研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 行业 棉花 日期 2026 年 2 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉窄幅震荡。现货方面，最新棉花价格指数 328 级在 16069 元/吨，较上一 交易日涨 40 元/吨。2025 ...

Report Information - Report Title: Asphalt Daily Report [1] - Date: February 13, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - Not provided Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side may see a decline in the operating load rate of asphalt plants, and raw material supply is expected to tighten after the Spring Festival, which may support the spot market. The demand side is seasonally weak, and asphalt is expected to follow the trend of oil prices [6]. Summary by Section 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices, as well as the trading volume and price changes of BU2604 and BU2606 contracts are presented. BU2604 closed at 3343 yuan/ton with a decline of 0.24%, and the trading volume was 17.51 million lots. BU2606 closed at 3348 yuan/ton with a decline of 0.18%, and the trading volume was 3.54 million lots [6]. - Spot Market: The asphalt spot prices in the Northeast and Shandong regions increased, while those in other regions remained stable. The supply and demand in the asphalt spot market are both weak, and prices fluctuate slightly. The supply side may see a decline in the operating load rate, and raw material supply may tighten after the Spring Festival. The demand side is seasonally weak due to low temperatures and project shutdowns [6]. 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt is 3290 - 3350 yuan/ton, remaining stable. Most projects have stopped, and the rigid demand is low. However, the inventory is limited, and the supply side has no pressure, so the price remains stable [7]. - East China Market: The mainstream transaction price of 70A grade asphalt is 3250 - 3280 yuan/ton, remaining stable. Although the increase in crude oil prices supports the cost, the weak terminal demand restricts the market, and the price is expected to remain stable before the Spring Festival [7]. 3. Data Overview - Includes various data charts such as asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][13][18]

行业 鸡蛋 日期 2026 年 2 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 021-60635572 hongchenliang@ccb.ccbfutures .com 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

行业 原油日报 日期 2026 年 2 月 13 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 一、行情回顾与操作建议 | | | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | --- | | WTI | 主力 | 64.2 | 64.89 | 65.83 | 64.15 | 1.45 | 28.89 | | Brent | 主力 | ...

021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 行业 豆粕 日期 2026 年 2 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 ...

行业 生猪日报 日期 2026 年 02 月 13 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 研究员：刘悠然 期货方面，12 日生猪主力 2605 合约小幅低开后探底回升，尾盘收阴，最高 11590 元/吨，最低 11480 元/吨，收盘报 11540 元/吨，较昨日涨 0.13%，指数总 持仓减少 18323 手至 290130 手。现货方面，12 日全国外三元均价 1 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating No investment rating provided in the content. Core View - The poor retail sales data in the US in December 2025 led to an increase in interest - rate cut expectations. The weaker US dollar pushed the non - ferrous sector to rebound. Shanghai zinc fluctuated at a high level, with the main contract closing at 24,585, up 140 or 0.57%. The domestic demand side is in the Spring Festival off - season mode, procurement is almost finished, the market is in a state of having prices but no transactions, and the spot premium is stable. On the 11th, LME zinc inventory decreased by 1,500 tons to 105,250 tons, with 0 - 3C at 19.55. The market will focus on the non - farm payrolls data on Wednesday evening and the CPI inflation data on Friday. Considering the uncertainties during the Spring Festival holiday, investors are advised to hold light positions and pay attention to risk prevention [7] Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2602, the opening price was 24,550 yuan/ton, the closing price was 24,400 yuan/ton, the highest was 24,550 yuan/ton, the lowest was 24,295 yuan/ton, down 230 yuan or 0.93%, with a position of 5,425 and a decrease of 150 in position. For SHFE zinc 2603, the opening price was 24,465 yuan/ton, the closing price was 24,455 yuan/ton, the highest was 24,555 yuan/ton, the lowest was 24,330 yuan/ton, down 130 yuan or 0.53%, with a position of 60,049 and a decrease of 3,452 in position. For SHFE zinc 2604, the opening price was 24,545 yuan/ton, the closing price was 24,505 yuan/ton, the highest was 24,590 yuan/ton, the lowest was 24,370 yuan/ton, down 115 yuan or 0.47%, with a position of 78,739 and an increase of 1,001 in position [7] 2. Industry News - On February 11, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,380 - 24,555 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 24,310 - 24,485 yuan/ton. In the morning, the market offered a premium of 40 - 50 yuan/ton to the SMM average price, and there was almost no offer against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,330 - 24,495 yuan/ton. The regular brands in Ningbo were offered at a discount of 45 yuan/ton to the 2603 contract and 10 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area was to offer against the 2603 contract [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded at 24,330 - 24,530 yuan/ton, Zijin was traded at 24,260 - 24,430 yuan/ton, and 1 zinc ingots were traded at around 24,260 - 24,430 yuan/ton. Zijin had no offer for the 2603 contract, and Huxin was offered at around 25,360 yuan/ton. The 0 zinc ingots were offered at a discount of 10 - 50 yuan/ton to the 2603 contract, and the Tianjin market was at a discount of about 50 yuan/ton compared to the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded at 24,560 - 24,700 yuan/ton. The mainstream brands were offered at a discount of 55 yuan/ton to the 2603 contract, and the price difference between Shanghai and Guangdong narrowed [8] 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - monthly spread, with data sources including Wind and SMM [12][13]

