1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The supply pressure of US corn is weakening, and it is expected to fluctuate strongly at the bottom. The supply of domestic corn is stable, but there is still a risk of price decline due to the seasonal selling pressure in Northeast China. The price of starch is mainly affected by the price of corn and downstream stocking. The inventory of corn starch has decreased, and the price is expected to stabilize in the short term [4][7][8]. - The trading strategy suggests going short on 03 corn and going long on 07 and 05 corn at low prices. An arbitrage strategy of 3 - 7 corn reverse spread is also recommended. For options, a short - term cumulative put strategy with rolling operations is proposed [9][10][11]. 3. Summary by Directory 3.1 Data - **Futures Market**: The closing prices of corn and corn starch futures contracts show different trends. For example, C2601 closed at 2257 with a 0.13% increase, and CS2605 closed at 2577 with a 0.19% increase. The trading volume and open interest of each contract also changed. For instance, the trading volume of C2601 increased by 61.30%, and that of C2605 decreased by 16.07% [2]. - **Spot and Basis**: The spot prices of corn and starch in different regions are stable, with no price changes on the day. The basis of corn and starch in various regions shows different values. For example, the basis of corn in Qinggang is - 164, and the basis of starch in Longfeng is 153 [2]. - **Spread**: The spreads of corn and starch in different periods and between different varieties also changed. For example, the spread of C01 - C05 is - 14 with a 2 - point increase, and the spread of CS09 - C09 is 302 with a 2 - point decrease [2]. 3.2 Market Analysis - **Corn**: The US corn is rebounding from the bottom but still fluctuating at a low level. The import profit of foreign corn has increased. The spot price of corn in Northeast China is falling, while that in North China is stable. The price difference between North China and Northeast China is expanding. The demand for domestic breeding is stable, and the inventory of downstream feed enterprises is increasing. The market is concerned about the seasonal selling pressure of corn in Northeast China before the Spring Festival and the inventory - building situation of downstream enterprises [4][7]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has increased, and the spot price of corn in Shandong is stable. The inventory of corn starch has decreased, with the current inventory at 99.5 million tons, a decrease of 3.3 million tons from last week, a monthly decrease of 3.2%, and a year - on - year decrease of 24.9%. The price of starch is mainly affected by the price of corn and downstream stocking. The price difference between corn and starch is at a low level. The 03 starch contract is fluctuating at the bottom following the trend of corn [8]. 3.3 Trading Strategy - **Unilateral Trading**: There is support for 03 US corn at 420 cents per bushel. It is recommended to go long on 07 and 05 corn at low prices [10]. - **Arbitrage**: A 3 - 7 corn reverse spread is recommended [11]. - **Options Strategy**: A short - term cumulative put strategy with rolling operations is proposed [12]. 3.4 Corn Options - On February 4, 2026, the closing price of the C2605 - P - 2240.DCE option contract was 24.50, and the closing price of the C2603 - P - 2200.DCE option contract was 3.50 [14]. 3.5 Related Attachments - The attachments include six figures, showing the North 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, respectively [16][17][22].

