FICC日报 | 2026-01-30 地产上涨，上证50反弹 市场分析 关注中外关系。宏观方面，国家主席习近平会见来华访问的英国首相斯塔默，国务院总理李强同斯塔默举行会谈。 中英双方达成一系列积极成果，其中：双方致力于发展中英长期稳定的全面战略伙伴关系；双方欢迎成立中英金 融工作组并召开首次会议；中方积极考虑对英国公民实施单方面免签政策；中方将威士忌酒进口关税税率由10% 降至5%。2026年全国春节文化和旅游消费月正式启动。从即日起持续至3月初，各地将举办约3万场次文旅消费活 动，发放超3.6亿元消费券等消费补贴，推出门票减免、票根联动优惠、跨区域文旅优惠等举措。海外方面，美国 国会参议院在程序性投票中未能推进已获众议院通过的政府拨款法案，美国联邦政府再次面临部分"停摆"的危机， 美国数个联邦部门的运转资金将于1月30日耗尽。 沪指收涨。现货市场，A股三大指数震荡，上证指数涨0.16%收于4157.98点，创业板指跌0.57%。行业方面，板块 指数涨多跌少，食品饮料、传媒、房地产、非银金融行业领涨，电子、国防军工、电力设备、机械设备行业跌幅 居前。当日沪深两市成交额升至约3.2万亿元。海外方面，美国三大股 ...

股指期权日报 | 2026-01-30 股指期权日报 股指期权市场概况 期权成交量 2026-01-29，上证50ETF期权成交量为104.54万张；沪深300ETF期权（沪市）成交量为139.75万张； 中证500ETF期权（沪市）成交量为186.86万张；深证100ETF期权成交量为7.02万张； 创业板ETF期权成交量为129.11万张；上证50股指期权成交量为6.93万张； 沪深300股指期权成交量为9.49万张；中证1000期权总成交量为33.22万张。 期权PCR 上证50ETF期权VIX报18.35%，环比变动为+0.05%； 沪深300ETF期权（沪市）VIX报18.33%,环比变动为-0.03%； 中证500ETF期权（沪市）VIX报24.51%，环比变动为-1.41%； 深证100ETF期权VIX报22.50%，环比变动为+0.29%； 创业板ETF期权VIX报26.89%，环比变动为-0.01%； 上证50股指期权VIX报18.61%，环比变动为-0.14%； 沪深300股指期权VIX报19.10%，环比变动为+0.16%； 中证1000股指期权VIX报24.32%，环比变动为-0.79 ...

石油沥青日报 | 2026-01-30 成本端维持强势，盘面延续上行 市场分析 1、1月29日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3478元/吨，较昨日结算价上涨114元/吨，涨幅 3.39%；持仓170058手，环比下跌5221手，成交402578手，环比下跌51997手。 2、卓创资讯重交沥青现货结算价：东北，3506—3550元/吨；山东，3130—3300元/吨；华南，3250—3350元/吨； 华东，3200—3230元/吨。 中东局势依然较为紧张，市场担忧美国对伊朗发动军事打击。由于伊朗自身产量规模较大，且临近全球石油运输 最重要的隘口"霍尔木兹海峡"，因此一旦发生军事冲突，对石油市场的影响将十分显著。因此在美国打击伊朗风 险增加的背景下，油市隐含的地缘溢价大幅抬升。此外，近期大宗商品宏观情绪整体升温，在贵金属、有色领涨 的引领下，部分资金流入能源化工等相对低位板块，促进了市场的涨幅。在地缘与宏观因素的催化下，国际油价 持续走高，沥青成本端支撑增强。此外，沥青在美国逐步控制委内瑞拉石油资源后，国内沥青生产的核心原料供 应收紧，需要在中东等地寻找替代资源，如果中东地区再爆发危机，可 ...

果蔬品日报 | 2026-01-30 中性。 风险 苹果果农交易不畅，红枣节日走货回暖 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9642元/吨，较前一日变动+110元/吨，幅度+1.15%。现货方面，山东栖霞80# 一 二级晚富士价格4.00元/斤，较前一日变动+0.00元/斤，现货基差AP05-1642，较前一日变动-110；陕西洛川70# 以 上半商品晚富士价格4.20元/斤，较前一日变动+0.00元/斤，现货基差AP05-1242，较前一日变动-110。 近期市场资讯，产区整体行情运行以稳为主，目前客商发前期包装好货源为主，整体包装发运略有加快，主产区 果农统货成交量不佳，多以高次、三级果走货为主，部分果农急售情绪加重。目前陕西果农货成交以少量两极货 源为主，仍以客商发自存货源为主；甘肃产区客商按需调果农货源，包装发货较为稳定，走货尚可。山东产区成 交一般，礼盒开始零星包装，少量75#货源、三级货源出库为主，交易不多。栖霞80#一二级片红果农货3.2-4.5元/ 斤，80#统货2.5-3元/斤附近。陕西洛川产区果农统货出库价格3.5-4.0元/斤，半商品出库价格4.0-4.3元/ ...

