客服产品系列•日评 国新国证期货早报 2026 年 2 月 6 日 星期五 品种观点： 【股指期货】 周四（2 月 5 日） A 股三大指数集体回调，截止收盘，沪指跌 0.64%，收报 4075.92 点；深 证成指跌 1.44%，收报 13952.71 点；创业板指跌 1.55%，收报 3260.28 点。沪深京三市成交额仅有 21945 亿，较 昨日缩量 3090 亿。 沪深 300 指数 2 月 5 日窄幅整理。收盘 4670.42，环比下跌 28.26。（数据来源：东方财富网） 【焦炭 焦煤】2 月 5 日焦炭加权指数震荡整理，收盘价 1742.0，环比下跌 12.8。 2 月 5 日焦煤加权指数区间震荡，收盘价 1181.6 元，环比下跌 26.6。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：港口焦炭现货市场报价上涨，日照港准一级冶金焦现货价格 1480 元/吨，较上期价格涨 10。供应， 焦煤竞拍市场流拍现象减少，市场情绪有所改善，多数焦企保持正常生产状态，下游采购积极性偏弱，焦企出货 情况略有不佳，厂内焦炭库存压力增加。需求，多家钢厂发布减产检修计划，钢厂日均铁水产量回落预期增强。 焦煤：山 ...

客服产品系列•日评 影响焦炭期货、焦煤期货价格的有关信息： 国新国证期货早报 2026 年 2 月 5 日 星期四 品种观点： 【股指期货】 周三（2 月 4 日）A 股三大指数涨跌不一，沪指涨 0.85%，收报 4102.20 点；深证成指涨 0.21%， 收报 14156.27 点；创业板指探底回升，盘中跌幅一度达到 2.4%，最终小幅收跌 0.4%，收报 3311.51 点。沪深京 三市成交额达到 2.5 万亿，较昨日小幅缩量 623 亿。 沪深 300 指数 2 月 4 日区间震荡。收盘 4698.68，环比上涨 38.58。（数据来源：东方财富网） 【焦炭 焦煤】2 月 4 日焦炭加权指数强势，收盘价 1773.1，环比上涨 48.8。 2 月 4 日焦煤加权指数震荡趋强，收盘价 1217.1 元，环比上涨 40.4。 焦炭：多地钢厂接受焦炭首轮提涨，焦企盈利情况改善，但北方地区环保因素影响仍存，制约开工率反弹， 高频数据显示焦企开工率环比小幅下滑，绝对水平在低位运行，供应压力不大。需求，铁水产量周环比小幅下滑， 但降幅较小，钢厂适当增加厂场内库存。。 焦煤：一月钢厂稳步复产，开工率稳中有增，伴随春 ...

客服产品系列•日评 国新国证期货早报 2026 年 2 月 4 日 星期三 品种观点： 【郑糖】因短线跌幅较大受技术面影响美糖周一震荡休整小幅收低。因现货报价下调影响空头打压郑糖 2605 月合约周二震荡下跌。因短线跌幅较大以及有色金属市场止稳反弹影响郑糖 2605 月合约夜盘震荡小幅走高。根 据印度糖和生物能源制造商协会（ISMA）的数据，截至 2026 年 1 月 31 日，印度 2025/26 榨季糖产量达到 1950.3 万吨，较去年同期的 1647.9 万吨增加 302.4 万吨，增幅 18.35%。（数据来源：泛糖科技） 【胶】因短线跌幅较大受技术面影响沪胶周二震荡休整小幅走高。夜盘，受有色金属市场止稳反弹提振资金 作用沪胶震荡走高。截至 2026 年 2 月 1 日，青岛地区天胶保税和一般贸易合计库存量 59.17 万吨，环比上期增 加 0.72 万吨，增幅 1.23%。保税区库存 9.76 万吨，增幅 3.34%；一般贸易库存 49.41 万吨，增幅 0.82%。（数 据来源：隆众资讯） 请务必阅读正文之后的免责声明部分 １ 编辑：国新国证期货 【豆粕】国际市场，2 月 3 日（周二）CBOT ...

