欢迎关注微信公众号 【每日精选观点】 品种 合约 观点 铜 CU2603 農荡偏强 烧碱 短期偏弱 SH2603 热卷 价格中枢在区间下沿向上修复 HC2605 豆糖 農荡偏弱 M2605 【全品种日评】 品种 主力合约 操作建议 点评 IF2603 风险集中释放后,商品及权益资产均有所回暖,但 IH2603 市场情绪回暖,股指集体反弹 股指 持仓未见回升,处于修复性反弹阶段。建议做好组 IC2603 合风险控制,等待企稳,可持有双边买权仓位。 IM2603 昨日权益市场反弹略压制长债情绪,不过央行公告 一是1月买债1000亿元,二是3个月买断式逆回购 净投放1000亿元,资金面宽松预期支撑短端相对 T2603 走强,关注周四周五政府债供给压力。仍预期 TF2603 国债 权益市场反弹,长债情绪略回落 TS2603 T2603合约波动区间或在108-108.3。单边策略 上仍维持区间操作。曲线策略上建议关注做平。移 TL 2603 仓策略上,下月面临春节,建议投资者在节前提前 安排移仓,以防节后流动性不足。 AU2604 AG2604 白银ETF持仓大幅回升 市场情绪改善贵金属止跌反弹 黄金止跌反弹阶段底部有 ...

■亚期现日报 投资咨询业务资格：证监许可 【2011】1292号 2026年2月4日 Z0003135 张晓珍 | 甲醇价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 2月3日 | 2月2日 | 涨跌 | 涨跌幅 | 单位 | | MA2605 收盘价 | 2247 | 2252 | -5 | -0.22% | | | MA2609 收盘价 | 2279 | 2278 | 1 | 0.04% | | | MA59价差 | -32 | -26 | -6 | 23.08% | | | 太仓基差 | -42 | -50 | 8 | -16.00% | | | MTO05盘面 | -107 | -120 | 13 | -10.83% | | | 内蒙北线现货 | 1780 | 1780 | 0 | 0.00% | 元/吨 | | 河南洛阳现货 | 2000 | 2008 | -8 | -0.37% | | | 港口太仓现货 | 2200 | 2210 | -10 | -0.45% | | | 区域价差: 太仓-内蒙北线 | 420 | 43 ...

广发用货 EDS 投资咨询业务资格: 证监许可【2011】1292号 2026年2月4日 免患声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。在任何情况下,报告内容仅供参考。 报告中的信息或所表达的意见并不构成所述品种买卖的出价或询价,投资者据此投资,风险自担。 板块 金 融 欢迎关注微信公众号 【每日精选观点】 品种 合约 观点 铜 CU2603 農荡偏强 烧碱 短期偏弱 SH2603 热卷 价格中枢在区间下沿向上修复 HC2605 豆糖 農荡偏弱 M2605 【全品种日评】 品种 主力合约 操作建议 点评 IF2603 风险集中释放后,商品及权益资产均有所回暖,但 IH2603 市场情绪回暖,股指集体反弹 股指 持仓未见回升,处于修复性反弹阶段。建议做好组 IC2603 合风险控制,等待企稳,可持有双边买权仓位。 IM2603 昨日权益市场反弹略压制长债情绪,不过央行公告 一是1月买债1000亿元,二是3个月买断式逆回购 净投放1000亿元,资金面宽松预期支撑短端相对 T2603 走强,关注周四周五政府债供给压力。仍预期 TF2603 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 目录： 每日精选： 每日重点关注品种逻辑解析 金融衍生品： 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@g ...

知识图强,求实奉献,客户至上,合作共赢 可分 6-500 | 贵金属期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2026年2月4日 | | | | 04분금 | Z0016628 | | 国内期货收盘价 | | | | | | | 品种 | 2月3日 | 2月2日 | 涨跌 | 涨跌幅 | 单位 | | AU2604合约 | 1093.78 | 1008.60 | 85.18 | 8.45% | 元/兄 | | AG2604合约 | 21446 | 24832 | -3386 | -13.64% | 元/千克 | | PT2606合约 | 572.95 | 552.15 | 20.80 | 3.77% | | | PD2606合约 | 450.55 | 413.70 | 36.85 | 8.91% | 元/兄 | | 外盘期货收盘价 | | | | | | | 可用 COMEX黄金主力合约 | 2月3日 4970.50 | 2月2日 4680.90 | 旅跌 289.60 | 旅失幅 6.1 ...

