数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员：蔡跃辉 期货从业资格号: F0251444 期货投资咨询从业证书号: Z0013101 助理研究员: 陈星宇 期货从业资格号: F03146061 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2026/2/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1090.00 | -36.00↓ J主力合约收盘价（日，元/吨） | 1644.00 | -30.00↓ | | 期货市场 | JM期货合约持仓量（日，手） | 721319.00 | +74556.00↑ J期货合约持仓量（日，手） | 42455.00 | +625.0 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注 明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | 集运指数（欧线）期货日报 | | 2026/2/25 | | | --- | --- | --- | --- | --- | | 项目类别 数据指标 | 环比 数据指标 最新 | 最新 | 环比 | | | EC主力收盘价 | 1278.600 -63.9↓ EC次主力收盘价 1659 | | | -41.40↓ | | 期货盘面 EC2604-EC2606价差 | -380.40 -9.40↓ EC2604-EC2608价差 -451.70 | | | -30.50↓ | | EC合约基差 | 294.91 +8.24↑ | | | | | 期货持仓头寸（手） EC主力持仓量 | 3535 ...

贵金属期货日报 2026/2/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1151.060 | 0.6↑ 沪银主力合约收盘价（日，元/千克） | 23029 | +702.00↑ | | | 主力合约持仓量:沪金(日,手) | 155,075.00 | -2336.00↓ 主力合约持仓量:沪银(日,手) | 9,740.00 | +1466.00↑ | | | 主力合约成交量:沪金 | 198,537.00 | +71634.00↑ 主力合约成交量:沪银 | 413,159.00 | +202427.00↑ | | | 仓单数量:沪金(日,千克) | 105072 | 0↑ 仓单数量:沪银(日,千克) | 355,830 | 5951↑ | | 现货市场 | 上金所黄金现货价 | 1145.64 | -2.02↓ 华通一号白银现货价 | 21,640.00 | 732.00↑ | | | 沪金主力合约基差(日,元/克) | -5.42 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,752.00 | +14.00↑ SF主力合约收盘价（日，元/吨） | 5,486.00 | +16.00↑ | | | SM期货合约持仓量（日，手） | 613,899.00 | +37251.00↑ SF期货合约持仓量（日，手） | 393,780.00 | +14046.00↑ | | | 锰硅前20名净持仓（日，手） | -27,428.00 | -3965.00↓ 硅铁前20名净持仓（日，手） | -20,589.00 | -3922.00↓ | | | SM5-3月合约价差（日，元/吨） | 42.00 | 0.00 SF4-3月合约价差（日，元/吨） | -2.00 | +2.00↑ | | | SM 仓单（日，张） | 46,329.00 | -100.00↓ SF 仓单（日，张） | 8,083.00 | -80.00↓ | | 现货市场 | 内蒙古锰硅 FeMn68Si18 ...

