原油回归过剩逻辑驱动， 化工品后续仍是分化对待。 行情综述： 油：美对委袭击对原油影响有限，委内瑞拉早已沦为原油边缘生 产国，约 1%的产量占比与 50-80 万桶/日的日均出口对全球原油供给 影响不大，并且委内瑞拉也没有 6 月以伊冲突中霍尔木兹海峡作为全 球原油关键航道的地理条件。美对委袭击事件落地后市场对加勒比地 缘担忧的靴子落地，或回归一季度过剩压力带来的下行驱动。 数据来源：天富期货研询部、文华财经 图 1.2：原油 2602 小时图 图 1.1：原油日线图 （二）沥青： 逻辑：美国袭击委内瑞拉后国内沥青原料受实质性影响，目前委 内瑞拉原油出口瘫痪后作为主要国内沥青原料占比超 4 成的委内瑞 拉马瑞重油面临实质断供，若委原油出口迟迟未恢复国内炼厂后续面 临减产停工，原料替代（加拿大重油、中东重油）涉及时间滞后与成 本上移，沥青盘面面临原料断供下供应端减少与成本提升的双重向上 驱动。 化工：美国袭击委内瑞拉后国内沥青原料受实质性影响出现重大 逻辑影响，沥青盘面面临原料断供下供应端减少与成本提升的双重向 上驱动。沥青可作为当下的重点多头品种。而前期龙头品种 PX-PTA 在下游终端接受度较低带来短期负反 ...

在经历前期由人工智能热潮与美联储降息预期推动的连续上涨后，全球股市的涨势于2026年1月7日出现 暂歇迹象。市场分析指出，亚洲股市已进入技术性超买区域，部分资金选择获利了结，导致亚股多数下 跌，日本日经225指数收跌超过1%。与此同时，美国股指期货表现分化，纳斯达克100指数期货下跌超 过0.2%，显示市场情绪趋于谨慎。 同日，大宗商品市场出现显著波动，贵金属板块全线重挫。根据市场数据，现货黄金价格跌破每盎司 4450美元关口，现货白银日内跌幅一度超过3%。铂金与钯金价格也出现大幅下挫，纽约商品交易所的 铂金期货跌幅超过7%，钯金期货跌幅接近5%。 而在贵金属价格大幅波动之际，美联储官员的最新表态继续为市场提供政策线索。美联储理事米兰在1 月6日的讲话中表示，基础通胀水平已基本回落至美联储2%的目标附近，他预计后续经济数据趋势可能 支持美联储进一步降息，今年降息幅度应超过100个基点。同日，美国里士满联储主席巴尔金则指出， 在2025年累计降息75个基点后，利率已进入所谓中性利率的估计区间，未来政策需要在充分就业和控制 通胀之间作出精细权衡。 投资者的目光正聚焦于本周晚些时候将公布的美国2025年12月非农就 ...

能源化工期权 2026-01-07 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

| 期现日报 | 张晓珍 | Z0003135 | 2026年1日7日 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货收盘价 | 品种 | 1月6日 | 1月5日 | 涨跌 | 涨跌幅 | 車位 | | | | | | | 0.71% | 1694 | 1682 | 12 | 01合约 | 1778 | 10 | 05合约 | 1768 | 0.57% | 元/1中 | | | 09合约 | 1730 | 15 | 0.87% | 1745 | 2215 | 78 | 3.52% | 甲醇主力合约 | 2293 | | | | 期货合约价差 | 价差 | 1月6日 | 1月5日 | 涨跌 | 車位 | 旅跌幅 | | | | | | | 2.33% | 01合约-05合约 | -84 | -86 | 2 | -13.16% | 05合约-09合约 | 33 | 38 | -2 | 丁C/四中 | | | 09合约-01合约 | 48 | 3 | 6.25% | 51 ...

投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2026-01-07 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2602 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 供需过剩主导，原油震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：元旦小长假期间，美国三角洲部队突袭委内瑞拉首都并绑架该国总统马杜罗及其夫人， 地缘风险快速升温。同时美国总统特朗普威胁其他南美小国，如果继续对抗美国将受到更强大的制 裁，这或将成为节后油价上涨的重要地 ...

