1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The peak stage of pre - Spring Festival shipping demand has passed, and spot freight rates will enter a downward channel. After the Spring Festival, the shipping market is likely to continue its off - season performance, and the high shipping capacity in March limits the potential for rebound. However, geopolitical conflicts may provide trading hotspots. It is recommended to short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The peak of pre - Spring Festival shipping demand has passed. Spot freight rates will decline. For example, the pre - Spring Festival quote for the Shanghai - Rotterdam route by Maersk was around $2,100 - 2,170 per large container, dropping to $2,000 after the festival. The OCEAN Alliance's February quote is in the range of $2,293 - 2,430, and the Premier Alliance's February quote is around $2,035, with a March opening quote of $2,535. Considering the slow post - Spring Festival resumption of work and the upcoming traditional off - season in April, it is difficult to maintain high prices. It is recommended to short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8] 3.2行业要闻 - From January 26th to 30th, the Chinese export container shipping market continued to adjust. The overall demand for long - haul routes was weak, and market freight rates declined, dragging down the comprehensive index. On January 30th, the Shanghai Export Container Comprehensive Freight Index was 1,316.75 points, a 9.7% decrease from the previous period. - In the European route, the eurozone's January composite PMI was 51.5, lower than market expectations. Economic growth momentum showed marginal slowdown. On January 30th, the market freight rate from Shanghai Port to European basic ports was $1,418/TEU, a 11.1% decrease from the previous period. - In the Mediterranean route, the market situation was similar to that of the European route, and the spot booking price continued to decline. On January 30th, the market freight rate from Shanghai Port to Mediterranean basic ports was $2,424/TEU, a 12.0% decrease from the previous period. - In the North American route, the US consumer confidence index in January dropped to 84.5, the lowest since May 2014. The spot booking price continued to adjust. On January 30th, the market freight rates from Shanghai Port to the US West and East basic ports were $1,867/FEU and $2,605/FEU respectively, with decreases of 10.4% and 10.0% from the previous period. - On January 14th, the US announced the second phase of the Gaza cease - fire plan, focusing on demilitarization, technocratic governance, and post - war reconstruction. However, there are still issues and differences between Netanyahu and Trump regarding this plan. - The Houthi armed forces in Yemen warned that if Saudi Arabia takes military action, it will face a strong response. The Yemeni President's Leadership Council announced the establishment of a Supreme Military Council [9][10] 3.3数据概览 3.3.1集运现货价格 - On February 2, 2026, the SCFIS for the European route (basic ports) was 1,792.14 points, a 3.6% decrease from January 26th. The SCFIS for the US West route (basic ports) was 1,101.4 points, a 14.9% decrease from January 26th [12] 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping futures contracts on February 4th, including the pre - settlement price, opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and change in open interest for contracts such as EC2602, EC2604, etc. [6] 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the container ship capacity in Europe, the global container ship order backlog, the Shanghai - European basic port freight rate, and the Shanghai - Rotterdam spot freight rate [18][23]

