Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The silver futures market showed strong upward momentum on January 29, 2026, with significant price increases, high trading activity, and high capital attention. In the long - term, the industrial demand for silver is promising, but there are risks of profit - taking due to overbought technical indicators [2][6] Group 3: Summary by Related Catalogs 1. Futures Market - On January 29, 2026, the main silver futures contract (AG.SHF) on the Shanghai Futures Exchange showed a strong upward trend. The opening price was 28,900 yuan/kg, the highest price reached 31,488 yuan/kg, the lowest price was 28,632 yuan/kg, and the closing price was 30,891 yuan/kg, a significant increase of 8.51% from the previous trading day. High trading volume and turnover indicated active market trading [2] 2. Spot Market Basis Analysis - The closing price of silver futures was 30,891 yuan/kg, and the average price of domestic spot silver (1) was 30,980 yuan/kg, with a basis of 89 yuan/kg, showing a slight spot premium. The small absolute value of the basis indicated that the spot and futures prices were relatively consistent, and the market was operating effectively, possibly reflecting strong short - term demand for silver spot [3] 3. Market Dynamics - In the domestic spot market on January 29, 2026, the average price of silver (1) in the Chinese non - ferrous market was 30,980 yuan/kg, basically the same as the futures price. In the international market, the highest price of London spot silver on January 29 exceeded $120 per ounce, indicating that the international silver price was also at a recent high [4][5] 4. Market Outlook - In the past month, silver futures have shown an obvious upward trend, especially since mid - January, with accelerating price increases and continuous record - highs. Under the background of increasing macro - economic uncertainty, it may attract safe - haven funds. In terms of industrial demand, the application of silver in new energy and electronics is expanding, with good long - term demand prospects. However, the silver futures price has risen significantly, and there are overbought signs in the technical aspect, so attention should be paid to the impact of profit - taking [6]

Group 1 - The total silver futures in Shanghai Futures Exchange is 449,653 kilograms, with a decrease of 12,970 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 22,000 yuan per kilogram, reached a high of 22,300 yuan, a low of 20,600 yuan, and closed at 21,446 yuan, reflecting a decline of 16.71% [1] Group 2 - In the Shanghai warehouses, the total silver futures showed a decrease across various locations, with the largest drop occurring at Zhonggongmei Supply Chain, which fell by 5,996 kilograms [2] - The ISM manufacturing index in the US rose to 52.6 in January, significantly exceeding expectations and reaching the highest level since February 2022, driven by strong growth in new orders and production [2] - The US government shutdown has delayed the release of key economic data, including the December JOLTS job openings report and the non-farm payroll report, which are now rescheduled for later publication [2]

| 项目类别 | 数据指标 最新 环比 沪铝主力合约收盘价(日,元/吨) | 最新 23,810.00 | 环比 数据指标 +775.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,809.00 | +37.00↑ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -165.00 | -435.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -187.00 | -19.00↓ | | | 主力合约持仓量:沪铝(日,手) | 226,641.00 | -11366.00↓ 主力合约持仓量:氧化铝(日,手) | 376,954.00 | +1171.00↑ | | | LME铝注销仓单(日,吨) | 56,525.00 | 0.00 库存:氧化铝:合计(周,万吨) | 265,223.00 | +42736.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 3,056.50 -57,018.00 | -79.00↓ LME铝库存（日，吨） +22089.00↑ 沪伦 ...

大连商品交易所三个化工品月均价期货首次现金交割顺利完成 中新网大连2月3日电(记者 杨毅)大连商品交易所(下称"大商所")3日发布消息称，线型低密度聚乙烯、聚 氯乙烯、聚丙烯月均价期货L2602F、V2602F、PP2602F合约近日到期交割，标志着大商所首次期货现 金交割顺利完成。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 此次大商所推出的三个化工品月均价期货，以对应品种期货结算价的月算术平均值为交割结算依据，通 过现金交割了结到期未平仓合约，精准匹配了产业均价贸易的风险管理需求。同时，其采用的现金交割 方式无需涉及实物交收，为产业企业提供了更灵活、更丰富的风险管理选择。 大商所相关业务负责人表示，三个化工品月均价期货首次现金交割的顺利开展，是期货市场紧扣产业需 求、创新服务模式的重要成果。三个化工品月均价期货与现有实物交割期货形成"互补共进"的格局，共 同构建了更完善的化工衍生品生态。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作， ...

2月3日金融一线消息，上金所今日发布《关于调整黄金部分合约保证金水平和涨跌停板的通知》《关于 调整白银延期合约保证金水平和涨跌停板的通知》，对黄金部分合约交易、白银延期合约交易保证金水 平和涨跌停板比例进行调整。 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120，000元调整至每手150，000元。 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 日起涨跌幅度限制从25%调整为22%。 上金所提醒称，请各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作， 合理控制仓位，理性投资，确保市场稳定健康运行。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：曹睿潼 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 ...