能源化工日报 2026-01-07 橡胶 | | 原油 | | --- | --- | | | 2026/01/07 原油 | | 能源化工组 | 【行情资讯】 | | | INE 主力原油期货收涨 1.40 元/桶，涨幅 0.33%，报 428.20 元/桶；相关成品油主力期货高硫 | | 张正华 | 燃料油收涨 18.00 元/吨，涨幅 0.73%，报 2479.00 元/吨；低硫燃料油收涨 8.00 元/吨，涨幅 | | 橡胶分析师 | 0.27%，报 2925.00 元/吨。 | | 从业资格号：F270766 | 中国原油周度数据出炉，原油到港库存去库 2.10 百万桶至 205.11 百万桶，环比去库 1.02%； | | 交易咨询号：Z0003000 | 汽油商业库存累库 0.58 百万桶至 89.62 百万桶，环比累库 0.65%；柴油商业库存累库 0.42 百 | |  0755-233753333 | 万桶至 92.56 百万桶，环比累库 0.45%；总成品油商业库存累库 1.00 百万桶至 182.18 百万 | |  zhangzh@wkqh.cn | 桶，环比累库 0.55%。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Based on the gradually increasing policy expectations in China, it is recommended to emphasize the offensiveness of portfolio allocation under the "balanced allocation" strategy framework. Long - position overweight is recommended for stock indices and non - ferrous metals (copper, aluminum, tin). Precious metals should be standard - allocated in the short term and overweighted at low levels after volatility stabilizes. For different asset classes, the driving logics in the quarterly dimension vary: the domestic equity market is expected to strengthen driven by policy expectations and the expectation of front - loaded fiscal efforts; treasury bonds can be considered for bull - steepening opportunities under the expectation of easing, but the odds are limited, and a standard allocation is generally recommended; precious metals have high short - term volatility, and investors are advised to build positions at low levels after volatility stabilizes; non - ferrous metals perform relatively better supported by the macro and industry; black commodities return to a weak and oscillatory state after the rebound driven by winter storage; crude oil is generally oscillatory and it is recommended to stay on the sidelines [5]. 3. Summary According to Relevant Catalogs 3.1 Overseas and Domestic Macroeconomic Situation - **Overseas**: Trump may announce the nomination for the new Fed Chair in January. Hassett is the most popular candidate, and the interest - rate cut path may be faster in the next one to two years. The geopolitical event in Venezuela over the weekend has a relatively limited short - term positive effect on crude oil and precious metals. Venezuela has about 17% of the world's oil reserves but its actual daily output is only about 1 million barrels, accounting for 1% of the global supply [5]. - **Domestic**: Policy expectations are rising in the first quarter. The manufacturing PMI rebounded in December, with both supply and demand improving marginally. The 2026 national subsidy policy has been released, with some optimizations compared to 2025. The National Development and Reform Commission has organized and issued the list of "two important" construction projects and the central budget investment plan for 2026, totaling about 295 billion yuan, and approved or approved major infrastructure projects with a total investment of over 400 billion yuan. Coupled with the 500 billion yuan of new policy - based financial instrument funds issued at the end of October, the investment side is expected to gradually stabilize in the first quarter [5]. 3.2 Asset Views - **Stock Indices**: It is recommended to overweight. The domestic equity market is expected to strengthen driven by policy expectations and the expectation of front - loaded fiscal efforts [5]. - **Treasury Bonds**: It is recommended to maintain a standard allocation. There are opportunities for bull - steepening under the expectation of easing, but the odds are limited [5]. - **Precious Metals**: Standard - allocate in the short term due to high volatility, and overweight at low levels after volatility stabilizes. The short - term positive effect of the Venezuela event on precious metals is limited, and they may show a high - opening and falling - back trend if the conflict does not escalate [5]. - **Non - ferrous Metals**: Overweight. They perform relatively better supported by the macro and industry [5]. - **Black Commodities**: After the rebound driven by winter storage, they return to a weak and oscillatory state [5]. - **Crude Oil**: Stay on the sidelines as it is generally oscillatory [5]. 3.3 View Highlights 3.3.1 Financial Sector - **Stock Index Futures**: The market is boosted by dual factors, but continuous upward movement requires waiting. The short - term judgment is oscillatory and rising, and the key point to watch is the situation of incremental funds [6]. - **Stock Index Options**: Use option covered strategies to increase returns. The short - term judgment is oscillatory, and the key point to watch is the liquidity of the option market [6]. - **Treasury Bond Futures**: The sentiment at the long end is still weak. The short - term judgment is oscillatory, and the key point to watch is the implementation of monetary policy [6]. 