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 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - The report provides a weekly hot - spot preview, listing important economic data releases and central bank decisions in the week of February 2 - 7, 2026, and analyzing their potential impacts on different futures markets [2][3]. 3. Summary by Relevant Catalogs This week's key concerns - On February 2 at 09:45, Markit will release China's January SPGI manufacturing PMI; at 23:00, the US ISM will release the US January ISM manufacturing PMI [2]. - On February 4 at 21:15, the US ADP will release January ADP employment change [2]. - On February 5 at 20:00, the Bank of England will announce the interest rate decision, meeting minutes and monetary policy report; at 21:15, the European Central Bank will announce the interest rate decision [2]. - On February 6 at 21:30, the US Bureau of Labor Statistics will release the January non - farm payroll report [2]. - On February 7, the People's Bank of China will announce China's January foreign exchange reserves and gold reserves [2]. This week's hot - spot preview February 2 - China's January SPGI manufacturing PMI is expected to be 50.3 (previous value 50.1). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [3]. - The US January ISM manufacturing PMI is expected to be 48.3 (previous value 47.9). A slight increase may help non - ferrous metals, crude oil and related futures rise and suppress precious metal futures [4]. February 3 - The Reserve Bank of Australia will announce the interest rate decision and monetary policy statement at 11:30, and its governor will hold a press conference at 12:30. The Australian cash rate is expected to be raised by 25 basis points to 3.85% [5]. - The EU Statistics Bureau will release the euro - area January CPI preliminary value at 18:00. The expected euro - area January harmonized CPI annual rate - unadjusted preliminary value is 1.7% (previous value 1.9%), and the core harmonized CPI annual rate - unadjusted preliminary value is expected to be 2.3% (same as previous value) [6]. - The Federal Reserve will release the US December 2025 industrial output monthly rate at 22:00, with a previous monthly rate of 2.7% [8]. February 4 - The National Bureau of Statistics will release the prices of important production materials in the circulation field in late January at 9:30, covering 9 categories and 50 products [9]. - Markit will release China's January SPGI services PMI (expected 51.5, previous value 52.0) and SPGI composite PMI (expected 51.2, previous value 51.3) at 09:45. A slight decrease may suppress stock index and commodity futures and help treasury bond futures [10]. - The US ADP will release January ADP employment change at 21:15. The expected new employment is 45,000 (previous value 41,000). A slight increase may help non - ferrous metals, crude oil and related commodity futures rise and suppress precious metal futures [11]. - The US ISM will release the US January ISM non - manufacturing PMI at 23:00. The expected value is 53.3 (previous value 54.4). A decrease may help precious metal futures rise [12]. - The US EIA will release the EIA crude oil inventory change for the week ending January 30 at 23:30. A continued decline may help crude oil and related commodity futures rise [13]. February 5 - The Bank of England will announce the interest rate decision, meeting minutes and monetary policy report at 20:00, and its governor will hold a press conference at 20:30. The UK central bank base rate is expected to remain at 3.75% [14]. - The European Central Bank will announce the interest rate decision at 21:15, and its governor will hold a press conference at 21:45. The euro - area main refinancing rate, deposit facility rate and marginal lending rate are expected to remain at 2.15%, 2% and 2.4% respectively [15]. - The US Department of Labor will release the initial jobless claims for the week ending January 31 at 21:30. The expected value is 212,000 (previous value 209,000). A slight increase may help precious metal futures rise and suppress other industrial futures [16]. February 6 - The US Bureau of Labor Statistics will release the January non - farm payroll report at 21:30. The expected seasonally adjusted new non - farm employment is 70,000 (previous value 50,000), the unemployment rate is 4.4% (same as previous value), and the average hourly wage monthly rate is 0.3% (same as previous value). An increase in new non - farm employment may suppress precious metal futures and help other industrial futures [17][18]. - The University of Michigan will release the preliminary value of the US February consumer confidence index at 23:00. The expected value is 55 (previous value 56.4). A decrease may suppress non - ferrous metals, crude oil and related commodity futures and help precious metal futures [19]. February 7 - The People's Bank of China will announce China's January foreign exchange reserves and gold reserves. The December 2025 foreign exchange reserves were $3,357.87 billion, and the gold reserves were 74.15 million ounces [20].

受全球金属抛售潮冲击本地矿业股、以及市场对美伊以军事冲突可能性的猜测加剧影响，沙特股市周日 创下近八个月来最大跌幅。利雅得 Tadawul全股指数盘中重挫2.6%，为去年6月中旬以来最大单日跌 幅。上周晚些时候美元走强加剧贵金属价格暴跌，以沙特矿业公司为首的材料生产商领跌大盘。黄金上 周五创下四十年来最大单日跌幅，白银亦大幅下挫。资本货物公司与银行板块同样承压，地缘政治紧张 局势成为市场主要担忧因素。该地区其他市场中，巴林和阿曼股市下跌，科威特与卡塔尔股市则逆势上 涨。科威特卡姆科投资公司研究战略主管朱奈德·安萨里分析称，沙特股市下跌主要受地缘政治局势及 获利了结操作影响，矿业股则因黄金崩跌而走低。伊朗军方高层周末再次警告可能袭击以色列，其他伊 朗官员近期也释放出正为可能遭受的袭击做准备的信号。 来源：滚动播报 ...

