纸浆方面 【市场回顾】 研究所 能源化工研发报告 造纸板块日报 2026 年 2 月 11 日 造纸板块日报 第一部分 数据分析 | | | | 造纸日报 | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 胶版印刷纸现货 | | | | 纸浆现货 | | | | 指标 | 价格 | 日环比(%) | 周同比(%) | 指标 | 价格 | 日环比(%) | 周同比(%) | | 华东本白双胶纸 | 4250 | 0.00% | 0.00% | 针叶浆山东：银星 | 5250 | 0.00% | -1.32% | | 华南本白双胶纸 | 4300 | 0.00% | 0.00% | 针叶浆山东：俄针牌 | 5050 | 0.00% | -0.98% | | 华北本白双胶纸 | 4300 | 0.00% | 0.00% | 阔叶浆山东：金鱼 | 4580 | 0.00% | -0.43% | | 华东高白双胶纸 | 4600 | 0.00% | 0.00% | 化机浆山东：昆河 | 3800 | 0.00% | 0.0 ...

研究所 黑色金属研发报告 黑色金属日报 2026 年 02 月 11 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 研究所 黑色金属研发报告 第二部分 市场研判 【相关价格】 现货：网价上海中天螺纹 3190 元（-），北京敬业 3120 元（-），上海鞍钢热卷 3240 元（-），天津河钢热卷 3140 元（-）。 【交易策略】 今日钢材盘面维持震荡走势，盘面波动率进一步下滑。上周钢联数据公布，五大 材整体减产，但铁水仍然增产，钢厂陆续进入节日停产检修的模式；钢材总库存加快 累库进度，其中螺纹累库进度快于热卷，总体社库压力大于厂库；近期天气转冷，下 游工地陆陆续续停工，建材需求快速下滑；而钢材出口受出口许可证下滑，海外制造 业陆续结束补库，热卷需求同样下行。整体钢材基本面边际转弱。预计节前钢材维持 震荡偏弱走势。目前钢材库存偏高，节后资本支出可能不及预期，需求恢复情况有待 观望，钢厂的悲观预期也可能使今年铁水产量高度有限，对原料 ...

研究所 农产品研发报告 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8110 | 12 | 张家港 | 广东 | 天津 | 广东 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8490 | | | | 8590 | 8390 | 480 | | 0 | 380 | 0 | 280 | 0 | | 棕榈油 | 8906 | (34) | 广东 | 张家港 | 天津 | 广州 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8856 | | | | 8846 | 9006 | -50 | | 0 | -6 ...

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - MSK's price quotes for the first week of March remain mostly the same, weakening the price - increase expectation, and the EC futures market is expected to continue to fluctuate weakly. Given the off - season in April and ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines for unilateral trading and conduct rolling operations on the 6 - 10 calendar spread [6][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Line) 3.1.1 Futures Market - The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of different EC futures contracts are presented. For example, EC2604 closed at 1,177.9 points, down 0.09% from the previous day, with a trading volume of 17,204.0 lots (down 41.80%) and an open interest of 33,027.0 lots (down 2.57%) [3]. - The price differences and their changes between different futures contracts are also provided. For instance, the price difference between EC04 and EC06 is - 323, down 2.3 [3]. 3.1.2 Container Freight Rates - Weekly container freight rates and their week - on - week and year - on - year changes are given. The SCFIS European Line index is 1657.94 points, down 7.49% week - on - week and 29.54% year - on - year. SCFI: Shanghai - Europe is 1403 USD/TEU, down 1.06% week - on - week and 34.65% year - on - year [3]. 3.1.3 Fuel Costs - The prices, week - on - week, and year - on - year changes of WTI and Brent crude oil near - month contracts are provided. WTI crude oil near - month contract is at 64.07 dollars per barrel, down 0.48% week - on - week and 10.78% year - on - year; Brent crude oil near - month contract is at 68.41 dollars per barrel, down 0.13% week - on - week and 9.2% year - on - year [3]. 3.2 Market Analysis and Strategy Recommendations 3.2.1 Market Analysis - Spot freight rates are weak, with the price - increase expectation weakening. MSK's WK10 Shanghai - Rotterdam quote is 2000 USD/40HC, the same as last week. From a fundamental perspective, demand is peaking and then declining, and the overall shipping capacity deployment has little change compared to the previous period. Geopolitical situations are volatile, and it is still difficult for a large - scale resumption of European - line shipping in the first half of the year [6][7]. 3.2.2 Strategy Recommendations - Unilateral trading: Given that Maersk's freight rates in March are mostly unchanged and it is the off - season in April, the market is expected to fluctuate. Due to ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines [8]. - Arbitrage: Conduct rolling operations on the 6 - 10 calendar spread [9]. 3.3 Industry News - Local time on the 10th, US President Trump stated that "Iran will not have nuclear weapons or missiles." Iranian officials said that if the US - Iran nuclear talks are successful, the dialogue may expand to other areas. Trump said that if the talks fail, he might send another aircraft carrier strike group to the Middle East [10][11]. 3.4 Related Attachments - Multiple charts are presented, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates for different routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe. There are also charts showing the basis of EC04 and EC06 contracts [13][15][20].

