瑞达期货研究院 「2026.02.13」 苹果市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信服 务 号 业务咨询 添加客服 「 周度要点小结」 未来交易提示： 1、水果价格2、消费 2 目录 1、周度要点小结 2、期现市场 3、产业情况及期权 4、期股关联 「 期货市场情况」 行情回顾：本周苹果期货2605合约价格上涨，周度涨幅3.15%。 行情展望：产区苹果集中打包发运，礼盒及框装货源走货尚可。据Mysteel统计， 截至2026年2月12日，全国主产区苹果冷库库存量为588.15万吨，环比上周减少 31.65万吨，去库速度环比略慢。山东产区库容比为45.07%，较上周减少1.98%， 陕西产区库容比为46.74%，较上周减少2.08%，山东产区整体发运量仍较多，礼 品盒、筐装货源继续发往市场，小单车及外贸渠道要货增加。陕西整体出货略显 一般。周内库内客商倾向于包装自存货源发市场，果农货仍以高次、低价货源走 货为主，通货成交仍显清淡。销区积压库存较多，销售压力明显，柑橘类竞品水 果替代持续。长假在即，短期注意风险控制。 本周苹果期货2605合约价 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The freight rates of container shipping index (European Line) futures mostly rose this week. The main contract EC2604 closed up 2.14%, and the far - month contracts had gains ranging from - 2% to 5%. The delay of the Red Sea resumption of navigation and the shipping companies' price increase announcements boosted the futures prices. However, the implementation of the price increase is expected to be less than expected due to the unchanged supply - demand pattern. The cancellation of the full - tax refund for photovoltaic products may lead to a rush of shipments, supporting the April contract [6][35]. - China's foreign trade improved significantly in December 2026, which may be related to the cancellation of value - added tax export tax rebates for some commodities and the pre - holiday rush of exports. China's exports are expected to maintain a relatively high growth rate in 2026 [6][35]. - Although trade relations are gradually improving, China's exports to the US are still under pressure due to the high tax rate of nearly 40%. The boosting effect of the traditional peak season may be weaker than expected. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data [7][36]. 3. Summary According to the Directory 3.1. Market Review - The prices of the main contracts of container shipping index (European Line) futures rose this week. The EC2604 contract had a weekly increase of 2.17% with a price increase of 27.00 and a closing price of 1269.80; the EC2605 contract had a weekly increase of 2.69%, etc. The SCFIS index closed at 1657.94, down 7.5% or 134.2 points from last week. The trading volume and open interest of the EC2604 contract were generally stable [10][13][14]. 3.2. News Review and Analysis | News | Impact | | --- | --- | | Trump's statement on US - Iran negotiation | Neutral [17] | | US Congress's resolution against Trump's tariff on Canada | Neutral - bullish [17] | | Fed officials' statements on monetary policy | Neutral [17] | | China's central bank's monetary policy report | Neutral [17] | 3.3. Weekly Market Data - The basis and spread of container shipping index (European Line) futures contracts shrank this week [24]. - Global container shipping capacity continued to grow, and the shipping capacity on the European Line increased slightly. The BDI and BPI rebounded, and freight rates fluctuated slightly [29]. - The charter price of Panamax ships declined this week, and the spread between the offshore and onshore RMB against the US dollar converged [31]. 3.4. Market Outlook and Strategy - The current situation shows that although shipping companies have announced price increases for March - April, the probability of implementation is not high. The rush of exports caused by the photovoltaic tax - refund policy supports the April contract. Investors should focus on the actual implementation of the price increase announcements. Due to the high tax rate, China's exports to the US are under pressure, and the traditional peak - season effect may be weak. Investors are advised to be cautious and track relevant data [36].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - After the Spring Festival, the supply and demand of rebar will increase synchronously, with both bullish and bearish factors intertwined, and the market may move in a range. It is recommended to consider operating the RB2605 contract in the range of 3000 - 3100, paying attention to market changes and risk control. Also, it is suggested to simultaneously sell out - of - the - money call and put options [9][60] 3. Summary by Relevant Catalogs 3.1. Weekly Summary - **Market Review**: As of February 13, the price of the rebar main contract was 3055 yuan/ton (-22), and the spot price of Zhongtian rebar in Hangzhou was 3250 yuan/ton (-10). Rebar output decreased to 169.16 tons (-22.52), with a year - on - year decrease of 8.99 tons. Apparent