Report Industry Investment Rating - Not provided Core Viewpoints - The main contract of live hog futures, LH2605, closed at 11,600 yuan/ton, down 0.81% from the previous day. The average ex-farm price of ternary live hogs in China was 12.41 yuan/kg, slightly down 0.05 yuan/kg. The market showed a differentiated pattern with prices falling in the north and rising in the south. The prices in the north were under pressure due to the weight reduction and increased supply of leading enterprises, while the overall market in the south weakened due to the price decline in the north despite the support of reduced supply at the beginning of the month. Currently, it is difficult to sell standard hogs, while the transactions of large hogs are relatively smooth, but the incremental demand from terminal slaughterhouses is limited, providing insufficient support to the market. Overall, it is expected that the hog price will continue to adjust weakly tomorrow. Attention should be paid to the slaughter rhythm of small farmers and the actual supply reduction of group enterprises [3]. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: The previous day's closing prices of live hog futures contracts in January, March, May, July, September, and November were 13,255, 11,160, 11,600, 12,170, 13,055, and 12,960 respectively. Compared with the prices two days ago, they decreased by 95, 60, 35, 60, 115, and 130 respectively, with decline rates of -0.71%, -0.53%, -0.30%, -0.49%, -0.87%, and -0.99% [2]. - **Trading Volume and Open Interest**: The trading volumes were 255, 38,906, 42,182, 6,909, 9,631, and 4,253 respectively, and the open interests were 1,531, 92,241, 137,621, 50,135, 36,512, and 20,997 respectively. The changes in open interest were +100, -3,709, +7,133, +1,573, +1,747, and +1,173 respectively [2]. - **Spreads**: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2,095, -440, -570, -885, 95, and -295 respectively, compared with the previous values of 2,130, -415, -595, -940, 80, and -260 [2]. Spot Market - **Prices and Changes**: The current spot prices of live hogs in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.54, 11.86, 12.36, 12.41, 12.48, and 12.59 yuan/ton respectively. Compared with the previous values, they changed by -0.35, -23.8, 0.06, 0.01, 0.05, and -0.26 respectively [2]. Warehouse Receipts - The number of warehouse receipts the day before was 100, an increase of 100 compared with two days ago [2].

2026年02月04日 申万期货品种策略日报-铂、钯 | | | 申银万国期货研究所 | | | 陈梦赟（从业资格号：F03147376；交易咨询号：Z0022753） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | sunxm@sywgqh.com.cn | | 021-50585921 | | | | | | pt2606 | pt2608 | pt2610 | pd2606 | pd2608 | pd2610 | | | 现价 | 572.95 | 563.10 | 557.85 | 450.55 | 444.50 | 432.25 | | 期 | 前收盘价 | 552.15 | 545.35 | 548.20 | 413.70 | 410.60 | 407.05 | | 货 | 涨跌 | 19.60 | 16.05 | 9.45 | 35.75 | 31.85 | 24.15 | | 市 场 | 涨跌幅 | 3.54% | 2.93% | 1.72% | 8.62% | 7.72% | 5.92% | | | 持仓量 | ...

| | | | | 20260204申万期货品种策略日报-软商品 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 申银万国期货研究所 | | huangying@sywgqh.com.cn | 黄莹(执业编号：F03148260；投资咨询编号：Z0022869） | | | | | | 白糖2609 | 白糖2605 | 白糖2603 | 11号糖2603 | 11号糖2607 | 11号糖2605 | | | 前日收盘价 | 5177 | 5167 | 5182 | 14.63 | 14.15 | 14.47 | | | 前2日收盘 价 | 5222 | 5207 | 5225 | 14.26 | 13.79 | 14.13 | | 期 | 涨跌 | -45 | -40 | -43 | 0.37 | 0.36 | 0.34 | | 货 | 涨跌幅% | -0.86 | -0.77 | -0.82 | 2.59 | 2.61 | 2.41 | | 市 | 持仓量 | 116173 | 451499 | 18334 | 387899 ...

