豆一：豆类市场情绪好转，或跟随反弹震荡，豆粕：元首电话提振情绪，或跟随美豆上涨

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The sentiment in the soybean and soybean meal markets has improved. Soybean meal may follow the upward trend of US soybeans, and soybeans may rebound and fluctuate. The positive remarks from the phone call between leaders have boosted market sentiment [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2605 closed at 4375 yuan/ton during the day session, down 31 yuan (-0.70%), and 4398 yuan/ton at night, up 13 yuan (+0.30%); DCE soybean meal 2605 closed at 2723 yuan/ton during the day session, down 13 yuan (-0.48%), and 2731 yuan/ton at night, up 6 yuan (+0.22%); CBOT soybean 03 closed at 1092 cents/bushel, up 25.25 cents (+2.37%); CBOT soybean meal 03 closed at 296.4 dollars/short ton, up 4.3 dollars (+1.47%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) is 3020 - 3100 yuan/ton, down 50 - 20 yuan compared to the previous day; in East China, it is 3010 - 3100 yuan/ton, down 20 yuan to flat; in South China, it is 3030 - 3160 yuan/ton, down 40 yuan to flat [1]. - Industrial Data: The trading volume of soybean meal was 23.68 million tons per day, and the inventory was 89.95 million tons per week [1]. 3.2 Macro and Industry News - On February 4, 2026, CBOT soybean futures closed higher, reaching a two - month high, mainly influenced by US President Donald Trump's remarks that China would buy more US soybeans. China has confirmed additional purchases, and as of the end of January, China had purchased about 12 million tons of US soybeans. However, during the Spring Festival starting from February 15, China may only be interested in Brazilian soybeans. A survey shows that half of the farmers' business conditions are worse than last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is +2, and that of soybeans is +1, indicating the price fluctuation of the main contract during the day session on the reporting day [3].