投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2026-02-10 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 地缘风险升温，原油震荡偏强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：近期供需基本面的边际改善提供坚实支撑。OPEC+八大主要产油国明确宣布 2026 年 3 月 继续暂停增产，产量维持 2025 年 12 月水平，有效缓解了市场对于供应过剩的担忧。同时，美国冬 季风暴 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2026 年 2 月 10 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡整理 | 股市风险偏好谨慎乐观 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 参考观点：震荡整理 核心逻辑：昨日各股指均震荡上涨。沪深京三市成交额 22702 亿元，较上日放量 1067 亿元。随着白 银止跌反弹，市场情绪有所回暖，股指运行逻辑回归自身基本面。政策面利好预期以及增量资金持续 净流入股市的趋势保持不变，构成股指中长期上行的核心逻辑。不过短期内宏观经济指标有所走弱， "弱现实"压力上升，加上临近长假资金面趋向谨慎，预计股指上行动能有所不足。总的来说，短期 内股市风险谨慎乐观，股指以区间震荡整理为主。 （仅供 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2026 年 2 月 10 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 期货研究报告 参考观点：震荡偏弱 核心逻辑：巴西新豆收割进度快于往年，且 2 月出口预期强劲，丰产预期不断强化，持续挤压美豆出口空 间。市场焦点转向即将公布的美国农业部月度供需报告，分析师普遍预计报告将微幅下调美豆年末库存， 但同时上调巴西大豆产量预估，全球供应宽松基调未改。国内市场，随着春节假期临近，大部分大豆压榨 工厂已陆续停机，油厂开机率显著下滑。尽管豆粕产出减少，但节前饲料企业备货已基本完成，现货采购 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term trend of the TL2603 variety is to fluctuate, the medium - term trend is to fluctuate, and the intraday trend is relatively strong, with an overall view of oscillatory consolidation due to the boost of safe - haven sentiment on the investment demand for national bonds [1]. - The intraday view of varieties TL, T, TF, and TS is relatively strong, the medium - term view is to fluctuate, and the reference view is oscillatory consolidation. Due to the weakening of the latest macro - economic indicators, the problem of insufficient effective demand has emerged, increasing the "weak reality" pressure and raising expectations of future interest rate cuts. Near the long holiday, liquidity has tightened, and the safe - haven demand has increased the allocation demand for national bonds, making national bond futures fluctuate strongly. However, the short - term expectation of the Fed's interest rate cut has slowed down, and the central bank's monetary easing policy is mainly based on structural interest rate cuts, so the necessity of a comprehensive interest rate cut in the short term is not strong, and the upward space for national bond futures is limited. In general, national bond futures will continue to fluctuate and consolidate in the short term [5]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2603 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is relatively strong, with a view of oscillatory consolidation, and the core logic is that safe - haven sentiment boosts the investment demand for national bonds [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, and TS, the intraday view is relatively strong, the medium - term view is oscillatory, the reference view is oscillatory consolidation. The core logic is that national bond futures rebounded slightly in an oscillatory manner yesterday. Due to the weakening of the latest macro - economic indicators, the problem of insufficient effective demand has emerged, increasing the "weak reality" pressure and raising expectations of future interest rate cuts. Near the long holiday, liquidity has tightened, and the safe - haven demand has increased the allocation demand for national bonds, making national bond futures fluctuate strongly. However, the short - term expectation of the Fed's interest rate cut has slowed down, and the central bank's monetary easing policy is mainly based on structural interest rate cuts, so the necessity of a comprehensive interest rate cut in the short term is not strong, and the upward space for national bond futures is limited. In general, national bond futures will continue to fluctuate and consolidate in the short term [5].

