Report Industry Investment Rating No relevant content provided. Report's Core View - For sugar, after the northern hemisphere finishes the harvest in February and the negative impact of increased production is fully realized, international sugar prices may rebound. Currently, the downward space for domestic sugar prices is limited, so it is advisable to wait and see [4]. - For cotton, in the short - term, Zhengzhou cotton futures fluctuate widely at high levels. In the medium - to - long - term, due to the reduction of planting area and positive macro expectations, cotton prices are expected to rise. It is recommended to pay attention to the opportunity of buying at low prices before the Spring Festival [8]. - For protein meal, the expectation of China's increased purchase of US soybeans drives the rise of US soybean prices. In the short - term, domestic protein meal prices are expected to continue to fluctuate [12]. - For oils, in the medium - term, oil prices are bullish as the growth of oil consumption exceeds the production growth under the promotion of biodiesel policies. In the short - term, oil prices fluctuate at high levels, and it is advisable to wait for a correction to buy [16]. - For eggs, during the inventory accumulation period around the Spring Festival, the spot price is likely to fall. The near - month contract may need to squeeze out the premium, and a short - selling strategy is recommended. The long - term logic of capacity reduction has uncertainties, and attention should be paid to the pressure after the price rises [19]. - For pigs, the short - term outlook is pessimistic due to large supply and inventory accumulation. A short - selling strategy on rebounds is recommended. In the long - term, pay attention to the downside support after the price decline [22]. Summary by Commodity Sugar Market Information - On Tuesday, the Zhengzhou sugar futures price showed a strong - side oscillation. The closing price of the May contract was 5,278 yuan/ton, up 17 yuan/ton or 0.32% from the previous trading day. The spot price of Guangxi sugar - making groups was 5,300 - 5,400 yuan/ton, up 20 yuan/ton [2]. - From the 2025/26 sugar - crushing season to the first half of January, the cumulative sugar production in the central - south region of Brazil was 40.23 million tons, an increase of 345,000 tons year - on - year. As of the week of February 4, the number of ships waiting to load sugar at Brazilian ports was 49, and the quantity of sugar waiting to be loaded was 1.5644 million tons [3]. - StoneX expects a surplus of 2.9 million tons in the global sugar market in the 2025/26 sugar - crushing season. As of January 31, 2026, India's sugar production reached 19.305 million tons, a year - on - year increase of 16.8% [3]. - In December 2025, China imported 580,000 tons of sugar, a year - on - year increase of 190,000 tons. In 2025, the cumulative import of sugar was 4.92 million tons, a year - on - year increase of 570,000 tons [3]. Strategy - Wait for the northern hemisphere to finish the harvest in February. After the negative impact of increased production is fully realized, international sugar prices may rebound. Currently, the downward space for domestic sugar prices is limited, so it is advisable to wait and see [4]. Cotton Market Information - On Tuesday, the Zhengzhou cotton futures price oscillated. The closing price of the May contract was 14,655 yuan/ton, up 75 yuan/ton or 0.51% from the previous trading day. The China Cotton Price Index (CCIndex) 3128B was 15,988 yuan/ton, up 21 yuan/ton [6]. - As of the week of January 30, the spinning mill's operating rate was 64.2%, a 0.4 - percentage - point decrease from the previous week. The national commercial cotton inventory was 5.65 million tons, a decrease of 50,000 tons from the previous week [6]. - From January 15 to January 22, the US current - year cotton export sales were 51,800 tons, and the cumulative export sales were 1.7722 million tons, a year - on - year decrease of 194,900 tons. The export to China was 8,800 tons, and the cumulative export was 97,400 tons, a year - on - year decrease of 66,000 tons [6][7]. - The USDA's January forecast for the 2025/26 global cotton production was 26 million tons, a decrease of 80,000 tons from the December forecast and an increase of 200,000 tons from the previous year. The inventory - to - consumption ratio was 62.63%, a decrease of 1.42 percentage points from the December