Report Summary 1. Market Performance on February 2, 2026 - A-shares tumbled: The Shanghai Composite Index dropped 2.48% to 4015.75, the Shenzhen Component Index fell 2.69% to 13824.35, and the ChiNext Index declined 2.46% to 3264.11. The turnover of the Shanghai, Shenzhen, and Beijing stock exchanges was 2606.9 billion yuan, a decrease of 255.8 billion yuan from the previous trading day [1]. - Indexes and commodities: The CSI 300 Index closed at 4605.98, down 100.36. The coke weighted index closed at 1683.5, down 58.6, and the coking coal weighted index closed at 1151.8 yuan, down 31.7 [2][3]. 2. Futures Market Analysis a. Coking Coal and Coke - Coke: Coke enterprises'开工 declined, and inventory increased significantly due to winter storage. The demand side saw an increase in blast furnace 开工 but a decrease in molten iron production. The first round of coke price increases was implemented. Supply contracted, and pre - holiday winter storage was nearing its end [4]. - Coking coal: The 开工 of coal washing plants and mines decreased, and Mongolian coal customs clearance volume declined from its high. Total coking coal inventory increased. The demand side, including coke enterprises' load and molten iron production, continued to decline. The first round of coke price increases was implemented. The price of Tangshan Mongolian 5 clean coal was reported at 1390 yuan/ton, equivalent to 1305 yuan/ton on the futures market [4]. b. Zhengzhou Sugar - Affected by factors such as the decline of US sugar on Friday, the drop in crude oil prices, and the reduction of spot quotes, the Zhengzhou sugar 2605 contract oscillated downward on Monday. Green Pool predicted that the global sugar market surplus in 2026/27 would shrink to 156,000 tons from 2.74 million tons in 2025/26, mainly due to a decrease in production [4]. c. Rubber - Affected by the sharp decline in crude oil prices and the stock market crash, the Shanghai rubber futures oscillated sharply downward on Monday. In 2025, Thailand's natural rubber exports (excluding compound rubber) were 2.669 million tons, a year - on - year decrease of 5.3%. The total exports of natural rubber and mixed rubber were 4.422 million tons, a year - on - year increase of 4.9% [4]. d. Palm Oil - On February 2, affected by macro - funds sentiment, the commodity market dropped significantly, and the palm oil market also declined from its high. The palm oil main contract P2605 closed at 9014, down 2.45% from the previous trading day [5]. e. Soybean Meal - Internationally, CBOT soybean futures declined slightly on February 2. The strong US dollar weakened US export competitiveness. Brazil's soybean harvest was in its early stage with normal weather. As of January 24, 2026, Brazil's 2025/26 soybean harvest rate was 6.6%, higher than 3.2% in the same period last year. Stonex predicted that Brazil's 2025/26 soybean production would reach a record - high of 181.6 million tons. Domestically, the soybean meal main contract 2605 closed at 2750 yuan/ton, down 0.61%. Domestic imported soybean supply was abundant, and pre - holiday stocking was nearing its end. The soybean meal futures price lacked upward momentum [5]. f. Live Hogs - On February 2, the live hog main contract LH2603 closed at 11220 yuan/ton, unchanged from the previous trading day. Before the Spring Festival, the window for live hog slaughter was narrowing, and the daily slaughter pressure of large - scale pig enterprises increased. The market's price - support mentality weakened, and the supply pressure before the festival increased. The demand side was supported by pre - holiday stocking, but the increase was limited. In the medium - term, the market's supply - exceeding - demand situation was difficult to change [5]. g. Shanghai Copper - Shanghai copper futures tumbled. The main contract 2603 closed at 98580 yuan/ton. The core reasons included profit - taking by long - position holders, the rebound of the US dollar, warnings of supply surplus, and increased market caution [5]. h. Iron Ore - On February 2, the iron ore 2605 main contract oscillated downward, with a decline of 1.26% to 783 yuan. The supply of Australian and Brazilian iron ore increased, while domestic arrivals decreased, and port inventory continued to accumulate. The iron ore price was in an oscillating trend in the short term [5]. i. Asphalt - On February 2, the asphalt 2603 main contract oscillated and closed down, with a decline of 4.87% to 3299 yuan. In February, refinery production decreased slightly, and the market was in the off - season with weak demand. The asphalt price was in an oscillating state in the short term [5]. j. Cotton - The Zhengzhou cotton main contract closed at 14635 yuan/ton at night on February 2. Cotton inventory increased by 36 lots compared with the previous trading day. Textile enterprises purchased on a just - in - time basis [6]. k. Logs - The log 2603 main contract opened at 805, closed at 795, and decreased its positions by 1052 lots. The port's softwood log inventory decreased for three consecutive weeks. The spot price of some logs increased slightly [6]. l. Steel - On February 2, the rb2605 contract closed at 3098 yuan/ton, and the hc2605 contract closed at 3261 yuan/ton. Steel demand continued to contract, and the supply - demand pressure before the festival increased. The raw material price decreased, and the inventory of social warehouses increased. Steel prices may have a weak and narrow - range adjustment in the short term [6]. m. Alumina - On February 2, the ao2605 contract closed at 2772 yuan/ton. The cost of bauxite decreased, and inventory accumulated before the Spring Festival. The downstream demand for electrolytic aluminum was weak. The alumina price may maintain an oscillating and weak trend in the short term [6]. n. Shanghai Aluminum - On February 2, the al2603 contract closed at 23035 yuan/ton. The market was cautious about the potential new Fed Chairman. Geopolitical tensions eased, and the non - ferrous metals market continued to decline. The supply was stable, inventory was high, and demand showed only slight improvement [6].

