应激增，远期美国帮助委内瑞拉石油增产，中长期施压高硫燃油，驱动墨西哥湾高硫燃油裂解价差下跌；伊朗停供伊拉克天然气，能源危机预期再起，伊拉克恐恢复燃油发电。高硫燃油需求前景当前被亚太地区高位浮仓压制，中东燃油发电需求逐步被天然气、光伏替代，构成高硫燃油中长期双重利空：沙特对外需求下降、沙特增加燃油出口。支撑高硫燃油的三大驱动俄乌冲突、美委冲突和美伊冲突，当前看三大驱动尤其是美伊冲突仍然不明朗；2）沥青- 燃油价差扩大至700元/吨后，沥青炼厂有望增加燃料油进料，提升燃料油加工需求。 图表7：Recent Trend of Fuel Oil 燃油价格走势 Source: iFind, CITIC Futures 图表8：On Jan 14, Fuel Oil Rose By $6.1\%$ 1月14日，燃油上涨 $6.1\%$ Source: iFind, CITIC Futures # 2.China News 中国要闻 # 2.1 Macro News 宏观要闻 【U.S. Eases Export Restrictions on NVIDIA H200 Chips to China】According to CCTV News, the U.S. Federal Register announced on Jan 13 local time that it relaxed regulatory rules on exports of NVIDIA H200 chips to China. Earlier, former U.S. President Donald Trump stated via social media that the U.S. government would allow NVIDIA to sell H200 AI chips to China. It is reported that such sales to China will be subject to review and security screening by the U.S. Department of Commerce, which will also collect fees from relevant transactions. 【GAC: China's 2025 Foreign Trade Tops RMB 45 Trillion for First Time, Growing for 9 Straight Years】The General Administration of Customs (GAC) released data on Jan 14 showing that China's total goods trade import and export value reached RMB 45.47 trillion in 2025, up $3.8\%$ year-on-year, maintaining growth for 9 consecutive years since 2017. Exports stood at RMB 26.99 trillion, rising $6.1\%$ year-on-year despite headwinds; imports hit a record high of RMB 18.48 trillion, edging up $0.5\%$ year-on-year, keeping China as the world's second-largest import market for 17 straight years. 2025 marks the final year of the 14th Five-Year Plan period. Over this period, China's cumulative foreign trade volume exceeded RMB 200 trillion, a $40\%$ increase from the 13th Five-Year Plan period, with an average annual growth rate of $7.1\%$ . 【美国放宽对英伟达H200芯片出口中国的管制】据央视新闻，当地时间1月13日，据美国联邦公报显示，美国放宽了对英伟达H200芯片出口到中国的监管规定。此前，美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智能芯片。据悉，上述对华销售将由美国商务部负责审批和安全审查，美方还将从相关交易中收取费用。 【海关总署：2025年我国进出口总值首破45万亿元连续9年保持增长】海关总署1月14日发布数据显示，2025年，我国货物贸易进出口总值45.47万亿元（人民币，下同），同比增长 $3.8\%$ ，自2017年起连续9年保持增长。其中，出口顶住逆风逆流，规模达到26.99万亿元，同比增长 $6.1\%$ ；进口18.48万亿元，规模创历史新高，同比增长 $0.5\%$ ，将连续17年成为全球第二大进口市场。2025年是“十四五”收官之年，回顾“十四五”时期我国外贸发展，累计进出口规模突破200万亿元，比“十三五”时期增长四成，年均增长 $7.1\%$ 。 # 2.2 Industry News行业要闻 【Shanghai, Shenzhen & Beijing Stock Exchanges Raise Minimum Margin Ratio for Margin Trading to $100\%$ 】Approved by the China Securities Regulatory Commission (CSRC), the three bourses issued a notice to adjust the margin requirement for margin trading, lifting the minimum ratio from $80\%$ to $100\%$ for investors purchasing securities on margin. 【沪深北交易所上调融资保证金最低比例至 $100\%$ 】经中国证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时的融资保证金最低比例从 $80\%$ 提高至 $100\%$ 。 图表9：The Change of Futures Prices and Open Interests 中国期货涨跌幅与持仓变化 Financial Futures Metals Energy & Chemicals Source: iFind CITIC Futures Agricultural Products Note: The horizontal axis represents the price change, and the vertical axis represents the open interest change. 