| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1105.760 | -35.9↓ 沪银主力合约收盘价（日，元/千克） | 20255 | -3256.00↓ | | | 主力合约持仓量:沪金(日,手) | 172,503.00 | -6041.00↓ 主力合约持仓量:沪银(日,手) | 9,766.00 | -1268.00↓ | | | 主力合约成交量:沪金 | | 631,419.00 +168701.00↑ 主力合约成交量:沪银 | 1,653,202.00 | +709989.00↑ | | | 仓单数量:沪金(日,千克) | 104052 | 1020↑ 仓单数量:沪银(日,千克) | 412,459 | -10782↓ | | 现货市场 | 上金所黄金现货价 | 1105.47 | -34.83↓ 华通一号白银现货价 | 22,625.00 | 507.00↑ | | | 沪金主力合约基差(日,元/克) | -0.29 | 1.11 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - It is expected that Shanghai nickel will fluctuate and adjust in the short - term, and attention should be paid to the 130,000 - 140,000 yuan/ton range [4] Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai nickel was 134,430 yuan/ton, a decrease of 3,250 yuan; the price difference between the 03 - 04 contracts of Shanghai nickel was - 300 yuan/ton, a decrease of 20 yuan; LME 3 - month nickel was 17,330 US dollars/ton, a decrease of 65 US dollars; the position volume of the main contract of Shanghai nickel was 93,478 lots, a decrease of 5,975 lots; the net long position of the top 20 futures holders of Shanghai nickel was - 42,420 lots, an increase of 2,105 lots; LME nickel inventory was 286,314 tons, an increase of 786 tons; the inventory of nickel in the Shanghai Futures Exchange was 55,396 tons, an increase of 4,602 tons; the LME nickel cancelled warrants totaled 11,148 tons, unchanged; the warrant quantity of Shanghai nickel was 50,464 tons, an increase of 2,392 tons [3] 2. Spot Market - The SMM 1 nickel spot price was 139,850 yuan/ton, a decrease of 1,750 yuan; the spot average price of 1 nickel plate in the Yangtze River was 139,850 yuan/ton, a decrease of 1,950 yuan; the CIF (bill of lading) price of Shanghai electrolytic nickel was 210 US dollars/ton, unchanged; the bonded warehouse (warrant) price of Shanghai electrolytic nickel was 210 US dollars/ton, unchanged; the average price of battery - grade nickel sulfate was 33,750 yuan/ton, unchanged; the basis of the NI main contract was 5,420 yuan/ton, an increase of 1,500 yuan; the LME nickel (spot/three - month) premium was - 222 US dollars/ton, a decrease of 5.08 US dollars [3] 3. Upstream Situation - The monthly import volume of nickel ore was 199.28 million tons, a decrease of 134.67 million tons; the total port inventory of nickel ore was 1,172.34 million tons, a decrease of 56.28 million tons; the average monthly import unit price of nickel ore was 75.53 US dollars/ton, an increase of 3.36 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 US dollars/wet ton, unchanged [3] 4. Industry Situation - The monthly output of electrolytic nickel was 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel was 21,400 metal tons, a decrease of 700 metal tons [3] 5. Downstream Situation - The monthly import volume of refined nickel and alloys was 23,861.23 tons, an increase of 11,020.74 tons; the monthly output of 300 - series stainless steel was 174.72 million tons; the total weekly inventory of 300 - series stainless steel was 99.61 million tons, an increase of 10.07 million tons; the monthly import volume of ferronickel was 54.9 million tons, an increase of 0.97 million tons [3] 6. Industry News - The People's Bank of China focuses on supporting key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises; the US ADP employment data in January was significantly lower than expected, with only 22,000 new jobs added, highlighting the weakening momentum of the labor market at the beginning of the year; the US ISM services PMI index in January was 53.8, remaining at the highest level since October 2024, better than expected [3] 7. Viewpoint Summary - In the macro - aspect, the People's Bank of China focuses on supporting key areas. In the fundamental aspect, the Philippines has entered the rainy season, and the import volume of nickel ore is in a downward trend; Indonesia plans to significantly cut the RKAB quota to 250 - 260 million tons next year, but the quota for the first quarter will be postponed, and the raw material contraction is expected to be transmitted in the second quarter. In the smelting end, the production of Indonesian ferronickel remains high, and the quantity flowing back to China is expected to increase; domestic refined nickel production capacity is large, and with the recent rise in nickel prices, there is a profit space for production, and the output of refined nickel is expected to rise again. In the demand end, the profit of stainless steel plants has improved, and the production volume is expected to be high; the production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. Domestic nickel inventory is growing faster, the market mainly buys on dips, and the spot premium has declined; overseas LME inventory continues to increase, and the spot premium has been lowered. Technically, the position is stable and the price is adjusted, and the market sentiment is recovering [3] 8. Key Concerns - There is no news today [3]

