新能源及有色金属日报 | 2026-02-11 市场冷清，行情震荡整理 镍品种 市场分析 2026-02-10日沪镍主力合约2603开于134520元/吨，收于133350元/吨，较前一交易日收盘变化-0.19%，当日成交量 为281436（-135669）手，持仓量为80242（-3734）手。 期货方面：昨日沪镍主力合约高开后震荡下行，整体呈窄幅偏弱震荡格局。宏观方面，美元指数低位震荡反弹， 美债收益率上行，压制大宗商品风险偏好。临近春节假期，资金获利了结、主动减仓避险，流动性收紧，放大震 荡。基本面方面，不锈钢、新能源等下游企业陆续停工，刚需收缩，备货进入尾声。上期所仓单持续增加，供应 宽松压制价格。 镍矿方面：Mysteel方面消息，日内镍矿市场价格延续涨势，但市场交投清淡，买卖双方心理价差显著。菲律宾矿 山端报价维持坚挺，印尼市场则平稳运行，执行现有价格体系，整体市场缺乏新的重大消息指引。中国市场僵局 持续，面对持续上涨的矿价，下游工厂接受度极低，买卖价差巨大。以1.5%品位为例，卖方报盘高达68美元/湿吨， 而工厂普遍心理价位仅在63美元/湿吨左右。市场偶有基于长协或特定条件的成交，但难以反映广泛 ...

国债期货日报 | 2026-02-11 财政：（3）财政：2025年全年财政收支整体未达预期，收入受税收走弱与非税高基数拖累，全年一般公共预算收 入同比下降1.7%；支出节奏前置，年末力度减弱，全年完成度偏低。结构上呈现分化特征，民生支出总体稳定， 基建类支出占比下降，土地财政收入持续疲软。展望2026年，财政政策预计延续积极，强调"总量增加、结构更优"， 支出力度有望加强，节奏继续前置，对稳增长形成支撑。（4）金融：2025年前12个月份社会融资规模增量累计为 35.6万亿元，比去年同期3.34万亿：12月末，M2余额340.29万亿，同比+8.5%；M1余额115.51万亿，同比+3.8%。 12月末人民币贷款余额同比+6.2%，存款余额同比+8.7%。信贷方面居民与企业融资明显分化，居民贷款减少反映 内生需求仍弱，企业贷款则同比多增，体现政策支持效果逐步显现。（5）央行：2026-02-10，央行以固定利率1.4%、 数量招标方式开展了3114亿元7天的逆回购操作。（6）货币市场：主要期限回购利率1D、7D、14D和1M分别为1.362%、 1.531%、1.604% 和1.551%，回购利率近期回落。 ...

新能源及有色金属日报 | 2026-02-11 市场成交仍明显偏淡 铅价反弹或难持续 现货方面：2026-02-10，LME铅现货升水为-49.30美元/吨。SMM1#铅锭现货价较前一交易日变化100元/吨至16525 元/吨，SMM上海铅现货升贴水较前一交易日变化 -25元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化100元 /吨至16575元/吨，SMM河南铅现货较前一交易日变化150元/吨至16550元/吨，SMM天津铅现货升贴水较前一交易 日变化125元/吨至16600元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化-25 元/吨至9875元/吨，废白壳较前一交易日变化0元/吨至9975元/吨，废黑壳较前一交易日变化0元/吨至10200元/吨。 期货方面：2026-02-10，沪铅主力合约开于16665元/吨，收于16665元/吨，较前一交易日变化80元/吨，全天交易日 成交58100手，较前一交易日变化8455手，全天交易日持仓42295手，手较前一交易日变化-8010手，日内价格震荡， 最高点达到16805元/吨，最低点达到16560元/吨。夜盘方面 ...

Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] Report's Core View - The market has entered a pre - holiday state with stable spot discounts, low absolute price fluctuations, and few spot market transactions. Downstream开工 has significantly declined, but the seasonal performance is in sync with previous years without additional negative impacts. The supply pressure is not high, and although social inventory has entered the accumulation cycle, the absolute inventory value is not high. After the Fed Chairman's expected trading ended, the risk of a decline in the absolute zinc price has been released, and the depth of the off - season correction may be limited. The long - term expectations for consumption and the macro - economy are still positive, and it is mainly about risk avoidance in the short term before the long holiday [4] Summary of Related Contents by Directory Important Data Spot - LME zinc spot premium is -$23.73 per ton. SMM Shanghai zinc spot price decreased by 200 yuan/ton to 24,460 yuan/ton, with a spot premium of - 35 yuan/ton; SMM Guangdong zinc spot price dropped by 200 yuan/ton to 24,440 yuan/ton, with a spot premium of - 55 yuan/ton; Tianjin zinc spot price fell by 200 yuan/ton to 24,410 yuan/ton, with a spot premium of - 85 yuan/ton [1] Futures - On February 10, 2026, the main SHFE zinc contract opened at 24,465 yuan/ton, closed at 24,455 yuan/ton, down 130 yuan/ton from the previous trading day. The trading volume was 93,513 lots, and the open interest was 60,049 lots. The highest price was 24,555 yuan/ton, and the lowest was 24,330 yuan/ton [2] Inventory - As of February 10, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 148,500 tons, a change of 14,500 tons from the previous period. LME zinc inventory was 106,750 tons, with a change of - 175 tons from the previous trading day [3]