图表10：China Futures Price 中国期货概览 <table><tr><td>2026/1/14</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>OI Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>Crude Oil</td><td>原油</td><td>SC</td><td>1.8</td><td>4.9</td><td>2.0</td><td>-1.4</td><td>-14.8</td><td>-27.0</td><td>2.1</td><td>-11.5</td><td>42</td></tr><tr><td>Fuel Oil</td><td>燃料油</td><td>FU</td><td>6.1</td><td>5.3</td><td>7.5</td><td>-4.7</td><td>-11.4</td><td>-27.9</td><td>5.3</td><td>7.9</td><td>28</td></tr><tr><td>LSFO</td><td>低硫燃料油</td><td>LU</td><td>3098</td><td>2.5</td><td>7.0</td><td>4.2</td><td>-3.7</td><td>-15.8</td><td>-27.0</td><td>4.8</td><td>4</td></tr><tr><td>Bitumen</td><td>沥青</td><td>BU</td><td>3168</td><td>1.4</td><td>0.4</td><td>7.5</td><td>-3.6</td><td>-12.8</td><td>-15.2</td><td>5.1</td><td>-2.2</td></tr><tr><td>LPG</td><td>液化石油气</td><td>PG</td><td>4225</td><td>1.3</td><td>-0.1</td><td>2.3</td><td>2.6</td><td>1.0</td><td>-9.2</td><td>1.6</td><td>29.1</td></tr><tr><td>Propylene</td><td>丙烯</td><td>PL</td><td>6082</td><td>1.0</td><td>2.6</td><td>6.8</td><td>-0.4</td><td>-4.2</td><td>-4.2</td><td>4.3</td><td>4.5</td></tr><tr><td>LLDPE</td><td>聚乙烯</td><td>L</td><td>6820</td><td>1.3</td><td>2.9</td><td>4.6</td><td>-1.7</td><td>-6.4</td><td>-13.6</td><td>5.4</td><td>-2.3</td></tr><tr><td>PP</td><td>聚丙烯</td><td>PP</td><td>6590</td><td>0.8</td><td>1.9</td><td>6.4</td><td>-0.6</td><td>-6.7</td><td>-11.3</td><td>3.9</td><td>-1.8</td></tr><tr><td>Polyvinyl Chloride</td><td>聚氯乙烯</td><td>V</td><td>4878</td><td>-0.2</td><td>-1.5</td><td>14.9</td><td>4.1</td><td>-2.1</td><td>-6.7</td><td>1.7</td><td>-0.6</td></tr><tr><td>Benzene</td><td>纯苯</td><td>BZ</td><td>5707</td><td>2.7</td><td>4.7</td><td>5.0</td><td>1.5</td><td>-8.1</td><td>-3.3</td><td>4.0</td><td>3.7</td></tr><tr><td>Ethenylbenzene</td><td>苯乙烯</td><td>EB</td><td>7116</td><td>1.1</td><td>4.5</td><td>9.9</td><td>7.7</td><td>-4.7</td><td>-15.6</td><td>4.4</td><td>-0.5</td></tr><tr><td>Paraxylene</td><td>对二甲苯</td><td>PX</td><td>7262</td><td>-0.2</td><td>-0.7</td><td>7.4</td><td>14.0</td><td>7.6</td><td>-1.8</td><td>-0.5</td><td>0.0</td></tr><tr><td>PTA</td><td>PTA</td><td>TA</td><td>5116</td><td>-0.2</td><td>-0.5</td><td>10.4</td><td>14.6</td><td>8.3</td><td>-0.7</td><td>-0.5</td><td>-2.2</td></tr><tr><td>Polyester Staple Fiber</td><td>短纤</td><td>PF</td><td>6470</td><td>-0.5</td><td>-0.9</td><td>6.2</td><td>6.5</td><td>0.9</td><td>-8.3</td><td>-1.1</td><td>3.4</td></tr><tr><td>Polyethylene Thermopuremation</td><td>瓶片</td><td>PR</td><td>6110</td><td>0.5</td><td>0.9</td><td>8.6</td><td>9.1</td><td>3.5</td><td>-4.0</td><td>1.2</td><td>7</td></tr><tr><td>Resin For Baleries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Methanol</td><td>甲醇</td><td>MA</td><td>2288</td><td>1.1</td><td>0.4</td><td>11.2</td><td>-0.4</td><td>-4.1</td><td>-13.4</td><td>2.9</td><td>-0.8</td></tr><tr><td>Ethylene Glycol</td><td>乙二醇</td><td>EG</td><td>3867</td><td>0.9</td><td>0.3</td><td>7.0</td><td>-5.0</td><td>-10.7</td><td>-18.8</td><td>1.0</td><td>-2.4</td></tr><tr><td>Urea</td><td>尿素</td><td>UR</td><td>1814</td><td>2.0</td><td>1.7</td><td>11.3</td><td>13.2</td><td>3.0</td><td>7.6</td><td>4.1</td><td>10.2</td></tr><tr><td>Soda Ash</td><td>纯碱</td><td>SA</td><td>1222</td><td>-0.2</td><td>-1.2</td><td>10.6</td><td>-0.6</td><td>0.0</td><td>-15.3</td><td>1.1</td><td>-1.3</td></tr><tr><td>Sodium Hydroxide</td><td>烧碱</td><td>SH</td><td>2093</td><td>-2.3</td><td>-6.2</td><td>-0.8</td><td>-13.8</td><td>-17.2</td><td>-32.7</td><td>-7.0</td><td>11.1</td></tr><tr><td>Glass</td><td>玻璃</td><td>FG</td><td>1096</td><td>-2.1</td><td>-3.3</td><td>15.5</td><td>-4.6</td><td>0.8</td><td>-20.3</td><td>0.7</td><td>1.7</td></tr><tr><td>Coking