1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Iron ore: As steel mills' inventory replenishment nears completion, ore prices will fluctuate downward [2][4]. - Rebar and hot - rolled coil: Their apparent demands decline month - on - month, and prices will fluctuate widely [2][9][10]. - Ferrosilicon and silicomanganese: There is a game between fundamentals and sentiment, and prices will fluctuate widely [2][14]. - Coke and coking coal: Prices will fluctuate at high levels [2][18]. - Steam coal: News of production cuts in Indonesia stimulates the import market, and domestic coal prices will remain stable before the Spring Festival [2][22]. - Logs: Prices will consolidate with fluctuations [2][25]. 3. Summary by Directory Iron Ore - **Fundamentals**: The closing price of I2605 was 768.5 yuan/ton, down 13 yuan/ton or 1.66%. The positions increased by 9,456 lots to 525,113 lots. Spot prices of imported ores such as PB and super - special decreased, while domestic ores remained stable. The basis and spreads had minor changes [5]. - **Macro and Industry News**: China's January RatingDog manufacturing PMI was 50.3, and some real - estate enterprises no longer need to report "three red lines" indicators monthly [5]. - **Trend Intensity**: - 1, indicating a bearish view [6]. Rebar and Hot - Rolled Coil - **Fundamentals**: The closing prices of RB2605 and HC2605 were 3,101 yuan/ton and 3,263 yuan/ton respectively, down 9 yuan/ton and 13 yuan/ton, with decreases of 0.29% and 0.40%. Spot prices in most regions remained stable. There were changes in basis and spreads [10]. - **Macro and Industry News**: According to February 5th steel union weekly data, rebar production decreased by 8.15 tons, hot - rolled coil production decreased by 0.05 tons, and the total inventory of five major varieties increased by 59.24 tons. The apparent demand of rebar decreased by 28.76 tons, and that of hot - rolled coil decreased by 5.87 tons. In late January 2026, the average daily output of key steel enterprises' crude steel decreased by 2.2%, pig iron decreased by 3.0%, and steel increased by 3.2%. The steel inventory of key enterprises decreased by 8.8% compared with the previous ten - day period [11][12]. - **Trend Intensity**: 0, indicating a neutral view [12]. Ferrosilicon and Silicomanganese - **Fundamentals**: The prices of silicon - iron 72 and 75 in some regions increased. The closing prices and positions of relevant futures contracts had changes. There were also changes in spot prices, basis, and spreads [15]. - **Macro and Industry News**: The proportion of coal - fired power generation units' fixed - cost recovery through capacity tariffs will be increased to at least 50%. UMK's March 2026 manganese ore price for China increased. River Steel's February 75B ferrosilicon procurement price remained the same as in January, but the quantity decreased. In January, the electricity price of ferrosilicon in Ningxia showed a downward trend, while in Qinghai, it increased [14][15][16]. - **Trend Intensity**: 0, indicating a neutral view [17]. Coke and Coking Coal - **Fundamentals**: The closing prices of JM2605 and J2605 were 1,172 yuan/ton and 1,738 yuan/ton respectively, down 37 yuan/ton and 32 yuan/ton, with decreases of 3.1% and 1.8%. Spot prices of some coking coals and cokes changed slightly, and there were changes in basis and spreads [18]. - **Macro and Industry News**: On February 5th, the CCI metallurgical coal index of China Coal Resources Network showed a decline in some coal prices. The coke market was running weakly, with steel mills' procurement enthusiasm being average [18]. - **Trend Intensity**: 0, indicating a neutral view [20]. Steam Coal - **Fundamentals**: The prices of steam coal in different regions and ports had slight changes, and the long - term agreement prices decreased [23]. - **Macro and Industry News**: On February 5th, the port steam coal market was stable with a slight upward trend. Near the Spring Festival, the spot market showed weak supply and demand, and port inventories continued to decline. News of import coal reduction led to an increase in import coal prices, providing support for the domestic market. There were also reports of potential production cuts in Indonesian coal mines [24]. Logs - **Fundamentals**: The closing prices, trading volumes, and positions of log futures contracts had different degrees of change. Spot prices of most log products remained stable [25]. - **Macro and Industry News**: China's January RatingDog manufacturing PMI was 50.3, and some real - estate enterprises no longer need to report "three red lines" indicators monthly [27]. - **Trend Intensity**: 0, indicating a neutral view [28].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-06 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-15 | 2025/12 | M1:同比 | % | 3.8 | 7.2 ...

