1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Although the change of the Federal Reserve Chairman has caused a huge shock in the market, its direct impact on the domestic bond market is relatively limited. The intensified volatility of the equity market may push the short - term risk preference to decline, reducing the capital diversion pressure on the bond market. Coupled with the fact that the PMI in January returned to the contraction range, indicating that the weak economic recovery trend continues. In the context of limited external shocks and the interweaving of internal sentiment and fundamentals, the bond market may return to a volatile pattern after a short - term recovery [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T主力收盘价108.260，环比上涨0.02%，成交量72474，环比减少6023；TF主力收盘价105.905，环比上涨0.06%，成交量60771，环比增加3421；TS主力收盘价102.414，环比上涨0.03%，成交量32791，环比减少883；TL主力收盘价111.960，环比下跌0.1%，成交量94907，环比减少21790 [2] 3.2 Futures Spread - TL2603 - 2606价差为 - 0.14，环比上涨0.00；T03 - TL03价差为 - 3.70，环比上涨0.11；T2603 - 2606价差为0.01，环比下跌0.03；TF03 - T03价差为 - 2.36，环比上涨0.03；TF2603 - 2606价差为 - 0.03，环比上涨0.01；TS03 - T03价差为 - 5.85，环比上涨0.01 [2] 3.3 Futures Position - T主力持仓量253976，环比下跌0.01；T前20名多头241088，环比下跌0.02；T前20名空头238457，环比增加1819；T前20名净空仓2219，环比增加2574；TF主力持仓量134147，环比增加3608；TF前20名多头142860，环比增加3929；TF前20名空头136970，环比增加5885；TF前20名净空仓 - 5890，环比减少1956；TS主力持仓量61998，环比减少1616；TS前20名多头59586，环比增加96；TS前20名空头52590，环比增加94；TS前20名净空仓 - 6996，环比增加2；TL主力持仓量127313，环比减少2868；TL前20名多头142289，环比增加839；TL前20名空头140314，环比减少2272；TL前20名净空仓 - 1975，环比增加3111 [2] 3.4 Top Two CTD (Net Price) - 250018.IB(6y）净价100.6082，环比上涨0.0216；250025.IB(6y）净价99.0955，环比上涨0.0323；250014.IB(4y）净价100.1151，环比上涨0.0173；240020.IB(4y)净价100.8844，环比上涨0.0205；250017.IB(2y)净价100.1168，环比上涨0.0239；240022.IB(2y)净价100.156，环比上涨0.0046；210005.IB(17y)净价126.3679，环比下跌0.1100；210014.IB(18y)净价123.215，环比下跌0.1100 [2] 3.5 Active Treasury Bonds - 1y收益率1.2950%，环比上涨0.50bp；3y收益率1.3950%，环比持平；5y收益率1.5725%，环比持平；7y收益率1.6875%，环比上涨1.05bp；10y收益率1.8100%，环比上涨0.90bp [2] 3.6 Short - term Interest Rates - 银质押隔夜利率1.3228%，环比下跌4.16bp；Shibor隔夜利率1.3170%，环比下跌4.80bp；银质押7天利率1.4833%，环比下跌0.59bp；Shibor7天利率1.4880%，环比上涨0.30bp；银质押14天利率1.5600%，环比上涨3.10bp；Shibor14天利率1.5110%，环比上涨0.20bp [2] 3.7 LPR Interest Rates - 1y LPR利率3.00%，环比持平；5y LPR利率3.5%，环比持平 [2] 3.8 Open Market Operations - 发行规模1055亿，到期规模4020亿，净回笼2965亿，利率1.4%，期限7天 [2] 3.9 Industry News - 商务部等九单位启动2026“乐购新春”春节特别活动，时间为2月15至23日；1月北京、上海二手房成交量同比增幅均超20%，深圳二手房成交环比增长16%，同比增长7%，杭州二手房成交环同比明显增长，重点城市新房市场表现相对平淡；中共中央、国务院批复同意《现代化首都都市圈空间协同规划（2023－2035年）》 [2] 3.10 Key Points of Attention - 2/2 23:00关注美国1月ISM制造业指数；2/5 21:15关注欧洲央行利率决议 [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - On Tuesday, the freight index (European line) futures prices rebounded collectively. The macro and commodity sentiment improved, driving up the futures prices. However, after the trading sentiment stabilized, the increase brought by the news was reversed, and the futures prices declined due to the weakening support on the spot side [1]. - China's export competitiveness is continuously strengthening, and it is expected to maintain a relatively high growth rate in 2026. The current freight market is greatly affected by seasonal demand, and investors are advised to be cautious, pay attention to the operation rhythm, and control risks [1]. - The current spot price is supported by the slight price increase of multiple shipping companies and the rush - export effect of the photovoltaic tax - refund policy on contracts after April [1]. 3. Summary by Relevant Contents Futures Market - EC2604, the main contract, closed up 5.22%, and the far - month contracts closed up between 1 - 3%. The EC2604 - EC2606 spread was +32.70, and the EC2604 - EC2608 spread was - 360.00. The EC contract basis was - 53.30. The main contract's holding volume increased by 423 to 34,229 lots [1]. Spot Market - The latest SCFIS European line settlement freight rate index was 1,792.14, down 67.17 points from the previous week, a 3.6% month - on - month decline. The SCFI (composite index) decreased by 141.11 points week - on - week, and the CCFI (composite index) decreased by 33.16 points week - on - week. Maersk's cabin opening price for weeks 7 - 9 decreased by $100 compared to week 6, while other shipping companies such as COSCO and CMA also continued to lower their prices [1]. Industry News - Iran may start high - level nuclear negotiations with the United States in the next few days. It is expected that the US envoy and the Iranian foreign minister will meet in Istanbul on February 6 to discuss a "possible nuclear agreement" [1]. - The Fed's Bostic said that no interest rate cuts are expected in 2026, and it is too early to claim that the inflation target has been achieved. The policy rate needs to be maintained at a moderately restrictive level [1]. - Nine units including the Ministry of Commerce launched the "Happy Shopping Spring Festival" special event from February 15 to 23, aiming to create a comprehensive and enjoyable Spring Festival consumption feast [1]. - Starting from April 1, 2026, all listed photovoltaic products will no longer enjoy the VAT export tax - refund preferential policy, which may lead to a rush to ship and boost long - term contract cargo volume [1]. Geopolitical and Economic Outlook - Trump said that the US "expects" to reach an agreement with Iran and end the conflict with Russia in the first half of 2026, and the expectation of resuming navigation in the Red Sea has improved [1]. - The market is relatively optimistic about the economic recovery of the eurozone, and inflation is close to the target level, which supports the expectation that the European Central Bank will keep interest rates unchanged in the foreseeable future [1]. Key Data to Watch - Eurozone January CPI annual rate preliminary value at 18:00 on February 4. - Eurozone December PPI monthly rate at 18:00 on February 4. - US January ADP employment data (in ten thousands) at 21:15 on February 4 [1].

