性及完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标 财务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况,推 投资,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任 险,入市需谨慎。 投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/26 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/24 | 2026/2/25 | 变动值 | | | PTA现货价格 | 5130 | 5285 | 155 | | | MEG内盘价格 | 3648 | 3670 | 22 | 现货资讯: | | | | | | 短纤:短纤主力期货跌66至6722。现货市场:涤 | | PTA收盘价 | 5352 | 5312 | -40 | 纶短纤生产工厂价格稳中有涨,贸易 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the holiday, A-shares are likely to have a restorative rebound. Asset shortage and weak economy are beneficial to bond futures, but the central bank has indicated interest rate risks in the short term. The macro situation during the holiday is favorable for the market, and the prices of various commodities have different trends [1]. 3. Summary by Related Catalogs Macro Finance - **Stock Index**: Before the holiday, the A-share market adjusted significantly due to the rise of risk aversion. During the holiday, the Hong Kong stock market rebounded, and technology sectors such as AI and robotics attracted wide attention. It is expected that A-shares will have a restorative rebound after the holiday [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has indicated interest rate risks in the short term. Attention should be paid to the interest rate decision of the Bank of Japan [1]. Non-ferrous Metals - **Copper**: The macro situation during the holiday is favorable for the market, and the copper price may fluctuate strongly in the short term [1]. - **Aluminum**: The macro situation is mixed, and the aluminum price will fluctuate in the short term. The operating capacity of domestic alumina has decreased, and there are disturbances in the supply of a large alumina enterprise in North China. Attention should be paid to the opportunity of going long at a low price [1]. - **Zinc**: The negotiation between the United States and Iran has reached a deadlock, which has led to concerns about the supply of Iranian zinc mines and supported the zinc price in the short term. Attention should be paid to the resumption of production of downstream enterprises after the holiday [1]. - **Nickel**: The LME nickel price rose slightly during the holiday. Although the tailings landslide in the Indonesian QMB project has limited actual impact, there are still concerns about nickel ore supply. The nickel price will fluctuate strongly in the short term and is still affected by the resonance of the non-ferrous metal sector. Attention should be paid to changes in Indonesian policies and macro sentiment. In the long term, the high global nickel inventory may still have a suppressing effect. It is recommended to pay attention to the opportunity of going long at a low price and control risks [1]. - **Stainless Steel**: The raw material nickel-iron price remains firm, the spot transaction of stainless steel is weak, the social inventory has increased slightly, and the steel mills' maintenance and production reduction have increased in February. The stainless steel futures will fluctuate strongly. Attention should be paid to the demand recovery after the holiday. It is recommended to go long at a low price in the short term and control risks [1]. - **Tin**: The uncertainty of recent macro events is relatively large. Under the influence of US tariffs and geopolitics, the short-term volatility of the tin price may increase. Although the long-term trend of the tin price remains unchanged, investors are advised to pay attention to risk management and profit protection in the short term [1]. - **Precious Metals**: The judgment of the Supreme Court that the "IEEPA tariff" is illegal and Trump's new tariff policy have intensified market concerns about uncertainty. Coupled with the escalation of the geopolitical tension between the United States and Iran, the demand for hedging has supported the price of precious metals. The macro situation is favorable for platinum, and the balance expectation of palladium may improve, which may further support the palladium price in the short term [1]. Agricultural Products - **Palm Oil**: The data of Malaysian palm oil from February 1 to 20 showed a double decline in production and exports. The Malaysian palm oil market rebounded and then faced pressure during the holiday and is expected to fluctuate [1]. - **Soybean Oil**: The US soybean oil has risen under the influence of biodiesel and crude oil prices. The domestic soybean oil may open higher but lacks new driving forces for the time being. It is recommended to wait and see [1]. - **Rapeseed**: The ICE rapeseed rose slightly during the holiday and may be affected by US biodiesel and potential domestic import demand. Attention should be paid to the release of the EPA biodiesel policy and the anti-dumping arbitration announcement of Canadian rapeseed in China [1]. - **Cotton**: The domestic new cotton crop has a strong expectation of a bumper harvest, and the purchase price of seed cotton supports the cost of lint cotton. The downstream startup rate remains low, but the inventory of spinning mills is not high, and there is a rigid demand for replenishment. The cotton market is currently in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding direct subsidy prices and cotton planting areas, the intention of cotton planting areas next year, weather during the planting period, and the peak demand season from March to April [1]. - **Sugar**: The global sugar market is in surplus, and the domestic new sugar supply is increasing. The short-selling consensus is relatively consistent. If the price continues to fall, there will be strong cost support below, but the short-term fundamentals lack continuous driving forces. Attention should be paid to changes in the capital market [1]. - **Corn**: After the holiday, attention should be paid to the selling pressure of on-the-ground grain in the production areas. However, the