| | | 昨日收盘价 （元/吨） | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2605 | 3,101 | -9 | -0.29 | | 期 货 | HC2605 | 3,263 | -13 | -0.40 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2605 | 681,405 | 1,847,671 | 49,444 | | | HC2605 | 283,875 昨日价格 （元/吨） | 1,494,646 前日价格 （元/吨） | 11,934 涨跌 （元/吨） | | | 上海 杭州 | 3220 3260 | 3230 3260 | -10 0 | | | 螺纹钢 | | | | | | 北京 | 3130 | 3130 | 0 | | 现货价格 | 广州 | 3420 | 3420 | 0 | | | 上海 | 3260 | 3260 | 0 | | | 杭州 热轧卷板 | 3290 | 3290 | 0 | | | 天津 | 3160 | 3160 | 0 | | | ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/02/06 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/01/30 | 3160 | 3240 | 3340 | 3240 | 3450 | 3310 | | 2026/02/02 | 3120 | 3210 | 3340 | 3240 | 3400 | 3310 | | 2026/02/03 | 3120 | 3210 | 3370 | 3240 | 3400 | 3310 | | 2026/02/04 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 2026/02/05 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 变化 | 0 | 0 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐 ...

文字早评 2026/02/06 星期五 宏观金融类 股指 【行情资讯】 1、八部门印发《中药工业高质量发展实施方案（2026—2030 年）》，到 2030 年中药工业全产业链协同 发展体系初步形成； 2、2026 年 APEC 标准与合格评定分委会首次会议在广州召开，会议聚焦脑机接口技术等相关国际标准在 APEC 经济体实施； 3、比特币价格日内一度跌破 7 万美元关口。分析认为，在这一轮大跌后，比特币的上涨动能、市场叙 事以及"避险资产"的标签几乎同时瓦解； 4、美国联邦通信委员会受理 SpaceX 百万颗卫星系统部署申请。这一卫星系统将建立一个环绕地球轨道 的数据中心网络。此外，SpaceX 计划推出星链手机。 基差年化比率： IF 当月/下月/当季/隔季：-1.02%/1.08%/4.05%/4.21%； IC 当月/下月/当季/隔季：0.55%/3.08%/9.04%/6.96%； IM 当月/下月/当季/隔季：-4.86%/3.39%/12.81%/9.94%； IH 当月/下月/当季/隔季：-6.05%/-0.76%/0.43%/2.34%。 【策略观点】 近期市场轮动节奏加快，热点板块持续性不 ...

黑色建材日报 2026-02-06 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3110 元/吨, 较上一交易日涨 11 元/吨（0.354%）。当日注册仓单 16931 吨, 环比减少 0 吨。主力合约持仓量为 179.82 万手，环比减少 6899 手。现货市场方面, 螺纹钢天津汇总价格 为 3160 元/吨, 环比减少 0/吨; 上海汇总价格为 3230 元/吨, 环比减少 0 元/吨。 热轧板卷主力合约收盘 价为 3274 元/吨, 较上一交易日涨 9 元/吨（0.275%）。 当日注册仓单 199447 吨, 环比减少 0 吨。主力合 约持仓量为 148.27 万手 ...

| 品种 | 价格 | 环比（%） | 同比（%） | | --- | --- | --- | --- | | | （元/吨） | | | | 动力煤（发热量5000-5500大卡） | 777 | 0.0 | -5.0 | | 二号无烟块煤（2号，洗选块煤） | 1139 | 0.1 | -9.6 | | 柴油（0#） | 6881 | 0.0 | -14.1 | | 汽油（92#） | 8244 | 0.5 | -13.4 | | 螺纹钢（Φ16-25mm） | 3361 | -0.1 | -7.3 | | 高速线材（Φ6.5mm） | 3555 | -0.2 | -6.5 | ...