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The global corn supply pressure has weakened, but the U.S. corn is still in a bottom - oscillating state. The import profit of foreign corn has increased, and the domestic corn spot is relatively stable in the short term. After the Spring Festival, corn may decline slightly, and the short - term upward space of the 05 corn contract on the futures market is limited [4][6]. - The price of starch mainly depends on the corn price and downstream stocking. The inventory of corn starch has increased this week. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. - The U.S. corn supply pressure has weakened, and it is expected to oscillate strongly at the bottom. The corn spot in North China is strong, and the 03 corn contract may decline [8]. Group 3: Summary by Directory 1. Data Futures Market - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2285, 2316, and 2331 respectively, with price increases of 21, 30, and 23, and price increase rates of 0.92%, 1.30%, and 0.99%. The trading volume of C2601 is 507 with an increase rate of 85.04%, C2605 is 790,787 with an increase rate of 103.56%, and C2509 is 31,530 with an increase rate of 188.97%. The open interest of C2601 is 3,527 with an increase rate of 2.29%, C2605 is 1,174,673 with an increase rate of 20.50%, and C2509 is 88,438 with an increase rate of 21.04% [2]. - For starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2620, 2637, and 2658 respectively, with price increases of 20, 29, and 18, and price increase rates of 0.76%, 1.10%, and 0.68%. The trading volume of CS2601 is 8 with a decrease rate of 42.86%, CS2605 is 59,825 with an increase rate of 34.94%, and CS2509 is 1,189 with a decrease rate of 55.13%. The open interest of CS2601 is 80 with an increase rate of 0.00%, CS2605 is 148,017 with an increase rate of 9.78%, and CS2509 is 8,298 with a decrease rate of 0.11% [2]. Spot and Basis - Corn spot prices in different regions: Qinggang is 2135 yuan, Songyuan Jiajie is 2190 yuan, Zhucheng Xingmao is 2362 yuan, Shouguang is 2346 yuan, Jinzhou Port is 2330 yuan, Nantong Port is 2410 yuan, and Guangdong Port is 2450 yuan. The price in Shouguang has increased by 10 yuan, while others are stable. The basis in different regions ranges from - 196 to 119 [2]. - Starch spot prices in different regions: Longfeng is 2730 yuan, COFCO is 2700 yuan, Yihai (Heilongjiang) is 2700 yuan, Yufeng is 2830 yuan, Jinyu is 2820 yuan, Zhucheng Xingmao is 2920 yuan, and Hengren Industry and Trade is 2780 yuan. All prices are stable. The basis in different regions ranges from 63 to 283 [2]. Spread - Corn inter - period spreads: C01 - C05 is - 31 with a decrease of 9, C05 - C09 is - 15 with an increase of 7, C09 - C01 is 46 with an increase of 2 [2]. - Starch inter - period spreads: CS01 - CS05 is - 17 with a decrease of 9, CS05 - CS09 is - 21 with an increase of 11, CS09 - CS01 is 38 with a decrease of 2 [2]. - Cross - variety spreads: CS09 - C09 is 327 with a decrease of 5, CS01 - C01 is 335 with a decrease of 1, CS05 - C05 is 321 with a decrease of 1 [2]. 2. Market Judgment Corn - U.S. corn prices are oscillating at the bottom. The import profit of foreign corn has increased, with the import price from Brazil in July being 2201 yuan. The northern port's flat - warehouse price is stable at around 2330 yuan, and the northeast and north China corn spot prices are stable. The price difference between north China and northeast corn has widened. Wheat and corn are being auctioned, and corn is still cost - effective. The domestic breeding demand is stable, and the downstream feed enterprises' inventory has increased. The 05 contract has increased in positions and broken through the previous high, but the short - term upward space is limited, and there may be a slight decline after the Spring Festival [4][6]. Starch - The number of vehicles arriving at Shandong deep - processing enterprises has decreased, and the Shandong corn spot price is strong. The starch price in Shandong is around 2780 yuan, and the northeast starch spot price is stable. This week, the corn starch inventory has increased to 102.5 million tons, an increase of 3.0 million tons from last week, with a monthly decrease of 0.3% and a year - on - year decrease of 23.9%. The starch price depends on the corn price and downstream stocking. The by - product price is starting to weaken but is still higher than last year. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. 3. Trading Strategy - Unilateral: The 03 U.S. corn has support at 420 cents per bushel. All long positions in the 07 and 05 corn contracts should be liquidated [9]. - Arbitrage: Reverse arbitrage for the 3 - 7 corn contracts, and go long on the spread between the 05 corn and starch contracts when the price is low [9]. 4. Corn Options - Option strategy: Short - term cumulative put option strategy with rolling operations [10]. 5. Related Attachments - The attachments include six figures showing the northern port's corn flat - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread over different time periods [14][15][19]

研究所 黑色金属研发报告 Z0021009 黑色金属日报 2026 年 2 月 11 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5576 | -4 | -78 | 84609 | -14616 | 166811 | -4474 | | SM主力合约 | 5824 | 6 | -44 | 99449 | -33133 | 367431 | -6906 | | 现 货 | | | | | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5390 | 0 | -30 | 硅锰6517内蒙 | 5650 | 0 | 0 | | 7 ...