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: February 4, 2026 [2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 8207.12, down 0.02%. The total trading volume of the four IM contracts was 228,364 lots, a decrease of 29,272 lots from the previous day. The total open interest was 403,522 lots, a decrease of 1,996 lots from the previous day. The main contract (IM2603) rose 0.15% to close at 8203.4 points [4][5]. 2.2 Basis and Other Indicators - The main contract was at a discount of 3.72 points, up 22.38 points from the previous day. The annualized basis rate was -0.37%. The dividend impacts of the four contracts were 0.43 points, 0.43 points, 0.43 points, and 66.37 points respectively [5]. 2.3 Main Seats' Positions - In IM2602, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 51,839 lots. In terms of long positions, Guotai Junan (on behalf of clients) led with 26,265 lots, and in terms of short positions, CITIC Futures (on behalf of clients) led with 38,087 lots [17]. 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4698.68, up 0.83%. The total trading volume of the four IF contracts was 110,945 lots, a decrease of 30,840 lots from the previous day. The total open interest was 293,610 lots, a decrease of 17,434 lots from the previous day. The main contract (IF2603) rose 0.91% to close at 4693.6 points [22][23]. 3.2 Basis and Other Indicators - The main contract was at a discount of 5.08 points, up 2.03 points from the previous day. The annualized basis rate was -0.88%. The dividend impacts of the four contracts were 3 points, 3.01 points, 3.01 points, and 85.62 points respectively [23]. 3.3 Main Seats' Positions - In IF2602, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 9,320 lots. In terms of long positions, Guotai Junan (on behalf of clients) led with 6,208 lots, and in terms of short positions, Guotai Junan (on behalf of clients) led with 5,250 lots [35]. 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 8299.06, up 0.15%. The total trading volume of the four IC contracts was 181,396 lots, a decrease of 40,050 lots from the previous day. The total open interest was 317,833 lots, a decrease of 9,331 lots from the previous day. The main contract (IC2603) rose 0.49% to close at 8313.6 points [40][41]. 4.2 Basis and Other Indicators - The main contract was at a premium of 14.54 points, up 19.24 points from the previous day. The annualized basis rate was 1.42%. The dividend impacts of the four contracts were 0.38 points, 0.38 points, 0.38 points, and 94.32 points respectively [41]. 4.3 Main Seats' Positions - In IC2602, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 39,165 lots. In terms of long positions, Guotai Junan (on behalf of clients) led with 21,985 lots, and in terms of short positions, CITIC Futures (on behalf of clients) led with 25,059 lots [53]. 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 3069.24, up 1.14%. The total trading volume of the four IH contracts was 52,728 lots, a decrease of 11,206 lots from the previous day. The total open interest was 106,564 lots, a decrease of 7,941 lots from the previous day. The main contract (IH2603) rose 1.39% to close at 3071.8 points [59]. 5.2 Basis and Other Indicators - The main contract was at a premium of 2.56 points, up 4.14 points from the previous day. The annualized basis rate was 0.68%. The dividend impacts of the four contracts were 4.38 points, 4.38 points, 4.38 points, and 67.54 points respectively [60]. 5.3 Main Seats' Positions - In IH2602, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 10,930 lots. In terms of long positions, Guotai Junan (on behalf of clients) led with 6,748 lots, and in terms of short positions, GF Futures (on behalf of clients) led with 11,495 lots [72].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 4 日 0 / 46 研究所 期货眼·日迹 | | | | 蛋白粕：供应压力较大 | 盘面大幅下行 5 | | --- | --- | | 白糖：国际糖价大涨 | 国内糖价小幅上调 5 | | 油脂板块：美国 | 45z 拟议规则出台，带动油脂上涨较多 6 | | 玉米/玉米淀粉：北港现货偏弱，盘面偏弱震荡 7 | | | 生猪：出栏压力增加 | 现货整体下行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 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 | | 钢材：需求边际转弱，钢价跟随市场情绪延续震荡 13 | | --- | | 双焦：基本面权重降低，资金扰动加大 13 | | 铁矿：市场预期反复，矿价偏弱运行 14 | | 铁合金：恐慌情绪有所缓和，仍可作为多头配置 15 | | 金银：金银市场回暖，节前风控仍是主线 16 | | --- | | 铂钯：风险释放后行情企稳 贵金属谨慎参与低多机会 1 ...

研究所 农产品研发报告 生猪日报 2026 年 2 月 3 日 【生猪日报】供应压力增加 现货整体下行 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 12.54 12.89 -0.35 山西（-100） 12.60 12.84 -0.24 湖北（0） 12.33 12.46 -0.13 辽宁（-300） 12.59 12.85 -0.26 安徽（200） 12.81 13.04 -0.23 吉林（-300） 12.43 12.67 -0.24 湖南（100） 12.36 12.30 0.06 黑龙江 12.47 12.60 -0.13 四川（-100） 11.86 11.94 -0.08 福建（500） 12.71 12.64 0.07 江西（100） 12.37 12.37 0.00 广东（500） 12.41 12.40 0.01 山东（200） 12.72 12.97 -0.25 广西(-200) 12.48 12.43 0.05 江苏（500） 12.83 13.04 -0.21 云南（-600） 11.74 11.74 0 河北（100） 12.76 13.02 -0.26 贵州（-3 ...