3.3.2 Precious Metals Sector - **Gold/Silver**: The expectation of loose liquidity is clear, and the structural shortage of silver spot persists. The short - term judgment is oscillatory and rising, and the key points to watch are the US fundamental performance, Fed monetary policy, and the trend of geopolitical conflicts [6]. 3.3.3 Shipping Sector - **Container Shipping to Europe**: The near - term is supported by pre - Spring Festival shipments, and the far - term is concerned about the risk of resumed voyages. The short - term judgment is oscillatory, and the key points to watch are the 2026 shipping company's resumption arrangements, the freight rates of long - term contracts signed at the end of the year, and the support of pre - Spring Festival shippers' shipments to freight rates [6]. 3.3.4 Black Building Materials Sector - **Steel and Iron Ore**: The cost performance is differentiated, and the market is in a weak adjustment. The short - term judgment is oscillatory, and the key points to watch are the progress of special bond issuance, steel export volume, iron - making water production, overseas mine production and shipment, domestic iron - making water production, weather factors, port ore inventory changes, and policy - level dynamics [6]. - **Coke**: Four rounds of price cuts have been implemented, and the bearish sentiment still exists. The short - term judgment is oscillatory, and the key points to watch are steel mill production, coking costs, and macro sentiment [6]. - **Coking Coal**: Coal mines in the production area are gradually resuming production, but downstream procurement is still cautious. The short - term judgment is oscillatory, and the key points to watch are steel mill production, coal mine safety inspections, and macro sentiment [6]. - **Silicon Iron**: The electricity price has slightly loosened, and attention should be paid to production control trends. The short - term judgment is oscillatory, and the key points to watch are raw material costs and steel procurement [6]. - **Manganese Silicon**: The supply pressure is difficult to solve, and the upward movement of the market is blocked. The short - term judgment is oscillatory, and the key points to watch are cost prices and overseas quotes [6]. - **Glass**: The actual demand is weak, and inventory is continuously transferred. The short - term judgment is oscillatory, and the key point to watch is the spot sales and production [6]. - **Soda Ash**: After the end of maintenance, production has recovered, and the upstream inventory has increased significantly. The short - term judgment is oscillatory, and the key point to watch is the soda ash inventory [6]. 3.3.5 Non - ferrous and New Materials Sector - **Copper**: Inventory is continuously accumulating, and copper prices are oscillating at a high level. The short - term judgment is oscillatory and rising, and the key points to watch are supply disruptions, unexpected domestic policies, less - than - expected dovishness of the Fed, less - than - expected recovery of domestic demand, and economic recession [6]. - **Alumina**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure. The short - term judgment is oscillatory, and the key points to watch are less - than - expected resumption of ore production, more - than - expected resumption of electrolytic aluminum production, and extreme sector trends [6]. - **Aluminum**: The Mozal aluminum plant is facing shutdown, and aluminum prices are oscillating at a high level. The short - term judgment is oscillatory and rising, and the key points to watch are macro risks, supply disruptions, and less - than - expected demand [6]. - **Zinc**: The LME zinc inventory continues to increase, and the rebound space of zinc prices is limited. The short - term judgment is oscillatory, and the key points to watch are macro - turning risks and more - than - expected recovery of zinc ore supply [6]. - **Lead**: The willingness of downstream buyers to take delivery has improved, and lead prices may stop falling and stabilize. The short - term judgment is oscillatory, and the key points to watch are supply - side disruptions and slowdown in battery exports [6]. - **Nickel**: Indonesia plans to significantly reduce the RKAB of nickel mines, and nickel prices are rebounding. The short - term judgment is oscillatory, and the key points to watch are unexpected macro and geopolitical changes, Indonesian policy risks, and less - than - expected supply release [6]. - **Stainless