1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The agricultural sector showed a volatile trend before the Spring Festival, with different trends and influencing factors for each sub - industry [1] - Different agricultural products have different outlooks, such as some are expected to oscillate, some are expected to be weak, and some are expected to strengthen [1][2][5][6] 3. Summary by Relevant Catalogs 3.1. Market Views - **Oils and Fats**: Futures prices declined due to light pre - holiday spot trading and capital flight. Supply of soybeans and rapeseeds is ample. Palm oil is about to enter the destocking stage. Demand depends on biodiesel policies and export performance. It is recommended to consider buying hedging at low callback levels [1][5][6] - **Protein Meal**: International soybean prices are affected by export expectations and South American weather, and are operating in the range of 1130 - 1160. Domestic soybean meal shows a pattern of near - term strength and long - term weakness. After the festival, prices are expected to be weak. It is not recommended to chase up prices before the festival [7] - **Corn**: Affected by industry news and sentiment, futures are strongly volatile. After the festival, focus on traders' delivery and inventory replenishment rhythms [9] - **Pigs**: Supply is abundant, and prices are expected to be weak before and after the Spring Festival. The industry is recommended to consider short - selling hedging opportunities in the first half of the year, and prices may pick up in the second half of the year [10] - **Natural Rubber**: The price fluctuates slowly before the festival, maintaining an upward trend. The current trading logic is mainly macro - influenced, and the fundamentals are relatively weak but the expectations are good. The market is expected to remain volatile [13] - **Synthetic Rubber**: The BR market maintains a high - level range - bound pattern. The mid - term core logic is the expectation of tight supply of butadiene in the first half of 2026. It is expected to be volatile and strong in the medium term [15] - **Cotton**: The fundamentals have not changed much. The price has rebounded slightly. After the festival, with the arrival of the peak demand season, the price may strengthen. In the long - term, it is expected to be volatile and strong [16] - **Sugar**: In the medium - to - long term, the price is expected to be volatile and weak due to the expected global supply surplus in the new sugar - making season [17] - **Pulp**: The spot price is almost stagnant, and the futures fluctuate independently. The supply - demand is weak before the festival and is expected to improve after the festival. The futures are expected to be volatile [18] - **Double - Glue Paper**: The market is winding down at the end of the year, and the price rebounds with reduced positions. Before the festival, the trading is weak, and it is expected to be stable in the short - term and volatile and weak in the range [19] - **Logs**: The pre - holiday trading is basically stagnant. The price is expected to remain range - bound in the short - term, and there is a risk of weakening in the medium - term without new positive factors [21] 3.2. Variety Data Monitoring - **Oils and Fats**: Not provided with specific data analysis content - **Protein Meal**: Not provided with specific data analysis content - **Corn and Starch**: Not provided with specific data analysis content - **Pigs**: Not provided with specific data analysis content - **Cotton and Cotton Yarn**: Not provided with specific data analysis content - **Sugar**: Not provided with specific data analysis content - **Pulp and Double - Glue Paper**: Not provided with specific data analysis content - **Logs**: Not provided with specific data analysis content 3.3. Commodity Index - The comprehensive index, special index, and sector index of CITIC Futures commodities all showed an upward trend on February 12, 2026. For example, the comprehensive index increased by 0.49%, the commodity 20 index increased by 0.53%, the industrial products index increased by 0.42%, and the PPI commodity index increased by 0.29%. The agricultural product index increased by 0.44% on that day, with a 0.56% increase in the past 5 days, a - 0.71% change in the past month, and a 0.20% increase since the beginning of the year [182][183]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The crude oil market continues to oscillate, with the market awaiting the clarification of geopolitical situations. The IEA predicts a supply surplus of over 370,000 barrels per day in the global crude oil market in 2026 [2]. - The weekly production of the chemical industry generally increased in the week approaching the Spring Festival, and the weekly operating rate of Chinese refineries also showed an upward trend. The probability of significant market fluctuations before the festival is low. It is recommended that investors hold light positions during the holiday [2]. - Overall, coal prices are stabilizing, while crude oil and chemical prices continue to oscillate and consolidate [2]. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: Geopolitical premiums are fluctuating, and risks remain high around the holiday. The fundamentals of the current crude oil market are not optimistic, with high inventory levels. Geopolitical factors dominate the price fluctuations, and the market risks are relatively large during the Spring Festival. The short - term outlook is for oscillation [7]. - **Asphalt**: The tight supply of raw materials is gradually easing, and the futures price is oscillating. The long - term valuation of asphalt is expected to decline as the supply of heavy oil is expected to be abundant in the future, and the inventory accumulation pressure is large [8]. - **High - Sulfur Fuel Oil**: The futures price still has a relatively high geopolitical premium. The long - term supply increase of heavy oil will put pressure on the price, and the short - term focus is on the progress of the US - Iran negotiations [8]. - **Low - Sulfur Fuel Oil**: It follows the upward oscillation of crude oil. Although it faces some negative factors, its current valuation is low, and it will fluctuate with crude oil [10]. - **PX**: The demand support before the festival is insufficient. The supply has increased while the demand has decreased, and the price has回调 in the short term. It is expected to oscillate in the short term [11]. - **PTA**: The cost support is insufficient, and the price is in a range - bound consolidation. The seasonal inventory accumulation pressure is large, but the processing fee still has some support in the short term [12]. - **Pure Benzene**: The price oscillation is mainly affected by crude oil prices and market sentiment. There is a risk of inventory accumulation in the short term, and the market has a large divergence in the Q2 fundamentals [13]. - **Styrene**: The supply - demand situation has become marginally looser. The upward momentum has decreased, and the price is expected to oscillate [16]. - **Ethylene Glycol (MEG)**: The import volume in the second quarter has been revised downwards, and there is a weak repair expectation for supply - demand. The price has limited downside [17]. - **Polyester Staple Fiber**: Both supply and demand have decreased, and the trading is light. The price will follow the movement of upstream products [21]. - **Polyester Bottle Chips**: The volatility has narrowed, and the trading atmosphere has declined. The price will follow the cost fluctuations [22]. - **Methanol**: The coastal trading has been suspended before the festival, and the inventory discharge in the inland is coming to an end. It is expected to oscillate and consolidate [23]. - **Urea**: The pre - festival orders are coming to an end, and the sustainability of sentiment boost may be limited. The supply is stable at a high level, and the demand has the expectation of a peak season after the Spring Festival [25]. - **LLDPE**: Both long and short positions are cautious before the long holiday. The price is expected to oscillate in the short term, and the focus is on the return of demand after the festival [27]. - **PP**: Both long and short positions are cautious before the festival. It is advisable to hold light positions. The price is expected to oscillate in the short term [28]. - **PL**: Supported by the spot market, it oscillates. The supply increase is limited, and the downstream demand in the off - season has limited support [29]. - **PVC**: With low valuation and weak expectations, it oscillates. The market sentiment has weakened, and the support from "export rush" has diminished [31]. - **Caustic Soda**: The comprehensive profit is poor, and it weakly stabilizes. The chlorine - alkali profit is poor, but the futures price has a high premium, and it is expected to oscillate before the festival [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spreads**: Data on the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. are provided, showing the latest values and changes [34]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. is presented, including the latest values and changes [35]. - **Inter - variety Spreads**: Data on the inter - variety spreads of different varieties are given, such as the spreads between PP and 3MA, TA and EG, etc., along with their changes [36]. 3.2.2 Chemical Basis and Spread Monitoring Although the catalog mentions monitoring for multiple varieties, no specific data or analysis content is provided in the given text. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, featured index, and plate index are presented. The comprehensive index shows an upward trend, with the energy index having a daily increase of 1.19%, a 5 - day increase of 2.79%, a 1 - month increase of 4.56%, and a year - to - date increase of 8.50% [276][277].