流动性日报 | 2026-01-30 市场流动性概况 2026-01-29，股指板块成交10714.17亿元，较上一交易日变动+22.39%；持仓金额18658.60亿元，较上一交易日变动 +3.93%；成交持仓比为57.34%。 国债板块成交3461.35亿元，较上一交易日变动+20.47%；持仓金额8766.78亿元，较上一交易日变动+2.26%；成交 持仓比为39.23%。 基本金属板块成交13842.10亿元，较上一交易日变动+14.59%；持仓金额8394.99亿元，较上一交易日变动+3.71%； 成交持仓比为162.85%。 贵金属板块成交16405.63亿元，较上一交易日变动-7.46%；持仓金额7431.80亿元，较上一交易日变动+1.35%；成 交持仓比为238.08%。 能源化工板块成交6696.54亿元，较上一交易日变动+4.95%；持仓金额5325.11亿元，较上一交易日变动+1.60%；成 交持仓比为111.36%。 农产品板块成交3137.97亿元，较上一交易日变动+4.17%；持仓金额6534.33亿元，较上一交易日变动+0.73%；成交 持仓比为44.67%。 黑色建材板块成交 ...

Group 1: Report Industry Investment Rating - The investment rating for the soybean meal market is cautiously bearish [4] - The investment rating for the corn market is neutral [4] Group 2: Report's Core View - The domestic soybean meal price is expected to be weak in the long - term due to high inventory and future supply pressure from Brazilian new - season soybeans, despite short - term strength influenced by US soybeans [3] - Corn prices may be affected by downstream stocking demand, snow - affected arrivals, and inventory changes [5] Group 3: Summary by Related Catalogs Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2802 yuan/ton, up 20 yuan/ton (+0.72%) from the previous day; the rapeseed meal 2605 contract was 2325 yuan/ton, up 28 yuan/ton (+1.22%) [1] - Spot: Tianjin, Jiangsu, and Guangdong had stable soybean meal spot prices, with their basis to M05 decreasing by 20. Fujian's rapeseed meal spot price was stable, with its basis to RM05 decreasing by 28 [1] - South American Situation: Argentina's soybean sowing was 96.2% complete as of January 21, with a 10 - percentage - point drop in the proportion of normal - to - excellent crop ratings. Brazil's expected January 2026 soybean exports were 323 million tons, lower than the previous estimate and up 188% from last year [2] Market Analysis - Soybean meal and soybean inventories are high. The domestic soybean meal price is currently strong due to US soybeans, but will likely weaken as Brazilian new - season soybeans are supplied [3] Strategy - The strategy for soybean meal is cautiously bearish [4] Corn Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2281 yuan/ton, up 7 yuan/ton (+0.31%); the corn starch 2603 contract was 2535 yuan/ton, up 5 yuan/ton (+0.20%) [4] - Spot: Liaoning's corn spot price was stable, with its basis to C03 decreasing by 7. Jilin's corn starch spot price was stable, with its basis to CS03 decreasing by 5 [4] - Brazilian Exports: Brazil's expected January 2026 corn exports were 339 million tons, lower than the previous estimate but up 6.4% from last year [4] Market Analysis - As the Spring Festival approaches, downstream stocking starts. Snow affects corn arrivals, causing prices to rise and deep - processing enterprise inventories to increase. North port inventories increase slightly, while south port domestic inventories are consumed [5] Strategy - The strategy for corn is neutral [4]

新能源及有色金属日报 | 2026-01-30 铜价冲高回落 暂时或仍维持震荡格局 市场要闻与重要数据 期货行情： 2026-01-29，沪铜主力合约开于 102540元/吨，收于 109110元/吨，较前一交易日收盘5.87%，昨日夜盘沪铜主力合 约开于 110,310元/吨，收于 106,900 元/吨，较昨日午后收盘上涨0.20%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货对2602合约报价贴水240至100元/吨，均价贴水170元，上涨70元。现货价格 区间为102450-105920元/吨。期铜主力单边强势上涨，早盘于102600-103100元区间波动后加速上行，盘中触及 108920元历史新高，收于108230元。隔月Contango价差在490-340元之间，当月进口盈亏介于亏损370元至盈利110 元。早间好铜贵溪报贴水140元，平水铜贴水250-200元，中条山等以贴水250元成交，祥光等报贴水240-200元，湿 法铜货紧报贴水290-280元。午后持货商挺价上调，中条山等报贴水190元，JCC报贴水150元。近期若铜价维持高 位将抑制下游采购。月差走扩增强交仓意愿，市场流 ...

Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] Core View of the Report - The fundamentals are relatively strong, but the social inventory has not shown an accumulating trend despite entering the consumption off - season. The overall spot premium is stable, but it is declining in Tianjin. The domestic ore supply is weak, but the winter stockpiling of domestic smelters is basically completed with the supplement of imported ore. The imported ore continues to decline, and it's difficult for the imported ore TC to rise before the new Benchmark signing. Comprehensive smelting still faces losses, and the supply pressure of zinc ingots is not obvious. Consumption is still optimistic in the long - term, with low inventory pressure, but short - term sentiment has a great impact. Be vigilant against the overall correction driven by the non - ferrous sector [4] Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$32.06/ton. SMM Shanghai zinc spot price is 25,290 yuan/ton, up 50 yuan/ton from the previous trading day, with a spot premium of 0 yuan/ton. SMM Guangdong zinc spot price is 25,360 yuan/ton, up 60 yuan/ton, with a spot premium of 20 yuan/ton. Tianjin zinc spot price is 25,240 yuan/ton, up 50 yuan/ton, with a spot premium of - 50 yuan/ton [1] - **Futures**: On January 29, 2026, the main SHFE zinc contract opened at 25,450 yuan/ton and closed at 25,950 yuan/ton, up 735 yuan/ton from the previous trading day. The trading volume was 329,041 lots, and the open interest was 114,501 lots. The highest price during the day was 26,300 yuan/ton, and the lowest was 25,260 yuan/ton [2] - **Inventory**: As of January 29, 2026, the total SMM seven - region zinc ingot inventory was 117,200 tons, up 400 tons from the previous period. The LME zinc inventory was 109,750 tons, down 625 tons from the previous trading day [3]

市场资讯汇总：昨日东北大豆现货价格整体持稳。市场整体表现较为稳定，不过从贸易环节反馈来看，当前出货 节奏有所放缓，终端需求的释放力度仍需提升。现货方面：黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车 报价2.22元/斤；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江佳木斯富锦市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装 车报价2.33元/斤；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江绥化海伦市场 国标一等蛋白41%蛋白中粒塔粮装车报价2.30元/斤。 油料日报 | 2026-01-30 豆一库存偏松惜售，花生备货收尾震荡 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4436.00元/吨，较前日变化+61.00元/吨，幅度+1.39%。现货方面，食用豆现货基 差A05+4，较前日变化-61，幅度32.14%。 昨日豆一期货主力合约价格震荡上行。目前上游种植户与贸易商普遍存在惜售心理，偏向持货观望年后走势，市 场库存预计约剩四到五成。同时，下游加工企业在前期收购 ...

油脂日报 | 2026-01-30 期货方面，昨日收盘棕榈油2605合约9362.00元/吨，环比变化+92元，幅度+0.99%；昨日收盘豆油2605合约8382.00 元/吨，环比变化+56.00元，幅度+0.67%；昨日收盘菜油2605合约9446.00元/吨，环比变化+116.00元，幅度+1.24%。 现货方面，广东地区棕榈油现货价9300.00元/吨，环比变化+110.00元，幅度+1.20%，现货基差P05-62.00，环比变 化+18.00元；天津地区一级豆油现货价格8640.00元/吨，环比变化+20.00元/吨，幅度+0.23%，现货基差Y05+258.00， 环比变化-36.00元；江苏地区四级菜油现货价格10280.00元/吨，环比变化+120.00元，幅度+1.18%，现货基差 OI05+834.00，环比变化+4.00元。 近期市场咨询汇总：阿根廷豆油(3月船期)C&F价格1215美元/吨，与上个交易日相比上调13美元/吨；阿根廷豆油(5 月船期)C&F价格1149美元/吨，与上个交易日相比上调12美元/吨。进口菜籽油C&F报价：加拿大菜油(2月船期)1040 美元/吨，与上个交易日 ...