quality of Northeast grain is relatively dry this year, and the selling pressure is expected to be limited under the support of the rigid replenishment demand of the middle and lower reaches. In addition, attention should be paid to the release of policy grain and the implementation of import restrictions after the holiday. The overall expectation is to maintain range fluctuations [1]. - **Soybean Meal**: The US tariff policy has changed during the holiday, but the external market fluctuated little, which has limited guidance for the domestic soybean meal market. The Brazilian soybean premium has declined, and the soybean meal market is expected to fluctuate. Attention should be paid to Sino-US trade dynamics and Brazilian selling pressure in the near future [1]. - **Coniferous Pulp**: There is no obvious positive news for coniferous pulp during the Spring Festival. The previous positive factors on the supply side have basically faded. It is expected to fluctuate in the range of 5200 - 5400 in the short term. Attention should be paid to the port inventory after the holiday [1]. - **Log**: The spot price of logs has risen, the log arrivals in February have decreased, and the external quotation is expected to rise. The futures market has an upward driving force [1]. Energy and Chemicals - **Fuel Oil**: OPEC+ has suspended production increases until the end of 2026, the Middle East geopolitical situation is still uncertain, and the sentiment in the commodity market has cooled down. The short-term supply-demand contradiction is not prominent, and it follows the trend of crude oil [1]. - **Asphalt**: The raw material cost has strong support, the sentiment in the commodity market is changeable, the risk appetite of funds has decreased, the downstream demand has weakened before the holiday, and the basis difference has expanded to the high level of the same period [1]. - **Butadiene**: The cost end of butadiene has strong support, the overseas cracking device capacity has been cleared, which is beneficial to the long-term domestic butadiene export expectation. The profit of private cis-butadiene plants has remained in a loss state recently, and the expectation of maintenance and load reduction has increased. The downstream negative feedback has been gradually realized. The butadiene market is in a state of destocking, and the high inventory of cis-butadiene is still a potential negative factor. Attention should be paid to the inventory reduction of cis-butadiene before the Spring Festival and the trading performance of the butadiene market. The short-term market is expected to fluctuate widely, and the BR still has an upward expectation in the long term [1]. - **PX**: The PX-mixed xylene price difference has narrowed to $150, which is still enough to support PX manufacturers to purchase mixed xylene as raw materials. PX maintains fundamental resilience during the high-level correction, and there are still risks of crude oil prices due to the Iranian geopolitical risk. The downstream PTA industry continues to be strong, and the domestic PTA output in January is expected to reach a new high, and there is no plan to reduce production during the Spring Festival, and there is no new PTA production capacity throughout the year [1]. - **Ethylene**: The production profit rate of naphtha cracking has declined due to the rise in raw material prices. The price difference between ethylene and naphtha has reached $83. Several Korean ethylene producers plan to maintain the operating rate of their cracking devices in February. The ethylene glycol price is waiting at a low level [1]. - **Styrene**: The high inventory of pure benzene has weak import demand, and the price difference between the United States and Asia is $88, which is not enough to open the arbitrage window. The Asian styrene price and economic situation have recovered, mainly driven by supply tightening, unexpected shutdowns in the Middle East, surging export demand, and rising cost ends. The continuous strong export, short-term supply gap caused by domestic maintenance, and speculative buying driven by chemical futures support the firmness of the spot price [1]. - **Methanol**: Methanol is generally affected by the Iranian situation, and the future import is expected to decrease, but the downstream negative feedback is obvious. The leading MTO device has stopped, and some enterprises have reduced production, but the Fude plant restarted on January 25. The Iranian situation has eased, but the risk cannot be completely ruled out. The freight has risen due to the cold air in the inland area, and the inventory pressure of enterprises in the northwest has increased, and they have reduced prices to sell goods [1]. - **PVC**: In 2026, there will be less global production, and the differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. The future expectation is relatively optimistic, but the current fundamentals are poor, and the export rush has slowed down stage by stage [1]. - **LPG**: The CP price in February has risen, and the purchase in March is still relatively tight. The Middle East geopolitical conflict has cooled down, and the short-term risk premium has declined. The driving logic of the overseas cold wave has gradually slowed down, and the market expectation is weakening. It is expected that the basis will gradually expand. The domestic PDH operating rate has declined, and the profit is expected to recover seasonally. The short-term demand side of LPG is bearish, which suppresses the upward movement of the market. The port inventory has been continuously decreasing, but the domestic civil gas is relatively sufficient, showing a divergence between propane and PG [1]. Shipping - **Container Shipping**: The freight rate peaked and fell before the holiday. Airlines are still cautious about tentative resume flights. Airlines are expected to have a strong willingness to stop the decline and raise prices after the off-season in March [1].

