商 品 研 究 2026 年 02 月 11 日 纸浆：震荡运行 20260211 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | | 纸浆主力 | 日盘收盘价(元/吨) | 5, 202 | 5, 200 | +2 | | | | 夜盘收盘价(元/吨) | 5, 210 | 5. 180 | +30 | | 期货市场 | | 成交量(手) | 223.862 | 185. 219 | +38. 643 | | | (05合约) | 持仓量 (手) | 307.016 | 300. 912 | +6. 104 | | | | 仓单数量(吨) | 146. 427 | 146. 447 | -20 | | | | 前20名会员净持仓(手) | -19, 970 | -21,847 | +1.877 | | 价差数据 | 基差 | 银星-期货主力 | 48 | 50 | -2 | | | | 金鱼-期货主力(非标) | -622 | -620 | -2 | | | 月差 | S ...

Report Summary 1. Report Industry Investment Rating - The investment rating for the iron ore industry is "Range-bound" [1] 2. Core Viewpoint - The iron ore market is expected to experience range-bound fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of I2605 was 761.5 yuan/ton with no change, and the position was 513,940 hands with an increase of 556 hands [1] - **Spot Prices**: The prices of various types of iron ore, including imported and domestic ores, remained unchanged [1] - **Basis and Spreads**: The basis and spreads of different iron ore varieties showed little change, except for the spread between I2605 - I2609 which decreased by 1.0 yuan/ton and the spread between I2609 - I2701 which increased by 1.0 yuan/ton [1] 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [1] - Many real - estate companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate companies need to report financial indicators such as asset - liability ratio to the special team in their headquarters city regularly [1] 3.3 Trend Intensity - The trend intensity of iron ore is - 1, indicating a relatively bearish view [2]

2026 年 02 月 11 日 短纤：短期震荡市 20260211 瓶片：短期震荡市 20260211 【现货消息】 短纤：今日短纤期货偏强震荡，现货方面今日工厂报价多维稳，半光 1.4D 主流报价在 6850~7000 元/吨 区间。短纤期货偏强震荡，贸易商、期现商优惠缩小，下游多停车放假，市场成交不多。半光 1.4D 主流商 谈重心多在 6500~6700 区间。今日直纺涤短工厂多无销售，截止下午 3:00 附近，平均产销 31%，部分工厂 产销：50%、0%、100%、0%、0%、0%、42%、0%、0%。短纤工厂今日最后一波集中减停产，平均负荷下 滑至 69.4%。纯涤纱及涤棉纱维稳，工厂多已放假，负荷下滑至 10~15% 区间。 瓶片：上游聚酯原料震荡上涨，聚酯瓶片工厂报价多上调 50-80 元不等。日内聚酯瓶片市场成交气氛一 般，市场逐步进入假期氛围。2-3 月订单多成交在 6240-6300 元/吨出厂不等，略高 6330 元/吨出厂附近，少 量略低 6180-6220 元/吨出厂附近，局部略高或略低，品牌不同价格略有差异。 （资料来源：华瑞信息） 【趋势强度】 短纤趋势强度：0；瓶片趋势强度 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of palm oil have limited driving force, and it is in a volatile adjustment phase; the report on soybean oil lacks highlights, and it is in a range - bound oscillation [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking 3.1.1 Futures Data - Palm oil main contract: closing price (day session) is 8,940 yuan/ton with a decline of 0.82%, closing price (night session) is 8,904 yuan/ton with a decline of 0.40%; trading volume is 381,959 lots, an increase of 36,695 lots; open interest is 424,586 lots, a decrease of 11,641 lots [1] - Soybean oil main contract: closing price (day session) is 8,098 yuan/ton with a decline of 0.20%, closing price (night session) is 8,092 yuan/ton with a decline of 0.07%; trading volume is 216,231 lots, an increase of 23,523 lots; open interest is 670,976 lots, a decrease of 7,499 lots [1] - Rapeseed oil main contract: closing price (day session) is 9,096 yuan/ton with a decline of 0.45%, closing price (night session) is 9,085 yuan/ton with a decline of 0.12%; trading volume is 180,728 lots, an increase of 46,810 lots; open interest is 266,839 lots, a decrease of 5,934 lots [1] - Malaysian palm oil main contract: closing price is 4,128 ringgit/ton with a decline of 0.82%, closing price (night session) is 4,098 ringgit/ton with an increase of 0.07% [1] - CBOT soybean oil main contract: closing price is 57.73 cents/pound with an increase of 0.98% [1] 3.1.2 Spot Data - 24 - degree palm oil in Guangdong: spot price is 9,050 yuan/ton, a decrease of 10 yuan/ton [1] - First - grade soybean oil in Guangdong: spot price is 8,640 yuan/ton, a decrease of 30 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: spot price is 10,120 yuan/ton, an increase of 30 yuan/ton [1] - Malaysian palm oil FOB price (continuous contract): 1,085 US dollars/ton, an increase of 10 US dollars/ton [1] 3.1.3 Basis and Spread Data - Palm oil basis in Guangdong is 110 yuan/ton; soybean oil basis in Guangdong is 542 yuan/ton; rapeseed oil basis in Guangxi is 1,024 yuan/ton [1] - Rapeseed - palm oil futures main contract spread is 156 yuan/ton; soybean - palm oil futures main contract spread is - 842 yuan/ton; palm oil 5 - 9 spread is 28 yuan/ton; soybean oil 5 - 9 spread is 50 yuan/ton; rapeseed oil 5 - 9 spread is 21 yuan/ton [1] 3.2 Macro and Industry News - Malaysian Palm Oil Board (MPOB) data shows that Malaysia's palm oil exports in January were 1,484,267 tons, a month - on - month increase of 11.44%, and the palm oil inventory was 2,815,493 tons, a month - on - month decrease of 7.72% [2] - The chairman of the Malaysian Palm Oil Plantation Council (MPOC) said that by 2027, more than 2 million hectares of Malaysian palm oil plantations will have a tree age of 19 years or more, and the crude palm oil price this year is expected to be between 3,900 and 4,000 ringgit per metric ton [3][4] - The US Department of Agriculture (USDA) raised the global soybean ending inventory by 1.1 million tons to 125.5 million tons due to the increase in Brazilian inventory, and raised Malaysia's 2025/26 palm oil production by 500,000 tons to 20.2 million tons [4] - The USDA reported that China is considering buying more US soybeans. If so, the global soybean export pattern may change [4] - As of Monday, the soybean harvest rate in Brazil's Paraná state in the 2025/26 season has reached 20%, a 6 - percentage - point increase from the previous week but behind last year's 33% [5] - Brazil's National Association of Grain Exporters (Anec) said that Brazil's soybean exports in February are expected to be 11.71 million tons, higher than the previous week's forecast of 11.42 million tons [5] - The European Commission has launched a public consultation on the draft revision of the "Authorization Regulation (EU) 2019/807", which plans to gradually phase out biofuels produced from palm oil and soybean oil [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0 [6]

