Core Viewpoint - Yunding Technology (000409) focuses on providing intelligent solutions for clients in the energy sectors, including coal, chemicals, electricity, and new energy, while also planning to expand into non-coal mining by 2025 [1] Group 1: Business Focus - The company primarily serves clients in the coal, chemical, electricity, and new energy industries with digital solutions [1] - In 2025, the company plans to establish a non-coal mining division, referred to as the "non-coal mining strike team," to actively explore opportunities in metal and non-metal mining [1] Group 2: Current Projects - The company has undertaken small-scale projects in gold and iron mining, which do not significantly impact its overall business performance [1] Group 3: Technological Innovation - The company is continuously monitoring technological innovations, including 6G, and is actively researching the potential integration of new technologies across various industry applications [1]

Core Viewpoint - Yunding Technology (000409.SZ) focuses on providing digital intelligence solutions for clients in the energy sectors, including coal, chemicals, electricity, and new energy [1] Group 1: Business Focus - The company is expanding its business into non-coal mining, having established a non-coal mining task force in 2025 [1] - Yunding Technology is actively exploring opportunities in metal and non-metal mining sectors [1] Group 2: Current Projects - The company has undertaken small-scale projects in gold and iron mining, which do not significantly impact its overall business performance [1] Group 3: Technological Innovation - Yunding Technology is continuously monitoring technological innovations, including 6G, and is researching the potential integration of new technologies across various industrial applications [1]

格隆汇2月4日丨富春股份(300299.SZ)在投资者互动平台表示，公司是国内通信技术服务行业领先的民 营企业，在通信行业已深耕20余年，先后在4G、5G建设上为运营商及政企客户提供规划设计业务，积 累了丰富的技术与经验。公司将密切关注6G相关技术的发展动态，结合公司战略，积极探索业务机 会。 ...

Core Viewpoint - Fuchun Co., Ltd. is a leading private enterprise in the domestic communication technology service industry, with over 20 years of experience in the telecommunications sector, focusing on 4G and 5G construction for operators and government enterprises [1] Group 1 - The company has accumulated rich technology and experience in providing planning and design services for telecommunications [1] - Fuchun Co., Ltd. will closely monitor the development trends of 6G-related technologies and actively explore business opportunities in line with its strategic goals [1]

风险提示："中证500质量成长指数(930939)由中证指数有限公司（"中证"）编制和计算，其所有权归属 中证或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任何明 示或暗示的担保，不因标的指数的任何延迟、缺失或错误对任何人承担责任（无论是否存在过失）。中 证对于跟踪标的指数的产品不作任何担保、背书、销售或推广，中证不承担与此相关的任何责任。"本 基金为被动投资的交易型开放式指数基金，主要采用完全复制策略，跟踪标的指数市场表现，具有与标 的指数所表征的市场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场平均回报 偏离、标的指数波动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、成份股停 牌或退市等潜在风险。本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付 责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构成对本基 金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品资料概要 ...

早盘，煤炭股爆发，板块内多股涨停。截至午间收盘，兖矿能源、中煤能源、陕西黑猫、美锦能源、晋控煤业、云煤能源等涨停。 2月4日早盘，A股震荡回落。截至午间收盘，上证指数微跌，报4067.67点；深证成指跌0.92%，创业板指跌1.74%，科创综指跌2.06%。沪深北三市半日成 交16297亿元，中际旭创成交额达216.96亿元，位居A股第一。 | < V | 煤炭(申万) | | E | O | | --- | --- | --- | --- | --- | | | 2988.85 6.32% | | | | | 分时 王日 | 日 K | 周Ｋ 月Ｋ | | 更多,◎ | | 资讯 | 成份股 | | 童要指数 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 究矿能源 | 15.27 | 10.01% | | 1.39 | | 600188 | | | | | | 陕西黑猫 | 4.62 | 10.00% | | 0.42 | | 601015 | | | | | | 美锦能源 | 5.17 | 10.00% | | 0.47 | | 000723 | | | | | | 中煤能源 | 14. ...