沪锡产业日报 2026-02-05 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 365140 | -26940 3月-4月合约收盘价:沪锡(日,元/吨) | -230 | 220 | | | LME3个月锡(日,美元/吨) | 48360 | -1935 主力合约持仓量:沪锡(日,手) | 33927 | -1987 | | | 期货前20名净持仓:沪锡(日,手) | -6898 | 1053 LME锡:总库存(日,吨) | 7110 | 15 | | | 上期所库存:锡(周,吨) | 10468 | 748 LME锡:注销仓单(日,吨) | 360 | -5 | | 现货市场 | 上期所仓单:锡(日,吨) | 7012 | -399 | | | | | SMM1#锡现货价格(日,元/吨) | 378100 | -16950 长江有色市场1#锡现货价(日,元/吨) | 376150 | -19760 | | | 沪锡主力合约基差(日,元 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - It is expected that Shanghai zinc will undergo wide - range adjustments, and attention should be paid to the range of 24,000 - 25,000 yuan/ton. The upstream zinc mine imports are at a high level, but domestic zinc mines are in production reduction at the end of the year. Domestic smelters' competition for domestic ore procurement has intensified, processing fees at home and abroad have dropped significantly, and the profits of domestic smelters have shrunk, with production expected to continue to be restricted. The export window may close again. The downstream market is turning to the off - season, and overall demand is weak, with only some policy - supported areas like the automobile sector showing bright spots. The spot premium is at a low level, and domestic social inventory has slightly increased, while LME zinc inventory is stable. Technically, the position has decreased and the price has adjusted, with both long and short positions trading cautiously [3][4] 3. Summary by Relevant Catalogs 3.1. Futures Market - Shanghai zinc main contract closing price: 24,395 yuan/ton, down 490 yuan; 03 - 04 month contract spread: - 55 yuan/ton, down 15 yuan - LME three - month zinc quote: 3,305.5 US dollars/ton, down 17.5 US dollars - Shanghai zinc total open interest: 194,134 lots, down 6,190 lots - Shanghai zinc top 20 net open interest: 2,011 lots, down 4 lots - Shanghai zinc warehouse receipts: 0 tons, unchanged - SHFE inventory: 65,154 tons, down 7,997 tons; LME inventory: 108,200 tons, down 775 tons [3] 3.2. Spot Market - Shanghai Non - ferrous Metals Network 0 zinc spot price: 24,580 yuan/ton, down 320 yuan - Yangtze River Non - ferrous Metals Market 1 zinc spot price: 24,160 yuan/ton, down 510 yuan - ZN main contract basis: 185 yuan/ton, up 170 yuan - LME zinc cash - 3 months spread: - 22.23 US dollars/ton, up 3.66 US dollars - Kunming 50% zinc concentrate ex - works price: 21,710 yuan/ton, down 120 yuan - Shanghai 85% - 86% crushed zinc price: 16,750 yuan/ton, down 100 yuan [3] 3.3. Upstream Situation - WBMS zinc supply - demand balance: - 35,700 tons, down 14,700 tons - ILZSG zinc supply - demand balance: - 7,700 tons, down 4,900 tons - ILZSG global zinc mine production: 1.0627 million tons, down 11,900 tons - Domestic refined zinc production: 675,000 tons, up 21,000 tons - Zinc ore imports: 462,600 tons, down 53,900 tons [3] 3.4. Industry Situation - Refined zinc imports: 8,760.85 tons, down 9,469.07 tons - Refined zinc exports: 27,266.66 tons, down 15,548.89 tons - Zinc social inventory: 111,300 tons, up 4,100 tons [3] 3.5. Downstream Situation - Galvanized sheet production: 2.36 million tons, up 20,000 tons; sales: 2.36 million tons - New housing construction area: 58.76996 million square meters; housing completion area: 60.34813 million square meters, down 20.8942 million square meters - Automobile production: 3.4115 million vehicles, down 107,500 vehicles - Air - conditioner production: 21.6289 million units, up 6.6029 million units [3] 3.6. Options Market - Zinc at - the - money call option implied volatility: 31.1%, down 5.39% - Zinc at - the - money put option implied volatility: 31.1%, down 5.39% - Zinc at - the - money option 20 - day historical volatility: 0.08%; 60 - day historical volatility: 18.91%, up 0.02% [3] 3.7. Industry News - The People's Bank of China focuses on supporting key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises. - The US ADP employment data in January was significantly lower than expected, with only 22,000 new jobs added, indicating weakening momentum in the labor market at the beginning of the year. The growth was entirely driven by the education and healthcare service sectors, while many key industries such as professional business services and manufacturing experienced employment contractions. - The US ISM services PMI index in January was 53.8, remaining at the highest level since October 2024, better than expected. Business activity rebounded, but new order growth slowed down, employment hardly expanded, and the price index reached a three - month high. [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The previous replenishment was relatively low, so the current pressure of new egg - laying hens coming into production is not significant, and the egg - laying hen存栏 will still be on a downward trend. However, the current in - production egg - laying hen存栏 is still at a high level. Previously, the market had a strong stocking sentiment, leading to a significant increase in egg prices and improved profits for the farming side. This has increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for culling old hens, weakening the expectation of a decline in存栏. From the perspective of the futures market, recently affected by the decline in spot prices and the pressure of high存栏, futures prices have also weakened, adding market volatility. It is recommended to participate in the short - term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract was 2,891 yuan/500 kilograms, a decrease of 54 yuan compared to the previous period [2] - The net long position of the top 20 futures holders of eggs was - 12,067 hands, an increase of 4,231 hands [2] - The egg futures monthly price difference (5 - 9) was - 478 yuan/500 kilograms, a decrease of 11 yuan [2] - The trading volume of the active egg futures contract was 175,186 hands, a decrease of 4,404 hands [2] - The registered warehouse receipt volume of eggs was 0 hands, unchanged [2] 3.2 Spot Market - The spot price of eggs was 3.58 yuan/jin, a decrease of 0.07 yuan [2] - The basis (spot - futures) was 693 yuan/500 kilograms, a decrease of 18 yuan [2] 3.3 Upstream Situation - The national egg - laying hen存栏 index (monthly, with 2015 = 100) was 109.28, a decrease of 2.75 [2] - The national culled egg - laying hen index (monthly, with 2015 = 100) was 124.98, an increase of 23.8 [2] - The average price of egg - laying chicken chicks in the main production areas (weekly, yuan/chick) was 3.2 yuan, an increase of 0.1 yuan [2] - The national new - hatched chick index (monthly, with 2015 = 100) was 71.99, a decrease of 21.63 [2] - The average price of egg - laying chicken feed (weekly, yuan/kg) was 2.84 yuan, unchanged [2] - The breeding profit of egg - laying chickens (weekly, yuan/chicken) was 0.3 yuan, an increase of 0.19 yuan [2] - The average price of culled chickens in the main production areas (weekly, yuan/kg) was 9.44 yuan, an increase of 0.38 yuan [2] - The national average age of culled chickens (monthly, days) was 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork (daily, yuan/kg) was 18.48 yuan, an increase of 0.1 yuan [2] - The average wholesale price of 28 key - monitored vegetables (daily, yuan/kg) was 5.5 yuan, a decrease of 0.02 yuan [2] - The average wholesale price of white - striped chickens (daily, yuan/kg) was 17.23 yuan, a decrease of 0.26 yuan [2] - The weekly inventory in the circulation link (weekly, days) was 1.07 days, an increase of 0.02 days [2] - The weekly inventory in the production link (weekly, days) was 1.02 days, an increase of 0.05 days [2] - The monthly export volume of fresh eggs (monthly, tons) was 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas (weekly, tons) was 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, was 7.31 yuan/kg, a decrease of 0.01 yuan from yesterday; the average price of eggs in Hebei was 6.84 yuan/kg, a decrease of 0.22 yuan from yesterday; the average price of eggs in Guangdong was 7.00 yuan/kg, a decrease of 0.27 yuan from yesterday; the average price of eggs in Beijing was 7.60 yuan/kg, a decrease of 0.20 yuan from yesterday [2] 3.7 Key Points to Watch - There was no news today [2]