Group 1: Market Information - Spot prices: Shanghai Zhongtian rebar is 3200 yuan, Beijing Jingye rebar is 3140 yuan, Shanghai Angang hot-rolled coil is 3260 yuan, and Tianjin Hegang hot-rolled coil is 3160 yuan (down 1 yuan) [5] Group 2: Market Analysis Core View - Steel prices are expected to remain range-bound before the Spring Festival, lacking fundamental drivers and following macro sentiment. After the festival, steel prices will still face pressure [6] Market Conditions - Steel futures showed a weak and volatile trend today, and spot trading was generally weak. Rebar has basically entered the holiday mode, and hot-rolled coil trading was also weak with narrowed price fluctuations [6] - Last week, the output of the five major steel products increased rapidly, with hot-rolled coil increasing faster than rebar. The total steel inventory increased at an accelerated pace, with rebar inventory increasing and hot-rolled coil still decreasing. The overall social inventory pressure is greater than the factory inventory [6] - Recently, the weather has turned cold, and downstream construction sites have gradually shut down, leading to a decline in building material demand [6] - Steel exports have declined recently, but there is still a demand for inventory replenishment in the manufacturing industry before the Spring Festival. The demand for hot-rolled coil is still growing, better than the same period last year, and the pre-holiday demand performance is acceptable [6] - For raw materials, there is still a rigid demand for inventory replenishment from steel mills, providing cost support. However, steel mills will start maintenance in February, and the fundamental logic may gradually shift from inventory replenishment to winter storage. The winter demand will decline marginally, and the inventory will continue to accumulate, which also affects the upward space of steel prices [6] Trading Strategies - Unilateral: Maintain a weak and volatile trend [7] - Arbitrage: It is recommended to short the hot-rolled coil to coking coal ratio on rallies and continue to hold the short position in the hot-rolled coil to rebar spread [7] - Options: It is recommended to wait and see [8] Important News - The US ISM manufacturing PMI in January was 52.6, the highest since August 2022 [9] - On the morning of January 31st, the first batch of 88 cars of Simandou iron ore from Guinea in West Africa arrived at Xingang Yangfang Station. As of February 2nd, a total of 20,000 tons of Simandou iron ore had arrived at Xingang. This batch of iron ore comes from the first shipment of 200,000 tons of high-grade iron ore after the commissioning of the Simandou Iron Mine [9][10] Group 3: Related Attachments - The report provides multiple charts, including the base price of rebar and hot-rolled coil contracts, price spreads, and profit charts [11][14][16][18]

研究所 农产品研发报告 白糖日报 2026 年 2 月 3 日 白糖日报 第一部分 数据分析 第二部分 行情研判 【重要资讯】 1. Covrig Analytics 首席农业分析师 Claudiu Covrig 表示，2026/27 年度全球糖过剩量预计 将缩减至 140 万吨低于 2025/26 年度的 470 万吨。Covrig 在迪拜糖业会议上指出，全球产量 预计将下降 1.3%至 1.916 亿吨，而消费量则有望增长 0.5%至 1.903 亿吨。 | 白糖数据日报 | | | | | | | | 2026/2/3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 5,177 | -45 | -0.86% | 39,742 | 6672 | 116,173 | 4915 | | SR01 | | 5,280 | -43 | -0.81% | 349 | 83 | 1 ...