Core Insights - The report highlights significant developments in the U.S. financial markets, including the approval of a government funding bill by the House of Representatives, which ends a partial government shutdown [4] - The Federal Reserve's board member indicated that interest rate cuts exceeding 100 basis points may be necessary this year [4] - The Reserve Bank of Australia announced a 25 basis point interest rate hike to 3.85%, marking its first increase in 2023 [4] Economic Data - The Baltic Dry Index closed at 2028.00, down 4.52% [5] - The Nasdaq Index closed at 23255.19, down 1.43%, while the Dow Jones Industrial Average closed at 49240.99, down 0.34% [5] - The ICE Brent crude oil price increased by 2.29% to $67.82, and the London gold spot price rose by 6.16% to $4946.17 [5] - The U.S. dollar index decreased by 0.23% to 97.39, while the USD/CNY exchange rate was 6.94, down 0.22% [5] Market Performance - The Hang Seng Index closed at 26834.77, up 0.22%, while the Hang Seng China Enterprises Index closed at 9053.11, down 0.30% [5] - The Shanghai Composite Index closed at 4067.74, up 1.29%, and the Shenzhen Composite Index closed at 2676.84, up 2.35% [5] - The ChiNext Index closed at 3324.89, up 1.86%, indicating positive performance in the Chinese market [5]

