Report Summary 1. Report Industry Investment Rating - There is no information about industry investment rating in the provided content. 2. Core Viewpoints - There are no explicit core viewpoints stated in the given text. The document is mainly a futures basis statistics table. 3. Summary by Related Categories Metals - **Copper**: The spot price is 106,950, the主力基差率 is -2.85%, and the current basis is -2765 [3]. - **Aluminum**: The spot price is 25,550, the主力基差率 is -2.47%, and the current basis is -630 [3]. - **Zinc**: The spot price is 25,765, the主力基差率 is -1.48%, and the current basis is -475 [3]. - **Lead**: The spot price is 17,195, the主力基差率 is -2.04%, and the current basis is -235 [3]. - **Tin**: The spot price is 446,630, the主力基差率 is -1.62%, and the current basis is -8030 [3]. - **Nickel**: The spot price is 148,000, the主力基差率 is 1.55%, and the current basis is 2800 [3]. - **Industrial Silicon**: The spot price is 9,250, the主力基差率 is 4.17%, and the current basis is 430 [3]. - **Lithium Carbonate**: The spot price is 166,140, the主力基差率 is -0.63%, and the current basis is 50 [3]. - **Gold**: The spot price is 1252.10, the主力基差率 is -0.46%, and the current basis is -8.70 [3]. - **Silver**: The spot price is 32,060, the主力基差率 is -2.89%, and the current basis is -2062 [3]. Black Industry - **Iron Ore**: The spot price is 835.7, the主力基差率 is 4.65%, and the current basis is 37.2 [3]. - **Coke**: The spot price is 1876.5, the主力基差率 is -6.85%, and the current basis is -271.5 [3]. - **Coking Coal**: The spot price is 1419.5, the主力基差率 is 1.98%, and the current basis is 22.5 [3]. - **Power Coal**: The spot price is 801.4, the主力基差率 is 0.25%, and the current basis is -103.4 [3]. - **Ferrosilicon**: The spot price is 5,820, the主力基差率 is -1.8%, and the current basis is -458 [3]. - **Silicomanganese**: The spot price is 6,036, the主力基差率 is -1.61%, and the current basis is -56 [3]. - **Stainless Steel**: The spot price is 14,975, the主力基差率 is -0.48%, and the current basis is -195 [3]. Agricultural Products - **Soybeans**: The spot price is 4,466, the主力基差率 is -1.29%, and the current basis is -360 [3]. - **Soybean Meal**: The spot price is 3,080, the主力基差率 is 9.92%, and the current basis is 147 [3]. - **Rapeseed Meal**: The spot price is 2,490, the主力基差率 is 7.10%, and the current basis is 238 [3]. - **Soybean Oil**: The spot price is 8,900, the主力基差率 is 6.18%, and the current basis is 518 [3]. - **Rapeseed Oil**: The spot price is 10,170, the主力基差率 is 7.66%, and the current basis is 793 [3]. - **Peanuts**: The spot price is 9,100, the主力基差率 is 12.48%, and the current basis is 7978 [3]. - **Palm Oil**: The spot price is 9,362, the主力基差率 is -0.02%, and the current basis is 66 [3]. - **Corn**: The spot price is 2,335, the主力基差率 is 2.37%, and the current basis is 30 [3]. - **Corn Starch**: The spot price is 2,620, the主力基差率 is 2.96%, and the current basis is -10 [3]. - **Apples**: The spot price is 9,642, the主力基差率 is 13.92%, and the current basis is -126 [3]. - **Eggs**: The spot price is 4,050, the主力基差率 is 34.06%, and the current basis is 192 [3]. - **Hogs**: The spot price is 13,345, the主力基差率 is 13.80%, and the current basis is -388 [3]. - **Cotton**: The spot price is 16,103, the主力基差率 is 8.00%, and the current basis is 1193 [3]. Chemicals - **Sugar**: The spot price is 5,370, the主力基差率 is 2.15%, and the current basis is 101 [3]. - **Methanol**: The spot price is 2,407, the主力基差率 is -1.79%, and the current basis is -66 [3]. - **Ethylene Glycol**: The spot price is 4,118, the主力基差率 is -2.83%, and the current basis is -112 [3]. - **PTA**: The spot price is 5,294, the主力基差率 is -1.07%, and the current basis is -57 [3]. - **Polypropylene**: The spot price is 6,902, the主力基差率 is -1.85%, and the current basis is -20 [3]. - **Styrene**: The spot price is 8,050, the主力基差率 is 1.78%, and the current basis is 256 [3]. - **Short - fiber Polyester**: The spot price is 6,850, the主力基差率 is 0.41%, and the current basis is -60 [3]. - **Linear Low - density Polyethylene**: The spot price is 7,116, the主力基差率 is -0.27%, and the current basis is -19 [3]. - **PVC**: The spot price is 5,114, the主力基差率 is -3.8%, and the current basis is -299 [3]. - **Rubber**: The spot price is 17,205, the主力基差率 is -2.4%, and the current basis is -905 [3]. - **20 -号 Rubber**: The spot price is 13,892, the主力基差率 is 3.25%, and the current basis is 37 [3]. - **Soda Ash**: The spot price is 1,308, the主力基差率 is -3.27%, and the current basis is -40 [3]. - **Urea**: The spot price is 1,817, the主力基差率 is -0.42%, and the current basis is -18 [3]. - **Pulp**: The spot price is 5,610, the主力基差率 is 0.92%, and the current basis is -173 [3]. Energy - **Crude Oil**: The spot price is 482.6, the主力基差率 is -4.88%, and the current basis is -29.0 [3]. - **Fuel Oil**: The spot price is 3,69, the主力基差率 is 6.78%, and the current basis is 296 [3]. - **Asphalt**: The spot price is 3,465, the主力基差率 is -1.84%, and the current basis is -255 [3]. - **Low - sulfur Fuel Oil**: The spot price is 3,326, the主力基差率 is -0.38%, and the current basis is 6 [3]. - **LPG**: The spot price is 4,848, the主力基差率 is -1.61%, and the current basis is 11.50 [3]. Stock Index - **CSI 300**: The spot price is 4,784.0, the主力基差率 is -0.63%, and the current basis is -17.7 [3]. - **SSE 50**: The spot price is 3,132.6, the主力基差率 is -0.32%, and the current basis is -19.5 [3]. - **CSI 500**: The spot price is 8,531.2, the主力基差率 is 0.00%, and the current basis is 0.2 [3].