demand dropped to 101.91 tons (-45.73), with a year - on - year increase of 37.74 tons. Total rebar inventory increased to 586.82 tons (+67.25), with a year - on - year decrease of 232.54 tons. The steel mill profitability rate was 38.53%, a decrease of 0.86 percentage points from last week and 12.12 percentage points from last year [7] - **Market Outlook**: Overseas, the US non - farm payrolls in January increased by 130,000, far exceeding market expectations, and the expectation of interest rate cuts slowed down. Trump, as the prime minister, said that reaching an agreement with Iran would be the "preferred" option. Domestically, in January, China's CPI rose 0.2% month - on - month and PPI rose 0.4% month - on - month, rising for four consecutive months. The central bank conducted 1 trillion yuan of six - month outright reverse repurchase operations on February 13, with 500 billion yuan of six - month outright reverse repurchases maturing in February, indicating a sixth consecutive month of increased roll - overs with an additional amount of 500 billion yuan. In terms of cost, affected by weather, the shipments and arrivals of Australian and Brazilian iron ore decreased, and domestic port inventories turned from increasing to decreasing. Due to the shrinking terminal demand during the Spring Festival and the fact that steel mills mainly consumed in - plant inventories after the festival, iron ore prices were weak. During the Spring Festival, more links in the coking coal and coke industry chain shut down, downstream demand weakened, and the inventory of coking coal and coke accumulated to a reasonable range, with futures prices continuing to oscillate weakly. Technically, the center of the RB2605 contract moved down, the futures price was below the 3100 mark, and the moving average combination was in a short - term arrangement; the MACD indicator showed that DIFF and DEA were moving down, and the green bar was stable [9] 3.2. Futures and Spot Market - **Futures Market**: This week, the RB2605 contract oscillated weakly and was stronger than the RB2610 contract. On the 13th, the price difference was - 40 yuan/ton, a week - on - week increase of 7 yuan/ton. On February 13, the warehouse receipt volume of rebar on the Shanghai Futures Exchange was 34,297 tons, a week - on - week increase of 2,682 tons. The net short position of the top 20 holders of the rebar futures contract was 32,781 lots, an increase of 2,064 lots from the previous week [14][21] - **Spot Market**: On February 13, the spot price of Hangzhou's third - grade 20mm HRB400 rebar was 3250 yuan/ton, a week - on - week decrease of 10 yuan/ton; the national average price was 3304 yuan/ton, a week - on - week decrease of 3 yuan/ton. This week, the spot price of rebar was stronger than the futures price. On the 13th, the basis was 195 yuan/ton, a week - on - week increase of 12 yuan/ton [27] 3.3. Upstream Market - **Raw Material Prices**: On February 13, the price of 60.8% PB fines at Qingdao Port was 803 yuan/dry ton, a week - on - week decrease of 12 yuan/dry ton. The spot price of first - grade metallurgical coke at Tianjin Port was 1610 yuan/ton, with no change from the previous week [31] - **Arrival and Inventory**: From February 2 to 8, 2026, the total arrival volume at 47 ports in China was 24.556 million tons, a decrease of 2.136 million tons from the previous period; the total arrival volume at 45 ports was 23.613 million tons, a decrease of 1.234 million tons; the total arrival volume at six northern ports was 12.64 million tons, a decrease of 0.247 million tons. This week, the total inventory of imported iron ore at 47 ports was 177.3212 million tons, a week - on - week decrease of 1.8256 million tons; the daily average port clearance volume was 3.6717 million tons, an increase of 0.959 million tons. In terms of components, the inventory of Australian ore was 80.7348 million tons, a decrease of 0.1579 million tons; the inventory of Brazilian ore was 59.2887 million tons, a decrease of 0.9956 million tons; the inventory of traded ore was 116.0593 million tons, a decrease of 1.6979 million tons [37] - **Coking Plant Situation**: This week, the capacity utilization rate of 230 independent coking enterprises was 71.97%, an increase of 0.74%; the daily average coke output was 503,700 tons, an increase of 52,000 tons; the coke inventory was 437,500 tons, a decrease of 89,000 tons; the total