2月6日，职场咨询公司Challenger Gray & Christmas周四发布的《挑战者裁员报告》显示，雇主宣布的裁 员人数飙升至十七年以来最高1月水平，而招聘计划则跌至该机构有记录以来的同期最低水平。 报告显 示，1月美国企业宣布裁员108435人，较去年同期激增118%，较2025年12月暴增205%。这是自2009年1 月以来最高的同期裁员数字，当时美国经济正处于大萧条以来最严重衰退的尾声。与此同时，企业仅宣 布计划新增5306个职位，同样创下2009年该机构开始追踪此类数据以来的1月最低纪录。运输和科技行 业主导了此轮裁员潮，UPS计划削减逾30000个岗位，亚马逊宣布裁减16000个主要为企业层级的职位。 这一数据表明，尽管官方失业救济申请数据仍处于低位，但企业对2026年经济前景的悲观情绪正在转化 为实际行动，劳动力市场"不招不裁"的叙事可能正在发生转变。 另外，日本瑞穗银行的高级市场经济学家Yusuke Matsuo表示："日本央行已经列出了在日元继续走软的 情况下可以用来证明进一步加息合理的逻辑，如果有必要的话，相比较鹰派的政策委员会成员安排的露 面讲话可能最终会成为鼓励市场参与者更多考 ...

Core Viewpoint - The financial market is experiencing a mixed performance with a generally loose liquidity environment, a recovery in the bond market, and a decline in convertible bond indices and individual securities [1][9]. Group 1: Domestic News - The State Administration for Market Regulation is advancing the construction of a unified national market to enhance the vitality of various business entities and promote high-quality economic development [2]. - The Ministry of Commerce reported that by 2025, China's service trade is expected to grow steadily, with a total import and export value of 80,823.1 billion yuan, reflecting a year-on-year increase of 7.4% [3]. - A new policy has been implemented in Hainan Free Trade Port, allowing residents to purchase imported goods with a zero tariff policy, with an annual exemption limit of 10,000 yuan per person [4]. Group 2: International News - The U.S. JOLTS job openings fell to 6.542 million in December, the lowest level since September 2020, indicating a weakening demand for labor in an uneven job market [5]. - The European Central Bank has maintained its deposit rate at 2% for the fifth consecutive time, emphasizing the need for structural reforms amid geopolitical uncertainties and challenges in the external environment [6]. Group 3: Commodity Market - International crude oil futures prices fell, with WTI crude down by $1.85 to $63.29 per barrel, while natural gas prices continued to rise [7]. Group 4: Financial Market Operations - On February 5, the central bank conducted a 1,185 billion yuan reverse repurchase operation with a fixed rate of 1.40%, resulting in a net liquidity injection of 645 billion yuan for the day [8]. - The liquidity environment remains loose, with the DR001 and DR007 rates declining to 1.319% and 1.482%, respectively [9]. Group 5: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 0.50 basis points to 1.8080% [11]. - In the secondary market, two industrial bonds experienced significant price deviations, with "H1碧地03" rising over 20% and "H0中骏02" increasing by over 264% [13]. - The convertible bond market saw a collective decline, with major indices down by 0.84% to 0.95%, and a total trading volume of 740.66 billion yuan [17]. Group 6: Overseas Bond Market - U.S. Treasury yields fell significantly, with the 2-year yield down 10 basis points to 3.47% and the 10-year yield down 8 basis points to 4.21% [20]. - In the European bond market, most major economies saw a decline in 10-year government bond yields, with Germany's yield down 2 basis points to 2.84% [21].

摘要今日周五(2月6日)亚盘时段，现货黄金最新报价为1055.05元/克，较前一交易日下跌10.41元，跌幅 0.98%，日内呈现延续跌势走势。当日开盘价报1066.02元/克，盘中最高触及1069.71元/克，最低下探至 1038.64元/克。 今日周五(2月6日)亚盘时段，现货黄金最新报价为1055.05元/克，较前一交易日下跌10.41元，跌幅 0.98%，日内呈现延续跌势走势。当日开盘价报1066.02元/克，盘中最高触及1069.71元/克，最低下探至 1038.64元/克。 【要闻速递】 不过，这一趋势尚未完全体现在官方数据中：截至1月31日当周，美国首次申领失业救济金人数经季调 为23.1万人(12月初以来最高)，但激增或与冬季风暴有关，长期趋势仍处2024年10月以来低位。近期亚 马逊、UPS、陶氏等知名企业的大规模裁员加剧市场担忧——运输业因UPS拟裁3万余人居1月裁员榜 首，科技业因亚马逊裁1.6万岗位紧随其后。招聘方面，1月数量同比降13%、环比跌49%。 需注意，该机构数据存在波动性且与官方统计不完全一致，但1月已有超百家公司依据《工人调整与再 培训通知法案》提交大规模裁员通知。 【最 ...