1. Report's Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - On February 9, 2026, all stock indices fluctuated and rose, with the trading volume of the Shanghai, Shenzhen, and Beijing stock markets reaching 2270.2 billion yuan, an increase of 106.7 billion yuan compared to the previous day [3]. - Market sentiment improved as silver stopped falling and rebounded, and the operation logic of stock indices returned to their fundamentals [3]. - The positive policy expectations and the continuous net - inflow of incremental funds into the stock market remain unchanged, which form the core logic for the medium - to - long - term upward movement of stock indices [3]. - In the short term, macroeconomic indicators have weakened, the pressure of "weak reality" has increased, and due to the approaching long holiday, the capital market has become more cautious, so the upward momentum of stock indices is expected to be insufficient [3]. - In general, the short - term risk of the stock market is cautiously optimistic, and stock indices will mainly fluctuate and consolidate within a range [3]. - For options, the implied volatility at the money has recently increased. Since the medium - to - long - term upward logic of stock indices is relatively solid, the bull spread strategy is maintained [3]. 3. Summary of Each Section 3.1 Option Indicators - On February 9, 2026, 50ETF rose 1.48% to close at 3.161; 300ETF (SSE) rose 1.68% to close at 4.727; 300ETF (SZSE) rose 1.61% to close at 4.928; CSI 300 Index rose 1.63% to close at 4719.06; CSI 1000 Index rose 2.26% to close at 8233.78; 500ETF (SSE) rose 2.22% to close at 8.395; 500ETF (SZSE) rose 2.20% to close at 3.338; ChiNext ETF rose 2.85% to close at 3.321; Shenzhen 100ETF rose 1.96% to close at 3.494; SSE 50 Index rose 1.45% to close at 3081.78; STAR 50ETF rose 2.40% to close at 1.54; E Fund STAR 50ETF rose 2.48% to close at 1.49 [6]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day [7]. - The implied volatility at the money and the 30 - day historical volatility of the underlying assets of various options on February 2026 are provided [8][9]. 3.2 Related Charts - **SSE 50ETF Options**: The report includes charts on the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [10][11][12]. - **SSE 300ETF Options**: There are charts on the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [21][22]. - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [24][25]. - **CSI 300 Index Options**: The report presents charts on the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [28][29]. - **CSI 1000 Index Options**: There are charts on the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [37][38]. - **SSE 500ETF Options**: The charts include the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [51][52]. - **SZSE 500ETF Options**: The report provides charts on the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [63][64]. - **ChiNext ETF Options**: There are charts on the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [76][77]. - **Shenzhen 100ETF Options**: The charts include the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [86][87]. - **SSE 50 Index Options**: The report presents charts on the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [99][100]. - **STAR 50ETF Options**: There are charts on the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [112][113]. - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [121][122].

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report. 2. Core Views of the Report - For coke, as of the week ending February 6, the total daily coke production of all - sample independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons and a year - on - year decrease of 0.00162 million tons. The daily hot - metal production of 247 steel mills was 228,580 tons, a week - on - week increase of 600 tons per day and a year - on - year increase of 140 tons. The coke fundamentals had no significant changes this week, with both supply and demand slightly increasing at a low level. It is expected that the coke futures will maintain a low - level oscillatory pattern in the short term [5][31]. - For coking coal, as of the week ending February 6, the