inventory of coking coal was 11.1809 million tons, an increase of 234,000 tons; the available days of coking coal were 16.7 days, an increase of 0.18 days [41] 3.4. Industry Situation - **Supply Side** - **Crude Steel Production**: In December 2025, China's crude steel production was 68.18 million tons, a year - on - year decrease of 10.3%. In 2025, the annual crude steel production was 960.81 million tons, a year - on - year decrease of 4.4% [45] - **Rebar Production**: On February 13, the blast furnace operating rate of 247 steel mills was 80.13%, a week - on - week increase of 0.60 percentage points and a year - on - year increase of 2.15 percentage points; the blast furnace iron - making capacity utilization rate was 86.41%, a week - on - week increase of 0.72 percentage points and a year - on - year increase of 0.81 percentage points; the daily average pig iron output was 2.3049 million tons, a week - on - week increase of 191,000 tons and a year - on - year increase of 250,000 tons. On February 12, the weekly output of rebar from 139 building material production enterprises was 1.6916 million tons, a decrease of 225,200 tons from the previous week and 89,900 tons from the same period last year [48] - **Electric Arc Furnace Steel**: On February 12, the weekly capacity utilization rate of rebar from 139 building material production enterprises was 37.08%, a decrease of 4.94% from the previous week and 1.97% from the same period last year. This week, the average operating rate of 94 independent electric arc furnace steel mills was 28.26%, a week - on - week decrease of 29.07 percentage points and a year - on - year increase of 8.48 percentage points. Except for the Northeast and Northwest regions which remained flat, other regions decreased significantly [51] - **Rebar Inventory**: On February 12, the in - plant inventory of rebar from 137 building material production enterprises was 1.6359 million tons, a week - on - week increase of 99,400 tons and a year - on - year decrease of 737,000 tons. The inventory of building steel in 35 major cities was 4.2323 million tons, a week - on - week increase of 573,100 tons and a year - on - year decrease of 1.5884 million tons. The total rebar inventory was 5.8682 million tons, a week - on - week increase of 672,500 tons and a year - on - year decrease of 2.3254 million tons [54] - **Demand Side**: In 2025, the national real estate development investment was 827.88 billion yuan, a year - on - year decrease of 17.2%. The floor area under construction of real estate development enterprises was 6.5989 billion square meters, a year - on - year decrease of 10.0%. The new construction area was 587.7 million square meters, a decrease of 20.4%. The completed area was 603.48 million square meters, a decrease of 18.1%. From January to December 2025, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% year - on - year. Among them, pipeline transportation investment increased by 36.0%, multimodal transport and transport agency investment increased by 22.9%, and water transport investment increased by 7.7% [57] 3.5. Options Market - **Options Strategy**: After the Spring Festival, the supply and demand of rebar will increase synchronously, with both bullish and bearish factors intertwined, and the market may move in a range. It is recommended to simultaneously sell out - of - the - money call and put options [60]

瑞达期货研究院 「2026.2.13」 宏观市场周报 关 注 我 们 获 取 更 多 资 讯 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 业务咨询 添加客服 目录 1、本周小结及下周 配置建议 2、重要新闻及事件 3、本周国内外经济 数据 4、下周重要经济指 标及经济大事 「本周小结及下周配置建议」 作者：廖宏斌 | 股票 | | 债券 | | | --- | --- | --- | --- | | | 沪深 300 +0.36% | | 10 年国债到期收益率-0.01%/本周变动-0.02BP | | | 沪深 300 股指期货 -0.63% | | 主力 10 年期国债期货 +0.08% | | | 本周点评：A股主要指数本周集体上涨，科创50涨幅最 | | 本周点评：本周国债期货多数走强，TS主力合约下跌 | | | 大超3%。四期指表现分化，中小盘股强于大盘蓝筹股， | | 0.01%，TF、T、TL主力合约分别上涨0.03%、0.08%、 | | | 从涨幅看IM>IC>IF>IH。本周为春节假期前最后一个 | | 0.24%。