成文日期：2026年2月13日 报告周期:周报 研究员：顾小春（从业资格号：F0269198;投资咨询从业证书号:Z0000164) a成橡胶期货周报 一、行情回顾 本周（2026年 2 月 9 日-2 月 13 日）上海期货交易所丁二烯橡 胶期货主力合约呈现先上涨后回落，周五收于周内低点的走势。该 合约于 2 月 9 日以 12765 元/吨开盘、盘中最高触及 13175 元/吨, 最低下探至 12490 元/吨，截至 2 月 13 日收盘报 12505 元/吨，较 上周五收盘下跌 285 元/吨。周五持仓 14990 手，持续减仓。 二、现货市场情况 1. 产业链价格变动 本周丁二烯现货价格呈现先扬后抑走势，2 月 9 日现货价为 1472.20 美元/吨，随后连续三日上涨,一于２月 11 日达到 1504.74 美元/吨的周内高点、之后小幅回落、2 月 13 日报收 1477.92 美元/ 吨,较周初小幅上涨 0.39%。 苯乙烯作为丁二烯橡胶的主要原料，本周价格波动下行，从 2 月 9 日的 1111.37 美元/吨跌至 2 月 13 日的 1093.95 美元/吨,累计 下跌 1.57%、对丁二烯橡 ...

成文日期：20260213 研究品种:沥青 报告周期:周报 研究员：陈博（从业资格号：F03138462; 投资咨询从业证书号：Z0022938) 沥青期货周报 1 期货市场 当周沥青期货价格呈现"先稳后跌"走势,前三个交易日维持 3330-3370 元/吨区间震荡，周五受市场情绪及原油价格波动影响, 价格大幅下探至 3251 元/吨低点，最终收于 3280 元/吨。 3 影响因素 需求端：临近春节,下游施工基本停滞,终端采购意愿低迷, 现货市场成交清淡,仅南方部分区域存在少量刚需。 供应端：国内炼厂开工率维持低位，山东部分炼厂计划春节复 产但尚未落地，整体供应变化不大。 4 行情展望 研究咨询: 028 6130 3163 邮箱: institute@gjgh.com.cn 投诉热线:4006821188 请务必阅读文末风险揭示及免责声明 图 1： 沥青主力合约日 k 图 数据来源:同花顺期货通 短期沥青期价或维持区间震荡。上行驱动主要来自原油价格波 动及地缘风险反复,下行压力则源于库存持续累积及需求疲软。短 期需重点关注原油价格走势、节后需求恢复进度及库存去化情况; 当前市场处于供需双弱阶段，价格波动受情 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoint of the Report - The zinc market has no obvious fundamental drivers, and it is expected that the Shanghai zinc futures will maintain a range - bound oscillation in the short term due to the weak pre - holiday trading, seasonal decline in downstream demand, low inventory support, and macro - level pressure from the cooling of the Fed's interest - rate cut expectations caused by strong US non - farm payrolls data [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract ZN2603.SHF of Shanghai zinc futures showed an oscillating trend today. The opening price was 24,750 yuan/ton, the highest price was 24,775 yuan/ton, the lowest price was 24,415 yuan/ton, and the closing price was 24,650 yuan/ton, up 0.67% from the previous trading day. It opened high, then oscillated downward, and finally stabilized and rebounded. The current price is in the upper - middle area of the one - month fluctuation range [2] 3.2 Spot Market Analysis - On February 12, 2026, the spot price of zinc in Shanghai was 22,510 yuan/ton, down 50 yuan/ton from the previous trading day; in Guangdong, it was 22,490 yuan/ton, down 50 yuan/ton; in Tianjin, it was 22,500 yuan/ton, also down 50 yuan/ton. The price of 0 zinc in the Tianjin market was between 24,370 - 24,380 yuan/ton [3] 3.3 Market Dynamics - The market has entered the pre - Spring Festival holiday state, with weak trading and purchasing. Downstream开工 has significantly declined, but the seasonal rhythm is in line with previous years. Both domestic mines and smelters have entered the production - reduction and maintenance cycle, the smelters' procurement demand has declined, and the import ore trading is scarce, with TC remaining stable overall [4] 3.4 Market Outlook - Pre - holiday market trading is light, downstream demand weakens seasonally, but low inventory supports prices. Strong US non - farm payrolls data cools the Fed's interest - rate cut expectations, putting pressure on the macro - level. Overall, the zinc market has no obvious fundamental drivers, and the Shanghai zinc futures are expected to maintain a range - bound oscillation in the short term [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint The report anticipates that copper prices may maintain a short - term oscillating upward trend, supported by market expectations of global demand growth and supply tightness. However, market sentiment may be affected by changes in expectations of the Fed's policies, and trading may become subdued and price fluctuations limited as the Chinese Spring Festival approaches [5][6]. 