本周原油市场受美伊地缘局势紧张与缓和交替、前景不明的影响油价维持震荡走势。相较上周五收盘令日SC原 油期货主力合约累计微跌0.6%(-2.9元/桶)。从月间结构看，近月合约溢价较远月合约出现更明显回落。美伊 双方今日在阿曼举行外交会谈，虽然谈判前景仍不明朗，但市场对中东爆发直接军事冲突并导致原油供应中断 的担忧暂时有所缓解。乌克兰与俄罗斯周四在阿布扎比结束了由美国斡旋的第二轮会谈,双方虽交换了战俘, 但在领土问题上仍未取得共识。总体来看,她缘政治消息对原油价格的犹动呈现阶段性、间歇性特征。当前全 球石油市场库存累积压力依然显著。在多空因素交织的背景下，预计油价波动加剧的态势仍将延续。 【燃料油&低硫燃料油】 高硫方面，地缘仍为当前的主要矛盾，由于后续地缘演变依然高度不确定，而中东地区的高硫资源对亚洲市场 具备结构性不可替代性,高硫燃料油价格继续获得支撑。现货价差保持坚挺，印证了市场供需偏紧的格局，这 主要得益于船用燃料的季节性需求、国内炼厂对委内瑞拉原料缺口的替代采购,以及中东到货量的减少。在观 货紧俏与地缘扰动的双重作用下,高硫燃料油预计将延续偏强走势。低硫燃料油则面临更大压力。一方面，海 外炼厂装置问题持 ...

| | | | V V > | | 2026年02月06日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | ☆☆☆ | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な☆☆ | F3078401 Z0015853 | | 標 潟 海 | な女女 | | | | | 董甜甜 高级分析师 | | 薬粕 | な☆☆ | F0302203 Z0012037 | | 菜油 | な女女 | | | | | 宋腾 高级分析师 | | 玉米 | な女女 | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | な女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一震荡。CBOT大豆表现强势,因对美豆出口预期转好。中央一号文件显示国产大豆继续推进单产提升，面积 方面出台保障政策,种植利润多项措施保护。本周政策端继续拍卖大豆,市场边际供应增加,成交价格偏强, 成交均价4298元/吨、溢价210- ...

| Million | 国投斯特 | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2026年02月06日 | | 尿素 | 女女女 | 甲醇 | 女女女 | 庞春艳 首席分析师 | | 纯菜 | 女女女 | 苯乙烯 | ななな | F3011557 Z0011355 | | 爱两烯 | ★☆☆ | 塑料 | ★☆★ | | | PVC | ななな | 烧碱 | ☆☆☆ | 牛卉 高级分析师 | | РХ | ☆☆☆ | PTA | ☆☆☆ | F3003295 Z0011425 | | 乙二醇 | な女女 | 短纤 | ☆☆☆ | 周小燕 高级分析师 | | 玻璃 | ☆☆☆ | 纯碱 | ☆☆☆ | F03089068 Z0016691 | | 瓶片 | 文文文 丙烯 | | ★☆☆ | | | | | | | 王雪忆 分析师 | | | | | | F03125010 Z0023574 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃 ...

