1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No relevant content provided 3. Summary by Related Catalog Futures Prices - DCE01 decreased from 753.5 to 741.0, a drop of 12.5 [2] - DCE05 decreased from 781.5 to 768.5, a drop of 13.0 [2] - DCE09 decreased from 764.5 to 751.0, a drop of 13.5 [2] Spread between Futures Contracts - I01 - I05 increased from -28.0 to -27.5, an increase of 0.5 [2] - I05 - I09 increased from 17.0 to 17.5, an increase of 0.5 [2] - I09 - I01 decreased from 11.0 to 10.0, a decrease of 1.0 [2] Spot Prices - PB powder (60.8%) increased from 777 to 780, an increase of 3 [2] - Newman powder increased from 777 to 780, an increase of 3 [2] - Mac powder increased from 773 to 775, an increase of 2 [2] Spot Variety Spreads - The spread between Carajás fines and PB powder decreased from 93 to 92, a decrease of 1 [2] - The spread between Newman powder and Jinbuba powder decreased from 47 to 46, a decrease of 1 [2] - The spread between Carajás fines and Jinbuba powder decreased from 144 to 142, a decrease of 2 [2] Import Profits - The import profit of Carajás fines decreased from -7 to -8, a decrease of 1 [2] - The import profit of Newman powder decreased from 50 to 49, a decrease of 1 [2] - The import profit of PB powder increased from 20 to 22, an increase of 2 [2] Platts Index - Platts iron ore 61% price increased from 102.0 to 102.3, an increase of 0.3 [2] - Platts iron ore 65% price increased from 118.0 to 118.5, an increase of 0.5 [2] - Platts iron ore 58% price increased from 93.4 to 94.0, an increase of 0.7 [2] USD Spread between Domestic and Overseas Markets - The spread between SGX main contract and DCE01 decreased from 4.7 to 4.2, a decrease of 0.5 [2] - The spread between SGX main contract and DCE05 decreased from 1.0 to 0.6, a decrease of 0.4 [2] - The spread between SGX main contract and DCE09 decreased from 3.3 to 2.8, a decrease of 0.5 [2]

研究所 农产品研发报告 花生日报 2026 年 2 月 5 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2026/2/5 | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | 7914 | -10 | -0.13% | 15,230 | 7.39% | 55,725 | 0.61% | | PK610 | 8232 | -6 | -0.07% | 80 | -25.23% | 2,693 | -0.88% | | PK601 | 8210 | -22 | -0.27% | 36 | -21.74% | 32 | 6.67% | | 现货与基差 | | | | | | | | | 现货 | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | 7400 | 8000 | 8000 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - US corn supply pressure eases, expected to oscillate strongly at the bottom. North China corn supply increases, with stable spot prices, while Northeast corn prices decline. The spot price is still weak in the short - term, but the purchase price at the northern port is strong today. North China wheat prices are strong, and the price difference between Northeast and North China corn widens. The market is trading on the increased pre - Chinese New Year grain sales in North China, and there is still selling pressure on Northeast corn later. Corn spot prices still have room to fall, and the 03 corn contract will also decline, but the decline of the 07 corn contract is limited [4][7][9]. - The number of trucks arriving at Shandong deep - processing plants increases, and Shandong corn spot prices are stable. Northeast starch spot prices are stable. Corn starch inventory has decreased this week. Starch prices mainly depend on corn prices and downstream stocking. By - product prices are weakening but are still higher than last year. The spot price difference between corn and starch is at a low level. North China corn is stable in the short - term, and Northeast corn is stable. Due to the end of pre - Chinese New Year stocking, corporate losses are expanding. The 03 starch contract oscillates narrowly following corn, and the spot price of starch stabilizes in the short - term. It is expected that the 03 starch contract will oscillate at the bottom in the short - term [8]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures contracts (C2601, C2605, C2509) and corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interests, and open interest change percentages are provided. For example, C2605 closed at 2273, up 2 with a 0.09% increase, trading volume of 272,543 with a 27.13% increase, and open interest of 829,931 with a 3.85% increase [2]. - **Spot and Basis**: Corn spot prices are provided for different regions (Qinggang, Songyuan Jiji, Zhucheng Xingmao, etc.), and starch spot prices are provided for different manufacturers (Longfeng, COFCO, etc.). The basis for both corn and starch is also given. For example, the corn price in Qinggang is 2135, with a basis of - 162 [2]. - **Price Difference**: Corn inter - period spreads (such as C01 - C05, C05 - C09), starch inter - period spreads (such as CS01 - CS05, CS05 - CS09), and cross - variety spreads (such as CS09 - C09, CS01 - C01) are presented, along with their price changes [2]. 