研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 3 日星期二 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | | | | 钢材: | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周一螺纹热卷收跌。夜盘收跌。 | | | | | 【重要资讯】 | | | | | 1、九部门印发《2026"乐购新春"春节特别活动方案》 ...

1. Report Industry Investment Rating - No relevant information found 2. Core Viewpoints of the Report - The main contract of Zhengzhou sugar futures continued to fluctuate overnight, with an oversupply situation remaining unchanged. It is expected to maintain a volatile trend in the short - term due to the seasonal increase in sugar supply during the peak crushing season of southern sugar mills, unexpected high imports in December, and weak spot - market price and pre - holiday consumption [4]. - The main contract of Zhengzhou cotton futures oscillated strongly overnight and maintained an overall strong trend. Driven by long - position funds and a weakening US dollar, both US cotton and Zhengzhou cotton rose with increased trading volume. Although the pre - holiday replenishment of downstream textile mills provides some support and spot sales are smooth, the follow - up demand support needs to be observed as the replenishment is approaching the end [4]. 3. Summary by Related Contents Futures Market - **Price and Volume Information**: For sugar futures contracts (2609, 2605, 2603), prices decreased with declines of - 0.80%, - 0.78%, - 0.57% respectively compared to the previous two days. For 11 - number sugar futures contracts (2603, 2607, 2605), the price of 2603 remained unchanged, while 2607 and 2605 decreased by - 0.43% and - 0.42% respectively. There were also changes in持仓 volume and trading volume, with some contracts seeing an increase and others a decrease [1]. - **Price Difference Information**: The present values of price differences between different sugar futures contracts and 11 - number sugar futures contracts have changed compared to the previous values [1]. Spot Market - **Sugar Spot Price**: The current spot prices of white sugar in Liuzhou and Kunming are 5360 and 5175 respectively, showing a decrease compared to the previous values. The basis values in different regions also changed [1]. - **Sugar Import Price**: Import prices from Brazil and Thailand, both within and outside the quota, decreased compared to the previous values. The differences between futures prices and Thai sugar prices also slightly decreased [1]. Inventory and Position - The current sugar warehouse receipts are 14069, with an effective prediction of 197, and the total of warehouse receipts and predictions is 14266. The non - commercial long and short positions of ICE 11 - number sugar and their ratio also changed compared to the previous values [1]. Industry News - **Import Forecast**: The Ministry of Commerce reported that the forecasted arrival of out - of - quota raw sugar in January was 0 tons [2]. - **Brazilian Shipping Data**: As of the week ending January 28, the number of ships waiting to load sugar at Brazilian ports increased to 54, and the quantity of sugar waiting to be shipped was 178.26 million tons, with 163.03 million tons being high - grade raw sugar. The waiting sugar quantities at Santos and Paranagua ports were also reported [2]. - **Brazilian Production Forecast**: StoneX predicted that the sugar production in the central - southern region of Brazil in the 2026/27 season would be 40.7 million tons, a decrease of 0.8 million tons from the previous forecast, while ethanol production is expected to be 36.5 billion liters, an increase of 0.4 billion liters [2]. - **Indian Production Data**: As of January 31, 2026, the sugar production in India's 2025/26 season reached 19.503 million tons, a 18.35% increase compared to the same period last year. The number of operating sugar mills also increased. Different states in India showed varying degrees of production growth. Also, 18 sugar mills had stopped operating, and relevant data on cane crushing and sugar production were reported [3].

研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 | 【行情复盘】 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 昨日焦煤主力合约 | Jm2605 | 收于 | 1141.5 | 元/吨，环比日盘开盘下跌 | 1.21%；焦炭主力合约 | J2605收于 | 1680.5 | 元/吨，环比日盘开盘下跌 | 2.38%。昨日夜盘，焦煤主力合约收于 | 1175.0 | | | | | | | | | | | | 元/吨，环比日盘收盘上涨 | 2.93%，焦炭主力合约收于 | 1729.0 | 元/吨，环比日盘收盘上涨 | 2.89%。 | | | | | | | | | | | | | | | | | | 【重要资讯】 | ...

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 | ...

Morning session notice | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 昨日夜盘玉米期货震荡整理，截至夜盘收盘主力合约2603合约涨幅0.09%，收于2267 | | | | | 元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网监测数据显示昨日深加工企业收购价涨跌互现。东北地区深加工 | | | | | 企业收购价2177元/吨，较上周五跌13元/吨；华北地区企业收购均价2306元/吨，较 | | | | | 上周五涨13元/吨。 | | | | | 2、中国粮油商务网监测数据显示昨日南北港口北弱南稳。锦州港15%水二等玉米收 | | | | | 购价2280-2290元/吨，较上周五跌10元/吨；蛇口港玉米成交价2410元/吨，较上周 | | | | | 五持平。 | | | 玉米 | 区间 | 3、仓单方面，大商所数据显示截至2月2日，玉米期货仓单数量较前一交易日增减0 | | | | | 手，累计54881手。 | | | | | 4、售粮进度 ...