客服产品系列•日评 品种观点： 【股指期货】 周五（1 月 30 日） A 股三大指数走势分化，截止收盘，沪指跌 0.96%，收报 4117.95 点；深 证成指跌 0.66%，收报 14205.89 点；创业板指涨 1.27%，收报 3346.36 点。沪深京三市成交额 28627 亿，较昨日 缩量 3970 亿。 沪深 300 指数 1 月 30 日宽幅震荡。收盘 4706.34，环比下跌 47.53。（数据来源：东方财富网） 【焦炭 焦煤】1 月 30 日焦炭加权指数强势震荡，收盘价 1723.6，环比上涨 21.3。 1 月 30 日焦煤加权指数窄幅整理，收盘价 1163.8 元，环比上涨 14.7。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：首轮提涨终落地，幅度为湿熄焦炭上调 50 元/吨、干熄焦炭上调 55 元/吨。需求端本期铁水微降，受 制于前期事故影响，铁水复产幅度有所减少。出口焦炭方面，根据海关总署公布的出口焦炭数据，1–12 月中国 焦炭出口总量为 794.11 万吨，同比降 4.53%。其中 12 月焦炭出口 100.45 万吨，环比增 39.95%，同比增 80.18%。 焦煤：样 ...

【股指期货】 周四（1 月 29 日） A 股三大指数涨跌不一，截止收盘，沪指涨 0.16%，收报 4157.98 点；深 证成指跌 0.30%，收报 14300.08 点；创业板指跌 0.57%，收报 3304.51 点。沪深京三市成交额达到 32597 亿，较 昨日放量 2671 亿。 沪深 300 指数 1 月 29 日震荡趋强。收盘 4753.87，环比上涨 35.88。（数据来源：东方财富网） 【焦炭 焦煤】1 月 29 日焦炭加权指数强势，收盘价 1725.5，环比上涨 53.5。 1 月 29 日焦煤加权指数宽幅震荡，收盘价 1172.8 元，环比上涨 43.6。 影响焦炭期货、焦煤期货价格的有关信息： 客服产品系列•日评 国新国证期货早报 2026 年 1 月 30 日 星期五 品种观点： 焦炭：供给稳定，第四轮提降后焦化厂吨焦平均利润持续亏损，钢厂盈利率好转以及煤价前期的抬升带动焦 化厂提出第一轮提涨，钢厂预计延期至月底才能接，需求端上周铁水日均产量 228.1 万吨，环比+0.09 万吨，下 游钢厂对焦炭的冬储补库情绪偏弱，还剩 1-2 天库存空间。 焦煤：供给端国内煤矿 1 月底开工高位 ...