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Domestic commodity futures market closed with mixed results, with most new energy materials rising. Shipping futures led the gains, while chemical products led the losses [1]. - The US economy shows a weak - stable total and a differentiated structure. The manufacturing PMI in January was favorable, but the non - manufacturing sector weakened, and employment data was below expectations [1]. - In China, the boost from the incremental policies in Q4 2025 to the fundamentals has not been significant, but policy expectations are gradually increasing. The manufacturing PMI in January declined, but the expectation of policy support in Q1 is strengthening [1]. - Domestic equity markets are supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - term opportunities. Gold in precious metals maintains a long - position standard, while silver is on hold. Non - ferrous metals are still promising, and short - term dips can be used for bottom - fishing. Black commodities are volatile, and crude oil may rise but with high uncertainty [1]. 3. Summary by Relevant Catalogs 3.1 Market Performance - **Domestic Commodity Futures**: Shipping futures led the gains, with the container shipping index (European line) up 6.40%. New energy materials mostly rose, with lithium carbonate up 3.66%. Basic metals mostly rose, with Shanghai nickel up 1.79%. Agricultural and sideline products all rose, with apples up 1.73%. Energy products all rose, with fuel oil up 1.09%. Chemical products led the losses, with butadiene rubber down 1.93%. Oils and fats mostly fell, with palm oil down 1.50%. Precious metals were mixed, with palladium down 1.48%. Black series all fell, with ferrosilicon down 1.47%. Non - metallic building materials all fell, with PVC down 0.78% [1]. - **Financial Market**: On February 12, 2026, among stock index futures, CSI 500 futures rose 1.31%, and CSI 1000 futures rose 1.09%. Among Treasury bond futures, 30 - year Treasury bond futures rose 0.06%. The US dollar index rose 0.06%, and the US dollar intermediate price decreased by 108 pips [9]. - **Industry Index**: On February 12, 2026, among the中信 industry indices, non - ferrous metals rose 0.98%, and machinery rose 1.29%, while agriculture, forestry, animal husbandry and fishery fell 1.48%, and consumer services fell 1.75% [10][11]. - **Overseas Commodities**: On February 11, 2026, NYMEX WTI crude oil rose 1.45%, ICE Brent oil rose 1.21%, COMEX gold rose 1.53%, and LME nickel rose 3.29% [12][13]. - **Domestic Main Commodities**: On February 12, 2026, the container shipping European line rose 5.27%, lithium carbonate rose 12.33% weekly, and iron ore fell 0.11% daily [14][15][16]. 3.2 Sector Analysis - **Finance**: Before the holiday, it may be volatile. Stock index futures may be volatile and slightly stronger, stock index options should continue to hold call options for defense, Treasury bond futures are supported by monetary easing expectations, and gold and silver are in a stage of adjustment with reduced capital enthusiasm [5]. - **Shipping**: The OOCL's March online price is $3130/FEU, and the market is in a state of shrinking trading volume and consolidation before the holiday [5]. - **Black Building Materials**: In the off - season, contradictions are accumulating, and the market is under pressure. Steel, iron ore, coke, coking coal, etc. are all in a volatile state [5]. - **Non - ferrous and New Materials**: The expected trading of "Woshi Eagle" is weakening, and basic metals stop falling and are volatile. Nickel, stainless steel, and tin are expected to be volatile and slightly stronger [5]. - **Energy and Chemicals**: Concerns about the Middle East situation continue to disrupt oil prices, and the chemical industry continues to be in a state of volatile consolidation [6]. - **Agriculture**: Optimistic sentiment supports US soybeans, and domestic double - meal is mainly volatile. Most agricultural products are in a volatile state, and the pig price is running at a low level [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The spot freight rate is fluctuating. With the approaching of the Spring Festival and the uncertainty of the geopolitical situation, the market may fluctuate under the background of decreasing positions. Attention should be paid to the MSK online cabin opening and the actual loading situation of shipping companies during the holiday, as well as the resumption of navigation in the Suez Canal and the changes in the Middle East situation, and the support of the off - season rush shipment of products such as photovoltaics to the market. The market is expected to be volatile and the positions on the disk may continue to decrease [1][3] 3. Summary by Related Catalogs Spot Freight and Contract Volume - Price - **Futures Contract Data**: The EC2604 contract reached a maximum of 1260 points during the session, with a daily reduction of over 2000 lots, and closed at 1258.9 points, up 6.4%. The EC2606 contract closed at 1566.1 points, up 4.78%. Other contracts also rose. Specific data of each contract such as closing price, settlement price, increase or decrease, trading volume, and open interest are provided in the table [2][8] - **Spot Freight Data**: The comprehensive index of SCFI is 1266.6 points. The Nordic route of SCFIS is 1657.94 dollars/TEU (-7.5%), and the US - West route is 1155.66 dollars/FEU (+4.9%) [9] Spot Quotation - **European Line Spot Freight**: OOCL's March online freight rate reached 3130 dollars/FEU, and other shipping companies' rates remained generally unchanged. MSK's March online freight rate increased slightly. Different shipping companies' freight rates for different routes and time periods are provided, such as GEMINI, OCEAN, MSC&PA [2][3] European Line Spot Freight Seasonal Trend - Not provided in the given content