Coal</td><td>焦煤</td><td>JM</td><td>1197</td><td>-1.5</td><td>5.3</td><td>16.3</td><td>5.0</td><td>30.8</td><td>6.7</td><td>7.3</td><td>-0.6</td></tr><tr><td>Coke</td><td>焦炭</td><td>J</td><td>1739</td><td>-1.3</td><td>1.0</td><td>16.0</td><td>6.2</td><td>13.9</td><td>0.8</td><td>2.4</td><td>1.2</td></tr><tr><td>SCFIS(Europe)</td><td>SCFIS/Euro线</td><td>EC</td><td>1231</td><td>0.2</td><td>-34.3</td><td>-27.2</td><td>-24.9</td><td>-14.2</td><td>-7.2</td><td>-32.7</td><td>3.3</td></tr><tr><td>2026/1/14</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>Gold</td><td>黄金</td><td>AU</td><td>1041</td><td>1.1</td><td>3.5</td><td>7.9</td><td>10.6</td><td>33.7</td><td>64.2</td><td>6.1</td><td>-2.9</td></tr><tr><td>Silver</td><td>白银</td><td>AG</td><td>22763</td><td>8.0</td><td>16.1</td><td>54.1</td><td>94.6</td><td>148.0</td><td>198.1</td><td>26.2</td><td>3.0</td></tr><tr><td>Palladium</td><td>钯</td><td>PD</td><td>496</td><td>1.6</td><td>3.7</td><td>27.3</td><td>35.8</td><td>35.8</td><td>35.8</td><td>19.1</td><td>-3.4</td></tr><tr><td>Platinum</td><td>铂</td><td>PT</td><td>631</td><td>3.7</td><td>2.3</td><td>39.9</td><td>55.7</td><td>55.7</td><td>55.7</td><td>15.0</td><td>0.9</td></tr><tr><td>Copper(BC)</td><td>铜(BC)</td><td>BC</td><td>92690</td><td>1.0</td><td>0.1</td><td>10.4</td><td>21.7</td><td>33.4</td><td>38.7</td><td>5.1</td><td>6.5</td></tr><tr><td>Copper</td><td>铜</td><td>CU</td><td>104120</td><td>0.9</td><td>0.0</td><td>11.3</td><td>21.5</td><td>33.0</td><td>38.3</td><td>5.5</td><td>12.2</td></tr><tr><td>Aluminum Oxide</td><td>氧化铝</td><td>AO</td><td>2800</td><td>-0.3</td><td>-3.7</td><td>13.7</td><td>-0.2</td><td>-10.5</td><td>-30.5</td><td>1.2</td><td>-6.4</td></tr><tr><td>Aluminum</td><td>铝</td><td>AL</td><td>24595</td><td>-0.1</td><td>0.7</td><td>11.0</td><td>17.5</td><td>20.4</td><td>21.2</td><td>8.2</td><td>-0.6</td></tr><tr><td>Cast Aluminum Alloy</td><td>铸造铝合金</td><td>AD</td><td>23380</td><td>-0.2</td><td>1.3</td><td>10.6</td><td>14.4</td><td>18.1</td><td>27.3</td><td>8.1</td><td>-0.4</td></tr><tr><td>Zinc</td><td>锌</td><td>ZN</td><td>24475</td><td>0.5</td><td>0.7</td><td>4.1</td><td>9.9</td><td>10.2</td><td>1.3</td><td>5.1</td><td>13.2</td></tr><tr><td>Tin</td><td>锡</td><td>SN</td><td>413170</td><td>8.0</td><td>16.0</td><td>25.1</td><td>46.4</td><td>55.2</td><td>66.2</td><td>26.6</td><td>-1.1</td></tr><tr><td>Lead</td><td>铅</td><td>PB</td><td>17385</td><td>-0.2</td><td>-1.7</td><td>1.5</td><td>1.8</td><td>1.9</td><td>5.4</td><td>0.6</td><td>17.7</td></tr><tr><td>Nickel</td><td>镍</td><td>NI</td><td>140940</td><td>-0.1</td><td>-3.0</td><td>21.8</td><td>16.4</td><td>16.7</td><td>10.3</td><td>5.7</td><td>-8.1</td></tr><tr><td>Iron Ore</td><td>铁矿石</td><td>I</td><td>821</td><td>0.1</td><td>0.6</td><td>8.0</td><td>4.2</td><td>7.2</td><td>5.7</td><td>4.0</td><td>1.4</td></tr><tr><td>Steel Rebar</td><td>螺纹钢</td><td>RB</td><td>3162</td><td>0.0</td><td>0.3</td><td>3.0</td><td>3.3</td><td>1.0</td><td>-3.2</td><td>1.1</td><td>0.2</td></tr><tr><td>Hot-Rolled Coil</td><td>热轧卷板</td><td>HC</td><td>3306</td><td>-0.1</td><td>0.2</td><td>2.1</td><td>2.0</td><td>1.1</td><td>-2.4</td><td>1.0</td><td>0.6</td></tr><tr><td>Stainless