1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The soybean meal is expected to maintain a volatile and slightly stronger trend after the Spring Festival due to factors such as slow import procurement, logistics congestion in Brazil, and policy uncertainty [5][6] - The palm oil futures price may remain in a relatively stronger operating pattern after the Spring Festival, relying on external factors like the rise of soybean oil and crude oil [7] 3. Summary by Variety 3.1 Soybean Meal (M) - **Price Trend**: Short - term: volatile; Medium - term: volatile; Intraday: volatile and slightly stronger; Reference view: volatile and slightly stronger [5] - **Core Logic**: Slow import procurement of domestic soybeans, logistics congestion in central Brazil delaying the arrival of low - cost soybeans, uncertain soybean import cost due to policy changes, and short - term supply shortage after the Spring Festival [5][6] 3.2 Palm Oil (P) - **Price Trend**: Short - term: volatile; Medium - term: volatile; Intraday: strong; Reference view: strong [5] - **Core Logic**: During the holiday, the rise of US soybean oil due to strong bio - fuel demand and the increase of international crude oil to a six - month high pushed up the palm oil futures price. It lacks independent upward drive and depends on external factors [7]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - As the Spring Festival holiday approaches, risk aversion in the domestic oil market is intensifying. Soybean oil and palm oil have different focuses in their trends under the combined influence of their respective fundamentals and external factors, while maintaining a linkage [5]. 3. Summary by Related Catalogs Soybean Oil - The current focus of the soybean oil market is the US 2026 biofuel mandatory blending quota to be determined in early March. Policy利好 expectations are continuously boosting the demand prospects of US soybean oil and global soybean oil. The 45Z clean fuel tax credit proposed rules recently issued by the US Treasury Department provide a profound and multi - level long - term structural support for the US soybean oil futures price [6]. - There are three main risks in the later soybean oil market. Firstly, if the US biofuel policy in March is less than expected or the drought in South America significantly improves, the prices of US soybeans and US soybean oil may decline, weakening the support for domestic import costs. Secondly, there is a risk of inventory accumulation in China. After the Spring Festival, if the consumption recovery is slow, the soybean oil inventory of oil mills may face pressure. Thirdly, attention should be paid to the price difference changes among oil varieties [7]. Palm Oil - The core logic of the palm oil market revolves around the contraction of origin supply, the warming of export demand, and the unexpected decline in inventory. The latest report from the Malaysian Palm Oil Board confirms and strengthens this pattern. In January, the palm oil inventory in Malaysia decreased by 7.72% month - on - month to 2815000 tons, the production of crude palm oil decreased by 13.78% month - on - month to 1577000 tons, and the export volume increased by 11.44% month - on - month to 1484000 tons [8]. - In the domestic market, as the Spring Festival approaches, risk aversion is intensifying, which drags down the price. Potential risks include the subsequent weather changes in Southeast Asian producing areas and the purchasing rhythm of major importing countries. After the festival, attention should be paid to the estimated production of Malaysian palm oil in February, high - frequency export data, and the actual arrival rhythm of domestic ports [9].

Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].

