Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Recently, the supply side of pulp has been disrupted again, but the demand side is weak. Pulp lacks a clear trading logic and is expected to fluctuate [6]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures and Spot Prices**: On February 4, 2026, the SP2601 futures price was 5520 yuan/ton, up 1.02% day - on - day and down 1.15% week - on - week. The SP2609 spot price was 5374 yuan/ton, up 0.94% day - on - day and down 0.85% week - on - week. The price of coniferous pulp Silver Star was 5320 yuan/ton, unchanged day - on - day and down 1.12% week - on - week. The price of coniferous pulp Russian Needle was 5100 yuan/ton, unchanged day - on - day and down 1.92% week - on - week. The price of broadleaf pulp Gold Fish was 4600 yuan/ton, unchanged both day - on - day and week - on - week [5]. - **External Quotes and Import Costs**: The external quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month. Its import cost was 5802 yuan/ton, up 1.42% month - on - month. The external quote of Chilean Star was 590 dollars/ton, up 3.51% month - on - month, and its import cost was 4830 yuan/ton, up 3.47% month - on - month. The external quote of Chilean Venus was 620 dollars/ton, unchanged month - on - month, and its import cost was 5073 yuan/ton, unchanged month - on - month [5]. Pulp Fundamental Data - **Supply**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month. The import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month. The shipment volume of pulp to China in November 2025 was 178 (in ten - tons), up 3.00% month - on - month. As of January 29, 2026, the domestic production of broadleaf pulp was 24 tons, and that of chemimechanical pulp was 23.7 tons [5]. - **Demand**: The production of double - offset paper, coated paper, and day - card paper decreased, while the production of tissue paper increased slightly. The demand for pulp has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products [5]. - **Inventory**: As of January 29, 2026, the sample inventory of China's main pulp ports was 216.9 tons, an increase of 10.1 tons from the previous period, a 4.9% increase. The inventory has continued to accumulate in this cycle, and the port sample inventory has shown a trend of accumulation for four consecutive weeks [5].

| 2025-11-01 | 2026-01-01 | 2025-09-01 | 5700 | 6000 | 6300 | 6600 | 6900 | 行情概况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2月3日，A股震荡走高，太空光伏、商业航天等热点题材全线反弹，市场逾4800股上涨。上证指数收涨1.29%报4067.74 | 点，深证成指涨2.19%，创业板指涨1.86%，北证50涨3.27%，科创50涨1.39%，万得全A涨2.12%，万得A500涨1.61%，中 | 证A500涨1.91%。A股全天成交2.57万亿元，上日成交2.61万亿元。 | | | | | | | | 本报告中的信息均源于公开可获得的资料，国贸期货力求准确可靠。但不对上述信息的准确性及完整性做任何保证。本报告 | 免责 | 不构成个人投资建议，也未针对个别投资者持殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建 | 议是否符合其特定状况，据此投资，责任自负。本报告未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均 | | ...

国贸期货研究院 农产品研究中心 黄向岚 投资咨询号:Z0021658 从业资格号:F03110419 2026/2/4 | 指标 | | 2月3日 | 涨跌 | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 473 | 23 | 2500 | == == | ===== 17/18 ===== 22/23 | ===== 18/19 == | ----- 19/20 - 24/25 | == 25/26 | | 43%豆粕现货基差 | | | | 2000 1000 | | | | | | | | 天津 | 453 | 43 | 1500 | | | | | | | | 日照 | 353 | 13 | | | | | | | | | 张家港 | 373 | 23 | -500 | | | | | | | (对主力合约) | | | | | | 05/21 06/21 07/22 08/22 09/22 10/23 11/23 12/24 01/24 02/24 0 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/4 | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | 集 | 现值 | 1317 | 1176 | 1867 | 1101 | 2605 | 1418 | | | 前值 | 1458 | 1209 | 2084 | 1294 | 2896 | 1595 | | 运 | 涨跌幅 | -9.68% | -2.74% | -10.41% | -14.91% | -10.05% | -11.10% | | P TE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 米 | 现值 | 1792 | 2424 | | | | | | | ...

