2026 年 1 月 29 日 商 品 研 究 豆粕：美豆小幅收涨，连粕或震荡 豆一：现货产区稳定、销区补涨，盘面震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 | | 收盘价 | （日盘） 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | | | DCE豆一2605（元/吨） | 4375 +24（+0.55%） | 4382 +7（+0.16%） | | 期 货 | DCE豆粕2605（元/吨） | 2782 +16（+0.58%） | 2793 +16（+0.58%） | | | CBOT大豆03（美分/蒲） | 1074.75 +7.25（+0.68%） | | | | CBOT豆粕03（美元/短吨） | 297.6 +3.8（+1.29%） | n a | | | | 豆粕 | （43%） 持 | | | 山东 （元/吨） 平； | 3120～3140， 较昨持平； 现货M2605+440， 平； 3月M2605+320/+350/+360/+370/+380/+390； ...

商 2026 年 1 月 29 日 鸡蛋：节后淡季预期未变 | | 合 约 | 收盘价 | 日涨跌 （%） | | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2602 | 3,033 | -1.04 | | -1,215 | -2,463 | | | 鸡蛋2603 | 3,048 | -0.59 | | -88,282 | -7,933 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋2-3价差 | | -15 | | 3 | | | | 鸡蛋3-9价差 | | -831 | | -803 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 4.00 | | 3.90 | | | | 河北现货价格 | | 3.62 | | 3.51 | | | 产业链数据 | 山西现货价格 | | 4.00 | | 4.00 | | | | 湖北现货价格 | | 4.00 | | 3.93 | | | | | | 最新日 | | 前一日 | | | | 玉米现货价格 | | ...

商 品 研 究 2026 年 1 月 29 日 铁矿石：预期现实博弈，价格震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期 货 | | | | -5.0 | -0.63% | | | I2605 | | 783.0 | 昨日持仓（手） | 持仓变动 （手） | | | | | | 564,613 | -6,440 | | | | | 昨日价格（元/吨） | 前日价格（元/吨） | 涨跌（元/吨） | | | | 卡粉（65%） | 877.0 | 879.0 | -2.0 | | | 进口矿 | PB（61.5%） | 794.0 | 796.0 | -2.0 | | 现货价格 | | 金布巴 （61%） | 746.0 | 748.0 | -2.0 | | | | 超特（56.5%） | 673.0 | 675.0 | -2.0 | | | 国产矿 | 邯邢（66%） | 956. ...

商 品 研 究 2026 年 01 月 29 日 铂：跟随抬升 钯：警惕补涨 产 业 服 务 研 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 期货研究 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 694. 80 | | -1.54% | | | | 金交所铂金 | 670. 45 | | -2.22% | | | | 纽约铂主连(前日) | 2705. 10 | | 2. 27% | | | | 伦敦现货铂金(前日) | 2704. 10 | | 2. 29% | | | | 铝金期货2606 | 504. 00 | | -3.63% | | | 价格 | 人民币现货包金 | 459.00 | | -4.77% | | | | 纽约包主连(前日) | 2.095. 50 | | 7. 43% | | | | 伦敦现货纪金(前日) | 2.059.50 | | 6.60% | | | | | 昨日成交 | 较前日变动 | ...

季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 25605 | 2.63% | 伦锌 3M 电子盘收 | 3358.5 | 0.22% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 284497 | 28823 | 伦锌成交量（手） | 11349 | -5211 | | （手） | | | | | | | 沪锌主力持仓量 | 118199 | -747 | 伦锌持仓量（手） | 233157 | -1107 | | （手） | | | | | | | 上海 0# 锌升贴水 | 5 | -30 | LME CASH-3M 升 | -30.81 | -4.38 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# 锌升贴水 ...

2026 年 1 月 29 日 生猪：需求表现不及预期，供应矛盾扩大 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 期货研究 商 品 研 究 究 所 | 生猪基本面数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | | 单 位 | 价 格 | | 同 比 | | | | 河南现货 | 元/吨 | 12980 | | -200 | | | | 四川现货 | 元/吨 | 12700 | | -150 | | | | 广东现货 | 元/吨 | 12560 | | -400 | | | | | 单 位 | 价 格 | | 比 同 | | | | 生猪2603 | 元/吨 | 11270 | | -15 | | | | 生猪2605 | 元/吨 | 11695 | | 0 | | | | 生猪2607 | 元/吨 | ...

