化工日报 | 2026-02-25 春节期间EG主港小幅累库 市场分析 期现货方面：昨日EG主力合约收盘价3737元/吨（较前一交易日变动+59元/吨，幅度+1.60%），EG华东市场现货价 3648元/吨（较前一交易日变动+73元/吨，幅度+2.04%），EG华东现货基差-111元/吨（环比+5元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-62美元/吨（环比-3美元/吨），煤基合成气制EG生产毛利为-1052 元/吨（环比-15元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为93.5万吨（环比+3.8万吨）；据CCF数据，2.9~2.23 华东主港实际到港总数15.7万吨，副港到港量5.1万吨；本周华东主港计划到港总数12.5万吨，副港到港量0.7万吨。 预计主港库存平稳略增。 整体基本面供需逻辑：国内供应端，国内乙二醇负荷高位，高供应下库存压力仍大；海外供应方面，随着沙特、 台湾装置检修，后续2月底前后进口压力将有所缓解，3~4月进口压力将缓解。需求端，春节织造负荷和聚酯负荷 下滑至低位，刚需支撑转弱，关注节后恢复情况。 策略 单边：中性 跨期：无 跨品种：无 风 ...

黑色建材日报 | 2026-02-25 产业矛盾累积，成本支撑减弱 钢材：产业矛盾累积，成本支撑减弱 市场分析 昨日盘面整体走弱，螺纹钢期货主力合约收于3027元/吨，下跌0.92%；热卷主力合约收于3195元/吨，下跌0.84%。 现货方面，昨日国内钢材市场持稳运行，下游各地基本未有明显开工，报价稀少，价格多数地区持稳。 供需逻辑： 目前，钢材在供稳需弱局面下产业矛盾持续累积，库存大幅增加，钢价继续承压运行。板材供应压力未退，而需 求延续季节性走弱，基本面延续弱势运行，价格继续承压。总体来说，五大材库存维持累库，在需求尚未启动的 情况下，累库现象仍将维持，原料价格走弱，短期内钢价上涨动力不足，钢价短期跟随成本运行，需重点关注累 库情况以及节后需求恢复情况。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 策略 期权：无 风险 地缘政治、库存变化、需求复苏、成本支撑等 铁矿：全球发运稳增，矿价偏弱运行 市场分析 昨日铁矿石价格小幅震荡下行。现货方面，2月24日唐山港口进口铁矿主流品种价格较前一工作日小幅下跌。贸易 商报价积极性一般，钢厂询盘较少，目前现货市场成交冷清。2月24日全国主港铁矿累计成交40.5万 ...

丙烯日报 | 2026-02-25 成本支撑增强，关注节后下游补库节奏 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6344元/吨（+226），丙烯华东现货价6550元/吨（+120），丙烯华北现货价6525元/ 吨（+80），丙烯华东基差206元/吨（-106），丙烯山东基差181元/吨（-146）。丙烯开工率73%（+0%），中国丙烯CFR- 日本石脑油CFR221美元/吨（-10），丙烯CFR-1.2丙烷CFR81美元/吨（-3），进口利润-383元/吨（+5），厂内库存45170 吨（+1840）。 丙烯下游方面：PP粉开工率22%（-3.94%），生产利润-275元/吨（-30）；环氧丙烷开工率80%（+8%），生产利润-2 元/吨（+140）；正丁醇开工率88%（+2%），生产利润393元/吨（+151）；辛醇开工率99%（+4%），生产利润-70元/ 吨（-58）；丙烯酸开工率86%（+2%），生产利润200元/吨（-35）；丙烯腈开工率75%（+3%），生产利润-1344元/ 吨（-92）；酚酮开工率89%（+0%），生产利润-834元/吨（-118）。 市场分析 供应端，万华蓬莱PDH装 ...

节后成交较好 市场分析 价格与基差：2026-02-24，尿素主力收盘1855元/吨（+22）；河南小颗粒出厂价报价：1830 元/吨（0）；山东地区小 颗粒报价：1850元/吨（+40）；江苏地区小颗粒报价：1850元/吨（+30）；小块无烟煤800元/吨（+0），山东基差： -5元/吨（+18）；河南基差：-25元/吨（-2）；江苏基差：-5元/吨（+8）；尿素生产利润285元/吨（+40），出口利润1175 元/吨（+126）。 尿素日报 | 2026-02-25 供应端：截至2026-02-24，企业产能利用率90.59%（0.08%）。样本企业总库存量为83.47 万吨（-8.38），港口样本 库存量为16.60 万吨（+0.00）。 需求端：截至2026-02-24，复合肥产能利用率24.50%（-11.69%）；三聚氰胺产能利用率为64.17%（+3.40%）；尿素 企业预收订单天数11.12日（+2.30）。 厂家春节收单无压力，春节期间价格稳定为主。节日后期部分农业需求启动，节后第一天成交较好，主产销区现 货报价达到2月尿素指导价，预计2月现货价格暂时稳定为主。供应端部分气头叠加技改企业恢复 ...

