投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2026 年 2 月 3 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 现实格局偏弱，钢价承压运行 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 商品情绪偏弱，黑色金属承压下行，相应的螺纹钢供需弱势运行，库存增幅扩大，螺纹产量持 续回升并至相对高位，供应压力有所增加，但春节临近短流程钢厂将减产，关注后续变化。与此同 时，螺纹钢需求表现偏弱，高频需求指标 ...

1. Report Industry Investment Rating - The report does not provide a specific investment rating for the palm oil industry. Instead, it suggests a wait - and - see approach for palm oil futures [1]. 2. Core Viewpoints - From January 26 to February 2, 2026, the palm oil futures and spot markets showed a pattern of "rising first and then adjusting, with high - level fluctuations". The core drivers were the realization of seasonal production cuts in Malaysia, the recovery of exports, and the expectation of an increase in Indonesia's export tax. Later in the week, the cooling of the macro - sentiment and profit - taking led to a price correction, but the overall strength remained unchanged [1]. - The supply side is contracting. According to SPPOMA, Malaysia's palm oil production from January 1 - 25 decreased by 14.81% month - on - month. Seasonal production cuts accelerated, and labor shortages restricted the harvesting efficiency. January's production may hit a new low for the year [1]. - The demand side is recovering. According to ITS/AmSpec, Malaysia's palm oil exports from January 1 - 25 increased by 7.97% - 9.97% month - on - month. Pre - Ramadan stocking in India and pre - purchase before the increase in Indonesia's export tax led to continuous improvement in exports [1]. - Indonesia plans to raise the special export tax from 10% to 12.5% - 15% starting from March, which is expected to force international buyers to stock up in advance and boost short - term demand expectations. However, short - term profit - taking by long - position traders on the futures market led to a rapid price decline. It is recommended to wait and see, waiting for funds to enter and the price to restart [1]. - Factors to watch include Malaysia's palm oil production and export data, as well as the repair of the soybean - palm oil price spread [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - From January 26 - 29, bulls dominated, and the price rose for three consecutive days. From January 30 to February 2, it fluctuated at a high level, encountering resistance at 9396 yuan and then falling back. Funds were mostly long but cautious [1]. - The policy expectation of Indonesia's export tax increase supports short - term demand, but short - term profit - taking led to a price drop, so it is recommended to wait and see [1]. Weekly Fundamental Data Changes - For the 5 - month (May) 24 - degree palm oil, the CNF in South China is 1100, the forward exchange rate is 6.9075, the import cost is 9107, the disk price is 9010, and the profit against the disk is - 97 [3]. - For the 9 - month (September) 24 - degree palm oil, the CNF in South China is 1115, the forward exchange rate is 6.8646, the import cost is 9174, the disk price is 8950, and the profit against the disk is - 224 [3].

投资咨询业务资格：证监许可【2012】31号 【液化石油气（LPG）投资周报】 地缘情绪僵持，PG维持高位震荡 国贸期货 能源化工研究中心 2026-2-2 国贸期货研究院：叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 国贸期货研究院（助理分析师）：施宇龙 从业资格证号：F03137502 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 本周能化大宗产品收盘价格监控 能化产品收盘价格监控 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | | 周涨跌幅 | 月涨跌幅 | 年涨跌幅 | 周价格走势 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | | 周涨跌幅 | | 月涨跌幅 | 年涨跌幅 | 周价格走势 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 美元兑人民币汇率 | 元 | 6 9678 . | -0 . | 13% | -0 ...

投资咨询业务资格：证监许可【2012】31号 【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2026-02-02 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周，我国聚乙烯产量总计在70.60万吨，较上周增加1.02%。（2）中国聚乙烯生产企业产能利用率85.35%，较上周期减少了0.68个百分点。本周期 | | | | 装置情况来看，周内上海石化、大庆石化、齐鲁石化等企业存在新增检修计划，新增检修装置虽有增加，不过多于周后期检修，存量检修装置陆续重启， | | | | 因此产能利用率环比上周减少。 | | | | （1）中国LLDPE/LDPE下游制品平均开工率较前期-0.9%。其中农膜整体开工率较前期-1.0%；PE包装膜开工率较前期-0.8%。（2）中国聚乙烯下游制品 平均开工率较前期-1.8%。其中农膜 ...

