Group 1: Report Overview - Report Type: Asphalt Daily Report [1] - Date: February 4, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Market Review** - BU2603: Opened at 3327 yuan/ton, closed at 3309 yuan/ton, with a high of 3331 yuan/ton, a low of 3283 yuan/ton, a decline of 1.7%, and a trading volume of 167,400 lots [6] - BU2604: Opened at 3292 yuan/ton, closed at 3304 yuan/ton, with a high of 3330 yuan/ton, a low of 3271 yuan/ton, a decline of 1.52%, and a trading volume of 36,900 lots [6] - Spot Market: Prices in Northeast and East China rose, while those in Shandong and South China fell slightly, and prices in other regions remained stable [6] - **Operation Suggestions** - The asphalt market continues to have a weak supply - demand pattern. There is an expectation of tightened raw material supply and possible price increases after the Spring Festival, but the demand is seasonally weak [6] - Due to the large increase in asphalt futures stimulated by the Middle East situation, it is recommended to be cautious about chasing up. Consider taking long positions at low basis levels [6] Group 3: Regional Market Conditions - **Shandong Market** - The mainstream transaction price of 70A grade asphalt is 3210 - 3270 yuan/ton, a decrease of 35 yuan/ton from the previous working day [9] - International oil prices and asphalt futures were weak and volatile. Spot market demand was basically over, and the transaction was weak [9] - **South China Market** - The mainstream transaction price of 70A grade asphalt is 3280 - 3320 yuan/ton, a decrease of 10 yuan/ton from the previous working day [9] - Some Guangshi petrochemical's road - transport resources were available for sale, and low - price contracts from futures - spot merchants continued to be sold. Terminal demand declined, and market trading was light [9]

Group 1: Report Overview - Report Name: Pig Daily Report [1] - Date: February 4, 2026 [2] - Research Team: Agricultural Products Research Team [4] Group 2: Market Review and Operation Suggestions - Futures: On the 3rd, the main pig contract 2605 opened slightly lower, then冲高回落 and closed in the negative. The highest price was 11,685 yuan/ton, the lowest was 11,565 yuan/ton, and the closing price was 11,600 yuan/ton, down 0.81% from the previous day. The total open interest of the index increased by 8,017 lots to 339,037 lots [6]. - Spot: On the 3rd, the national average price of external ternary pigs was 12.56 yuan/kg, up 0.25 yuan/kg from the previous day [6]. - Supply: Currently, the utilization rate of second - fattening pens is relatively high year - on - year, and there are still pigs to be sold before the Spring Festival. In February, the planned slaughter volume of sample breeding enterprises may decline month - on - month. In the first ten days, the enthusiasm of breeders to sell pigs has increased and the rhythm has accelerated. The slaughter volume will be significantly released around the 23rd day of the 12th lunar month [7]. - Demand: The spot price has rebounded to a high level and the Spring Festival is approaching, so second - fattening is mainly on the sidelines. Terminal consumer demand is average. Schools are on holiday one after another, group meals and other consumption may decrease, and the sales of white - striped pigs are poor. In the short term, the orders of slaughtering enterprises have decreased, and the operating rate and slaughter volume of slaughtering enterprises have slightly decreased. The last wave of demand peak will be during the Spring Festival stocking period around the 23rd day of the 12th lunar month in early February. On February 3rd, the slaughter volume of sample slaughtering enterprises was 189,000 heads, a decrease of 500 heads from the previous day, a week - on - week decrease of 2,300 heads, and a month - on - month decrease of 3,600 heads [7]. - Overall: In the spot market, both supply and demand will increase before the Spring Festival, and the spot price will fluctuate. In the futures market, the production capacity is sufficient, and the pig supply is expected to maintain a slight increase. There are still some fattened pigs from second - fattening to be sold after the Spring Festival, which will continue to put pressure on the market. At the same time, it will enter the consumption off - season after the Spring Festival, and the support for the market is insufficient. Contracts 03/05 will be mainly weak in shock [7]. Group 3: Industry News - As of the end of January, the expected cost of self - breeding and self - raising in the future was 12.18 yuan/kg, a month - on - month increase of 0.09 yuan/kg and a year - on - year decrease of 0.82 yuan/kg compared with 13 yuan/kg. The cost of raising pigs with purchased piglets was affected by both feed prices and piglet prices. The expected cost of raising purchased piglets to 125 kg and then selling them was 12.79 yuan/kg, a month - on - month increase of 1.36 yuan/kg and a year - on - year decrease of 2.1 yuan/kg compared with 14.9 yuan/kg [8][10] Group 4: Data Overview - As of January 30, the average profit per head of self - breeding and self - raising was 46 yuan/head, a month - on - month increase of 170 yuan/head; the profit of raising pigs with purchased piglets was - 34.5 yuan/head, a month - on - month increase of 221 yuan/head [12]. - As of January 20, the utilization rate of fattening pens was 37.7%, a ten - day increase of 3.8 percentage points, a month - on - month increase of 7.7 percentage points, and a year - on - year increase of 24 percentage points [12]. - According to Yongyi Consulting, the average sales price of 15 - kg piglets in the market in January was 407.8 yuan/head, a month - on - month increase of 103 yuan/head and a month - on - month increase of 33.8% [12]. - The average slaughter weight of pigs in the country in January was 128.6 kg, a month - on - month decrease of 1.2 kg (a decrease of 0.9%) and a year - on - year increase of 4.9 kg (a year - on - year increase of 3.96%) [12]. - In 2025, 719.73 million pigs were slaughtered, a year - on - year increase of 17.16 million heads (an increase of 2.4%). Among them, the number of pigs slaughtered in the four quarters was 194.76 million, 171.43 million, 163.73 million, and 189.81 million respectively, with year - on - year increases of 0.1%, 1.2%, 4.7%, and 4.1% respectively. The pork output was 59.38 million tons, a year - on - year increase of 2.32 million tons (an increase of 4.1%), and the output reached a record high. Among them, the pork output in the four quarters was 16.02 million, 14.18 million, 13.48 million, and 15.70 million tons respectively, with year - on - year increases of 1.2%, 1.4%, 7.1%, and 5.2% respectively [12]