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoint of the Report - As the Chinese Spring Festival approaches, China's futures exchanges will be closed, and adjustments will be made to margin requirements and price limit ranges. Investors are advised to take note [1]. 3. Summary According to the Table of Contents 3.1 CFFEX (China Financial Futures Exchange) - The trading margin rate and the price limit remain unchanged for Spring Festival 2026 [14]. 3.2 SHFE (Shanghai Futures Exchange) - From the settlement of February 12, 2026, the trading margin rate and the price limit will be adjusted to the corresponding level. After the holiday, they will be adjusted to the corresponding level as from the settlement of the first non - one - direction trading day since February 24, 2026 [11]. - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as copper, aluminum, etc. [15]. 3.3 INE (Shanghai International Energy Exchange) - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as bonded copper, crude oil, etc. [17]. 3.4 GFEX (Guangzhou Futures Exchange) - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as silicon metal, poly - silicon, etc. [18]. 3.5 ZCE (Zhengzhou Commodity Exchange) - From the settlement on February 9, 2026, margins and price limits of Methanol, Paraxylene, Purified Terephthalic Acid, Polyester Staple Fiber and Polyethylene Terephthalate Resin For Bottles futures will be adjusted to 10% and 9% respectively. From the settlement of February 12, 2026, the trading margin rate and the price limit of other futures contracts will be adjusted to the corresponding level. After the holiday, they will be adjusted to the corresponding level as from the settlement of the first trading day on which limit - locked market does not occur on the contract with the largest open interest of such product since February 24, 2026 [12][13]. - The report provides a table showing the present, February 9th, February 12th, and post - February 24th margin and price limit adjustments for various futures contracts [19]. 3.6 DCE (Dalian Commodity Exchange) - The report provides a table showing the present, holiday - period, and post - holiday price limits and trading margins for various products such as iron ore, coke, etc. [21]. 3.7 CITIC Futures International Research Reports - Regular reports include China Futures Annual Outlook, China Futures Monthly Report, etc. - Special topic reports cover various fields such as finance, commodities, emerging industries, policy reading, etc. [23][24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report provides daily data tracking of the aluminum industry chain, including prices, inventories, and other indicators for alumina, electrolytic aluminum, and aluminum alloys. 3. Summary by Directory Alumina - On February 12, the domestic ore price was 491 yuan/ton, with no change from the previous day; the Guinea imported ore price was 61 US dollars/dry ton, also unchanged [1]. - The spot price index on February 12 was 2646 yuan/ton, with no change [1]. - The futures inventory on February 12 was 276,825 tons, a decrease of 210 tons from the previous day [1]. Electrolytic Aluminum - On February 12, the spot average price of electrolytic aluminum was 23,991 yuan/ton, an increase of 86 yuan/ton from the previous day; the premium/discount was -160 yuan/ton, an increase of 30 yuan/ton [1]. - The futures inventory on February 12 was 200,654 tons, an increase of 33,088 tons from the previous day [1]. - The aluminum rod processing fee on February 12 was 94 yuan/ton, an increase of 30 yuan/ton [1]. Aluminum Alloy - On February 12, the price of raw aluminum was 17,250 yuan/ton, with no change; the price of cooked aluminum was 17,650 yuan/ton, also unchanged [1]. - The price of ADC12 on February 12 was 23,100 yuan/ton, with no change [1]. - The futures inventory on February 12 was 66,638 tons, a decrease of 210 tons from the previous day [1].

CEA-价格季节性分析 元/吨 2026 - 2025 - 2024 - 2023 110 100 90 80 70 60 03/12 04/17 05/25 06/29 08/03 09/07 10/19 11/23 12/28 投资咨询业务资格:证监许可【2012】669号 研究员:何颚昀 从业资格号:F03100810 投资咨询号:Z0021074 CEA-累计成交量季节性分析 碳市场数据报告 2026-02-12 中国 恢 门 切 (CEA数据截止:2026年2月11日;CCER数据截止:2026年2月11日) | 碳交易 | 当日最新价 | 当日价格涨幅 | 2026价格累计涨幅 | 当日成交量 | 2026累计成交量 | 2026累计成交量同 | | --- | --- | --- | --- | --- | --- | --- | | | 元/吨 | % | 96 | 八 相 | / 万吨 | 比增幅 % | | CEA: 挂牌 | 78. 70 | -2. 24% | 5. 45% | 20000 | 162. 89 | 57. 05% | | CEA: 大宗 | 78. 63 | 0. 04 ...