| 品种/合约 | 现货价格 | 期货价格 | 基差 | 基差率 | 历史分位数 | 现货参考 | 留注 | | --- | --- | --- | --- | --- | --- | --- | --- | | 硅铁 (SF603) | 5698 | 5620 | 78 | 1139% | 65.60% | 折算价:72硅铁合格块:内蒙-天津仓单 | | | 硅锰(SM603) | 2950 | 5836 | 114 | 1195% | 48.10% | 折算价:6517硅锰:内蒙-湖北仓单 | | | 螺纹钢 (RB2605) | 3230 | 3009 | 131 | 4.23% | 57.40% | HRB40020mm:上海 | | | 热卷(HC2605) | 3260 | 3265 | -5 | -0.15% | 17.10% | Q235B: 4.75mm: 上海 | | | 铁矿石 (12605) | 832 | 778 | 54 | 7.01% | 43.70% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | | | 焦炭 (J2605) | 1734 | 1715 | 1 ...

数据来源:海关总署、木联数据、Wind、广发期货研究所。清仔细阅读报告尾端免责声明。 2026年2月4日 曹剑兰 Z0019556 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 2月3日 | 2月2日 | 张跌 | 涨跌幅 | 单位 | | 原木2603 | 801.0 | 795.0 | 6.0 | 0.75% | | | 原木2605 | 802.0 | 796.0 | 6.0 | 0.75% | | | 原木2607 | 806.5 | 804.5 | 2.0 | 0.25% | | | 主力合约基差 | -51.0 | -45.0 | -6.0 | | | | 日照港3.9A小辐射松 | 680.0 | 680.0 | 0 | 0.00% | | | 日照港3.9A中辐射松 | 750 | 750 | 0 | 0.00% | | | 日照港3.9A大辐射松 | 850 | 850 | 0 | 0.00% | | | 太仓港 4A 小辐射松 | 720 | 720 | 0 | 0.00% | | | 太仓港 4A 中 ...