3.2 Market Judgment - **Corn**: US corn rebounds from the bottom but still oscillates at the bottom. The profit of imported foreign corn increases. The closing price at the northern port is strong, while Northeast corn spot prices continue to decline. North China corn supply increases, and the price is stable. The price difference between North China and Northeast corn widens. Wheat and corn are being auctioned, and wheat prices are strong. The feed demand is stable, and downstream inventory increases. The 03 contract oscillates narrowly, and the spot basis strengthens. The market is concerned about the seasonal selling pressure of Northeast corn before the Chinese New Year and downstream inventory building [4][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants increases, and Shandong corn prices are stable. Northeast starch prices are stable. Corn starch inventory decreases. Starch prices depend on corn prices and downstream stocking. By - product prices are weakening but are still higher than last year. The 03 starch contract oscillates narrowly following corn, and the spot price stabilizes in the short - term [8]. 3.3 Trading Strategies - **Unilateral**: The 03 US corn has support at 420 cents per bushel. Go long on the 07 and 05 corn contracts on dips [10]. - **Arbitrage**: Reverse arbitrage on the 3 - 7 corn contracts, and widen the spread between the 05 corn and starch contracts on dips [10]. 3.4 Corn Options - Option Strategy: Use the short - term cumulative put option strategy and operate in a rolling manner [11]. 3.5 Related Attachments - The report provides multiple charts, including the northern port corn closing price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread [15][16][21].

研究所 黑色金属研发报告 Z0021009 研究员：周涛 期货从业证号： F03134259 联系方式： :zhoutao_qh1@chinastock. com.cn 黑色金属日报 2026 年 2 月 5 日 铁合金日报 第一部分 市场信息 投资咨询证号： | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5650 | -4 | -86 | 130009 | 36892 | 89527 | 52894 | | SM主力合约 | 5884 | 16 | -42 | 161205 | 42354 | 350906 | -3315 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5440 | 20 | 40 | 硅锰6517内蒙 | 5650 | 0 | -20 | | ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 02 月 05 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3190 元（-10），北京敬业 3130 元（-），上海鞍钢热卷 3260 元（-），天津河钢热卷 3160 元（-）。 1.Mysteel：五大品种钢材整体产量-3.27 万吨，五大品种库存厂库环比+9.56 万 吨，社库+49.68 万吨，总库存+59.24 万吨。 2.2026 年 1 月下旬，重点统计钢铁企业共生产粗钢 2128 万吨，平均日产 193.5 万 吨，日产环比下降 2.2%；生铁 1915 万吨，平均日产 174.1 万吨，日产环比下降 3.0%； 2/ 10 【交易策略】 今日钢材盘面维持震荡偏弱走势，煤焦领跌，钢材现货成交整体一般偏弱，环比 昨日略有好转。本周钢联数据公布，五大材整体减产，但铁水仍然增产，钢 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report The report provides a daily morning observation of various futures markets, covering financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It analyzes the market conditions, influencing factors, and provides corresponding trading strategies for each sector [5][7]. 3. Summary by Related Catalogs 3.1 Financial Derivatives 3.1.1 Stock Index Futures - Market performance: On Wednesday, the stock index showed differentiation. The Shanghai Composite 50 Index rose 1.14%, the CSI 300 Index rose 0.83%, the CSI 500 Index rose 0.15%, and the CSI 1000 Index slightly fell 0.02%. The total market turnover was 2.5 trillion yuan. Stock index futures rebounded across the board [20]. - Core logic: Overnight U.S. technology stocks fell, affecting A - share technology stocks. However, the market remained stable and improved overall, with a style shift occurring. The short - term market is expected to remain oscillating strongly [20]. - Trading strategy: Unilateral trading should be oscillating strongly, buying on dips; for arbitrage, conduct IM/IC long 2609 + short ETF cash - and - carry arbitrage; for options, use a bull spread strategy [21]. 3.1.2 Treasury Bond Futures - Market performance: On Wednesday, treasury bond futures closed down across the board. The 30 - year main contract fell 0.23%, the 10 - year main contract fell 0.01%, the 5 - year main contract fell 0.04%, and the 2 - year main contract fell 0.02% [22]. - Core logic: The central bank's net withdrawal of short - term liquidity and the increase in risk appetite have slightly suppressed the bond market. In the short term, the market lacks a clear driver, and the bond market sentiment may become more cautious [22]. - Trading strategy: Unilateral trading should consider buying TF and T contracts on dips; for arbitrage, stay on the sidelines [23]. 