苹果产业日报 2026-02-05 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 弱运行，优质货源价格稳定。 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 9586 | -8 主力合约持仓量:苹果(日,手) | 103264 | -3575 | | | 期货前20名持仓:净买单量:苹果(日,手) ...

数据来源第三方(我的农产品网、海关总署、郑商所)，观点仅供参考，市场有风险，投资需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 8760 | -145 主力合约持仓量:红枣(日,手) | 118726 | -949 | | | 期货前20名持仓:净买单量:红枣(日,手) | -21729 | -2525 仓单数量:红枣(日,张) ...

棉花(纱)产业日报 2026-02-05 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 口棉库存约3.50万吨，其他港口库存约2.94万吨。考虑到当前长假临近，短期暂且观望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14610 | -70 棉纱主力合约收盘价(日,元/吨) | 20445 | -150 | | | 棉花期货前20名净持仓(手) | -116096 | 1788 棉 ...

不锈钢产业日报 2026-02-05 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 13810 | -15 03-04月合约价差:不锈钢(日,元/吨) | -85 | 20 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢(日,手) | -5302 | 4182 主力合约持仓量:不锈钢(日,手) | 53371 | -6449 | | | 仓单数量:不锈钢(日,吨) | 46030 | 1531 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 445 | -140 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量:精炼镍及合金(月,吨) | 23861.23 | 1102 ...

研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2026/2/5 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 132,780.00 | -14440.00↓ 前20名净持仓（日，手） | -138,102.00 | +1786.00↑ | | | 主力合约持仓量（日，手） | 329,777.00 | -30135.00↓ 近远月合约价差（日，元/吨） | 6,740. ...