【要闻速递】 今日周五(2月6日)亚盘时段，白银期货目前交投于18951一线上方，今日开盘于19209元/千克，截至发 稿，白银期货暂报19537元/千克，下跌11.58%，最高触及19998元/千克，最低下探17900元/千克，目前 来看，白银期货盘内短线偏向看涨走势。 打开APP，查看更多高清行情>> 【最新白银期货行情解析】 当地时间2月5日，芝加哥商品交易所（CME）发布通知，对部分黄金、白银和铝等期货合约的保证金 （Outright Rates）进行调整。 沪银在连续上涨中无力，再次出现暴跌。沪银远期贴水结构未变，沪银溢价收敛至1500元/克，国内情 绪迅速降温。银价向下压力较大，白银高位波动率极大，沪银主力合约参考运行区间17896-19422区 间。 文件显示，黄金的新保证金比例上调至9%的水平，白银的保证金水平上调至18%。新标准将于当地时 间2月6日收盘后生效。 国内方面，上期所也再度调整黄金、白银期货涨跌停板。白银期货已上市合约的涨跌停板幅度调整为 20%，套保持仓交易保证金比例调整为21%，一般持仓交易保证金比例调整为22%。 另外，国投白银LOF场内开盘触达跌停，现报3.099元，溢价 ...

来源：创业板观察 白银等贵金属期货品种近期的大幅波动下，一则关于"边锡明中财期货精准做空白银，三天爆赚36亿"的 传闻在市场流传。 对此，中财期货相关负责人回应媒体称，交易所公布的中财期货席位在白银期货合约上的持仓数据及其 变化，反映的是公司客户在白银期货上的头寸变动。 但也有业内人士表示，这是一个难以被证实和证伪的传闻。智通财经通过梳理过往数据，以求还原事情 的原貌。 中财期货做空？ 传闻提到中财期货的做空，主要以中财期货的持仓数据作为依据。传闻称，根据上期所披露数据，看到 截至2月2日，该公司持有的白银期货空头头寸，并计算相应的名义价值。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事实上，上期所官网每天会披露关于品种的其会员/境外特殊参与者成交及持仓前二十排名表。截至2月 5日，中财期货仍然出现在沪银期货不少合约的持卖单量前二十的榜单。比如，在2608合约、2610合 约、2612合约上，该会员单位均出现在持卖单量靠前的位列。 不过，关键词包含"中财期货"的每个名单后，均有"（代客）"的标识。 | | 173-481. | | | | ADVANIA | | | | 113 ...

第一步：下载并打开金投网APP（苹果、安卓系统应用商店和金投网网页版均可下载）。 沪银天眼盯盘是金投网APP软件内含有的免费智能盯盘功能，无需单独下载，可以用于监测沪银期货行情异动、资金流向、持仓异动、实时订单流、行情形 态检测、多空量比等关键数据，方便投资者快速查看捕捉所需信息。 第二步：点击进入金投网APP，首页顶部搜索栏输入"沪银"→选择具体合约点击进入详情页（例如当前主力合约ag2604）。 | 第三步：底部功能栏中找到【盯盘】标签，点击即可进入盯盘功能核心界面，右上方找到订阅点击即可免费解锁功能。 | | --- | 18374 卖 4 卖 3 18371 24609.6 11.38% 卖 2 18370 卖 1 18369 买 1 18368 0%» 22095 买2 18367 蓝 3 18366 买 4 18365 三 5 18363 -11.38% 成交明细 双开 -22.76% 17065 8 10:09 18364 21:00 10:30 13:30 15:00 09:00 多平 量: 378 成交量▼) 18368 10:09 31716.3 空平 10:09 18367 15858. ...