Group 1: General Information - Report Title: Pulp Daily Report [1] - Date: February 5, 2026 [2] - Research Team: Energy and Chemical Research Team, including researchers for pulp, crude oil asphalt, PTA, MEG, polyolefins, and glass soda ash [4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures contract 05 had a previous settlement price of 5,286 yuan/ton and a closing price of 5,324 yuan/ton, rising 0.72% overall. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,700 - 5,600 yuan/ton, remaining stable compared to the previous trading day's closing price, with the Shandong Yinxing quotation at 5,370 - 5,380 yuan/ton [7]. - For other contracts: - SP2609 had an opening price of 5,334 yuan/ton, a high of 5,380 yuan/ton, a low of 5,330 yuan/ton, and a closing price of 5,370 yuan/ton, up 0.75%. - SP2701's high was 5,520 yuan/ton, and the price change was 0.1%. [7] Industry Situation - Suzano announced a $10/ton price increase for the Asian market in February 2026, and the FOB quotation continued to rise. - In November, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. - In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, up 8.6% month - on - month and 4.4% year - on - year. - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year. - As of January 29, 2026, the weekly pulp inventory in major regions and ports was 2.1199 million tons, up 4.96% month - on - month. - On the demand side, the pulp - purchasing rhythm of downstream paper mills slowed down, some small and medium - sized mills planned to close, and the trading atmosphere in the spot market weakened. - In the short term, pulp prices are restricted by the sector's influence and weak downstream procurement, experiencing a correction and maintaining a wide - range oscillating trend. [8] Group 3: Industry News - On February 4, news reported that the EU - India trade agreement opened up the market for pulp, paper, cardboard, and recycled paper. The agreement, signed on January 27, 2026, included the gradual removal of tariff barriers for over 90% of traded goods, which was expected to significantly boost bilateral trade. Recycled paper, pulp, cardboard, and processed products (e.g., packaging and printing materials under HS codes 47 - 49) were also included in the tariff agreement. In 2024, the EU imported wood pulp, paper, and cardboard worth 249 million euros from India, while its exports to India reached 1.07 billion euros. [9] Group 4: Data Overview - The report includes various data charts, such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences in Shandong Yinxing, softwood - hardwood price differences in Shandong, cross - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. The data sources are Wind and Zhuochuang Information, and the research and development department of CCB Futures. [7][15][23]

行业 国债日报 日期 2026 年 2 月 5 日 研究员：何卓乔(宏观贵金属) 18665641296 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 | | 表1：国债期货2月4日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 111.960 | 112.000 | 111.700 | 111.740 | -0.260 | -0.23 | 75582 | 125098 | -2215 | | TL260 ...

日期 2026 年 2 月 5 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 行业 油脂 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 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：Wind，建信期货研究发展部 华东三级菜油：4-5 月 05+500，2-3 月：OI2605+620，3-4 月: OI2605+580。 华东市场豆油基差价格：一豆：现货：Y05+380；一口价 8510 元/吨 ...

行业 纯碱、玻璃日报 日期 2026 年 2 月 5 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＃ 纯碱当日行情： 2 月 4 日，纯碱主力合约 SA605 大幅回升，收于 1229 元/吨，较前一日上涨 25 元 /吨，涨幅为 2.07%，日内增仓 12546 手 ...

行业 沥青日报 日期 2026 年 2 月 5 日 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 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2603 | 3324 | 3361 | 3384 | 3311 | 1.69 | 14.85 | | BU2606 | 3320 | 3359 | 3383 | 3305 | 1.88 | 3.54 | 数据来源：wind,建信期货研究发展部 现货市场方面，华北、山东以及华南地区沥青现货价格均出现上涨，其余地 区沥青现货价格大体企稳 ...

行业 生猪日报 日期 2026 年 02 月 05 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 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 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，4日生猪主力2605合约小幅高开后震荡走高，尾盘收阳，最高11800 元/吨，最低 11580 元/吨，收盘报 11735 元/吨，较 ...

行业 棉花 日期 2026 年 2 月 5 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 、 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 | | 133 | | 127 1 | | | 沉味喷 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

行业 原油日报 日期 2026 年 2 月 5 日 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 期货从业资格号：F3065843 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 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | 表1： | 行情回顾(美元/桶) | | | | | | | | --- | --- | --- | --- | --- | ...

行业 贵金属日评 日期 2026 年 02 月 05 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： 由于内在调整风险充分释放吸引部分抄底资金，美军击落伊朗无人机以及美 伊会晤出现波折，贵金属板块继续从 1 月底暴跌中反弹，2 月 3 日亚盘时段伦敦 黄金回到 5000 美元/盎司而伦敦白银亦逼近 90 美元/盎司。我们判断贵金属中长 期上涨驱动力不变，建议投资者待贵金属下跌动能减弱后继续做多；但近期投资 资金大量涌入贵金属市场并推高价格波动性，建议投资者严格控制仓位以规避短 期波动风险。本周关注欧洲央行和英国央行议息会议、日本众议院选举。 ...