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][4] 2. Core Views - For soybeans, the futures market showed an increase in positions and prices. As the Spring Festival approaches, the spot market has become quiet with limited trading, presenting a situation of weak supply and demand. Most market participants are waiting to see the post - holiday trend [1][2] - For peanuts, the futures market had a narrow - range fluctuation. The market has limited arrivals, and processing enterprises are on holiday. The oil mills' purchase prices are stable but they are gradually stopping purchases and operations. It is expected that peanut prices will remain stable before the Spring Festival [3] 3. Summary by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the Douyi 2605 contract was 4499.00 yuan/ton, up 112.00 yuan/ton or 2.55% from the previous day [1] - **Spot**: The basis of edible soybeans was A05 + 101, down 112 or 32.14% from the previous day. Northeast soybean prices remained stable, and the pre - Spring Festival stocking was basically over [1] Peanut Market Analysis - **Futures**: The closing price of the peanut 2603 contract was 8044.00 yuan/ton, unchanged from the previous day [3] - **Spot**: The average spot price of peanuts was 8018.00 yuan/ton, down 1049.00 yuan/ton or 11.57% month - on - month. The basis was PK03 - 1244.00, unchanged from the previous day. The overall peanut price was basically stable, and oil mills' purchase prices were also stable but with limited arrivals [3]

果蔬品日报 | 2026-02-11 苹果节前备货时间不多，红枣收购客商增加 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9500元/吨，较前一日变动-17元/吨，幅度-0.18%。现货方面，山东栖霞80# 一二 级晚富士价格4.00元/斤，较前一日变动+0.00元/斤，现货基差AP05-1500，较前一日变动+17；陕西洛川70# 以上半 商品晚富士价格4.20元/斤，较前一日变动+0.00元/斤，现货基差AP05-1100，较前一日变动+17。 近期市场资讯，产区节前交易陆续收尾，库内包装发货逐渐减少。目前产地剩余待发货源打包发货为主，主产区 果农货调货有限。目前陕西果农货成交以少量两极货源为主，仍以客商发自存货源为主；甘肃静庄秦产区多以打 包客商货源发货为主，庆阳产区交易有所好转。山东产区成交一般，礼盒发运陆续收尾，少量75#货源、三级货源 出库为主。栖霞80#一二级片红果农货3.2-4.5元/斤，80#统货2.5-3元/斤附近。陕西洛川产区果农统货出库价格3.5-4.0 元/斤，半商品出库价格4.0-4.3元/斤。甘肃产区静宁果农半商品5-6元/斤，果农一般通货出库价格3.7-5元 ...

尿素日报 | 2026-02-11 春节收单接近尾声 市场分析 价格与基差：2026-02-10，尿素主力收盘1785元/吨（-3）；河南小颗粒出厂价报价：1800 元/吨（0）；山东地区小 颗粒报价：1800元/吨（+10）；江苏地区小颗粒报价：1810元/吨（+10）；小块无烟煤800元/吨（+0），山东基差： 15元/吨（+13）；河南基差：15元/吨（+13）；江苏基差：25元/吨（+13）；尿素生产利润235元/吨（+10），出口利 润1063元/吨（-17）。 供应端：截至2026-02-10，企业产能利用率89.14%（0.08%）。样本企业总库存量为91.85 万吨（-2.64），港口样本 库存量为16.50 万吨（+2.10）。 需求端：截至2026-02-10，复合肥产能利用率32.46%（-9.33%）；三聚氰胺产能利用率为57.95%（-8.50%）；尿素企 业预收订单天数8.82日（+2.23）。 部分厂家收单好转，农业需求跟进，预计春节前价格坚挺维持为主。供应端1月部分气头叠加技改企业恢复，供应 量增加。需求端农需冬腊肥和返青肥持续采购中，厂家春节收单接近尾声。淡储采购进入后期，部 ...