2026 年 02 月 11 日 橡胶：震荡偏强 20260211 | | 高琳琳 | 投资咨询从业资格号：Z0002332 | gaolinlin@gtht.com | | --- | --- | --- | --- | | 【基本面跟踪】 | | | | | 表 1：基本面数据 | | | | | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 橡胶主力 | 日盘收盘价(元/吨) | 16. 335 | 16. 245 | +90 | | | | 夜盘收盘价(元/吨) | 16. 560 | 16. 320 | +240 | | | | 成交量(手) | 177.554 | 197, 424 | -19.870 | | | (05合约) | 持仓量 (手) | 151,944 | 150, 270 | +1,674 | | | | 仓单数量(吨) | 112.570 | 112.570 | o | | | | 前20名会员净空持仓(手) | 24. 491 | 25, 832 | -1. 3 ...

2026 年 2 月 11 日 资料来源：国泰君安期货、同花顺、Mysteel、SMM、Fastmarkets 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 137,340 | 340 | -10,760 | -42,260 | -6,080 | 56,500 | | | | 2605合约（成交量） | 295,231 | -10,090 | -324,311 | -87,082 | -174,248 | 240,532 | | | | 2605合约（持仓量） | 345,989 | 1,918 | -9,781 | -76,444 | -164,885 | 216,498 | | | 盘 面 | 2607合约（收盘价） | 137,520 | 400 | -11,120 | -42,460 | -6,620 | 57,080 | | | | 2607合约（成交量） | 30,388 ...

2026 年 2 月 11 日 | | | 单 位 | 价 | 格 | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | | 12080 | -250 | | | | 四川现货 | 元/吨 | | 10850 | -100 | | | | 广东现货 | 元/吨 | | 11660 | 0 | | | 期 货 | | 单 位 | 价 | 格 | 比 同 | | | | 生猪2603 | 元/吨 | | 10745 | 100 | | | | 生猪2605 | 元/吨 | | 11470 | -95 | | | | 生猪2607 | 元/吨 | | 12160 | 30 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 | 较昨日 | | | 生猪2603 | 手 | 30850 | -2869 | 51980 | -8063 | | | 生猪2605 | 手 | 46228 | -24311 | 149549 | 1842 | | | 生猪2607 | 手 | 6147 | -1163 | 50025 ...

2026 年 02 月 11 日 工业硅：上游少量复产，情绪面打压盘面 多晶硅：现货真空期，关注节后成交情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,375 | -75 | -440 | -340 | | | | Si2605成交量（手） | 188,888 | -11,212 | -67,353 | -256,687 | | | | Si2605持仓量（手） | 303,387 | 8,477 | 68,587 | 63,683 | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） | 48,950 | -420 | -1,050 | - | | | | PS2605成交量（手） | 3,991 | -715 | -14,306 | - | | | | PS2605持仓量（手） | 38,617 | ...

2026 年 2 月 11 日 国内棉纺织企业概况：根据 TTEB 信息显示，纯棉纱市场已全面进入节前收尾阶段，仅少数大型纺企 局部价格微调，大部分纺企或停止报价或报价持稳，内地开机率继续降低。 棉花：节前预计维持震荡走势 20260211 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,655 | 0.51% | 14680 | 0.17% | | | CY2605 | 元/吨 | 20,440 | 0.39% | 20495 | 0.27% | | | ICE美棉3 | 美分/磅 | 61.59 | 0.02% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 483,290 | 148,619 | 1,047,760 | 1,712 | | ...

商 品 研 究 2026 年 02 月 11 日 焦炭：多头止盈，震荡偏弱 焦煤：多头止盈，震荡偏弱 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | 110 | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1119 | -28 | -2.4% | | 期货价格 | | 12605 | 1665 | -38.5 | -2. 3% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 711282 | 499139 | 29997 | | | | J2605 | 13895 | 36423 | 1514 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1570 1483 | 1570 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1266 | 1266 | 0 ...