4、中国人民银行召开2026年支付结算工作会议。会议要求，2026年支付结算工作要紧密围绕" 十五五"规划和金融强国建设目标，推动现代化支付体系高质量发展。加快建设人民币跨境支付 体系，推进跨境支付互联互通，推动跨境支付体系多元化、多层次发展。严格实施支付机构穿透 式监管和支付业务功能监管，充分发挥行政、自律互补作用，塑造合规致远的行业健康生态。常 态长效做好优化支付服务工作，扎实推进支付普惠，提供便捷安全的支付服务。提升支付系统服 务质效，以创新推动行业提质升级。 评 论 及 策 略 铂钯维持看多基调，长期核心逻辑未改，但短期受技术性回调、美联储人事变动等扰动，震 荡加剧。截至2026年2月2日，NYMEX铂、钯价自1月末以来分别回调21.5%、16.9%，核心扰动为特 朗普提名前美联储理事凯文·沃什为下任美联储主席。沃什政策立场偏鸽但不及预期，其提名宣 布后美元短线走强拖累铂钯，且提名需参议院确认，进程及后续政策独立性仍存不确定性，短期 货币政策预期博弈持续。宏观上，鲍威尔司法调查仍动摇美元信用，全球央行购金潮延续，中国 央行连续14个月增持、波兰央行购金计划落地，去美元化下铂钯储备价值凸显；格陵兰岛地缘 ...

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.484 | 102.514 | 106.025 | 106.085 | 108.490 | 108.500 | 112.73 | 112.84 | | | 前日收盘价 | 102.450 | 102.474 | 105.945 | 106.015 | 108.420 | 108.435 | 112.57 | 112.71 | | | 涨跌 | 0.034 | 0.040 | 0.080 | 0.070 | 0.070 | 0.065 | 0.160 | 0.130 | | | 涨跌幅 | 0.03% | 0. ...

申银万国期货研究所 倪梦雪 （从业编号F0264569 投资咨询号Z0002226） 申万期货品种策略日报-天胶 | | nimx@sywgqh.com.cn 021-50586042 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 期货 价差 | | | | | | | | | | BR主力 | RU主力 | NR主力 | | | RU-NR | RU-BR | NR-BR | | 期 | 前日收盘价 | 16245 | 13150 | 12825 | 现值 | 3095 | 3420 | 325 | | 货 | 前2日收盘价 | 16080 | 13050 | 12845 | 前值 | 3030 | 3235 | 205 | | 市 | 涨跌 | 165 | 100 | -20 | 涨跌 | 65 | 185 | 120 | | 场 | 涨跌幅 | 1.03% | 0.77% | -0.16% | | | 基差 | | | | 成交量 | 197424 | 46432 | 67296 | | RU基差 ...

| | | | | 20260205申万期货品种策略日报-双焦(JI&J) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 申银万国期货研究所 沈击奉 (从业编号F03148029 交易咨询号Z0022842) | | | | | | shenyb@sywggh.com.cn 021-50582113 | | | | | | | | | | | 111 | | | 11 | | | | 9 层 | 1月 | 5月 | | 1月 | 5月 | 9 H | | | 前1日收盘价 | 1445.0 | 1209. 0 | 1281.5 | 1913.0 | 1770.0 | 1831.5 | | | 前2日收盘价 | 1410.0 | 1167.5 | 1245.5 | 1874.0 | 1715.0 | 1784. 0 | | EH | 煮跌 | 35.0 | 41.5 | 36.0 | 39.0 | 55.0 | 47.5 | | स्त | 煮跌幅 | 2. 48% | 3.55% | 2. 89% | 2. 08% | ...

首席点评：央行继续增持黄金 2 月 7 日，中国人民银行更新的官方储备资产数据显示，截至 2026 年 1 月末， 中国黄金储备为 7419 万盎司(约 2307.57 吨)，较 2025 年 12 月末的 7415 万盎 司(约 2306.32 吨)增加 4 万盎司(1.24 吨)，为连续第 15 个月增持黄金。央行 15 个月共增持黄金 139 万盎司(约 43.23 吨)。其中，2025 年全年，中国黄金储备 增加了 86 万盎司(约 26.75 吨)。美国上周初请失业金人数录得 23.1 万人，预估 21.2 万人，前值 20.9 万人。美国 1 月 24 日当周持续申领失业救济人数为 184.4 万人，预估 185 万人，失业数据上升显示经济放缓风险增加，可能减少能源需求， 对液化石油气现货价格构成利空。2 月 6 日周五举行的伊美谈判因双方在关于谈 判内容是否只聚焦核问题方面存在分歧，伊朗问题反复，油价受消息面影响波动。 美国政府正准备发布一项通用许可证，允许企业在委内瑞拉开采石油，委内瑞拉 原油产量存增长预期。 重点品种：贵金属、原油、铜 贵金属：贵金属有所反弹。此前贵金属巨震，主要受美联储主席 ...

| 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 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 11.0 | 13 | 1月 | 5月 | 1月 | 5月 | 9月 | 9 H | | | | | | | | | | 前1日收盘价 | 1217.5 | 1390.5 | 1138.5 | 1860.0 | 1698.5 | 1769.0 | 前2日收盘价 | 1172.0 | 1888. 0 | 1738.0 | 1804. 0 | 1414.0 | 1248.0 | | | | 涨跌 | -23.5 | -33.5 | EF | -30. 5 | -28.0 | -39.5 | -35.0 | 煮跌幅 | સ્ત | -2. 86% | -2. 27% | -1. 48% | -1 ...

