投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2026-2-4 ⾦银价格⼤幅反弹，警惕短线震荡⻛险 万得数据显⽰，贵⾦属价格在经历两⽇⼤幅下挫后迎来拉升⾏情，这⼀⾛ 势或主要受益于急跌后的低价买盘⼊场。同时，当前市场处于关键经济数 据真空期，也在⼀定程度上推升了避险情绪，进⼀步⽀撑贵⾦属价格。据 央视新闻报道，受美国联邦政府部分"停摆"影响，美国劳⼯统计局已明 确表⽰，原定于2⽉6⽇发布的1⽉⾮农报告将推迟公布。短线来看，贵⾦ 属⼤概率维持⾼波动格局，操作上建议保持谨慎。⼀⽅⾯，1⽉2⽇公布的 美国1⽉制造业PMI升⾄近四年新⾼，或对美元短期跌幅形成制约；另⼀ ⽅⾯，芝商所、上海⻩⾦交易所、及上期所近期相继宣布调整贵⾦属期货 交易保证⾦和涨跌停板等，叠加美伊核计划紧张局势有所缓和、⽇内美印 正式达成贸易协议等消息影响，可能会限制短期上涨空间、加⼤波动⻛ 险。 黄金观点：短线进入过热后的调整阶段，大概率呈现宽幅震荡走势。 逻辑：万得数据显示，日内COMEX金价涨超6%、重回4950美元/盎 司，沪金涨超4%、站上1100元/克；此轮拉升主要源于黄金在连续两 日急跌后的低价买盘入场 ...

腾讯"元宝分10亿"活动2月1日0点正式开启，用户最高可领万元现金红 包，官方攻略发布 亚马逊官宣裁撤1.6万个职位 纽约商品交易所黄金期货价格当地时间3日重回每盎司5000美元。 来源：新华社 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 ...

早盘速递 2026/2/4 热点资讯 1.美国总统特朗普签署政府拨款法案，结束政府部分"停摆"。此前，美国国会众议院投票通过联邦政府多个部门本财年剩余 时间拨款法案，从1月31日开始的联邦政府部分"停摆"僵局得以化解。 第 2 页，共 3 页 注:数据来源于Wind，钢联数据，资讯来自于金十期货、Wind资讯等，冠通研究整理 股市风险偏好 主要大宗商品走势 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 600.00 650.00 700.00 0 1000 2000 3000 4000 5000 6000 波罗的海干散货指数(BDI) CRB现货指数:综合:右轴 -60 -40 -20 0 20 40 60 80 100 120 140 期货结算价(连续):WTI原油 0 20 40 60 80 100 120 140 0 1000 2000 3000 4000 5000 6000 伦敦现货黄金:以美元计价 伦敦现货白银:以美元计价：右轴 0 2000 4000 6000 8000 10000 12000 14000 16000 期货官方价:L ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 2 月 4 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com 请务必阅读正文之后的免责声明部分 [Table_QuotePic] 中泰微投研小程序 | 4 / 7 / 7 / 4 | | 卒」卒4日听刊 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農药 | 農荡偏多 | 趋势多头 | | | に | 橡胶 | 中证1000指数期货 | | | | 红枣 | 自糖 | 燃油 | | | | 铁矿石 | 多晶硅 | 三十债 | | | | 甲醇 | 棉纱 | 十债 | | | | РУС | 尿素 | 上证50股指期货 | | | | 塑料 | 棉花 | 二债 | | | | 生猪 | 胶版印刷纸 | 沪深300股指期货 | | | | 原油 | 玉米 | 五债 | | | | 液化石油气 | 乙二醇 | 沥青 | | | ...

Group 1 - The central government's new policy document aims to anchor agricultural modernization and promote rural revitalization, focusing on enhancing agricultural production capacity and quality, implementing targeted assistance, and ensuring stable income growth for farmers [1] - The document outlines six key areas: improving agricultural production capacity, implementing regular precise assistance, promoting stable income growth for farmers, advancing rural construction tailored to local conditions, strengthening institutional innovation, and enhancing the Party's leadership over agricultural work [1] Group 2 - Precious metals experienced a rebound influenced by two main factors: the nomination of Kevin Warsh as the next Federal Reserve Chair, which boosted the dollar index, and a significant short-term increase in precious metals prices, particularly silver, leading to profit-taking and increased market volatility [2][20] - The long-term support factors for gold remain intact, and it is expected to return to a steady upward trend after market adjustments, while silver prices are anticipated to remain under pressure in the short term [21] Group 3 - The crude oil market saw a 1.78% increase, influenced by geopolitical tensions involving U.S. military actions against Iranian drones and concerns over increased Venezuelan oil exports exacerbating supply surplus fears [3][15] - The domestic retail prices for refined oil have increased, with gasoline and diesel prices rising by 205 yuan and 195 yuan per ton, respectively, reflecting ongoing market adjustments [10] Group 4 - The U.S. stock market indices experienced a decline, with significant fluctuations in the military and banking sectors, while the overall market outlook for February remains positive due to seasonal trends and policy support [4][12] - The financing balance decreased by 6.009 billion yuan, indicating a cautious market sentiment ahead of the Spring Festival [12] Group 5 - The international shipping index for European routes increased by 5.22%, with expectations of continued downward pressure on spot freight rates leading up to the holiday season [34]