1.一位美国官员表示，伊朗革命卫队原计划于上周日和本周一在霍尔木兹海峡进行实弹军事演习， 但在收到美国的警告后取消了演习。 2.一位白宫官员表示，美联储理事米兰已辞去白宫经济顾问委员会主席一职。自去年 9 月加入美联 储以来，米兰在该职位上一直处于休假状态。在继任者获得确认前，他将继续担任美联储理事。米 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284 号） 研究局限性和风险提示 2026 年 2 月 4 日申万期货品种策略日报-黄金白银 | | 申银万国期货研究所 | | | 陈梦赟（从业资格号：F03147376；交易咨询号：Z0022753） | | | | --- | --- | --- | --- | --- | --- | --- | | | | | chenmy@sywgqh.com.cn | 021-50585911 | | | | | | 沪金 2606 | 沪金 2604 | 沪银 2606 | 沪银 2604 | | | | 昨日收盘价 | 1096.84 | 1093.780 | 20821 | 21446 | | | 期 | 前日收盘价 | 1 ...

| 申银万国期货研究所 沈击奉 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | shenvb@sywggh. con. cn 021-50582113 | | | | | | | | | IL | | | | | | 18 | | | 1月 | | | 5月 | 9月 | 1月 | 5月 | 9月 | | 前1日收盘价 | 1410.0 | | 1167.5 | 1245.5 | 1874. 0 | 1715.0 | 1784.0 | | 前2日收盘价 | 1397.5 | | 1141.5 | 1226.0 | 1840.0 | 1680. 5 | 1746.5 | | 楽時 | 12.5 | Ele | 26.0 | 19.5 | 34. 0 | 34.5 | 37.5 | | 煮跌幅 | 0. 89% | स्त | 2. 28% | 1.59% | 1.85% | 2. 05% | 2.15% | | | | 10 | | | | | | | 成交童 | ...

免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司 无关。 本报告所涵括的信息仅供交流研讨，投资者应合理合法使用本报告所提供的信息、建议，不得用于未经允许的其他任何用途。 如因投资者将本报 ...

2026 年 2 月 3 日申万期货品种策略日报-黄金白银 | | 申银万国期货研究所 | | | 陈梦赟（从业资格号：F03147376；交易咨询号：Z0022753） | | | | --- | --- | --- | --- | --- | --- | --- | | | | | chenmy@sywgqh.com.cn | 021-50585911 | | | | | | 沪金 2606 | 沪金 2604 | 沪银 2606 | 沪银 2604 | | | | 昨日收盘价 | 1008.58 | 1008.600 | 24425 | 24832 | | | 期 | 前日收盘价 | 1163.36 | 1161.420 | 27254 | 27941 | | | 货 | 涨跌（收盘价） | -154.78 | -152.820 | -2829 | -3109 | | | 市 | 涨跌幅（收盘价） | -13.30% | -13.16% | -10.38% | -11.13% | | | 场 | 持仓量 | 78938 | 178401 | 156344 | 252527 | | | | 成交量 | 2 ...