研究所 农产品研发报告 花生日报 2026 年 2 月 11 日 | 期货从业证号： | | --- | F03107370 投资咨询证号： Z0018389 联系方式： :liudayong_qh@chinastck .c om.cn | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2026/2/11 | | 期货盘面 | | | | | | | | | | 期货 成交量 | | 收盘价 | 涨跌 | 涨跌幅 | | 增减幅 | 持仓量 | 增减幅 | | PK604 22,252 | | 7960 | 12 | 0.15% | | 100.54% | 49,267 | -9.37% | | PK610 134 | | 8278 | 10 | 0.12% | | -51.27% | 2,733 | -0.11% | | PK601 | | 8250 | -8 | -0.10% | 35 | -30.00% | 38 | 11.76% | | ...

研究所 农产品研发报告 粕类日报 2026 年 2 月 11 日 【粕类日报】报告缺乏提振 盘面减仓较多 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 2950 | 2 6 | 天津 | 380 | 380 | 0 | | 东莞 | 0 5 | 2773 | 3 9 | | 270 | 260 | 1 0 | | 张家港 | 0 9 | 2888 | 3 0 | | 290 | 290 | 0 | | | | | | 日照 | 290 | 300 | -10 | | 南通 | 0 1 | 2253 | 2 2 | | 222 | 266 | -44 ...

Group 1: Report Overview - The report is a chemical research report on log market, specifically the Log Daily Report dated February 11, 2026 [1] Group 2: Data Analysis - Log prices (daily) and wood square prices (daily) for different types of logs and wood squares at various ports are presented, with all prices showing 0.00% day - on - day and week - on - week changes [2] - Futures volume and price data for LG2603, LG2605, and LG2607 contracts are provided, including closing prices, changes, and volume/position changes [2] Group 3: Market Review - On February 10, the log spot market was stable. Prices of different grades of radiata pine logs in Rizhao remained unchanged [4] - The closing price of the main contract LG2603 was 777 yuan/cubic meter, up 5.5 yuan/cubic meter from the previous trading day [5] Group 4: Important Information - In January 2026, 74 coniferous log ships arrived at 13 Chinese ports, a month - on - month decrease of 14.94%. The total arrival volume was about 166.81 million cubic meters, a month - on - month decrease of 12.80%. Among them, 45 ships were from New Zealand, with an arrival volume of about 147.45 million cubic meters, accounting for 88% and a month - on - month decrease of 10.69% [7] - From February 2 to February 8, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 5.15 million cubic meters, a 16.53% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 3.28 million cubic meters, a 15.68% decrease, and that at Jiangsu ports was 1.29 million cubic meters, an 18.87% decrease [7] Group 5: Logic Analysis - Supply pressure is increasing marginally; demand is dragged down by the Spring Festival off - season, with the average daily outbound volume decreasing by 16.53% month - on - month. The foreign market price in February increased by 3 - 5 US dollars, raising the procurement cost. The increase in supply and weak demand will suppress prices in the short term, but the rising cost forms a bottom support. Also, the low inventory buffers the supply shock. Prices are expected to fluctuate within a range, and the post - festival demand resumption rhythm needs to be monitored [7] Group 6: Strategy - For unilateral trading, it is recommended to wait and see [7] - For arbitrage, take profit on the 3 - 5 reverse spread [8] - For options, wait and see [9] Group 7: Related Attachments - There are multiple figures showing log and wood square prices, import CFR prices, port log inventory, and other related data [11][13][14]

期 货 眼 ·日 迹 每日早盘观察 | 股指期货：节前保持窄幅波动 3 | | --- | | 国债期货：节前交投热度有所下降 4 | 银河期货研究所 2026 年 2 月 11 日 0 / 46 研究所 期货眼·日迹 | 蛋白粕：月度供需报告利多有限 市场震荡运行 5 | | --- | | 白糖：国际糖价下跌 预计国内价格略强 5 | | 油脂板块：油脂维持宽幅震荡 6 | | 玉米/玉米淀粉：产区现货稳定，盘面高位震荡 7 | | 生猪：出栏压力增加 现货继续下行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | 鸡蛋：节前备货进入尾声 蛋价有所下跌 10 | | 苹果：节前走货尚可，苹果价格坚挺 11 | | 棉花-棉纱：基本面变化不大 棉价有所支撑 12 | | 钢材：需求延续下滑，钢价震荡运行 13 | | --- | | 双焦：煤矿陆续放假，现货成交趋于冷清 13 | | 铁矿：基本面持续弱化，矿价偏弱运行 14 | | 铁合金：长假临近，多单逢高止盈 15 | | 金银：市场静待非农数据 金银窄幅波动 16 | | --- | | 铂钯：非农数据公布前 贵金属市场波动收窄 17 | ...