内盘方面，沪金、沪银期货主力合约夜盘大涨。截至收盘，沪金期货主力合约上涨3.49%、沪银期货主力合约上涨 5.93%。 早上好，金银行情又"反转"了。 3日晚，纽约期金和纽约期银主力合约暴涨，伦敦金现货和伦敦银现货价格也大幅上涨。 截至发稿，纽约期金、纽约期银主力合约分别上涨6.83%、10.27%，伦敦金现货、伦敦银现货价格分别上涨3.57%、 2.90%。 消息面上，据央视新闻报道，当地时间2月3日，一名美国官员表示，美军当天在阿拉伯海击落了一架接近"亚伯拉 罕·林肯"号航空母舰的伊朗无人机。 据悉，一架伊朗无人机当时正飞向航母，随后被美军F-35战斗机击落。 伊朗方面一名消息人士表示，伊方一架无人机当天在公海执行常规合法侦察任务过程中失联，但已成功传回其拍摄 的图片。 就美军称当天在阿拉伯海击落一架伊朗无人机一事，这名消息人士回应说，伊方一架"目击者-129"型无人机当天在 公海执行侦察、监视、拍照等常规合法任务，并将相关图片传回指挥中心，但随后失联。他说，失联原因正在调查 中，一旦确认，将予公布。 美国总统特朗普当地时间2月3日在白宫签署政府拨款法案时表示，与伊朗本周的谈判仍在继续，伊朗方面有意愿采 ...

3日晚，纽约期金和纽约期银主力合约暴涨，伦敦金现货和伦敦银现货价格也大幅上涨。 内盘方面，沪金、沪银期货主力合约夜盘大涨。截至收盘，沪金期货主力合约上涨3.49%、沪银期货主力合约上涨5.93%。 截至发稿，纽约期金、纽约期银主力合约分别上涨6.83%、10.27%，伦敦金现货、伦敦银现货价格分别上涨3.57%、2.90%。 交易所密集出手 2月3日，上海黄金交易所连发两则通知，对黄金、白银部分合约保证金水平和涨跌停板比例进行调整。 具体来看，上海黄金交易所拟对黄金部分合约交易保证金水平和涨跌停板比例进行上调：自2026年2月4日（星期三）收盘清算时起，Au（T+D）、mAu （T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从16%调整为17%，下一交易日起涨跌幅度限制从15%调整为16%； CAu99.99合约保证金每手120000元调整至每手150000元。 与此同时，上海黄金交易所对白银延期合约交易保证金水平和涨跌停板比例进行下调：2026年2月3日（星期二）自收盘清算时起，Ag(T+D)合约的保证金水 平从26%调整为23%，下一交易日起涨跌幅度限制 ...

Group 1 - The core viewpoint of the news highlights the recent fluctuations in the tin market, particularly the significant drop in Shanghai tin futures, which fell by 6.7% to 383,340 yuan/ton, followed by a recovery of 6.64% in the night session [2] - A 6.0 magnitude earthquake occurred in Myanmar, a major tin producer, raising concerns about potential impacts on tin mining operations, although the effects remain uncertain [2] - The recent decline in tin prices is attributed to profit-taking after reaching historical highs, concerns over AI market bubbles following disappointing earnings from tech giants, and a shift in market sentiment towards a more hawkish Federal Reserve [3] Group 2 - The current tin market is characterized by a tight supply-demand balance, with increased imports of tin concentrate in recent months alleviating previous supply shortages [4] - Demand from traditional sectors like consumer electronics is weak, but long-term growth expectations from emerging sectors such as electric vehicles and AI servers are providing support for tin prices [4] - The downstream operating rates are stable, and as Myanmar's tin production increases, the supply-demand situation is expected to improve, potentially putting further downward pressure on tin prices [4]

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]

当地时间2月3日，美股三大股指全线收跌，道指跌0.34%，标普500指数跌0.84%，纳指跌1.43%。美国科技七巨头指数跌1.62%，微软、英伟达跌近3%。 大宗商品市场方面，贵金属重拾涨势。当地时间2月3日，COMEX黄金期货涨6.83%，报4970.50美元/盎司，COMEX白银期货涨10.27%，报84.92美元/盎 司。 美股三大股指全线收跌 当地时间2月3日，美股三大股指全线收跌。数据显示，截至收盘，道指跌0.34%，标普500指数跌0.84%，纳指跌1.43%。 美股大型科技股多数下跌，美国科技七巨头指数下跌1.62%。个股方面，微软、英伟达跌近3%，Meta跌超2%。 特朗普称正与伊朗进行谈判 央视新闻消息，当地时间2月3日，美国总统特朗普在白宫签署政府拨款法案时表示，与伊朗本周的谈判仍在继续，伊朗方面有意愿采取行动。 特朗普称，与伊朗方面"正在进行谈判"，并希望能够达成某种结果。他表示不能透露会在哪里与伊朗会谈，并称"与伊朗的会晤不止一次"。 特朗普称，相关方此前曾有机会达成协议但未能成功，他不希望再次出现类似去年对伊实施"午夜之锤"军事行动的情况。 伊朗外交部发言人巴加埃3日表示，"谈判计 ...