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 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 黑色金属 | 日报 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。 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 13 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦区间运行 核心观点 焦炭：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，预计春节前焦炭主力合约维 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The supply of lithium carbonate is a combination of domestic production cuts and overseas pulse shipments. The short - term price is suppressed, but the long - term supply - demand pattern remains unchanged [3]. - The demand shows a structural differentiation and is under pressure during the off - season. The power battery demand declines, while the energy storage demand is a bright spot but cannot fully offset the decline in the power battery segment. The long - term demand for new energy vehicles remains resilient [4]. - The de - stocking of the industrial chain continues, and the low inventory provides bottom support for prices. The cost structure differentiation limits the downward price space, and enterprises generally hold a reluctant - to - sell attitude [5]. 3. Summary by Related Catalogs Ore and Lithium Prices - The report presents charts of lithium mica price changes, lithium carbonate futures main contract price, domestic 99.5% electric lithium carbonate price, lithium hydroxide price, lithium carbonate basis, and lithium hydroxide - lithium carbonate price difference [8]. Cathode & Ternary Materials - It includes charts of manganese - acid lithium price, domestic iron phosphate lithium price, cobalt - acid lithium average price, ternary precursor price, and ternary material price [10][14]. Other Relevant Data of Lithium Carbonate Futures - The report shows charts of the change in the main contract trading volume, the change in the main contract open interest, and the registered warehouse receipt volume of lithium carbonate [16][17].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - **Rubber**: On Friday, the domestic Shanghai rubber futures contract 2605 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and closing slightly lower. The futures price closed 1.42% lower at 16,315 yuan/ton, and the premium of the 5 - 9 month spread widened to 120 yuan/ton. The rubber market has entered a stage of divergence between bulls and bears. As the Spring Festival holiday approaches, trading between bulls and bears has become cautious. It is expected that the Shanghai rubber futures will maintain a volatile consolidation trend in the future [6]. - **Methanol**: On Friday, the domestic methanol futures contract 2605 showed a trend of increasing volume, reducing positions, fluctuating weakly, and closing significantly lower. The futures price rose to a maximum of 2,248 yuan/ton and dropped to a minimum of 2,187 yuan/ton, closing 2.45% lower at 2,188 yuan/ton. The discount of the 5 - 9 month spread narrowed to 32 yuan/ton. Dominated by a weak supply - demand fundamental, trading between bulls and bears has become cautious, and methanol futures may maintain a weakly volatile trend [7]. - **Crude Oil**: On Friday, the domestic crude oil futures contract 2604 showed a trend of increasing volume, reducing positions, fluctuating weakly, and falling significantly. The futures price rose to a maximum of 475.7 yuan/barrel and dropped to a minimum of 454.4 yuan/barrel, closing 4.22% lower at 460.7 yuan/barrel. As the geopolitical risk in the Middle East cools down and the peak season for crude oil demand comes to an end, crude oil has gradually weakened. Attention should be paid to the dynamics of the external market during the Spring Festival holiday and the geopolitical risk situation in the Middle East [7]. Summary by Directory 1. Industry Dynamics Rubber - As of February 8, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 606,800 tons, with a month - on - month increase of 15,100 tons and a growth rate of 2.55%. The bonded area inventory was 99,000 tons, with a growth rate of 1.38%, and the general trade inventory was 507,800 tons, with a growth rate of 2.78%. The inbound rate of the sample bonded warehouses of natural rubber in Qingdao decreased by 0.58 percentage points, and the outbound rate increased by 0.15 percentage points. The inbound rate of general trade warehouses increased by 1.24 percentage points, and the outbound rate decreased by 0.47 percentage points [9]. - As of February 13, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 56.40%, with a month - on - month decrease of 15.69 percentage points and a year - on - year decrease of 8.88 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 40.55%, with a month - on - month decrease of 19.90 percentage points and a year - on - year decrease of 13.74 percentage points. During the Spring Festival, most tire enterprises stopped work, and the overall capacity utilization rate of sample enterprises will be at a low point