| 可能送 | | | 日度 | | --- | --- | --- | --- | | | | | 发布日期:2026/0 | | 行业板块 | 品神 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | 11:45 | 短期内需关注海外流动性收紧所带来的恐慌情绪是否得到有效缓 预计股指在缩量反弹后,将以震荡整固为主。拉长来看, 4 | | 宏观金融 | | | 低利率和"资产荒"背景下,国内市场资金总体仍较为充裕,加 上经济正处于筑底过程中,股指中长期向上的趋势预计尚未终结 | | | 国债 | | 资产荒和弱经济利好债期,但短期央行提示利率风险,近期关注 | | | | | 日本央行利率决策。 近期市场风险偏好承压,铜价大幅回调,但铜产业面仍有支撑, | | | | | 随着宏观风险释放,铜价企稳回升。 宏观避险情绪升温导致铝价大幅下挫,但电解铝供应端叙事有望 | | | | | 延续,随着风险释放,铝价有望企稳回升。 | | | | | 国内氧化铝供强需弱,产业面偏弱、价格承压,但当前价格基本 处于成本线附近,预计价格震荡运行。10 | | | ਦੇਜ | | 锌基本面成本中枢趋稳,近期市场避险情 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA: Geopolitical tensions in the Middle East have eased, negatively impacting the crude oil market. The downstream polyester industry's operating load has room to decline, leading to accelerated PTA inventory accumulation and a drop in PTA prices. Despite the decline in the PX - naphtha spread, PX fundamentals remain resilient. The PTA industry in China is expected to maintain high production, providing strong support for PX demand. The reduction in production by polyester factories has a limited negative feedback effect on PTA [2]. - MEG: After a long - term slump in the overseas ethylene glycol market, a decrease in Middle East exports has boosted market confidence. A production - line switch at a factory in Jiangsu has led to a contraction in supply, creating room for price increases [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - Crude Oil: INE crude oil price increased from 449.0 yuan/barrel on February 2, 2026, to 449.4 yuan/barrel on February 3, 2026, with a change of 0.40 yuan/barrel [2]. - PTA: The PTA - SC spread increased by 55.09 yuan/ton, the PTA/SC ratio rose by 0.0164. The PTA主力期价 increased by 58.0 yuan/ton, while the PTA现货 price decreased by 15.0 yuan/ton. The现货 processing fee decreased by 35.7 yuan/ton, and the盘面加工费 increased by 32.3 yuan/ton [2]. - MEG: The MEG主力期价 remained unchanged at 3767 yuan/ton. The MEG - naphtha spread decreased by 0.2 yuan/ton, and the MEG内盘 price decreased by 52.0 yuan/ton [2]. - PX: CFR中国PX price increased by 6, and the PX - naphtha spread increased by 21 [2]. - Polyester Products: POY150D/48F price decreased by 25.0, FDY150D/96F price decreased by 25.0, DTY150D/48F price remained unchanged. The long - filament sales rate increased from 18% to 24%. The 1.4D直纺涤短 price increased by 10. The short - fiber sales rate decreased from 66% to 65%. The semi - light slice price remained unchanged. The slice sales rate increased from 54% to 78% [2]. 3.2 Industry Operating Rates - PX开工率 remained at 85.92% - PTA开工率 remained at 75.63% - MEG开工率 remained at 62.48% - Polyester负荷 remained at 79.76% [2] 3.3 Device Maintenance - A 3.6 - million - ton PTA device in East China is currently reducing its load and is expected to stop for maintenance on the 15th. A 1.25 - million - ton PTA device in South China is expected to stop on the 16th and is tentatively planned to restart in early March [2].