需求端预计不弱。华东、华南港口库存季节性积累，但累库规模不大、库存压力偏低，关注后市去库节奏 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 。成本方面，伊朗表示将采取任何必要措施与美国达成协议，美国API库存超预期下降，昨日国际油价小幅 收跌。短期苯乙烯预计随油价震荡，EB2604日度区间预计在7500-7700附近。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 苯乙烯产业日报 2026-02-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苯乙烯(日,元/吨) 前20名持仓:买单量:苯乙烯(日,手) | 7578 412337 | -91 期货成交量(活跃:成交量):苯乙烯(EB)(日, 2380 3月合约收盘价:苯乙烯(日,元/吨) 手) | 407910 7584 | 156084 -85 | | | 期货持仓量(活跃:成交量):苯乙烯(E ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Today, the platinum and palladium main contracts on the Guangzhou Futures Exchange closed significantly higher. Macroscopically, although the US inflation and GDP data have weakened periodically, Fed officials have successively sent out cautious signals, weakening the market's bets on interest rate cuts this year. Tariffs and the geopolitical situation between the US and Iran have heated up again, leading to high market risk aversion. If the tariff and geopolitical situation between the US and Iran continue to fluctuate, the risk premium may continue to support the prices of platinum and palladium on the beta side of the precious metals market. Fundamentally, platinum prices may continue to show strong resilience driven by rising costs at the South African supply - end, cautious capital expenditure by mining companies, and a tight inventory situation. Recently, due to the ongoing Russia - Ukraine conflict, the market's concern about supply tightening from Russia may support palladium prices to a certain extent. However, the recovery of palladium's recycled supply and the structural substitution in the automotive sector may cause it to move relatively in a volatile manner. In terms of price range, London platinum has a resistance level of 2200 US dollars and a support level of 2000 US dollars; London palladium has a resistance level of 1800 US dollars and a support level of 1600 US dollars. The Guangzhou Futures Exchange's platinum 2606 contract may operate in the range of 460 - 650 yuan/gram, and the palladium 2606 contract may operate in the range of 400 - 500 yuan/gram [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Market**: The closing price of the platinum main contract is 586.00 yuan/gram, up 38.50 yuan; the closing price of the palladium main contract is 457.95 yuan/gram, up 19.70 yuan. The position of the platinum main contract is 10387.00 lots, down 277.00 lots; the position of the palladium main contract is 3179.00 lots, up 90.00 lots [2] - **Spot Market**: The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 584.02 yuan/gram, up 38.93 yuan; the average spot price of palladium in the Yangtze River is 431.00 yuan/gram, up 3.00 yuan. The basis of the platinum main contract is - 1.98 yuan/gram, up 0.43 yuan; the basis of the palladium main contract is - 26.95 yuan/gram, down 16.70 yuan [2] - **Supply - Demand Situation**: The non - commercial long positions of platinum in the CFTC are 9966.00 contracts, down 243.00 contracts; the non - commercial long positions of palladium in the CFTC are 3003.00 contracts, down 342.00 contracts. The total supply of platinum in 2025 is expected to be down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 is expected to be up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2] - **Macro Data**: The US dollar index is 97.90, up 0.17; the 10 - year US Treasury real yield is 1.78%, up 0.01%. The VIX volatility index is 19.55, down 1.46 [2] 3.2 Industry News - The US White House stated that President Trump's preferred option on the Iranian issue is always diplomacy, but is willing to use lethal force if necessary. Iranian Foreign Minister Araqchi said that based on the consensus reached in the previous round of negotiations, Iran will resume negotiations with the US in Geneva and is determined to reach a fair and reasonable agreement in the shortest possible time. - Fed Governor Cook said that AI has triggered a generational change in the US labor market, which may lead to an increase in the unemployment rate. The Fed may not be able to respond with interest rate cuts, and monetary policy may be in a dilemma: interest rate cuts cannot effectively address structural unemployment and may push up inflation. - Chicago Fed President Goolsbee said that it is not appropriate to further cut interest rates until there is more evidence that inflation is continuously falling. Goolsbee pointed out that policymakers have been taught a lesson in the past for "misjudging inflation as only temporary" and should not repeat the same mistake. - Sources said that Japanese Prime Minister Hayami Sanae expressed clear concerns about the Bank of Japan's further interest rate hikes during a meeting with Bank of Japan Governor Ueda Kazuo last week, and her stance was significantly tougher than during their last meeting in November last year. - The US has officially started imposing a 10% global tariff, and the White House is preparing a formal order to raise the tariff rate to 15% [2] 3.3 Key Points to Watch - On February 25 at 18:00, the eurozone's January CPI monthly and annual rates. - On February 26 at 21:30, the US unemployment claims data for the week ending February 21. - On February 27 at 21:30, the US January PPI monthly and annual rates [2]

免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 股指期货全景日报 2026/2/25 | 项目类别 | 数据指标 IF主力合约（2603） | 最新 4731.4 | 环比 数据指标 +42.8↑ IF次主力合约（2606） | 最新 4696.4 | 环比 +49.6↑ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2603） IC主力合约（2603） | 3058.2 8529.0 | +18.6↑ IH次主力合约（2606） +145.6↑ IC次主力合约（2606） | 3053.4 8437.4 | +18.8↑ +152.0↑ | | | IM主力合约（2603） | 8405. ...

免责声明 震荡运行。 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 44 主力合约持仓量:苹果(日,手) | 9749 | | 112582 | 2421 | | | 期货前20名持仓:净买单量:苹果(日,手) | 10410 | 874 | | | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, | 5.25 | 0 | 2.4 | 0 | | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 元/斤) 山东烟台栖霞现货价格(纸袋80#以上一 | | | | | | | | 4.2 | 0 | 3.7 | 0 | | 上游情况 | 商品)(日,元/斤) 全国:苹果产量(年,万吨) 二级果农货)(日, ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告 不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形 式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铁矿石产业链日报 2026/2/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 752.50 | +12.00↑ I 主力合约持仓量(手) | 528,484 | +9280↑ | | | I 5-9合约价差（元/吨） | 17 | +1.00↑ I 合约前20名净持仓(手) ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,076.00 | +49↑ RB主力合约持仓量(手) | 1988709 | -45800↓ | | | RB合约前20名净持仓(手) | -16404 | +32887↑ RB5-10合约价差(元/吨) | -37 | +8↑ | | | RB上期所仓单日报(日，吨) | 33097 | -1200↓ HC2605-RB2605合约价差(元/吨) | 160 | -8↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,230.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,313 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,130.00 | -10↓ | | | RB 主力合约基差 (元/吨) | 154.00 | -4 ...