3.2 Agricultural Products 3.2.1 Protein Meal - Market performance: CBOT soybean index rose 2.39% to 1099.75 cents per bushel, and CBOT soybean meal index rose 2.38% to 300.9 dollars per short ton [25]. - Core logic: The improvement of trade relations has boosted the U.S. soybean market. South American dry weather also provides some support, but overall supply and demand are relatively loose. The domestic soybean meal cost is under pressure, but spot prices may be supported in the short term [26]. - Trading strategy: Unilateral trading should be on the sidelines in the short term; for arbitrage, expand the MRM spread; for options, sell a wide - straddle strategy [26]. 3.2.2 Sugar - Market performance: The previous trading day, the ICE U.S. raw sugar main contract price dropped 1.5% to 14.41 cents per pound, and the London white sugar main contract fell 1.46% to 411.2 dollars per ton [27]. - Core logic: Internationally, the Brazilian sugar influence is declining, and the northern hemisphere is in an increasing production cycle. However, sugar prices have reached a low level, and some institutions' forecasts for the 2026/27 sugar production and consumption are favorable. Domestically, the supply is under pressure, but the international price rebound and improved macro - sentiment may lead to a bottom - oscillating price [30]. - Trading strategy: Unilateral trading should expect international and domestic sugar prices to oscillate at the bottom; for arbitrage and options, stay on the sidelines [31]. 3.2.3 Oilseeds and Oils - Market performance: Overnight, the CBOT U.S. soybean oil main price changed by 2.15% to 55.69 cents per pound, and the BMD Malaysian palm oil main price changed by - 0.07% to 4219 ringgit per ton [33]. - Core logic: The market is affected by trade and policy expectations. Malaysian palm oil may reduce production and inventory in January, but the high - base inventory may remain at a relatively high level. The U.S. biodiesel demand is expected to be good, which is beneficial to soybean oil. However, soybean oil supply pressure may shift later. Rapeseed oil may have some support [33]. - Trading strategy: Unilateral trading should expect oils to oscillate widely; for arbitrage, consider shorting the y59 spread at high levels; for options, stay on the sidelines [34]. 3.3 Black Metals 3.3.1 Steel - Market performance: The night - trading session of the black sector was oscillating weakly. On the 4th, the construction steel trading volume was 3.61 million tons, and the trading volume continued to decline approaching the Spring Festival [57]. - Core logic: The demand is marginally weakening, and the steel price follows the raw materials to oscillate. The steel inventory is accumulating, and the winter demand is declining. However, the cost is supported by the steel mill's replenishment demand. The short - term steel price may oscillate strongly following coal [57]. - Trading strategy: Unilateral trading should follow the raw materials to oscillate strongly; for arbitrage, short the coil - coal ratio at high levels and continue to hold the short coil - rebar spread; for options, stay on the sidelines [58]. 3.3.2 Coking Coal and Coke - Market performance: Recently, the coking coal futures have fluctuated greatly due to news of Indonesia's coal policy [60]. - Core logic: The actual impact of Indonesia's coal production reduction policy remains to be seen. The current market is dominated by funds and emotions, and the coking coal valuation is not high. The supply - side events may be repeatedly traded [60]. - Trading strategy: Unilateral trading should be mainly for band trading, and cautious investors should stay on the sidelines. Consider buying on dips after a pull - back; for arbitrage and options, stay on the sidelines [61]. 3.3.3 Iron Ore - Market performance: The night - trading iron ore price fell 1.02%. The current macro - sentiment and capital game are significant, and the iron ore valuation is moderately high [63]. - Core logic: The supply is increasing, and the demand may be less than expected in the first half of the year. The domestic iron ore fundamentals are weakening, and the high valuation is difficult to sustain. The iron ore price is expected to run weakly [63]. - Trading strategy: Unilateral trading should expect a weak operation; for arbitrage and options, stay on the sidelines [63]. 