Steel</td><td>不锈钢</td><td>SS</td><td>13925</td><td>0.8</td><td>0.8</td><td>10.8</td><td>10.6</td><td>9.8</td><td>5.6</td><td>6.3</td><td>3.6</td></tr><tr><td>Manganese Silicon</td><td>锰硅</td><td>SM</td><td>5920</td><td>-0.3</td><td>-1.3</td><td>3.6</td><td>3.4</td><td>2.7</td><td>-8.0</td><td>0.0</td><td>-4.7</td></tr><tr><td>FerroSilicon</td><td>硅铁</td><td>SF</td><td>5690</td><td>-0.2</td><td>-2.8</td><td>4.4</td><td>5.8</td><td>3.9</td><td>-10.8</td><td>-0.2</td><td>-1.9</td></tr><tr><td>Lithium Carbonate</td><td>碳酸锂</td><td>LC</td><td>161940</td><td>-3.5</td><td>14.4</td><td>62.5</td><td>121.4</td><td>143.4</td><td>104.3</td><td>34.2</td><td>-1.7</td></tr><tr><td>Silicon Metal</td><td>工业硅</td><td>SI</td><td>8755</td><td>0.3</td><td>-2.1</td><td>6.1</td><td>2.0</td><td>2.5</td><td>-18.4</td><td>-1.0</td><td>-3.0</td></tr><tr><td>Poly-Silicon</td><td>多晶硅</td><td>PS</td><td>48945</td><td>-1.5</td><td>-16.9</td><td>-12.6</td><td>-0.5</td><td>18.5</td><td>12.4</td><td>-14.8</td><td>-0.8</td></tr><tr><td>2026/1/14</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>No. 1 Soybean</td><td>豆一</td><td>A</td><td>4323</td><td>-0.7</td><td>-0.5</td><td>4.1</td><td>8.9</td><td>5.0</td><td>9.3</td><td>2.1</td><td>-0.5</td></tr><tr><td>No. 2 Soybean</td><td>豆二</td><td>B</td><td>3473</td><td>-1.1</td><td>-1.1</td><td>-8.9</td><td>-3.7</td><td>-4.1</td><td>2.6</td><td>-0.1</td><td>-6.8</td></tr><tr><td>Soybean Oil</td><td>豆油</td><td>Y</td><td>8000</td><td>-0.1</td><td>0.9</td><td>-0.2</td><td>-3.3</td><td>0.2</td><td>2.9</td><td>1.7</td><td>-0.2</td></tr><tr><td>Soybean Meal</td><td>豆粕</td><td>M</td><td>2751</td><td>-0.9</td><td>-1.4</td><td>-0.8</td><td>-5.5</td><td>-7.6</td><td>0.0</td><td>-0.3</td><td>-1.3</td></tr><tr><td>Rapeseed Oil</td><td>菜籽油</td><td>OI</td><td>8949</td><td>-0.8</td><td>-1.4</td><td>-4.6</td><td>-10.4</td><td>-4.9</td><td>0.2</td><td>-1.6</td><td>-2.0</td></tr><tr><td>Rapeseed Meal</td><td>菜籽粕</td><td>RM</td><td>2289</td><td>-1.5</td><td>-4.6</td><td>-2.3</td><td>-3.4</td><td>-13.2</td><td>-3.9</td><td>-3.8</td><td>4.4</td></tr><tr><td>RBD Palm Olein</td><td>棕榈油</td><td>P</td><td>8748</td><td>-0.5</td><td>2.7</td><td>2.0</td><td>-6.6</td><td>0.5</td><td>0.3</td><td>1.6</td><td>-0.4</td></tr><tr><td>Corn</td><td>玉米</td><td>C</td><td>2272</td><td>-0.7</td><td>1.8</td><td>1.3</td><td>8.9</td><td>-0.9</td><td>0.0</td><td>1.9</td><td>-3.4</td></tr><tr><td>Corn Starch</td><td>玉米淀粉</td><td>CS</td><td>2543</td><td>-0.9</td><td>1.1</td><td>0.7</td><td>6.3</td><td>-3.9</td><td>1.1</td><td>0.9</td><td>-0.8</td></tr><tr><td>Peanut Kernel</td><td>花生</td><td>PK</td><td>7844</td><td>-0.1</td><td>-2.9</td><td>-2.7</td><td>-2.1</td><td>-5.0</td><td>-2.4</td><td>-1.8</td><td>4.2</td></tr><tr><td>White Sugar</td><td>白糖</td><td>SR</td><td>5299</td><td>0.7</td><td>0.5</td><td>1.4</td><td>-1.9</td><td>-9.0</td><td>-10.5</td><td>1.1</td><td>-0.2</td></tr><tr><td>Woodpulp</td><td>纸浆</td><td>SP</td><td>5494</td><td>-0.2</td><td>-2.0</td><td>-1.0</td><td>13.5</td><td>5.0</td><td>-8.5</td><td>-1.1</td><td>1.4</td></tr><tr><td>Offset Paper</td><td>胶板印刷纸</td><td>OP</td><td>4114</td><td>-1.6</td><td>-3.8</td><td>2.7</td><td>-2.2</td><td>-2.5</td><td>-2.5</td><td>-1.3</td><td>-2.9</td></tr><tr><td>TSR 