Core Viewpoint - The LME copper futures prices continue to decline, with the current price at $12,980 per ton, reflecting a decrease of 0.46% from the opening price [1] Group 1: LME Copper Futures Performance - On February 5, LME copper futures opened at $13,123 per ton and reached a high of $13,197.5 per ton and a low of $12,947.5 per ton [1] - On February 4, LME copper futures closed at $13,040 per ton, down 2.76% from the previous day [1] Group 2: Market Data and Trends - The electrolytic copper spot price ratio between Shanghai and London was reported at 0, with an import loss of ¥602.79 per ton, compared to ¥536.38 per ton the previous trading day [1] - As of February 4, the Shanghai Futures Exchange reported copper futures warehouse receipts at 159,772 tons, an increase of 751 tons from the previous trading day [1] - LME registered copper warehouse receipts totaled 155,725 tons, with canceled receipts at 22,925 tons, a decrease of 14,150 tons, and total copper inventory at 178,650 tons, up by 2,525 tons [1]

Group 1 - The main point of the article highlights that major funds have net sold over 1.5 billion in Zijin Mining [1] - In the early trading session, major funds saw net inflows in sectors such as food and beverage, pharmaceuticals, and film and television, while experiencing net outflows in the electric new energy, non-ferrous metals, and electronics sectors [1] - The electric new energy sector had a significant net outflow exceeding 15.3 billion [1] Group 2 - Pingtan Development reached the daily limit with a net buy of over 1.1 billion, leading the inflow rankings [1] - Companies like Zhongji Xuchuang, N Beixin-U, and Wangsu Technology also saw significant net inflows from major funds [1] - Zijin Mining faced the largest net sell-off, exceeding 1.5 billion, along with other companies like Tebian Electric, Xinyisheng, and Longi Green Energy experiencing notable net outflows [1]

商品日报 20260205 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 投资咨询业务资格 沪证监许可[2015]84 号 主要品种观点 宏观：美国 1 月 ADP 就业偏弱，A 股延续缩量反弹 海外方面，美国年初就业有所降温，1 月 ADP 仅增 2.2 万人，低于预期 4.5 万人，就业 增量高度集中于教育和医疗，制造业与专业服务收缩，结构性疲弱清晰。1 月 ISM 服务业 PMI 升至 53.8，但就业几乎停滞、价格回升，显示需求修复未能转化为用工扩张，"高价格、 弱就业"的分化格局延续。全球资源品博弈加剧，美、欧、日以"供应链韧性"为名加速制 度化结盟，旨在弱化中国在关键工业原料上的主导权。海外市场风险偏好较弱，美股科技又 因 AI 泡沫担忧下挫，美元指数抬升至 97.7，金价在 5000 美元上方震荡，铜价收跌 3%，油 价收涨，关注周五非农就业数据。 国内方面，A 股周三延续反弹，上证指数重回 4100 点，红利风格领涨，煤炭、光伏、 航空等板块领涨，两市成交额小回落至 2.5 万亿元、逾 3200 只收涨，赚钱效应边际转弱， 宽基指数 ETF 转为净流出，两融余额继续边际回 ...

【有色风口已至，"超级周期"势不可挡】 有色ETF华宝（159876）及其联接基金（A类：017140，C类：017141）标的指数全面覆盖铜、铝、黄金、稀土、锂等行业，涵盖贵金属（避险）、战略 金属（成长）、工业金属（复苏）等不同景气周期，全品类覆盖能够更好把握整个板块的贝塔行情。同时，该ETF是融资融券标的，是一键布局有色金属 板块的高效工具。 今日（2月5日）揽尽有色金属行业龙头的有色ETF华宝（159876）随市盘整回调，场内价格现跌2.66%，截至发稿，该ETF获资金实时净申购1500万份， 昨天亦吸金1749万元，拉长时间来看，此前20日累计狂揽超12亿元，反映资金看好有色金属板块后市表现，持续进场布局！ 成份股方面，钢研高纳领涨超2%，宝钛股份涨逾1%，西部超导飘红，其余57股尽墨。湖南白银、白银有色跌超7%，湖南黄金、赣锋锂业等个股跌逾 3%，跌幅居前，拖累指数表现。 | | 分时 多日 1分 5分 15分 30分 = | F9 盘前盘后 叠加 九转 画线 工具 ◇ ② | | 有色ETF华宇 | | 159876 | | --- | --- | --- | --- | --- | --- | ...