贵金属期货日报 2026/2/3 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责 任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1093.780 | 85.2↑ 沪银主力合约收盘价（日，元/千克） | 21446 | -3386.00↓ | | | 主力合约持仓量:沪金(日,手) | 179,295.00 | +894.00↑ 主力合约持仓量:沪银(日,手) | 11,084.00 | -782.00↓ | | | 主力合约成交量:沪金 | 726,056.00 | -167261 ...

| 项目类别 | 数据指标 最新 环比 | | 环比 数据指标 | 最新 | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9215 | 79 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2249 | -27 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 80 | 8 菜粕月间价差(5-9)(日,元/吨) | -38 | -17 | | | 主力合约持仓量:菜油(日,手) | 285363 | 1028 主力合约持仓量:菜粕(日,手) | 922401 | 9439 | | | 期货前20名持仓:净买单量:菜油(日,手) | -14551 | -2962 期货前20名持仓:净买单量:菜粕(日,手) | -229177 | -22631 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 645.4 | -2 期货收盘价(活跃合约):油菜籽(日,元/吨) | 6007 | 32 | | ...

红枣产业日报 2026-02-03 数据来源第三方(我的农产品网、海关总署、郑商所)，观点仅供参考，市场有风险，投资需谨慎！ 年前出货量约占内地采购总量的四至五成，后续增量空间有限。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) 100 主力合约持仓量:红枣(日,手) | 8920 | | 120464 | -1130 0 | | | 期货前 ...