for the year [9]. - In January 2026, China's automobile production and sales reached 2.45 million and 2.346 million respectively. The production increased by 0.01% year - on - year, and the sales decreased by 3.2% year - on - year. Compared with the previous month, they decreased by 25.7% and 28.3% respectively. The passenger car market declined, while the commercial vehicle market continued to improve. The China Logistics Prosperity Index (LPI) in January 2026 was 51.2%, slightly down 1.2 percentage points month - on - month but still in the expansion range above 50%. In January 2026, China's heavy - truck market sold about 100,000 vehicles, a significant increase of about 39% compared with the same period last year. It is expected that the wholesale sales of the heavy - truck industry in the first quarter of this year will increase slightly year - on - year [10]. Methanol - As of the week of February 13, 2026, the average domestic methanol operating rate was maintained at 87.30%, with a week - on - week slight decrease of 0.68%, a month - on - month slight increase of 0.50%, and a significant increase of 6.11% compared with the same period last year. The average weekly methanol output in China reached 2.0568 million tons, with a week - on - week slight decrease of 4,300 tons, a month - on - month small increase of 21,400 tons, and a small increase of 80,600 tons compared with 1.9762 million tons in the same period last year [11]. - As of the week of February 13, 2026, the operating rates of domestic formaldehyde, dimethyl ether, acetic acid, and MTBE all decreased slightly week - on - week. The average operating load of domestic coal (methanol) to olefin plants was 80.21%, with a week - on - week small increase of 1.21 percentage points and a month - on - month small increase of 1.62%. As of February 13, 2026, the futures market profit of domestic methanol to olefin was - 71 yuan/ton, with a week - on - week slight decline of 30 yuan/ton and a month - on - month significant recovery of 173 yuan/ton [11]. - As of the week of February 13, 2026, the methanol inventory at ports in East and South China was maintained at 942,700 tons, with a week - on - week small decrease of 18,700 tons, a month - on - month significant decrease of 101,800 tons, and a small increase of 43,600 tons compared with the same period last year. As of the week of February 12, 2026, the total domestic inland methanol inventory reached 340,300 tons, with a week - on - week small decrease of 28,100 tons, a month - on - month significant decrease of 110,600 tons, and a significant decrease of 159,800 tons compared with 500,100 tons in the same period last year [12]. Crude Oil - As of the week of February 6, 2026, the number of active US oil drilling rigs was 412, a small week - on - week increase of 1 and a decrease of 68 compared with the same period last year. The average daily US crude oil production was 13.713 million barrels, with a significant week - on - week increase of 498,000 barrels/day and a small year - on - year increase of 219,000 barrels/day, at a historical high [12]. - As of the week of February 6, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 428.8 million barrels, a significant week - on - week increase of 8.53 million barrels and a small increase of 969,000 barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma reached 25.113 million barrels, a small week - on - week increase of 1.071 million barrels. The US Strategic Petroleum Reserve (SPR) inventory reached 415.212 million barrels, a slight week - on - week decrease of 1,000 barrels. The US refinery operating rate was maintained at 89.4%, a small week - on - week decrease of 1.1 percentage points, a small month - on - month decrease of 5.9 percentage points, and a small year - on - year increase of 4.4 percentage points [13]. - As of February 3, 2026, the average non - commercial net long positions in WTI crude oil were maintained at 124,565 contracts, a significant week - on - week increase of 27,583 contracts and a significant increase of 51,751 contracts compared with the January average of 72,814 contracts, with a growth rate of 71.07%. As of February 3, 2026, the average net long positions of Brent crude oil futures funds were maintained at 244,306 contracts, a significant week - on - week increase of 26,344 contracts and a significant increase of 59,860 contracts compared with the January average of 184,446 contracts, with a growth rate of 32.45% [13]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 16,250 yuan/ton | - 150 yuan/ton | 16,315 yuan/ton | - 135 yuan/ton | - 65 yuan/ton | - 15 yuan/ton | | Methanol | 2,222 yuan/ton | - 8 yuan/ton | 2,188 yuan/ton | - 43 yuan/ton | + 34 yuan/ton | + 43 yuan/ton | | Crude Oil | 456.9 yuan/barrel | - 0.3 yuan/barrel | 460.7 yuan/barrel | - 16.1 yuan/barrel | - 3.9 yuan/barrel | + 15.7 yuan/barrel | [15] 3. Related Charts - The report provides various charts related to rubber (including rubber