1. Report Industry Investment Rating - No specific investment rating for the industry is mentioned in the report [3] 2. Core Viewpoints - After recent significant adjustments, leverage in the precious metals market has been notably reduced, liquidity issues have eased, and gold and silver prices have stabilized and rebounded [5] - For silver, the spot market remains tight, with premiums potentially rising further. The Shanghai Futures Exchange continues to reduce inventories, indicating a shortage of physical silver. The domestic - foreign premium has normalized, and silver prices are expected to further recover sentiment in the short - term [5] - In the future, precious metal prices are expected to continue to recover sentiment and maintain an upward trend. In the medium - to - long - term, the underlying logic of the precious metals bull market remains strong, and prices are likely to rise, presenting good medium - to - long - term allocation opportunities [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **Price Data**: On February 3, 2026, London gold spot was at $4875.37/ounce (up 8.2% from February 2), London silver spot was at $84.63/ounce (up 14.7% from February 2), COMEX gold was at $4896.60/ounce (up 8.1% from February 2), and COMEX silver was at $84.51/ounce (up 14.6% from February 2). Shanghai gold futures (AU2602) closed at 1096.84 yuan/gram, and Shanghai silver futures (AG2602) closed at 20821.00 yuan/kilogram [4] - **Spread Data**: The gold spread (TD - London) on February 3 was - 6.84 yuan/gram (down 382.6% from February 2), and the silver spread (TD - London) was 309 yuan/kilogram (down 130.7% from February 2) [4] 3.2 Position and Inventory Data - **Position Data**: As of February 2, 2026, the non - commercial net long position of COMEX gold was 205396 contracts (down 16.09% from January 30), and the non - commercial net long position of COMEX silver was 23703 contracts (down 5.99% from January 30) [4] - **Inventory Data**: On February 2, 2026, SHFE gold inventory was 103032.00 kilograms (unchanged from February 2), and SHFE silver inventory was 449653.00 kilograms (down 2.80% from January 30). COMEX gold inventory was 35625354 ounces (down 0.34% from January 30), and COMEX silver inventory was 405697594 ounces (down 0.05% from January 30) [4] 3.3 Interest Rate, Exchange Rate and Other Market Data - On February 3, 2026, the 10 - year US Treasury yield was 6.96, the US dollar index was 97.61 (up 0.51% from February 2), the US dollar/Chinese yuan central parity rate was 6.96 (down 0.12% from February 2), the 2 - year US Treasury yield was 3.57 (up 1.42% from February 2), the VIX was 16.34 (down 6.31% from February 2), the S&P 500 was 6976.44 (up 0.54% from February 2), and NYMEX crude oil was $62.33/barrel (down 5.19% from February 2) [4] 3.4 Market Review - On February 3, 2026, the main contract of Shanghai gold futures rose 0.63% to 1093.78 yuan/gram, and the main contract of Shanghai silver futures 2604 fell 26.71% to 21446 yuan/kilogram [4]

投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/4 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/2 | 2026/2/3 | 变动值 | | | PTA现货价格 | 5095 | 5080 | -15 | 现货资讯: | | MEG内盘价格 | 3722 | 3670 | -52 | 短纤:短纤主力期货跌86到6500。现货市场:涤 | | | | | | 纶短纤生产工厂价格微跌,贸易商价格微调,下 | | PTA收盘价 | 5092 | 5150 | 58 | 游按需采买,场内成交一般。1.56dtex*38mm半 | | MEG收盘价 | 3767 | 3767 | 0 | 光本白(1. 4D)涤纶短纤华东市场价格在6410- | | 1.4D直纺涤短 | 6545 | 6555 | 10 | 6680现款现汇含税自提,华北市场价格在6530- | | | | | | ...

| | | | | | | | | 白金 主要 主要 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/02/04 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | 投资咨询业务资格:证监许可[2012] 31号 | | | | | | | | | | | | 黑色金属研究中心 | 执业证号 投资咨询证号 | | | | | | | | | | | 张宝慧 | F0286636 Z0010820 | | | | | | | | | | | 黄志鸿 | F3051824 Z0015761 | | | | | | | | | | | 董子勖 | F03094002 Z0020036 | | | | | | | | | | | 薛夏泽 | Z0022680 F03117750 | | | | 远月合约收盘价 | | RB2610 | HC2610 | 12609 | J2609 | JM2609 | 6000 | | 400 | | | (元/吨) ...

(含稅) 广锂-伦敦兜 -121.23% -1. 17 5. 53 广 钟 - NYMEX 钟 15. 54 -107.13% -1. 11 指标名称 现值 变化 前值 1902 1904 1900 铂肥比价 广期所铂/肥比价 1. 2717 1. 3347 -0. 0630 座存:NYMEX:铂金(金衡备司) 伦敦现货铂/锂比价 1. 2314 1. 2003 0.0311 800000 库存:NYMEX:健金(金衡备司) 指标名称 现值 前值 涨跌幅 库存(金 600000 NYMEX:铂金库存 655182 655182 0. 00% 衡盎司) NYMEX:兜金库存 224021 224021 0. 00% 400000 指标名称 现值 前值 派跌幅 NYMEX:总持仓:铂 0.55% 79009 79441 2000000 持仓 NYMEX:非商业净多头持仓:铂 -7.95% 13922 15124 NYMEX:总持仓:贺 -0.23% 19167 19123 18/06 21/06 15/06 24/06 NYMEX:非商业净多头持仓:留 -22.97% 888 684 注:因收盘时间不一致,铂、肥 ...