forecast and an increase of 0.62 percentage points from the previous year [7]. Strategy - In the short - term, affected by the large fluctuations in the commodity market, Zhengzhou cotton futures fluctuate widely at high levels. In the medium - to - long - term, due to the reduction of planting area and positive macro expectations, cotton prices are expected to rise. It is recommended to pay attention to the opportunity of buying at low prices before the Spring Festival [8]. Protein Meal Market Information - On Tuesday, the protein meal futures price oscillated. The closing price of the May soybean meal contract was 2,734 yuan/ton, up 5 yuan/ton or 0.18% from the previous trading day. The closing price of the May rapeseed meal contract was 2,244 yuan/ton, up 6 yuan/ton or 0.27% from the previous trading day [10]. - Trump said that China agreed to increase the purchase of US soybeans from 12 million tons to 20 million tons this season. StoneX estimates that Brazil's soybean production in the 2025/26 season will reach a record high of 181 million tons [11]. - As of January 31, Brazil's soybean sowing rate was 99.6%, and the harvesting rate was 11.4%. From January 30 to February 6, the domestic sample soybean arrival volume was 1.56 million tons, and the soybean port inventory was 5.91 million tons [11]. Strategy - The expectation of China's increased purchase of US soybeans drives the rise of US soybean prices. In the short - term, domestic protein meal prices are expected to continue to fluctuate [12]. Oils Market Information - On Tuesday, the oil futures price oscillated. The closing price of the May soybean oil contract was 8,098 yuan/ton, down 16 yuan/ton or 0.2% from the previous trading day. The closing price of the May palm oil contract was 8,940 yuan/ton, down 74 yuan/ton or 0.82% from the previous trading day [14]. - It is estimated that Malaysia's palm oil production in January 2026 was 1.62 million tons, exports were 1.42 million tons, and inventory was 2.89 million tons. The US Treasury Department released new guidance on biofuel tax credits [14][15]. - From January 30 to February 6, the domestic sample data showed that the inventory of the three major oils increased slightly by 30,000 tons to 1.92 million tons [15]. Strategy - In the medium - term, oil prices are bullish as the growth of oil consumption exceeds the production growth under the promotion of biodiesel policies. In the short - term, oil prices fluctuate at high levels, and it is advisable to wait for a correction to buy [16]. Eggs Market Information - Most of the national egg prices were stable, and a few declined. The average price in the main producing areas dropped 0.05 yuan to 3.33 yuan/jin. As the Spring Festival approaches, market demand will gradually weaken, and trading volume will gradually shrink [18]. Strategy - During the inventory accumulation period around the Spring Festival, the spot price is likely to fall. The near - month contract may need to squeeze out the premium, and a short - selling strategy is recommended. The long - term logic of capacity reduction has uncertainties, and attention should be paid to the pressure after the price rises [19]. Pigs Market Information - The domestic pig price continued to decline. The average price in Henan dropped 0.27 yuan to 11.82 yuan/kg, and the average price in Sichuan dropped 0.09 yuan to 10.8 yuan/kg. The pig market supply remains loose, and the bearish sentiment persists [21]. Strategy - The short - term outlook is pessimistic due to large supply and inventory accumulation. A short - selling strategy on rebounds is recommended. In the long - term, pay attention to the downside support after the price decline [22].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - For crude oil, the current oil price has risen and priced in a high geopolitical premium. In the short - term, the supply gap from Iran still exists, but considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, the oil price should be taken profit at high levels, and the main operation idea is mid - term layout [2]. - For methanol, it has priced in a considerable number of negative factors. There is still a probability of short - term fluctuations due to overseas geopolitics. The previous short positions should be taken profit, and short - term waiting and watching is recommended [5]. - For urea, the import window has been opened due to the current situation of internal and external