截至2026年1月底，我国共上市期货期权品种165个。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 中国期货业协会最新统计资料表明，以单边计算，1月全国期货市场成交量为9.12亿手（912,489,781 手），成交额为100.26万亿元（1,002,595.82亿元），同比分别增长65.09%和105.14%。 其中，按照成交额统计，排名各商品期货交易所前三的品种分别为上期所的白银、黄金、铜，郑商所的 PTA、棉花、烧碱，大商所的焦煤、棕榈油、聚氯乙烯，广期所的碳酸锂、铂、工业硅；按照成交量统 计，排名各交易所前三的品种分别为上期所的白银、镍、燃料油，郑商所的PTA、玻璃、甲醇，大商所 的聚氯乙烯、豆粕、焦煤，广期所的碳酸锂、碳酸锂期权、工业硅。 中国金融期货交易所的金融期货期权成交量为3,005.31万手，占全国市场的3.29%；成交额为26.35万亿 元，占全国市场的26.28%。成交金额排名前三的品种分别是中证1000股指期货、中证500股指期货、沪 深300股指期货。 免责声明：Mysteel发布的原创及转载内容 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, lead prices entered a downward channel under the dual pressure of tightened macro - liquidity and seasonal industrial shutdown. The "Wash trade" led to a strong US dollar index, capping the valuation of non - ferrous metals including lead. Meanwhile, the domestic lead market is in a stage of weak supply and demand before the Spring Festival. The marginal contraction of supply is offset by a more severe consumption slump. The lead market is in a weak reality logic of "supply exceeding demand, rising inventories and falling prices", and the fundamental analysis remains weak [3]. - In the short - term, the market is experiencing a pre - holiday capital risk - aversion wave, with extremely low trading sentiment. The spot is weak, and the Contango structure may expand, so there is a risk of downward correction due to large fluctuations in the external market during the holiday [7]. - Looking at the whole year of 2026, lead prices are still trapped in a wide - range oscillation pattern due to over - capacity and the substitution of recycled lead. Although there is cost support at the mine end, the price ceiling will be suppressed in the long - term due to the lack of new growth points in consumption and strict environmental capacity limits [9]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Macro - level: The "Wash trade" caused the US dollar index to be strong, forming a valuation ceiling for lead [3]. - Industry - level: Before the Spring Festival, the domestic lead market is in a stage of weak supply and demand. The开工 rate of recycled lead enterprises has declined seasonally, and the consumption of downstream battery enterprises has come to a standstill. Inventories are rising [3]. 3.1.2 Trading Strategy Recommendations - Futures unilateral: It is recommended to wait and see. The current price is in a seasonal weak range but close to the cost line, so the risk of short - selling increases. It is recommended to make arrangements after the post - holiday inventory data is clear [10]. - Arbitrage strategy: Pay attention to the opportunity of inter - period positive arbitrage. Due to the high inventory - accumulation pressure in February, the far - month contracts may be relatively stronger due to consumption recovery expectations. Observe the reverse arbitrage opportunity after the spread between the 03 - 05 contracts narrows [10]. 3.1.3 Industrial Customer Operation Recommendations - Inventory management: For enterprises with high finished - product inventories worried about price drops, it is recommended to short the main Shanghai lead futures contract with a hedging ratio of 75% at an entry range of 17,500 yuan/ton [11]. - Raw material management: For enterprises with low raw - material inventories worried about price increases, it is recommended to long the main Shanghai lead futures contract with a hedging ratio of 50% at an entry range of 16,000 yuan/ton [11]. 3.2 This Week's Important Information and Next Week's Key Events 3.2.1 This Week's Important Information - **Positive drivers**: In February, affected by the Spring Festival holiday and routine maintenance of some enterprises, the production of primary lead is expected to decline month - on - month. The LME lead inventory is at a relatively medium - level historically, limiting the absolute downward space [12]. - **Negative drivers**: Hawkish signals in the "Wash trade", a sharp decline in the operating rate of battery enterprises, and expected increase in social inventories approaching 100,000 tons [13]. - **Spot transaction information**: The daily average price of SMM 1 lead is 16,400 yuan/ton, down 0.15% from the previous day; the weekly average price is 16,805 yuan/ton; the monthly average price is 17,078.75 yuan/ton. The price of domestic lead concentrates is 16,150 yuan/ton, down 0.15%, and the price of imported lead concentrates is 16,483.7 yuan/ton, down 0.3% [15]. 3.2.2 Next Week's Key Events - Domestic: On February 13th, pay attention to the initial value of the accumulation of social inventories announced by SMM [17]. - International: On February 10th, pay attention to the marginal adjustment of the "balance - sheet reduction" expectation by US inflation - related data [17]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic market**: The lead price closed at 16,510 yuan/ton this week. Currently, profitable positions are mainly short in net positions. The basis and monthly spread structure show that the spot is weak, and the Contango structure may expand [18][20]. - **International market**: As of 15:00 this Friday, LME lead was at $1,948.5/ton. LME lead maintains a C - structure, and the spot is weaker than the futures [23][38]. - **Internal - external price difference tracking**: Relevant charts show the seasonal changes in lead spot import profit and loss and the relationship between the closing prices of Shanghai lead and LME lead [41]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - The comparison of primary lead processing fees shows the changes in domestic and imported lead concentrate processing fees [43]. - The relationship between SMM lead concentrate monthly production and domestic lead concentrate processing fees is also presented [43]. 3.4.2 Import - Export Profit Tracking - The relationship between lead concentrate import profit and loss and import volume is shown, as well as the monthly import volume and its year - on - year change [45][46]. - Seasonal charts of refined lead import, lead concentrate import, lead battery import and export, and lead ingot net export are provided [47][49][50]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - Seasonal charts of domestic lead ingot total supply and monthly actual consumption are presented [54]. 3.5.2 Supply - Side and Deduction - The monthly production of lead concentrates, global lead mine production, electrolytic lead production, and recycled refined lead production, as well as their year - on - year changes and seasonality, are shown [56][58]. - The capacity utilization rates of primary lead and recycled lead are presented [63]. 3.5.3 Demand - Side and Deduction - Seasonal charts of lead battery operating rates (monthly, weekly, by type, and by region) are provided [65][66]. - Seasonal charts of lead battery import and export volumes, and the finished - product inventory days of lead battery enterprises and dealers are presented [68].

