Report Summary - **Report Date**: February 3, 2026 [2] - **Report Type**: Shanghai Zinc Industry Daily Report - **Researcher**: Chen Sijia [3] - **Futures Practicing Certificate Number**: F03118799 - **Futures Investment Consulting Practicing Certificate Number**: Z0022803 Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - The report anticipates that Shanghai zinc will undergo wide - range adjustments, with attention focused on the 2.43 - 2.55 range [3]. - Upstream zinc ore imports are at a high level, but domestic zinc mines reduce production at the end of the year. The competition among domestic smelters to purchase domestic ores has intensified, and both domestic and foreign processing fees have significantly declined. Domestic smelter profits have shrunk, and production is expected to continue to be restricted [3]. - Recently, the LME zinc price has corrected, the Shanghai - LME ratio has rebounded, and there is a possibility that the export window will close again. - On the demand side, the downstream market is gradually entering the off - season. The real estate sector is a drag, and the infrastructure and home appliance sectors are also weakening, while the automotive and other sectors have some bright spots due to policy support. Downstream procurement has become less active, and domestic social inventories are stable with a slight increase, while LME zinc inventories are stable and the spot premium remains low [3]. - Technically, with a decrease in positions and price adjustments, both long and short positions are trading cautiously. Summary by Directory 1. Futures Market - The closing price of the Shanghai zinc main contract is 24,960 yuan/ton, with a change of 445 yuan/ton. The price difference between the 03 - 04 contracts of Shanghai zinc is - 50 yuan/ton, a decrease of 35 yuan/ton [3]. - The LME three - month zinc quotation is 3,318.5 US dollars/ton, a decrease of 51.5 US dollars/ton. The total open interest of Shanghai zinc is 203,753 lots, a decrease of 11,573 lots [3]. - The net position of the top 20 in Shanghai zinc is 9,412 lots, a decrease of 7,195 lots. The warehouse receipts of Shanghai zinc are 0 tons, with no change. The inventory of the Shanghai Futures Exchange is 65,154 tons, a decrease of 7,997 tons, and the LME inventory is 109,100 tons, a decrease of 900 tons [3]. 2. Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 25,050 yuan/ton, an increase of 80 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 25,050 yuan/ton, an increase of 990 yuan/ton [3]. - The basis of the ZN main contract is 90 yuan/ton, a decrease of 365 yuan/ton. The LME zinc premium (0 - 3) is - 5.35 US dollars/ton, an increase of 3.06 US dollars/ton [3]. - The ex - factory price of 50% zinc concentrate in Kunming is 21,770 yuan/ton, a decrease of 600 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 16,900 yuan/ton, with no change [3]. 3. Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, a decrease of 14,700 tons. The ILZSG zinc supply - demand balance is - 7,700 tons, a decrease of 4,900 tons [3]. - The global zinc mine production value from the ILZSG is 1.0627 million tons, a decrease of 11,900 tons. The domestic refined zinc production is 675,000 tons, an increase of 21,000 tons [3]. - The zinc ore import volume is 462,600 tons, a decrease of 53,900 tons. 4. Industry Situation - The refined zinc import volume is 8,760.85 tons, a decrease of 9,469.07 tons. The refined zinc export volume is 27,266.66 tons, a decrease of 15,548.89 tons [3]. - The zinc social inventory is 1.113 million tons, an increase of 41,000 tons. 5. Downstream Situation - The monthly production of galvanized sheets is 2.36 million tons, an increase of 20,000 tons. The sales volume of galvanized sheets is 2.36 million tons, a decrease of 60,000 tons [3]. - The monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters. The monthly housing completion area is 603.4813 million square meters, an increase of 208.942 million square meters [3]. - The monthly automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles. The monthly air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3]. 6. Option Market - The implied volatility of the at - the - money call option for zinc is 41.66%, a decrease of 1.7%. The implied volatility of the at - the - money put option for zinc is 41.65%, a decrease of 1.7% [3]. - The 20 - day historical volatility of the at - the - money zinc option is 39.69%, an increase of 5.89%. The 60 - day historical volatility of the at - the - money zinc option is 18.58%, an increase of 3.75% [3]. 7. Industry News - In January, China's RatingDog Manufacturing PMI reached a three - month high. Positive signals include growth in new orders (including export orders) and a three - month first rebound in employment. However, business confidence dropped to a nine - month low, input costs had the strongest increase in four months, and product sales prices rose for the first time in 14 months [3]. - In January, the US ISM Manufacturing PMI index soared from 47.9 in the previous month to 52.6, far exceeding the expected 48.5. It was mainly boosted by robust growth in new orders and output. The employment index reached a one - year high but remained in the contraction range, and the price - paid index reached a four - month high [3]. - Trump nominated Kevin Warsh as the Chairman of the Federal Reserve. His core proposition is to push the Federal Reserve to significantly shrink its huge $6.6 trillion balance sheet and seek a new agreement with the Treasury to clarify the central bank's independent boundaries and prevent fiscal monetization [3].

