数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 沪锡产业日报 2026-02-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 392650 | -16350 3月-4月合约收盘价:沪锡(日,元/吨) | 360 | 1360 | | | LME3个月锡(日,美元/吨) | 50600 | -4484 主力合约持仓量:沪锡(日,手) | 38322 | -1757 | | | 期货前20名净持仓:沪锡(日,手) | -5729 | 537 LME锡:总库存(日,吨) | 7095 | 0 | | | 上期所库存:锡(周,吨) | 9720 | 171 LME锡:注销仓单(日,吨) | 265 | 65 | | 现货市场 | 上期所仓单:锡(日,吨) | 8097 | -427 | | | | | SMM1#锡现货价格(日,元/吨) | 392750 | -35900 长江有色市场1#锡现货价(日,元/吨) | 392480 | ...

不锈钢产业日报 2026-02-02 技术面，持仓减量价格回调，多头氛围下降，关注MA60争夺。观点参考：预计不锈钢期价偏弱调整，关注 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 1.32支撑。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 13420 | -720 03-04月合约价差:不锈钢(日,元/吨) | -95 | 20 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢( ...

棉花(纱)产业日报 2026-02-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14575 | -95 棉纱主力合约收盘价(日,元/吨) | 20405 | -90 | | | 棉花期货前20名净持仓(手) | -117261 | 19409 棉纱期货前20名净持仓(手) | -1402 | 391 | | | 主力合约持仓量:棉花(日,手) | 719506 | -33772 主力合约持仓量:棉纱(日,手) | 4884 | -1005 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10325 | 36 仓单数量:棉纱(日,张) | 0 | 0 | | | 中国进口棉价格指数:FCIndexM:1%关税( | 16070 | -113 中国纱线价格指数:纯棉普梳纱32支(日, | 21455 | 25 | | | /吨) | | 元/吨) | | | | 现货市场 | | 12377 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1787 | -3 郑州尿素5-9价差(日,元/吨) | 32 | 7 4032 | | | 郑州尿素主力合约持仓量(日,手) | 240285 | -6009 郑州尿素前20名净持仓 | -21160 | | | | 郑州尿素交易所仓单(日,张) | 11256 | -1434 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 0 河南(日,元/吨) | 1770 | 0 | ...

格隆汇2月2日丨永安期货(600927.SH)公布，截至2026年1月31日，公司通过集中竞价交易方式已累计回 购公司普通股2,233,300股，占公司总股本的比例为0.153%，回购的最高价为16.48元/股、最低价为14.59 元/股，已支付的资金总额为34,994,871元（不含交易手续费）。 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The current high inventory of laying hens is still at a high level. The Spring Festival stocking sentiment has reached its peak, leading to a decline in inventory at all levels, some inventories have been cleared, and traders are more active in purchasing, accelerating the turnover speed. Egg prices have risen significantly, and the profits of the breeding end have improved, which has increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for old chicken culling, weakening the expectation of inventory decline. The market is in a game between the boost of the continuous rise in spot prices and the pressure of high inventory, adding market volatility, and it is recommended to participate in the short - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of egg futures is 2,975 yuan/500 kilograms, a decrease of 27 yuan; the net long position of the top 20 futures holders of eggs is - 1,165 hands, a decrease of 3,655 hands; the egg futures monthly spread (5 - 9) is - 437 yuan/500 kilograms, an increase of 14 yuan; the trading volume of the active contract of egg futures is 180,423 hands, a decrease of 20,064 hands; the registered warehouse receipt volume is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.84 yuan/jin, a decrease of 0.28 yuan; the basis (spot - futures) is 860 yuan/500 kilograms, a decrease of 249 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75; the national culling laying hen index is 124.98 (with 2015 = 100), an increase of 23.8; the average price of laying hen chicks in the main producing areas is 3.1 yuan/feather, an increase of 0.1 yuan; the national new chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of laying hen feed is 2.84 yuan/kg, unchanged; the breeding profit of laying hens is 0.11 yuan/hen, an increase of 0.19 yuan; the average price of culled chickens in the main producing areas is 9.06 yuan/kg, an increase of 0.28 yuan; the culling chicken age is 500 days, unchanged [2] 3.4 Industry Conditions - The average wholesale price of pork is 18.44 yuan/kg, a decrease of 0.17 yuan; the average wholesale price of 28 key - monitored vegetables is 5.56 yuan/kg, a decrease of 0.06 yuan; the average wholesale price of white - striped chickens is 17.35 yuan/kg, an increase of 0.07 yuan; the weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days; the weekly inventory in the production link is 1.02 days, an increase of 0.05 days; the monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main producing area, is 7.69 yuan/kg, a decrease of 0.66 yuan from yesterday; the average price of eggs in Hebei is 7.41 yuan/kg, a decrease of 0.36 yuan from yesterday; the average price of eggs in Guangdong is 7.67 yuan/kg, a decrease of 0.80 yuan from yesterday; the average price of eggs in Beijing is 8.18 yuan/kg, a decrease of 0.32 yuan from yesterday [2]