责任编辑：李桐 黄金和白银周五遭遇多年来的最大跌幅，市场在震荡的走势中逆转了先前创出纪录的凌厉涨势。 黄金价格一度下跌8%，跌穿每盎司5000美元；白银大跌超过20%，创出2008年以来的最大日内跌 幅。抛售席卷整个金属市场，伦敦铜价下跌近4%，周四一度创出2008年以来最大盘中涨幅，并首次突 破14000美元/吨。 过去一年，投资者的涌入使得贵金属价格接连刷新纪录，使经验丰富的交易员惊讶，也带来了异常剧烈 的价格波动。此番走势在今年1月进一步加剧，在担心货币贬值和美联储独立性、贸易战和地缘政治局 势的背景下，投资者进一步蜂拥进入这一历来受到推崇的避险资产。 金银价格本月仍有望录得大幅度的上涨，但自去年10月的类似下滑以来，周五的抛售是对涨势构成的最 大冲击。此轮抛售因美元反弹而起，此前有报道称特朗普政府准备提名凯文·沃什为新一任美联储主 席，这一消息现已得到确认。美元的上涨削弱了贵金属投资者的信心。 华侨银行策略师Christopher Wong表示，金价走势"印证了涨得快跌得快的警示寓言"。他指出，沃什的 提名消息是一个导火索，但回调早已势在必行。"这就像是市场一直在等待的回调借口，以结束之前的 抛物线式 ...

交易咨询业务资格：证监许可【2012】1091号 原油周报 (1.19-1.23) 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 回顾 2 相关资讯 3 展望 4 基本面数据 5 持仓数据 回顾与要闻 回顾与要闻 上周，原油震荡运行，尾盘走高。纽约交易所主力轻质原油期货价格收于每桶61.28美元，周涨3.48%；伦敦布伦特原油主力期货价格收于每桶 65.44美元，周涨1.93%；中国原油期货SC主力合约收至449.8元/桶，周涨2.51%。周内前期，伊朗通过镇压平息了抗议活动，此前特朗普推迟军 事行动的发言也降低了美国军事打击这一主要产油国并扰乱其供应的风险，投资者对美伊局势持观望态度导致油价承压。除地缘局势外，供应 方面，哈萨克斯坦最大油田因电力故障停产，供应减少支撑油价，而对委内瑞拉原油封锁仍在继续，美方已 ...

在昨日创纪录地集体突破1700元/克大关后，今日国内黄金市场迎来普遍回调，整体黄金价格保持在1680元/克左右。值得注 意的是，菜百黄金与上海中国黄金价格今日保持稳定，未随大市下跌，分别报1650元/克和1652元/克，仍占据市场最低价 位。今日金店的高低价差已缩小至35元/克。 以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2026年1月30日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1668 | 元/克 | 38 | 跌 | | 六福黄金价格 | 1683 | 元/克 | 21 | 跌 | | 周大福黄金价格 | 1685 | 元/克 | 21 | 跌 | | 周六福黄金价格 | 1680 | 元/克 | 21 | ま | | 金至尊黄金价格 | 1683 | 元/克 | 21 | 缺 | | 老凤祥黄金价格 | 1668 | 元/克 | 45 | 跌 | | 潮宏基黄金价格 | 1685 | 元/克 | 21 | 跌 | | 周生生黄金价格 | 1683 | 元 ...

摘要 美国可能对伊朗采取军事行动，大规模军事集结表明美国可能在未来采 取行动，历史经验表明，部队进入攻击阵位后，战争爆发的可能性极高。 美国对伊朗发动攻击需满足航母编队就位及完成军事准备等条件。历史 上，美国在地区冲突中常部署至少两个航母编队，以保证安全和有效打 击。 美国过去几年的军事打击行动主要表现为短期、突击性，目标集中于高 附加值的战略和战术目标，通过高效、精准打击来实现战略目标。 特朗普政府对伊朗采取高附加值目标的精确打击和施加巨大的政治压力 等策略，旨在削弱伊朗内部强硬派力量，促使其在与美国交涉时做出让 步。 伊朗面临来自美国及其盟友的外部压力，包括经济制裁和军事威胁，以 及国内经济困境、社会不满和政治动荡等内部挑战。 美国可能采取加强海上封锁、打击炼油设施、攻击领导人等措施打击伊 朗，伊朗可能采取导弹攻击、反击美国基地、袭击以色列等方式反应， 规模取决于美国打击力度。 国际能源市场供给结构相对稳定，伊朗原油供应占比不高，对全球原油 市场影响有限。地缘政治局势将导致短期内国际油价因恐慌情绪而持续 走高，理性回归后将逐步回落。 Q&A 美国剑拔弩张，中东局势是否会全面失控？对油价有何影 响？2026 ...

