Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The market sentiment changes rapidly. Near the Spring Festival, funds have a need for risk aversion. This week, there was a slight inventory reduction at the Jiangsu port for pure benzene, and the demand side showed a stable performance. The export of downstream styrene was good, and the inventory of Shandong refineries was at a low level, while the downstream inventory was at a medium level. Pure benzene was in a high - level wide - range shock, and the reference range for the 03 contract was 6060 - 6350 yuan/ton. The recommended trading strategy was to wait and see [2] Group 3: Summary by Relevant Catalog 1. Market Review - On Thursday night, the price of the BZ2603 main - contract futures fell by 47 yuan to 6135 yuan/ton. The spot price in the mainstream area of East China was 6150 yuan/ton (a month - on - month decrease of 30 yuan), and the spot price in Shandong was 6165 yuan/ton (a month - on - month decrease of 13 yuan). In terms of positions, the long positions decreased by 1608 lots to 20,600 lots, and the short positions decreased by 1717 lots to 21,800 lots [2] 2. Important Information - **Supply**: In January, the domestic pure benzene production was 1.915 million tons, a year - on - year decrease of 0.8%. In December, the pure benzene import volume was 537,000 tons, a month - on - month increase of 16.8% [2] - **Inventory**: As of February 2, 2026, the total commercial inventory of the pure benzene port samples in Jiangsu was 296,000 tons, a decrease of 9,000 tons compared with the previous inventory of 305,000 tons, a month - on - month decrease of 2.95%; compared with the inventory of 155,000 tons in the same period last year, the inventory increased by 141,000 tons, a year - on - year increase of 90.97%. From January 26 to February 1, the incomplete statistics showed that the arrival volume was 0 tons and the pick - up volume was about 9,000 tons. During the period, among the statistical storage areas, 3 storage areas decreased and 4 remained stable [2] - **Demand**: The styrene operating rate was 69.2%, a month - on - month decrease of 0.35%; the phenol operating rate was 88%, unchanged from the previous month; the caprolactam operating rate was 73.6%, a month - on - month decrease of 2.5%; the aniline operating rate was 88.5%, a month - on - month increase of 0.9%; the adipic acid operating rate was 68.5%, a month - on - month decrease of 0.6%. The statistical price of pure benzene in Shandong yesterday was around 2100, with the low end at 6150 and the high end at 6180 [2] - **International Oil Price**: The US and Iran officially confirmed that they would hold talks, the market's concern about geopolitical risks eased, and the US dollar exchange rate strengthened, leading to a decline in international oil prices. The NYMEX crude oil futures 03 contract fell 1.85 dollars/barrel to 63.29 dollars/barrel, a month - on - month decrease of 2.84%; the ICE Brent crude oil futures 04 contract fell 1.91 dollars/barrel to 67.55 dollars/barrel, a month - on - month decrease of 2.75%. The China INE crude oil futures 2604 contract rose 5.2 to 467.4 yuan/barrel, and fell 3.5 to 463.9 yuan/barrel at night [2] 3. Market Logic - The market sentiment changes rapidly. Near the Spring Festival, funds have a need for risk aversion. This week, there was a slight inventory reduction at the Jiangsu port for pure benzene, and the demand side showed a stable performance. The export of downstream styrene was good, and the inventory of Shandong refineries was at a low level, while the downstream inventory was at a medium level. Pure benzene was in a high - level wide - range shock, and the reference range for the 03 contract was 6060 - 6350 yuan/ton [2] 4. Trading Strategy - The recommended trading strategy was to wait and see [2]

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 联系方式：15000295386 | 【行情复盘】 | | 板块 | 品种 | 多（空） | 推荐理由 周四夜盘瓶片主力价格下跌 20 元至 6122 元/吨。华东水瓶级瓶片价格 6235 元/吨 （-15），华南瓶片价格 6250 元/吨（-50）。持仓方面，多头持仓增加 825 手至 7.5 万手，空头持仓增加 733 手至 7.8 万手。 | | --- | --- | --- | --- | --- | --- | | 【重要资讯】 | | 能源与化 | | | 30.3 万吨，环比+0.38 万吨。 1、供应和成本利润方面，本周国内聚酯瓶片产量为 国内聚酯瓶片产能利用率周均值为 65.4%，环比+0.8%；聚酯瓶片生产成本 5662 元， 环比-151 元/吨；聚酯瓶片周生产毛利为-26 元/吨，环比+22 元/吨。 2、2025 年 12 月中国聚酯瓶片出口 58.87 万吨，较上月增加 5.57 万吨，环比+10.44%。 2025 年 1-12 月累计出口量 645.45 万吨，较去年同期增加 60 ...

