投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 2 月 11 日） 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 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 短期恐慌抛售暂缓，去美元化长 期趋势不变 | | 铜 | 2603 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 国内供应收缩给予铜价支撑 | 说明： 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%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 品种观点参考 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：昨日金价呈现震荡运行，纽约金维持在 5000 美元上方 ...

◼ 品种观点参考—金融期货股指板块 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 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡整理 | 股市风险偏好谨慎乐观 | 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。 投资咨询业务资格：证监许可【2011】1778 号 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。 宝城期货股指期货早报（2026 年 2 月 11 日） 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 期货研究报告 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡整理 核心逻辑：昨日各股指均窄幅震荡整理。沪深京三市成交额 21247 亿元，较上日缩量 1454 亿元。随 着白银止跌反弹，市场情绪有所回暖，股指运行逻辑回归自身基本面。不过 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2026 年 2 月 11 日） 品种观点参考 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%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：2 月份的美国农业部报告显示，美国 2025/26 年度大豆产量、单产、播种及收割面积均与 1 月 预估持平。期末库存保持在 3.5 亿蒲式耳，与 1 月报告一致，处于六年高位。美豆出口预估仍为 15.75 亿 蒲式耳，未因特朗普总统关于中国可能增加采购 800 万吨的言论而上调。尽管美豆压榨需求强劲，但出口 进度滞后，叠加巴西大豆产量上调，供应压力增加对美豆价格构成压制。国内随着春节临近，油厂陆续停 机，现货交投转淡。尽管进口大豆成本为豆粕价格提供支撑，但国内港口大豆与豆粕库存高企，且节后可 专业研究·创造价值 1 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货铁矿石早报（2026 年 2 月 11 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 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%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局变化不大，钢厂生产趋稳，矿石终端消耗低位回升，但增幅有限，且钢市产业矛 盾在累积，需求改善力度有限，利好效应不强。与此同时，国内港口到货量回落，且飓风扰动下矿商 发运大幅下降，海外矿石供应短期收缩，库存高企局面下供应压力缓解有限。总之，天气因素扰动下 海外矿石供应短期收缩，而需求则是弱稳运行，铁矿石基本面未见改善，高库存格局下矿价仍将承压 运行，关注钢价表现情况。 （仅供参考，不构成任何投资建议） | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2026-02-11 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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 -------------------------------------------------------------------------------------------------- ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core View - The report presents the arbitrage data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on February 11, 2026, mainly including basis, inter - period and inter - variety spreads [1]. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal on different dates from February 4 to February 10, 2026 are presented, such as the basis on February 10 being - 102.4 yuan/ton [2]. 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, crude oil, asphalt and INE crude oil on different dates from February 4 to February 10, 2026 are provided, along with their price ratios [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP on different dates from February 4 to February 10, 2026 [9]. - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol on different dates from February 4 to February 10, 2026 [10]. 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal on different dates from February 4 to February 10, 2026, such as the basis of rebar on February 10 being 158.0 yuan/ton [20]. - Inter - period spreads of rebar, iron ore, coke, and coking coal, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19]. - Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil on different dates from February 4 to February 10, 2026 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin on different dates from February 4 to February 10, 2026, such as the basis of copper on February 10 being 10 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin on February 10, 2026 [33]. 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn on different dates from February 4 to February 10, 2026, such as the basis of soybeans No.1 on February 10 being - 339 yuan/ton [38]. - Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [38]. - Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch on February 10, 2026 [38]. 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from February 4 to February 10, 2026, such as the basis of CSI 300 on February 10 being 25.91 [50]. - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads [50].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views - Today, all stock indices fluctuated within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1247 trillion yuan, a decrease of 145.4 billion yuan compared to the previous day. As silver stopped falling and rebounded, market sentiment improved, and the stock index's operation logic returned to its fundamental factors. However, due to the approaching holiday, the demand for cash during the holiday and concerns about uncertainties, the willingness of funds to trade was relatively weak, and the trading volume of the stock market remained around 2 trillion yuan. In the medium to long term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the medium to long - term upward movement of the stock index is relatively solid. Overall, the risk appetite of the stock market before the holiday is cautious, and the stock index mainly fluctuates within a range [4]. - Regarding options, the implied volatility of at - the - money options has recently rebounded. Since the logic for the medium to long - term upward movement of the stock index is relatively solid, the bull spread strategy is maintained [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 10, 2026, the 50ETF rose 0.28% to close at 3.170; the 300ETF (Shanghai Stock Exchange) rose 0.13% to close at 4.733; the 300ETF (Shenzhen Stock Exchange) rose 0.06% to close at 4.931; the CSI 300 Index rose 0.11% to close at 4724.30; the CSI 1000 Index rose 0.20% to close at 8250.30; the 500ETF (Shanghai Stock Exchange) fell 0.21% to close at 8.377; the 500ETF (Shenzhen Stock Exchange) fell 0.24% to close at 3.330; the ChiNext ETF fell 0.30% to close at 3.311; the Shenzhen 100ETF rose 0.06% to close at 3.496; the SSE 50 Index rose 0.18% to close at 3087.41; the Science and Technology Innovation 50ETF rose 0.98% to close at 1.55; the E Fund Science and Technology Innovation 50ETF rose 0.94% to close at 1.50 [6]. - The trading volume PCR and position PCR of various options on February 10, 2026, and the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7]. - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets for various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9]. 3.2 Related Charts - Multiple charts are provided for different types of options, including the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [10][19][22][35][43][56][69][82][92][105][118][126]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 2 月 10 日 煤焦日报 专业研究·创造价值 多空交织，煤焦低位震荡 核心观点 焦炭：2 月 10 日，焦炭主力合约报收于 1665 元/吨，日内录得 1.71%的跌 幅。截至收盘，主力合约持仓量为 3.64 万手，较前一交易日仓差为+1514 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1520 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1470 元/吨，周环比 下跌 0.68%。整体来看，近期焦炭基本面并无明显变化，供需两端在低位 小幅增加，期货缺乏单边动能，预计短期内焦炭主力合约维持低位震荡格 局。 焦煤：2 月 10 日，焦煤主力合约报收 1119 点，日内下跌 1.67%。截至收 盘，主力合约持仓量为 49.91 万手，较前一交易日仓差为+29997 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1230.0 元/吨，周环比上涨 2.50%。整体来看，焦煤基本面支撑有限，中长期需求担忧仍存，结合近 期动力煤价格低位企稳的走势，在缺乏中长期驱动的背景下，预计春节前 焦煤价格或维 ...