会上，各省省长讨论了地缘政治局势，重申加拿大对民主和法治的坚定承诺，申明加拿大与北约盟国站 在一起，团结一致捍卫包括北极地区的加拿大主权，同意加快对加拿大北部地区的战略投资。 此外，会上还讨论了对《美墨加贸易协定》进行联合审查的计划，以及打破省级贸易壁垒，确保能源安 全等问题。 经济观察网 据央视新闻客户端消息，当地时间1月29日，加拿大总理卡尼及各省省长在首都渥太华举行 会议，重申统一行动建设更有韧性的加拿大经济，并强调捍卫主权。 ...

Group 1 - The core point of the article is that the Hong Kong Monetary Authority (HKMA) reported a record investment income of HKD 331 billion for the foreign exchange fund in 2025, marking a historical high [1][2] - The foreign exchange fund's investment return rate reached 8%, with significant contributions from bond investments (HKD 142.2 billion), Hong Kong stock investments (HKD 33.9 billion), and other stock investments (HKD 74.1 billion) [2] - The total assets of the foreign exchange fund increased by HKD 70.4 billion, rising from HKD 4,081 billion at the end of 2024 to HKD 4,151.4 billion at the end of 2025 [2] Group 2 - HKMA's President, Eddie Yue, noted that global financial markets experienced significant volatility in the first half of 2025 due to trade tensions and geopolitical issues, but improved in the second half with the development of artificial intelligence and interest rate cuts by major central banks [6][7] - The overall performance of global financial markets was resilient, with major stock markets generally rising and the Hang Seng Index increasing by 28% throughout the year [6] - The foreign exchange fund achieved positive returns across all major components, a rare occurrence that has only happened in 2017 and 2020 [7] Group 3 - Looking ahead, Eddie Yue indicated that the favorable conditions seen in 2025 may not persist, as various factors such as global economic conditions, central bank policies, and geopolitical conflicts could impact financial market performance in 2026 [7] - The HKMA will continue to manage the foreign exchange fund with a principle of "capital preservation first, long-term value enhancement," focusing on defensive asset allocation and maintaining high liquidity [7]

Market Performance - On January 27, the US stock indices closed mixed, with strong performance in technology stocks driving the Nasdaq and S&P 500 up. The Dow Jones fell by 0.83% to 49,003.41 points, while the S&P 500 rose by 0.41% to 6,978.6 points, and the Nasdaq increased by 0.91% to 23,817.1 points [1][2]. Technology Sector - Six out of the seven major US technology companies saw stock price increases, with Nvidia and Apple rising over 1%, and Microsoft and Amazon increasing by more than 2%. However, Tesla's stock fell by 0.99%. Tesla's market share in the EU, UK, and EFTA dropped to 3% in December, while BYD's market share was 2.4%. Tesla's pure electric vehicle market share stands at 11.4% [2][3]. Semiconductor Stocks - Most semiconductor stocks experienced gains, with Intel rising by 3.39%, ASML by 2.92%, Broadcom by 2.43%, TSMC by 1.67%, and AMD by 0.26%. ARM saw a slight increase of 0.18%, while Qualcomm's stock fell by 0.96% [3]. Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.48%, with many popular Chinese stocks performing well. Notable increases included Huya up nearly 20%, Kingsoft Cloud up 8.77%, Bilibili up 3.43%, Baidu up 1%, Alibaba up 0.79%, NIO up 0.65%, New Oriental up 0.56%, Tencent Music up 0.18%, and Pinduoduo up 0.05% [3]. Commodity Market - International oil prices surged, with US oil closing nearly 3% higher on January 27 and continuing to rise slightly on January 28. Brent crude oil also saw an increase of over 3% on January 27 [3]. Precious Metals - On January 28, spot gold prices slightly declined, while silver experienced a significant drop of 1%. In less than a month, both London spot silver and COMEX silver futures have seen year-to-date increases exceeding 50%. According to Guoyuan Futures, industrial demand for silver is expected to stabilize and decline by 2026, but physical investment demand is anticipated to expand, suggesting that precious metal prices may continue to strengthen [4]. Cryptocurrency Market - Cryptocurrencies saw a broad increase, with Bitcoin rising above $89,000, marking a 1.26% increase. Ethereum also rose by 3.18% to $3,018. Other cryptocurrencies like Solana, XRP, and Dogecoin experienced gains as well [5]. Geopolitical Developments - Reports indicate that the CIA is secretly pushing for a "long-term presence" in Venezuela, with plans to influence the country's future under the Trump administration. This may involve creating conditions for US diplomatic actions [6]. Additionally, the US has communicated to Israel its military preparedness regarding Iran, with potential actions expected in the coming months [7]. Consumer Confidence - A preliminary survey by the World Large Enterprises Research Association indicated that the US consumer confidence index dropped significantly from a revised 94.2 in December to 84.5 in January, marking the lowest level since May 2014 [7].