Market Overview - Precious metals, including silver and gold, experienced significant declines, with silver prices dropping over 20% in a single day [1] - As of the latest updates, spot silver fell to $67 per ounce, down 5.26%, while gold dropped to $4740 per ounce, down 0.87% [1] - The CME raised initial margin requirements for silver and gold futures, indicating increased market volatility [2] Stock Market Performance - Major U.S. stock indices closed lower, with the Dow Jones down 1.2%, Nasdaq down 1.57%, and S&P 500 down 1.23% [2] - Notable declines in individual stocks included Microsoft down nearly 5%, Amazon down over 4%, and Eli Lilly down over 7% [2] Cryptocurrency Market - Bitcoin saw a sharp decline, dropping 11% to $64,944, erasing all gains since Trump's election victory [3] - This downturn affected not only Bitcoin but also other cryptocurrencies and related ETFs, reflecting a broader market sell-off [3] Geopolitical Developments - Ongoing discussions between Russia, Ukraine, and the U.S. in Abu Dhabi did not yield substantial progress on key issues such as territory and ceasefire [5] - Iran's foreign minister arrived in Oman for nuclear negotiations with the U.S., focusing solely on nuclear issues [5] Central Bank Policies - The European Central Bank decided to maintain its key interest rates unchanged, aligning with market expectations [6] - Current rates include a deposit rate of 2.00%, main refinancing rate of 2.15%, and marginal lending rate of 2.40% [6] Oil Market Dynamics - Oil prices have been experiencing high volatility, driven by geopolitical tensions and supply concerns [7][8] - Recent events, including U.S.-Iran negotiations and a historic winter storm affecting U.S. oil production, have contributed to market fluctuations [9] - Analysts predict that high volatility in the oil market will continue, influenced by geopolitical factors and supply-demand dynamics [10]

Core Viewpoint - Recent fluctuations in domestic and international crude oil futures have entered a "volatile mode," with significant daily price swings but an overall upward trend driven by geopolitical risks and supply concerns [1][2]. Geopolitical Factors - The primary driver of recent oil price movements is the uncertainty surrounding U.S.-Iran negotiations, which have been marked by significant volatility [1][2]. - Events such as the U.S. military shooting down an Iranian drone have heightened tensions and contributed to oil price increases, while subsequent news of negotiations resuming has led to price corrections [2]. - Other geopolitical factors, including the progress of Russia-Ukraine negotiations and the U.S.-India trade agreement, are also influencing global oil market dynamics [2]. Supply Side Changes - A historic winter storm in North America recently caused a temporary drop in U.S. crude oil production by approximately 2 million barrels per day due to refinery shutdowns [3]. - Kazakhstan's oil production and export levels have also fallen below market expectations in the past two months, contributing to short-term supply relief [3]. - However, as weather conditions improve, U.S. oil production is expected to recover, potentially leading to renewed supply surplus pressures in the market [3]. Market Outlook - High volatility in the oil market is expected to persist, particularly influenced by geopolitical developments leading up to and following the Chinese New Year [4]. - The overall market is characterized by a supply surplus, with global oil inventories on the rise, suggesting a continued loose supply environment [4]. - Investors are advised to be cautious, as any escalation in geopolitical tensions could lead to short-term price spikes, but such increases may not be sustainable [4].

Group 1: Market Overview - Precious metals continue to decline, with spot silver falling below $67 per ounce, down 5.26%, and gold dropping below $4740 per ounce, down 0.87% [3][16] - The Chicago Mercantile Exchange (CME) has increased the initial margin for COMEX 5000 silver futures from 15% to 18% and for COMEX 100 gold futures from 8% to 9% [4][18] - U.S. stock indices closed lower, with the Dow down 1.2%, Nasdaq down 1.57%, and S&P down 1.23% [4][18] Group 2: Cryptocurrency Market - Bitcoin experienced a significant drop of 11%, reaching $64,944, erasing all gains since Trump's election victory [5][18] - The decline in Bitcoin has affected other cryptocurrencies and related ETFs, with a notable decrease in value across the board [5] Group 3: Geopolitical Developments - The recent talks in Abu Dhabi between Russia, Ukraine, and the U.S. did not yield substantial progress on core issues such as territory and ceasefire [7][21] - A large-scale prisoner exchange occurred, with each side transferring 157 captives, marking the first significant exchange in five months [7][21] - The U.S. and Russia agreed to resume high-level military dialogue, which had been suspended since the escalation of the Ukraine crisis in 2021 [8][22] Group 4: Oil Market Dynamics - Oil prices have shown significant volatility, driven by geopolitical tensions, particularly regarding U.S.-Iran negotiations [26][27] - Recent extreme fluctuations in the commodity market, including a record drop in silver prices, have amplified oil price volatility [26][27] - Supply-side issues, such as a recent winter storm affecting U.S. oil production and lower output from Kazakhstan, have temporarily eased supply pressures [28][29] Group 5: Economic Indicators - The European Central Bank decided to maintain key interest rates unchanged, aligning with market expectations [10][25] - Inflation in the Eurozone is projected to stabilize around the 2% target in the medium term [10][25]