price differences, and combined with the expected production start - up recovery at the end of January, the fundamental negative expectation of urea is coming, so short positions are recommended [8]. - For rubber, near the Spring Festival, it is recommended to reduce the risk level and focus on risk prevention. Short - term trading according to the disk, setting stop - losses, and quick in - and - out operations are suggested. During the Spring Festival, it is recommended not to hold single - side positions, and hedge by buying the NR main contract and shorting the RU2609 contract [13]. - For PVC, the comprehensive profit of enterprises is at a neutral to low level. The supply reduction is small, and the production is at a historical high. The domestic demand is in the off - season, and the demand is under pressure. The export tax rebate cancellation has spurred short - term export rush, which is the only short - term fundamental support. In general, the domestic supply is strong and the demand is weak, and the follow - up changes in production capacity and start - up should be concerned [16]. - For pure benzene and styrene, the non - integrated profit of styrene is moderately high, and the upward valuation repair space is narrowing. The cost - side pure benzene production starts to rebound from a low level, and the supply is still abundant. The port inventory of styrene continues to accumulate. It is recommended to gradually take profit as the non - integrated profit of styrene has been significantly repaired [20]. - For polyethylene, OPEC+ plans to suspend production growth in the first quarter of 2026, and the crude oil price may have bottomed out. The spot price of polyethylene remains unchanged, and the PE valuation still has downward space. The coal - based inventory has been significantly reduced, which supports the price. In the off - season, the raw material inventory of agricultural films may reach the peak, and the overall start - up rate fluctuates downward [23]. - For polypropylene, the EIA monthly report predicts a slight reduction in global oil inventories, and the supply surplus may ease. There is no production capacity investment plan in the first half of 2026, and the pressure is relieved. The downstream start - up rate fluctuates seasonally. In the context of weak supply and demand, the overall inventory pressure is high. In the long - term, the contradiction has shifted from cost - led decline to production investment mismatch. It is recommended to go long on the PP5 - 9 spread at low levels [26]. - For PX, the PX load remains at a high level, and the downstream PTA has many maintenance operations. It is expected to maintain an inventory accumulation pattern before the maintenance season. The valuation center has risen, and the short - process profit is also high. The supply - demand structure of PX and downstream PTA is strong after the Spring Festival, and there are mid - term opportunities to go long following the crude oil price [29]. - For PTA, the supply side maintains high - level maintenance in the short - term, and the demand side of polyester and chemical fiber is limited by the off - season and the load gradually decreases. PTA enters the inventory accumulation stage during the Spring Festival. The PTA processing fee is expected to remain stable at a high level, and there is still room for valuation increase after the Spring Festival. Mid - term, look for opportunities to go long at low levels [32]. - For ethylene glycol, the overall load is still high, and the port inventory accumulation pressure is large due to the off - season of downstream demand. There is an expectation of further profit compression and load reduction under the pressure of inventory accumulation and high start - up. The current valuation is moderately low year - on - year. There is a risk of rebound due to the tense situation in Iran and the rebound of coal prices [34]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 10.10 yuan/barrel, a 2.17% increase, at 476.10 yuan/barrel. The main futures of related refined oil products, high - sulfur fuel oil, closed up 60.00 yuan/ton, a 2.15% increase, at 2845.00 yuan/ton; low - sulfur fuel oil closed up 53.00 yuan/ton, a 1.63% increase, at 3306.00 yuan/ton. China's weekly crude oil data showed that the crude oil arrival inventory decreased by 1.43 million barrels to 199.82 million barrels, a 0.71% decrease; gasoline commercial inventory