成文日期：20260209 报告周期: 日报 研究品种:豆粕 研究员：陈博（从业资格号：F03138462; 投资咨询从业证书号：Z0022938) 壹粕期货日报 1 期货市场 1.1 合约行情 2 月 9 日，大连商品交易所豆粕主力合约(M.DCE)开盘价 2745 元/吨，最高价 2760 元/吨，最低价 2727 元/吨，收盘价 2729 元/ 吨,较前一交易日下跌 0.33%。当日成交量 806,209 手,持仓量 2,096,966手。 图 1：豆粕主力合约分时图 20260209 今日市场整体氛围谨慎，零星低价补单偶有发生，但缺乏持续 性采购支撑。 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 3 影响 友喜 国际市场方面：CBOT 豆粕期货周线收高 3.4%，3 月期约收报 303.6 美元/短吨。美国农业部即将于2月 10 日公布月度供需报告, 市场预期将对行情产生重要影响。同时，特朗普政府表示中国将扩 大美豆采购至 2000 万吨、这一消息支撑了市场情绪。 国内供需方面：国内大豆 ...

成文日期: 20260206 报告周期:周报 研究员：杜宇（从业资格号：F3075043; 投资咨询从业证书号：Z0017815) 沪铅期货周报 1期货市场 本周沪铝期货主力合约呈现震荡下行走势,价格连续五日收跌, 整体表现弱势。价格走势：周初（2月2日）开盘价1.696万元/吨, 随后价格持续承压,至周五（2 月 6 目）收盘价跌至 1.658 万元/吨, 全周累计跌幅达 2.15%。最低价出现在周五的 1.656 万元/吨,最高价 为周一的 1.705 万元/吨，周内波动区间为 1.656-1.705 万元/吨。 2 现货市场分析 国内铅现货价格同步走弱、与期货价格联动性较强。现货价格: 上海地区 1#铝现货价格从周一的 16370-16500 元/吨跌至周五的 16270-16410元/吨，周内均价下跌约130元/吨。中国平均价:铅(1#) 从２月２日的16640元/吨降至２月６日的16510元/吨．跌幅0.78%。 3 市场动态 国内交易所沪铅注册仓单数量从周一至周五数量呈现上涨趋势, 显示供应端压力加大。再生铅企业因亏损及订单不足提前放假，电 池厂节前备库未启动,供需双弱格局下铅价承压。 4 行情展 ...

成文日期：20260205 报告周期: 日报 究员:杜宇（从业资格号：F3075043; 投资咨询从业证书号：Z0017815) 沪铜期货日报 1期货市场 2026年2月5日，上海期货交易所铜期货主力合约(CU.SHF)呈 现显著下跌态势。当日开盘价为 10.4万元/吨,最高价达到 10.47 万 元/吨,最低价下探至10.047万元/吨,最终以10.098万元/吨收盘。 全天跌幅达 3.76%，成交活跃度保持在较高水平,成交量为 285,586手,持仓量为 182,336 手。 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 产业链上下游动态方面，海外科技资产夜间较大幅度下跌，市 场对 AI 泡沫担忧加强、特别是下游需求端可能发生变化。 4 行情展望 短期来看,铜价呈现明显弱势格局,空头占据主动,行情波动 较大,受市场情绪影响明显,应保持谨慎。同时,需关注现货市场 价格走势及期现价差变化，以及主力资金流向和持仓变动情况。 风险揭示及免责声明 2 现货市场基差分析 2 月 5 日中国有色市场铜平均价 ...

成文日期:20260204 报告周期:日报 员：杜宇（从业资格号：F3075043; 投资咨询从业证书号：Z0017815) 1期货市场 2026年2月4日,上海期货交易所镍期货主力合约(NI.SHF) 呈现强势上涨走势。当目开盘价为 13.54 万元/吨,盘中最高价达到 13.777 万元/吨,最低价下探至 13.45 万元/吨,最终以 13.768 万元 /吨收盘,较前一交易日上涨 3.78%。全天成交 481,566 手，持仓量 为99,453 手。 2 现货市场基差分析 硫酸镍市场表现活跃, 2 月 4 日电池级硫酸镍价格报 32,850 元/ 吨,较上一交易目持平,但近二十个交易日累计上涨 12.69%;电镀 级硫酸镍价格报 32.750元/吨,同样持平,近二十个交易日累计上涨 6.5%。硫酸镍价格的持续上涨反映出新能源电池产业链对镍需求的 強劲支撑。 3 市场动态 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 1.供应端扰动：高品质银紧缺,叠加美元下跌提振及全球关键矿产 储备计划升温, ...