20</td><td>20号胶</td><td>NR</td><td>13015</td><td>0.7</td><td>-0.6</td><td>5.5</td><td>8.5</td><td>5.9</td><td>-11.9</td><td>2.6</td><td>0.7</td></tr><tr><td>Natural Rubber</td><td>天然橡胶</td><td>RU</td><td>16160</td><td>0.5</td><td>0.2</td><td>6.1</td><td>8.8</td><td>13.0</td><td>-5.6</td><td>3.4</td><td>2.6</td></tr><tr><td>Synthetic Rubber</td><td>丁二烯胶</td><td>BR</td><td>12250</td><td>1.7</td><td>2.4</td><td>14.7</td><td>13.2</td><td>5.7</td><td>-13.9</td><td>6.1</td><td>5.5</td></tr><tr><td>Cotton</td><td>棉花</td><td>CF</td><td>14810</td><td>0.3</td><td>-1.0</td><td>6.9</td><td>11.7</td><td>6.5</td><td>9.2</td><td>1.8</td><td>0.6</td></tr><tr><td>Cotton Yarn</td><td>棉纱</td><td>CY</td><td>20835</td><td>0.4</td><td>-0.7</td><td>4.1</td><td>7.9</td><td>3.5</td><td>6.4</td><td>1.3</td><td>-1.7</td></tr><tr><td>Log</td><td>原木</td><td>LG</td><td>780</td><td>0.8</td><td>0.0</td><td>4.4</td><td>-1.5</td><td>-1.0</td><td>-9.6</td><td>0.8</td><td>-0.9</td></tr><tr><td>Fiberboard</td><td>纤维板</td><td>FB</td><td>1267</td><td>0.0</td><td>-0.7</td><td>-0.5</td><td>0.5</td><td>-4.4</td><td>-4.8</td><td>-1.2</td><td>-3.4</td></tr><tr><td>Live Hog</td><td>生猪</td><td>LH</td><td>12010</td><td>1.8</td><td>1.7</td><td>6.6</td><td>5.8</td><td>-15.7</td><td>-7.6</td><td>2.0</td><td>4.6</td></tr><tr><td>Egg</td><td>鸡蛋</td><td>JD</td><td>3007</td><td>-0.6</td><td>0.0</td><td>-2.5</td><td>5.6</td><td>-16.4</td><td>-9.0</td><td>1.9</td><td>-2.7</td></tr><tr><td>Apple</td><td>苹果</td><td>AP</td><td>9934</td><td>1.8</td><td>3.7</td><td>4.4</td><td>14.7</td><td>27.3</td><td>46.3</td><td>8.4</td><td>3.5</td></tr><tr><td>Chinese Julube</td><td>红枣</td><td>CJ</td><td>9130</td><td>0.5</td><td>0.0</td><td>1.3</td><td>-17.7</td><td>-12.4</td><td>-1.1</td><td>0.4</td><td>0.3</td></tr><tr><td>Round-grained Rice</td><td>粳米</td><td>RR</td><td>3660</td><td>0.1</td><td>0.5</td><td>1.6</td><td>1.4</td><td>1.6</td><td>4.1</td><td>1.4</td><td>-5.6</td></tr><tr><td>2026/1/14</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>SSE 50</td><td>上证50</td><td>IH</td><td>3114</td><td>-0.6</td><td>-0.9</td><td>4.3</td><td>5.5</td><td>13.2</td><td>19.7</td><td>3.1</td><td>4.8</td></tr><tr><td>CSI 300</td><td>沪深300 IF</td><td>IF</td><td>4740</td><td>-0.3</td><td>-0.2</td><td>3.6</td><td>5.4</td><td>18.8</td><td>24.1</td><td>3.2</td><td>6.0</td></tr><tr><td>CSI 500</td><td>中证500 IC</td><td>IC</td><td>8198</td><td>0.9</td><td>5.0</td><td>14.2</td><td>16.8</td><td>36.3</td><td>47.3</td><td>11.3</td><td>5.5</td></tr><tr><td>CSI 1000</td><td>中证1000 IM</td><td>IM</td><td>8156</td><td>0.1</td><td>5.0</td><td>10.7</td><td>14.1</td><td>29.2</td><td>42.3</td><td>9.6</td><td>2.2</td></tr><tr><td>2-Year CGB</td><td>2年期国债 TS</td><td>TS</td><td>102</td><td>0.0</td><td>0.0</td><td>-0.1</td><td>-0.1</td><td>0.0</td><td>-0.5</td><td>-0.1</td><td>-0.4</td></tr><tr><td>5-Year CGB</td><td>5年期国债 TF</td><td>TF</td><td>106</td><td>0.0</td><td>0.1</td><td>-0.2</td><td>-0.1</td><td>-0.2</td><td>-0.8</td><td>-0.1</td><td>-0.8</td></tr><tr><td>10-Year CGB</td><td>10年期国债 T</td><td>T</td><td>108</td><td>0.1</td><td>0.3</td><td>-0.1</td><td>-0.2</td><td>-0.7</td><td>-1.1</td><td>0.1</td><td>0.0</td></tr><tr><td>30-Year CGB</td><td>30年期国债 TL</td><td>TL</td><td>111</td><td>0.0</td><td>0.6</td><td>-1.2</td><td>-3.0</td><td>-7.4</td><td>-7.2</td><td>-0.1</td><td>-1.9</td></tr></table> \*A deeper shade of red indicates a larger price increase, while a deeper shade of green signifies a greater price decline. *红色越深表示涨幅越大，绿色越深表示跌幅越大。 *The data does not include the night trading session. 数据不含夜盘。 # CITIC Futures International Research Reports https://www.citicfutures.com/Insights 中信期货国际化研究系列报告 # Regular Reports 定期报告 20251126 China Futures Annual Outlook 中国期货2026年度展望 China Futures Monthly Report 中国期货运行月报 China Commodity Futures Cross Border Arbitrage Weekly Report 中国商品期货跨境套利策略周报 China Futures Daily Note 中国期货每日简报 # Special Topic 专题报告 # 【Financial】金融 人民币外汇期货风险管理应用 专题报告20251219 20251218 China Fiscal Policy Outlook: Moderate Expansion? 中国2026财政政策展望：如何理解适度扩张 20251217 China Monetary Policy Outlook: Moderate Easing? 2026年中国货币政策展望：如何理解适度宽松 20251121 Drivers Analysis and Risk Management of the CNY's Strength 人民币汇率偏强原因分析及风险管理 20250917 China Futures Member Position Factor Strategy 中国期货会员持仓因子策略优化 20250805 Optimization of Short Strategy For China Commodity Options 中国商品期权卖权策略优化思路 20250731 China Equity Index and ETF Options Arbitrage Strategy 中国股指期权与ETF期权套利策略 20250728 Enhancement of Covered Call Strategy for China Equity Index Futures 中国股指期权备兑策略优化 20250626 China Gold Options Volatility and Strategies 中国黄金期权波动率及策略配置 20250311 Foreign Private Funds in China Market 外资私募进入中国市场的机遇与挑战 # 【Commodity】商品 20260112 Follow-up on Rapeseed Calendar Spread Strategy 菜油菜粕月差策略跟进 20260109 Lithium Carbonate Annual Outlook Remains Positive 2026年锂价展望：维持乐观 20260101 Asset Allocation Note Metals, Equity and Forex 资产配置纪要：金属、权益、外汇 20251222 The Dawn of the $61\%$ Era for Iron Ore 铁矿石 “ $61\%$ 时代” 正在开启 20251220 Rapeseed Oil & Meal Calendar Spread Analysis 菜油菜粕月差策略 20251219 China Soybean Futures Main Contract Rotation Pattern 大豆期货主力合约轮换分析 20251211 Coal-Power Long-Term Contract Interpretation 2026 年煤电长协解读 20251209 China Diesel Consumption Forecast 2026-2030年中国柴油消费展望 20251128 China Iron Ore Futures Basis Review 中国铁矿石期货基差复盘 20251127 China Iron Ore Futures Delivery Introduction 中国铁矿石期货交割规则介绍 20251107 Solid-State Battery Introduction 固态电池基础知识 20251106 US LNG Prices May Rise on Strong Export 出口强劲或推升美国气价 20251105 Iron Ore Four Major Mines Quarterly Report Summary 铁矿石全球四大矿山季报解读 202501104 How to Understand China Gold Tax Policy Change 中国黄金税收政策调整解读 20250929 European Gasoil Crack Spread Outlook 欧洲柴油裂解价差展望 20250916 Chinese Port Inventories Pressure SC-Brent Spread 中国港口库存施压SC-Brent价差 20250807 Zinc Short Strategy Due To Surplus Expectation 锌过剩预期下的策略分析 20250806 Calender Spread Strategies for Lithium Carbonate Futures 碳酸锂期货月差策略推荐 # 【Emerging Industry】新兴行业 20251226 Energy and Carbon Annual Outlook 2026 能源双碳年度展望 <table><tr><td>20251215 New Energy Vehicle Annual Outlook 2026年全球新能源车销量展望 20251212 Solar PV Industry Annual Outlook 2026年光伏年度展望 20251208 Compliance Demand May Drive Carbon Prices to Rebound 履约需求或使碳价筑底反弹 20251204 The Impact of Document No. 136 on PV Projects 136号文如何影响光伏项目 20251022 Quarterly Outlook of Energy, Power, Carbon 能源电碳行业展望 20250808 Why Anti-Involution for PV Industry 光伏反内卷原因分析 20250918 Global Shipping Futures: BDI and FFAs 波罗的海航运指数及期货介绍 20250902 Potential Influence of U.S. Shipping Policy Change 美国航运政策变化的可能影响</td></tr><tr><td>Policy Reading 政策解读</td></tr><tr><td>【Macro 宏观】 20251215 Insights from the Central Economic Work