Report Industry Investment Ratings - Copper: ☆☆☆ (indicating a bullish trend with relatively clear investment opportunities) [1] - Aluminum: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Alumina: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Casting Aluminum Alloy: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Zinc: ☆☆☆ (indicating a bearish trend with relatively clear investment opportunities) [1] - Nickel and Stainless Steel: ☆☆☆ (indicating a bearish trend with relatively clear investment opportunities) [1] - Tin: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Lithium Carbonate: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Industrial Silicon: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] - Polysilicon: ☆☆ (indicating a bearish trend with a relatively clear downward trend and the market situation is developing) [1] Core Viewpoints - The prices of various non - ferrous metals are affected by factors such as supply - demand relationships, macro - economic conditions, and policy expectations. Different metals have different trends and investment suggestions [1][2][3] - For most metals, there are risks of price adjustments during the Spring Festival period, and investors need to pay attention to market changes and choose appropriate investment strategies [1][2][3] Summary by Relevant Catalogs Copper - On Friday, Shanghai copper reduced its positions, and the price fluctuated more widely at the MA40 moving - average line. The lowest price of the main copper contract dropped to 98,000 yuan. Mid - and downstream enterprises made purchases at low prices. SMM spot copper was reported at 99,605 yuan, with a premium of 40 yuan in Shanghai and a discount of 55 yuan in Guangdong. Next week, with margin adjustments, the positions of Shanghai copper may continue to fall below 550,000 lots. More attention should be paid to the inter - period reverse arbitrage. For single - side trading, there is a high risk of continuous inventory accumulation around the Spring Festival, and investors should patiently wait to buy at low prices [1] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum showed a weak shock today. The spot premiums and discounts in East China, Central China, and Foshan were - 150 yuan, - 260 yuan, and - 150 yuan respectively. The processing fee of aluminum rods rebounded slightly to a positive value. In the short term, the macro - sentiment fluctuates, and the fundamental feedback is weak. The inventory performance before the Spring Festival is far worse than in previous years, and there is still adjustment pressure around the Spring Festival. Casting aluminum alloy fluctuates with Shanghai aluminum, and the market activity is not high. Driven by the macro - situation and with aluminum prices at a high level, casting aluminum alloy has difficulty rising in tandem, and its seasonal price difference with Shanghai aluminum will continue to be weaker than in previous years. The operating production capacity of domestic alumina may decline, and the number of overhauls has increased, but there has been no large - scale long - term production reduction. The alumina market remains in a state of surplus. With the decline in ore prices, the cash - cost support for alumina is below 2,500 yuan. The low basis provides limited impetus for the rebound of the futures price. Under the policy expectation, the futures market maintains a pattern of near - term weakness and long - term strength [2] Zinc - Shanghai zinc rebounded but was pressured and fell back at the 5 - day moving - average line. The moving - averages formed a death - cross, and the short - term downward trend continues. The nearest support below is at 24,000 yuan/ton. The bearish sentiment is gradually being released, but as the Spring Festival approaches, the risk - aversion sentiment of funds is strong. Before the macro - expectation improves significantly, it is difficult to see a large - scale return of long - positions. Shanghai zinc is expected to oscillate and decline. The expectation of oversupply in the fundamentals remains unchanged, and the strategy of short - selling on rebounds should be continued [3] Nickel and Stainless Steel - Shanghai nickel declined, and the market trading was active. The downstream end - users of stainless steel became more cautious in purchasing due to high - price aversion. The actual transactions were weak, and the transactions were mainly concentrated in the arbitrage operations of futures - spot institutions. The goods were piled up in the circulation link. The arrival of goods at steel mills was limited, and although the inventory increased slightly, it was still at a low level. Traders were strongly willing to support the price, which supported the strong operation of the spot market. The market sentiment was panicked, and caution was advised [6] Tin - Shanghai tin reduced its positions and oscillated to the MA60 moving - average line, waiting for the social inventory data this week. The restocking next week will also be coming to an end. The recovery of the domestic upstream tin concentrate supply has affected the processing - fee quotation. It is recommended to wait and see or hold a small number of short - positions against the MA5 moving - average line. The tin price may adjust to the MA60 daily line or even the weekly moving - average system [7] Lithium Carbonate - Lithium carbonate showed a weak shock. The exchange policy affected the market participation. The continuously high price of lithium carbonate may have led to the closing of a large number of hedging positions. The strong spot market and long - position speculative positions are in the mainstream, and the position structure is fragile. The overall inventory - reduction speed of the market has slowed down, mainly because downstream enterprises replenish inventory opportunistically, and smelters are also showing signs of unsalable products. Traders' confidence in domestic products has wavered. The futures price of lithium carbonate has weakened, and the short - term uncertainty is extremely high [8] Industrial Silicon - The price of industrial silicon dropped significantly today, mainly affected by the news from the organic silicon industry. The entire organic silicon industry will implement a 30% emission - reduction target. If this target is implemented in the first quarter, based on the average monthly DMC production of 200,000 tons, it may affect the industry supply by 180,000 tons, corresponding to a reduction of about 90,000 tons in the demand for industrial silicon. Coupled with the significant decline in the polysilicon production schedule, the inventory of industrial silicon is showing a differentiated trend. The factory