报告日期：2026 年 2 月 3 日 申银万国期货研究所 首席点评：贵金属继续调整 2026 年春节将迎来 9 天假期，为繁荣节日市场、丰富群众文化生活、激发假期 消费活力，日前，商务部等 9 单位发布关于印发《2026"乐购新春"春节特别活 动方案》的通知。《方案》紧扣年俗文化、家庭团圆、购物出行等核心需求，扩 大优质商品和服务供给，丰富多元化消费场景，激发实体商业活力。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）》，要求建 成以首都为核心的世界一流都市圈、先行示范中国式现代化的首善之区，支撑京 津冀世界一流城市群建设。国内商品期货夜盘收盘，原油主力合约下跌 4.8%报 450 元/桶；贵金属方面，沪金主力合约下跌 3.86%报 1045 元/克，沪银主力合约 下跌 20%报 20600 元/千克。 重点品种：贵金属、原油、股指 贵金属：白银：夜盘沪银期货再度跌停。此次贵金属巨震主要受两方面因素影响： 一是因为 1 月 30 日特朗普宣布提名凯文·沃什为下一任联储主席，沃什的传统 鹰派立场，带动美元指数明显回升，市场对美联储独立性担忧有所缓解。二是此 前贵金属短期内快 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - SC night session dropped 4.8%. With the easing of tensions between the US and Iran, European and American crude oil futures fell from multi - month highs. The strengthening of the US dollar exchange rate and warmer climate also dampened the oil market sentiment. The situation in Venezuela has also eased. As of the week ending January 16, the average daily US crude oil production was 13.732 million barrels, a decrease of 21,000 barrels from the previous week and an increase of 255,000 barrels from the same period last year [3] - Methanol night session dropped 1.18%. The average operating load of domestic coal (methanol) to olefin plants was 80.06%, a decrease of 0.13 percentage points month - on - month. As of January 29, the methanol inventory in coastal areas was 1.43 million tons, a decrease of 4,700 tons from January 22, a decline of 0.33%, and a year - on - year increase of 42.43%. The estimated import volume of methanol from January 30 to February 15 is 593,000 - 600,000 tons. As of January 29, the overall operating load of domestic methanol plants was 77.56%, a month - on - month increase of 0.15 percentage points and a year - on - year increase of 0.75 percentage points [3] Group 3: Summary by Related Catalogs Futures Market - **Price and Volume Information**: For SC crude oil, the previous day's closing prices of near - month and next - month contracts were 449.0 and 450.2 respectively, with price drops of - 16.6 and - 20.6 and declines of - 3.57% and - 4.38%. For WTI, the previous day's closing prices of near - month and next - month contracts were 65.51 and 65.03, with price increases of 2.01 and 1.89 and increases of 3.17% and 2.99%. For Brent, the previous day's closing prices of near - month and next - month contracts were 68.74 and 67.69, with price increases of 1.04 and 0.93 and increases of 1.54% and 1.39%. The trading volumes of SC near - month, SC next - month, WTI near - month, WTI next - month, Brent near - month, and Brent next - month were 197,282, 89,777, 329,531, 164,734, 167,809, and 497,112 respectively. The positions were 36,200, 29,903, 368,969, 187,862, 242,672, and 673,322 respectively, with position changes of 36,058, - 14,214, 4,711, 4,219, - 63,201, and - 16,797 respectively [2] - **Spread Information**: The current spreads of SC near - month - SC next - month, SC next - month - SC next - next - month, SC near - month - WTI near - month, SC near - month - Brent near - month, WTI near - month - Brent near - month, and WTI near - month - Brent next - month were - 1.2, 450.2, - 5.7, - 28.1, 3.34, and 1.05 respectively, compared with the previous values of - 5.2, 180.8, 24.9, - 4.3, 2.50, and 0.94 [2] Spot Market - **International Market**: The current prices of OPEC basket crude oil, Brent DTD, Russian ESPD, Oman, Dubai, and Cinta were 67.03, 73.03, 65.21, 67.04, 66.62, and 62.30 respectively, compared with the previous values of 67.00, 72.57, 65.42, 66.67, 66.61, and 62.41 [2] - **Domestic Market**: The current prices of Daqing, Shengli, Chinese gasoline wholesale price index, Chinese diesel wholesale price index, FOB naphtha (Singapore), and ex - factory price of aviation kerosene were 66.10, 65.00, 7,423, 6,133, 63.85, and 5,334 respectively, compared with the previous values of 66.00, 64.70, 7,374, 6,095, 63.79, and 5,574 [2]

2026年02月03日 申万期货品种策略日报-铂、钯 | | | 申银万国期货研究所 | | | 陈梦赟（从业资格号：F03147376；交易咨询号：Z0022753） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | sunxm@sywgqh.com.cn | | 021-50585921 | | | | | | pt2606 | pt2608 | pt2610 | pd2606 | pd2608 | pd2610 | | | 现价 | 552.15 | 545.35 | 548.20 | 413.70 | 410.60 | 407.05 | | 期 | 前收盘价 | 630.55 | 625.00 | 625.50 | 464.05 | 455.00 | 459.00 | | 货 | 涨跌 | -105.15 | -103.85 | -104.40 | -78.80 | -78.20 | -77.50 | | 市 场 | 涨跌幅 | -16.00% | -16.00% | -16.00% | -16.00% | -16.00% ...