1. Report Industry Investment Ratings No information about the report industry investment ratings is provided in the content. 2. Core Views of the Report Zinc - Overseas monetary policy tightening expectations put pressure on market risk appetite, and spot trading improvement is limited. Zinc prices oscillated and adjusted. The shortage of zinc ore supports prices, but the high zinc prices suppress demand. The overall fundamentals are good, and the downside space of zinc prices may be limited. Pay attention to the changes in zinc ore TC and refined zinc inventory [2]. Copper - The expectation of copper storage at home and abroad is strengthened, and copper prices stabilized and rebounded. The short - term supply of copper ore is tight, and the demand has recovered. The medium - and long - term logic remains unchanged, and the bottom center of copper prices is expected to rise gradually. In the short term, with the narrowing of CL premium, copper prices may return to fundamental pricing [5]. Tin - The short - term tin prices are easily affected by market sentiment and may fluctuate sharply. In the medium and long term, although the supply side is gradually recovering, considering the low elasticity of supply and the long - term narrative of the AI arms race, a low - buying strategy for tin prices is recommended [7]. Aluminum - Alumina prices are expected to continue to fluctuate widely around the industry cost line. Aluminum prices have experienced an emotional surge, but they have deviated from fundamental support. It is recommended to gradually make long positions after the price stabilizes and the volatility decreases [9]. Nickel - Recent macro - sentiment and ore - end expectations affect the overall fluctuation rhythm of nickel prices. Nickel prices are expected to adjust in a wide range. Pay attention to the range of 130,000 - 140,000 [11]. Stainless Steel - Stainless steel mainly follows the macro - sentiment. The cost support still exists, but the supply contraction due to steel mill production cuts, the weak demand boost in the off - season, and inventory digestion are still insufficient. It is expected to adjust weakly in the short term [13]. Industrial Silicon - Industrial silicon prices are expected to oscillate, with the main price fluctuation range between 8,200 - 9,200 yuan/ton. Pay attention to the changes in production and demand [15]. Polysilicon - Production enterprises have a strong willingness to support prices. Polysilicon prices are expected to stabilize and oscillate. Pay attention to the post - Spring Festival production reduction and downstream demand recovery [17]. Aluminum Alloy - The ADC12 price of aluminum alloy is expected to continue to oscillate in the high - level range. Pay attention to the actual circulation of scrap aluminum, the change of import window, and the final strength and rhythm of downstream inventory preparation before the Spring Festival [18]. Lithium Carbonate - The trading logic of lithium carbonate has switched, and the macro impact is greater. The price center has a certain constraint on the downward adjustment space. It is expected to adjust in a wide range in the short term [19]. 3. Summaries According to Relevant Catalogs Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.32% to 25,050 yuan/ton. The import loss was 2,677 yuan/ton, and the monthly spread changed [2]. - **Fundamental Data**: In January, the refined zinc output was 560,600 tons, a month - on - month increase of 1.54%. The开工 rate of zinc - related processing industries decreased, and the social inventory of zinc ingots in seven regions in China increased by 7.62% week - on - week [2]. Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.86% to 101,320 yuan/ton. The import loss was 236 yuan/ton, and the monthly spread changed [5]. - **Fundamental Data**: In January, the electrolytic copper output was 1.1793 million tons, a month - on - month increase of 0.10%. The开工 rate of copper - related processing industries and inventory data changed [5]. Tin - **Spot Price and Basis**: SMM 1 tin price decreased by 2.76% to 381,900 yuan/ton. The import loss and monthly spread changed [7]. - **Fundamental Data (Monthly)**: In December, the import of tin ore remained unchanged, and the production and export of refined tin, as well as the开工 rate of related industries, changed [7]. - **Inventory Change**: SHEF and social inventories increased, while SHEF (daily) and LME inventories decreased [7]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 1.73% to 23,290 yuan/ton. The import loss of electrolytic aluminum and the monthly spread changed [9]. - **Fundamental Data**: In January, the alumina output decreased by 1.78%, and the domestic electrolytic aluminum output increased by 0.47%. The开工 rate of aluminum - related processing industries decreased, and the social inventory of electrolytic aluminum increased [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 0.82% to 139,050 yuan/ton. The import loss and monthly spread changed [11]. - **Supply and Demand and Inventory**: In January, China's refined nickel output increased by 20.06%, and the import volume increased by 84.63%. Inventories in different regions changed [11]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 14,100 yuan/ton. The raw material price and monthly spread changed [13]. - **Fundamental Data**: The production of 300 - series stainless steel in China decreased by 26.72%, and the import and export volumes changed. The social inventory of 300 - series stainless steel increased slightly [13]. Industrial Silicon - **Spot Price and Main Contract Basis**: The price of East China oxygen - permeable S15530 industrial silicon remained unchanged at 9,350 yuan/ton. The monthly spread changed [15]. - **Fundamental Data (Monthly)**: In January, the national industrial silicon output decreased by 5.44%, and the开工 rate decreased. The inventory data changed [15]. Polysilicon - **Spot Price and Basis**: The average price of N - type re -投料 increased by 4.29% to 53,500 yuan/ton. The monthly spread changed [17]. - **Fundamental Data (Weekly and Monthly)**: The production of polysilicon and silicon wafers, as well as import and export volumes, changed [17]. - **Inventory Change**: The inventory of polysilicon and silicon wafers increased [17]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 decreased by 0.84% to 23,650 yuan/ton. The monthly spread changed [18]. - **Fundamental Data**: In December, the production of recycled and primary aluminum alloy ingots decreased, and the import and export volumes changed. The开工 rate of aluminum alloy - related industries decreased, and the social inventory of recycled aluminum alloy ingots decreased slightly [18]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate decreased by 1.29% to 153,500 yuan/ton. The monthly spread changed [19]. - **Fundamental Data**: In January, the production of lithium carbonate decreased by 1.31%, and the demand decreased by 4.18%. The inventory data changed [19].

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓小幅下降 | 前二十席位增减仓不一 | | 上证 | 50 | IH2603 | 总持仓小幅下降 | 中信多头减仓近 3000 手 | | 中证 | 500 | IC2603 | 总持仓小幅下降 | 中信多头减仓 3000 手以上 | | 中证 | 1000 | IM2603 | 总持仓明显下降 | 国君多空头各减仓超 2000 手 | 股指期货持仓日度变动简评 -4,359.0 -3,469.0 -2,383.0 -5,304.0 -2,837.0 -4,799.0 -1,605.0 -8,732.0 -10,000 -9,000 -8,000 -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1, ...

广发期货有限公司提醒广大投资者：期市有风险 入市需谨慎 | 股指期货价差日报 | 投资者向业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2026年2月4日 | 全历史分位数 | 历史1年分位数 | 品种 | 最新値 | 较前一日变化 | | | | | | | | | | | E期则分差 | -7.11 | 21.47 | 73.70% | 45.00%6 | 旧期现价差 | -1.58 | -2.64 | 54.00% | 47.10% | 期现价差 | | | | | | | IC期现价差 | 129.15 | 91.80% | 77.20% | -4.70 | IM期现价差 | -26.10 | -109.37 | 60.00% | 51.10% | 次月-当月 | -4.60 | 0.20 | 80.7096 | 50. ...