光大期货金融期货日报 光大期货金融期货日报（2026 年 2 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡走低，Wind 全 A 下跌 1.11%，成交额 2.19 万亿元，消 | | | | 费和金融板块强势。中证 1000 指数下跌 1.69%，中证 500 指数下跌 1.84%， | | | | 沪深 300 指数下跌 0.6%，上证 50 指数下跌 0.33%。近期各部位密集出台经 | | | | 济调控政策，对指数形成基本面支撑。近日，发改委召开国新办发布会，表 | | | | 示：（1）研究设立国家级并购基金 加强政府投资、基金布局规划；（2）综合 | | | | 整治"内卷式"竞争，将进一步规范地方经济促进行为；（3）正在谋划推进 | | | | 一批"十五五"时期高技术产业标志性引领性重大工程等内容。上周，央行 | | | 股指 | 将下调各类结构性货币政策工具利率 25BP。结构性货币政策工具以定向支 | 震荡 | | | 持社会特定融资需求为主，科技创新、普惠养老、碳减排等近期股市热点题 | | | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Affected by the stock market, the Political Bureau meeting signaled loose monetary policy, LPR remained unchanged, and the Fed's rate - cut expectation continued. Global trade uncertainty increased the uncertainty of foreign capital inflows. Overall, the bond market oscillated between stable growth and loose expectations, and short - term attention should be paid to the policy signals at the end of the month [3] Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) had a 0.20% month - on - month increase and a 0.80% year - on - year increase; China's PPI (monthly) had a 0.20% month - on - month increase and a - 1.90% year - on - year decrease [9] - Monthly economic indicators: Social financing scale was 442.12 trillion yuan, with a month - on - month increase of 2.05 trillion yuan (+0.47%); M2 year - on - year was 8.50%, with a month - on - month increase of 0.50% (+6.25%); Manufacturing PMI was 49.30%, with a month - on - month decrease of 0.80% (-1.60%) [10] - Daily economic indicators: The US dollar index was 97.96, with a day - on - day increase of 0.31 (+0.32%); The US dollar against the offshore RMB was 6.9390, with a day - on - day decrease of 0.004 (-0.06%); SHIBOR 7 days was 1.46, with a day - on - day decrease of 0.01 (-0.61%); DR007 was 1.48, with a day - on - day decrease of 0.01 (-0.64%); R007 was 1.68, with a day - on - day increase of 0.17 (+11.44%); The 3 - month interbank certificate of deposit (AAA) was 1.59, with a day - on - day increase of 0.00 (+0.00%); The AA - AAA credit spread (1Y) was 0.09, with a day - on - day increase of 0.00 (+0.00%) [11] 2. Overview of the Treasury Bond and Treasury Bond Futures Market - The content mainly includes figures about the closing price trend, price change, precipitation of funds, position ratio, net position ratio (top 20), and long - short position ratio (top 20) of treasury bond futures main continuous contracts, but specific numerical data is not described in detail in the text [13][14][16] 3. Overview of the Money Market Fundamentals - The content includes figures about the spread between national development bonds and treasury bonds, treasury bond issuance, Shibor interest rate trend, interbank certificate of deposit (AAA) maturity yield trend, bank - to - bank pledged repurchase transaction statistics, and local bond issuance, but specific numerical data is not described in detail in the text [24][25][27] 4. Spread Overview - The content includes figures about the inter - period spread trend of various treasury bond futures, and the spread between the spot bond term spread and futures cross - variety spread (such as 4*TS - T, 2*TS - TF, etc.), but specific numerical data is not described in detail in the text [32][34][36] 5. Two - year Treasury Bond Futures - The content includes figures about the implied interest rate and treasury bond maturity yield of the two - year treasury bond futures main contract, the IRR of the TS main contract and the funds interest rate, the three - year basis trend of the TS main contract, and the three - year net basis trend of the TS main contract, but specific numerical data is not described in detail in the text [43][45] 6. Five - year Treasury Bond Futures - The content includes figures about the implied interest rate and treasury bond maturity yield of the five - year treasury bond futures main contract, the IRR of the TF main contract and the funds interest rate, the three - year basis trend of the TF main contract, and the three - year net basis trend of the TF main contract, but specific numerical data is not described in detail in the text [47][55] 7. Ten - year Treasury Bond Futures - The content includes figures about the implied yield and treasury bond maturity yield of the ten - year treasury bond futures main contract, the IRR of the T main contract and the funds interest rate, the three - year basis trend of the T main contract, and