投资咨询业务资格：证监许可【2012】669号 中信期货研究|航运策略⽇报 2026-02-26 EMC线上跟随调降至2530美元/FEU，美伊 开启第三轮间接谈判 今日市场以降价预期为主导。现货端3月MSK再度下调降价策略激 进，而PA或跌幅稍缓，OCEAN运价较2月下旬小幅抬升100美元/FEU左 右，报价出现分化，航运公司仍在其他航线试图挺价。3月下半月仍 面临运力回升、船司喊涨等波动风险，关注光伏等产品抢运实际兑现 节奏，而市场对5-6月运价预期仍相对近月更乐观。明日需关注美伊 第三轮间接谈判对地缘情绪影响；后续仍需观察船司是否有新的宣涨 函及现货市场波动方向。 昨日MSK开舱3月第二周运价，环比调降100美元/FEU；叠加昨日O OCL线上运价调降，带动市场交易现货运价涨价难兑现，今日市场以 降价预期为主导。ONE、YML3月上半月或呈现一定缓跌迹象。04合约 淡季预期主导，跌幅高于远月合约。04主力合约收于1236点，跌5. 13%，持仓总量增超800手；05合约收于1414.8点，跌2.7%，持仓量共 395手；06合约收于1621.1点跌3.3%，持仓量小幅增仓287手，位于1. 66万手；0 ...

2026/02/26 Prive Movement 价格异动 After the Chinese New Year holiday, lithium carbonate futures rose sharply. As of February 26, the main contract recovered to around RMB 170,000-180,000/t (GFEX). According to Mysteel, on February 25, the Ministry of Mines and Mining Development of Zimbabwe announced an immediate suspension on exports of raw ore and lithium concentrates, including shipments currently in transit, until further notice. Only mining companies holding valid mining titles and government-approved ben ...

图说金融(20260226) : 人民币升值动能转换:贸易属性 是产业盘结汇需求依然维持高位。1月银行代客结售汇货物贸易实现顺差761亿美元，虽然较上月1113亿美元有所减少，但 二是在A股相对港股表现强势的背景下,外资加大对人民币资产的配置,贸易属性逐渐向金融属性切换。 三是IEEPA法案被否降低关税不确定性。由于IEEPA法案涉及2025年4月后加征的对等关税以及"芬太尼关税"、Seof 22替代关 税法案的实施实际有利于国内关税的下降。 未来人民币升值节奏或同时取决于累积结汇盘的释放以及国内资产收益率表现,若人民币定价资产维持较高收益率,人民 币或有进一步升值动力。短期注意人民币双边波动的风险,二季度或围绕6.8附近中枢进行双边波动。 风险提示:仅作为数据展示,不构成策略建议 证券投资项下净结汇达259亿美元,达到2020年以来的新高 银行代客结售汇:以美元计价:差额:经常项目:货物贸易(亿美元) 银行代客结售汇:以美元计价:差额:资本与金融项目:证券投资(亿美元) 银行代客结售汇:以美元计价:差额(亿美元) and and the problem of the program and on the m ...

Investment consulting business qualification: CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669号 ICE Brent 原油期货规则介绍 2026/02/26 Read more English reports on CITIC Futures Insights: https://www.citicfutures.com/Insights Gui Chenxi 桂晨曦 CFA PhD Qualification No. F3023159 从业资格号 Investment consulting No. Z0013632 投资咨询号 Important Notice: This report is not a service under the futures trading consulting business. The opinions and information provided are for reference only and do not constitute investment advice t ...