节前央行加大流动性投放对冲资金压力；1月 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the live hog price fluctuated and closed down, with the main contract 2605 down 1.08% for the week [8][12]. - After the Spring Festival, the supply and demand of live hogs are both weak in the initial stage. The price fluctuation range may be relatively limited. Considering that the supply will gradually recover in the future, the loose supply and demand will put pressure on the price. It is expected that the live hog price will fluctuate slightly weaker [8]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - **Market Review**: The live hog price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [8][12]. - **Market Outlook**: After the festival, the slaughter rhythm of the breeding end will gradually resume. The short - term supply pressure is limited. The supply in the next two months is relatively sufficient. Attention should be paid to the second - fattening market. The demand turns from strong to weak after the festival. Overall, the supply and demand are weak at the beginning after the festival, and the live hog price is expected to fluctuate slightly weaker [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Movement**: The futures price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [12]. - **Net Position and Warehouse Receipts**: As of February 13, the net short position of the top 20 holders of live hog futures decreased by 884 lots compared with last week, and the number of live hog futures warehouse receipts was 1027, an increase of 300 lots compared with the previous week [18]. - **Contract Spreads**: The spread between lh2605 and lh2607 contracts is - 720, and the spread between lh2605 and lh2609 contracts is - 1640 [23]. 3.2.2. Spot Market - **Base Difference**: The basis of the live hog March contract this week was 1660 yuan/ton, and the basis of the May contract was 900 yuan/ton [28]. - **Live Hog and Piglet Prices**: The national average price of live hogs this week was 11.62 yuan/kg, a decrease of 0.88 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 29.24 yuan/kg, the same as last week [38]. - **Pork and Sows Prices**: On February 12, the national average market price of pork was 18.07 yuan/kg, a decrease of 0.41 yuan/kg compared with the previous week. The average market price of binary sows was 32.47 yuan/kg, the same as the previous week [44]. - **Pig - grain Ratio**: As of the week of February 4, 2026, the pig - grain ratio was 5.68, a decrease of 0.08 compared with the previous week [48]. 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In December 2025, the official inventory of reproductive sows was 39.61 million. According to Mysteel data, in January 2026, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.02% month - on - month, while that in 85 small and medium - sized farms decreased by 0.36% month - on - month [50][54]. - **Live Hog Inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a 1.6% decrease month - on - month and a 0.5% increase year - on - year. In January 2026, the inventory of commercial pigs in 123 large - scale farms decreased by 0.70% month - on - month, while that in 85 small and medium - sized farms decreased by 0.02% month - on - month [56][59]. - **Slaughter Volume and Average Weight**: In January 2026, the slaughter volume of commercial pigs in 123 large - scale farms decreased by 3.27% month - on - month, and that in 85 small and medium - sized farms decreased by 0.71% month - on - month. The average slaughter weight of live hogs this week was 122.89 kg, a decrease of 0.37 kg compared with last week [61][64]. 3.3.2. Industry Profit - **Livestock and Poultry Breeding Profits**: As of February 13, the profit of purchasing piglets for breeding was 53.1 yuan/head, a decrease of 38.32 yuan/head; the profit of self - breeding and self - raising live hogs was - 98.32 yuan/head, a decrease of 60.23 yuan/head. The profit of laying hens was - 0.09 yuan/hen, a decrease of 0.11 yuan/hen week - on - week, and the profit of 817 meat - hybrid chickens was - 0.84 yuan/chicken, a decrease of 1.05 yuan/chicken week - on - week [69]. 3.3.3. Other Industry Aspects - **Pork Imports**: In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the imports were 980,000 tons, a year - on - year decrease of 8.41% [75]. - **Substitute Products**: As of the week of February 13, the price of white - striped chickens was 14 yuan/kg, the same as last week. As of the week of February 12, the average price difference between standard and fat pigs in the country was - 1.12 yuan/kg, an increase of 0.03 yuan/kg compared with last week [79]. - **Feed Situation**: As of February 13, the spot price of soybean meal was 3167.71 yuan/ton, an increase of 8.57 yuan/ton compared with the previous week; the spot price of corn was 2372.16 yuan/ton, an increase of 3.73 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange's live hog feed cost index was 924.22, and the average market price of live hog feed was 2.67 yuan/kg, the same as last week. In December 2025, the monthly feed output was 30.086 million tons, an increase of 307,000 tons month - on - month. In January 2026, the sales of piglet feed decreased by 0.19% month - on - month and increased by 0.92% year - on - year [86][90][96]. - **CPI**: As of January 2026, China's CPI increased by 0.2% year - on - year [102]. 