daily clean - coal production of 523 coking coal mines nationwide was 755,000 tons, a week - on - week decrease of 16,000 tons. Near the Spring Festival, coking - coal production will experience a short - term contraction but is expected to recover quickly after the festival. In January, the Ganqimaodu Port had a total of 30,877 vehicle clearances. Although it decreased by 17.2% compared with December, it increased by 42.9% compared with the same period last year, and the Mongolian coking - coal imports remained at a relatively high level. The total daily coke production of independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons. Overall, the fundamentals of coking coal have limited support, and there are still medium - to - long - term demand concerns. Considering the recent low - level stabilization of thermal - coal prices, it is expected that coking - coal prices will maintain a low - level oscillatory pattern before the Spring Festival [5][31]. 3. Summary of Each Section 3.1 Industry News - Newly added social financing in January may increase slightly year - on - year. M1 may rise due to the low - base effect caused by the misaligned Spring Festival. Market institutions predict that the median of newly added RMB loans in January is 4.7 trillion yuan, a year - on - year decrease of 0.43 trillion yuan; the median of newly added social financing is 7.11 trillion yuan, a year - on - year increase of 0.05 trillion yuan. The month - on - month growth rate of M2 in January may decline slightly, and CPI may decline slightly year - on - year, while the year - on - year decline of PPI is expected to continue to narrow. The median of CPI year - on - year growth rate is predicted to be 0.4%, and the median of PPI year - on - year growth rate is predicted to be - 1.4% [7]. - On February 9, Mongolia's KH Company held an online auction for coking coal. The starting price of 1/3 coking clean coal (A9.5, V>28, S0.85, G65, Mt10) was 700 yuan/ton. All 25,600 tons of the listed quantity were sold at the base price, the same as the price on the 6th. The supply location is the customs supervision area of the Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being May 10, 2026 [8]. 3.2 Spot Market | Variety | Current Value | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Comparison | | --- | --- | --- | --- | --- | --- | | Coke (Sunshine Port, quasi - first - grade,平仓) | 1,520 yuan/ton | +3.40% | +3.40% | - 10.06% | - 4.40% | | Coke (Qingdao Port, quasi - first - grade,出库) | 1,480 yuan/ton | +2.07% | +0.68% | - 8.64% | - 3.27% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,200 yuan/ton | - 3.23% | - 3.23% | +1.69% | +4.35% | | Coking Coal (Jingtang Port, Australian - produced) | 1,660 yuan/ton | +4.40% | +3.11% | +11.41% | +11.41% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,780 yuan/ton | 0.00% | 0.00% | +16.34% | +19.46% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open - Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,703.5 yuan/ton | - 1.07% | 1,709.5 yuan/ton | 1,679.5 yuan/ton | 16,755 | 124 | 34,909 | - 121 | | Coking Coal | 1 | 1,147.0 yuan/ton | - 0.61% | 1,149.5 yuan/ton | 1,125.0 yuan/ton | 798,141 | - 135,746 | 469,142 | - 6,791 | [13] 3.4 Related Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, port total coke inventory, 247 steel - mill coking plants, and total coke inventory from 2021 - 2026 [14][15][16]. - **Coking Coal Inventory**: Charts display the inventory of mine - mouth coking coal, all - sample independent coking plants, port coking coal, and 247 sample steel mills from 2021 - 2026 [19][20][22]. - **Other Charts**: Include domestic steel - mill production (blast - furnace operating rate and steel - mill profitability), Shanghai terminal wire - rod procurement volume, coal - washing plant production (clean - coal inventory and operating rate), and coking - plant operation (ton - coke profit and coke - oven capacity utilization) [26][28][30]. 3.5 Market Outlook - The analysis and outlook for coke and coking coal are the same as the core views, expecting short - term low - level oscillations for coke futures and low - level oscillations for coking - coal prices before the Spring Festival [31].