中信期货 IIC Futures EIA周度数据:炼厂开工下行,原油大幅累库 美国原油产量(万桶/日) -- 2022 -2023 - 2025 -2026 1500 1400 1300 1200 1100 1000 900 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 | 2026年2月26日 | 能源化工组 李云旭 | | --- | --- | | 投资咨询业务资格: | 从业资格号 F03141405 | | 证监许可【2012】669号 投资咨询号 Z0021671 | | 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和 信息仅作参考之用,不构成对任何人的投资建议。我司不会因为 关注、收到或阅读本报告内容而视相关人员为客户;市场有风 险,投资需谨慎。 美国2月20日当周商业原油库存增加1598.9万桶,近期单周库存波动较大,年初以来美国原油以季节 性累库为主。美国炼厂开工率由91%回落至88.6%,原油加工量下降41.6万桶/日,仍处同期偏高水平,美 国单周原油净进口增加41.2万桶/日,亦对国内库存形成边际压力。炼厂开工率下行后成品 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The domestic commodity futures market closed mostly higher on February 25, 2026, with base metals leading the gains [1]. - The A - share market is expected to continue a mild upward trend after the Spring Festival, but the slope will be slower than in January, pricing in the warm Spring Festival consumption and technology event hotspots. The black metal and domestic bond markets may continue to fluctuate after the festival [16]. - The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The US GDP growth rate slowed significantly in the fourth quarter, with personal consumption being the main drag, and inflation stickiness still exists [16]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures all showed varying degrees of increase on February 25, 2026, with the CSI 500 futures having a relatively large daily increase of 1.61% [2]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures mostly declined on February 25, 2026, with the 30 - year treasury bond futures having a relatively large daily decline of 0.48% [2]. - **Foreign Exchange**: The US dollar index increased by 0.15% on February 25, 2026, and the US dollar mid - price decreased by 225 pips [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate increased by 23.34 bp on February 25, 2026, and the 10 - year Chinese government bond yield increased by 1.24 bp [2]. Popular Industry Fluctuations - On February 25, 2026, most industries showed an upward trend, with non - ferrous metals, steel, and basic chemicals having relatively large daily increases of 3.53%, 4.26%, and 2.37% respectively. The consumer services and media industries declined, with decreases of 0.52% and 0.92% respectively [5]. Overseas Commodity Fluctuations - **Energy**: On February 24, 2026, NYMEX WTI crude oil decreased by 0.35%, ICE Brent crude oil decreased by 0.14%, NYMEX natural gas decreased by 2.94%, and ICE UK natural gas decreased by 4.75% [8]. - **Precious Metals**: COMEX gold decreased by 1.25% on February 24, 2026, while CONEX silver increased by 0.57% [8]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, LME tin, etc. showed different trends on February 24, 2026. For example, LME copper increased by 2.54% [8]. - **Agricultural Products**: CBOT soybeans, CBOT soybean oil, and other agricultural products also had different price changes on February 24, 2026. For example, CBOT soybean oil increased by 1.05% [8]. Macro Summary - **Domestic Macro**: During the Spring Festival, travel and consumption were strong, with the cross - regional passenger flow in the first 20 days of the Spring Festival travel season reaching 5.08 billion person - times, a record high. However, real estate sales were at a seasonal low, and the social financing in January started steadily. Due to the Spring Festival misalignment, the social financing data needs to be observed in combination with January - February data [16]. - **Overseas Macro**: The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The GDP growth rate slowed significantly in the fourth quarter, personal