2026 年 1 月 29 日 动力煤：供需趋于双弱，煤价小幅探涨 动力煤基本面数据 | | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | 产地价格 | 大同南郊动力煤Q5500 | 元/吨 | 568.0 | 2.0 | -56.0 | | | 鄂尔多斯伊金霍勒旗电煤Q5500 | 元/吨 | 531.0 | 2.0 | -39.0 | | | 动力煤价格:榆林烟煤末Q6000 | 元/吨 | 595.0 | 3.0 | -58.0 | | 港口价格 | 秦港山西产Q5500 | 元/吨 | 607.0 | 5.0 | -63.0 | | | 秦港山西产Q5000 | 元/吨 | 525.0 | 2.0 | -56.0 | | | 秦港山西产Q4500 | 元/吨 | 750.0 | 1.0 | -60.0 | | 海外价格 | 印尼FOB Q3800 | 美元/吨 | 49.5 | 0.0 | -0.5 | | | 澳大利亚FOB Q5500 | 美元/吨 | 74.6 | 0.0 | -4.4 | | 1月长 ...

| | 东北收购均价 | 元/吨 | 昨日价格 | | 价格变动 0 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | n a | | | | 重要现货 | 锦州平仓 | 元/吨 | | 2,340 | -10 | | | 价 格 | 华北收购均价 | 元/吨 | | n a | 0 | | | | 广东蛇口 | 元/吨 | | 2,440 | 0 | | | | 山东玉米淀粉价格 元/吨 | | | 2,770 | 0 | | | | | 单 位 | 昨日收盘价 | 日涨跌% | 昨夜夜盘收盘价 | 夜盘涨跌% | | | C2603 | 元/吨 | 2,274 | -0.52 | 2,270 | -0.18 | | | C2605 | 元/吨 | 2,279 | -0.13 | 2,277 | -0.09 | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | 期 货 | C2603 | 手 | 562,766 | 133908 | 956,567 | -88,239 | | | C2605 | 手 | 28 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The marginal driving force of stock index futures is limited, and it remains in a volatile pattern. On January 28, the monthly contracts of the four major stock index futures showed mixed gains and losses. The total trading volume of stock index futures declined on the trading day, indicating a cooling of investors' trading enthusiasm. The total positions of IF and IH increased, while those of IC and IM decreased [1][2]. 3. Summary by Related Catalogs 3.1. Stock Index Futures Data Tracking - **Closing Prices and Price Changes**: On January 28, IF rose 0.08%, IH fell 0.03%, IC rose 0.66%, and IM rose 0.22%. The closing prices and price - change percentages of various contracts of IF, IH, IC, and IM are detailed in the table [1]. - **Trading Volume and Position Changes**: The total trading volume of IF, IH, IC, and IM decreased, with decreases of 62 lots, 4488 lots, 40713 lots, and 68320 lots respectively. The total positions of IF and IH increased by 15622 lots and 3905 lots respectively, while those of IC and IM decreased by 904 lots and 15637 lots respectively [1][2]. - **Basis**: The basis data of IF, IH, IC, and IM are presented, showing the differences between futures prices and spot prices [1]. - **Top 20 Member Position Changes**: The changes in long and short positions of the top 20 members of IF, IH, IC, and IM contracts are provided, including net changes in some contracts [5]. 3.2. Trend Intensity The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.3. Important Drivers - **Quantitative Fund News**: There are rumors that regulatory authorities plan to implement the 'T + 3' system for the program trading of major quantitative funds, but many billion - level quantitative private equity managers said they have not received relevant requirements [6]. - **Fed Policy Expectations**: As the expectation that BlackRock's chief investment officer Rick Rieder may replace Powell grows, some futures and options traders are betting on the Fed to turn dovish. Rieder said earlier this month that the Fed's benchmark interest rate should be lowered from the current 3.5% - 3.75% range to 3% [6]. - **Stock Market Performance**: The A - share market showed narrow fluctuations. The Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, and the ChiNext Index fell 0.57%. The turnover of A - shares reached 2.99 trillion yuan. The Hang Seng Index rose 2.58%, reaching a 4 - and - a - half - year high [6][7].

2026 年 1 月 29 日 胶版印刷纸：空单持有，3-4 反套 | | | 【基本面跟踪】 表 1：基本面数据(元/吨) | 市场 | 区域 | 纸种 | 2026/1/28 | 2026/1/27 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 | 4475 | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | 0 | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4725 | 4725 | 0 | | | 税前 | 含税成本 | 5207 | 5207 | 0 | | | | 税前毛利 | -482 | -482 | 0 | | 成本利润 | | 不含税收入 | 4 ...