the three - year net basis trend of the T main contract, but specific numerical data is not described in detail in the text [54] 8. Thirty - year Treasury Bond Futures - The content includes figures about the implied yield and treasury bond maturity yield of the thirty - year treasury bond futures main contract, the IRR of the TL main contract and the funds interest rate, the three - year basis trend of the TL main contract, and the three - year net basis trend of the TL main contract, but specific numerical data is not described in detail in the text [59][64] 9. Market Analysis - **Macroeconomic Policy**: On December 8, the Political Bureau meeting proposed to implement a more proactive fiscal policy and a moderately loose monetary policy, sending a signal of loose money. The Central Economic Working Conference proposed that in 2026, continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and flexibly and efficiently use reserve - requirement ratio cuts, interest - rate cuts, and structural policy tools. Starting from January 19, 2026, the interest rates of a basket of re - loans and rediscounts were lowered by 0.25 percentage points, and there was still room for further reserve - requirement ratio cuts and interest - rate cuts this year [1] - **Inflation**: In December, CPI increased by 0.8% year - on - year [1] - **Finance**: In 2025, the overall fiscal revenue and expenditure did not meet expectations. Revenue was dragged down by the weakening of tax revenue and the high base of non - tax revenue, and the annual general public budget revenue decreased by 1.7% year - on - year. The expenditure rhythm was advanced, the year - end intensity weakened, and the annual completion rate was low. In terms of structure, people's livelihood expenditures were generally stable, the proportion of infrastructure expenditures decreased, and land fiscal revenue continued to be weak. In 2026, fiscal policy is expected to remain proactive, emphasizing "increased total amount, better structure", and the expenditure intensity is expected to increase, with the rhythm continuing to be advanced to support stable growth [2] - **Finance (Social Financing and Credit)**: In the first 12 months of 2025, the cumulative increase in social financing scale was 35.6 trillion yuan, 3.34 trillion yuan more than the same period last year. At the end of December, the M2 balance was 340.29 trillion yuan, a year - on - year increase of 8.5%; the M1 balance was 115.51 trillion yuan, a year - on - year increase of 3.8%. At the end of December, the balance of RMB loans increased by 6.2% year - on - year, and the balance of deposits increased by 8.7% year - on - year. In terms of credit, there was an obvious divergence between residents' and enterprises' financing. The decrease in residents' loans reflected the weak endogenous demand, while enterprises' loans increased year - on - year, indicating that the effects of policy support were gradually emerging [2] - **Central Bank**: On February 5, 2026, the central bank carried out a 7 - day reverse repurchase operation of 118.5 billion yuan at a fixed interest rate of 1.4% through quantity bidding [2] - **Money Market**: The repurchase interest rates for the main terms of 1D, 7D, 14D, and 1M were 1.319%, 1.464%, 1.614%, and 1.551% respectively, and the repurchase interest rates had recently declined [2] - **Market**: On February 5, 2026, the closing prices of TS, TF, T, and TL were 102.43 yuan, 105.91 yuan, 108.32 yuan, and 112.17 yuan respectively, and the price changes were 0.04%, 0.07%, 0.08%, and 0.38% respectively. The average net basis of TS, TF, T, and TL was 0.022 yuan, - 0.051 yuan, 0.021 yuan, and 0.077 yuan respectively [3] 10. Strategy - **Unilateral Strategy**: As the repurchase interest rate declined, the price of treasury bond futures oscillated [4] - **Arbitrage Strategy**: Pay attention to the decline of the basis of 2603 [4] - **Hedging Strategy**: There is medium - term adjustment pressure, and short - sellers can moderately hedge with far - month contracts [4]

期货市场交易指引 2026 年 02 月 06 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 短线交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 逢低做多 | | | 有色金属 | | ◆铜： 观望 | | | ◆铝： | 建议加强观望 | | ◆镍： | 建议观望 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | ◆碳酸锂： | 区间震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡调整 | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 反弹滚动空机会 | | ◆鸡蛋： | ...