Report Summary 1. Market Performance on January 28, 2026 - A-shares: The Shanghai Composite Index rose 0.27% to 4151.24, the Shenzhen Component Index rose 0.09% to 14342.89, and the ChiNext Index fell 0.57% to 3323.56. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2992.6 billion yuan, an increase of 70.9 billion yuan from the previous day [1]. - CSI 300 Index: It closed at 4717.99, up 12.30 [2]. 2. Futures Market Performance 2.1 Energy and Chemical Futures - Coke: The weighted index closed at 1686.5, down 2.0 [2]. - Coking Coal: The weighted index closed at 1142.6 yuan, up 6.1 [3]. - Zhengzhou Sugar: The 2605 contract of Zhengzhou sugar oscillated upward. The price of Brazilian sugar was affected by dry weather, and the spot price limited its upside. At night, it continued to rise due to short - covering [4]. - Rubber: Affected by the expected decrease in spot supply and rising crude oil prices, Shanghai rubber oscillated higher. At night, it oscillated and closed slightly higher due to technical factors [4]. - Palm Oil: The futures contract P2605 closed at 9270, up 0.35%. From January 1 - 25, 2026, Malaysian palm oil production decreased by 14.81% month - on - month [6]. - Asphalt: The 2603 contract closed at 3410 yuan, up 3.96%. Refinery supply was low, inventory was slightly accumulated, and prices oscillated due to cost support [8]. 2.2 Agricultural Futures - Soybean Meal: The CBOT soybean main contract rose 0.68% to 1074.75 cents per bushel. The domestic M2505 contract rose 0.58% to 2782 yuan/ton. Brazilian harvest pressure and US dollar weakness co - existed. Domestic inventory decreased, and post - holiday supply was expected to be loose [6]. - Live Hogs: The LH2603 contract closed at 11270 yuan/ton, down 0.13%. Supply pressure increased, and demand support was limited [6]. - Cotton: The main contract of Zhengzhou cotton closed at 14875 yuan/ton at night, and inventory increased by 4 lots [6]. 2.3 Metal Futures - Shanghai Copper: The 2603 contract closed at 103060 yuan/ton. It first declined and then rebounded. Volume and open interest decreased. Inventory accumulated, and demand was weak [6]. - Iron Ore: The 2605 contract closed at 783 yuan, down 0.7%. Port inventory increased, and prices oscillated due to pre - holiday restocking demand [8]. - Steel: The rb2605 contract closed at 3123 yuan/ton, and the hc2605 contract closed at 3280 yuan/ton. Demand was weak, costs had some support, and prices were expected to adjust narrowly [8]. - Alumina: The ao2605 contract closed at 2811 yuan/ton. The oversupply situation was hard to change in the short term, and prices were expected to oscillate [8]. - Shanghai Aluminum: The al2603 contract closed at 25640 yuan/ton. Supply was stable, inventory increased slightly, and demand pressure increased [8]. 2.4 Log Futures - Logs: The 2603 contract closed at 775.5. The spot price in Shandong and Jiangsu was stable. Attention should be paid to spot support [6][8]. 3. Market Analysis - Coke and Coking Coal: Coke production was at a low level due to losses, and demand was rigid. Coking coal supply was loose both domestically and abroad, and demand was weak [4]. - Soybean Meal: International market was affected by Brazilian harvest and US dollar. Domestic market had pre - holiday demand and post - holiday supply concerns [6]. - Live Hogs: Supply pressure was high in the medium term, and demand increase during the Spring Festival was limited [6]. - Iron Ore: Port inventory was rising, and prices were oscillating due to pre - holiday restocking [8]. - Steel: Weak demand and high costs led to narrow price adjustments [8]. - Alumina: Oversupply and cost decline limited price increases [8]. - Shanghai Aluminum: Supply was stable, and demand pressure was gradually emerging [8].