gtaxinstitute@essence.com.cn 综合晨报 2026年02月05日 (原油) 夜间交易时段国际油价上涨。伊朗方面此前传出谈判取消的消息，随后伊朗外交部长阿拉格齐澄清 指出，伊朗与美国将于6日上午10时左右在阿曼首都马斯喀特举行会谈。EIA数据显示，受冬季风暴 影响，上周美国原油库存超预期大幅下降，产量亦降至2024年11月以来最低水平。目前美伊谈判前 景仍存在较多不确定性,但整体冲突局势仍属可控,预计对原油价格的影响更多是阶段性与间歇性 的，难以形成趋势性转变。全球石油市场累积的压力依然显著。在多空因素交织的背景下，预计油 价将延续波动加剧的态势。 【责金属】 隔夜贵金属震荡,波动依然较大。美国经济数据喜忧参半,1月ADP就业人数增加2.2万人低于预期 的4.8万人，不过ISM非制造业PM153.8与此前公布的制造业PMI均体现经济韧性，市场关注的非农就 业将推迟到下周发布。短期资金博弈激烈，贵金属进入高位盘整阶段，暂时观望等待波动率下降。 国投期货研究院 【铜】 隔夜铜价高位震荡，沪铜减仓，市场关注潜在储备与春节前后国内供求变动。倾向正向价差强化能 形成天然仓单储备。更关注跨期反套。 ...

Economic Growth and Targets - The expected economic growth for Jiangxi Province in 2026 is set at 5%-5.5%, with industrial added value growth above 7.3% and fixed asset investment growth around 3.5% [28][29] - The retail sales of consumer goods are projected to grow by over 4.5%, while urban and rural per capita disposable income is expected to increase by approximately 4.5% and 5.5%, respectively [28][29] - The consumer price index (CPI) is anticipated to rise by about 2%, and the urban unemployment rate is targeted to be controlled at 5.5% [28][29] Investment and Infrastructure - The government plans to stabilize investment scale by implementing the "Ten-Hundred-Thousand" project, with 5,296 major projects and an annual investment completion of around 1.1 trillion yuan [29] - Investment direction will focus on new productivity, new urbanization, and comprehensive human development, with a scientific layout for new infrastructure projects like 5G-A and computing power [29] - Efforts will be made to enhance project planning and reserve mechanisms to secure more projects under central budget investment and new policy financing tools [29] Real Estate Market - The government aims to stabilize the real estate market by implementing city-specific policies, linking land supply with the de-stocking cycle of unsold properties, and promoting the construction of "good houses" [29] Financial Risk Management - Continuous efforts will be made to reduce financial risks, improve monitoring and early warning mechanisms, and promote the reform of small and medium-sized financial institutions [30] Social Development and Welfare - The government has committed to fulfilling ten key livelihood projects, with urban employment and entrepreneurial loan issuance exceeding planned targets [12] - Per capita disposable income for urban and rural residents is projected to grow by 4.3% and 5.7%, respectively [12] Environmental Quality - The ecological environment quality indicators for water and air are expected to maintain excellent levels, with carbon emission control meeting national targets [28][29] Innovation and Industry Development - The province is focusing on technological and industrial innovation, with significant achievements in high-tech manufacturing and the establishment of national laboratories [8][9] - The digital transformation of manufacturing is being promoted, with over 14,000 enterprises undergoing upgrades and 34 projects entering the national 5G factory directory [9] Regional Coordination and Urban-Rural Integration - The government is working on a coordinated development strategy for urban and rural areas, with policies to support regional growth and urban renewal projects [11][40] - Agricultural modernization and rural infrastructure improvements are also key focuses, with significant investments in agricultural enterprises and rural housing [11]