| 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:沪锡(日,元/吨) | 383340 | -9310 3月-4月合约收盘价:沪锡(日,元/吨) | -660 | -1020 | | | LME3个月锡(日,美元/吨) | 45605 | -4995 主力合约持仓量:沪锡(日,手) | 35433 | -2889 | | | 期货前20名净持仓:沪锡(日,手) | -6096 | -367 LME锡:总库存(日,吨) | 7105 | 10 | | | 上期所库存:锡(周,吨) | 10468 | 748 LME锡:注销仓单(日,吨) | 275 | 10 | | | 上期所仓单:锡(日,吨) | 7788 | -309 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 381900 | -10850 长江有色市场1#锡现货价(日,元/吨) | 377200 | -15280 | | | 沪锡主力合约基差(日,元/吨) | 19650 | 271 ...

免责声明 碳酸锂产业日报 2026/2/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 148,100.00 | +15660.00↑ 前20名净持仓（日，手） | -141,369.00 | +9954.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 355,770.00 | +8072.00↑ 近远月合约价差（日，元/吨） | 900.00 | -3520.00↓ | | | 广期所仓单（日，手/吨） | 33,084.00 | +843.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 153,500.00 | -2000.00↓ 工业级碳酸锂平均价（日，万元/吨） | 150,000.00 | -2000.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 5,400.00 | -17660.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 2,020.0 ...

生猪产业日报 2026-02-03 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 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11160 | -60 主力合约持仓量:生猪(日,手) | 92241 | -3709 | | | 仓单数量:生猪(日,手) | 100 | 100 期货前20名持仓:净买单量:生猪(日,手) | -49770 | -5105 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12800 | 200 生猪价 吉林 四平(日,元/吨) | 1250 ...

| 项目类别 | 数据指标 最新 环比 沪铝主力合约收盘价(日,元/吨) | 最新 23,810.00 | 环比 数据指标 +775.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,809.00 | +37.00↑ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -165.00 | -435.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -187.00 | -19.00↓ | | | 主力合约持仓量:沪铝(日,手) | 226,641.00 | -11366.00↓ 主力合约持仓量:氧化铝(日,手) | 376,954.00 | +1171.00↑ | | | LME铝注销仓单(日,吨) | 56,525.00 | 0.00 库存:氧化铝:合计(周,万吨) | 265,223.00 | +42736.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 3,056.50 -57,018.00 | -79.00↓ LME铝库存（日，吨） +22089.00↑ 沪伦 ...

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。 沪铜产业日报 2026/2/3 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) 104,500.00 | | +5920.00↑ LME3个月铜(日,美元/吨) | 13,412.00 | +520.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) -280.00 | | -580.00↓ 主力合约持仓量:沪铜(日,手) | 191,887.00 | -2923.00↓ | | | 期货前20名持仓:沪铜(日,手) -70,0 ...

| 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | EC主力收盘价 -37.4↓ EC次主力收盘价 | 1184.600 | | 1513.1 | | -40.70↓ | | 期货盘面 | EC2604-EC2606价差 -12.70↓ EC2604-EC2608价差 | -328.50 | | | -423.30 | -43.30↓ | | | EC合约基差 | 607.54 | -24.77↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | | 33806 | -2075↓ | | | | | | SCFIS（欧线）（周） -67.17↓ SCFIS（美西线）（周） SCFI（综合指数）（周） -141.11↓ 集装箱船运力（万标准箱） | 1792.14 1316.75 | | | 1,101.40 1,227.97 | -192.92↓ 0.00↑ | | 现货价格 | CCFI（综合指数）（周） -33.16↓ CCFI（欧线）（周） | 1175.59 | ...

免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,834.00 | -38.00↓ SF主力合约收盘价（日，元/吨） | 5,624.00 | -36.00↓ | | | SM期货合约持仓量（日，手） | 536,384.00 | +22486.00↑ SF期货合约持仓量（日，手） | 324,259.00 | +37136.00↑ | | 期货市场 | 锰硅前20名净持仓（日，手） | -42,098.00 | +1204.00↑ 硅铁前20名净持仓（日，手） | -19,863.00 | +4897.00↑ | | | SM5-3月合约价差（日，元/吨） | 34.00 | +4.00↑ SF4-3月合约价差（日，元/吨） | -8.00 | +2.00↑ | | | SM 仓单（日，张） | 37,692.00 | -221.00↓ SF 仓单（日，张） | 8,198.00 | -362.00↓ | | | 内蒙古锰硅 FeMn68Si ...