客服产品系列•日评 国新国证期货早报 2026 年 1 月 28 日 星期三 品种观点： 【股指期货】 周二（1 月 27 日） A 股三大指数集体上涨，截止收盘，沪指涨 0.18%，收报 4139.90 点；深 证成指涨 0.09%，收报 14329.91 点；创业板指涨 0.71%，收报 3342.60 点。沪深京三市成交额 29217 亿，较昨日 缩量 3593 亿。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：港口焦炭现货市场报价下跌，日照港准一级冶金焦现货价格 1460 元/吨，较上期价格跌 10 元/吨。供 应，原料端焦煤价格趋稳，整体煤价仍处高位，焦企利润普遍处于亏损状态，在利润承压下，当前多数焦企维持 前期生产水平。需求，钢材价格震荡运行，终端消费需求下滑，对焦炭需求或进一步减弱，部分钢厂陆续加大检 修力度。 焦煤：山西吕梁地区主焦煤（A10.5、S0.9、G85）上调 57 元至出厂价 1483 元/吨，甘其毛都口岸蒙 5#原煤 1040 元/吨，价格涨 24；蒙 3#精煤 1070 元/吨，较上期价格不变。供应端，民营煤矿将陆续进入放假状态，煤 矿在保安全的前提下适量生产。需求端，焦炭首 ...

客服产品系列•日评 国新国证期货早报 2026 年 1 月 27 日 星期二 品种观点： 【股指期货】 周一（1 月 26 日）A 股三大指数集体收跌，沪指跌 0.09%，收报 4132.61 点；深证成指跌 0.85%， 收报 14316.64 点；创业板指跌 0.91%，收报 3319.15 点。沪深京三市成交额达到 32810 亿，较上一交易日放量 1627 亿。 沪深 300 指数 1 月 26 日窄幅震荡。收盘 4706.96，环比上涨 4.47。（数据来源：东方财富网） 【焦炭 焦煤】1 月 26 日焦炭加权指数震荡整理，收盘价 1721.1，环比上涨 7.4。 1 月 26 日焦煤加权指数窄幅整理，收盘价 1166.2 元，环比上涨 15.8。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：首轮提涨落地预期加强，预计本周落地，幅度为湿熄焦炭上调 50 元/吨、干熄焦炭上调 55 元/吨。需 求端本期铁水微增，受制于前期事故影响，铁水复产幅度有所减少。 焦煤：年后煤矿开启复产，样本矿山产量回升，预计年前产量已经见顶。蒙煤方面，口岸成交氛围一般，口 岸库存超 390 万吨。 据海关总署数据显示，截止 ...

客服产品系列•日评 焦炭：港口焦炭现货市场报价平稳，日照港准一级冶金焦现货价格 1450 元/吨，较上期价格不变。供应，个 别亏损的焦企有减产计划外，多数焦企开工仍维持正常水平，原料端煤价多数仍处高位，部分煤价小幅下调，焦 炭成本支撑依旧较强。需求，终端消费淡季影响，钢厂出货依旧疲软，钢厂利润不断走低，市场情绪不高，其焦 炭库存多处中高位水平，对高价原料抵触心理增加，部分钢厂采购积极性降低。 焦煤：山西临汾地区主焦原煤（S0.5、G85、回收 35）上调 8 元至出厂价 866 元/吨，甘其毛都口岸蒙 5#原 煤 1015 元/吨，价格跌 3；蒙 3#精煤 1085 元/吨，较上期价格跌 15。供应，主产区煤矿普遍已恢复生产，炼焦 煤供应量逐步回升，下游有一定补库需求，煤矿多无库存压力，下游部分企业补库需求开始减弱，贸易商投机逐 步谨慎。需求，下游暂无减产计划，需求仍有支撑，但部分焦钢企业厂内焦煤库存可用天数逐步回升，焦钢企业 对原料煤采购积极性放缓。（数据来源：东方财富网） 【郑糖】一项大宗商品研究报告显示，2025/26 年度全球糖产量料达到 1.893 亿吨，较 2024/25 年度的 1.8097 亿 ...