蓝鲸新闻2月2日讯，近日，中国证券监督管理委员会上海监管局发布行政监管措施决定书，剑指国能东方期货（上海）有限公司。 决定书显示，国能东方期货（上海）有限公司自有资金投资未按公司规定履行相应的决策审批流程，反映出自有资金管理不到位，内部控制不 健全，违反了《期货公司监督管理办法》的规定。 对此，中国证券监督管理委员会上海监管局决定对国能东方期货（上海）有限公司采取出具警示函的监督管理措施。 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The sharp decline in gold and silver prices last Friday night, with silver hitting the跌停, was the result of a combination of short - term news - based shocks and market self - correction pressure. The rumored nomination of Kevin Warsh as the next Fed Chair by President Trump was the direct trigger. Warsh is considered a "hawk," and his potential tenure may lead to a tightening of dollar liquidity, pressuring the prices of non - interest - bearing safe - haven assets like gold and silver. [6][24] - Gold and silver also faced significant correction pressure due to factors such as the CME's multiple increases in margin ratios for gold and silver futures, the approaching Chinese Spring Festival with overseas volatility and margin call risks, the expiration of the January COMEX silver futures contracts leading to large - scale long - position liquidation, and the large profit - taking potential after the "epic" rise in silver prices since January. [7][25] 3. Summary by Directory 3.1 Market Review 3.1.1 Weekly Trend - The report shows a chart of the linkage between the US dollar index and the COMEX gold futures closing price, but no detailed written description of the weekly trend is provided other than the chart. [11] 3.1.2 Indicator Price Changes | Indicator | January 30 | January 23 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | 4,907.50 | 4,983.10 | - 1.52% | | COMEX Silver | 85.25 | 103.26 | - 17.44% | | SHFE Gold Main Contract | 1,161.42 | 1,115.64 | 4.10% | | SHFE Silver Main Contract | 27,941.00 | 24,965.00 | 11.92% | | US Dollar Index | 97.12 | 97.50 | - 0.40% | | USD/Offshore RMB | 6.96 | 6.95 | 0.13% | | 10 - year US Treasury Real Yield | 1.90 | 1.92 | - 0.02 | | S&P 500 | 6,939.03 | 6,915.61 | 0.34% | | US Crude Oil Continuous | 65.74 | 61.28 | 7.28% | | COMEX Gold - Silver Ratio | 57.57 | 48.26 | 19.29% | | SHFE Gold - Silver Ratio | 41.57 | 44.69 | - 6.98% | | SPDR Gold ETF | 1,087.10 | 1,086.53 | 0.57 | | iShare Gold ETF | 497.99 | 494.56 | 3.43 | [12] 3.2 Gold Price Reached a High and Then Declined - In the first half of the week, the continuous weakening of the US dollar index, which fell below the lowest level since the second half of 2025, reflected the accelerating global de - dollarization, and the gold price showed an accelerating upward trend. [14] - In the second half of the week, the market rumor about Kevin Warsh's potential nomination as the next Fed Chair led to concerns about tightened dollar liquidity, which directly pressured gold and silver prices. Additionally, after the short - term sharp rise in gold prices, the strong willingness of long - position holders to take profits exacerbated the sharp decline. [14] 3.3 Tracking of Other Indicators - On January 30, the combined holdings of SPDR and iShares gold ETFs reached 1,581.09 tons, an increase of 4.00 tons from the previous week. [18] - As precious metals declined last week, the decline in silver was more significant, and the gold - silver ratio rebounded from its low. Since January, the gold - silver ratio has been falling with the rise of precious metals, reaching the lowest level since 2011, which may indicate that silver was overvalued in the short term. [21] 3.4 Conclusion - The sharp decline in gold and silver prices last Friday night was due to short - term news shocks and market self - correction pressure. The rumored nomination of Kevin Warsh as the next Fed Chair was the direct trigger. [24] - Gold and silver also faced significant self - correction pressure, including increased margin ratios, the approaching Spring Festival in the domestic market, the expiration of the January COMEX silver futures contracts, and the large profit - taking potential after the sharp rise in silver prices. [25]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapid decline in precious metal prices in early February 2026 was due to the combined effects of short - term speculative leverage, sentiment reversal, and technical over - buying correction, which was a risk clearance for the previous overheating. As short - term sentiment calms, the market will refocus on long - term fundamentals. The supply - demand tightness of silver remains unchanged, and the current correction creates space for future development. However, short - term volatility risks cannot be ignored, and attention should also be paid to sentiment linkage and risk diffusion among related sectors [20] 3. Summary by Relevant Catalogs Short - term: Triggers for the Retracement - **Market sentiment shift triggering long - position stampede**: The "hawkish" remarks of the new Fed Chair nominee reversed the market's optimistic sentiment about monetary policy, increasing the expected holding cost of gold and reducing speculative long - position sentiment. High - leveraged positions were forced to liquidate due to margin shortages, forming a negative feedback loop and exacerbating price declines [4][5] - **Low - level repair demand for the gold - silver ratio**: The gold - silver ratio reached a 13 - year low of 48.28 on January 30, 2026, far below the long - term average. There was a strong technical need for ratio repair. When the market turned weak, silver faced more selling pressure and larger declines [7][9] - **Reverse fluctuations under physical delivery pressure**: Commercial dealers held a net short position of about 220 million ounces of silver, more than twice the exchange's registered silver inventory. To prevent delivery risks, CME raised the margin for precious metal futures, cooling speculation and giving short - sellers room to adjust positions [10] Medium - and Long - term: Fundamentals Remain Tight - **Rigid shortage in the silver market**: The global silver market was in short supply from 2021 to 2025, and the supply gap in 2025 was about 117.6 million ounces. Industrial demand, especially from the photovoltaic industry, grew rapidly, while supply growth was restricted by factors such as low ore grades and limited recycling, supporting long - term price increases [12][15] - **Inventory at a near - decade low**: Global silver inventory was at its lowest level in nearly a decade, reflecting supply shortages and weakening the market's buffer capacity. Once demand recovers, prices may rise rapidly, providing structural support for the medium - and long - term trend of silver [17]

