研究所 原油研发报告 原油日报 2026 年 2 月 3 日 原油现货市场日报 研究员： 赵若晨 期货从业证号： F03151390 投资咨询从业证号： Z0023496 ： zhaoruochen_qh | 极端天气 | 根据欧洲中期天气预报中心 （ECMWF） 及MetDesk与维萨拉公司的 | | --- | --- | | | 联合分析， 未来两周欧洲西部将迎来异常温暖的天气， 而北欧和欧洲 | | | 东部边缘地区则将遭遇严寒天气。 | | 贸易物流 | 在特朗普总统表示将停止俄罗斯石油进口作为两国更广泛贸易协议的 | | | 一部分后， 印度炼油商正寻求新德里就未来采购俄罗斯原油事宜提供 | | | 指导。 | | | 美国总统特朗普表示， 在印度总理莫迪同意停止购买俄罗斯石油后， | | | 他将把对印度的关税降至18%， 此举缓解了两国间的紧张关系。 | | | 伊朗总统马苏德·佩泽希奇在X平台上表示： "我已指示外交部长， 在具 | | | 备适宜环境——即不受威胁与不合理预期干扰的条件下， 秉持尊严、 | | | " 审慎与高效的原则， 推动公平公正的谈判。 | | 能源转型 | 当前美国 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 3 日 0 / 47 | 股指期货：做空动能释放 3 | | --- | | 国债期货：波澜不惊 4 | | 蛋白粕：供应仍有压力 | 盘面小幅震荡 5 | | --- | --- | | 白糖：国际糖价震荡 | 国内价格偏弱 5 | | 油脂板块：油脂维持宽度震荡 7 | | | 玉米/玉米淀粉：北港现货回落，盘面底部震荡 8 | | | 生猪：出栏压力好转 | 现货震荡运行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | | 鸡蛋：临近节前备货，蛋价有所上涨 10 | | | 苹果：节前走货尚可，苹果价格坚挺 11 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 12 | 研究所 期货眼·日迹 | 金银：金银震荡初显企稳，节前风控仍是主线 16 | | --- | | 铂钯：巨幅震荡逐步收敛 风险释放后等待低多机会 17 | | 铜：恐慌情绪退坡，铜价企稳 17 | | 氧化铝：震荡为主 18 | | 电解铝：流动性收紧带动价格回调后 震荡为主 19 | | 铸造铝合金：连日回调后 铝合金随板块震荡 20 | ...

研究所 农产品研发报告 白糖日报 2026 年 2 月 2 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | 2026/2/2 | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | 5,222 | -42 | -0.80% | 33,070 | -3601 | 111,258 | 539 | | SR01 | 5,323 | -34 | -0.63% | 266 | -124 | 1,434 | 16 | | SR05 | 5,207 | -41 | -0.78% | 319,755 | 4466 | 441,083 | -11054 | | 现货价格 | | | | | | | | | 白糖 | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | 5360 | 5175 | 5620 | 5330 | 5460 | 5415 | 57 ...