农产品日报 2024 年 02 月 03 日 研究员：刘倩楠 期货从业证号： F3013727 研究所 农产品研发报告 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日价 | 涨跌 | 指标 | 今日价格 | 下一工作日价 | 涨跌 | | 相 | | | | | | 成 | | | 富士苹果价格指数 | 108.44 | 108.53 | -0.09 | 洛川半商品纸袋70 | 4.20 | 4.20 | 0.00 | | 栖霞 一、二级纸袋 80 | 4.00 | 4.10 | -0.10 | 沂源纸袋70 | 2.50 | 2.50 | 0.00 | | 蓬莱 一、二级纸袋 80 | 4.10 | 4.25 | -0.15 | 6种水果平均批发价 | 7.93 | 7.88 | 0.05 | | 期货价格 | | | | | | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of cotton remain strong with upward potential in the long - run. It is recommended to build long positions on dips. In the short - term, ICE cotton and Zhengzhou cotton are likely to trade in a range [6][7] Group 3: Summary by Relevant Sections 1. Market Information - **Futures Market**: For cotton futures, CF01 closed at 15190 with a 75 - point increase, CF05 at 14650 (+75), and CF09 at 14780 (+95). For cotton yarn futures, CY01 closed at 20250 (unchanged), CY05 at 20495 (+35), and CY09 at 20750 (+245). Trading volumes and open interest showed various changes [2] - **Spot Market**: CCIndex3128B was at 15987 yuan/ton, down 196; Cot A was at 73.95 cents/pound. Different yarn and fiber prices had different changes, with some remaining stable [2] - **Spreads**: Cotton and cotton yarn inter - month spreads and cross - variety spreads also changed. For example, the 1 - 5 month spread of cotton was 540 (unchanged) [2] 2. Market News and Views - **Cotton Market News** - As of January 31, 2026, Brazil's 2025/26 cotton planting was 78.6% complete, 18 percentage points higher month - on - month and 22.5 percentage points faster year - on - year [4] - As of January 30, 2026, the cumulative inspection of U.S. upland and Pima cotton was 296.18 million tons, accounting for 97.7% of the estimated annual output, 6% slower year - on - year [4] - As of February 1, the national cotton notarized inspection volume was 727.4 million tons, up 13.8% year - on - year, with Xinjiang accounting for 717.8 million tons (up 14.1%) and the inland area 9.6 million tons (down 5.7%) [5] - **Trading Logic**: There are news that Xinjiang's cotton planting area is expected to decrease by 266 million mu in 2026, a 7% reduction. However, several textile projects in Xinjiang are expected to boost cotton consumption, so the cotton fundamentals are strong [6] - **Trading Strategy** - **Single - sided**: ICE cotton and Zhengzhou cotton are expected to trade in a range in the short - term. Consider building long positions on dips [7] - **Arbitrage**: Hold a wait - and - see attitude [7] - **Options**: Hold a wait - and - see attitude [8] - **Cotton Yarn Industry News** - Market trading has weakened, with traders and some fabric mills restocking on a small scale. Yarn mills' quotes are basically stable, while traders' quotes are slightly weak [9] - As the Spring Festival approaches, cotton fabric mills have fewer new orders, lower operating rates, and high finished - product inventories. Cotton fabric prices are expected to be stable in the short - term [9] 3. Options - The 60 - day HV of cotton was 9.2812 yesterday, with slightly increased volatility. The implied volatilities of different options were provided. The PCR of the main contract of Zhengzhou cotton decreased in both open interest and trading volume [10] - Recommend a wait - and - see attitude for options [11] 4. Relevant Attachments - The report provides multiple charts, including the 1% tariff - based domestic and international cotton price spread, cotton basis for different months, and spreads between cotton yarn and cotton futures contracts [13][16][20][21]