曹宝琴 投资咨询从业资格号：Z0012851 caobaoqin@nzfco.com 报告导读： 市场回顾与展望：美国总统特朗普正式提名前美联储理事凯文·沃什为下任美联储主席，接替将于5 月结束任期的鲍威尔。如果沃什最终执掌美联储，市场可能会看到美联储政策框架的显著调整，并认为沃 什的政策主张可能呈现"降息与缩表并行"的独特组合。贵金属、比特币等货币属性较强板块在美元指数 大幅反弹的背景下，大幅下跌，贵金属的过分做多的热情短期得到冷却，但是贵金属的长期走势并没有实 质性的改变，沃什上台后，其政治目标的实现情况需要进一步观察。美国总统特朗普表示，美国正向伊朗 方向部署多于此前美对委内瑞拉行动的舰船力量。特朗普称，美国希望与伊朗达成协议，若无法达成， "将拭目以待事态发展"。地缘政治和关税方面，依然存在诸多不确定性因素，对贵金属存在一定的支持， 但是短期由于贵金属前期涨幅过大，美联储主席确认为沃什之际，贵金属实现短期回调，中期依然为高位 震荡，后续美联储降息线索或是观察贵金属走势的重要方面。 关注因素：1.中东地区地缘风险演化 2.美国关税政策 3.美国经济数据 期货研究报告 2026年02月02日 周报 贵金属 ...