consumption was the main drag, and inflation stickiness still exists [16]. - **Large - scale Assets**: Geopolitical uncertainties and Trump's tariff policies may support the prices of gold and silver in the short term. The crude oil market is dominated by geopolitical uncertainties, and the A - share market is expected to continue a mild upward trend after the Spring Festival. The black metal and domestic bond markets may continue to fluctuate, and the RMB may continue to strengthen in the second quarter [16]. Viewpoint Highlights - **Financial**: Stock index futures are expected to be volatile and slightly stronger; stock index options are expected to be volatile; treasury bond futures are expected to be volatile [17]. - **Precious Metals**: Gold and silver are expected to be volatile and slightly stronger [17]. - **Shipping**: The container shipping to Europe is expected to be volatile [17]. - **Black Building Materials**: Steel, iron ore, coke, etc. are all expected to be volatile [17]. - **Non - ferrous Metals and New Materials**: Many non - ferrous metals and new materials such as copper, aluminum, and nickel are expected to be volatile, with some showing a slightly stronger trend [17]. - **Energy Chemicals**: Crude oil, LPG, asphalt, etc. are expected to be volatile [19]. - **Agriculture**: Many agricultural products such as cotton, natural rubber, and soybean oil are expected to be volatile, with some showing a slightly stronger trend, while sugar is expected to be volatile and slightly weaker [19].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-26 原油震荡等待局势明朗，化⼯端本⾝⽭ 盾较⼩横盘整理 随着美伊谈判的临近，原油和金融市场严阵以待，权衡谈判达成的可 能性。美伊下一轮谈判定于周四在日内瓦举行，为形成威慑力，美国已下 令在中东展开2003年第二次海湾战争以来规模最大的军事集结，包括部署 两艘航空母舰。另一个对原油市场至关重要的事件是于周末举行的OPEC+ 会议，该组织在2026年一季度暂停了增产计划，二季度是否恢复增产、增 产幅度如何，都会对原油市场带来影响。与此同时，斯洛伐克表示，从俄 罗斯运送原油经过乌克兰的友谊管道仍处于关停状态。（以上信息来自彭 博终端） 板块逻辑： 原油等待美伊谈判进展，化工进入震荡格局。从化工品各个链条基本 面看，聚酯链条供需较为健康，聚烯烃依旧有较大的供应压力，尤其是P E。纯苯-苯乙烯、氯碱则以震荡为主。聚酯原料普遍因为3-5月份的春季 检修而去库，因为2025年下半年较长时间的亏损，PTA产业链没有因为微 利就加大开工。烯烃的弱势主要在于全球都维持较高产能增速，增速高于 过去五年的均值，当前PE的周产量同比攀升到 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2026-02-26 地产新政出台，沪指冲⾼回落 股指期货：地产新政出台，交易主线散乱。 股指期权：短期波动预期降低，视⻆可转向中期温涨。 国债期货：政策及⻛险偏好扰动，债市下跌。 股指期货方面，地产新政出台，交易主线散乱。周三沪指冲高回落， 上行出现阻力，中小盘股占优。变盘发生在午间，上海发布楼市新政，降 低购房的社保年限门槛，板块出现轮动。结合同时段各行业的走势，周期 板块集中止盈，包含石油石化、化工、煤炭，而地产链的建材、房地产相 对抗跌。其他主线缺乏，小概念轮动为主，如商业航天、有色稀土等受事 件驱动。主线散乱状态下，上方高度或受限，但随着节后A股量能有所恢 复，流动性充裕、商品联动风险消退，两会以前政策看涨期权仍有效，仍 以IM多单配置，等待会期。 股指期权方面，短期波动预期降低，视角可转向中期温涨。昨日标的 市场继续上涨，中小盘相关品种相对涨幅更大，期权市场成交量有小幅上 行，但未回到近期高位，结合各品种隐含波动率普遍进一步下探，可以推 测当前市场交易逻辑逐渐从对冲和博弈转向中期布局，短期波动预期大大 降低。而从持仓 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2026-02-26 政策利好提振，盘⾯低位反弹 上海地产利好政策出台，叠加重⼤会议期间⾼炉存在减产预期，市场 氛围偏暖，盘⾯低位反弹。但钢材库存压⼒仍存，基本⾯缺乏亮点， 且市场对节后需求预期⼀般，同时铁矿⽯库存压⼒仍在积累，春节后 煤矿复产速度将加快，煤焦下游补库意愿有限，玻纯供需压⼒仍存， 板块盘⾯上⽅空间有限。 上海地产利好政策出台，叠加重大会议期间高炉存在减产预期，市场 氛围偏暖，盘面低位反弹。但钢材库存压力仍存，基本面缺乏亮点， 且市场对节后需求预期一般，同时铁矿石库存压力仍在积累，春节后 煤矿复产速度将加快，煤焦下游补库意愿有限，玻纯供需压力仍存， 板块盘面上方空间有限。 1. 铁元素方面：铁矿石库存压力仍在积累，供应端仍存天气扰动预 期，当前市场对节后需求预期一般，但盘面快速回落后压力有所释 放，节后即将召开两会，宏观预期仍存，关注市场情绪变化。废钢春 节假期期间供需双弱，基本面驱动有限，价格波动不大。 2. 碳元素方面：节后焦炭供需均有小幅增长预期，随着物流运输的 逐渐恢复，焦企累库情况将得到缓解，焦炭供需结构将 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（新能源⾦属每⽇报告） 2026-02-26 供需预期分化，碳酸锂领涨新能源金属 新能源观点：供需预期分化，碳酸锂领涨新能源⾦属 交易逻辑：碳酸锂供需延续偏紧格局，供应扰动担忧持续，供需预期 偏紧；工业硅和多晶硅生产企业主动适应弱需求而减产，但工业硅和 多晶硅供需整体延续偏宽松。中短期来看，新能源金属远期供需预期 不同，新能源金属价格走势分化，碳酸锂相对偏强。长期来看，硅供 应端收缩预期较强，尤其多晶硅，价格重心可能抬升；锂矿产能还处 于上升阶段，但需求预期也在不断拔高，供需过剩量预期在收窄，供 需改善预期将推高价格重心。 ⼯业硅观点：供需双弱，硅价延续震荡。 多晶硅观点：库存持续累积，多晶硅暂时承压。 碳酸锂观点：津巴布⻙暂停锂矿出⼝，引发市场对供应担忧。 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 杨飞 从业资格号F03108013 投资咨询号Z0021455 王雨欣 从业资格号F03108000 投资咨询号Z0021453 王美丹 从业资格号F03141853 投资咨询号Z0 ...