二 〇 二 六 年 度 2026 年 2 月 8 日 生猪：堰塞湖显露，近端压力超预期 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 报告导读： （1）本周市场回顾（2.1-2.8） 现货市场，生猪价格弱势运行。河南 20KG 仔猪价格 30 元/公斤（上周 29.2 元/公斤），本周河南生 猪价格 12.43 元/公斤（上周 12.68 元/公斤），全国 50KG 二元母猪价格 1559 元/头（上周 1559 元/ 头）。供应端，节前出栏时间紧迫，集团企业增量出栏，南北方散户略增量，出栏意愿增强；需求端，下 游屠宰旺季亏损，旺季虽至，宰量增幅不及预期。根据卓创资讯数据，本周全国出栏平均体重 124.23KG （上周 124.33KG），出栏均重环比下降 0.08%。 期货市场，生猪期货价格弱势运行。本周生猪期货 LH2603 合约最高价为 11330 元/吨，最低价为 10855 元/吨，收盘价为 10860 元/吨（上周同期 11220 元/吨）。基差方面，LH2603 合约基差为 15 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced an adjustment to the price limits and margin requirements for various futures contracts, including gold and silver, effective from February 9, 2026, in response to extreme market conditions [1][4]. Group 1: Adjustments to Futures Contracts - The price limit for gold futures contracts has been adjusted to 17%, with the margin requirement for hedging positions set at 18% and for general positions at 19% [2][3]. - The price limit for silver futures contracts has been increased to 20%, with the margin requirement for hedging positions at 21% and for general positions at 22% [2][3]. - For non-ferrous metals, the price limit for copper, aluminum, lead, and zinc has been set at 10%, with corresponding margin requirements of 11% for hedging and 12% for general positions [2][3]. - The price limit for aluminum alloy, wire, and stainless steel has been adjusted to 8%, with margin requirements of 9% for hedging and 10% for general positions [2][3]. - Nickel and tin futures contracts have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [2][3]. Group 2: Market Response and Implications - Industry experts indicate that the SHFE's decision to raise price limits and margin requirements is a timely and necessary measure to address current extreme market conditions, aiming to alleviate market pressure and reduce risks associated with high-leverage speculation [4]. - The adjustments are seen as a preventive measure to maintain overall market stability and to prevent risks from overseas market fluctuations, particularly in the context of heightened market sentiment in international precious metals [4]. - The measures reflect China's regulatory approach to prioritize stability in the commodity futures market, especially as the Spring Festival approaches and uncertainties in overseas markets increase [4]. Group 3: Market Performance - On February 5, domestic commodity futures saw significant declines, with silver dropping over 10% and other metals like copper and aluminum also experiencing declines of more than 2% [5]. - International precious metal prices continued to adjust, with spot silver experiencing a drop of over 17% at one point, and spot gold down by nearly 3% [5].