increased by 1.95 million barrels to 97.01 million barrels, a 2.05% increase; diesel commercial inventory increased by 1.93 million barrels to 98.87 million barrels, a 2.00% increase; the total refined oil commercial inventory increased by 3.89 million barrels to 195.88 million barrels, a 2.02% increase [1]. Methanol - **Market Information**: The regional spot prices changed as follows: Jiangsu changed by 2 yuan/ton, Lunan by 20 yuan/ton, Henan by 20 yuan/ton, Hebei by 0 yuan/ton, and Inner Mongolia by 45 yuan/ton. The main futures contract remained unchanged at 2241 yuan/ton, and the MTO profit changed by 6 yuan [4]. Urea - **Market Information**: The regional spot prices changed as follows: Shandong changed by 10 yuan/ton, Henan by 30 yuan/ton, Hebei by 0 yuan/ton, Hubei by 10 yuan/ton, Jiangsu by 10 yuan/ton, Shanxi by 30 yuan/ton, and Northeast by 0 yuan/ton. The overall basis was reported at - 5 yuan/ton. The main futures contract decreased by 3 yuan/ton to 1785 yuan/ton [7]. Rubber - **Market Information**: The short - term rubber market fluctuated and consolidated following the commodity market. The bulls believed in an increase due to macro - bullish expectations, seasonal expectations, and demand expectations, while the bears thought the market would decline due to weak demand. As of February 5, 2026, the operating load of all - steel tires of Shandong tire enterprises was 60.94%, 1.47 percentage points lower than last week but 40.93 percentage points higher than the same period last year. The operating load of semi - steel tires of domestic tire enterprises was 73.42%, 1.93 percentage points lower than last week but 44.41 percentage points higher than the same period last year. As of February 1, 2026, China's natural rubber social inventory was 128.1 tons, a 0.9 - ton increase and a 0.7% increase. The total natural rubber inventory in Qingdao increased by 1.09 tons to 59.12 tons, an 1.88% increase. In the spot market, the Thai standard mixed rubber was 15200 (+150) yuan, STR20 was reported at 1945 (+20) US dollars, STR20 mixed was 1945 (+20) US dollars, Jiangsu and Zhejiang butadiene was 10100 (0) yuan, and North China cis - butadiene was 12200 (- 100) yuan [10][11][12]. PVC - **Market Information**: The PVC05 contract decreased by 21 yuan to 4971 yuan. The spot price of Changzhou SG - 5 was 4730 (- 30) yuan/ton, the basis was - 241 (- 9) yuan/ton, and the 5 - 9 spread was - 117 (0) yuan/ton. The cost - side calcium carbide in Wuhai was quoted at 2550 (0) yuan/ton, the medium - grade semi - coke was 785 (0) yuan/ton, ethylene was 695 (0) US dollars/ton, and caustic soda was 588 (0) yuan/ton. The overall PVC operating rate was 79.3%, a 0.3% increase; among them, the calcium carbide method was 80.9%, a 0.3% increase, and the ethylene method was 75.5%, a 0.5% increase. The overall downstream operating rate was 41.4%, a 3.3% decrease. The factory inventory was 28.8 tons (- 0.2), and the social inventory was 122.7 tons (+2.1) [15]. Pure Benzene and Styrene - **Market Information**: The cost - side East China pure benzene was 5995 yuan/ton, a 25 - yuan decrease; the pure benzene active contract closed at 6034 yuan/ton, a 25 - yuan decrease; the pure benzene basis was - 39 yuan/ton, a 35 - yuan decrease. In the spot - futures market, the styrene spot price was 7700 yuan/ton, a 75 - yuan decrease; the styrene active contract closed at 7473 yuan/ton, a 35 - yuan increase; the basis was 227 yuan/ton, a 110 - yuan decrease; the BZN spread was 166.12 yuan/ton, a 1.75 - yuan increase; the EB non - integrated device profit was - 134.05 yuan/ton, a 79.75 - yuan increase; the EB consecutive 1 - consecutive 2 spread was 69 yuan/ton, a 19 - yuan decrease. The upstream operating rate was 69.96%, a 0.68% increase; the Jiangsu port inventory was 10.86 tons, a 0.80 - ton increase. The demand - side three - S weighted operating rate was 40.79%, a 0.23% increase; the PS operating rate was 55.20%, a 0.40% decrease, the EPS operating rate was 56.24%, a 2.98% increase, and the ABS operating rate was 64.40%, a 1.70% decrease [19]. Polyethylene - **Market Information**: The main contract closed at 6775 yuan/ton, a 54 - yuan increase. The spot price was 6675 yuan/ton, unchanged. The basis was - 100 yuan/ton, a 54 - yuan decrease. The upstream operating rate was 87.03%, a 0.27% decrease. In terms of weekly inventory, the production enterprise inventory was 37.97 tons, a 5.67 - ton increase, and the trader