3. Summary by Relevant Catalogs 1. Futures Market On February 12, 2026, the main copper futures contract (CU.SHF) on the Shanghai Futures Exchange showed an oscillating upward trend. The opening price was 103,620 yuan/ton, the highest price reached 103,730 yuan/ton, the lowest price dropped to 101,840 yuan/ton, and the closing price was 102,330 yuan/ton, a 0.39% increase from the previous trading day. The price fluctuated within a range of 1,890 yuan/ton. The trading volume was 114,347 lots, and the open interest was 147,631 lots [2]. 2. Spot Market Basis Analysis On February 12, 2026, the closing price of the main copper futures contract on the Shanghai Futures Exchange was 102,330 yuan/ton, while the Shanghai spot copper price was 101,910 yuan/ton. The futures price was 420 yuan/ton higher than the spot price, indicating a futures premium [3]. 3. Market Dynamics The U.S. non - farm payroll data significantly exceeded expectations, suggesting that the U.S. economy remains resilient and strengthening the case for the Fed to maintain high interest rates. China's CPI year - on - year increase in January fell to 0.2%, and the PPI year - on - year decline narrowed to 1.4%, reflecting weak domestic demand but stabilizing industrial prices. The overall macro - environment has a neutral supporting effect on gold [4]. 4. Market Outlook In the short term, copper prices are expected to continue an oscillating upward trend. Market expectations of global demand growth and supply tightness will support copper prices, but changes in market expectations of the Fed's policies may affect market sentiment. Additionally, as the Chinese Spring Festival approaches, market trading may become quiet, and price fluctuations may be limited [5][6].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - On February 12, 2026, the Treasury bond futures contracts of different tenors on the China Financial Futures Exchange showed divergent trends. The market is expected to maintain a volatile pattern in the short - term, and multiple factors need to be monitored [2][5]. 3. Summary by Directory 3.1 Market Review - On February 12, 2026, the 10 - year Treasury bond futures main contract rose slightly, the 2 - year contract fell, and the 5 - year contract was basically flat. The overall market trading was active, and the capital side remained loose [2][3]. - The 10 - year main contract opened at 108.565 yuan, closed at 108.585 yuan, up 0.025 yuan or 0.02% from the previous trading day. The trading volume was 72,102 lots, and the open interest was 184,151 lots, a decrease of 17,988 lots from the previous day [2]. - The 5 - year main contract opened at 106.085 yuan and closed at 106.065 yuan, basically flat (+0.005 yuan). The trading volume was 63,267 lots, and the open interest was 74,846 lots, a decrease of 12,640 lots from the previous day [2]. - The 2 - year main contract opened at 102.456 yuan and closed at 102.458 yuan, down 0.02 yuan or 0.02% from the previous trading day. The trading volume was 43,644 lots, and the open interest was 34,819 lots, a decrease of 8,746 lots from the previous day [3]. 3.2 Market Influencing Factors 3.2.1 Domestic Market Factors - Liquidity was loose. The central bank conducted 166.5 billion yuan of 7 - day reverse repurchase operations and 400 billion yuan of 14 - day reverse repurchase operations, with an operating rate of 1.40% unchanged. The net investment on the day was 448 billion yuan, and the short - term Shibor mostly declined [3][4]. - On February 12, 2026, the yields of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds were 1.356%, 1.5366%, 1.7894%, and 2.246% respectively. The yield curve steepened, and the long - end yield was relatively stable, supporting long - term Treasury bond futures [4]. 