Market Performance - The Shanghai Composite Index closed at 4075.92, down by 0.64% (-26.29 points) [2] - The Shenzhen Component Index closed at 13952.71, down by 1.44% (-203.56 points) [2] - The CSI 300 Index closed at 4670.42, down by 0.60% (-28.26 points) [2] - The ChiNext Index closed at 3260.28, down by 1.55% (-51.24 points) [2] - The STAR 50 Index closed at 1432.52, down by 1.44% (-20.95 points) [2] - The Beijing Stock Exchange 50 Index closed at 1507.29, down by 2.03% (-31.28 points) [2] Sector Performance - The top-performing sectors included Beauty Care (3.21%), Banks (1.57%), and Food & Beverage (1.31%) [3] - The worst-performing sectors included Non-ferrous Metals (-4.57%), Electric Power Equipment (-3.41%), and Coal (-2.22%) [3] - Concept sectors showing strength included Horse Racing (1.89%) and Duty-Free Shops (1.33%) [3] - Concept sectors underperforming included BC Battery (-5.18%) and Lead Metal (-4.14%) [3] Market Outlook - The market experienced a weak adjustment with all major indices closing lower, particularly the ChiNext Index [4] - Consumer sectors showed resilience with significant activity in Food & Beverage, Retail, and Tourism [4] - The financial sector strengthened in the afternoon, while commodities like Non-ferrous Metals and Oil & Gas faced declines [4] - The overall market sentiment indicated more stocks declining than rising, with over 3700 stocks down [6] Economic Indicators - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion, a decrease of 304.8 billion from the previous trading day [6] - Industrial profits for large-scale industrial enterprises are projected to grow by only 0.6% in 2025, below GDP growth [6] - The People's Bank of China emphasized support for key sectors like technology innovation and small to medium enterprises [5] Risks - Potential risks include unexpected declines in the overseas economy and prolonged high interest rates affecting domestic liquidity [7] - Trade tensions between China and the U.S. could further pressure domestic exports [7]

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 2 月 6 日 | 联系人：王竣冬 | | | --- | --- | | 期货从业资格：F3024685 | | | 交易咨询从业证书号：Z0013759 | | | 研究咨询电话： | | | 0531-81678626 | | | 客服电话： | | | 400-618-6767 | | | 公司网址： | | | www.ztqh.com | | | [Table_QuotePic] | 中泰微投研小程序 | | [Table_Report] | 中泰期货公众号 | 请务必阅读正文之后的免责声明部分 | 偏空 | 農荡 | 偏多 | | --- | --- | --- | | 锰硅 | — | 螺纹钢 | | 豆粕 | 焦煤 | 铁矿石 | | PVC | 玉米 | 热轧卷板 | | 棕櫚油 | 焦炭 | 菜粕 | | 塑料 | 玉米淀粉 | 郑棉 | | 沥青 | 沪铜 | 玻璃 | | 橡胶 | 护锡 | 沪铅 | | | 鸡蛋 | | | | PTA | | | | 白糖 | | | | 聚丙烯 | | | | 护银 | | ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2026-02-06 现实压⼒仍存，盘⾯弱势调整 淡季钢材端累库压⼒渐显，基本⾯缺乏亮点，盘⾯表现承压。钢⼚复 产节奏偏缓，铁矿⽯⾼发运⾼库存压⼒渐显，盘⾯表现偏弱。冬储临 近尾声，煤焦补库⽀撑逐步转弱，蒙煤进⼝处于⾼位，盘⾯⾼位回 落。玻纯供需过剩压制盘⾯价格。 淡季钢材端累库压力渐显，基本面缺乏亮点，盘面表现承压。钢厂复 产节奏偏缓，铁矿石高发运高库存压力渐显，盘面表现偏弱。冬储临 近尾声，煤焦补库支撑逐步转弱，蒙煤进口处于高位，盘面高位回 落。玻纯供需过剩压制盘面价格。 1. 铁元素方面：铁矿库存压力持续增加，供应端仍存天气扰动预 期，节后需求预期一般，盘面表现承压，但节后即将召开两会，宏观 预期仍存，关注市场情绪变化。废钢供应、日耗均有季节性下降的预 期，随着补库接近尾声，整体基本面将边际转弱，预计现货价格跟随 成材为主。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有限， 现货预计暂稳运行，盘面预计仍将跟随成本端焦煤运行。国内煤矿临 近假期产量将逐 ...