Group 1 - The Central Document No. 1 for 2026 emphasizes the importance of agricultural modernization and rural revitalization as a key strategy for China's modernization, aiming to enhance agricultural productivity and improve living conditions for farmers [1] - In January 2026, A-share new accounts reached 4.9158 million, a year-on-year increase of 213% compared to January 2025, indicating a significant rise in retail investor participation [1] - The Ministry of Industry and Information Technology, along with eight other departments, released guidelines for the safe export of automotive data, aiming to facilitate efficient and secure cross-border data flow in the automotive sector [1] Group 2 - Recent rumors regarding potential increases in VAT rates for the gaming and financial sectors have been deemed unfounded by experts, indicating stability in tax policies for these industries [1] - The People's Bank of China announced a reverse repurchase operation of 800 billion yuan, indicating a strategy to manage liquidity in the financial system [1] - The National Development and Reform Commission reported an increase in domestic gasoline and diesel prices by 205 yuan and 195 yuan per ton, respectively, reflecting fluctuations in international oil prices [1] Group 3 - The Ministry of Commerce plans to optimize the implementation of appliance recycling and subsidy policies, with sales of six categories of home appliances and four categories of digital products exceeding 15 million units and nearly 59 billion yuan in sales in January [1] - The Shanghai Gold Exchange and other trading platforms have implemented risk control measures, including adjustments to margin levels and trading limits for various commodities, indicating a proactive approach to market volatility [2] - The announcement of significant investments by companies such as Fulin Precision and Wangneng Environment in new projects highlights ongoing growth and expansion in the manufacturing and environmental sectors [4]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views of the Report - The prices of various commodities in the chemical and agricultural sectors showed different trends on February 4, 2026, compared to the previous day [4]. - The macro - economic news includes rumors of VAT rate hikes in some industries, major corporate mergers and IPO plans, and policy directions in different fields [6][7]. - For different commodity futures, the market conditions are affected by supply - demand relationships, seasonal factors, and macro - economic factors, and corresponding trading strategies are proposed [11][13][15]. - In the stock market, A - shares showed a general upward trend on February 3, while欧美 stocks declined. Different sectors had different performances, and trading strategies are suggested for different investors [22][23]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On February 4, 2026, most chemical futures showed price increases, such as natural rubber with a 0.803% increase, 20 - number rubber with a 0.955% increase, and asphalt with a 0.997% increase. Only PVC and caustic soda showed price decreases, with PVC down 0.335% and caustic soda down 0.863% [4]. 3.2 Macro - Economic News - Rumors of VAT rate hikes in the financial and Internet value - added service industries, especially in the game industry from 6% to 32%, turned out to be false [6]. - SpaceX merged with xAI, with the combined company valued at $1.25 trillion, and an expected IPO later this year [6]. - 30 provinces in China have set their GDP growth targets for 2026, with many economic powerhouses aiming for over 5% growth [6]. - Multiple commercial aerospace companies are in the process of going public, and they may list on the stock market intensively in the next one or two years [7]. - The Ministry of Industry and Information Technology emphasizes technological breakthroughs in future industries such as 6G, quantum technology, etc. [7]. - The Hong Kong Monetary Authority announced a financial technology promotion blueprint and will launch four flagship projects [7]. - There were disputes about OpenAI's attitude towards Nvidia's AI chips, but Nvidia's investment plan in OpenAI is still progressing [7]. - Different Fed officials have different views on interest - rate cuts. Waymo completed a new round of $16 billion in financing, with a post - investment valuation of $126 billion [8]. 3.3 Main Commodity Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The supply - demand situation is loose both at home and abroad. The domestic sugar price is expected to remain in a weak and volatile state. It is advisable to be cautious when short - selling and focus on short - selling opportunities after a rebound [11]. - **Corn**: The market faces seasonal selling pressure before the Spring Festival and weakening demand. The price is in a high - level volatile state. It is recommended to wait and see, with the upper pressure at 2275 yuan and the lower support at 2250 yuan [11]. - **Peanut**: The price is expected to continue to fluctuate at the bottom in the short term. The lower support levels are 8000 yuan and 7900 yuan, and the upper pressure is 8100 yuan [11]. - **Pig**: The supply of pigs is temporarily tightened before the Spring Festival, and the futures market is expected to remain volatile [11][13]. - **Egg**: The spot market is stable, and the futures market shows a pattern of near - term strength and long - term weakness, seeking downward support [13]. - **Jujube**: The price is expected to remain stable in the short term. The downstream demand is fragmented, and the futures market is seeking downward support [13]. - **Cotton**: The supply has a long - term bullish factor of expected yield reduction, but the high inventory suppresses the upward space. The price is expected to remain in a high - level volatile state. It is advisable to operate cautiously on the long side, with the support range at 14500 - 14600 yuan [13]. 3.3.2 Energy and Chemicals - **Caustic Soda**: The fundamentals are in an oversupply situation, and attention should be paid to the impact of supply - side changes on prices [13]. - **Coking Coal and Coke**: The prices of coking coal in the production areas have declined, and the replenishment of steel and coking enterprises is coming to an end. The prices are expected to fluctuate and run [13]. - **Log**: The price is expected to maintain a relatively strong and volatile state, but the upward space is limited. It is advisable to adopt a volatile trading strategy, with the upper pressure at 805 yuan and the lower support at 795 yuan [13][15]. - **Pulp**: The supply - demand situation is weak. The price is expected to be under pressure and run weakly in the short term. It is recommended to wait and see or try short - selling lightly when the price is high, with the upper pressure at 5300 yuan/ton and the lower support at 5250 yuan/ton [15]. - **Offset Printing Paper**: The supply - demand relationship is in a weak balance. It is recommended to wait and see. If the price effectively breaks below 4030 yuan, the downward space may be opened [16]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: The copper price is under pressure due to market uncertainties and the rising US dollar index. The aluminum supply is increasing, the demand is showing signs of stabilization, and the inventory accumulation speed has slowed down, but the structural contradiction remains. The market sentiment has stabilized, and attention should be paid to macro - risks [18]. - **Alumina**: The fundamentals are in an oversupply situation, waiting for new market drivers [20]. - **Rebar and Hot - Rolled Coil**: The demand is weakening as the holiday approaches, and the steel prices are expected to be under slight pressure and run weakly [20]. - **Silicon Ferrosilicon and Manganese Silicon**: The overall fundamentals are relatively healthy, but the market lacks expected drivers. The prices are expected to run weakly with a narrowing range, and the cost provides certain support. It is advisable to have a callback - and - long - biased trading idea and pay attention to the macro - atmosphere [20]. - **Lithium Carbonate**: The price rebounded strongly after a sharp decline, showing strong support below. It is expected to maintain a high - level volatile state in the short term. It is recommended to wait and see, with the upper pressure at 151880 yuan and the lower support at 137520 yuan [20][22]. 3.3.4 Options and Finance - **Stock Index Options**: On February 3, A - shares showed a general upward trend, and different stock index futures and options had different performance indicators. Trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can hold short - wide - straddle positions to short - sell volatility. The stock market is likely to fluctuate in the two weeks before the Spring Festival, and attention should be paid to structural opportunities [22]. - **Stock Market**: A - shares closed higher on February 3, with active performance in some concept sectors. The欧美 stock market declined, and technology stocks were under pressure. The trading strategy is to participate in the rebound lightly when the price stabilizes after a sharp decline, not to chase the rise, and to realize profits when the price rises [22][23].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/4 隔夜夜盘市场走势 1. 国内商品期市日盘多数收跌，贵金属走势分化，沪银跌 16.71%，钯涨 8.62%； 基本金属跌幅居前，沪锡跌 6.7%；能源品全部下跌，原油跌 4.93%。贵金属、基 本金属夜盘反弹，沪银涨 5.93%，沪金涨 4.2%，沪锡涨 6.64%。 2.国际贵 ...