花生日报 2026 年 2 月 2 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2026/2/2 | | 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 | 7938 | 2 | 0.03% | 12,799 | -52.32% | 50,442 | 7.92% | | PK610 | 8212 | -26 | -0.32% | 147 | 16.67% | 2,730 | 0.04% | | PK601 | 8206 | #N/A | #N/A | 7 | #DIV/0! | 27 | -10.00% | | 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 | 3250 | 3070 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to the recent drought in Argentina, the supply pressure has weakened. It is expected that US corn will oscillate strongly at the bottom. The supply of corn in North China has increased, and the spot price of corn is stable. The price of corn in Northeast China has declined, and the spot price is still weak in the short term. The purchase price at the northern port has dropped today. The price of wheat in North China is strong, and the price gap between Northeast corn and North China corn has widened. Recently, the market has been trading on the increased grain sales in North China before the Spring Festival. There is still selling pressure on Northeast corn later. The rebound space of the corn spot price is limited. There is still room for the 03 corn contract to decline, but the decline space of the 07 corn contract is limited. The 03 starch contract is expected to oscillate weakly in the short term [4][7][9]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: The prices of various futures contracts of corn and corn starch, including C2601, C2605, C2509, CS2601, CS2605, and CS2509, have declined. The trading volume of most contracts has increased, and the positions of some contracts have changed. For example, the trading volume of C2605 has increased by 33.44%, and the position has decreased by 2.13% [2]. - **Spot and Basis**: The spot prices of corn in different regions have changed, with some prices falling and some rising. The basis of corn and starch in different regions has also been reported. The spot prices of starch in different regions have also changed, with some prices remaining unchanged and some rising [2]. - **Price Spreads**: The price spreads of corn and starch in different periods and across varieties have changed. For example, the price spread of C01 - C05 is -11, with a change of 9; the price spread of CS01 - CS05 is -8, with a change of -5 [2]. 3.2 Market Analysis - **Corn**: The drought in Argentina has led to a rebound in the bottom of US corn, but it is still oscillating at the bottom due to global supply pressure. The import profit of foreign corn has increased. The spot price of corn in the northern port has declined, and the price in the Northeast has fallen back on the weekend. The supply in North China is relatively small, and the spot price is strong. The price gap between North China wheat and corn is still large, and corn is still cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The supply of corn in the Northeast has increased recently, and the price has dropped. The port inventory is low, and the purchase price at the northern port has declined today. The 03 contract is oscillating and falling back, and the spot basis is strengthening. The market is currently concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the inventory building of downstream enterprises [4][7]. - **Starch**: The number of vehicles arriving at deep - processing plants in Shandong has increased, and the spot price of corn in Shandong is stable. The spot price of starch in Northeast China is stable. The inventory of corn starch has decreased this week. The current starch price mainly depends on the corn price and downstream stocking. The by - product price is still strong, much higher than last year. The spot price gap between corn and starch is at a low level. The corn in North China is stable in the short term, and the Northeast corn is stable. Due to the end of pre - Spring Festival stocking, enterprises are still in a loss. The 03 starch contract is oscillating weakly following the corn. The price of North China corn has started to rise, and the starch spot price has stabilized in the short term [8]. 3.3 Trading Strategies - **Unilateral**: The 03 US corn contract is supported at 420 cents per bushel. Long positions should be continued to be established in the 07 and 05 corn contracts [10]. - **Arbitrage**: Hold a wait - and - see attitude [11]. 3.4 Corn Options - Option Strategy: Adopt a short - term cumulative put option strategy and conduct rolling operations [12]. 3.5 Relevant Attachments - The attachments include charts of the northern port's corn closing price, corn 05 contract basis, corn 5 - 9 price spread, corn starch 5 - 9 price spread, corn starch 05 contract basis, and corn starch 05 contract price spread, which visually show the price changes of relevant products over time [16][17][19][22].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 2 日 0 / 50 研究所 期货眼·日迹 | 金银：沃什被提名为联储新主席 引发金银市场风险释放 17 | | --- | | 铂钯：巨幅回撤后多空争夺剧烈 高波动行情谨慎参与 18 | | 铜：沃什提名美联储主席，铜价快速回撤 19 | | 氧化铝：震荡为主 20 | | 电解铝：警惕资金离场风险 20 | | 铸造铝合金：市场流动性收紧 铝合金随板块回调 21 | | 锌：关注市场情绪变化 22 | | 股指期货：波动不改上行趋势 4 | | --- | | 国债期货：官方 PMI 不及预期 5 | | 蛋白粕：供应总体宽松 | 盘面仍有压力 6 | | --- | --- | | 白糖：国际糖价大跌 | 预计国内价格偏弱 6 | | 油脂板块：油脂维持宽度震荡 7 | | | 玉米/玉米淀粉：北港现货回落，盘面偏弱震荡 8 | | | 生猪：供应压力好转 | 现货整体上涨 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：临近节前备货，蛋价有所上涨 10 | | | 苹果：节前走货尚可，苹果价格坚挺 11 ...