inventory in Xinjiang has decreased slightly, while the social inventory has climbed to 562,000 tons, with a weekly increase of 8,000 tons. The overall market sentiment is weak, and attention should be paid to the support at 8,400 yuan/ton [9] Polysilicon - The polysilicon futures reduced positions and closed down. At the industry level, the association expects the new domestic installed capacity in 2026 to be 180 - 240GW, which is in line with market expectations. The Ministry of Industry and Information Technology emphasizes the anti - involution orientation of the industry. Currently, the industry is still in a new round of in - depth adjustment period, and the problem of supply - demand mismatch has not been resolved. Enterprises are still under continuous operating pressure. The weekly inventory performance of the industrial chain is differentiated. The component inventory is 24.7GW, a decrease of 1.4GW compared with the previous week. The inventories of battery cells, silicon wafers, and polysilicon factories have all increased slightly. In the spot market, the price of N - type re - feed materials remained stable at 53,600 yuan/ton. After the emotional correction in the futures market, it is expected to maintain a shock [10]

1. Report Industry Investment Ratings - Thread: ★★★, indicating a more distinct upward trend and a relatively appropriate investment opportunity currently [1] - Hot Roll: ★★★, suggesting a more distinct upward trend and a relatively appropriate investment opportunity currently [1] - Iron Ore: ★★★, meaning a more distinct upward trend and a relatively appropriate investment opportunity currently [1] - Coke: ★★★, showing a more distinct upward trend and a relatively appropriate investment opportunity currently [1] - Coking Coal: ★★★, indicating a more distinct upward trend and a relatively appropriate investment opportunity currently [1] - Silicon Manganese: ★☆☆, representing a bullish bias, with a driving force for an upward trend but poor operability on the trading floor [1] - Silicon Iron: ★☆★, indicating a certain bullish bias, with a driving force for an upward trend but poor operability on the trading floor [1] 2. Core Viewpoints - The overall market sentiment is weak, and most varieties' prices are under pressure. The short - term trends of various varieties are mainly in a state of shock, and the prices are difficult to rise or fall significantly due to factors such as supply - demand relationships and market expectations [1][2][3] 3. Summary by Variety Steel - The futures prices continue to decline. Thread demand and production decline, and inventory accumulates; hot - roll demand drops slightly, production stabilizes, and inventory accumulates slightly. Steel mill profits are poor, and downstream acceptance capacity is insufficient. The resumption of blast - furnace production slows down, and hot - metal production stabilizes. Domestic demand is weak, but steel exports remain high. The market sentiment is pessimistic due to the sharp decline in non - ferrous metals and precious metals, and the futures prices are under short - term pressure [1] Iron Ore - The futures prices decline. The global shipment volume is seasonally low, and the impact of the Australian hurricane season on production and shipment is limited. The domestic arrival volume is relatively strong year - on - year, and port inventory accumulates to a historical high. Terminal demand weakens in the off - season, hot - metal production increases slightly, and steel - mill restocking is coming to an end. The overall supply - demand is relatively loose, with a marginal improvement expectation, and the short - term trend is mainly in shock [2] Coke - The price fluctuates downward. Coking profits are average, daily production decreases slightly, and inventory increases slightly. Traders' purchasing willingness is average. The supply of carbon elements is abundant, downstream hot - metal production remains at an off - season level, and steel profits are average. There is still a strong sentiment for raw - material price cuts. The futures price of coke has a premium, and the coking - coal futures price has a premium over Mongolian coal. The price of coking coal is likely to fluctuate in a range [3] Coking Coal - The price fluctuates downward. The daily Mongolian - coal customs clearance volume is 1,261 vehicles. The production of coking - coal mines increases slightly, and the spot auction transaction price is inversely proportional to the futures price. Terminal inventory increases significantly, and total coking - coal inventory rises sharply. Winter - storage demand is coming to an end. The supply of carbon elements is abundant, downstream hot - metal production remains at an off - season level, and steel profits are average. There is still a strong sentiment for raw - material price cuts. The coking - coal price is difficult to decline significantly and is likely to fluctuate in a range [5] Silicon Manganese - The price mainly fluctuates. The spot price of manganese ore decreases slightly, and there is no arbitrage space in the futures market, with limited downward space. The market is waiting for steel tenders. Manganese - ore port inventory may start to accumulate slowly, and the mine - end shipment increases month - on - month, but the mine cost is higher than in previous years, and the price - concession space is limited. Hot - metal production remains at a seasonal low level, weekly silicon - manganese production increases slightly, and inventory increases slightly. The price is affected by oversupply and the "anti - involution" concept [6] Silicon Iron - The price mainly fluctuates. The power cost in some production areas decreases, and the semi - coke price decreases slightly. The main production areas are mainly in a loss state. Hot - metal production remains at an off - season level. Export demand remains above 30,000 tons, with a marginal impact. The production of magnesium metal increases month - on - month, and secondary demand increases marginally. Overall demand remains resilient. Silicon - iron supply changes little, inventory decreases slightly, and the price is affected by oversupply and the "anti - involution" concept [7]

周度期货价量总览 | | | | | 国投期货｜宏观金融团队 gtaxinstitute@essence.com.cn | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品类别 | 品种 | 周收盘价 | 周涨跌幅 | 20日年化波动率 | 波动率变化(%) | 投机度 | 趋势度 | 资金变动 | | 贵金属 | 黄金 | 1,090.12 | -6.14% | 71.69% | 88.75% | 3.67 | 0.01 | -146.55 | | | 白银 | 18,799.00 | -32.72% | 122.77% | 54.81% | 4.76 | -0.15 | -316.54 | | | 铜 | 100,100.00 | -3.45% | 45.02% | 19.22% | 1.69 | -0.20 | -94.11 | | | 镍 | 131,840.00 | -5.83% | 51.05% | -6.38% | 6.28 | -0.08 | -19.05 | | | 铝 | 23,315.00 | -5. ...