2026/2/9 最新观点 集运欧线数据日报 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 集运欧线：上周五EC上涨2.85%。盘后公布的SCFI欧线为1403美元/TEU，环比下跌15美元/TEU，基本对应于 02.09-02.15期间的欧线订舱价，反映2月第二周运价的继续下行。整体来看，2月现货运价延续下行为主，春 节当周大柜均价在2050美元左右，测算下来当前市场高点和现货基本持平，贴水幅度收窄，2月现货层面可博 弈的驱动相对有限。目前统计到春节停航主要集中在第9周和第10周，3月第一周运价或较为关键，一方面是 MSC率先提涨后，其他船司的跟涨情况或很大程度上传递船司节后的挺价意愿及3月运价会否跌穿大柜2000美 元，另一方面则是光伏等产品的抢出口会否带来节后货量没那么平淡及对船司挺价信心的支撑，重点关注后续 船司涨价函的公布情况。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 ...

20260209申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收涨1.39%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和 | | | 下游需求等变化。 | | | 锌：夜盘锌价收涨0.59%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电排 | | 锌 | 产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和下游 | | | 需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 （元/吨） | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 （吨） | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | | (美元/吨） | （美元/吨） | | ...

Group 1 - The report is about the futures of polyolefins (LL&PP), including their performance in the futures and spot markets, raw material information, and market comments and strategies [1][2] Group 2 - Futures market: For LL, the previous day's closing prices for January, May, and September contracts were 6866, 6812, and 6864 respectively, with price increases of 16, 35, and 36 and percentage increases of 0.23%, 0.52%, and 0.53%. For PP, the previous day's closing prices for January, May, and September contracts were 6686, 6691, and 6723 respectively, with price increases of 25, 15, and 13 and percentage increases of 0.38%, 0.22%, and 0.19%. The trading volumes and open - interest changes are also provided [2] Group 3 - Spot market: Raw materials include methanol futures, Shandong propylene, South China propane, etc., and their current and previous values are given. For the mid - stream, the price ranges in different markets (East China, North China, South China) of LL and PP are provided, and the comparison between current and previous values shows some price changes [2] Group 4 - Market news: On Friday (February 6th), the settlement price of WTI crude oil futures for March 2026 on the New York Mercantile Exchange was $63.55 per barrel, up $0.26 or 0.41% from the previous trading day. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.05 per barrel, up $0.50 or 0.74% from the previous trading day [2] Group 5 - Market comments and strategies: Polyolefin futures closed up at a low level. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of the macro - economy on commodities is increasing. Currently, the driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This weekend, the national pig price showed a weak and volatile trend. The north continued to be weak due to supply pressure, while the south showed a mixed trend of stability and decline supported by regional price differences. As the Minor New Year approaches, terminal stocking has limited support for prices, and the market pattern of strong supply and weak demand remains unchanged. In the short term, the resistance sentiment of the breeding side and the price - pressing mentality of slaughtering enterprises will continue to compete. The pig price in the north may adjust slightly, and the decline in the south may narrow due to active external sales, but overall, there is a lack of rebound momentum. It is expected that the pig price will remain weak before the Spring Festival [2] 3. Summary According to Relevant Catalogs Futures Market - **Price Changes**: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,200, 10,860, 11,625, 12,195, 13,100, and 13,025 respectively. Compared with two days ago, the prices decreased by 125, 135, 60, 50, 35, and 5, with corresponding declines of - 0.94%, - 1.23%, - 0.51%, - 0.41%, - 0.27%, and - 0.04% [2] - **Trading Volume**: The trading volumes of January, March, May, July, September, and November contracts were 507, 28,725, 48,568, 4,422, 3,814, and 2,121 respectively [2] - **Open Interest**: The open interests were 2,063, 65,988, 143,321, 50,102, 36,694, and 23,477 respectively. The changes in open interest were 267, - 8,876, - 1,148, - 154, - 481, and 412 [2] - **Spreads**: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2,340, - 765, - 570, - 905, 75, and - 175 respectively, compared with previous values of 2,330, - 690, - 560, - 890, 105, and - 295 [2] Spot Market - **Price Changes**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.28, 11.54, 11.84, 11.74, 11.8, and 12.38 yuan/ton respectively. Compared with the previous value, the changes were - 0.08, - 23.08, - 0.04, - 0.16, - 0.04, and 0.24 [2] Warehouse Receipts - The quantity of warehouse receipts was 647 both the previous day and two days ago, with no change [2]