行业 纯碱、玻璃日报 日期 2026 年 2 月 12 日 油） 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 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 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 | 表1：纯碱、玻璃期货2月11日交易数据汇总 | | | | | | | | | | --- | --- | --- ...

行业 棉花 日期 2026 年 2 月 12 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 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 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 郑棉窄幅震荡。现货方面，最新棉花价格指数 328 级在 16029 元/吨，较上一 交易日涨 41 元/吨。2025/26 南疆喀什机采 31 级双 29/杂 3 内主流基差暂多在 CF05+1000 及以上，少量低于该 ...

Report Information - Report Name: Asphalt Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply and potential price increases after the Spring Festival. The demand side is seasonally weak, and asphalt is expected to mainly follow the movement of oil prices [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2604, the opening price was 3347 yuan/ton, the closing price was 3373 yuan/ton, the highest was 3374 yuan/ton, the lowest was 3324 yuan/ton, the increase was 0.51%, and the trading volume was 132,000 lots. For BU2606, the opening price was 3365 yuan/ton, the closing price was 3370 yuan/ton, the highest was 3372 yuan/ton, the lowest was 3329 yuan/ton, the increase was 0.48%, and the trading volume was 30,300 lots [6]. - **Spot Market**: The spot prices of asphalt in various domestic regions were generally stable. Near the Spring Festival, the supply and demand in the asphalt spot market were both weak, and prices tended to be stable. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply after the Spring Festival. The demand side is seasonally weak, and most projects in the south have gradually stopped work [6]. 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70 A-grade asphalt was 3180 - 3240 yuan/ton, remaining stable compared to the previous working day. International oil prices and asphalt futures maintained a range-bound trend, providing no obvious guidance to spot prices. Most transactions remained weak [7]. - **South China Market**: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3350 yuan/ton, remaining stable compared to the previous working day. As the Spring Festival holiday approaches, most projects have stopped work, and asphalt demand is low. However, the inventory of asphalt in refineries and social warehouses is limited, and there is no pressure on the supply side [7]. 3.3 Data Overview - The report provides multiple data charts, including 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][21]

行业 油脂 日期 2026 年 2 月 12 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 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 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 | 6 87 | 前结算价 : | 开盘价 | 最高价 | 或低价 | | 收盘价 :涨跌: | 涨跌幅 : | 成交量 : | | 持企業 特企童变化: | ...

行业 生猪日报 日期 2026 年 02 月 12 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 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 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，11 日生猪主力 2605 合约小幅低开后震荡走高，尾盘收阳，最高 11590 元/吨，最低 11405 元/吨，收盘报 11555 元/吨，较昨日涨 0.30%， ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Aluminum prices fluctuated within a narrow range during the day, with significantly lower volatility compared to the previous period. The main contract 2603 closed at 23,515, down slightly by 0.3%. The import window remained closed, with a theoretical loss of -2,300 yuan/ton for spot imports at the close. The cast aluminum alloy followed the trend of Shanghai aluminum, with a negative AD - AL spread of -1,395 yuan/ton at the close. Alumina adjusted oscillatingly during the day, temporarily remaining above 2,800. As centralized maintenance ends, the industry's operating rate is expected to rise again. Attention should be paid to domestic policies and political disturbances in Guinea. There were limited changes in the electrolytic aluminum supply. Downstream industries have basically entered the holiday period, with the operating rate of processing enterprises decreasing. The social inventory of aluminum ingots increased to 857,000 tons on Monday, with the inventory accumulation rate exceeding the seasonal level of previous years and reaching a three - year high. As the long holiday approaches, funds tend to be cautious, and the volatility of the non - ferrous sector has significantly decreased. The demand is in the off - season, and the high prices have suppressed demand, resulting in insufficient support. It should be treated as a short - term adjustment. As the long holiday is approaching, it is advisable to observe more and act less, and pay attention to macro - pricing and the realization of post - holiday demand expectations [7] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - Aluminum price: The main 2603 contract closed at 23,515, down 0.3%. The import window remained closed with a theoretical loss of -2,300 yuan/ton for spot imports. The AD - AL spread of cast aluminum alloy was -1,395 yuan/ton. Alumina oscillated above 2,800 [7] - Supply and demand: The electrolytic aluminum supply changed little. Downstream industries were in the holiday, and the operating rate of processing enterprises declined. The social inventory of aluminum ingots reached 857,000 tons on Monday, with inventory accumulation exceeding the seasonal level of previous years [7] - Suggestion: As the long holiday approaches, funds are cautious, the non - ferrous sector's volatility decreases, and demand support is insufficient. It should be treated as a short - term adjustment. Observe more and act less, and focus on macro - pricing and post - holiday demand expectations [7] 3.2. Industry News - Mozambique: The government is making every effort to ensure the continued operation of South32's Mozal aluminum smelter. South32 plans to maintain the plant by March due to a failure to reach a power supply agreement, incurring a one - off cost of $60 million [8] - Fujian: The Fujian Development and Reform Commission announced 1,570 provincial key projects in 2026, with a total investment of 4.01 trillion yuan and an annual planned investment of 722.6 billion yuan. There are 6 aluminum - related projects [10] - "Aluminum Replacing Copper": 19 air - conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, jointly launched the implementation of the "aluminum replacing copper" series of standards. Some brands plan to launch aluminum household air - conditioning products in 2026, while others have no such plans [10] - Rio Tinto: It will cut the production of its Yarwun alumina refinery in Australia by 40% from October 2026 to extend its operation until 2035. This will reduce the annual alumina production by about 1.2 million tons and affect about 180 jobs [10] - India: National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026. It is expanding the fifth production line at its Damanjodi alumina refinery, increasing the annual capacity by 1 million tons to 3.275 million tons [10]

日期 2026 年 2 月 11 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 行业 锌期货日报 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2602 | 24550 | 24400 | 24550 | 24295 | -230 | -0.93 | 5425 | -150 | | 沪锌 | 2603 | ...

行业 镍日报 日期 2026 年 2 月 11 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 每日报告 地下矿逐步达产。另外，公司预计 2026 年镍产量为 17.5-20 万吨，高于 2025 年产量指导。 请阅读正文后的声明 - 3 - 数据来源：Wind，建信期货研究发展部 镍观点： 镍价日内降波调整，主力 2603 收盘报 133350 元/吨，微跌 0.19%。菲律宾雨 季叠加印尼政策扰动，海外镍矿价格均显著上涨，考虑到印尼冶炼产能仍在扩张， 2.5 亿吨的配额可能导致 2026 年出现结构性的矿端短缺。矿价坚挺给予高镍生铁 价格成本支撑，8-12%高镍生铁 ...

行业 集运指数日报 日期 2026 年 2 月 11 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 每日报告 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 | | | 表1：集运欧线期货2月10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 | 1,235.4 | 1,249.0 | 1,179.0 | 1,194.9 | -56.4 | -4.57 | 29560 | 33899 | 2767 ...

行业 纸浆日报 日期 2026 年 2 月 11 日 ＃summary＃ 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 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 Arauco 公布 2 月报价，针叶浆银星平盘 710 美元/吨，阔叶浆明星上调至 600 美元/吨。据PPPC，11月世界20产浆国化学浆出货量同比-6.9%，针叶浆同比-7 ...