Group 1: Energy and Metals Crude Oil - Night session oil prices gave back previous gains. Geopolitical news has a phased and intermittent impact on oil prices. Global oil market inventory accumulation pressure remains significant, and oil price volatility is expected to continue [1]. Precious Metals - Overnight, precious metals continued to decline. CME raised margin requirements for gold and silver futures. Short - term precious metals are in a volatile stage, and it is advisable to wait for volatility to decline [2]. Copper - Overnight, Shanghai copper's open interest dropped below 600,000 lots. The market is volatile in the short - term. The market focuses on potential reserves and supply - demand changes around the Spring Festival. It is more concerned about inter - period reverse arbitrage and waiting to go long at low prices [3]. Aluminum - Overnight, Shanghai aluminum rebounded slightly. Short - term macro sentiment is unstable, and the fundamentals are weak. There is still adjustment pressure around the Spring Festival [4]. Cast Aluminum Alloy - Cast aluminum alloy follows the fluctuations of Shanghai aluminum, with low market activity. It has difficulty rising with aluminum prices and its seasonal spread with Shanghai aluminum will be weaker than in previous years [5]. Alumina - Domestic alumina operating capacity has slightly decreased, but long - term large - scale production cuts have not occurred. The alumina market remains in surplus [6]. Zinc - Before the Spring Festival, Shanghai zinc's fluctuations have increased. The downstream purchasing sentiment is weak. In the short - term, zinc prices lack the momentum to rebound, but attention should be paid to potential rebounds after volatility declines [7]. Lead - The domestic lead market has weak supply and demand. Consumption support for prices is insufficient in the short - term. Cost support is relatively strong, and the market is in a state of divergence. It is advisable to wait and see before the Spring Festival [8]. Nickel and Stainless Steel - Shanghai nickel declined, and market trading was active. Stainless steel downstream buyers are cautious. The market sentiment is panicked, and caution is recommended [9]. Tin - Overnight, tin prices fluctuated. Wait for the changes in social inventory after the decline in tin prices this week. It is advisable to hold a small number of short positions or wait and see [10]. Lithium Carbonate - Lithium carbonate hit the daily limit down during the session. The market participation is affected by exchange policies. The futures price is in high - level oscillation, with high short - term uncertainty [11]. Industrial Silicon - Industrial silicon was dragged down by the precious metal market sentiment. In February, production is expected to decline significantly. The downstream demand is weak. The market may rebound after a sharp decline and will generally maintain an oscillating trend [12]. Polysilicon - The polysilicon market sentiment was affected by the decline in precious metals. In February, production is expected to decline. The market may go through inventory reduction. After an emotional correction, the market will maintain an oscillating trend [13]. Rebar and Hot - Rolled Coil - Night session steel prices oscillated weakly. Rebar demand and production declined, and inventory continued to accumulate. Hot - rolled coil demand decreased, and inventory slightly increased. The market atmosphere is pessimistic, and the price is under short - term pressure [14]. Iron Ore - The iron ore market oscillated overnight. Supply is seasonally low, and demand is weak in the off - season. The overall supply - demand is relatively loose, and the short - term trend will be mainly oscillating [15]. Coke - The coke price oscillated downward during the day. Coking profit is average, and inventory slightly increased. The price will probably oscillate within a range [16]. Coking Coal - The coking coal price oscillated downward during the day. The total inventory has increased significantly. The price is difficult to decline significantly and will mainly oscillate within a range [17]. Ferromanganese Silicon - The price oscillated during the day. The supply is in surplus, and the price is affected by the "anti - involution" policy [18]. Ferrosilicon - The price oscillated during the day. The demand has some resilience, and the supply has little change. The price is affected by the "anti - involution" policy [19]. Group 2: Shipping and Related Products Container Freight Index (European Line) - Shipping companies are raising post - holiday quotes, but the actual implementation may be limited. The market is in a quiet period before the Spring Festival, and the freight rate is generally stable [20]. Fuel Oil and Low - Sulfur Fuel Oil - High - sulfur fuel oil is supported by geopolitical factors and tight supply - demand in the spot market. Low - sulfur fuel oil is under pressure due to supply increases and weakening demand [21]. Asphalt - Shandong and southern refineries