行业 鸡蛋 日期 2026 年 2 月 5 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

1. Report Information - Reported industry: Soybean meal [1] - Date: February 5, 2026 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Market Review - **Soybean meal futures contracts**: - For the soybean meal 2603 contract, the previous settlement price was 3047, the opening price was 3050, the highest price was 3053, the lowest price was 2973, the closing price was 3002, with a decline of 45 and a decrease rate of 1.48%. The trading volume was 181,273, the open interest was 287,070, and the open interest change was -71,019 [6]. - For the soybean meal 2605 contract, the previous settlement price was 2756, the opening price was 2756, the highest price was 2759, the lowest price was 2721, the closing price was 2727, with a decline of 29 and a decrease rate of 1.05%. The trading volume was 1,085,590, the open interest was 2,153,812, and the open interest change was 64,761 [6]. - For the soybean meal 2607 contract, the previous settlement price was 2704, the opening price was 2703, the highest price was 2709, the lowest price was 2686, the closing price was 2691, with a decline of 13 and a decrease rate of 0.48%. The trading volume was 44,976, the open interest was 484,107, and the open interest change was 10,962 [6]. 3. Core Views - **External market (US soybeans)**: The US soybean futures contracts were weak, with the main contract close to 1055 cents. There was a rebound in the previous period due to the digestion of negative factors. Although the January USDA report raised the ending stocks of the new US soybean season, the price was already significantly below the US soybean planting cost, so the downside was relatively limited. The weekly US soybean export data was good for two consecutive weeks, and there were relatively positive expectations for biodiesel policies, leading to a small - scale rebound. However, fundamentally, due to the basically determined high - yield pattern of Brazilian soybeans, the subsequent supply pressure would always put downward pressure on the market. If US soybean exports weakened or the weather in Argentina improved, the external market might continue to fall below 1050 cents [7]. - **Domestic soybean meal**: The 05 and subsequent contracts were priced based on the external market cost. Since there was a lack of potential positive factors in the CBOT, the overall trend was range - bound, and the rebound was slightly bearish. The risk was that if the subsequent auction of imported soybeans fell short of expectations, it might drive the spot price to rise unexpectedly, which could have a small positive impact on the 05 contract [7]. 4. Industry News - The US Treasury Department issued the 45Z proposed rules on Tuesday to regulate how biofuel producers can obtain a $1 - per - gallon tax credit for low - carbon fuels (including aviation fuels), providing more certainty for producers of ethanol, biodiesel, and other products seeking tax credits. However, analysts pointed out that there were still some unresolved issues in the regulations [10]. - The USDA's monthly soybean crushing data showed that the US soybean crushing volume in December reached the second - highest level in history. The December crushing volume was 229.9 million bushels (equivalent to 6.896 million short tons), a 4.2% increase from November's 220.5 million bushels and a 5.6% increase from December 2024's 217.7 million bushels. The December crushing volume was the second - highest monthly crushing volume, second only to the 236.3 million bushels in October 2025 [10]. - Crop experts estimated the 2025/26 Argentine soybean production at 48 million tons, lower than the previous week's forecast of 49 million tons and the USDA's current estimate of 48.5 million tons. The southern planting area in Argentina has recently become drier, with insufficient rainfall for most of the next few weeks, which requires close attention. The expected 2025/26 Brazilian soybean production remained unchanged at a record 179 million tons, with a tendency to maintain or increase the forecast in the future [10][11]