3.3.4. Downstream - **Slaughter Enterprises**: In the 7th week of 2026, the operating rate of slaughter enterprises was 45.97%, an increase of 7.48 percentage points compared with last week and an increase of 25.56 percentage points year - on - year. The fresh - sales ratio of key domestic slaughter enterprises was 88.55%, an increase of 0.37% compared with last week, and the frozen - product storage rate was 17.00%, the same as last week [106]. - **Slaughter Volume and Catering Consumption**: As of December 2025, the slaughter volume of designated live hog slaughtering enterprises was 48.91 million, an increase of 17.52% month - on - month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [112]. 3.3.5. Live Hog - related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis of the stocks is provided [114][116]

瑞达期货研究院 「2026.02.13」 沪铜市场周报 供给收敛预期向好，铜价或将有所支撑 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线先涨后跌，周线涨跌幅为+0.28%，振幅4.33%。截止本周主力合约收盘报价100380元/吨。 后市展望：国际方面，美国非农报告，美国1月季调后非农就业人口增加13万人，大超市场预期，创2025年4月以来最大 增幅；失业率意外降至4.3%，创2025年8月以来新低。非农公布后，市场下调美联储降息预期。国内方面，国家统计局公 布数据显示，1月份，我国CPI环比上涨0.2%，同比上涨0.2%，核心CPI同比上涨0.8%；PPI环比上涨0.4%，连续4个月上 涨，涨幅比上月扩大0.2个百分点，同比则下降1.4%，降幅比上月收窄0.5个百分点。基本面原料端，铜精矿TC现货指数继 续下行，矿紧预期仍为铜价提供稳固支撑。供给端，假期临近冶炼厂逐步放假停产，加之进口窗口的收紧，到货 ...

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 1.73%. The 36 sample physical inventories decreased by 0.30% week - on - week and increased by 12.90% year - on - year. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the actual digestion capacity during the Spring Festival and the start rhythm and intensity of downstream replenishment after the festival [10]. - The 2025/26 jujube production season is expected to see a decline in output [46]. - In December 2025, China's jujube export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 decreased by 3.58% year - on - year [49]. 3. Summary by Directory 3.1 Week - by - Week Highlights Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.73% [10]. - **Market Outlook**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the Spring Festival digestion capacity and post - festival downstream replenishment [10]. - **Future Trading Tips**: Pay attention to spot prices and the consumer side [10]. 3.2 Futures and Spot Markets - **Price Trend**: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.73% [14]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 14,493 lots [17]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,766 [21]. - **Futures Spread**: As of this week, the spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 195 yuan/ton [24]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 335 yuan/ton [27]. - **Purchase Price in Main Producing Areas**: As of February 13, 2026, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [30]. - **First - Grade Jujube Spot Price**: As of February 13, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [34]. - **Super - Grade Jujube Spot Price**: As of February 13, 2026, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.18 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [38]. 3.3 Industry Situation - **Supply Side - Inventory**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase [42]. - **Supply Side - Production Decline Possibility**: The 2025/26 jujube production season is expected to see a decline in output [46]. - **Demand Side - Export Volume**: In December 2025, China's jujube export volume was 5,071,577 kg, with an export value of 79,876,362 yuan and an average export price of 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 was 34,362,765 kg, a 3.58% year - on - year decrease [49]. - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [54]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: Information about this week's implied volatility of at - the - money jujube options is presented in a chart, but no specific numerical data is given [55]. - **Stock Market - Haoxiangni**: A chart shows the price - to - earnings ratio of Haoxiangni, but no specific analysis is provided [57].