北京时间2月6日凌晨，美股周四尾盘继续走低，道指下跌480点，标普500指数连续第三个交易日下跌。 随着投资者采取避险立场，Alphabet、比特币与白银齐跌。投资者关注劳动力市场降温迹象。 道指跌481.77点，跌幅为0.97%，报49019.53点；纳指跌317.27点，跌幅为1.39%，报22587.31点；标普 500指数跌73.58点，跌幅为1.07%，报6809.14点。 与此同时，加密货币市场的抛售持续加剧，比特币跌破被视为关键支撑位的7万美元关口。在贵金属领 域，白银价格再度承压，结束两日反弹并重挫达16%。上周五白银价格曾暴跌近30%。 职业介绍公司Challenger， Gray & Christmas的报告加剧了市场悲观情绪，数据显示美国雇主1月宣布裁 员108435人，创下2008年全球金融危机以来1月份最高裁员纪录。 华尔街刚经历动荡的交易时段，芯片与软件股抛售导致标普500指数连续第二日收跌。随着科技股跌势 加剧，标普500指数与纳斯达克综合指数分别下跌0.5%和1.5%。 软件股普遍大跌的原因是Anthropic推出新型AI助手"Cowork"，引发数据与法律软件类股急剧抛售。受 ...

北京时间2月6日凌晨，美股周四午盘维持跌势，标普500指数连续第三个交易日下跌。随着投资者采取 避险立场，Alphabet、比特币与白银齐跌。投资者关注劳动力市场降温迹象。 道指跌389.99点，跌幅为0.79%，报49111.31点；纳指跌221.07点，跌幅为0.97%，报22683.50点；标普 500指数跌57.84点，跌幅为0.84%，报6824.88点。 Alphabet是最新公布财报的所谓"七巨头"公司之一，周四早间该股大跌。该公司预测人工智能支出将大 幅增加，令部分投资者感到不安，并预计2026年资本支出将高达1850亿美元。 2025年第四季度，Alphabet从营收到EPS利润端的业绩全面优于预期，但公司披露，今年资本支出将达 1750亿至1850亿美元，几乎是2025年全年的两倍，令华尔街震惊。 除Alphabet外，高通公司也承压，因全球存储器短缺而发布弱于预期的业绩展望后，其股价大幅下跌。 与此同时，加密货币市场的抛售持续加剧，比特币跌破被视为关键支撑位的7万美元关口。在贵金属领 域，白银价格再度承压，结束两日反弹并重挫达16%。上周五白银价格曾暴跌近30%。 职业介绍公司Chall ...

来源：滚动播报 美国12月职位空缺意外降至2020年以来最低水平，裁员人数小幅上升，进一步显示企业用工需求疲软。 劳工统计局周四数据显示，12月职位空缺数从11月下修后的693万个降至654万个，低于市场预期。职位 空缺的回落主要来自专业与商业服务业以及零售业，而裁员增加则反映出运输和仓储行业的裁员规模扩 大。招聘人数有所上升，但整体仍处于低位。数据表明，企业在评估自身用工规模和经济活动前景时， 仍对招聘节奏保持谨慎。这些数据也强化了美联储的判断，即工资增长并非通胀压力的来源。报告显 示，12月每名失业者对应的职位空缺数为0.9，这是美联储密切关注的衡量劳动力供需平衡的指标。该 比值在2022年高峰时期曾达到2比1。 ...

Group 1 - The number of planned layoffs by U.S. employers in January surged to the highest level for this time of year since the global financial crisis, with 108,435 layoffs announced, marking a 118% increase year-over-year and a 205% increase compared to December 2025 [1] - New hiring plans in January were only 5,306, the lowest figure recorded for January since 2009, indicating a significant decline in recruitment intentions [1] - The data suggests that the labor market may be deteriorating, contradicting previous assumptions of a "no hiring, no layoffs" stagnation [1] Group 2 - Despite the increase in layoffs, this trend has not yet fully reflected in official government data, with initial jobless claims reaching 231,000, the highest since early December, potentially influenced by severe winter storms [2] - Major companies like Amazon, UPS, and Dow Inc. have announced significant layoffs, with the transportation sector experiencing the most layoffs, primarily due to UPS's plan to cut over 30,000 jobs [2] - The recruitment numbers in January fell by 13% compared to January 2025 and plummeted by 49% compared to December 2025, indicating a weak hiring environment [3]