3.2.2 International Market Factors - US economic data showed that the non - farm payrolls increased by 130,000 people in January, much higher than the expected 70,000. The unemployment rate dropped to 4.3%, the lowest since August 2025. The market adjusted its expectations for the Fed's interest rate cut, and the first cut may be postponed to June or July [4]. - Global monetary policies were divergent. The Bank of Canada maintained its benchmark interest rate at 2.25%, and the RBA governor said it would raise interest rates again if inflation persisted. This increased the uncertainty of international capital flows and indirectly affected the domestic bond market [4]. 3.3 Short - term Market Outlook - In the short - term, the Treasury bond futures market may maintain a volatile pattern. Factors to be concerned about include monetary policy trends, changes in the capital side, the impact of US monetary policy, and economic fundamental data [5][6]. - Technically, the 10 - year main contract oscillated in the range of 108.5 - 108.7 yuan, and it was necessary to watch whether it could break through the upper limit. The 5 - year and 2 - year contracts were expected to maintain narrow - range fluctuations, and market trading may gradually shift to new main contracts [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The stainless steel market is expected to show a wide - range oscillation pattern after the Spring Festival. The key factors affecting prices in the short - term are post - festival inventory accumulation and demand recovery rhythm. Supply contraction is obvious with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. The actual demand recovery of downstream manufacturing after the Lantern Festival needs to be observed. Attention should be paid to the changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6] 3. Summary by Directory 3.1 Futures Market - On February 12, 2026, the closing price of the stainless steel futures main contract was 13,970 yuan/ton. The trading volume was 115,890 lots, an increase of 12,040 lots compared to the previous trading day. The open interest was 100,602 lots, and the settlement price was 14,075 yuan/ton, a rise of 205 yuan/ton compared to the previous trading day [2] 3.2 Spot Market - Stainless steel main product prices remained stable. In the South China market, 304 cold - rolled coil prices were in the range of 13,800 - 13,890 yuan/ton, 430 cold - rolled coil prices were in the range of 7,250 - 7,400 yuan/ton, and 201 series prices were in the range of 7,100 - 8,100 yuan/ton. Stainless steel wire prices were mainly stable, with the 304 φ5.5 - 16 Qingshan white - line quoted at 14,600 yuan/ton in the Dainan market and 316L φ5.5 - 16 Qingshan quoted at 26,800 yuan/ton. In the stainless steel round - bar market, the Qingshan 304 round - bar was quoted at 13,900 yuan/ton and 316L round - bar at 25,100 yuan/ton in the Wenzhou market. Due to the approaching Spring Festival, market trading was light, and actual transactions were scarce [3] 3.3 Influencing Factors - In the raw material market, nickel prices showed an upward trend. On February 12, the nickel spot price index was 143,057 yuan/ton, a rise of 2,765 yuan/ton compared to the previous day. Chromium - iron prices remained stable, with the JCr99 - A Shanghai market price at 73,000 yuan/ton and the Jinzhou market price at 75,000 yuan/ton [4] - Technically, stainless steel futures prices have shown an oscillating trend recently. After hitting a low on February 2, the main contract rebounded but remained at a relatively low level. Trading volume gradually shrank before the festival, and changes in open interest indicated a decrease in market participation [5] 3.4 Market Outlook - After the Spring Festival, the stainless steel market is expected to be in a wide - range oscillation pattern. In the short - term, post - festival inventory accumulation