数据显示，2月5日上海黄金现货价格报价1107.79元/克，相较于期货主力价格（1105.76元/克）升水2.03 元/克。 打开APP，查看更多高清行情>> 西部期货：资金强劲回流 金价确立震荡偏强格局 美国1月ISM服务业PMI指数小幅回落至53.8，但好于市场预期。商业活动回升支撑整体指数，但新订单 增长放缓，出口订单以2023年3月以来最快的速度萎缩。就业几乎没有扩张，价格指数创三个月高点。 伊朗外交部长阿拉格齐就伊朗在阿曼与美国会谈的官方立场作出澄清，称谈判将于2月6日上午10点左右 在阿曼首都马斯喀特举行。美国稍早前曾拒绝伊朗将原定会议地点由土耳其伊斯坦布尔改到阿曼的提 议。此次僵局引发了整个中东地区的担忧，担心特朗普会转而采取军事行动。该地区至少有九个国家通 过最高级别渠道联系白宫，强烈敦促美国不要取消会议。 【机构观点】 【黄金期货最新行情】 【基本面消息】 | 2月5日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1105.76 | -1.35% | 631419 | 1725 ...

| 源点资讯 | Dan 隔点资讯 | | --- | --- | | SOURCE POINT | SQURCE POINT | | 、永安期货 | | 大类资产早报 研究中心宏观团队 2026/02/05 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | - | - | - | - | - | - | - | - | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | - | - | - | - | - | - | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利 ...

| 乖 亦安期货 | | --- | 纸浆早报 研究中心能化团队 2026/02/04 SP主力合约收盘价： 5276.00 | 日期 | 2026/02/03 | 2026/02/02 | 2026/01/30 | 2026/01/29 | 2026/01/28 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5276.00 | 5266.00 | 5300.00 | 5388.00 | 5374.00 | | 折美元价 | 664.21 | 661.49 | 666.08 | 677.54 | 675.82 | | 距上一日涨跌 | 0.18990% | -0.64151% | -1.63326% | 0.26051% | 0.59903% | | 山东银星基差 | 99 | 109 | 75 | 12 | 26 | | 江浙沪银星基差 | 114 | 124 | 90 | 12 | 26 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | -- ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 南华期货股份有限公司（以下简称"公司"）于2025年3月7日、3月31日分别召开第四届董事会第十九次 会议和2024年年度股东大会，审议通过了《关于续聘会计师事务所的议案》，同意续聘天健会计师事务 所（特殊普通合伙）（以下简称"天健会计师事务所"）为公司境内2025年度财务及内部控制审计机构。 续聘审计机构的具体内容详见公司于2025年3月11日披露的《南华期货股份有限公司续聘会计师事务所 公告》（公告编号：2025-014）。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》。现将相关情况公告如下： 一、本次变更签字会计师的情况 天健会计师事务所作为公司2025年度财务报表和2025年末财务报告内部控制审计机构，原委派卢娅萍和 吕蔡霞作为公司2025年度财务报表审计报告和2025年末财务报告内部控制审计报告的签字注册会计师。 由于内部工作调整，现委派唐彬彬、兰笑接替卢娅萍、吕蔡霞作为签字注册会计师。变更后的签字注册 会计师为唐彬彬和兰笑。 二、本次新任签字会计 ...

Core Viewpoint - The international gold and silver futures prices experienced a significant rebound after a period of decline, with gold prices rising above $4900 per ounce and silver prices surpassing $87 per ounce, indicating a recovery in market sentiment [1][2]. Group 1: Market Dynamics - The primary reason for the rebound is identified as a "super dip rebound," following a substantial decline where New York gold saw a maximum pullback of 21.28% and New York silver a maximum pullback of 40.59%, leading to an oversold technical condition [1]. - The reduction in passive liquidation pressure due to previous CME margin increases has allowed for a resurgence of bottom-fishing capital and short covering, resulting in a 45% increase in COMEX gold trading volume and a 62% increase in silver trading volume [1]. Group 2: Supply and Demand Fundamentals - The short-term support for precious metals remains unchanged, with the People's Bank of China increasing gold reserves for 14 consecutive months and global central banks averaging 70 tons of gold purchases monthly, highlighting the growing monetary attributes of precious metals amid de-dollarization [2]. - A projected supply-demand gap of 320 tons for gold in 2026 and an 8% annual growth rate in industrial silver demand, contrasted with a mere 2% increase in mineral supply, indicates a long-term supply shortage [2]. - Ongoing geopolitical tensions in the Middle East and the return of funds to safe-haven assets further support gold and silver prices [2]. Group 3: Market Outlook - In February, the primary precious metal prices are expected to fluctuate within a range, with gold between $4500 and $5100 per ounce and silver between $70 and $85 per ounce, while a gradual upward trend is anticipated in the medium term [3]. - Investors are advised to manage their positions cautiously as the market approaches the Chinese New Year, with recommendations to wait for market stabilization post-holiday before increasing allocations [3].

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。 ...