农产品日报 | 2026-02-25 油厂开机缓慢恢复，豆粕维持震荡运行 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2605合约2781元/吨，较前日变动-19元/吨，幅度-0.68%；菜粕2605合约2290元/吨，较前 日变动-19元/吨，幅度-0.82%。现货方面，天津地区豆粕现货价格3170元/吨，较前日变动+0元/吨，现货基差M05+389， 较前日变动+19；江苏地区豆粕现货3050元/吨，较前日变动-20元/吨，现货基差M05+269，较前日变动-1；广东地 区豆粕现货价格3050元/吨，较前日变动跌-10元/吨，现货基差M05+269，较前日变动+9。福建地区菜粕现货价格 2420元/吨，较前日变动+0元/吨，现货基差RM05+130，较前日变动+19。 近期市场资讯，农业咨询机构AgRural发布报告显示，截至上周四，巴西农户2025/26年度大豆收割进度完成30%， 较之前一周推进9%，但进度落后于去年同期的39%。巴西对外贸易秘书处公布的出口数据显示，巴西2月前三周出 口大豆408.5万吨，日均出口量为31.4万吨，较上年2月全月的日均出口量32.1万吨减少2%。美国农业部公布 ...

聚烯烃日报 | 2026-02-25 油价上涨抬升成本，聚烯烃偏强运行 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6820元/吨（+176），PP主力合约收盘价为6746元/吨（+178），LL华北现货为 6650元/吨（+180），LL华东现货为6780元/吨（+80），PP华东现货为6680元/吨（+0），LL华北基差为-170元/吨（+4）， LL华东基差为-40元/吨（-96）， PP华东基差为-66元/吨（-178）。 上游供应方面，PE开工率为88.4%（+1.1%），PP开工率为75.8%（-0.1%）。 美伊地缘局势持续升温，地缘扰动加剧持续助推国际油价上涨，聚烯烃成本端支撑抬升明显，提振盘面价格；但 随后特朗普亦有所表示倾向谈判，关注后续局势进一步动向。 PE方面，供应端，节前短期重启装置偏多，PE开工延续高位，而一季度后期计划检修量亦有限，且标品排产有所 回升，PE供应端压力仍存；需求端，PE下游春节放假进入季节性淡季，多数于元宵前后复工，等待PE地膜旺季复 工补库备货；库存端上游节后库存累积符合预期，部分节前超卖部分缓解PE供应压力。整体看塑料供强需弱的基 本面延续，短期成本 ...

股指期权日报 | 2026-02-24 股指期权日报 股指期权市场概况 期权成交量 2026-02-13，上证50ETF期权成交量为48.34万张；沪深300ETF期权（沪市）成交量为52.94万张； 中证500ETF期权（沪市）成交量为108.98万张；深证100ETF期权成交量为6.69万张； 创业板ETF期权成交量为131.87万张；上证50股指期权成交量为5.27万张； 沪深300股指期权成交量为7.18万张；中证1000期权总成交量为29.21万张。 期权PCR 上证50ETF期权成交额PCR报1.00，环比变动为+0.43；持仓量PCR报0.74，环比变动为-0.02； 沪深300ETF期权（沪市）成交额PCR报1.10，环比变动为+0.32；持仓量PCR报0.81，环比变动为-0.04； 中证500ETF期权（沪市）成交额PCR报0.82，环比变动为+0.31；持仓量PCR报1.18，环比变动为-0.06 ； 深圳100ETF期权成交额PCR报1.18 ，环比变动为-0.30；持仓量PCR报1.44；环比变动为+0.15； 创业板ETF期权成交额PCR报0.91，环比变动为+0.21 ；持仓量P ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the market liquidity situation on February 13, 2026, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] Summary by Directory 1. Plate Liquidity - There are figures showing each plate's trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount [4][5] 2. Stock Index Plate - On February 13, 2026, the trading volume was 765.077 billion yuan, a +32.98% change from the previous trading day; the holding amount was 1611.808 billion yuan, a - 0.64% change; the trading - holding ratio was 47.17% [1] - There are figures about each variety's rise - fall ratio, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net - holding ratio trend [5] 3. Treasury Bond Plate - The trading volume was 689.371 billion yuan, a +44.57% change from the previous trading day; the holding amount was 915.704 billion yuan, a - 2.92% change; the trading - holding ratio was 74.87% [1] - There are figures about each variety's rise - fall ratio, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net - holding ratio trend [5] 4. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 559.022 billion yuan, a +11.25% change; the holding amount was 620.781 billion yuan, a - 4.48% change; the trading - holding ratio was 93.01% - The trading volume of the precious metal plate was 847.139 billion yuan, a +19.10% change; the holding amount was 482.314 billion yuan, a - 5.27% change; the trading - holding ratio was 218.33% [1] - There are figures about each variety's rise - fall ratio, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net - holding ratio trend [5] 5. Energy Chemical Plate - The trading volume was 380.929 billion yuan, a +5.38% change from the previous trading day; the holding amount was 435.932 billion yuan, a - 6.73% change; the trading - holding ratio was 71.87% [1] - There are figures about the main varieties' rise - fall ratio, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net - holding ratio trend [5] 6. Agricultural Product Plate - The trading volume was 242.024 billion yuan, a - 0.49% change from the previous trading day; the holding amount was 574.848 billion yuan, a - 3.25% change; the trading - holding ratio was 42.74% [1] - There are figures about the main varieties' rise - fall ratio, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net - holding ratio trend [5] 7. Black Building Materials Plate - The trading volume was 119.483 billion yuan, a +8.68% change from the previous trading day; the holding amount was 303.275 billion yuan, a - 2.80% change; the trading - holding ratio was 37.40% [2] - There are figures about each variety's rise - fall ratio, trading - holding ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net - holding ratio trend [5]