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2026 年 2 月 9 日 国债期货 专业研究·创造价值 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 短期内国债期货延续震荡整理 核心观点 今日国债期货均震荡小幅反弹。由于最新宏观经济指标有所走弱，有效 需求不足的问题显现，"弱现实"压力上升，未来降息预期升温。另外临近 长假，流动性趋紧，加上避险需求提升国债配置需求，国债期货震荡偏强。 不过短期内美联储降息预期放缓，加上央行货币宽松政策以结构性降息为 主，短期内全面降息的必要性不强，国债期货上行空间有限。总的来说， 短期内国债期货延续震荡整理。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 专业 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 （仅供参考，不构成任何投资建议） 姓名：毕慧 宝城期货投资咨询部 从业资格证号：F0268536 投资咨询证号：Z0011311 电话：0571-87006873 邮箱：bihui@bcqhgs.com 作者声明 生猪 2026 年 2 月 9 日 豆类日报 节前市场资金谨慎 豆类油脂震荡偏弱 核心观点 2 月 9 日，豆类油脂整体震荡偏弱。豆一期价冲高回落，期价围绕 10 日 均线窄幅波动，资金变化不大；豆二期价震荡偏弱,期价冲高回落，承压于 5 日均线压力，资金变化不大；豆粕期价震荡偏强，期价承压于 20 日、30 日和 60 日均线压力，资金变化不大；菜粕期价震荡偏弱，期价承压于 5 日均线压 力，资金变化不大。油脂期价维持震荡，豆油期价围绕 5 日和 20 日均线交汇 震荡为主，资金变化不大；棕榈油期价震荡偏弱，期价暂获 20 日均线支撑， 承压于 5 日均线压力，资金变化不大；菜籽油期价震荡偏弱，期价承压于 5 日 和 60 日均线压力，下方暂获 20 日均线支撑，资金变化不大。 豆类市场外弱内稳，节前市场交投谨慎。巴西新豆收割进度快 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The main contract price of rebar oscillated downward with a daily decline of 0.84%, showing a decrease in volume and an increase in open interest. As the holiday approaches, both supply and demand of rebar are weakening, and the fundamentals remain weak. The steel price in the off - season continues to be under pressure, with cost support being a relative positive factor. It is expected to continue the weak oscillating trend, and attention should be paid to inventory changes [5]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.55%, and both volume and open interest increased. Currently, the supply of hot - rolled coil is at a high level while the demand is weakening. The fundamentals are weak, and the price will continue to oscillate at a low level under pressure. Attention should be paid to the demand performance and beware of the intensified contradiction of weakening demand [5]. - The main contract price of iron ore oscillated at a low level with a daily decline of 0.46%, and both volume and open interest decreased. At present, although the demand for iron ore has slightly recovered, the improvement is limited, and the supply pressure has limited relief. The fundamentals of iron ore are weak. Under the dominance of the real - world logic, the ore price is expected to remain under pressure and run weakly. Attention should be paid to the performance of finished steel [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - According to the C50 Wind Direction Index survey, the liquidity in February is likely to remain stable and loose. Although there are three phased disturbances in February, the central bank's attitude of loose monetary policy is obvious, and liquidity injection is expected to increase. Among 20 market institutions surveyed, 1 believes there is basically no liquidity gap, 17 think the overall capital pressure is not large and the liquidity gap may be about one trillion yuan, and 2 believe it is neutral and tight with a liquidity gap exceeding two trillion yuan [7]. - In 2026, the sales of automobile trade - in programs exceeded 50 billion yuan. As of February 5, 2026, there were 335,000 subsidy applications for automobile trade - in, driving new - car sales of 53.77 billion yuan. In January, the average price of new cars involved in trade - in exceeded 160,000 yuan, and the number of scrapped automobiles recycled nationwide was 659,000, a year - on - year increase of 50.2% [8]. - On February 6, 2026, Brazil's Department of Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services issued Announcement No. 6 of 2026, making a positive preliminary anti - dumping ruling on wire rods originating from China and Russia. It suggested continuing the investigation without implementing temporary anti - dumping measures and extended the deadline for making a final ruling to within 18 months from the date of filing the case [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average are 3,190 yuan, 3,150 yuan, and 3,304 yuan respectively, with price changes of 0 yuan, - 10 yuan, and - 2 yuan. The spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average are 3,240 yuan, 3,140 yuan, and 3,283 yuan respectively, with price