投资咨询业务资格：证监许可【2012】31号 IICEஐ斯货 航运衍生品数据日报 论 150天。对中国输美商品而言,整体关税较此前下降5%。原有最惠国关税、301/232关税、反税股权补贴关税均保留 。目前美国海关仍在制定实施细则，美方还将启动更多232条款决定与301条款调查，关税政策仍存在极大不确定性 策略:短期做空性价比降低,关注低位做多06和反弹逢高做空淡季10。 免责 声明 本报告中的信息均源于公开可获得的资料， 国贸期货力求准确可靠，但不对上述信息的准确性及完整性做任何保证。 本报告不构成个人投资建议,也未针对个别投资者带殊的投资目标、财务状况或需要,投资者需自行判断本报告中的任何意见 或建议是否符合其特定状况，据此投资，责任自负。 本报告仅向特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为场构成对国贸期货的侵权，我 司将视情况追究法律责任。 ITC 国贸期货 世界500强投资企业 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/24 | | 运价指数 | 上海 ...

投资咨询业务资格:证监许可【2012】31号 数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号:Z0021658 从业资格号: F03110419 2026/2/24 | 指标 | | 2月13日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | == ===== 19/20 | ===== 17/18 | ===== 18/19 | | | == | | | 大连 | 400 | -10 | 2500 | ===== 21/22 - 24/25 | == | ==== 23/24 | | | -25/26 | | 43%豆粕现货基差 | | | | 2000 1000 | | | | | | | | | 天津 | 380 | -10 | 1500 | | | | | | | | | 日照 | 280 | -10 | | | | | | | | | | 张家港 | 280 | -10 | -500 | | | | | | ...

宏观金融数据日报 国贸期货研究院 宏观金融研究中心 郑雨婷 期货执业证号:F3074875: 投资咨询证号: Z0017779 投资咨询业务资格:证监许可【2012】31号 【C 国贸易所得 2026/2/24 | | 品种 | 收盘价 | 较前值变动 | 品种 | 收盘价 | 较前值变动 | | --- | --- | --- | --- | --- | --- | --- | | | | | (bp) | | | (bp) | | | DRO01 | 1.31 | 4.76 | DR007 | 1.32 | -10.48 | | ह | GC001 | 1.47 | 19.50 | GC007 | 1.48 | 8.50 | | ਜ | SHBOR 3M | 1.58 | 0.10 | LPR 5年 | 3.50 | 0.00 | | 市 | 1年期国债 | 1.31 | 0.05 | 5年期国债 | 1.54 | 0.53 | | 场 | 10年期国债 | 1.80 | 0.81 | 10年期美债 | 4.08 | 0.00 | | | | | 同區。 共前一国市公共工主持工展了1652人亿元进同防辐作 ...