格隆汇2月5日｜美国失业救济申请人数上周增幅超过预期，期间严寒冬季天气抑制了商业活动。劳工部 周四公布的数据显示，截至1月最后一周，初请失业金人数增加2.2万人至23.1万人，高于市场预期。续 请失业金人数在前一周升至184万人。与严寒冬季天气相关的业务中断可能促使更多美国人申请失业救 济。在此之前，初请数据显示，在经济增长仍然稳健的背景下，企业总体上仍不愿大幅削减员工规模。 与此同时，用工需求也在走弱。联合包裹、亚马逊以及陶氏公司近期宣布的裁员计划，可能进一步加剧 消费者对劳动力市场的担忧。据服务机构Challenger, Gray & Christmas的数据，这些裁员举措导致美国1 月宣布的裁员人数较去年同期增加逾一倍。ADP数据也显示，企业1月新增岗位数量低于预期。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - It is expected that Shanghai zinc will undergo wide - range adjustments, and attention should be paid to the range of 24,000 - 25,000 yuan/ton. The upstream zinc mine imports are at a high level, but domestic zinc mines are in production reduction at the end of the year. Domestic smelters' competition for domestic ore procurement has intensified, processing fees at home and abroad have dropped significantly, and the profits of domestic smelters have shrunk, with production expected to continue to be restricted. The export window may close again. The downstream market is turning to the off - season, and overall demand is weak, with only some policy - supported areas like the automobile sector showing bright spots. The spot premium is at a low level, and domestic social inventory has slightly increased, while LME zinc inventory is stable. Technically, the position has decreased and the price has adjusted, with both long and short positions trading cautiously [3][4] 3. Summary by Relevant Catalogs 3.1. Futures Market - Shanghai zinc main contract closing price: 24,395 yuan/ton, down 490 yuan; 03 - 04 month contract spread: - 55 yuan/ton, down 15 yuan - LME three - month zinc quote: 3,305.5 US dollars/ton, down 17.5 US dollars - Shanghai zinc total open interest: 194,134 lots, down 6,190 lots - Shanghai zinc top 20 net open interest: 2,011 lots, down 4 lots - Shanghai zinc warehouse receipts: 0 tons, unchanged - SHFE inventory: 65,154 tons, down 7,997 tons; LME inventory: 108,200 tons, down 775 tons [3] 3.2. Spot Market - Shanghai Non - ferrous Metals Network 0 zinc spot price: 24,580 yuan/ton, down 320 yuan - Yangtze River Non - ferrous Metals Market 1 zinc spot price: 24,160 yuan/ton, down 510 yuan - ZN main contract basis: 185 yuan/ton, up 170 yuan - LME zinc cash - 3 months spread: - 22.23 US dollars/ton, up 3.66 US dollars - Kunming 50% zinc concentrate ex - works price: 21,710 yuan/ton, down 120 yuan - Shanghai 85% - 86% crushed zinc price: 16,750 yuan/ton, down 100 yuan [3] 3.3. Upstream Situation - WBMS zinc supply - demand balance: - 35,700 tons, down 14,700 tons - ILZSG zinc supply - demand balance: - 7,700 tons, down 4,900 tons - ILZSG global zinc mine production: 1.0627 million tons, down 11,900 tons - Domestic refined zinc production: 675,000 tons, up 21,000 tons - Zinc ore imports: 462,600 tons, down 53,900 tons [3] 3.4. Industry Situation - Refined zinc imports: 8,760.85 tons, down 9,469.07 tons - Refined zinc exports: 27,266.66 tons, down 15,548.89 tons - Zinc social inventory: 111,300 tons, up 4,100 tons [3] 3.5. Downstream Situation - Galvanized sheet production: 2.36 million tons, up 20,000 tons; sales: 2.36 million tons - New housing construction area: 58.76996 million square meters; housing completion area: 60.34813 million square meters, down 20.8942 million square meters - Automobile production: 3.4115 million vehicles, down 107,500 vehicles - Air - conditioner production: 21.6289 million units, up 6.6029 million units [3] 3.6. Options Market - Zinc at - the - money call option implied volatility: 31.1%, down 5.39% - Zinc at - the - money put option implied volatility: 31.1%, down 5.39% - Zinc at - the - money option 20 - day historical volatility: 0.08%; 60 - day historical volatility: 18.91%, up 0.02% [3] 3.7. Industry News - The People's Bank of China focuses on supporting key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises. - The US ADP employment data in January was significantly lower than expected, with only 22,000 new jobs added, indicating weakening momentum in the labor market at the beginning of the year. The growth was entirely driven by the education and healthcare service sectors, while many key industries such as professional business services and manufacturing experienced employment contractions. - The US ISM services PMI index in January was 53.8, remaining at the highest level since October 2024, better than expected. Business activity rebounded, but new order growth slowed down, employment hardly expanded, and the price index reached a three - month high. [3]

新华财经北京2月5日电美国国债收益率周三（2月4日）变动不大，长期限美债收益率维持高位震荡，10 年期美债收益率上涨1BP，报4.28%。2年期美债收益率下跌1BP，报3.56%，与10年期美债利差扩大 2BP，收益率曲线继续趋陡。 美国财政部周三公布季度再融资声明，决定维持现有中长期债券发行规模不变，延续"规律且可预测"的 债务管理原则。本季度将发行总计1250亿美元债券，包括580亿3年期、420亿10年期及250亿30年期国 债。 声明打消了市场对政府可能调整发行结构以压低长期借贷成本的猜测。财政部同时表示，正密切关注美 联储短期国债购买计划及私营部门需求，未来政策路径或受新任美联储主席提名影响。 财政部在声明中重申，其仍在评估未来增加附息债券和浮动利率票据拍卖规模的可能性，并将"重点关 注结构性需求趋势，以及各种发行方式的潜在成本与风险"。 摩根士丹利策略师团队在报告中指出，美联储的购买计划降低了财政部向市场"过度供应"短期国债、超 出私人部门吸纳能力的风险。 根据ADP 4日发布的数据，美国1月私营公司仅增加了22,000个岗位，低于2025年12月下调后的37,000个 岗位增长，显著弱于预期。数 ...