商品表现 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:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 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。 苏妙达，执业资格证号 F03104403/Z0018167。 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。 每日核心期货品种分析 发布日期：2026 年 2 月 2 日 数据来源:Wind、冠通研究咨询部 期市综述 截止 2 月 2 日收盘，国内期货主力合约大面积飘绿，沪银、铂、钯、碳酸 ...

Core Insights - On February 2, 2026, Alibaba-W (09988), Tencent Holdings (00700), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.121 billion, 4.166 billion, and 3.225 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also led the trading volume, with transaction amounts of 3.730 billion, 2.511 billion, and 2.012 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 6.121 billion with a net buy of -0.816 billion [2] - Tencent Holdings (00700) recorded a trading amount of 4.166 billion with a net buy of +0.880 billion [2] - China Mobile (00941) had a trading amount of 3.225 billion with a net buy of -0.134 billion [2] - SMIC (00981) had a trading amount of 2.965 billion with a net buy of -29.8693 million [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 2.096 billion and a net buy of +0.391 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.730 billion with a net buy of +0.488 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.511 billion with a net buy of +0.424 billion [2] - SMIC (00981) had a trading amount of 2.012 billion with a net buy of -1.32 billion [2] - Other significant companies included China Mobile (00941) with a trading amount of 1.401 billion and a net buy of +0.0651447 billion [2]

蓝筹股方面，腾讯控股跌1.24%，收报598.5港元；香港交易所跌1.85%，收报424.2港元；中国移动 跌2.26%，收报78港元；汇丰控股跌1.39%，收报134.7港元。 香港本地股方面，长实集团跌2.71%，收报44.6港元；新鸿基地产跌4.3%，收报120.3港元；恒基地 产跌0.71%，收报30.9港元。 新华社香港2月2日电 香港恒生指数2日跌611.54点，跌幅2.23%，收报26775.57点。全日主板成交 3478.86亿港元。 国企指数跌236.9点，收报9080.19点，跌幅2.54%。恒生科技指数跌191.87点，收报5526.31点，跌 幅3.36%。 中资金融股方面，中国银行跌1.07%，收报4.62港元；建设银行跌1.01%，收报7.83港元；工商银行 跌1.23%，收报6.41港元；中国平安跌2.75%，收报70.7港元；中国人寿跌3.96%，收报33.5港元。 石油石化股方面，中国石油化工股份跌2.42%，收报5.25港元；中国石油股份跌3.56%，收报8.95港 元；中国海洋石油跌4.76%，收报23.22港元。 【纠错】 【责任编辑:邱丽芳】 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 没有意外的杀跌！ 早上开盘，A股贵金属板块大跌，晓程科技、招金黄金、四川黄金、湖南黄金、中金黄金、赤峰黄金、西 部黄金、山东黄金等十余股竞价跌停。油气板块和商品期货亦大多迎来暴击。 与此同时，外围变数再现。有消息指出，美国杠杆贷款指数（Leveraged Loan Index）正在下跌，回到 了 2025年4月以来的最低点，这是流动性出现问题的先兆。事实上，周末虚拟币市场大跌，也印证了这 个问题。 全线杀跌 外围市场不单是贵金属在跌，天然气的杀跌在极大程度上也影响了能源板块的走势。 受近期天气预报转暖影响，美国天然气期货价格大幅下挫，几乎回吐前一交易日的全部涨幅。报道称，近 月合约在亚洲早盘一度下跌17%，至每百万英热单位3.62美元。故而，今天早上，A股油气板块几乎是全 线跌停。通源石油、中曼石油、准油股份、石化油服、贝肯能源竞价跌停，科力股份、潜能恒信跌超 10%。 商品期货市场早上开盘亦是多数大跌。文华财经数据显示，截至9:04，沪银期货主力合约跌停，沪金期货 主力合约跌超10%，铂期货主力合约跌停，钯期货主力合 ...

早盘市场维持窄幅震荡格局，截至发稿，沪指跌0.81%，报4084.63点，深成指跌0.97%，报14068.65点，创业板指跌0.79%，报3319.82点。沪深两 市合计成交额13699.31亿元，较上一交易日同一时点缩量超2300亿元，全市场超2800只个股下跌。 个股方面，晓程科技盘初直接触及20cm跌停，截至发稿跌15.08%，山东黄金、江西铜业等大市值龙头个股也纷纷跌停，白银（核心股）有色、湖 南白银更是封死跌停，两只个股的卖一封单均超过470万手，抛压极为沉重。 | | | | | 名称 | 涨幅▲ | | --- | --- | --- | --- | --- | --- | | | | | 1 | 铜陵有色 | -10.04% | | | | | 2 | 锌业股份 | -10.03% | | | | | 3 | 白银有色 | -10.02% | | | 名称 | 涨幅晶 | 4 | 北方铜业 | -10.01% | | 1 | 晓程科技 | -15.08% | 5 | 江西铜业 | -10.00% | | 2 | 恒邦股份 | -10.02% | 6 | 盛达资源 | -10.00% | | ...