have reduced production. Consumption has improved year - on - year. The price will continue to be strong, and the cracking spread is expected to rise [22]. Group 3: Chemical Products Urea - The spot price of urea has increased slightly. Production is rising, and demand is mainly for reserve. The market will oscillate within a range [23]. Methanol - Overseas methanol plant operation has declined, and domestic production has increased. The coastal demand is weak, and the short - term fundamentals are still weak [24]. Pure Benzene - Geopolitical risks have decreased, and the price has fallen. Domestic production has increased slightly, and imports are still high. The downstream demand is expected to improve, but the fundamentals may weaken as supply increases [25]. Styrene - Domestic production has increased. The price is affected by crude oil price fluctuations and will oscillate widely [26]. Polypropylene, Plastic, and Propylene - The supply of the two - olefin market has no obvious pressure. The downstream demand is weak, and the market will oscillate [27]. PVC and Caustic Soda - PVC is expected to oscillate strongly due to cost support and export demand. Caustic soda is running weakly, and its price is determined by the price of liquid chlorine [28]. PX and PTA - PX and PTA are oscillating at a low level. There is a risk of inventory accumulation around the Spring Festival. Consider long - position opportunities in the second quarter based on PX maintenance and polyester load - increasing expectations [29]. Ethylene Glycol - The inventory is increasing, and the short - term trend is oscillating. The supply - demand may improve in the second quarter, but the long - term is still under pressure [30]. Short - Fiber and Bottle Chip - Short - fiber has a good supply - demand pattern, but downstream orders are weak. Bottle - chip processing margin has improved, but there is long - term capacity pressure. Both follow raw material price fluctuations [31]. Group 4: Building Materials Glass - Glass prices are weakening. There is pressure for inventory accumulation during the Spring Festival. The price will oscillate widely due to the game between low valuation and weak reality [32]. 20 - Number Rubber, Natural Rubber, and Butadiene Rubber - The international crude oil price has fallen, and the natural rubber supply is in the reduction period. The demand is average, and the market sentiment is weak. It is advisable to wait and see [33]. Soda Ash - Soda ash is running weakly. Inventory is rising, and the market is under supply - demand pressure. Consider short - selling on rebounds [34]. Group 5: Agricultural Products Soybean and Soybean Meal - After the Sino - US leaders' communication, the US soybean futures rose, but the domestic market followed weakly. The short - term trend of domestic soybean meal will be bottom - oscillating [35]. Soybean Oil and Palm Oil - CBOT soybeans are strong. The US soybean oil is expected to oscillate strongly. Pay attention to the impact of macro factors in 2026 [36]. Rapeseed and Rapeseed Oil - The import of oilseeds is expected to improve. The rapeseed market will oscillate in the short - term [37]. Soybean No. 1 - Soybean No. 1 oscillates. The policy is promoting domestic soybean production. Pay attention to policy and market sentiment [38]. Corn - The spot price of corn in the northeast and northern ports is slightly stronger. The futures price will oscillate weakly in the short - term [39]. Live Pig - The live pig futures are declining. The short - term supply pressure is large, and the long - term price may have a low point in the first half of next year [40]. Egg - The egg futures have fallen significantly. The egg price may rise in the first half of 2026. Consider long - position strategies after the Spring Festival [41]. Cotton - Zhengzhou cotton is slightly declining. The short - term trend will be oscillating. Pay attention to import changes [42]. Sugar - International sugar production varies by country. Domestic sugar production in Guangxi is slow, but there is an expectation of an increase in the 25/26 season. The short - term price is under pressure [43]. Apple - The apple futures price oscillates. The market focuses on demand. The poor quality and high price may affect inventory reduction [44]. Wood - The wood futures price is at a low level. Low inventory supports the price. It is advisable to wait and see [45]. Pulp - The pulp futures price has fallen. The port inventory is accumulating. The short - term fundamentals are weak, and the price will oscillate. Wait and see and pay attention to support levels [46]. Group 6: Financial Products Stock Index - A - shares adjusted with reduced volume, and stock index futures fell. The short - term risk assets will probably oscillate at a high level, and it is better to focus on performance - certain sectors [47]. Treasury Bond - On February 5, 2026, TL2603 led the rise. Other varieties are strong under the influence of loose funds and central bank bond - buying [48].