inventory was 2.32 tons, a 0.23 - ton decrease. The downstream average operating rate was 33.73%, a 4.03% decrease. The LL5 - 9 spread was - 51 yuan/ton, a 5 - yuan increase [22]. Polypropylene - **Market Information**: The main contract closed at 6688 yuan/ton, a 58 - yuan increase. The spot price was 6675 yuan/ton, a 25 - yuan decrease. The basis was - 13 yuan/ton, an 83 - yuan decrease. The upstream operating rate was 74.9%, a 0.01% decrease. In terms of weekly inventory, the production enterprise inventory was 41.58 tons, a 1.49 - ton increase, the trader inventory was 18.32 tons, a 0.02 - ton decrease, and the port inventory was 6.37 tons, a 0.03 - ton decrease. The downstream average operating rate was 49.84%, a 2.24% decrease. The LL - PP spread was 87 yuan/ton, a 4 - yuan decrease, and the PP5 - 9 spread was - 19 yuan/ton, a 12 - yuan increase [24][25]. PX - **Market Information**: The PX03 contract increased by 28 yuan to 7220 yuan, PX CFR increased by 9 US dollars to 909 US dollars. The basis was - 31 yuan (+47), and the 3 - 5 spread was - 88 yuan (+10). The PX load in China was 89.5%, a 0.3% increase; the Asian load was 82.4%, a 0.8% increase. In terms of devices, Sinochem Quanzhou was restarting, Zhejiang Petrochemical was increasing the load, and Fujian United Petrochemical's load fluctuated. The PTA load was 77.6%, a 1% increase. In terms of devices, Sichuan Energy Investment was restarting, Dushan Energy was under maintenance, and a 700,000 - ton device in Taiwan was under maintenance. In January, South Korea exported 40.8 tons of PX to China, a 2.5 - ton decrease year - on - year. In December, the inventory was 465 tons, a 19 - ton increase month - on - month. In terms of valuation and cost, PXN was 302 US dollars (+7), South Korea's PX - MX was 139 US dollars (- 2), and the naphtha crack spread was 91 US dollars (- 12) [28]. PTA - **Market Information**: The PTA05 contract increased by 38 yuan to 5230 yuan. The East China spot price increased by 25 yuan to 5140 yuan. The basis was - 75 yuan (0), and the 5 - 9 spread was 28 yuan (+20). The PTA load was 77.6%, a 1% increase. In terms of devices, Sichuan Energy Investment was restarting, Dushan Energy was under maintenance, and a 700,000 - ton device in Taiwan was under maintenance. The downstream load was 78.2%, a 6% decrease. In terms of devices, Hengyi's 250,000 - ton filament was restarting, and 475,000 - ton chemical fiber devices such as Sanfangxiang, Jiabao, and Yuanlong were under maintenance. The terminal texturing load decreased by 35% to 17%, and the loom load decreased by 24% to 9%. On January 30, the social inventory (excluding credit warehouse receipts) was 211.6 tons, a 3.3 - ton increase. In terms of valuation and cost, the PTA spot processing fee decreased by 18 yuan to 366 yuan, and the disk processing fee increased by 26 yuan to 436 yuan [31]. Ethylene Glycol - **Market Information**: The EG05 contract decreased by 6 yuan to 3733 yuan. The East China spot price decreased by 12 yuan to 3623 yuan. The basis was - 110 yuan (0), and the 5 - 9 spread was - 108 yuan (+2). The ethylene glycol load was 76.2%, a 1.8% increase, among which the syngas - based production was 76.8%, a 4.3% decrease, and the ethylene - based load was 75.9%, a 5.4% increase. In terms of syngas - based devices, Wonen was shut down and expected to restart in the short - term, Guanghui was shut down and the restart was to be determined, and Sinochem had a load reduction due to an accident. In terms of petrochemical, Zhongke Refining and Chemical and Sinochem Quanzhou were restarting. Overseas, China Taiwan's Zhongxian was shut down, and Saudi Arabia's Sharq2 was restarting. The downstream load was 78.2%, a 6% decrease. In terms of devices, Hengyi's 250,000 - ton filament was restarting, and 475,000 - ton chemical fiber devices such as Sanfangxiang, Jiabao, and Yuanlong were under maintenance. The terminal texturing load decreased by 35% to 17%, and the loom load decreased by 24% to 9%. The import arrival forecast was 18.1 tons (two weeks), and the East China departure was 1.5 tons on February 9. The port inventory was 93.5 tons, a 3.8 - ton increase. In terms of valuation and cost, the naphtha - based profit was - 1252 yuan, the domestic ethylene - based profit was - 710 yuan, and the coal - based profit was 24 yuan. The cost - side ethylene decreased to 695 US dollars, and the Yulin pit - mouth steam coal price decreased to 580 yuan [33].