国债期货日报 2026/2/2 行业消息 | | 周一国债现券收益率涨跌不一，7Y以下到期收益率变动幅度在1bp以内，10Y、30Y到期收益 | | --- | --- | | | 率分别变动0.1、-1.1bp左右至1.81%、2.25%。周一国债期货涨跌不一，TS、TF、T主力合约 | | | 分别下跌0.01%、0.02%、0.03%，TL主力合约上涨0.18%。DR007加权利率回落至1.49%附 | | | 近震荡。国内基本面端，我国1月制造业、服务业景气水平双双回落，制造业PMI重回收缩区 | | | 间，但产业结构持续改善，新兴产业PMI均位于荣枯线上。12月全国规上工企业利润同比 | | | 5.3%，全年利润实现正增长，扭转连续三年下行趋势。海外方面，美国总统特朗普正式提名前 | | 观点总结 | 美联储理事凯文·沃什为下任美联储主席，沃什政策主张更侧重通过缩表控制通胀，市场对美联 | | | 储降息预期降温，避险情绪下行。美国联邦政府陷入部分"停摆"状态，新拨款法案仍待表决 | | | 通过。综合来看，美联储主席换任虽引发市场巨震，但对国内债市的直接影响较为有限。权益 | | | 市场波动 ...

Report Summary of Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - After continuous rallies in mid - early January, the market's enthusiasm for chasing growth stocks cooled down. With the approaching Spring Festival, profit - taking occurred in the growth sector, and the market shifted towards value stocks. The decline of January's PMI also negatively affected market sentiment. Additionally, the short - term strengthening of the US dollar against the Chinese yuan suppressed the stock index trend. Only about one - third of companies that released 2025 performance pre - announcements had positive news, and most of these companies were in high - tech industries such as artificial intelligence [2] 3. Summary by Relevant Catalogs 3.1 Futures Data - **Futures Contracts**: All main and secondary contracts of IF, IH, IC, and IM decreased. For example, the IF main contract (2603) dropped to 4577.4, down 142.2; the IH main contract (2603) dropped to 3004.2, down 71.6; the IC main contract (2603) dropped to 7903.2, down 475.2; the IM main contract (2603) dropped to 7871.8, down 387.6 [2] - **Futures Spreads**: Most spreads decreased, such as the IF - IH monthly contract spread dropping to 1578.6, down 63.2; the IC - IF monthly contract spread dropping to 3368.8, down 298.4. Only the IM - IC monthly contract spread increased to - 41.0, up 53.8 [2] - **Quarter - to - Month Spreads**: All spreads between quarterly and monthly contracts decreased, like the IF quarterly - to - monthly spread dropping to - 42.2, down 32.0 [2] - **Net Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For instance, the IF top 20 net position dropped to - 44,042.00, down 4366.0 [2] 3.2 Spot Price - **Index Prices**: The Shanghai and Shenzhen 300 index dropped to 4605.98, down 100.4; the Shanghai 50 index dropped to 3,003.1, down 63.4; the CSI 500 index dropped to 8,037.1, down 333.5; the CSI 1000 index dropped to 7,975.4, down 279.4 [2] - **Basis**: The basis of all main contracts decreased, with the IF main contract basis dropping to - 28.6, down 33.2 [2] 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased to 26,066.38 billion yuan, down 2557.87 billion yuan; the margin trading balance decreased to 27,152.87 billion yuan, down 240.76 billion yuan; the northbound trading volume decreased to 3908.34 billion yuan, down 63.90 billion yuan [2] - **Other Indicators**: The proportion of rising stocks decreased to 14.07%, down 30.71 percentage points; Shibor increased to 1.365%, up 0.037 percentage points; IO at - the - money call option closing price decreased to 87.00, down 62.40; IO at - the - money call option implied volatility increased to 24.15%, up 4.03 percentage points; IO at - the - money put option closing price increased to 93.00, up 59.20; IO at - the - money put option implied volatility increased to 24.15%, up 4.46 percentage points; the 20 - day volatility of the Shanghai and Shenzhen 300 index increased to 11.76%, up 0.54 percentage points; the trading volume PCR increased to 76.31%, up 12.00 percentage points; the open interest PCR decreased to 61.14%, down 1.69 percentage points [2] 3.4 Wind Market Strength and Weakness Analysis - All A - shares decreased to 2.40, down 1.90; the technical aspect decreased to 1.40, down 3.00; the capital aspect decreased to 3.40, down 0.60 [2] 3.5 Industry News - **Domestic**: A - share main indexes closed down, with the Shanghai Composite Index down 2.48%, the Shenzhen Component Index down 2.69%, and the ChiNext Index down 2.46%. The trading volume of the Shanghai and Shenzhen stock markets declined significantly, and over 4600 stocks fell. Most industry sectors declined, with only the banking and food and beverage sectors rising. The January official manufacturing PMI was 49.3%, down 0.8 percentage points; the non - manufacturing PMI was 49.4%, down 0.8 percentage points; the composite PMI output index was 49.8%, down 0.9 percentage points [2] - **Overseas**: US President Trump nominated former Fed governor Kevin Warsh as the next Fed chair. Warsh is known for his hawkish stance on inflation, which led to an expectation of a hawkish monetary policy and a stronger US dollar index [2] 3.6 Key Points to Watch - 2/2 23:00 US January manufacturing PMI; 2/3 23:00 US December JOLTs job openings; 2/4 21:15 US January ADP employment; 2/5 20:00 Bank of England interest rate decision, 21:15 ECB interest rate decision; 2/6 21:30 US January non - farm payrolls, unemployment rate, labor participation rate [3]