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 行业 棉花 日期 2026 年 2 月 4 日 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | | | | p . | JE | | DIS | 演 坎 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 期货涨幅较大，关注基差机会 请阅读正文后的声明 月度报告 观点摘要 行业 沥青月报 日期 2026 年 2 月 3 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 请阅读正文后的声明 - 2 - ＃summary＃ 原油方面，供需面暂无太大变化，供应依旧过剩。短期市场的交易重 心主要集中在中东局势，目前来看暂无大 ...

行业 锌期货日报 日期 2026 年 2 月 3 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2602 | 25775 | 24425 | 25840 | 24215 | -1650 | -6.33 | 7920 | -1349 | | 沪锌 | 2603 | 25735 | 24515 | 25905 | 24245 | -1805 | -6.86 | 91209 | -14330 | | 沪锌 | 2604 | 25790 | 24530 | 25965 | 24295 | -1 ...

行业 贵金属日评 日期 2026 年 02 月 03 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 特朗普提名前美联储理事沃什担任下一届美联储主席，鉴于沃什在过去十五 年持续批判美联储量化宽松政策推高美国通胀压力并主张货币政策要回归平抑价 格波动的本源，市场担忧沃什上台后美联储货币政策框架将转向以偏紧货币流动 性抑制通货膨胀，叠加美联储暂停降息推高美元汇率和美伊谈判削弱地缘政治风 险，隔夜贵金属板块全线大幅调整，2 月 1 日贵金属板块继续惯性下滑，伦敦黄 金最低跌至 4402 美元/盎司而伦敦白银最大跌幅达到 41.4%。我们判断贵金属中 ...

请阅读正文后的声明 行业 油脂 日期 2026 年 2 月 3 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | | 合约 | 前结算价 : | 开盘价 : | 最高价 : | | 最低价:收盘价 :涨跌: | | 涨跌幅 . | | 成交量：持企量 持企量变化 | | | ...

行业 豆粕 日期 2026 年 2 月 3 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 - 2 - 1 一、行情回顾与操作建议 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

行业 鸡蛋 日期 2026 年 2 月 3 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

行业 纯碱、玻璃日报 日期 2026 年 2 月 3 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 | | | 表1：纯碱、玻璃期货2月2日交易数据汇总 | | | | | | | | --- | --- | --- | ...