2026年02月05日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：宏观情绪主导边际，基本面与投机盘博弈 | 2 | | --- | --- | | 不锈钢：二月检修减产频出，镍铁预期托底下方 | 2 | | 碳酸锂：关注今日市场情绪变化 | 4 | | 工业硅：下方空间不深 | 6 | | 多晶硅：行业会议情绪积极，或提振盘面 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 2 月 5 日 镍：宏观情绪主导边际，基本面与投机盘博弈 不锈钢：二月检修减产频出，镍铁预期托底下方 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 137,680 | 2,850 | -6,690 | -5,380 | 3,58 ...

Group 1 - The Hong Kong stock market's non-ferrous metal sector experienced significant declines, with Tianqi Lithium Industries (09696.HK) dropping over 10% [1] - Ganfeng Lithium (01772.HK) and Minmetals Resources (01208.HK) both fell by more than 5% [1] - Other companies such as Jiangxi Copper (00358.HK), Luoyang Molybdenum (03993.HK), and Zijin Mining International (02259.HK) also saw declines [1]

泉果基金今晨发布月度观点指出，在AI领域，随着存量芯片的逐渐增加，AI模型的迭代速度明显加 速，而模型分化已经是一个显性趋势，选择To B 还是 To C是不同 AI labs的战略选择。1月吸人眼球的 是Clawdbot的出圈，一方面揭示大模型已经有很强的能力，agent产品如果有合适的产品形态，会迅速 被人们所接受，另一方面，爆火背后也揭示了开发者们对开源、离线模型应用的渴求。 展望中期，预计短期情绪过热后的价格调整难以改变贵金属（核心股）和有色金属（核心股）向上的趋 势，美国的债务问题、央行购金的趋势、铜铝在新一轮供给受限的产能周期中向上的趋势预计仍将持 续，我们将密切保持关注。 泉果基金既对2026年权益市场持乐观的态度，又对市场可能存在的风险事件保持警惕并密切跟踪。因 此，在投资时保持积极的仓位并适度分散，保留灵活性，以保有及时应对的能力。具体到行业配置层 面： （1）AI为核心的科技创新仍然是市场的主线，因为AI仍然以超预期的速度在发展：模型在进化，应用 在不断深入B端和C端，我们预计形成商业闭环的应用会越来越多。与此同时，AI模型和应用的发展使 得算力（核心股）等基础设施还是行业发展的瓶颈，从G ...

央视网消息：中国物流与采购联合会2月5日公布1月份中国大宗商品价格指数。从指数运行情况看，企业预期保持乐观，生产活动延续扩 张态势，大宗商品价格指数连续九个月环比上涨，创下三年半以来新高。 2026年1月份中国大宗商品价格指数为125.3点，环比上涨6.3%。在中国物流与采购联合会重点监测的50种大宗商品中，1月份价格环比上 涨的大宗商品有33种。其中，碳酸锂、精炼锡和精炼镍涨幅居前，较上月环比分别上涨48.4%、20.2%和19.5%。 分行业看，受国际货币政策宽松预期、地缘政治和期货市场等输入性因素影响，有色金属、化工产品价格指数大幅上行，环比分别上涨 9.9%和3.8%；农产品市场供需平衡，价格指数小幅回升，环比上涨0.2%。 专家表示，1月大宗商品价格指数环比上升，表明市场总体延续回稳向好态势，但国际金融市场动荡明显加大，部分大宗商品上涨过快， 需加强外部输入性风险研判，加大宏观政策调节力度，维护产业链供应链稳定。 ...