研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 3 日星期二 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘主力合约期货 BZ2603 价格下跌 126 元至 5991 元/吨，华东主流地区现货价 格 5990 元/吨（环比-210），山东地区现货价格 6135 元/吨（环比-40）。持仓方面， 多头减少 1504 手至 2.2 万手，空头减少 1642 手至 2.41 万手。 【重要资讯】 | | - ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 3 日星期二 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 重要事项: | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘瓶片主力价格下跌 88 元至 6084 元/吨。华东水瓶级瓶片价格 6170 元/吨 （-150），华南瓶片价格 6250 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited. It is estimated that soybeans will continue to fluctuate [1] - Corn is expected to have wide - range fluctuations before the Spring Festival. If there is a large decline, consider buying on dips [1] - There is no obvious short - term driver for eggs. Due to a slight improvement in the marginal inventory compared to the second half of last year, it is not recommended to be overly bearish [2] - The darkest time for pigs around the Spring Festival has passed. Subsequently, attention should be paid to the regulation of sows to build a supply - demand balance sheet for the far - month period [4] Group 3: Summary by Related Categories Soybeans - In the Northeast soybean producing area, the spot market for low - protein soybeans is stable. The supply of high - protein soybeans is tight with the feature of high - quality and high - price. The price of 39% protein - content commercial soybeans in some areas is around 2.2 yuan per catty [1] - On February 2, 2026, at 14:00, China Grain Reserves Corporation planned to auction 60,608 tons of soybeans, all of which were sold. The reserve price was 4,050 yuan per ton, the average transaction price was 4,298 yuan per ton, and the premium was 210 - 310 yuan per ton [1] Corn - In the Northeast production area, after entering the twelfth lunar month, farmers' attitude of holding prices has loosened slightly, and the amount of corn on the market has improved slightly. In terms of demand, there is a rigid demand for stocking before the Spring Festival in the feed and deep - processing industries, but due to the relatively high price of dry corn, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days [1] Eggs - The current inventory of laying hens is still at a relatively high level in recent years. The old - hen culling rate has slowed down, and new - laying hens are gradually entering the market, resulting in the overall production capacity remaining high [2] Pigs - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%. It was 101.6% of the normal reserve. The national pig slaughter in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. The national pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% [2] - With the arrival of the Spring Festival in February, the pressure on the breeding side to sell pigs may be temporarily reduced. The supply of pigs is expected to decrease significantly. The pre - festival stocking provides short - term support, but the demand will decline after the Spring Festival [3] - In 2025, pig - related enterprises generally declined, with most enterprises suffering heavy losses and their stock prices falling sharply, which also had a certain pessimistic impact on the commodities [3]

3，基差：期货贴水现货 142 元/吨。基差仍然较大，有一定支撑。盘面 冬储有一定性价比。 二、基本面数据 【冠通期货研究报告】 螺纹日报：增仓下跌 发布日期：2026 年 2 月 2 日 一、市场行情回顾 1，期货价格：螺纹钢主力合约周一持仓量增仓 49987 手，成交量相比上 一交易日缩量，成交量 1134404 手。日均线来看跌破短期 5 日均线，中期 30 日 均线，最低 3093，最高 3139，收于 3098 元/吨，下跌 49 元/吨，跌幅 1.56%。 2，现货价格：主流地区上螺纹钢现货 HRB400E 20mm 报价 3240 元/吨， 相比上一交易日下跌 10 元。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 53.72 万吨，厂家库存压力同比大幅缓解，社库同比大降，社库压力同比减 轻。给到价格支撑。 ■宏观面：央行释放适度宽松信号，财政部强调支出力度只增不减， 但房地产需求拖累，宏观来说增量需求相对有限，但宽松周期相对起到支 撑，需求上限决定压力。 1，供需情况： 供应端：截至 1 月 29 日当周，螺纹钢产量环比上升 0.28 万吨至 1 ...

【冠通期货研究报告】 纯碱日报：短期震荡 发布日期：2026 年 2 月 2 日 一、市场行情回顾 1，期货市场：纯碱主力今日低开，走势震荡偏强。120 分钟布林带走缩口喇 叭，短期震荡信号，盘中压力关注布林带上轨附近，短线支撑关注布林带中轨附 近。成交量较昨日增 38.9 万手，持仓量较昨日减 24564 手；日内最高 1235，最 低 1192，收盘 1203，（较昨结算价）跌 8 元/吨，跌幅 0.66%。 2，现货市场：弱稳维持。企业装置大稳小动，南方碱业停车检修，江苏井 神恢复运行，综合供应微幅下移。下游企业采购积极性不佳，保持低价补库成交。 3，基差：华北重碱现货价格 1250，基差 47 元/吨。 二、基本面数据 供应方面，截止 1 月 29 日，国内纯碱产量 78.31 万吨，环比增加 1.14 万 吨，涨幅 1.47%。其中，轻碱产量 36.20 万吨，环比增加 0.32 万吨；重碱产量 42.11 万吨，环比增加 0.82 万吨。综合产能利用率 84.19%，上周 86.42%，环比 下降 2.23%。其中氨碱产能利用率 88.99%，环比增加 1.30%；联产产能利用率 74.65%，环 ...