3.4 Non - Ferrous Metals 3.4.1 Gold and Silver - Market performance: London gold rose 0.36% to 4964.69 dollars per ounce, and London silver rose 3.44% to 88.13 dollars per ounce. The Shanghai gold main contract fell 0.64% to 1114 yuan per gram, and the Shanghai silver main contract rose 1.03% to 22955 yuan per kilogram [67]. - Core logic: The gold and silver markets first rose and then fell. The weak U.S. ADP employment data initially supported the prices, but then the market was affected by the performance of U.S. technology stocks. In the short term, caution should be exercised, especially during the Spring Festival [68]. - Trading strategy: Unilateral trading should hold long positions in Shanghai gold based on the 20 - day moving average support and hold long positions in Shanghai silver cautiously based on the 30 - day moving average; for arbitrage, stay on the sidelines; for options, use a bull call spread strategy [70]. 3.4.2 Platinum and Palladium - Market performance: The outer - market platinum and palladium fluctuated widely. The Guangzhou Futures Exchange platinum main contract PT2606 rose 3.54% to 572.95 yuan per gram, and the palladium main contract PD2606 rose 8.62% to 450.55 yuan per gram [70]. - Core logic: The strong U.S. dollar has a negative impact on non - ferrous and precious metals. Platinum is in a tight - balance pattern, and palladium has shifted from a supply - demand gap to a supply surplus. Platinum has a stronger upward drive [70]. - Trading strategy: Unilateral trading should be cautiously bullish on platinum and palladium, buying on dips and paying attention to position management; for arbitrage and options, stay on the sidelines [71]. 3.4.3 Copper - Market performance: The main contract of Shanghai copper 2603 closed at 102590, down 2.22%, and LME copper closed at 13040 dollars per ton, down 2.76% [72]. - Core logic: The Sino - U.S. leaders' call and AI - related stock fluctuations have led to a slight decline in copper prices. The downstream replenishment has slowed down the inventory accumulation. The strategic reserve demand and supply disturbances provide long - term support for copper prices [73]. - Trading strategy: Unilateral trading should take a long - on - dips approach, but control the position before the Spring Festival; for arbitrage and options, stay on the sidelines [74]. 3.5 Shipping 3.5.1 Container Shipping - Market performance: The spot freight rates of the SCFI European line and SCFIS European line showed a downward trend [108]. - Core logic: The resumption of some shipping routes is offset by geopolitical tensions. The demand is peaking and then declining, and the supply in March is expected to increase. The traditional off - season is approaching, and the freight rate is expected to decline after the Spring Festival [108]. - Trading strategy: Unilateral trading should stay on the sidelines; for arbitrage, take profit on the 6 - 10 positive spread at high levels and then stay on the sidelines, waiting for opportunities to operate on dips [109]. 3.6 Energy and Chemicals 3.6.1 Crude Oil - Market performance: WTI crude oil futures rose 3.05% to 65.14 dollars per barrel, and Brent crude oil futures rose 3.2% to 69.46 dollars per barrel [111]. - Core logic: The uncertainty of the U.S. - Iran nuclear negotiation has led to wide - range oscillations in international oil prices. The Brent main contract is expected to oscillate between 66 - 69 dollars [113]. - Trading strategy: Unilateral trading, arbitrage, and options should all stay on the sidelines [113]. 3.6.2 Asphalt - Market performance: The outer - market WTI and Brent crude oil prices rose, and the asphalt futures showed a small increase. The spot prices in various regions were stable [114]. - Core logic: The geopolitical risk has increased the volatility of asphalt, which follows the crude oil price. There are still concerns about the long - term raw material cost increase and supply gap. The supply is low, and the demand is weakening [115]. - Trading strategy: Unilateral trading should expect high - level oscillations and go long on BU2606 on dips; for arbitrage, pay attention to the long BU - short LU spread; for options, stay on the sidelines [116]. 3.6.3 Fuel Oil - Market performance: The FU03 contract closed at 2800 (+0.86%), and the LU04 contract closed at 3266 (+0.62%) [118]. - Core logic: High - sulfur fuel oil is supported by high - price transactions in the Singapore spot window. Geopolitical factors are the main bullish drivers. The low - sulfur fuel oil supply has increased recently [119]. - Trading strategy: Unilateral trading should expect a strong oscillation and pay attention to geopolitical fluctuations; for arbitrage, hold the FU59 positive spread and pay attention to the LU near - month reverse spread; for options, stay on the sidelines [120].