瑞达期货研究院 「2026.02.13」 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2605合约价格微跌，周度跌幅约0.33%。 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 行情展望：巴西航运机构Williams发布的数据显示，截至2月11日当周巴西港口等 待装运食糖的船只数量为53艘，此前一周为49艘。港口等待装运的食糖数量为183 万吨，此前一周156.44万吨增加16.98%。当周等待装运出口的食糖船只数量小幅 增加。当前全球供应过剩预期继续发酵，原糖价格继续下行。虽然外盘糖价持续创 新低，但进口许可发放前，预计短期进口实际兑现有限，国内外关联度有所趋弱。 国内临近春节放假，市场情绪相对谨慎，现货价格持稳，放假在即，注意持仓风险。 未来关注因素： 1、国内进口 2、需求 3 「 期现市场情况」 本周美糖市场 图1、ICE美糖主力合约价格与CFTC原糖净持仓走势 图2、CFTC美糖非商业净持仓情况 来源：wind 瑞达期货研究院 本周美 ...

瑞达期货研究院 「2026.02.13」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 行情展望：据美国农业部(USDA)报告显示，2月5日止当周，2025/26年度美国陆地 棉出口销售净增23.1万包，较前周减少8%，较前四周均值减少23%。2025/26年度 美国陆地棉出口装运量18.86万包，较前周减少20%，较前四周平均水平减少10%。 当周美国棉花出口签约量、装运量双双减少。国内市场：当前国产棉、进口棉等供 应充足，外棉入库明显增加，临近春节放假，下游备货减少。据Mysteel调研显示， 截至2月12日，进口棉主要港口库存周环比增加3.16%，总库存53.22万吨。内地纺 企普遍停机放假，发运基本暂停，疆内开机基本稳定，库存增加明显。不过市场普 遍存在植棉面积调减预期，对棉价形成有力支撑。考虑到当前长假在即，短期暂且 观望为主。 未来交易提示： 1、关注外棉价格变化2、需求3、库存情况 3 「 期现市场情况」 美棉市场 图 ...

瑞达期货研究院 「2026.02.13」 菜籽类市场周报 美豆上涨提振 菜粕价格有所上涨 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 菜油： 3 Ø 行情回顾：本周菜油期货震荡收跌，05合约收盘价9038元/吨，较前一周-106元/吨。 Ø 行情展望：加拿大统计局发布的库存报告显示，截至2025年12月31日，油菜籽库存为1560万吨， 同比增长18.8%，牵制其市场价格。不过，中加贸易关系缓和预期较高，提振加菜籽出口预期， 且欧盟计划2030年前逐步淘汰豆棕油生物燃料，仅菜油计入配额，支撑菜籽市场。其它方面，美 国最新生物燃料税收抵免政策，边际利好美豆油消费，不过，马棕降库预期兑现后，本月出口数 据下滑，拖累棕榈油市场。国内方面，现阶段菜油维持去库模式，对其价格形成支撑，菜油基差 维持高位。不过，澳菜籽已投入压榨，供应端压力逐步增加，且当下市场预 ...