1. Report Industry Investment Rating - The report provides a table indicating the investment rating possibilities for various varieties, including "cautiously bearish" and "cautiously bullish" assessments [6]. 2. Core View of the Report - The report analyzes multiple key financial and commodity markets, including precious metals, crude oil, and stock indices. It suggests that the long - term upward trend of gold remains intact despite recent volatility. The stock market is expected to continue its short - term positive trend in February, but potential risks from overseas markets during the Spring Festival need to be watched. For other markets, it provides detailed analyses of supply - demand relationships, price trends, and influencing factors [2][4][20]. 3. Summary by Relevant Catalogs 3.1 Daily Main News Focus - **International News**: The European Central Bank maintained its benchmark interest rate, pausing rate cuts for the fifth consecutive time since June last year. It did not signal the next policy direction, strengthening the market's expectation of a stable monetary policy. Officials are monitoring the impact of the euro's appreciation on export competitiveness and inflation [7]. - **Domestic News**: Eight departments jointly issued an implementation plan for the high - quality development of the traditional Chinese medicine industry, aiming to achieve certain goals by 2030, such as cultivating high - standard raw material bases and new large - scale Chinese patent medicines [8]. - **Industry News**: In January, China's logistics industry prosperity index was 51.2%, indicating an expansion of logistics business, with key sub - indices in the expansion range [9]. 3.2 Daily Earnings of Overseas Markets - The report presents the daily earnings of various overseas market indices and commodities on February 4th and 5th, including the S&P 500, European STOXX50, and others. Most showed declines, except for the US dollar index and some commodities like CBOT soybeans [10]. 3.3 Morning Comments on Major Varieties - **Financial**: - **Stock Indices**: US stock indices declined. The A - share market also fell, with the beauty and care sector leading the gain and the non - ferrous metal sector leading the loss. The stock market's positive trend since 2026 is due to multiple factors. It is expected to continue its short - term positive trend in February, but potential risks from overseas markets during the Spring Festival need attention [4][11]. - **Treasury Bonds**: Treasury bonds rose slightly, with the yield of the 10 - year Treasury bond active bond falling. The central bank's open - market operations and the expected "rate - cut and balance - sheet reduction" policy in the US, along with domestic economic data, have influenced the Treasury bond market [12]. - **Energy and Chemicals**: - **Crude Oil**: SC crude oil fell 0.73% at night. The US and Iran plan to hold nuclear - issue talks, but reaching an agreement is considered difficult. The strengthening US dollar and volatile precious metal prices have negatively affected the commodity market [3][14]. - **Methanol**: Methanol fell 1.46%. The operating rate of coal - to - olefin plants increased, as did the overall methanol plant operating rate. Coastal methanol inventories decreased slightly but were still at a relatively high level [15]. - **Natural Rubber**: Natural rubber futures declined. With domestic and some overseas production areas in different production states, and the inventory in Qingdao increasing, the price is expected to fluctuate and adjust [16]. - **Polyolefins**: Polyolefin futures mainly declined, with the market focusing on supply improvement expectations and macro - factors. The falling oil price also contributed to the cooling of the polyolefin market [17]. - **Glass and Soda Ash**: Glass and soda ash futures mainly declined. Glass production enterprise inventories increased slightly, and soda ash inventories also rose. The supply - demand situation is gradually adjusting, and the future market depends on the real - estate and photovoltaic industries [18][19]. - **Metals**: - **Precious Metals**: Precious metals fluctuated at night. Recent volatility was mainly due to the nomination of the Fed chair and capital stampede. In the long run, gold is expected to resume its upward trend, while investors are advised to wait and see for silver [2][20]. - **Copper**: Copper prices rose 0.15% at night. The concentrate supply is tight, and downstream demand is mixed. Copper prices may enter an adjustment phase [21]. - **Zinc**: Zinc prices rose 0.84% at night. The zinc concentrate processing fee decreased, and downstream demand is also mixed. Zinc prices may follow the overall trend of non - ferrous metals [22]. - **Aluminum**: Shanghai aluminum fell 0.23% at night. Short - term spot - level upward drivers are limited, but long - term factors such as low inventory and stable demand provide support [23]. - **Lithium Carbonate**: The lithium carbonate main contract touched the daily limit down and then slightly recovered. The market has high attention, and downstream buyers are cautious. Supply and demand factors are complex, and a cautious short - selling view is maintained [24][25]. - **Black Metals**: - **Coking Coal and Coke**: Coking coal and coke main contracts fluctuated at night. Steel production and demand are in a seasonal off - peak, but import disruptions and pre - holiday restocking provide support [26]. - **Steel**: Steel prices are expected to fluctuate before the Spring Festival. The macro - environment is improving, and raw - material costs provide support. The steel market is in a situation of weak supply and demand [27]. - **Iron Ore**: Iron ore prices are expected to fluctuate. Shipping volumes and port inventories have changed, and steel mills will continue to purchase on - demand [28]. - **Agricultural Products**: - **Protein Meals**: Bean and rapeseed meal prices fluctuated and rose at night. Brazilian soybean harvest is progressing, and the US - China soybean purchase plan affects the market. Domestic high inventories and sufficient supply expectations pressure prices [29]. - **Oils and Fats**: Bean and palm oils were weak, while rapeseed oil rose slightly. Malaysian palm oil exports are strong and production is falling, but market supply expectations affect prices [30][31]. - **Sugar**: Zhengzhou sugar futures fluctuated and were slightly stronger. With a seasonal supply increase and import pressure, prices are expected to remain low in the short term [32]. - **Cotton**: Zhengzhou cotton futures maintained a volatile trend. With approaching Spring Festival, the market has a certain demand support, but import factors may limit price increases [33]. - **Hogs**: The hog market continued to be weak and volatile, with regional differences. The market is in a "price - decline and reluctance - to - sell" game, and pre - holiday prices are expected to adjust [34]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index rose 3.86%. Pre - holiday spot freight rates are expected to decline. The market has a large discount, and future price trends depend on factors such as the pre - April 1st export rush and shipping company price increases [35].