农产品周报 | 2026-02-23 关注关税政策，豆粕价格震荡运行 粕类市场要闻与重要数据 期货方面，节前2月13日收盘豆粕2605合约2800元/吨，环比上涨65元/吨，涨幅2.38%；2月13日收盘菜粕2605合约 2309元/吨，环比上涨70元/吨，涨幅3.13%。现货方面，天津地区豆粕现货价格3170元/吨，环比持平，现货基差 M05+370，环比下降65；江苏地区豆粕现货价格3070元/吨，环比上涨40元/吨，现货基差M05+270，环比下跌25； 广东地区豆粕现货价格3060元/吨，环比上涨50元/吨，现货基差M05+260，环比下跌15。福建地区菜粕现货价格2420 元/吨，环比上涨10元/吨，现货基差M05+111，环比下跌60。 豆粕：国际方面，巴西商贸部表示，截止2026年2月第2周，累计装出大豆269.3万吨，去年2月为642.8万吨。日均 装运量为26.9万吨，较去年2月的32.1万吨减少16.22%。布宜诺斯艾利斯谷物交易所称，截至2月18日当周目前75% 的大豆作物评级正常至良好，高于一周前的68%，去年同期68%；66%的种植区水分条件适宜到最佳，高于一周前 的56%，去年同期 ...

1. Report's Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [9] 2. Core View of the Report - As the Spring Festival approaches, downstream demand continues to decline, and the price of precious metals remains volatile. The price of copper may range from RMB 97,800/ton to RMB 106,600/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [9]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On February 12, 2026, the main Shanghai copper contract opened at RMB 103,620/ton and closed at RMB 102,330/ton, a 0.15% decrease from the previous trading day's close. During the night session, it opened at RMB 102,030/ton and closed at RMB 100,030/ton, a 2.58% decrease from the afternoon close [1]. Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of RMB 100 - RMB 20/ton to the 2602 contract, with an average discount of RMB 60/ton, a RMB 10/ton decrease from the previous day. The spot price ranged from RMB 101,840 - RMB 102,240/ton. The 2602 contract showed a W-shaped oscillation and closed at RMB 101,950/ton. With the Spring Festival approaching, the market was quiet, and the supply - demand imbalance was expected to widen the spot discount [2]. Important Information Summary Macro and Geopolitical Aspects - US President Trump is expected to visit China in early April, and President Xi Jinping will meet him. The Sino - US trade "cease - fire" is expected to be extended. Due to investors' concerns about AI eroding corporate profits, the US stock market tumbled, causing copper prices to decline [3]. Mining End - In 2025, Congo (Kinshasa)'s copper exports increased from 3.1 million tons to 3.4 million tons, a 9.7% year - on - year increase, solidifying its status as the world's second - largest copper producer. Chinese - funded enterprises play a major role in Congo's copper production [4]. Smelting and Import - In January, the proportion of Chinese - produced copper in LME's available inventory decreased due to inflows from other countries. The absolute inventory of Chinese - produced copper in LME warehouses increased from 87,475 tons in December to 95,150 tons at the end of January [5]. Consumption - As the Spring Festival nears, spot trading is light. The output and capacity utilization rate of copper rods in January 2026 decreased compared to December. Different regions showed different trends in production volume [6]. Inventory and Warehouse Receipts - LME warehouse receipts changed by 3,000 tons to 196,650 tons. SHFE warehouse receipts changed by 8,282 tons to 187,179 tons. On February 12, the domestic electrolytic copper spot inventory was 353,600 tons, a change of 22,300 tons from the previous week [7][8]