行业 原油日报 日期 2026 年 2 月 4 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 研究员：刘悠然（纸浆） 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：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) | | | | | | | | --- | --- | --- | --- | --- | ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: February 4, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating information provided in the report. Core Viewpoints - The overall sentiment of commodity futures improved, driving the recovery of EC futures. However, from the perspective of the variety's fundamentals, the peak stage of pre - Spring Festival rush demand has passed, and spot freight rates will enter a downward channel. After the Spring Festival, it is expected to continue the off - season performance, and the relatively high shipping capacity in March limits the possible rebound. Geopolitical conflicts may provide trading hotspots and boost the sentiment of far - month peak - season contracts. It is recommended to short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The improvement of commodity futures sentiment drove the recovery of EC futures. The peak of pre - Spring Festival rush demand has passed, and spot freight rates are expected to decline. For example, the pre - Spring Festival quote for the Shanghai - Rotterdam route by Maersk was around $2100 - 2170 per big container, dropping to $2000 after the Spring Festival. The 2 - month quote of OCEAN Alliance is in the range of $2293 - 2430, and that of Premier Alliance is about $2035 in February and $2535 in March. Considering the slow resumption of work after the Spring Festival and the upcoming traditional off - season in April, it is difficult to maintain high prices. The shipping capacity in March is relatively high in the off - season, limiting the rebound. Geopolitical conflicts may boost the sentiment of far - month peak - season contracts [8]. - **Operation Suggestions**: Short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8]. 2. Industry News - **Container Shipping Market Adjustment**: From January 26 to January 30, the Chinese export container shipping market continued to adjust. The overall demand for ocean routes was weak, and market freight rates declined, dragging down the comprehensive index. On January 30, the Shanghai Export Container Comprehensive Freight Index was 1316.75 points, a 9.7% decrease from the previous period [9]. - **European Routes**: The eurozone's January composite PMI was 51.5, lower than market expectations. Economic growth momentum slowed down, and shipping demand was weak. On January 30, the market freight rate from Shanghai Port to European basic ports was $1418/TEU, a 11.1% decrease from the previous period [9]. - **Mediterranean Routes**: The market situation was similar to that of European routes, with spot market booking prices continuing to decline. On January 30, the market freight rate from Shanghai Port to Mediterranean basic ports was $2424/TEU, a 12.0% decrease from the previous period [9]. - **North American Routes**: The US consumer confidence index in January dropped to 84.5, the lowest since May 2014. Shipping demand lacked growth momentum, and spot market booking prices continued to adjust. On January 30, the market freight rates from Shanghai Port to US West and US East basic ports were $1867/FEU and $2605/FEU respectively, with decreases of 10.4% and 10.0% from the previous period [9][10]. - **Geopolitical News**: The US announced the second phase of the Gaza cease - fire plan, but there were differences between Netanyahu and Trump. The Houthi armed forces in Yemen warned Saudi Arabia against military actions [10]. 3. Data Overview - **Container Shipping Spot Prices**: The SCFIS for European routes (basic ports) on February 2, 2026, was 1792.14, a 3.6% decrease from January 26; the SCFIS for US West routes (basic ports) was 1101.4, a 14.9% decrease from January 26 [12]. - **Container Shipping Index (European Routes) Futures Market**: Provided trading data for EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts on February 3, including opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and open interest change [6]. - **Shipping - Related Data Charts**: Included charts of European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][23]

行业 国债日报 日期 2026 年 2 月 4 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 宏观金融团队 请阅读正文后的声明 ＃summary＃ 当日行情： 股市回暖但债市情绪尚可，国债期货低开后震荡回暖，多数小幅收涨。 利率现券： 每日报告 | | 表1：国债期货2月3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 | 112.090 | 112 ...

Group 1: Report Overview - The report is a daily paper pulp report dated February 4, 2026 [1][2] Group 2: Market Review and Operation Suggestions - The previous settlement price of the SP2605 contract of pulp futures was 5300 yuan/ton, and the closing price was 5276 yuan/ton, a decrease of 0.45%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4700 - 5600 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5370 - 5380 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the external market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, softwood pulp decreased by 7.6% year - on - year, and hardwood pulp decreased by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 29, 2026, the weekly pulp inventory in major regions and ports was 2.1199 million tons, a month - on - month increase of 4.96% [8] - On the demand side, the pulp procurement rhythm of downstream paper mills slowed down, some small and medium - sized factories showed signs of closing for the holiday, and the trading atmosphere in the spot market became lighter. In the short term, pulp prices were restricted by the sector and weak downstream procurement, and the overall trend was a wide - range shock [8] Group 3: Industry News - On February 2, a fire broke out at Qian'an Boda Paper Co., Ltd. in Tangshan, Hebei Province. This fire was expected to cause short - term supply disruptions in the northern copy paper market. After the production line of Boda Paper stopped, the supply of copy paper in the North China region would directly decrease, and the market might experience a temporary supply shortage. However, the northern copy paper market was supported by the production capacity of leading enterprises such as APP, Sun Paper, Chenming Paper, and Asia Pulp & Paper, with sufficient overall supply elasticity. Since the fire only affected a single enterprise, it was not expected to cause a significant nationwide price fluctuation [9]

行业 聚烯烃日报 日期 2026 年 2 月 4 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 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 每日报告 三、数据概览 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

行业 纯碱、玻璃日报 日期 2026 年 2 月 4 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3日交易数据汇总 | | | | | | | | --- | --- | --- | ...

1. Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - The long - term upward driving force of precious metals remains unchanged. Investors are advised to go long after the downward momentum of precious metals weakens. However, due to the large influx of investment funds and high price volatility recently, investors are advised to reduce positions to avoid short - term risks. Also, be vigilant against the medium - term risk of the Fed tightening monetary policy to end the precious metals bull market [4][6] 3. Summary by Directory 3.1 Precious Metals Market Quotes and Outlook 3.1.1 Intraday Market - After three consecutive days of sharp adjustments in the precious metals market due to the nomination of a hawkish Fed chair candidate by Trump and the easing of the US - Iran conflict risk, the precious metals sector rebounded. On February 3, Asian session, London gold returned above $4,900 per ounce. This was because the internal adjustment risk was fully released, attracting some bottom - fishing funds, and the Trump administration announced the launch of the Vault Project, boosting the strategic value expectation of key minerals [4] 3.1.2 Medium - term Market - Trump's confirmation of the next Fed chair candidate eliminated the market's hedging demand for this uncertainty. The hawkish stance of the candidate also alleviated concerns about the loss of US fiscal discipline, so the precious metals correction was reasonable. The previous sharp rise in precious metals also needed a large retracement. However, the hawkish stance has no fundamental impact on the long - term bull market of gold and may mainly compress the duration of the medium - term bull market. It is bullish for silver, platinum, and palladium compared to gold. The report maintains the view that gold will rise in the medium and long term, and silver, platinum, and palladium will be stronger than gold in the medium term [6] 3.1.3 Domestic Precious Metals Market Quotes | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change Rate (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold Index | 1,008.88 | 1,099.95 | 1,034.88 | 1,095.29 | 8.56 | 315,593 | 3,738 | | SHFE Silver Index | 24,549 | 21,659 | 20,313 | 20,979 | - 14.54 | 583,536 | - 65,359 | | GZFE Platinum Index | 550.99 | 575.14 | 539.71 | 570.52 | 3.54 | 31,822 | - 1,995 | | GZFE Palladium Index | 412.91 | 449.05 | 413.73 | 448.62 | 8.65 | 11,715 | - 526 | [5] 3.2 Precious Metals Market - related Charts - The report provides multiple charts including Shanghai gold and silver futures indexes, London gold and silver spot prices, the basis of Shanghai futures indexes to Shanghai Gold Exchange T+D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets. All data sources are from Wind and the Research and Development Department of CCB Futures [8][10][16] 3.3 Main Macroeconomic Events/Data - Trump reached a trade agreement with India, reducing the US tariff on Indian goods from 50% to 18%. India will lower trade barriers, stop buying Russian oil, and buy from the US and Venezuela. The US will revoke the 25% punitive tariff, and India promises to buy over $500 billion of US products [17] - Trump is about to launch a strategic key mineral reserve plan called the Vault Project with an initial capital of $12 billion, integrating $2 billion of private funds and a $10 - billion loan from the US Export - Import Bank [17] - The US manufacturing activity expanded for the first time in a year in January. The ISM's January PMI rebounded to 52.6, breaking through the 50 mark for the first time in 12 months and reaching the highest level since August 2022. The new orders sub - index jumped from 47.4 in December to 57.1 in January, the highest since February 2022 [17] - Iran and the US will restart nuclear negotiations in Turkey on Friday. US envoy Witkoff and Iranian Foreign Minister Araghchi will meet in Istanbul, and representatives from Saudi Arabia, Egypt and other countries will also participate [18]

行业 鸡蛋 日期 2026 年 2 月 4 日 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 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...