Conference 中央经济工作会议学习体会 20251210 Policy Readings on the Politburo Meeting in December 2025年12月政治局会议联合点评 20251113 Commentary on China Monetary Policy Report Q3 2025三季度货币政策执行报告点评 202501030 Policy Readings on the “15th Five-Year Plan” “十五五”规划建议联合点评 20250801 Politburo Meeting Influence on Futures Prices 7月政治局会议对期货价格影响 20250514 China-U.S. Tariff Suspension Influence on China Futures Prices 中美关税暂缓对中国期货价格影响 20250313 Influence of Geoenvironmental shift on commodities 地缘变局对商品价格影响分析 20250120 China Economic Annual Outlook 中国经济年度展望 20250114 Impact of “Two New” policy on China's Domestic Demand “两新”政策对中国内需影响分析 20241109 Policy Readings of NPC Standing Committee Meeting in Nov. 11月人大常委会新闻发布会解读 20241018 Policy Readings of China SCIO Press Conference on 17th Oct. 10月17日国新办发布会解学习体会 20241013 Policy Readings of China Finance Ministry Press Conference on 11th Oct. 10月财政部发布会学习体会 【Futures 期货】 20250723 Anti-Involution Policy Reading and Influence on Futures Prices “反内卷”政策对期货价格影响 20250714 SHFE's Internationalization Reforms Interpretation 上海期货交易所国际化新规解读 20250622 China Accelerates Futures Market Opening Up 中国期货对外开放再提速</td></tr><tr><td>Research Framework 研究框架</td></tr><tr><td>【China Futures 中国期货】Macro Economy/Assets Allocation /CTA/Equity Index/ Government Bond/Exchange Rate/HK Equity index / Hang Seng Biotech Index/Crude Oil/Gold/Copper/Iron Ore/Steels/Lithium/Silicon Metal /LPG/PTA/LLDPE/Methanol/Urea/Shipping Freight /Live Hog /Soybean Meal /Soybean Oil/Palm Oil/Rapeseed Meal/Rapeseed Oil/Corn/Natural Rubber/Zinc/Silver 宏观经济/资产配置/CTA/股指/香港股指/国债/汇率/恒生生物科技指数/原油/黄金/铜/铁矿石/钢材/锂/工业硅/LPG/PTA/塑料/甲醇/尿素/航运/生猪/豆粕/豆油/棕榈油/菜粕/菜油/玉米/天然橡胶/锌/白银 【Global Futures 海外期货】U.S. Economy / U.S. Treasury Bond/ U.S. Corn / US Dollar Index / BDI and FFAs 美国经济/美国国债/美国玉米/美元指数/航运指数 【Cross-Border Arbitrage 跨境套利】Crude Oil/Iron Ore/Soybean/Copper/Rubber/Plam Oil 原油/铁矿石/大豆/铜/橡胶/棕榈油 Cross-Border Arbitrage Statistical Regression Strategy Model 跨境套利统计回归策略模型 【Risk Management 风险管理】Iron Ore/Plastic/Steel/Freight/Fuel Oil 铁矿石/塑料/钢材/燃油/航运 【长期复盘】全球大宗商品百年回顾/全球经济展望二十年大复盘/全球炼厂利润二十年回顾/全球炼油产能中长期展望/世界石油海运要道/国际原油价格二十年复盘/美国天然气价格二十年复盘 【国别手册】亚太：中国/印度/日本/韩国/澳大利亚/新加坡马来西亚/印度尼西亚；中东：沙特/伊朗/伊拉克/科威特/阿联酋/卡塔尔；美洲：巴西/委内瑞拉/圭亚那/加拿大；欧洲：俄罗斯/挪威/英国/法国；非洲：利比亚/尼日利亚/阿尔及利亚/安哥拉/刚果/南非/苏丹/南苏丹/埃及</td></tr><tr><td>Trading Manual 交易手册</td></tr></table> Introduction on China Futures Market 中国期货市场概况 Introduction on China Futures Exchanges 中国期货交易所介绍 China Futures and Derivatives Law 中国期货法律法规 China Futures/Options Contracts Manual 中国期货合约手册 China QFII Policy Interpretation 合格境外投资者制度详解 China Futures Overseas Brokerage Policy Interpretation 中国期货境外经纪机构制度详解 Global Futures/Options Contracts Manual 海外期货/期权合约手册 【海外期货概况】股指/国债/汇率/能源/金属/农业 【境外交易所概况】中国香港/东南亚/欧洲/北美 # 免责声明 除非另有说明，中信期货有限公司拥有本报告的版权和/或其他相关知识产权。未经中信期货有限公司事先书面许可，任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分材料、内容。除非另有说明，本报告中使用的所有商标、服务标记及标记均为中信期货有限公司所有或经合法授权被许可使用的商标、服务标记及标记。未经中信期货有限公司或商标所有权人的书面许可，任何单位或个人不得使用该商标、服务标记及标记。 如果在任何国家或地区管辖范围内，本报告内容或其适用与任何政府机构、监管机构、自律组织或者清算机构的法律、规则或规定内容相抵触，或者中信期货有限公司未被授权在当地提供这种信息或服务，那么本报告的内容并不意图提供给这些地区的个人或组织，任何个人或组织也不得在当地查看或使用本报告。本报告所载的内容并非适用于所有国家或地区或者适用于所有人。 此报告所载的全部内容仅作参考之用。此报告的内容不构成对任何人的投资建议，且中信期货有限公司不会因接收人收到此报告而视其为客户。 尽管本报告中所包含的信息是我们于发布之时从我们认为可靠的渠道获得，但中信期货有限公司对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性以及完整性不作任何明确或隐含的保证。