【行情资讯】 贵金属日报 2026-02-10 贵金属 贵金属研究 图 1：金银重点数据汇总 沪金涨 1.00 %，报 1127.00 元/克，沪银涨 5.24 %，报 20934.00 元/千克；COMEX 金涨 2.10 %， 报 5084.20 美元/盎司，COMEX 银涨 8.00 %，报 83.05 美元/盎司； 美国 10 年期国债收益率 报 4.22 %，美元指数报 96.88 ； 周初贵金属市场整体维持高位震荡格局，延续此前大幅下跌后的修复行情。市场普遍定价美联 储 6 月降息预期为金价提供了核心基本面支撑。在美国就业数据表现偏弱的背景下，上周五博 斯蒂克表态称，需等待 4-5 月经济数据出炉后才能释放更明确的政策信号。白银则受紧俏的 库存与现货支撑，近月合约价格仍具备韧性。当前市场焦点集中于本周三公布的美国非农就业 报告，以及周五发布的消费者物价指数。 美联储理事米兰 2 月 10 日表态：财政端，其主张投资全额费用化以刺激资本支出，认为关税 有助于改善美国财政，支持在困难时期动用资产负债表；货币端，强调央行的相对独立性，认 为联储的货币政策应与商业周期相匹配，且需远离非货币问题，并暗示关税 ...

黑色建材日报 2026-02-10 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【策略观点】 昨日商品市场整体情绪恢复，成材价格向下试探。海外方面，天气影响基本消除，铁矿石发运影响基本消 除。临近春节，螺纹钢供需两端均出现明显的季节性回落，库存进入累积阶段，但整体累库幅度仍处于可 控范围；热轧卷板需求相对稳健，产量小幅下降，库存小幅累积，供需结构整体偏中性。综合来看，当前 黑色系仍处于多空因素交织的底部博弈阶段。一方面，国内房地产政策基调延续边际缓和，对需求预期形 成一定托底；另一方面，海外货币政策不确定性上升，市场风险偏好阶段性回落，对商品价格形成扰动。 短期内黑色系仍以区间弱势震荡运行为主，趋势性机 ...

橡胶：引发商品大涨的原因仍会持续吗？ 报告要点： 专题报告 2026-02-10 橡胶研究员 从业资格号：F0270766 引发商品大涨的宏观因素，在下一阶段大概率仍将持续。 交易咨询号：Z0003000 0755-23982459 zhangzh@wkqh.cn 张正华 能源化工研究 | 橡胶 引发商品大涨的原因仍会持续吗？ 前期橡胶跟随商品大盘上涨，背后的宏观因素为主要上涨驱动。 我们试图梳理这些上涨驱动因素，并分析是否在下一阶段中影响是否将继续持续。 美国政府（特朗普）在加拿大和格陵兰的言论与行动 一、美国对加拿大的言行 （一）美国核心言论 2025 年 3 月：特朗普多次宣称美国对加拿大主权问题的争议性言论。 2026 年 1 月 29 日：特朗普威胁如果加拿大不立即解决对美国湾流飞机颁发许可 的问题，将对加拿大向美国出口的飞机征收 50% 关税。 2026 年 2 月 1 日：白宫威胁如果加拿大推进与中国谈判达成的贸易协议，美国将 进行 "重大回应"。 （二）美国主要行动 2025 年 1 月 20 日：特朗普签署行政令，考虑对墨西哥和加拿大征收 25% 关税， 征税行动可能从 2 月 1 日起实施 ...

文字早评 2026/02/10 星期二 宏观金融类 股指 【行情资讯】 1、美股纳指收涨近 1%，贵金属连续两日反弹，稀土主流产品价格整体上行； 2、赛博无人驾驶电动车 Tesla Cybercab 将在得州超级工厂开启量产并投入运营；小马智行联合丰田， 首台量产铂智 4X Robotaxi 下线； 3、智光电气签订 10.04 亿元储能系统买卖合同，源杰科技拟 12.51 亿元投建光电通讯半导体芯片和器 件研发生产项目； 4、字节 AI 视频生成模型发布，阿里、百度、快手、百度已发布 AI 应用产品，后续还有 DS V4、Qwen3.5、 豆包 2.0 等。 基差年化比率： IF 当月/下月/当季/隔季：-4.54%/-0.48%/3.40%/4.07%； IC 当月/下月/当季/隔季：-7.08%/-0.04%/6.66%/6.11%； IM 当月/下月/当季/隔季：-16.33%/0.15%/11.94%/9.80%； IH 当月/下月/当季/隔季：-3.57%/-0.76%/0.52%/2.56%。 【策略观点】 贵金属 近日美国货币政策预期分歧加剧，压制资本市场风险偏好，美股、贵金属波动加剧；国内临 ...