成文日期：20260130 报告周期:周报 研究品种:尿素 研究分析师：武吟秋（从业资格号：F03087154;投资咨询从业证书号：Z0018989) 成長表開設 数据来源：Wind 2 影响因素 当周日均产量 20.78 万吨（1 月 28 日数据），同比增 12.54%，开工率 82.08%（气头企业复产预期增强），供应充裕格 局未改；注册仓单从 1.3274 万张降至 1.269 万张，显示部分现货流 入消费端，缓解库存压力。 农业备肥进入尾声，北方冬小麦追肥需求释放，山东、河南现 货价格周涨 10-20 元；但工业需求疲软，复合肥开工回升有限，产 销率回落至 60%-90%，高价接货意愿不足。 1 期货市场 本周主力合约收盘 1790 元/吨，周涨 0.51%，价格区间 1772- 1830 元/吨，振幅 3.26%；成交量 98.05 万手，成交额 352.94 亿 元。基差收窄，期现结构边际改善。 图 1：尿素 ur2605 日线 3 行情展望 期价或维持区间震荡，核心支撑来自农业刚需释放及成本端煤 价回升,压力源于供应高位与节前累库预期。需重点关注气头企业 复产进度、中下游节前补库力度及港口库存 ...

2 现货币功 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 成文日期：20260130 报告周期:周报 研究品种:沥青 研究员：陈博（从业资格号：F03138462; 投资咨询从业证书号：Z0022938) 沥青期货周报 1 期货市场 本周沥青期价呈现"阶梯式上涨"态势：周初（1月26日）受 地缘情绪升温影响,期价从3244元/吨开盘后震荡上行,当日收涨 1.39%；周二（1 月 27 日）维持高位整理，收盘价持平于 3279 元/ 吨;周三（1月28日）在原油大涨带动下突破 3400元/吨,单日涨 幅 3.96%;周四（1 月 29 日）延续涨势,最高触及 3483 元/吨,收 盘 3478 元/吨（+3.39%）;周五（1月 30 日）开盘冲高至 3554 元 /吨后回落，最终收于 3424 元/吨（-0.38%）。全周成交量显著放 大,日均成交 326,282手（上周 18.1万手）,显示资金做多情绪活 跃。 图 1: 沥青主力合约日 k 图 数据来源:同花顺期货通 现货端山东重交沥青市场价稳 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core View of the Report - The stock index futures market may maintain an oscillating and differentiated pattern in the short term. The market is mainly focused on the performance of the technology industry, international gold and non - ferrous metal prices, capital flow changes, and policy changes. Overall, the stock index will mainly oscillate and consolidate in the short term, with clear expectations of supporting technological innovation and boosting consumption, providing strong support, but also subject to risks of market sentiment fluctuations [3][4][5]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Trend Review - The stock index futures market showed an obvious differentiation pattern this week. The Shanghai 50 stock index futures were relatively strong, rising oscillatingly throughout the week and falling on Friday. The main contract opened at 3049.8 points, reached a high of 3136.6 points, a low of 3044 points, and closed at 3074 points, up 36.2 points from the previous trading week [2]. - The CSI 300 stock index futures oscillated horizontally throughout the week, surging on Thursday and falling on Friday. The main contract opened at 4726.8 points, reached a high of 4793 points, a low of 4640 points, and closed at 4711 points, up 1.8 points slightly [2]. - The CSI 500 stock index futures oscillated downward this week. The main contract opened at 8695 points, reached a high of 8728.2 points, a low of 8135 points, and closed at 8362.4 points, down 295.8 points from the previous trading week [2]. - The CSI 1000 stock index futures were also weak. The main contract opened at 8541.8 points, reached a high of 8568 points, a low of 8050 points, and closed at 8260.6 points, down 256 points from the previous trading week [2]. 3.2 Performance of Underlying Indexes - The performance of each underlying index was significantly differentiated this week. The weekly increase - decrease rates of the 000016.SH, 000300.SH, and 000852.SH indexes were +1.1313%, +0.0817%, and - 2.5486% respectively [2][3]. 3.3 Market Influencing Factors - **Macroeconomic Factors**: Domestically, the Ministry of Commerce will soon introduce policies to cultivate new growth points in service consumption, involving transportation, housekeeping, online audio - visual, and other fields, and optimize the implementation of consumer goods trade - in, which will support the market in the medium and long term. Internationally, the US economic data was strong, with personal consumption expenditure in November 2025 increasing 0.3% month - on - month and industrial output in December exceeding expectations, affecting global market sentiment [3]. - **Funding Factors**: The market trading volume remained at a high level, with the trading volume of the Shanghai, Shenzhen, and Beijing stock markets ranging from 29,000 to 31,000 billion yuan this week, indicating active trading. Policy - based positive expectations and the continuous net inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index [3]. - **Market Sentiment Factors**: After continuous rises, there were differences in the capital market between chasing up and taking profits, increasing the demand for the stock index to oscillate and consolidate. The market's style preference for small and medium - cap stocks has changed, leading to increased volatility in the IC and IM contracts [3]. 3.4 Short - term Outlook - The stock index futures market may maintain an oscillating and differentiated pattern. Market attention is focused on the performance of the technology industry, international gold and non - ferrous metal prices, capital flow changes, and policy changes. In the short term, the stock index will mainly oscillate and consolidate, with clear expectations of supporting technological innovation and boosting consumption, providing strong support, but also subject to risks of market sentiment fluctuations [3][4][5].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The silver futures market showed strong upward momentum on January 29, 2026, with significant price increases, high trading activity, and high capital attention. In the long - term, the industrial demand for silver is promising, but there are risks of profit - taking due to overbought technical indicators [2][6] Group 3: Summary by Related Catalogs 1. Futures Market - On January 29, 2026, the main silver futures contract (AG.SHF) on the Shanghai Futures Exchange showed a strong upward trend. The opening price was 28,900 yuan/kg, the highest price reached 31,488 yuan/kg, the lowest price was 28,632 yuan/kg, and the closing price was 30,891 yuan/kg, a significant increase of 8.51% from the previous trading day. High trading volume and turnover indicated active market trading [2] 2. Spot Market Basis Analysis - The closing price of silver futures was 30,891 yuan/kg, and the average price of domestic spot silver (1) was 30,980 yuan/kg, with a basis of 89 yuan/kg, showing a slight spot premium. The small absolute value of the basis indicated that the spot and futures prices were relatively consistent, and the market was operating effectively, possibly reflecting strong short - term demand for silver spot [3] 3. Market Dynamics - In the domestic spot market on January 29, 2026, the average price of silver (1) in the Chinese non - ferrous market was 30,980 yuan/kg, basically the same as the futures price. In the international market, the highest price of London spot silver on January 29 exceeded $120 per ounce, indicating that the international silver price was also at a recent high [4][5] 4. Market Outlook - In the past month, silver futures have shown an obvious upward trend, especially since mid - January, with accelerating price increases and continuous record - highs. Under the background of increasing macro - economic uncertainty, it may attract safe - haven funds. In terms of industrial demand, the application of silver in new energy and electronics is expanding, with good long - term demand prospects. However, the silver futures price has risen significantly, and there are overbought signs in the technical aspect, so attention should be paid to the impact of profit - taking [6]