研究所 能源化工研发报告 甲醇日报 2026 年 1 月 30 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面冲高回落，最终报收 2320（-15/-0.64%）。 【交易策略】 1、单边：低多（关注中东局势） 2、现货市场：生产地，内蒙南线报价 1810 元/吨，北线报价 1770 元/吨。关中地区 报价 1850 元/吨，榆林地区报价 1780 元/吨，山西地区报价 1930 元/吨，河南地区报价 2010 元/吨。消费地，鲁南地区市场报价 2130 元/吨，鲁北报价 2150 元/吨，河北地区 报价 2000 元/吨。 西南地区，川渝地区市场报价 2040 元/吨，云贵报价 2040 元/吨。港 口，太仓市场报价 2280 元/吨，宁波报价 2290 元/吨，广州报价 2280 元/吨。 【重要资讯】 本周期(20260124-20260130）国际甲醇（除中国）产量为 760819 吨，较上周大幅减 少 12.65 吨，装置产能利用率为 52.15%，较上周大幅下降 8.67%。 【逻辑分析】 供应端，煤制甲醇利润在 320-350 元/吨附近，甲醇开工率高位稳定，国内供应持续 宽松。美金价格稳定 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: January 30, 2026 [2] IM Futures Market Overview - The closing price of CSI 1000 was 8,254.86 points, down 0.93%. The main contract of IM fell 0.84% to close at 8,260.6 points. The total trading volume of the four IM contracts was 275,842 lots, an increase of 27,861 lots from the previous day, and the total open interest was 408,840 lots, a decrease of 2,755 lots from the previous day [4]. - The main contract of IM had a premium of 5.74 points, up 8.95 points from the previous day, and the annualized basis rate was 0.51%. The dividend impacts of the four IM contracts were 0.29 points, 0.29 points, 0.29 points, and 68.05 points respectively [5]. Position Analysis - The trading volume, open interest, and changes of major seats in IM2602, IM2603, IM2606, and IM2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [15][17][19] IF Futures Market Overview - The closing price of CSI 300 was 4,706.34 points, down 1.00%. The main contract of IF fell 1.32% to close at 4,711 points. The total trading volume of the four IF contracts was 179,201 lots, an increase of 19,397 lots from the previous day, and the total open interest was 332,644 lots, an increase of 9,087 lots from the previous day [20][21]. - The main contract of IF had a premium of 4.66 points, down 25.47 points from the previous day, and the annualized basis rate was 0.72%. The dividend impacts of the four IF contracts were 3.69 points, 3.72 points, 3.72 points, and 89.63 points respectively [21]. Position Analysis - The trading volume, open interest, and changes of major seats in IF2602, IF2603, IF2606, and IF2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [34][36][38] IC Futures Market Overview - The closing price of CSI 500 was 8,370.52 points, down 1.73%. The main contract of IC fell 2.07% to close at 8,362.4 points. The total trading volume of the four IC contracts was 248,185 lots, an increase of 43,907 lots from the previous day, and the total open interest was 349,459 lots, a decrease of 4,373 lots from the previous day [40][41]. - The main contract of IC had a discount of 8.12 points, down 7.88 points from the previous day, and the annualized basis rate was -0.71%. The dividend impacts of the four IC contracts were 0.44 points, 0.44 points, 0.44 points, and 98.36 points respectively [41]. Position Analysis - The trading volume, open interest, and changes of major seats in IC2602, IC2603, IC2606, and IC2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [53][55][57] IH Futures Market Overview - The closing price of SSE 50 was 3,066.50 points, down 1.43%. The main contract of IH fell 1.64% to close at 3,074 points. The total trading volume of the four IH contracts was 77,049 lots, a decrease of 8,823 lots from the previous day, and the total open interest was 122,366 lots, a decrease of 5,863 lots from the previous day [59]. - The main contract of IH had a premium of 7.5 points, down 11.99 points from the previous day, and the annualized basis rate was 1.78%. The dividend impacts of the four IH contracts were 4.95 points, 4.95 points, 4.95 points, and 71.63 points respectively [60]. Position Analysis - The trading volume, open interest, and changes of major seats in IH2602, IH2603, and IH2606 contracts were detailed, including information on top 5, top 10, and top 20 seats [73][76][78]

聚酯产业链期货周报 研究员：温健翔 从业资格证号： F03118724 投资咨询资格证号： Z0022792 目录 第一章 综合分析与交易策略 2 第二章 核心逻辑分析 5 | | | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 目录 第一章 综合分析与交易策略 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 3 GALAXY FUTURES | 综合分析与交易策略 | | | | --- | --- | --- | | 品种 | 逻辑分析 | 交易策略 | | | 外盘中东一套82万吨PX装置1月按计划停车检修40-50天左右。 ...

能源化工研发报告 大宗商品研究 尿素日报 2026 年 1 月 30 日 尿素日报 【市场回顾】 1、 期货市场：尿素期货大幅下挫，最终报收 1790（-24/-1.32%）。 2、现货市场：出厂价坚挺，收单转弱，河南出厂报 1710-1720 元/吨，山东小颗粒 出厂报 1740-1760 元/吨，河北小颗粒出厂 1750-1760 元/吨，山西中小颗粒出厂报 1650-1670 元/吨，安徽小颗粒出厂报 1740-1750 元/吨，内蒙出厂报 1590-1630 元/吨。 【重要资讯】 【尿素】1 月 30 日，尿素行业日产 21.11 万吨，较上一工作日持平；较去年同期增 加 1.63 万吨；今日开工率 89.66%，较去年同期 87.01%回升 2.65%。 【逻辑分析】 主流地区出厂价窄幅波动，市场情绪平稳，成交尚可，厂家收单跟进。山东地区主 流出厂报价坚挺，市场情绪表现亢奋，工业复合肥开工率提升，原料库存充裕，成品库 存偏高，基层订单稀少，刚需补货为主，农业刚需采购，贸易商开始出货，新单成交转 弱，省内尿素厂收单零星，但待发充裕，预计出厂报价坚挺为主；河南地区市场情绪尚 可，出厂报价明稳暗降，贸易 ...