因此任何人不得对本报告所载的信息、观点以及数据的准确性、可靠性、时效性及完整性产生任何依赖，且中信期货有限公司不对因使用此报告及所载材料而造成的损失承担任何责任。本报告不应取代个人的独立判断。本报告仅反映编写人的不同设想、见解及分析方法。本报告所载的观点并不代表中信期货有限公司或任何其附属或联营公司的立场。 此报告中所指的投资及服务可能不适合阁下。我们建议阁下如有任何疑问应咨询独立投资顾问。此报告不构成任何投资、法律、会计或税务建议，且不担保任何投资及策略适合阁下。此报告并不构成中信期货有限公司给予阁下的任何私人咨询建议。 本报告内容以中文为准，英文仅供参考。 Unless otherwise specified, CITIC Futures Co., Ltd. (hereinafter referred to as "CITIC Futures") Possess the copyright and/or other related intellectual property rights of this report. Without the prior written permission of CITIC Futures Co., Ltd., no unit or individual is allowed to copy, reprint, cite, publish, publish, distribute, modify, or translate all or part of the materials and content of this report in any way. Unless otherwise specified, all trademarks, service marks, and markings used in this report are trademarks, service marks, and markings owned or legally authorized by CITIC Futures. Without the written permission of CITIC Futures or the trademark owner, no unit or individual shall use the trademark, service mark or mark. If within the jurisdiction of any country or region, the content of this report or its application conflicts with the laws, rules or regulations of any government agency, regulatory agency, self-regulatory organization, or clearing house, or if CITIC Futures is not authorized to provide such information or services locally, then the content of this report is not intended to be provided to individuals or organizations in these regions. No individual or organization is allowed to view or use this report locally. The content contained in this report is not applicable to all countries or regions or to everyone. All content contained in this report is for reference only. The content of this report does not constitute investment advice to anyone, and CITIC Futures will not consider the recipient as a customer due to their receipt of this report. Although the information contained in this report was obtained from sources we believe to be reliable at the time of publication, CITIC Futures makes no express or implied warranties regarding the accuracy, reliability, timeliness, or completeness of the information, viewpoints, and data contained in this report. Therefore, no one shall rely on the accuracy, reliability, timeliness, and completeness of the information, viewpoints, and data contained in this report, and CITIC Futures shall not be liable for any losses caused by the use of this report and the materials contained. This report should not replace individual independent judgment. This report only reflects the different assumptions, insights, and analytical methods of the authors. The views expressed in this report do not represent the positions of CITIC Futures or any of its affiliated or affiliated companies. The investments and services referred to in this report August not be suitable for you. We suggest that you consult an independent investment advisor if you have any questions. This report does not constitute any investment, legal, accounting or tax advice, and does not guarantee that any investment or strategy is suitable for you. This report does not constitute any personal consultation or advice given to you by CITIC Futures. The original content of this report is based on the Chinese language, and the English language is for reference only.