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] 2. Core View of the Report - The tin market is in a period of pullback and consolidation, with a trend strength of -1, indicating a bearish outlook [1][3] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures and Spot Data**: The closing price of the Shanghai Tin main contract yesterday was 409,000, with a daily decline of 8.32%, and the night - session closing price was 412,260, with a decline of 6.56%. The closing price of the LME Tin 3M electronic disk was 50,600, with a decline of 7.16%. The trading volume of the Shanghai Tin main contract increased by 103,163 to 468,870, and the position decreased by 8,589 to 40,079. The trading volume of the LME Tin 3M electronic disk decreased by 657 to 990, and the position increased by 360 to 25,225. The inventory of Shanghai Tin was 8,524, with no change, and the inventory of LME Tin was 7,095, also with no change. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - **Spot and Price Difference Data**: The SMM 1 tin ingot price was 428,650, a decrease of 9,950 compared to the previous day. The Yangtze River Non - ferrous 1 tin average price was 423,500, a decrease of 11,800. The LME tin (spot/three - month) premium was - 227, a decrease of 27. The spread between the near - month contract and the consecutive first contract was 212,570, a decrease of 37,180. The spread between the spot and the futures main contract was - 22,630, a decrease of 14,130 [2] - **Industrial Chain Important Price Data**: The price of 40% tin concentrate (Yunnan) was 414,650, a decrease of 9,950. The price of 60% tin concentrate (Guangxi) was 418,650, a decrease of 9,950. The price of 63A solder bar was 282,750, a decrease of 6,500. The price of 60A solder bar was 270,250, a decrease of 6,000 [2] 3.2 Macro and Industry News - BYD's new energy vehicle sales in January 2026 decreased by 30.11% year - on - year [2] - US - Russia representatives had a "fruitful and constructive" meeting in Florida, with Treasury Secretary Bessent participating [4] - Iran's Supreme Leader's advisor said that a negotiation framework with the US is gradually taking shape, contrary to the artificially created media war atmosphere [4] - Bitcoin fell below the $80,000 mark, reaching its lowest level since April last year [4]

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2026年2月2日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货16250，基差-110 偏空 3、库存：上期所库存周环比增加，同比减少；青岛地区库存周环比增加，同比增加 中性 4、盘面：20日线向上，价格20日线上运行 偏多 5、主力持仓：主力净多，多减 偏多 6、预期：市场情绪降温，节前或区间波动 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、国内经济指标偏空 • 2、贸易摩擦 • 风险点 • 世界经济衰退、国内经济增长不 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2026-02-02 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏多氛围减弱，沪胶震荡偏弱 | | 合成胶 | 2603 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏多氛围减弱，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 合成胶（BR） 日内观点：偏弱 ...

2026 年 2 月 2 日 商 品 研 究 LLDPE：进口利润缩窄递盘有限，油价支撑偏 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 7014 | -0.50% | 880853 | -9081 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -154 | | -169 | | | | 05-09合约价差 | -55 | | -55 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华北 | 6860 | | 6880 | | | | 华东 | 7000 | | 6950 | | | | 华南 | 7030 | | 7030 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货偏强，上游前期库存转移，企业报价企稳反弹，月底代理开单及中游销售较弱。裕龙 ...

摘要： 【行情复盘】 1 月玻璃主力合约价格在 1035-1171 元/吨之间运行。 截至 2026 年 1 月 30 日下午收盘，当月玻璃期货主力合约 FG2605 下跌 31 元/吨，月度涨跌-2.85%，报收 1056 元/吨。 【重点数据趋势】 1 月，浮法玻璃市场呈现下行趋势，全国浮法玻璃市场均价 1090 元/吨，环比跌 39 元/吨，跌幅 3.45%。 研究报告 玻璃月报 2026 年 1 月玻璃月度报告 | 华龙期货投资咨询部 | | | | --- | --- | --- | | 投资咨询业务资格： | | | | 证监许可【2012】1087 号 | | | | 研究员：侯帆 | | | | 期货从业资格证号：F3076451 | | | | 投资咨询资格证号：Z0019257 | | | | 电话：15117218912 | | | | 邮箱：houfan@qq.com | | | | 年 报告日期：2026 2 | 月 | 日星期一 2 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 报告日期：2026 年 2 月 2 日星期一 1 月，浮法玻璃样本企业库存呈现 ...

2026年02月02日 星期一 商品期货早班车 招商期货-期货研究报告 黄金市场 期货研究 招商评论 贵 金 属 市场表现：周五贵金属夜盘全线暴跌，黄金与白银价格均大幅下挫，其中白银跌幅尤为剧烈。 基本面：特朗普提名沃什出任美联储主席，引爆市场鹰派预期；美国联邦政府面临部分停摆，参议院拨款表 决陷入僵持；美国 12 月 PPI 同比 3%超预期，核心 PPI 环比上涨 0.7%，服务成本大幅攀升。国内黄金 ETF 大幅流入 5.9 吨，COMEX 黄金库存为 1115.8 吨，维持不变；上期所黄金库存为 103.0 吨，维持不变，SPDR 黄金 ETF 持仓为 1087.1 吨，+0.57；COMEX 白银库存为 12696.7 吨，-106.7 吨；上期所白银库存为 482 吨， -26.4 吨；iShares 白银 ETF 持仓为 15523 吨，-112.8 吨；金交所白银上周库存 504.5 吨，-1 吨；伦敦 12 月 末白银库存从 27183 吨增至 27814 吨；印度 11 月白银进口约 750 吨左右，10 月进口修正为 1898 吨。 交易策略：当前贵金属市场波动率高，黄金短期内建议多单减 ...