原油日报 | 2026-02-11 CPC原油出口仍未完全恢复 市场要闻与重要数据 1、 纽约商品交易所3月交货的轻质原油期货价格下跌40美分，收于每桶63.96美元，跌幅为0.62%；4月交货的伦敦 布伦特原油期货价格下跌24美分，收于每桶68.80美元，跌幅为0.35%。SC原油主力合约收涨0.21%，报474元/桶。 （来源：Bloomberg） 2、 2月11日，特朗普政府官员已讨论是否扣押更多运输伊朗石油的油轮，以进一步向德黑兰施压。但由于担忧伊 朗几乎必然的报复行动以及对全球石油市场的影响，美国官员表示目前尚未采取行动。如果美国采取行动阻止其 他受制裁船只在伊朗装载石油，将挤压德黑兰的主要收入来源。此举将扩大白宫去年12月在加勒比海地区实施的 激进战略。然而，一些官员表示，该方案作为白宫迫使德黑兰达成限制核计划协议的数个选项之一，面临重重障 碍，扣押行为甚至被视为一种战争行为。针对美国升级的打击行动，伊朗很可能通过扣押该地区美国盟友的油轮， 甚至在霍尔木兹海峡布设水雷作为回应。任何一种举动都可能导致油价大幅攀升，使白宫面临政治风暴的风险。（来 源：Bloomberg） 3、 2月10日，印度海岸警 ...

新能源及有色金属日报 | 2026-02-11 市场冷清，行情震荡 市场分析 2026-02-10，碳酸锂主力合约2605开于136500元/吨，收于137340元/吨，当日收盘价较昨日结算价变化0.03%。当日 成交量为295231手，持仓量为345989手，前一交易日持仓量344071手，根据SMM现货报价，目前基差为-4000元/ 吨（电碳均价-期货）。当日碳酸锂仓单35537手，较上个交易日变化940手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价132000-140000元/吨，较前一交易日变化500元/吨，工业级碳酸锂 报价129000-136000元/吨，较前一交易日变化500元/吨。6%锂精矿价格1965美元/吨，较前一日变化0美元/吨。当前 下游材料厂为2月的备库已基本接近尾声，多数企业转向谨慎观望，采购心理价位偏低，仅少数厂家仍维持刚需采 购。整体来看，市场询价与成交情况稍显清淡。 根据SMM最新统计数据，现货库存为105463吨，环比-2019吨。其中冶炼厂库存为18356吨，环比-647吨；下游库 存为43657吨，环比+3058吨；其他库存为43450吨，环比-4430吨。2月需求 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Pure benzene: At the beginning of the week, port inventories remained high. China's pure benzene operating rate started to bottom out and rebound, and the willingness of reforming units to produce three benzenes increased. In terms of imports, the bottom of arrivals rebounded, and there was still pressure for shipments to China in the future. In the downstream, pick - up also rebounded from a low level, with the styrene operating rate bottoming out and rebounding, the caprolactam operating rate remaining at a low level, the phenol operating rate slightly falling from a high level, and the adipic acid and aniline operating rates performing well, with attention to sustainability [2]. - Styrene: The domestic operating rate is about to pass the lowest point. Sinochem Quanzhou is restarting, and Tianjin Bohua also has a restart expectation. Shandong Yuhuang may restart, and Jingbo also has a restart plan in March. Styrene production profit has started to peak and decline, and the market is worried that the supply may return more than expected under the current production profit. At the beginning of the week, styrene port inventories declined, and the seasonal inventory build - up that was long overdue before the Spring Festival did not materialize. In the downstream, the ABS operating rate further decreased, but the inventory pressure has been significantly alleviated; the PS continued the seasonal production cut cycle, and the inventory pressure was at a low level in the same period; the EPS operating rate performed well, and the finished product inventory was significantly reduced [2]. 3. Summaries According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - The report presents figures on pure benzene's basis and inter - period spread, including the pure benzene main contract basis, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - month contracts of pure benzene. It also shows similar data for styrene, such as the styrene main contract basis and the spread between the first - and third - month contracts of styrene [7][14][16] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - It provides data on the processing fees of naphtha, the spreads between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and the spreads between different regions' pure benzene and styrene prices (e.g., FOB US Gulf - FOB South Korea, FOB US Gulf - CFR China, etc.), as well as the import profits of pure benzene and styrene [20][22][34] 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory in East China is 29.70 million tons (- 0.80 million tons), and the operating rate has started to bottom out and rebound. Styrene: The port inventory in East China is 96,200 tons (- 12,400 tons), the commercial inventory in East China is 54,000 tons (- 6,800 tons), and the operating rate is 70.0% (+ 0.7%) [1][2][37] 3.4 Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 371 yuan/ton (+ 188 yuan/ton), and the operating rate is 56.24% (+ 2.98%). PS: The production profit is - 279 yuan/ton (+ 158 yuan/ton), and the operating rate is 55.20% (- 0.40%). ABS: The production profit is - 631 yuan/ton (+ 171 yuan/ton), and the operating rate is 64.40% (- 1.70%) [2] 3.5 Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 660 yuan/ton (+ 40), and the operating rate is 73.16% (- 0.41%). Phenol - ketone: The production profit is - 716 yuan/ton (+ 50), and the phenol operating rate is 86.00% (- 2.00%). Aniline: The production profit is 1061 yuan/ton (- 73), and the operating rate is 89.04% (+ 0.51%). Adipic acid: The production profit is - 232 yuan/ton (+ 50), and the operating rate is 69.10% (+ 0.60%) [1]