1. Report Information - Report Name: Treasury Bond Daily - Date: February 12, 2026 - Research Team: Macro - Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The current situation of the bond market is a mix of long and short factors, and it is expected to continue to fluctuate within a range in February. Before the Spring Festival, the market environment is relatively warm, and after the festival, the supply pressure will increase. Long - term bonds may be more favorable. In the last trading week before the festival, trading is expected to decline, and short - term bonds should have stronger support [11][12] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Performance**: The money market remained in a tight balance, but institutional allocation demand continued to improve. Coupled with the increasing risk - aversion sentiment approaching the long holiday, treasury bond futures closed slightly higher across the board. The yields of major term interest - bearing bonds in the inter - bank market showed a pattern of short - term increase and long - term decrease, with the decline of long - term active bonds around 1bp. The inter - bank money market tightened, with a net reverse - repurchase injection of 403.5 billion yuan in the open market. The overnight DR rate in the inter - bank deposit market fluctuated narrowly around 1.37%, the 7 - day fund rate dropped about 1.9bp to around 1.54%, and the 1 - year AAA certificate of deposit rate fluctuated narrowly around 1.6% [8][9][10] - **Conclusion**: Although the current fundamentals are weak, the expected market easing is not strong. The large supply pressure of local bonds in the first quarter is a concern, but the current yield level of 10 - year treasury bonds around 1.8% does not price in the possible future easing. With the support of allocation demand at the beginning of the year and the central bank's positive attitude towards protecting the money market, the upward space of interest rates should be limited [11][12] 4.2 Industry News - The People's Bank of China released the "China Monetary Policy Implementation Report for the Fourth Quarter of 2025" on February 10, stating that it will continue to implement a moderately loose monetary policy and introduce three ways of coordination between monetary and fiscal policies [13] - Japanese Prime Minister Takamachi Sanae expressed her willingness to have dialogue with China, but the Chinese Foreign Ministry spokesman responded that such a "dialogue" with confrontation actions was unacceptable [13] - US President Trump said he was considering sending another aircraft carrier strike group to the Middle East in case the negotiation with Iran fails. The second round of US - Iran talks is expected to be held next week [14] - During the "good start" deposit - attracting competition of banks before the Spring Festival, small and medium - sized banks mainly attract customers by raising the interest rates of specific deposit products, and large banks use methods such as giving points and reward rebates. The due deposit funds are likely to circulate within the banking system and flow more into low - risk assets [14] 4.3 Data Overview - **Treasury Bond Futures Market**: The report provides data on the trading of various treasury bond futures contracts on February 11, including pre - settlement price, opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest. It also mentions the inter - period spread and inter - variety spread of the main treasury bond futures contracts [6] - **Money Market**: Relevant data on the money market are presented, such as the SHIBOR term structure change, SHIBOR trend, inter - bank pledged repurchase weighted interest rate change, and inter - bank deposit pledged repurchase interest rate change [29][33] - **Derivatives Market**: The Shibor3M interest rate swap fixing curve (mean) and FR007 interest rate swap fixing curve (mean) are provided [35]

研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 行业 集运指数日报 日期 2026 年 2 月 12 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货2月11日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2604 | 1,194.9 | 1,182.0 | 1,177.9 | 1,183.2 | -17.0 | -1 ...

行业 原油日报 日期 2026 年 2 月 12 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 一、行情回顾与操作建议 | | | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | --- | | WTI | 主力 | 64.44 | 64.2 | 64.71 | 63.65 | -0.25 | 23.87 | | Brent | 主力 ...