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Near the Spring Festival, the overall demand for egg spot has been good recently, with spot prices rising. The profit situation is favorable, leading to a decrease in market culling enthusiasm. Considering that the egg consumption season will enter a slack period after the Spring Festival, although the inventory situation has improved, the overall reduction has weakened due to the recent good egg prices. It is advisable to short the June contract on rallies [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures prices of JD01, JD05, and JD09 remained unchanged from the previous trading day, with closing prices of 3683, 3445, and 3882 respectively. The spreads between different months also remained stable, such as 01 - 05 at 238, 05 - 09 at -437, and 09 - 01 at 199. The ratios of egg to corn and egg to soybean meal for different contracts also showed no change [2]. 3.2 Spot Market - The average price of eggs in the main production areas was 3.63 yuan/jin, a decrease of 0.08 yuan/jin from the previous trading day, and the average price in the main sales areas was 3.86 yuan/jin, a decrease of 0.13 yuan/jin. The national mainstream egg prices continued to decline, with prices in various regions such as Beijing, Northeast China, and Shandong mostly falling. The average price of culled chickens in the main production areas was 4.38 yuan/jin, a decrease of 0.05 yuan/jin from the previous trading day [2][4]. 3.3 Fundamental Information - In December, the national laying - hen inventory was 1.344 billion, a decrease of 0.08 billion from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of laying - hen chicks in sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9%. From January 16th, the weekly culling volume of laying hens in the main production areas was about 17.33 million, with little change from the previous week, and the average culling age was 485 days, an increase of 1 day from the previous week. As of January 16th, the weekly egg sales volume in representative sales areas was 7391 tons, a decrease of 2.6% from the previous week, at a historical low. As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 yuan from the previous week, and the expected profit of egg - laying chicken farming on January 9th was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreased from the previous week [5][6]. 3.4 Trading Logic - Near the Spring Festival, the overall demand for egg spot is good, with prices rising. The profit situation is favorable, and the culling enthusiasm has decreased. The culling volume of laying hens in the main production areas from January 23rd was 16.27 million, a decrease of 5% from the previous week, and the average culling age was 490 days, an increase of 5 days from the previous week. Considering the post - Spring Festival egg consumption slack period, it is advisable to short the June contract on rallies [8]. 3.5 Trading Strategies - Unilateral: Consider shorting the June contract on rallies. - Arbitrage: It is recommended to wait and see. - Options: It is recommended to wait and see [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Not provided in the content 3. Summary by Relevant Catalog Futures Prices - DCE01 decreased from 753.5 to 749.0, a drop of 4.5; DCE05 decreased from 783.0 to 777.5, a drop of 5.5; DCE09 decreased from 766.0 to 760.0, a drop of 6.0 [2] - I01 - I05 increased from -29.5 to -28.5, a rise of 1.0; I05 - I09 increased from 17.0 to 17.5, a rise of 0.5; I09 - I01 decreased from 12.5 to 11.0, a drop of 1.5 [2] Spot Prices - Most spot iron ore prices decreased, such as PB powder (60.8%) dropped from 790 to 783, a decrease of 7; Newman powder dropped from 790 to 783, a decrease of 7; etc [2] - The optimal delivery product is Carajás fines, with a price of 825, 01 - contract factory - warehouse basis of 64, 05 - contract factory - warehouse basis of 34, and 09 - contract factory - warehouse basis of 51 [2] Spot Variety Spreads - Some spreads increased, like Carajás fines - PB powder spread increased from 90 to 92, a rise of 2; Newman powder - Jinbuba powder spread increased from 47 to 48, a rise of 1 [2] Import Profits - Import profits of some varieties changed, such as Carajás fines' import profit decreased from -1 to -7, a decrease of 6; Newman powder's import profit increased from 50 to 51, a rise of 1 [2] Index Prices - The Platts 61% iron ore price decreased from 103.2 to 102.4, a decrease of 0.8; the Platts 65% iron ore price decreased from 118.7 to 118.4, a decrease of 0.3; the Platts 58% iron ore price decreased from 95.2 to 94.1, a decrease of 1.1 [2][4] 内外盘美金价差 - SGX main - DCE01 decreased from 8.4 to 4.6, a decrease of 3.9; SGX main - DCE05 decreased from 4.4 to 0.8, a decrease of 3.6; SGX main - DCE09 decreased from 6.8 to 3.0, a decrease of 3.9 [2][4]