成文日期：20260130 报告周期：周报 研究品种:豆油 研究员：陈博（从业资格号：F03138462;投资咨询从业证书号：Z0022938) 電池期货用服 1期货市场 1.1 合约行情 本周 DCE 豆油主力合约（Y2605）呈现"四连涨后回调"走 势,周内最高触及 8410元/吨,最终收于 8282元/吨,当周涨跌幅 2.35%。美国生物柴油政策落地预期与国内库存去化构成主要支 撑,但周五受外盘基金抛售及春节备货尾声需求转弱影响,期价高 位回落,成交量显著放大,显示多空分歧加剧。 2 现货市场 当周基差在 452-494 元/吨区间波动,基差率 5.19%-5.60%、虽 1 月 27 日短暂回落至 452 元/吨，但整体稳定在历史同期较高水平, 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图 1：豆油主力合约目 k 图 2026013 数据来源:同花顺期货通 反映现货供应偏紧格局未改。1 月 30 日现货价格 8680 元/吨（较前 一日跌 120 元/吨），基差 488 元/吨，期现联动性增 ...

成文日期：20260123 报告周期:周报 研究品种:尿素 研究分析师：武吟秋（从业资格号：F03087154;投资咨询从业证书号：Z0018989) r 表表 用品 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 1 期货市场 本周尿素期货主力合约呈现高位震荡走势，期货升水持续扩 大,市场在供应高位与需求回暖的博弈中维持区间波动,短期需关 注库存去化持续性及出口政策动态。 图 1: 尿素 ur2605 日线 数据来源：Wind 2 影响因素 供应端维持高位：行业开工率 86.39%，日产量 20.51 万吨, 处于近年同期高位,气头及技改装置复产增加供应增量,压制期价 上行空间。 库存去化支撑情绪：企业总库存 94.60 万吨，周降 4.01 万吨, 港口库存 12.1 万吨持平,库存去化趋势缓解市场对供应过剩的担 忧。 需求端边际回暖：复合肥开工率 42.96%（+2.88%），三聚氰 胺开工率 63.65%（+1.47%），工业需求刚性支撑；农业端冬腊肥 及返青肥采购启动,部分地区淡储补库跟进。 ...