投资咨询业务资格:证监许可【2012】31号 免 责 声 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性做任何 张证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要,投资者需自行 断本报告中的任何意见或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客户推 授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货 期市有风险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货股份有限公司 成为一流的衍生品综合服务商 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2026/2/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2026/2/12 | 2026/2/13 | 变动值 | 行情综述 | | | INE原油(元/桶) | 476.8 | 460. 7 | -16. 10 | 成交情况: P ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, the market needs to digest Trump's new tariff policy and the escalating US - Iran tensions. Precious metal prices are expected to remain strong. In the long - run, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization process, the allocation demand from global central banks, institutions, and residents is likely to continue, and the price of precious metals has upward potential. Long - term strategies suggest buying on dips [6] 3. Summary by Relevant Catalog 3.1 Price Tracking - As of February 23, 2026, London spot gold was at $5148.11/ounce, up 3.8% from February 13, 2026; London spot silver was at $86.45/ounce, up 12.1% [5]. - COMEX gold was at $5169.80/ounce, up 3.8% from February 13; COMEX silver was at $86.33/ounce, up 12.2% [5]. - The COMEX gold - silver ratio on February 23, 2026, was 59.89, down 7.5% from February 13 [5]. 3.2 Position Data - As of February 20, 2026, the gold ETF - SPDR was at 1078.75 tons, unchanged from February 19; the silver ETF - SLV was at 15517.60503 tons, down 0.19% [5]. - COMEX gold non - commercial long positions were 213432 contracts, up 0.29% from February 19; non - commercial short positions were 53517 contracts, up 1.37% [5]. - COMEX silver non - commercial long positions were 36626 contracts, down 0.09% from February 19; non - commercial short positions were 12623 contracts, down 7.89% [5]. 3.3 Inventory Data - As of February 20, 2026, COMEX gold inventory was 33920235 troy ounces, down 0.51% from February 19; COMEX silver inventory was 366257039 troy ounces, down 0.32% [5]. 3.4 Interest Rate/Foreign Exchange/Stock Market - As of February 20, 2026, the US dollar index was 97.74, down 0.10% from February 19; the 2 - year US Treasury yield was 3.48%, up 0.29%; the 10 - year US Treasury yield was 4.08%, unchanged [5]. - The VIX was 19.09, down 5.64% from February 19; the S&P 500 was 6909.51, up 0.69%; NYMEX crude oil was $66.31, down 0.54% [5]. 3.5 Market Review and Influencing Factors - As of 16:00 on February 23, London spot gold was at $5148.108/ounce, up about 3.77% during the Spring Festival holiday; London spot silver was at $86.452/ounce, up about 12.08% [5][6]. - During the Spring Festival, overseas precious metals first declined then rose. Initially, factors such as the US - Iran negotiations reducing risk - aversion demand, the Fed's January meeting minutes showing increased divergence, and the rebound of the US dollar index weakened precious metal prices. Later, poor US economic data increased the expectation of interest rate cuts, the US Supreme Court ruling the IEEPA BCY public tax illegal, Trump's new tariff policy, the US - Iran negotiation deadlock, and the increasing possibility of US military action against Iran boosted risk - aversion demand and strengthened precious metal prices [6]

利润估算 种类 外购锂辉石精矿现金成本 145499 H 利 # 江 外购锂辉石精矿利润 -3706 142147 外购锂云母精矿现金成本 外购锂云母精矿利润 -3742 行业 中国汽车工业协会发布的最新数据显示，2026年1月份新能源汽车市场平稳运行，产销分别完成104.1万辆和94.5万辆，同比分别: 1月份,新能源汽车出口保持高速增长,出口30.2万辆,同比增长1倍。 主要 本面上，2月受春节影响，供需双减，预计3月份将供需双增。短期内下游节前备货需求基本完成，节前行情或趋于平淡，在13-15万区间内震 季度末的电池抢出口需求,节前控制风险为主 xili 责 免 告中的信息均源于公开可获得的资料、国贸期货力求准确可靠,但不对上达信息的准确性及完整性做任何保证。本报告不拘成个人投资建议 对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资，责任自负。本报告仅向 f持定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。 ElE ITC 国贸期货 世界500强投资 国贸期货股份有限公 ...

ITG 国贸期货 性及完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标 财务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况,拥 投资,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。 险,入市需谨慎。 投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/24 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/12 | 2026/2/13 | 变动值 | | | PTA现货价格 | 5205 | 5130 | -75 | | | MEG内盘价格 | 3639 | 3588 | -51 | 现货资讯: | | | | | | 短纤:涤纶短纤生产工厂价格稳定,贸易商价格 | | PTA收盘价 | 5220 | 5204 | -16 | 僵持,春节将至, ...

| | | | | | | | 半色 会 康 好 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2026/02/24 | 国贸期货出品 TG 国贸期货 | | | | | | | | | | | | 投资咨询业务资格:证监许可[2012] 31号 | | | | | | | | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | | | | | | | | | 张宝慧 | F0286636 | Z0010820 | | | | | | | | | | 黄志鸿 | F3051824 | Z0015761 | | | | | | | | | | 董子勖 | F03094002 | Z0020036 | | | | | | | | | | 薛夏泽 | F03117750 | Z0022680 | | | | 远月合约收盘价 | RB2610 | HC2610 | 12609 | J2609 | JM2609 | 6000 | | | | | | (元/吨) ...