basis, 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, etc.), methanol (including methanol basis, 5 - 9 month spread, domestic port inventory, etc.), and crude oil (including crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, etc.) [16][29][44]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **沪铜**: On the last trading day before the Spring Festival, the main contract price of Shanghai copper oscillated around the 100,000 mark, and the trading volume decreased slightly. Macroscopically, the US stock market declined overseas, and domestic liquidity was poor approaching the Spring Festival. Industrially, most downstream enterprises had taken holidays approaching the Spring Festival, resulting in dull trading [7]. - **沪铝**: On the last trading day before the Spring Festival, Shanghai aluminum decreased in price with a reduction in positions, and the main contract price dropped back to the 23,000 mark. Macroscopically, both domestic and overseas liquidity was poor, and the capital driving force was weak. Industrially, domestic electrolytic aluminum continued to accumulate stocks seasonally. Technically, the aluminum price tested the 23,000 mark three times in February, showing strong technical support [8]. - **沪镍**: On the last trading day before the Spring Festival, Shanghai nickel oscillated weakly, with a continuous decline in positions. The main contract price rebounded at the end of the session and regained the 135,000 mark. Macroscopically, both domestic and overseas liquidity was poor, and the capital driving force was weak. Industrially, on February 10, the Indonesian government announced that the production target for nickel ore in 2026 was set between 260 and 270 million tons. The positive news on the supply side largely made the nickel price stronger than the non - ferrous metal sector in the short term. However, the non - ferrous metal sector declined last night driven by precious metals, and the nickel price followed suit. In the short term, with macro - level negative factors and industry - level positive factors, the nickel price will oscillate [9]. 3. Summary of Relevant Catalogs 3.1 Industry Dynamics - **Copper**: From February 6th to February 12th, the raw material inventory of SMM copper cable enterprises decreased by 3.37% week - on - week as the pre - festival stocking was basically completed and upstream suppliers gradually took holidays. On the finished product side, enterprises moderately stocked up for post - festival demand, but the stocking mentality was cautious due to the uncertainty of the copper price after the Spring Festival, and there was no large - scale inventory build - up. The operating rate of the domestic refined copper rod industry decreased by 12.43 percentage points week - on - week, and SMM expected it to drop by 43.56 percentage points to 13.08% week - on - week due to enterprises taking holidays next week [11]. 3.2 Relevant Charts - **Copper**: The report provides charts on copper spot premium/discount, Shanghai electrolytic copper social inventory, global copper exchange inventory, LME copper cancelled warrant ratio, SHFE warrant inventory, and month - to - month spread of Shanghai copper [12][13][17]. - **Aluminum**: Charts include aluminum basis, aluminum month - to - month spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, SHFE - LME ratio, and aluminum bar inventory [24][26][32]. - **Nickel**: The report presents charts on nickel basis, nickel month - to - month spread, LME inventory, SHFE inventory, LME nickel price trend, and nickel ore port inventory [36][38][40].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Views - **螺纹钢**: The main contract price fluctuated and recorded a daily increase of 0.13%. The pre - holiday situation of weak supply and demand remained unchanged. The fundamental contradictions of rebar continued to accumulate, inventory increased significantly, and steel prices continued to be under pressure. The positive factors were policy expectations and cost support. It was expected to continue the weak bottom - seeking trend. Attention should be paid to the inventory accumulation during the holiday and the resumption rhythm of short - process steel mills after the holiday [5]. - **热轧卷板**: The main contract price fluctuated and recorded a daily decline of 0%. The supply pressure of hot - rolled coils did not subside, while demand continued to weaken seasonally. The fundamentals were weak, and prices continued to be under pressure. The positive factor was the post - holiday policy expectation. It was expected to continue the weak and volatile operation. Attention should be paid to the inventory accumulation during the holiday and the demand recovery after the holiday [5]. - **铁矿石**: The main contract price declined weakly, recording a daily decline of 2.36%. Currently, iron ore demand improved, while supply contracted in the short term. The fundamentals of ore changed, but the sustainability of the