Group 1 - The main futures contract for coated paper experienced a sharp decline, reaching a low of 4034.00 yuan, closing at 4040.00 yuan with a drop of 2.18% [1] - The supply side saw a 4.6% decrease in production due to machine maintenance and conversion, while market supply remains ample [2][3] - Demand is weakening as orders for educational materials conclude, with high inventory levels maintained by companies, resulting in a weak supply-demand balance [2] Group 2 - The production of double-coated paper was reported at 187,000 tons, a decrease of 0.9 tons or 4.6% from the previous period, with a capacity utilization rate of 47.9%, down 2.3% [3] - The inventory level for double-coated paper production companies stands at 1.407 million tons, with a slight decrease of 0.1% [3] - Despite weak overall demand, supply constraints due to maintenance may provide some support for prices around the 4000 yuan mark [3]

库存方面，据首创期货介绍，上周纯碱厂家库存154.42万吨，环比增加2.30万吨，涨幅1.52%。 展望后市，正信期货表示，下游总体库存相对高位，节前补货意向减弱，受物流影响春节期间上游面临 累库压力，市场缺乏持续性驱动。不过整体纯碱估值不高，可暂时观望或尝试反套。在供大于求格局未 有明显改善下，等待市场情绪转弱，仍以反弹试空思路对待。 2月3日，国内期市能化板块大面积飘绿。其中，纯碱期货主力合约报收于1201.00元/吨，小幅下跌 1.15%。 基本面看，南华期货（603093）分析称，随着新产能逐步释放产量，纯碱日产高位，过剩预期也在加 剧。当下纯碱中长期供应维持高位的预期不变，光伏玻璃继续累库，堵窑开始增加，重碱平衡继续保持 过剩。 需求方面，五矿期货指出，随着春节临近，下游加工厂逐步进入收尾阶段，市场需求趋于平淡，整体交 易活跃度有所下降，采购以刚需为主，备货已接近尾声。 ...

格隆汇2月3日丨瑞达期货(002961.SZ)在投资者互动平台表示，瑞达期货旗舰版APP及公司官网，均已上 线瑞达智能客服，其中运用了大模型技术支撑及针对性训练；智能投研系统目前还在研发中。 ...

Key Points - The Federal Reserve maintained the benchmark interest rate at 3.50%-3.75%, pausing after three consecutive 25 basis point cuts, aligning with market expectations. Fed Chair Powell indicated that rate hikes are not a basic assumption for future actions, emphasizing the Fed's independence [1][19] - President Trump nominated former Fed Governor Kevin Walsh to succeed Powell as Fed Chair, pending Senate approval. However, Senate leaders from both parties have expressed intentions to block Walsh's nomination unless investigations into Powell are dropped. Analysts suggest that Walsh's leadership could lead to significant changes in Fed policy, potentially combining rate cuts with balance sheet reduction [2][20] - Walsh's nomination triggered hawkish expectations, causing a historic drop in global precious metals markets. Silver fell over 35%, gold dropped nearly 13%, and platinum and palladium also saw significant declines [3][20] - China's January manufacturing PMI was reported at 49.3, a decrease of 0.8 percentage points, indicating a decline in manufacturing activity. The non-manufacturing PMI also fell to 49.4, reflecting reduced business activity in the construction sector [4][21] - In the U.S., durable goods orders for November 2025 increased by 5.3%, the largest growth in six months, surpassing the expected 3.7% increase. Core durable goods orders rose by 0.5%, marking the eighth consecutive month of growth [5][21] - Trump stated that he is not concerned about the dollar's performance, suggesting it is returning to its appropriate level. Following his comments, the dollar index fell over 1%, reaching a nearly four-year low [6][21] Market Review Futures Market - ICE Brent crude oil rose by 7.32% to $69.83, while COMEX gold fell by 2.12% to $4907.5. The dollar index decreased by 39.01 basis points, leading to a depreciation of the yuan by 102 basis points [22][24] Stock Market - The A-share market saw a decline, with the small-cap index dropping 3.78%, while the Shanghai 50 index increased by 1.13%. The overall market sentiment has softened as the spring rally comes to an end [26][30] Bond Market - In the bond market, credit bonds generally declined, with 3Y and AA- bonds down by 7 basis points. Government bonds also saw slight declines, with 3Y, 5Y, and 10Y bonds down by 2 basis points [13][32]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On February 2, the three major A-share indices all fell more than 2%. The Shanghai Composite Index barely held above 4000 points. There was a wave of limit - down stocks in the gold and basic metals sectors, and resource stocks declined across the board. The Shanghai Composite Index closed down 2.48% at 4015.75 points, the Shenzhen Component Index fell 2.69%, the ChiNext Index fell 2.46%, the Northbound 50 fell 2.03%, the Science and Technology Innovation 50 fell 3.88%, the Wind All - A fell 2.71%, the Wind A500 fell 2.52%, and the CSI A500 fell 2.64%. A - shares traded 2.61 trillion yuan throughout the day, compared with 2.86 trillion yuan the previous day [4] 3. Summary by Related Catalogs 3.1 Market Review - **Index Performance**: The closing price, change rate, trading volume (in billions), and trading value (in billions of yuan) of the Shanghai 50, CSI 300, and CSI 1000 are as follows: Shanghai 50 closed at 3003.1373, down 2.07%, with a trading volume of 80.80 billion and a trading value of 2081.53 billion yuan; CSI 300 closed at 4605.9799, down 2.13%, with a trading volume of 304.77 billion and a trading value of 7259.20 billion yuan; CSI 1000 closed at 7975.4283, down 3.39%, with a trading volume of 308.32 billion and a trading value of 4989.41 billion yuan [3] - **China Financial Futures Exchange Stock Index Options Trading Situation**: The option trading volume and open interest of call options and put options for the Shanghai 50, CSI 300, and CSI 1000 are presented, along with the PCR (Put - Call Ratio) of trading volume and open interest [3] 3.2 Volatility Analysis - **Shanghai 50 Volatility**: The historical volatility and volatility cone of the Shanghai 50 are analyzed, including the minimum, maximum, 10% quantile, 30% quantile, HV5, HV20, HV60, 60% quantile, current value, and 90% quantile. The volatility smile curve of the Shanghai 50's next - month at - the - money implied volatility is also shown [3] - **CSI 300 Volatility**: Similar to the Shanghai 50, the historical volatility, volatility cone, and volatility smile curve of the CSI 300 are provided [3] - **CSI 1000 Volatility**: The historical volatility, volatility cone, and volatility smile curve of the CSI 1000 are analyzed [3]