研究所 航运研发报告 航运日报 2026 年 2 月 4 日 航运日报 第一部分 集装箱航运——集运指数（欧线） Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2602 | 1,737.8 | 0.0 | 0.00% | 97.0 | -84.15% | 1,826.0 | -3.03% | | EC2604 | 1,247.6 | 9.7 | 0.78% | 24,199.0 | -17.40% | 32,761.0 | -4.29% | | EC2606 | 1,534.0 | 0.3 | 0.02% | 3,370.0 | 7.09% | 14,222.0 | 5.68% | | EC2608 | 1,604.6 | 6.7 ...

研究所 贵金属研发报告 贵金属衍生品日报 2026 年 2 月 4 日 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询号：Z0021675 研究员：袁正 期货从业证号：F03151476 投资咨询号：Z0023508 联系方式： 上海：021-65789219 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 金银 【市场回顾】 1.金银市场: 今天白天，金银延续震荡上行走势，市场情绪进一步回暖。至下 午三点，伦敦金交投于 5070 美元附近，伦敦银交投于 89.6 美元附近。受外盘联 动，沪金主力合约最终收于 1141.7 元/克，涨幅 7.29%，沪金加权日增仓 1002 手 至 31.66 万手; 沪银主力合约最终收于 23511 元/千克，涨幅 11.22%，沪银加权日 增仓 27949 手至 61.15 万手。 2.人民币汇率: 人民币兑美元汇率延续升值走势，至下午 3 点交投于 6.936 附 近。 【重要资讯】 1.海 ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 2 月 4 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5654 | 34 | 22 | 93117 | -10574 | 102056 | -12529 | | SM主力合约 | 5868 | 32 | 36 | 118851 | -16005 | 354221 | -6808 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5420 | 0 | 70 | 硅锰6517内蒙 | 5650 | -30 | -20 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current supply pressure of live pigs is relatively high, and the overall price is declining. Although the scale enterprises' slaughter volume has decreased, it is still relatively high. The slaughter volume of ordinary farmers remains normal, and the number of secondary fattening entries has decreased. The supply pressure may improve, but the overall supply is still relatively sufficient, and the later supply pressure may still be obvious. The overall direction of the live pig spot market is expected to be downward, and the pig price still has a certain downward pressure. The live pig futures price showed a slight increase today, with obvious support in the far - month futures market. In the near - term market, the slaughter pressure of live pigs may continue, but there may be certain support on the spot side, and the deep - decline space is limited. In the medium - term, the overall direction of the spot market will still be downward, and the futures market may show certain support [1][3] 3. Summary by Related Catalogs 3.1 Spot Price - Today, the live pig prices across the country showed a downward trend. The average price was 11.74 yuan/kg, a decrease of 0.28 yuan/kg compared with yesterday. The prices in various regions all declined, with the largest decline of 0.51 yuan/kg in Zhejiang and Jiangxi, and the smallest decline of 0.09 yuan/kg in Sichuan [1] 3.2 Futures Price - The live pig futures prices showed a slight increase today. For example, LH01 increased by 100 to 13355, LH07 increased by 125 to 12295, LH09 increased by 155 to 13210, and LH11 increased by 170 to 13130 [1] 3.3 Sow/Piglet Price - The piglet price was 366 yuan, a decrease of 1 yuan compared with last week; the sow price was 1557 yuan, unchanged from last week [1] 3.4 Contract Spread - LH7 - 9 was - 915, a decrease of 30 compared with yesterday; LH9 - 1 was - 145, an increase of 55 compared with yesterday; LH9 - 11 was 8, an increase of 8 compared with yesterday; LH11 - 1 was - 225, an increase of 70 compared with yesterday [1] 3.5 Slaughter End - The slaughter volume was 190958 heads, a decrease of 816 compared with yesterday [1] 3.6 Size Pig Spread - The spread between standard pigs and medium - sized pigs was 0.69, an increase of 0.01 compared with yesterday; the spread between medium - large pigs and standard pigs was 0.25, a decrease of 0.04 compared with yesterday; the spread between large pigs and medium - large pigs was 0.83, an increase of 0.08 compared with yesterday; the spread between large pigs and standard pigs was 1.08, an increase of 0.04 compared with yesterday [1] 3.7 Trading Strategy - Unilateral: It is recommended to reduce and exit the long positions of the 05 contract. - Arbitrage: Wait and see. - Options: Sell the wide - straddle strategy [4]