changes of - 10 yuan, - 10 yuan, and - 1 yuan. The price of Tangshan billet is 2,910 yuan with no change, and the price of Zhangjiagang heavy scrap is 2,160 yuan with no change. The volume - spiral spread is 5 yuan, and the spiral - scrap spread is 1,030 yuan [10]. - The price of PB powder at Shandong ports is 757 yuan with a change of 1 yuan, the price of Tangshan iron concentrate (wet basis) is 767 yuan with no change, the Australian and Brazilian freight rates are 8.45 yuan and 23.46 yuan respectively, with changes of 0.11 yuan and - 0.11 yuan. The SGX swap (current month) is 99.58 yuan with a change of - 1.32 yuan, and the iron ore price index (61% FE, CFR) is 98.70 yuan with a change of - 1.60 yuan [10]. 3.3 Futures Market - The closing price of the rebar futures active contract is 3,064 yuan, with a decline of 0.84%. The highest price is 3,083 yuan, the lowest price is 3,060 yuan, the trading volume is 665,539 lots with a decrease of 57,768 lots, and the open interest is 2,005,501 lots with an increase of 90,248 lots [12]. - The closing price of the hot - rolled coil futures active contract is 3,239 yuan, with a decline of 0.55%. The highest price is 3,253 yuan, the lowest price is 3,235 yuan, the trading volume is 348,786 lots with an increase of 72,117 lots, and the open interest is 1,499,810 lots with an increase of 15,200 lots [12]. - The closing price of the iron ore futures active contract is 761.5 yuan, with a decline of 0.46%. The highest price is 765.0 yuan, the lowest price is 757.5 yuan, the trading volume is 169,680 lots with a decrease of 46,579 lots, and the open interest is 513,384 lots with a decrease of 1,361 lots [12]. 3.4 Related Charts - The report presents various charts related to steel and iron ore inventories, including weekly changes in rebar and hot - rolled coil inventories, total inventories (steel mills + social warehouses), and iron ore inventories at 45 ports, 247 steel mills, and domestic mines. It also shows charts of steel mill production, such as the blast furnace operating rate, capacity utilization rate, and profitability of 247 sample steel mills, as well as the operating rate and profitability of 94 independent electric - arc furnace steel mills [14][20][29] 3.5 Market Outlook - For rebar, as the holiday approaches, both supply and demand are seasonally weakening, and inventory is continuously accumulating. The weekly output of rebar decreased by 81,500 tons, and the inventory level is significantly higher than the same period last lunar year. Demand is in a weak seasonal pattern, and the weak demand pattern is difficult to change, dragging down the steel price. The cost support is a relative positive factor. It is expected to continue the weak oscillating trend, and attention should be paid to inventory changes [37]. - For hot - rolled coil, the supply - demand pattern has little change, and inventory has increased again. The weekly output of hot - rolled coil decreased slightly by 50 tons, remaining at a relatively high level, and the inventory level is high. The demand for hot - rolled coil is weakening, and although the downstream cold - rolled production is at a high level, there are concerns about demand. The price will continue to oscillate at a low level under pressure, and attention should be paid to demand performance [37]. - For iron ore, the supply - demand pattern remains weak, and inventory is continuously rising. Although the terminal consumption of ore has slightly increased, the improvement in demand is limited due to the poor profitability of steel mills and the accumulation of steel market contradictions. The supply of overseas ore has shrunk in the short term, and the supply pressure has limited relief. The ore price is expected to remain under pressure and run weakly, and attention should be paid to the performance of finished steel [38].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2026 年 2 月 9 日 有色日报 专业研究·创造价值 有色震荡运行 核心观点 沪铜 今日沪铜主力期价围绕 10.2 万一线震荡运行，沪铜持仓量变化不 大。宏观层面，日内美元指数走弱，利好铜价。产业层面，本周一 电解铜社库呈现去化，下游逢低补库意愿较强。近期沪铜持仓量持 续下降，临近春节假期，短期资金驱动较弱，可持续关注 10 万关口 支撑。 沪铝 今日铝价冲高回落，沪铝持仓量持续上升。从盘面来看，早盘有 色普遍冲高，日内分化明显。产业层面，国内电解铝季节性累库。 技术上，铝价经过 ...