瑞达期货研究院 「2026.01.30」 天然橡胶市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「周度要点小结」 3 行情回顾：本周天然橡胶市场基本面与宏观情绪共振，胶价震荡上行。进口胶市场报盘上涨，工 厂观望为主，采购情绪不及上周。国产天然橡胶现货价格重心上行，期货盘面震荡走高提振市场 交易情绪，下游询盘氛围略有改善，谨慎刚需采购，实单成交一般。 行情展望：当前国内天然橡胶主产区处于停割期，泰北及越南中北部向减产停割过渡，总供应呈 现缩量。近期青岛港口总库存呈现小幅去库，保税库呈现去库，一般贸易库累库幅度明显缩窄。 海外供应进入季节性缩量阶段，船货到港较前期减少，青岛仓库入库量开始下滑，上旬胶价持续 下跌，刺激下游补货积极性，带动整体出库量提升，一般贸易累库幅度环比缩窄。需求方面，本 周国内轮胎企业产能利用率涨跌互现，部分半钢胎样本企业受外贸订单支撑，装置排产稍有提升， 对半钢胎样本企业产能利用率形成支撑；全钢胎出货表现平淡，部分 ...

本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 黑色金属 | 日报 2026 年 1 月 30 日 煤焦日报 专业研究·创造价值 基本面利好不足，煤焦低位整理 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 核心观点 焦炭：根据钢联统计，截至 1 月 30 日当周，焦化厂和钢厂焦炭日均产 量合计 110.21 万吨，周环比小幅增加 0.04 万吨。需求方面，全国 247 家铁水日均产量 227.98 万吨，周环比小幅下降 0.12 万吨。焦炭 库存方面，本周独立焦化厂小幅累库、港口去库，钢厂大幅累库，显示 钢厂冬储补库需求开始加速释放。整体来看，焦炭基本面变化不大，且 原材料焦煤暂无持续性支撑，焦炭期货暂维持低位 ...