Steel**: The rebound of nickel prices drives the stainless - steel market to rise. The short - term judgment is oscillatory, and the key points to watch are Indonesian policy risks and more - than - expected demand growth [6]. - **Tin**: Downstream rigid demand is resilient, and tin prices are oscillating strongly. The short - term judgment is oscillatory and rising, and the key points to watch are the expectations of resumption of production in Wa State and demand improvement [6]. - **Industrial Silicon**: Market sentiment fluctuates, and silicon prices are rising. The short - term judgment is oscillatory, and the key points to watch are more - than - expected resumption of supply and policy changes [6]. - **Polysilicon**: The expectation of state - reserve purchase is still fermenting, and polysilicon continues to have high volatility. The short - term judgment is oscillatory, and the key points to watch are more - than - expected resumption of supply and domestic photovoltaic policy changes [6]. - **Lithium Carbonate**: Inventory depletion slows down, and lithium prices are under oscillatory pressure. The short - term judgment is oscillatory, and the key points to watch are less - than - expected demand, supply disruptions, and new technological breakthroughs [6]. 3.3.6 Energy and Chemical Sector - **Crude Oil**: Geopolitical factors continue to disrupt, and oil prices continue to oscillate. The short - term judgment is oscillatory, and the key points to watch are OPEC+ production policies and geopolitical situations [8]. - **LPG**: The strong - reality situation is loosening, and attention should be paid to the implementation of downstream production cuts. The short - term judgment is oscillatory, and the key points to watch are the cost progress of crude oil and overseas propane [8]. - **Asphalt**: The political turmoil in Venezuela causes the asphalt futures price to rise. The short - term judgment is oscillatory, and the key point to watch is sanctions and supply disruptions [8]. - **High - Sulfur Fuel Oil**: Support for fuel oil futures prices is gradually accumulating. The short - term judgment is oscillatory, and the key points to watch are geopolitics and crude oil prices [8]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price is oscillating downward. The short - term judgment is oscillatory, and the key point to watch is the crude oil price [8]. - **Methanol**: Overseas disruptions occur frequently, and methanol is oscillating strongly. The short - term judgment is oscillatory and rising, and the key points to watch are macro - energy and actual overseas shutdown dynamics [8]. - **Urea**: After - holiday trading is active, and urea is stable and strong. The short - term judgment is oscillatory, and the key points to watch are the coal market and the progress of commercial storage [8]. - **Ethylene Glycol**: The reduction in polyester production is gradually being realized, and the driving force of ethylene glycol is general. The short - term judgment is oscillatory, and the key points to watch are fluctuations in coal and oil prices and the rhythm of port inventory [8]. - **PX**: There is a repeated game between weak terminal demand and strong expectations, and it is consolidating at a high level. The short - term judgment is oscillatory, and the key points to watch are sharp fluctuations in crude oil, macro - level abnormalities, and disruptions in refining and chemical plants [8]. - **PTA**: The TA processing fee is at the upper end of the range, and the continuous upward space is limited. The short - term judgment is oscillatory, and the key points to watch are sharp fluctuations in crude oil, macro - level abnormalities, and insufficient support from downstream polyester loads [8]. - **Short - Fiber**: Weak terminal demand restricts price elasticity. The short - term judgment is oscillatory, and the key points to watch are the purchasing rhythm of downstream yarn mills and the demand change rhythm around the Spring Festival [8]. - **Bottle - Grade PET**: More device maintenance is scheduled in January, and the basis is firm. The short - term judgment is oscillatory, and the key points to watch are the implementation of bottle - grade PET enterprise production - cut targets and sea freight [8]. - **Propylene**: There is an expectation of reduced PDH operation, and PL is oscillating. The short - term judgment is oscillatory, and the key points to watch are oil prices and the domestic macro - situation [8]. - **PP**: Maintenance increases, and PP is oscillating. The short - term judgment is oscillatory, and the key points to watch are oil prices and domestic and