gtaxinstitute@essence.com.cn 综合晨报 2026年02月05日 (原油) 夜间交易时段国际油价上涨。伊朗方面此前传出谈判取消的消息，随后伊朗外交部长阿拉格齐澄清 指出，伊朗与美国将于6日上午10时左右在阿曼首都马斯喀特举行会谈。EIA数据显示，受冬季风暴 影响，上周美国原油库存超预期大幅下降，产量亦降至2024年11月以来最低水平。目前美伊谈判前 景仍存在较多不确定性,但整体冲突局势仍属可控,预计对原油价格的影响更多是阶段性与间歇性 的，难以形成趋势性转变。全球石油市场累积的压力依然显著。在多空因素交织的背景下，预计油 价将延续波动加剧的态势。 【责金属】 隔夜贵金属震荡,波动依然较大。美国经济数据喜忧参半,1月ADP就业人数增加2.2万人低于预期 的4.8万人，不过ISM非制造业PM153.8与此前公布的制造业PMI均体现经济韧性，市场关注的非农就 业将推迟到下周发布。短期资金博弈激烈，贵金属进入高位盘整阶段，暂时观望等待波动率下降。 国投期货研究院 【铜】 隔夜铜价高位震荡，沪铜减仓，市场关注潜在储备与春节前后国内供求变动。倾向正向价差强化能 形成天然仓单储备。更关注跨期反套。 ...

| 《八》 国投期货 | | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2026年02月04日 | | 尿素 | なな☆ | 甲醇 | 女女女 | 庞春艳 首席分析师 | | 纯菜 | なな女 | 苯乙烯 | な女女 | F3011557 Z0011355 | | 爱两烯 | ☆☆☆ | 塑料 | ☆☆☆ | | | PVC | ★☆☆ | 烧碱 | ☆☆☆ | 牛卉 高级分析师 | | РХ | 女女女 | PTA | な女女 | F3003295 Z0011425 | | 乙二醇 | ななな | 短纤 | ☆☆☆ | 周小燕 高级分析师 | | 玻璃 | ☆☆☆ | 纯碱 | ☆☆☆ | F03089068 Z0016691 | | 瓶片 | 文文文 丙烯 | | 女女女 | | | | | | | 王雪忆 分析师 | | | | | | F03125010 Z0023574 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃】 1 ...

| >国技期货 | | | | 责金属日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2026年02月04日 | | 黄金 | なな☆ | 白银 | ☆☆☆ | 刘冬博 高级分析师 | | 销 | 文文文 | | ☆☆☆ | F3062795 Z0015311 | | | | | | 吴江 高级分析师 | | | | | | F3085524 Z0016394 | | | | | | 孙芳芳 中级分析师 | | | | | | F03111330 Z0018905 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 隔夜贵金属继续反弹。美元信用危机与全球秩序重塑叙事并未发生逆转，但短期仍以资金博弈为主，责金属 进入高位盘整阶段,暂时观望等待波动率下降。近期重点跟踪地缘局势演绎以及本周包括非农就业在内的一 系列经济数据。今晚关注美国ADP就业和ISM非制造业PMI数据。 不可作为投资依据,转载请注明出处 1 【星级说明】红色星级代表预判趋势性上涨,绿色星级代表预判趋势性下跌 ...