瑞达期货研究院 「2026.01.30」 沪铜市场周报 供给略减需求谨慎，多空分歧铜价震荡 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线冲高回落，周线涨跌幅为+2.1%，振幅13.31%。截止本周主力合约收盘报价103170元/吨。 后市展望：国际方面，美联储1月议息会议按下暂停键，维持利率在3.5-3.75%区间，米兰和沃勒支持降息25个基点；鲍 威尔重申利率处于中性区间上端，政策没有预定路线，用数据说话，并表示如果关税通胀触顶后回落，即表明可以放松政 策，建议继任者远离政治。国内方面，国务院办公厅印发《加快培育服务消费新增长点工作方案》，从激发重点领域发展 活力、培育潜力领域发展动能、加强支持保障三方面提出12条政策举措。方案划出了交通、家政、网络视听、旅居、汽车 后市场、入境消费这些重点服务消费领域。基本面原料端，铜精矿TC现货指数继续下行，铜矿供给仍偏紧，加之地缘政治 方面的影响，原料成本支撑逻 ...

关 注 我 们 获 取 更 多 资 讯 作者：廖宏斌 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 瑞达期货研究院 「2026.1.30」 宏观市场周报 业务咨询 目录 添加客服 「本周小结及下周配置建议」 | 股票 | 债券 | | | --- | --- | --- | | | 沪深 300 +0.08% | 10 年国债到期收益率-0.07%/本周变动-0.14BP | | | 沪深 300 股指期货 -0.07% | 主力 10 年期国债期货 +0.10% | | | 本周点评：A股主要指数本周集体下跌，上证指数、创 | 本周点评：本周国债期货涨跌不一，TS、TL主力合约分 | | | 业板指跌幅较小不足1%。四期指表现分化，大盘蓝筹 | 别下跌 0.02% 、0.34% ， TF 、 T 主 力 合 约分 别 上 涨 | | | 股强于中小盘股。本周，国内经济数据较少，仅周二公 | 0.01%、0.11%。近期地方债发行计划或显示2月供给 | | | 布规上工业企业利润，在缺乏数据指引背景下，市场对 | 压力有所前置，市场对供需失衡担忧尚未完全缓解。本 | | | 成长板块 ...

瑞达期货研究院 「2026.1.30」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2603 | 0.04 | -1.32 | 4711.0 | | | IH2603 | 1.19 | -1.64 | 3074.0 | | | IC2603 | -3.42 | -2.07 | 8362.4 | | | IM2603 | -3.01 | -0.84 | 8260.6 | | 现货 | 指数名称 | | | 收盘价 | | | 沪深300 | 0.08 | -1.00 | 4706.34 | | | 上证50 | 1.13 | -1.43 | 3066.50 | | | 中证500 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of copper is disturbed with smelting enterprises reducing production and the scrap copper policy being relaxed. The December manufacturing PMI rose 0.9 percentage points to 50.1%, entering the expansion range, which is bullish. The spot price shows a discount to the futures, and the inventory has increased, which is neutral. The closing price is above the 20 - day moving average with the 20 - day moving average rising, and the main positions are net long but with long positions decreasing, both being bullish. Geopolitical disturbances remain, and copper prices have reached a new high and are currently fluctuating at a high level, so attention should be paid to position control [3]. - The global policy is loose and the mining end is in short supply, while the risks include natural disasters [4]. Key Points by Directory Daily View - The supply side of copper has disturbances and smelting enterprises have production - reducing actions. The scrap copper policy is relaxed. The December manufacturing PMI is 50.1%, up 0.9 percentage points from the previous month, entering the expansion range, which is bullish [3]. - The spot price is 100870 with a basis of -470, showing a discount to the futures, which is neutral [3]. - On January 23, copper inventory increased by 3450 to 171700 tons, and the SHFE copper inventory increased by 12422 tons to 225937 tons compared with last week, which is neutral [3]. - The closing price is above the 20 - day moving average, and the 20 - day moving average is rising, which is bullish [3]. - The main positions are net long, but long positions are decreasing, which is bullish [3]. - Geopolitical disturbances still exist, and the copper price has reached a new high and is currently fluctuating at a high level. Attention should be paid to position control [3]. Recent利多利空Analysis - Bullish factors: Global policy is loose and the mining end is in short supply [4]. - Bearish factors: The US comprehensive tariff exceeds expectations, and the global economy is not optimistic. High copper prices will suppress downstream consumption [5]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance [19]. - The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024. For example, in 2024, production is 12060000 tons, import is 3730000 tons, export is 460000 tons, apparent consumption is 15340000 tons, actual consumption is 15230000 tons, and there is a surplus of 110000 tons [21]. Other Information - The bonded area inventory has rebounded from a low level [13]. - The processing fee has declined [15].