improvement was questionable. Under the weak reality, ore prices continued to decline under pressure. Attention should be paid to the inventory accumulation of finished products during the holiday and the shipping situation of mines [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Real Estate**: In January, the month - on - month decline in the sales prices of new commercial residential buildings in first - tier cities was 0.3%, the same as last month; the decline in second - tier cities was 0.3%, narrowing by 0.1 percentage points; the decline in third - tier cities was 0.4%, the same as last month. The month - on - month decline in second - hand residential sales prices in first - tier cities was 0.5%, narrowing by 0.4 percentage points; the declines in second - and third - tier cities were 0.5% and 0.6% respectively, narrowing by 0.2 and 0.1 percentage points [7]. - **Shipbuilding**: Hengli Shipbuilding (Dalian) Co., Ltd., a subsidiary of Guangdong Songfa Ceramics Co., Ltd., signed contracts for 17 ships, with a contract value of approximately 1.6 - 1.8 billion US dollars (about 11.041 - 12.421 billion RMB) [8]. - **Steel**: Fujian Province announced the list of restricted smelting equipment of steel enterprises subject to differential electricity prices in 2026 [9]. 3.2 Spot Market - **Steel Products**: The national average prices of rebar (HRB400E, 20mm) and hot - rolled coils (4.75mm) were 3,304 yuan and 3,279 yuan respectively. The price of Tangshan billets was 2,900 yuan, and the price of Zhangjiagang heavy scrap was 2,160 yuan. The spread between hot - rolled coils and rebar was 50 yuan, and the spread between rebar and scrap was 1,030 yuan [10]. - **Iron Ore**: The price of PB powder at Shandong ports was 746 yuan, and the price of Tangshan iron concentrate was 767 yuan. The sea freight from Australia and Brazil was 8.81 yuan and 23.39 yuan respectively. The SGX swap price was 100.05, and the iron ore price index (61% FE, CFR) was 99.60 [10]. 3.3 Futures Market | Variety | Closing Price | Change (%) | Volume | Open Interest | | --- | --- | --- | --- | --- | | Rebar | 3,055 | 0.13 | 555,957 | 1,942,442 | | Hot - Rolled Coils | 3,222 | 0.00 | 277,887 | 1,482,223 | | Iron Ore | 746.0 | - 2.36 | 239,453 | 494,550 | [12] 3.4 Related Charts - **Steel Inventory**: The report presented the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coils [14][15][20]. - **Iron Ore Inventory**: It showed the inventory of 45 ports, 247 steel mills, and domestic mines, including inventory and its seasonal changes and month - on - month changes [24][25][26]. - **Steel Mill Production**: The report included the blast furnace operating rate, capacity utilization rate, profitability ratio of 247 steel mills, and the operating rate and profitability of 94 independent electric - arc furnace steel mills [29][31][33]. 3.5 Market Outlook - **螺纹钢**: Supply and demand continued to weaken, inventory increased significantly, and short - process steel mills significantly reduced production. The weekly output of rebar decreased by 22.52 tons. Demand was also weak, and the high - frequency demand index was at the lowest level in the same lunar calendar period in recent years. It was expected to continue the weak bottom - seeking trend [37]. - **热轧卷板**: Supply and demand continued to weaken seasonally, inventory increased, and the weekly output of hot - rolled coils decreased by 1.40 tons. Demand continued to weaken, and the weekly apparent consumption decreased by 9.35 tons. It was expected to continue the weak and volatile operation [38]. - **铁矿石**: The supply - demand pattern changed. Steel mills resumed production before the holiday, and ore terminal consumption continued to rise. However, steel mill profitability was poor, and the increase in ore demand was limited. Overseas supply contracted in the short term, but the sustainability was weak. Ore prices continued to decline under pressure [39].

投资咨询业务资格：证监许可【2011】1778号 本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 169.16 -22.52 199.83 -30.67 174.13 -4.97 高炉产能利用率（%） 86.41 0.72 85.47 0.94 84.64 1.77 表观需求量 101.91 -45.73 176.40 -74.49 116.91 -15.00 钢联建材成交周均值 3.49 0.00 6.74 -3.25 6.63 -3.14 总库存 586.82 67.25 475.53 111.29 483.21 103.61 厂内库存 163.59 9.94 149.13 14.46 136.72 26.87 社会库存 423.23 57.31 326.40 96.83 346.49 76.74 供给 需求 库存 150 200 250 300 350 春 节 前 15 周 春 节 前 12 周 春 节 前 9 周 春 节 前 6 周 前 3 后 3 后 6 后 9 后 12 后 15 螺纹钢周度产量（农历） 2026 2025 2024 2023 2022 期货研究报告 螺纹 ...

热轧卷板周度数据（20260213） 公司地址：浙江省杭州市求是路 8 号公元大厦南裙1-5楼。 咨询热线：400 618 1199 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 期货研究报告 本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 307.76 -1.40 309.21 -1.45 322.64 -14.88 高炉产能利用率（%） 86.41 0.72 85.47 0.94 84.64 1.77 表观需求量 296.19 -9.35 311.41 -15.22 302.56 -6.37 冷轧卷板周产量 88.68 -0.20 88.42 0.26 85.79 2.89 总库存 370.77 11.57 355.58 15.19 336.51 34.26 厂内库存 79.85 1.10 77.25 2.60 79.55 0.30 社会库存 290.92 10.47 278.33 12.59 256.96 33.96 热轧卷板供需两端延续季节性走弱 ...