overseas macro - situations [8]. - **Plastic**: The support from maintenance is limited, and plastic is considered oscillatory. The short - term judgment is oscillatory, and the key points to watch are oil prices and domestic and overseas macro - situations [8]. - **Styrene**: Driven by exports and a warm commodity atmosphere, styrene has been oscillating strongly recently. The short - term judgment is oscillatory, and the key points to watch are oil prices, macro - policies, and device dynamics [8]. - **PVC**: Overseas device shutdowns cause PVC to rebound strongly. The short - term judgment is oscillatory, and the key points to watch are expectations, costs, and supply [8]. - **Caustic Soda**: Supply and demand are under pressure, and costs are decreasing. Caustic soda is cautiously weak. The short - term judgment is oscillatory, and the key points to watch are market sentiment, operation, and demand [8]. 3.3.7 Agricultural Sector - **Oils and Fats**: The supply is expected to be loose, and oils and fats are adjusting downward. The short - term judgment is oscillatory, and the key points to watch are South American weather and Malaysian palm oil production and demand data [8]. - **Protein Meal**: The expectation of a bumper harvest in South America is strong, and the two types of meal are oscillating at a low level. The short - term judgment is oscillatory, and the key points to watch are customs policies, South American weather, the macro - situation, and Sino - US and Sino - Canadian trade wars [8]. - **Corn/Starch**: Trading is gradually resuming, and prices are oscillating within a range. The short - term judgment is oscillatory, and the key points to watch are demand, the macro - situation, and weather [8]. - **Hogs**: The sow inventory decreased in December, and the far - month futures market rebounded. The short - term judgment is oscillatory, and the key points to watch are breeding sentiment, epidemics, and policies [8]. - **Natural Rubber**: The bullish sentiment still exists, and rubber prices are oscillating at a high level. The short - term judgment is oscillatory and rising, and the key points to watch are产区 weather, raw material prices, and macro - changes [8]. - **Synthetic Rubber**: The market maintains an oscillatory trend. The short - term judgment is oscillatory and rising, and the key point to watch is sharp fluctuations in crude oil [8]. - **Cotton**: Cotton prices are rising with increasing positions. The short - term judgment is oscillatory and rising, and the key points to watch are production and demand [8]. - **Sugar**: Sugar prices are fluctuating within a narrow range and are still under pressure in the medium term. The short - term judgment is oscillatory and falling, and the key points to watch are imports and northern hemisphere production [8]. - **Pulp**: The market is driven by funds and the macro - situation, and pulp futures are oscillating repeatedly. The short - term judgment is oscillatory and rising, and the key points to watch are macro - economic changes and fluctuations in US - dollar - denominated quotes [8]. - **Offset Printing Paper**: The spot is stable, and the market is strong. The short - term judgment is oscillatory, and the key points to watch are sales and production, education policies, and paper mill operation dynamics [8]. - **Logs**: Supply and demand are both weak, and prices are oscillating within a narrow range. The short - term judgment is oscillatory, and the key points to watch are shipment volume and dispatch volume [8].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-01-07 沙特连续第三个⽉下调对亚洲的OSP油 价，塑料反弹后基差⾛弱 原油价格交投震荡，市场权衡今年全球供应充足的预期以及美国抓捕 委内瑞拉总统马杜罗之后围绕委内瑞拉原油产量的不确定性影响。作为对 全球过剩的另一例证，1月6日沙特阿拉伯连续第三个月下调其对亚洲的旗 舰级原油的OSP价格，同步下调的还有销往包括美国和欧洲在内的所有其 他地区的所有等级原油的价格。委内瑞拉的局势仍略显动荡，据TankerTr ackers.com数据，自2026年初，16艘油轮无视美国封锁，从委内瑞拉启 航，其中许多船只为规避追踪而停止传输位置。委内未来原油生产和出口 完全恢复正常仍需时间。 板块逻辑： 周二又有更多的化工品出现反弹，3P和MA是主力品种。PVC的反弹仍 是在交易未来可能的用电成本增加，以及美国奥林VCM装置的短停；PP和P E更多的是主流生产商年底集中出货后，供应压力的略略缓解。这三个品 种的期货价格反弹后都出现了现货跟涨不力，基差走弱的格局。PP和PE整 体开工并未出现大幅下滑。甲醇的期货上涨有现货的同步跟随，一些内地 ...

行业 原油日报 日期 2026 年 1 月 7 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | | ...

来源：国际金融报 相比之下，跟踪黄金、白银等大宗商品的基金赚得盆满钵满。全市场唯一一只跟踪白银期货的基金2025 年全年涨幅超过130%，多只黄金QDII-FOF基金全年涨幅超过60%，多只黄金ETF(交易型开放式指数基 金)全年涨幅超过50%。有色金属相关基金涨超15%，豆粕期货基金也收获正收益。 近期，海外事件频扰，国际油价成焦点。与屡创新高的金银不同，油价持续阴跌，迟迟未见像样反弹， 原油相关基金因而表现平平。 Wind数据显示，2025年大宗商品基金表现分化：国投瑞银白银LOF以超130%涨幅领跑，多只黄金基金 涨逾50%，有色金属相关基金涨超15%，豆粕期货基金也收获正收益。然而，多只原油基金却亏损超 5%。 原油基金承压 过去一年，黄金、白银价格频创新高，国际油价却持续承压。 Wind数据显示，2025年布伦特原油价格主要在50美元/桶至80美元/桶区间震荡，截至1月6日，最新价格 为63.12美元/桶。 国内普通投资者想参与原油市场投资，最便捷、低门槛的方式是投资公募原油主题基金，这类主题基金 主要是QDII(合格境内机构投资者)基金，有些还以LOF(上市型开放式基金)形式运作，可在场内进行交 ...