and demand recovery rhythm are key price - influencing factors. Supply contraction is significant, with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. Downstream manufacturing is expected to gradually resume work after the Lantern Festival, and the actual demand recovery needs to be observed. Attention should be paid to changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The Shanghai tin futures market may enter a period of consolidation in the short - term as the upward momentum has weakened after continuous price increases, but the spot - futures discount pattern provides some support [6] 3. Summary by Relevant Catalog 3.1 Futures Market - The main contract of Shanghai tin (SN.SHF) showed a volatile consolidation trend today. The opening price was 399,930 yuan/ton, the highest was 401,080 yuan/ton, the lowest was 387,620 yuan/ton, and the closing price was 391,320 yuan/ton, up 0.88% from the previous trading day. The trading volume decreased significantly, and the open interest decreased, indicating that some funds started to take profits and leave the market [2] 3.2 Spot Market Basis Analysis - On February 12, 2026, the average price of domestic spot tin (Grade 1) was 394,110 yuan/ton, higher than the closing price of the main Shanghai tin futures contract, resulting in a futures discount of about 2,790 yuan/ton [3] 3.3 Market Dynamics - A wholly - owned subsidiary of Xingye Yinxing successfully issued a $200 million overseas sustainable development bond with a 3 - year term and a coupon rate of 7.40%. The funds will be used for project construction and working capital supplementation. This move helps the company expand overseas financing channels and has a positive demonstration effect on industry capital operation. Most of the A - share tin - related assets rose today, showing strong market confidence and indirectly supporting the Shanghai tin price [4][5] 3.4 Market Outlook - Technically, the upward momentum of the main Shanghai tin contract has weakened, and fundamentally, the spot - futures discount pattern supports the futures price. Considering the recent large price increase and the decrease in open interest, it may enter a period of volatile consolidation in the short - term [6]

报告周期:日报 成文日期: 2026年2月10日 研究员：顾小春（从业资格号：F0269198;投资咨询从业证书号:Z0000164) 工业硅期货目报 一、行情回顾 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 今日（2026年2月10日）工业硅期货主力合约 SI2605 呈现震 荡下行走势。当日开盘 8430元/吨,最高价为 8470元/吨,最低 8350 元/吨．收盘价为 8375 元/吨，较前一交易日下跌 130 元/吨。 持仓量 303387 手,品种总持仓量今日达到 418432 手,较前一交易 日增加 12176 手，显示市场参与度有所提升。 二、现货市场 2026 年 2 月 10 日中国工业硅现货领先价格为 9106 元/吨，期 货价格贴水现货价格,反映市场对远期价格的谨慎预期。 三、主要影响因素 二三】 二十 行业库存压力：市场消息显示当前工业硅库存处于累库阶段, 市场对仓单情况保持密切关注，库存压力对期货价格形成压制。 下游需求预期：2 月 5 日中国光伏行业协会发布的《中国光伏 产 ...

2026 年 2 月 9 日，全国生猪平均价为 12.34 元/公斤,较 2 月 6 日 12.05 元/公斤小幅回升, 但较 1 月 29 日 13.43 元/公斤仍下降 8.5%。 主要产区价格：湖南 12.34 元/公斤、湖北 12.45 元/公斤、 吉林 12.48 元/公斤、河南 12.30 元/公斤,华北与华东价差维持在 50-80 元/吨区间。猪肉批发均价为 18.34 元/公斤，与前日持平,终 端消费未现明显回暖。 3 影响因素 成文日期：20260209 报告周期:日报 研究品种:生祥 研究员：游镇齐（从业资格号：F3012673; 投资咨询从业证书号：Z0012990) 生猪期货日报 1 期货市场 生猪期货主力合约 LH2605 收盘价 11,565 元/吨,较前一交易 日下跌 80 元/吨（-0.69%），日最高价 11,605 元/吨，最低价 11,415 元/吨,结算价 11,525 元/吨,成交量 70,539 手。 1：生猪主力合约分时图 数据来源:wh6,国金期货研究所 2 现货市场 下行压力：2 月中下旬集中出栏潮再现、远月合约贴水扩大、 终端消费持续疲软。 风险揭示及免责声 ...

成文日期:20260209 报告周期:日报 ：杜宇（从业资格号：F3075043; 投资咨询从业证书号：Z0017815) 黃金期货日报 1期货市场 上海期货交易所黄金期货主力合约(AU.SHF)2026年2月9日开 盘价为 1104 元/克,收盘价为 1125.94 元/克,较前一交易日上涨 3.88%。当日最高价达到 1133.16 元/克,最低价为 1098.38 元/克, 呈现出震荡上行的走势。 2 价格波动分析 从近 5 个交易日的价格走势来看,黄金期货价格呈现震荡整理 态势。2 月 3 日收盘价 1093.78 元/克，2 月 4 日冲高至 1141.7 元/ 克, 随后回调至 2 月 6 日的 1090.12 元/克，2 月 9 日再次反弹至 1125.94 元/克,形成一个类似"W"型底部形态,技术支撑有所加强。 3 市场动态 中国央行黄金储备实现"十五连增",截至 2026 年 1 月末,黄金 储备报 7419 万盎司,较上月增加 4 万盎司,央行持续增持黄金显示 对市场形成利好支撑。国际金价近期经历剧烈波动, 1 月 29 日盘中 突破 5590 美元/盎司历史新高后出现暴跌,2月2日跌至 ...