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 2026-02-12 对中东局势的担忧持续扰动油价，化⼯ 延续震荡整理 彭博报道称美国正考虑扣押载有伊朗原油的油轮，并可能在伊朗核问 题谈判失败的情况下向该地区增派航母战斗群；以色列总理也访美，敦促 美国总统推动全面遏制伊朗在中东的军事活动及其弹道导弹计划，而非满 足于达成范围更窄的核协议。这一系列事件引发了市场对中东地缘局势紧 张的担忧。原油价格强势，一些成品油出现了跟涨不力的情况，例如亚洲 地区的汽油裂解价差近期走势偏弱，绝对值处于近五年同期低位，成品油 裂差是原油最直接的需求指标。 板块逻辑： 近期聚酯产业链企业相继发布检修计划，强化了聚酯链格局向好的预 期。2月10日CCF报道，华东一250万吨装置即日起停车，重启时间不定， 该装置占PTA总产能比例为2.71%；3-5月仍有装置做出检修计划。2月11日 CCF报道，连云港一套90万吨MEG装置停车转产，这影响了MEG约3%的供 应。聚酯三大产品长丝、短纤和瓶片的检修自1月中旬就陆续开启。春节 后聚酯开工攀升，而原料仍有检修，原料供应缩减或供给持稳而需求端攀 升，原料偏强格 ...

"信期货 -2024 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 -2024 2022 -2023 2025 -2026 2400 2300 2200 2100 2000 1900 1800 1700 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 美国汽油表观需求(万桶/日) -2022 -2023 -2024 2025 -2026 1000 950 900 850 800 750 700 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 EIA周度数据:炼厂开工率延续回落 | 2026年2月12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 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - Geopolitical risks continue to disrupt, causing platinum and palladium to oscillate strongly. As of February 11, 2026, the closing price of the GFEX platinum main contract was 551.15 yuan/gram, up 1.91%, and the closing price of the GFEX palladium main contract was 439.1 yuan/gram, down 1.68% [1] - In the short - term, the market is in a stage of shock consolidation, and in the long - term, the weakening trend of the US dollar credit is conducive to the release of long - term price elasticity. It is recommended to pay attention to the opportunity of going long on platinum and short on palladium. The medium - and long - term price is expected to be oscillating strongly [2] - The supply of palladium is uncertain, the spot is in short supply, and although there is structural pressure on the demand side, the price has clear support below. The medium - and long - term price is expected to be oscillating strongly [3] Group 3: Summary by Related Catalogs Platinum - **Main Logic**: In the short - term, sanctions on Russian platinum - group metals, geopolitical issues between the US and Iran, and fluctuations in the Fed's interest - rate cut expectations disrupt the market, and pre - holiday trading is cautious. In the long - term, the US is in an interest - rate cut channel, and the weakening of the US dollar credit is conducive to price elasticity. The platinum - palladium ratio has fallen to a low - level range this week [2] - **Outlook**: Oscillating strongly. The supply - demand fundamentals are healthy, and the macro - expectations are positive [2] Palladium - **Main Logic**: Supply is uncertain due to US investigations on Russian palladium imports and potential European sanctions. The palladium lease rate has risen, and the spot shortage supports the price. There is structural pressure on the demand side. Although long - term supply and demand tend to be loose, the short - term spot shortage and the Fed's interest - rate cut expectations support the price [3] - **Outlook**: Oscillating strongly. The spot shortage and the improving macro - environment support the price [3] Index - **Special Index**: The commodity index was 2390.85, up 0.32%; the commodity 20 index was 2729.71, up 0.27%; the industrial products index was 2290.96, up 0.41% [49] - **Plate Index**: The non - ferrous metal index on February 11, 2026, had a daily increase of 0.24%, a 5 - day decrease of 0.08%, a 1 - month decrease of 5.51%, and a year - to - date increase of 0.32%. The PPI commodity index was 1407.45, up 0.18% [50]