2月2日，A股三大指数开盘涨跌互现：上证指数跌0.93%，深证成指跌0.54%，创业板指涨0.65%。上午市场窄幅震荡，截至发稿，上证指数、深证成指跌 幅有所收窄，创业板指持续飘红。 盘面上，有色金属、石油石化等板块继续走低，黄金珠宝、工业金属、铜产业、先进封装、存储器、油气开采等方向大跌；特高压、白酒、饮料、智能电 网等概念股活跃。 来看详情—— 有色金属板块暴跌 开盘逾30股跌停 2月2日，有色金属板块开盘暴跌，指数跌近7%；黄金珠宝、工业金属、稀有金属、小金属等方面集体走低，逾30股在竞价阶段跌停。 晓程科技盘初20cm跌停，山东黄金、江西铜业等大市值个股纷纷跌停。 | 序号 代码 | | 名称 | 现价 涨跌 涨跌幅 * | | --- | --- | --- | --- | | 1 | 300139 | 晓程科技 | 54.00c -13.50 -20.00% | | 2 | 000630 | 铜陵有色 | 7.44c -0.83 -10.04% | | 3 | 000751 | 锌业股份 | 6.19c -0.69 -10.03% | | 4 | 002237 | 恒邦股份 | 18.59c -2 ...

Core Viewpoint - The article discusses a significant decline in various sectors of the A-share market, particularly in precious metals and energy, driven by external market pressures and changes in liquidity conditions [1][2][3]. Group 1: Market Reactions - The precious metals sector in A-shares experienced a sharp decline, with multiple stocks hitting the daily limit down, including companies like Xiaocheng Technology and Zhaojin Gold [1]. - The oil and gas sector also faced severe losses, with companies such as Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit down due to a drop in natural gas prices influenced by warmer weather forecasts [2]. - Commodity futures markets saw widespread declines, with major contracts like silver and gold futures hitting limit down, reflecting a broader market sell-off [2]. Group 2: External Influences - The U.S. leveraged loan index has fallen to its lowest point since April 2025, indicating potential liquidity issues in the market, which is further corroborated by a significant drop in the cryptocurrency market [3]. - The adjustment of margin levels and price limits for silver contracts by the Shanghai Gold Exchange suggests increased volatility and risk in the precious metals market [1]. Group 3: Liquidity Concerns - A report from Tianfeng Securities highlights that the U.S. dollar liquidity index has dropped to -60%, indicating extreme tightening that could impact global assets [5]. - The potential appointment of Kevin Warsh as the new Federal Reserve Chair has raised concerns about a hawkish monetary policy, which could lead to further tightening and affect market expectations for interest rates [6].

Market Overview - The A-share market opened with mixed results on February 2, with the Shanghai Composite Index down 0.93%, Shenzhen Component Index down 0.54%, and the ChiNext Index up 0.65 [1] - The market showed slight fluctuations in the morning, with the declines in the Shanghai and Shenzhen indices narrowing while the ChiNext Index continued to rise [1] Nonferrous Metals Sector - The nonferrous metals sector experienced a significant drop, with the index falling nearly 7% and over 30 stocks hitting the daily limit down during the opening [2][3] - Major stocks such as Xiaocheng Technology (300139) and Jiangxi Copper (600362) also faced limit down situations [3] Precious Metals Futures - Domestic precious metals and nonferrous metal futures saw a sharp decline, with silver futures down 17% and gold futures down over 14% [5][6] - Spot gold and silver initially rebounded but then continued to decline, with gold dropping over 6% and silver nearly 8% [7] Oil and Petrochemical Sector - The oil and petrochemical sector also faced declines, with major stocks like Zhongman Petroleum (603619) and PetroChina (600759) hitting limit down [8][9] - The drop in international oil prices was influenced by geopolitical tensions in Iran, with recent statements from U.S. President Trump indicating a desire for negotiations [8] Telecommunications Sector - The three major telecom operators, China Mobile (600941), China Telecom (601728), and China Unicom, all saw declines of over 4% [10] - A recent announcement from the Ministry of Finance and the State Taxation Administration indicated an increase in VAT rates for telecom services starting January 1, 2026, which may impact revenue and profits [11] Liquor Sector - The liquor sector saw a rebound, with stocks like Shui Jing Fang (600779) and Huangtai Liquor (000995) hitting the daily limit up [12][13] - The liquor industry has been in a correction phase for about five years, with current valuations and institutional positions at historical lows, suggesting potential for recovery [14]

广发宏观周度述评（第49期） 广发宏观周度述评 （ 第1-48期，复盘必读 ） 内容 第一，全球叙事切换：杯弓蛇影还是未雨绸缪 ？ 2025 年全球宏观面有五大核心宏观叙事：美元信用弱化、黄金是新一轮货币体系的定价锚、全球产业链供应链重 塑、人工智能是新一轮产业链的基础设施、有色金属是 AI 时代的原油。这一系列叙事带来贵金属、有色金属、新兴市场、 AI 产业链等资产的领先表现。 2026 年 1 月底，特朗普宣布将提名沃什担任下届美联储主席，引发了贵金属的剧烈调整。 我们理解这一反应背后的逻辑是：美国为推动再工业化和 AI 领先而产生大规模财政赤字，这逻辑上一则带来美元信用下降；二则需要美联储通过宽松政策来容纳 债务，即所谓的 " 美联储看跌期权 " （ Fed Put ），于是市场定价对冲美元资产风险（新兴市场）、信用货币受损（贵金属）、新产业和资源品竞争（ AI 产业 链、有色金属）。沃什的政策倾向会让这一链条存在明显的隐忧：市场假设美联储是被动与财政联动，但沃什的理念是货币是货币、财政是财政，货币要有货币纪 律、财政要有财政纪律。沃什主张缩表，不再主动压低收益率来帮助政府廉价借贷，这在逻辑上有助于重塑 ...

每经AI快讯，1月31日，美国本周石油钻井总数411口，前值411口。 ...