FICC日报 | 2026-02-06 指数震荡，防御偏强 市场分析 中美元首通话。宏观方面，2026年全国服务消费和服务贸易工作会议在京召开。会议强调，当前消费结构加快从 商品消费主导向服务消费主导转变，要培育服务消费新增长点，鼓励支持服务出口，创新发展数字贸易。海外方 面，美国1月挑战者裁员数量飙升至10.84万人，新增招聘岗位仅5300多个，均创17年来同期最差。去年12月职位空 缺数量大幅下降至654万，为2020年以来最低。上周初请失业金人数意外大增2.2万至23.1万。 指数收跌。现货市场，A股三大指数收跌，上证指数跌0.64%收于4075.92点，创业板指跌1.55%。行业方面，板块 指数涨跌互现，美容护理、银行、食品饮料行业领涨，有色金属、电力设备、通信行业跌幅居前。当日沪深两市 成交额约为2.5万亿元。海外方面，美国三大股指全线收跌，纳指跌1.59%报22540.59点。 IH增仓。期货市场，基差方面，IC、IM基差回升，当月合约升水。成交持仓方面，IH、IF、IC的交量和持仓量同 步增加。 策略 近期美元持续走强，引发全球多数风险资产价格回落。国内市场方面，随着春节假期临近，节前最后几个交 ...

Group 1 - Silver futures are currently trading above 17904, with a recent opening at 19209 CNY/kg and a current price of 18779 CNY/kg, reflecting a decline of 15.01% [1] - The highest price reached was 19998 CNY/kg, while the lowest was 17900 CNY/kg, indicating a volatile trading environment [1] - The silver futures market is showing signs of a short-term oscillating trend [1] Group 2 - Tensions between the US and Iran have escalated ahead of scheduled talks in Oman, prompting Israeli Prime Minister Netanyahu to convene a security cabinet meeting [2] - The meeting, originally set for Sunday, was moved to Thursday, indicating urgency in addressing security concerns [2] - Discussions included not only Iran but also the financial status of the Palestinian Authority, highlighting a broader scope of security issues [2]

美国就业数据表现趋弱 美联储释放偏鹰信号 市场分析 地缘方面，伊朗外交部长阿拉格齐率领的代表团抵达阿曼首都马斯喀特，将出席与美国代表团举行的核问题谈判。 据悉，代表团成员还包括伊朗外交部政治事务副部长拉万奇、法律与国际事务副部长加里巴巴迪以及外交部发言 人巴加埃等多名外交官。一名谈判代表团成员表示，本轮对话的重点将仅限于核问题，媒体关于其他潜在议题的 各种猜测均不属实，也无法得到确认。美联储方面，美联储理事库克表示，美联储必须在近期将通胀率拉回目标 水平，这对于维护其信誉至关重要。库克认为，目前风险偏向于通胀上行，同时经济前景不确定性仍处高位。经 济数据方面，美国1月挑战者裁员数量飙升至10.84万人，新增招聘岗位仅5300多个，均创17年来同期最差。去年12 月职位空缺数量大幅下降至654万，为2020年以来最低。上周初请失业金人数则意外大增2.2万至23.1万。 期货行情与成交量： 贵金属日报 | 2026-02-06 2026-02-05，沪金主力合约开于1131.84元/克，收于1105.76元/克，较前一交易日收盘变动-3.15%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力 ...