马棕报告影响有限 豆类油脂维持震荡 核心观点 2 月 10 日，豆类震荡偏弱，油脂冲高回落。豆一期价表现偏强，期价依 托 5 日和 10 日均线支撑上涨，伴随增仓 6.8 万手；豆二期价震荡偏弱,期价承 压于 20 日均线压力，暂获 5 日均线支撑，资金变化不大；豆粕期价震荡偏强， 期价承压于 20 日、30 日和 60 日均线压力，资金变化不大；菜粕期价依托 5 日 均线支撑震荡偏强，资金变化不大。油脂期价冲高回落，豆油期价跌破 5 日和 20 日均线支撑，资金变化不大；棕榈油期价震荡偏弱，期价承压于 5 日均线 压力，跌破 20 日均线支撑，伴随减仓 1.1 万手；菜籽油期价震荡偏弱，期价 承压于 5 日和 60 日均线压力，下方暂获 30 日均线支撑，资金变化不大。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 生猪 2026 年 2 月 10 日 豆类日报 姓名：毕慧 宝城期货投资咨询部 从业资格证号：F0268536 投资咨询证号：Z0011311 电话：0571-87006873 邮箱：bihui@bcqhgs.com 作者声明 本人具有中国期货业协 会授予的期货从业资格证 书 ...

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 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。 钢材&铁矿石 | 日报 2026 年 2 月 10 日 钢材&铁矿石日报 专业研究·创造价值 产业逻辑主导，钢矿偏弱运行 核心观点 螺纹钢：主力期价震荡下行，录得 0.55%日跌幅，量缩仓增。现阶段， 螺纹钢供应有所收缩，而需求同样走弱，供需双弱局面下螺纹钢基本面 弱势未变，淡季钢价继续承压，相对利好则是成本支撑，预计走势延续 震荡偏弱运行，关注库存变化情况。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 一 产业动态 （1）2025 年全国社会物流总额超 368 万亿元，同比增长 5.1% 热轧卷板：主力期价偏弱震荡，录得 0.65%日跌幅，量缩仓增。目前来 看 ...