黄金、白银深夜跳水，国内黄金股大面积跌停 1月29日晚间，黄金市场现"惊魂一夜"。当时市场还沉浸在金价创新高的喜悦中，纽约金逼近5600美元 关口。然而，接近午夜行情急转直下，金价连续跌破5400美元、5300美元、5200美元三道关口，一度跌 至5126美元附近。这场暴跌不仅限于黄金，白银市场跌幅更为惨烈。纽约银半个小时跳水超9%，铂金 和钯金也同步大跌，贵金属市场几乎全线崩溃。 每经记者｜闫峰峰 每经编辑｜吴永久 国内市场方面，上期所的黄金期货主力合约从1242元/克在1个小时内最低跌至1140元，1小时内最大跌 幅超8%。 虽然，黄金市场暴跌行情在今日0点之后有短暂的反弹，如沪金期货一度反弹至1200元/克之上，不过今 日国内期货市场开盘后不久，贵金属再度下探，沪金期货主力合约一度跌至1154元/克。最终，沪金期 货主力合约收盘下跌4.71%，沪银期货主力合约收盘下跌6.03%。 黄金市场这场资本风暴迅速蔓延股市。1月30日，A股三大指数集体低开，黄金板块领跌，同花顺黄金 板块指数跌幅一度超9%，有9只黄金股跌停。同时，贵金属板块的下跌，也带动工业金属板块的下跌： 同花顺工业金属指数下跌近7%，金属铜指 ...

极目宏观 系列研究 2026 年 1 月 30 日 经济差异的资产表现 — 2026 年 01 月宏观经济与资产月报 宏观策略研发报告 【内容摘要】 美国经济正逐步走出 10 月政府关门的影响，经济数据表现出韧性。这预示 美国经济基本面处于现实需求驱动的状态中。就业稳健和收入上行保证了美国经 济在逐渐摆脱美国政府关门影响后，将呈现逐步上行的状态。短期的不确定是美 元流动性仍处于较为紧张的状态， 在美国现实消费支撑经济，货币政策、政治事件等不确定性频繁的情况下， 美元资产走势也体现出整体向好，波动巨大的特征。美债震荡、信用利差收窄； 美股再试前高，纳指和道指轮涨；实际需求驱动有色等大宗商品价格；美元国际 货币地位弱化导致美元指数下滑。 2025 年国内经济经济增速下行的背后是投资和消费支撑力度的下降以及进 出口支撑力度的延续，经济短期体现出一定的季节性因素。从 2025 年中国经济 表现展望未来，经济增速改善已在体现，但幅度和节奏仍具有一定的短期特征， 短期，倾向于关注政策预期和消费变化，中长期关注广义财政力效果、新质生产 力发展和经济内生动力恢复情况。 对国内经济短期的关注点使得政策引导人民币持续升值预期下， ...

其中，伦敦现货黄金半小时内狂泻超400美元至5100美元/盎司附近，单日振幅近10%。现货白 银跌超8%，失守107美元/盎司关口。COMEX黄金跌近4%，COMEX白银跌6%。现货铂金跌近 7%，现货钯金跌近5%。 华闻期货研究所所长程小勇对经济观察报记者表示，贵金属的大幅回调，与三大风险有很大关系： 一是美联储在1月没有继续降息；二是避险买盘消退，反映市场恐慌的VIX指数在1月29日降至 16.88，一般高于20代表市场恐慌；三是贵金属多头甚至程序化交易的持仓集中平仓所致，因贵 金属多头极度拥挤，一开始是小范围止盈平仓，稍后会因引发大范围的多头踩踏式出逃。 一位头部期货公司副总经理对经济观察报记者表示，黄金大涨后大跌，日内波动500美元。前期地 缘政治紧张格局，包括美国和委内瑞拉、美国和伊朗导致黄金白银加速上涨。另外，弱美元也加强 了这一走势。最近十个交易日黄金涨幅超过一千美元，不断打破历史新高，过快的上涨导致部分获 利盘了结头寸，出现大幅波动。 狂飙突遇暴跌 截至1月30日上午休市，COMEX黄金期货最活跃合约较历史高点回落幅度超过7%，跌破了5200 美元/盎司；上海黄金期货4月合约价格较昨日创下的高 ...