股指期货全景日报 2026/2/3 | 项目类别 | 数据指标 IF主力合约（2603） | 最新 4653.0 | 环比 数据指标 +59.0↑ IF次主力合约（2602） | 最新 4657.6 | 环比 +53.0↑ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2603） IC主力合约（2603） | 3033.0 8282.0 | +27.4↑ IH次主力合约（2602） +305.0↑ IC次主力合约（2602） | 3032.8 8295.8 | +26.0↑ +280.0↑ | | | IM主力合约（2603） | 8183.0 | +228.2↑ IM次主力合约（2602） | 8213.0 | +223.0↑ | | | IF-IH当月合约价差 | 1624.8 | +46.2↑ IC-IF当月合约价差 | 3638.2 | +269.4↑ | | 期货盘面 | IM-IC当月合约价差 | -82.8 | -41.8↓ IC-IH当月合约价差 | 5263.0 | +315.6↑ | | | IM-IF当月合约价差 | 3555.4 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - In the short - term, market sentiment is weak, and the high - volatility trend in the precious metal market may continue. The platinum - palladium market may show a wide - range oscillation pattern affected by the gold price. In the medium - to - long - term, the industrial logic of platinum and palladium still dominates the trading rhythm. Due to the uncertainty of South African power supply and Russian exports, combined with the implementation of new vehicle emission policies, platinum is more resilient than palladium. The differentiation of the supply - demand pattern may continue to drive the trend of "strong platinum and weak palladium". The support levels for London platinum and palladium are $1800/oz and $1500/oz respectively. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum futures main contract is 572.95 yuan/gram, and the closing price of the palladium futures main contract is 450.55 yuan/gram, with a daily increase of 35.75 yuan/gram. The platinum main - contract position is 10387.00 lots, a decrease of 277.00 lots, and the palladium main - contract position is 3179.00 lots, an increase of 90.00 lots. [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 566.81 yuan/gram, and the average spot price of palladium in the Yangtze River region is 421.00 yuan/gram, with an increase of 30.00 yuan/gram. The platinum main - contract basis is 30.79 yuan/gram, and the palladium main - contract basis is - 29.55 yuan/gram, a decrease of 5.75 yuan/gram. The non - commercial long positions of platinum and palladium in CFTC are 9966.00 and 3003.00 contracts respectively, with decreases of 243.00 and 342.00 contracts respectively. [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 220.40 tons, a decrease of 0.80 tons, and the total annual supply of palladium is expected to be 293.00 tons, a decrease of 5.00 tons. The total annual demand for platinum in 2025 is expected to be 261.60 tons, an increase of 25.60 tons, and the total annual demand for palladium is expected to be 287.00 tons, a decrease of 27.00 tons. [2] 3.4 Macroeconomic Data - The US dollar index is 97.61, an increase of 0.49, the real yield of 10 - year US Treasury bonds is 1.94%, an increase of 0.04%, and the VIX volatility index is 16.34, a decrease of 1.10. [2] 3.5 Industry News - Iran may hold high - level nuclear negotiations with the US; the US will reduce the tariff rate on Indian goods from 25% to 18%; the US House Speaker is confident to end the partial government shutdown; the Fed's Bostic expects no interest rate cuts in 2026; the US January ISM manufacturing PMI index reached a new high since August 2022; the Bank of Japan is more aware of the need for timely interest rate hikes. The sentiment in the overseas precious metal market has recovered, and the main platinum and palladium contracts on the Guangzhou Futures Exchange have strongly rebounded. The EU's new vehicle emission policy may increase the demand for platinum by about 450,000 ounces, and the increase in the penetration rate of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand for platinum. [2] 3.6 Key Events to Watch - The US ADP employment change on February 4 at 21:15, the European Central Bank's interest - rate decision on February 5 at 21:15, and the release of the US January non - farm payroll report (time to be determined). [2]

合成橡胶产业日报 2026-02-03 整体产能利用率下行，短期轮胎企业产能利用率或将有所下滑。br2604合约短线预计在12850-13500区间 波动，短期大宗商品价格受宏观情绪影响较大，建议观望为主。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 13185 | 285 主力合约持仓量:合成橡胶(日,元/吨) | 37321 | -2381 | | | 合成橡胶3-4价差(日,元/吨) | -60 | -25 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 9510 | 0 | | | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 12750 | -200 主流价:顺丁橡胶(BR9000,大庆石化):山 | 12750 | -150 | | 现货市场 | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 12850 | 东(日,元/吨) -100 主流价:顺丁橡胶(BR9000,茂名石化):广 | ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖 原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,836.00 | +2.00↑ SF主力合约收盘价（日，元/吨） | 5,620.00 | -4.00↓ | | | SM期货合约持仓量（日，手） | 552,043.00 | +15659.00↑ SF期货合约持仓量（日，手） | 349,010.00 | +24751.00↑ | | | 锰硅前20名净持仓（日，手） | -44,276.00 | -2178.00↓ 硅铁前20 ...

玉米系产业日报 2026-02-03 | 项目类别 | 数据指标 最新 | 环比 | 数据指标 玉米淀粉期货收盘价(活跃合约):(日,元/ | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2267 | 6 | 2509 | -4 | | | 玉米月间价差(5-9):(日,元/吨) | -27 | 吨) -2 玉米淀粉月间价差(3-5):(日,元/吨) | -63 | -4 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) | 702041 | -58151 期货持仓量(活跃合约):玉米淀粉(日,手) | 146597 | -4689 | | | 期货前20名持仓:净买单量:玉米(日,手) | -134771 | -1934 期货前20名持仓:净买单量:玉米淀粉(日, | -24169 | -280 | | | 注册仓单量:黄玉米(日,手) | 54881 | 0 注册仓单量:玉米淀粉(日,手) 手) | 11161 | 0 | | | 主力合约CS-C价差(日,元/吨) | 304 | -3 ...