Core Viewpoint - Oil prices have experienced significant fluctuations due to geopolitical factors, particularly the ongoing negotiations between the US and Iran, which are expected to provide guidance on market sentiment [4][5][15]. Oil Market Dynamics - On Thursday, oil prices fell, with WTI crude oil futures closing at $63.29 per barrel, down $1.85 or 2.84%, and Brent crude oil futures at $67.55 per barrel, down $1.91 or 2.75% [6][17]. - The market is currently facing a complex situation with high volatility, influenced by geopolitical tensions and a recent downturn in financial markets, which has affected investor sentiment [4][15]. - The US labor market is showing signs of weakness, with initial jobless claims rising by 22,000 to 231,000, exceeding market expectations [8][19]. Geopolitical Factors - The US-Iran nuclear negotiations are set to take place in Muscat, Oman, which has led to cautious market behavior as investors await the outcome [4][15]. - There is a notable lack of trust between the US and Iran, which has contributed to the volatility in oil prices as market assessments change [5][16]. Supply and Demand Trends - Saudi Arabia has reduced the price of its crude oil sold to Asia to the lowest level in years, indicating an oversupply in the global oil market [8][19]. - The price cut of 30 cents per barrel for Arab Light crude reflects a supply surplus, as it aligns with the March benchmark price in the region [19]. Market Sentiment and Future Outlook - Investors are advised to prepare for potential volatility in the oil market following the US-Iran negotiations, with the possibility of a rapid price increase if talks fail [5][16]. - Conversely, if negotiations proceed positively, there is a significant chance that oil prices may enter a downward trend dominated by oversupply [5][16].

整体呈现"高位震荡、结构性上行"的共识，同时机构对目标价与波动幅度存在分歧。世界黄金协会预测 金价将保持强劲势头，基准情景下受经济平稳与美联储降息支撑，维持±5%的高位震荡；乐观情景中， 若地缘冲突升级或经济深度放缓，金价可能上涨15%-30%，突破6000美元/盎司；风险情景下，通胀反 弹或加息重启可能引发5%-20%的回调。 具体目标价方面，瑞银上调2026年各季度目标价至6200美元/盎司，核心依据是投资需求超预期；高盛 给出年底5400美元/盎司的目标，极端条件下可触及6000美元；摩根大通远期预判达8000-8500美元，但 着重警示短期超买风险。想查看各机构完整分析逻辑，可在抖音精选搜索"2026黄金机构目标价对比"， 获取分析师逐点拆解内容。 Q2：支撑2026年金价上行的核心因素有哪些？ 四大核心驱动力形成共振支撑。其一，央行购金常态化托底需求，2025年全球央行净购金863吨，2026 年月均预计60-70吨，新兴市场"去美元化"战略推动黄金储备地位回归，中国央行已连续14个月增持， 波兰等国也开启大额增持计划。其二，美联储降息周期降低持有成本，市场普遍预期2026年累计降息 50-75基点 ...

Core Viewpoint - Short-term gold prices are at a critical adjustment point, with strong support in the $4880-$4900 per ounce range, aligning with bullish cost zones and suggesting a buy strategy around $4885 [1] Technical Analysis - The MACD indicator remains in a bullish crossover above the zero line, indicating no clear reversal signal despite a slight reduction in momentum [1] - The RSI has retreated to a neutral zone, avoiding overbought risks, while the KDJ indicator shows signs of turning upwards from a low position, suggesting the end of the short-term adjustment [1] - The previous V-shaped fluctuation indicates limited downside potential following the February 5th pullback, supporting a buy strategy at current levels [1] Market Influences - The key variable on February 6th is the U.S. January non-farm payroll data, with market expectations of 180,000 new jobs; results below expectations could increase rate cut forecasts, benefiting gold prices towards a target of around $5020 [1] - Continuous gold purchases by global central banks and institutions raising gold price targets provide mid-term support [1] - The implementation of repurchase limit management by Caibai Jewelry reflects market caution regarding gold price volatility, yet does not alter the long-term upward trend [1] Supply and Demand Dynamics - Short-term geopolitical risks have eased, reducing safe-haven demand; however, supply-side contractions and expectations of declining real interest rates support a rebound in gold prices [1] - Overall, a buy strategy around $4885 is justified by both technical support and positive market expectations, with a reasonable target set at approximately $5020 [1]

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 5 日星期四 Morning session notice 早盘提示 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周三夜盘主力合约期货 | BZ2603 | 价格上涨 | 70 | 元至 | 6231 | 元/吨，华东主流地区现货价 | | | | | | | | | | | | | | | 格 | 6180 | 元/吨（环比+115），山东地区现货价格 | 6178 | 元/吨（环比+60）。持仓方面， | 多头减少 | 1504 | 手至 | 2.2 | 万手，空头减少 | 1642 | 手至 | 2.41 | ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货原油早报-2026-02-05 品种晨会纪要 日内观点：偏强 中期观点：震荡 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 | | --- | --- | --- | --- | --- | --- | | 原油 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 地缘风险升温，原油震荡偏强 | 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 原油（SC） 参考观点：偏强运行 核心逻辑：近期美国总统特朗普频繁释放地缘风险信号，格陵兰岛、加拿大或成为美国下一个夺取 和打击的目标。经历短期大幅回调以后，油市利空情绪得到释放。由于中东地缘风险依然存在，且 北半球处在冬季用油旺季阶段，偏多氛 ...