有色金属日报 2026-2-10 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 贵金属延续上涨，隔夜美股偏强，铜价继续反弹，昨日伦铜 3M 收盘涨 0.96%至 13185 美元/吨，沪 铜主力合约收至 102450 元/吨。LME 铜库存增加 1025 至 184300 吨，增量来自亚洲仓库，注销仓单 比例抬升，C ...

能源化工日报 2026-02-10 2026/02/10 原油 【行情资讯】 INE 主力原油期货收跌 1.50 元/桶，跌幅 0.32%，报 464.20 元/桶；相关成品油主力期货高硫 燃料油收跌 14.00 元/吨，跌幅 0.50%，报 2794.00 元/吨；低硫燃料油收跌 40.00 元/吨，跌幅 1.22%，报 3248.00 元/吨。 欧洲 ARA 周度数据出炉，汽油库存环比累库 0.62 百万桶至 11.36 百万桶，环比累库 5.75%； 柴油库存环比累库 0.38 百万桶至 15.99 百万桶，环比累库 2.44%；燃料油库存环比去库 0.79 百万桶至 6.54 百万桶，环比去库 10.82%；石脑油环比累库 0.32 百万桶至 5.87 百万桶，环 比累库 5.84%；航空煤油环比去库 0.58 百万桶至 7.01 百万桶，环比去库 7.68%；总体成品油 环比去库 0.05 百万桶至 46.78 百万桶，环比去库 0.12%。 徐绍祖 聚烯烃分析师 从业资格号：F03115061 交易咨询号：Z0022675 18665881888 xushaozu@wkqh.cn 【策略观点】 当 ...

农产品早报 2026-02-10 五矿期货农产品早报 五矿期货农产品团队 组长、生鲜品研究员 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 王俊 周一郑州白糖期货价格小幅反弹，郑糖 5 月合约收盘价报 5261 元/吨，较上个交易日上涨 33 元/吨，或 0.63%。现货方面，广西制糖集团报价 5280-5380 元/吨，较上个交易日上涨 10 元/吨。 杨泽元 软商品、油脂油料研究员 据 UNICA 数据显示，2025/26 榨季截至 1 月上半月，巴西中南部地区累计产糖 4023 万吨，同比增加 34.5 万吨。巴西航运机构 Williams 发布的数据显示，截至 2 月月 4 日当周，巴西港口等待装运食糖的船只数 量为 49 艘，此前一周为 54 艘。港口等待装运的食糖数量为 156.44 万吨，此前一周为 178.26 万吨。StoneX 预计 2025/26 榨季全球食糖市场将维持供应过剩，预估过剩量为 290 万吨。印度全国糖业合作联盟联合 会 ...

文字早评 2026/02/09 星期一 宏观金融类 股指 1、中国成功发射可重复使用试验航天器，机构预计 2030 全球商业航天市场规模达 8000 亿美元； 2、特斯拉，计划扩大太阳能电池产能，目标未来三年内实现每年 100 吉瓦； 3、美半导体行业协会，全球芯片销售额 2026 年再增长 26%，达 1 万亿美元； 4、伊朗空军目前处于"最高战备状态"，与美国的谈判中不会放弃铀浓缩和导弹。 基差年化比率： IF 当月/下月/当季/隔季：3.96%/1.30%/4.05%/4.20%； IC 当月/下月/当季/隔季：3.45%/3.59%/9.04%/7.04%； IM 当月/下月/当季/隔季：14.89%/7.61%/15.43%/11.44%； IH 当月/下月/当季/隔季：1.37%/0.55%/0.83%/2.81%。 【策略观点】 近日美国货币政策预期分歧加剧，压制资本市场风险偏好，美股、贵金属波动加剧；国内临近春节流动 性阶段性收紧。中长期政策支持资本市场态度未变，策略上仍是逢低做多的思路。 国债 【行情资讯】 行情方面：周五，TL 主力合约收于 112.570 ，环比变化 0.36%；T 主力 ...