1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Today, the trends of various stock indices have diverged. Among them, the CSI 500 and CSI 1000 have oscillated and slightly increased, while the SSE 50 and SSE 300 have oscillated and sorted within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets is 2.1608 trillion yuan, with an increase of 159.7 billion yuan compared to the previous day. In terms of industry sectors, the industry sectors related to AI infrastructure construction have led the gains. As the holiday approaches, considering the cash demand during the holiday and the uncertain risks during the holiday, investors' willingness to participate in stock market trading is relatively weak. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the long - term upward movement of the stock indices is relatively solid. Generally speaking, the risk preference of the stock market before the holiday is cautiously optimistic, and the stock indices will mainly oscillate and sort within a range. For options, the implied volatility of at - the - money options has rebounded recently. Since the long - term upward logic of the stock indices is relatively solid, the bull spread strategy is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 12, 2026, the 50ETF fell 0.28% to close at 3.161; the 300ETF (SSE) rose 0.08% to close at 4.727; the 300ETF (SZSE) rose 0.18% to close at 4.929; the SSE 300 Index rose 0.12% to close at 4719.58; the CSI 1000 Index rose 0.91% to close at 8314.83; the 500ETF (SSE) rose 1.22% to close at 8.514; the 500ETF (SZSE) rose 1.26% to close at 3.380; the ChiNext ETF rose 1.41% to close at 3.319; the Shenzhen 100ETF rose 0.58% to close at 3.482; the SSE 50 Index fell 0.28% to close at 3079.73; the STAR 50ETF rose 1.70% to close at 1.56; the E Fund STAR 50ETF rose 1.62% to close at 1.51 [5]. - The trading volume PCR and position PCR of various options have changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options is 90.97, and the previous trading day's trading volume PCR was 114.09; the position PCR is 75.88, and the previous trading day's position PCR was 78.18 [6]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 is 11.12%, and the 30 - trading - day historical volatility of the underlying asset is 15.00% [7]. 3.2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [9][11][13][16]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [20][22][29][33]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [23][25][27][33]. - **SSE 300 Index Options**: Include charts of the SSE 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [37][39][43]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [46][48][50][56]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [59][61][63][70]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [71][73][75][80]. - **ChiNext ETF Options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [84][86][88][91]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [95][97][99][105]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [108][110][112][118]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [121][123][124][126]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [129][130][131].

1. Report's Industry Investment Rating - No information provided in the report 2. Core Views of the Report - **Rubber**: On Thursday, the domestic Shanghai rubber futures contract 2605 showed a trend of decreasing trading volume, reducing positions, fluctuating weakly, and slightly closing lower. The intraday price center dropped slightly to around 16,450 yuan/ton, and the price closed 0.51% lower at 16,450 yuan/ton. The premium of the May - September spread narrowed to 95 yuan/ton. The rubber market has entered a stage of divergence between bulls and bears. As the Spring Festival holiday approaches, trading by both sides has become more cautious. It is expected that the Shanghai rubber futures will maintain a volatile consolidation trend in the future [6]. - **Methanol**: On Thursday, the domestic methanol futures contract 2605 showed a trend of decreasing trading volume, reducing positions, fluctuating weakly, and slightly closing lower. The price reached a maximum of 2,259 yuan/ton and a minimum of 2,230 yuan/ton, and finally closed 0.45% lower at 2,231 yuan/ton. The discount of the May - September spread narrowed to 30 yuan/ton. Dominated by the weak supply - demand fundamentals, trading by both sides has become more cautious, and methanol futures may maintain a volatile consolidation trend [6]. - **Crude Oil**: On Thursday, the domestic crude oil futures contract 2604 showed a trend of increasing trading volume, reducing positions, fluctuating strongly, and slightly closing higher. The price reached a maximum of 486.4 yuan/barrel and a minimum of 476.2 yuan/barrel, and finally closed 0.19% higher at 476.8 yuan/barrel. As the geopolitical risks in the Middle East have heated up again, the premium of crude oil has become prominent. Attention should be paid to the dynamics of the external market during the Spring Festival holiday and the geopolitical risks in the Middle East [7]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics Rubber - As of February 8, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 606,800 tons, a month - on - month increase of 15,100 tons or 2.55%. The bonded area inventory was 99,000 tons, an increase of 1.38%, and the general trade inventory was 507,800 tons, an increase of 2.78%. The inbound rate of the bonded warehouses decreased by 0.58 percentage points, and the outbound rate increased by 0.15 percentage points. The inbound rate of general trade warehouses increased by 1.24 percentage points, and the outbound rate decreased by 0.47 percentage points [9]. - As of February 5, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.09%, a month - on - month decrease of 2.23 percentage points and a year - on - year increase of 59.45 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 60.45%, a month - on - month decrease of 2.02 percentage points and a year - on - year increase of 47.20 percentage points. The capacity utilization rate of tire sample enterprises will further decline, with many all - steel tire enterprises gradually entering the Spring Festival holiday around February 10, and semi - steel tire enterprises mostly shutting down from February 13 to February 15 [9]. - In January 2026, China's automobile production and sales were 2.45 million and 2.346 million respectively. The production increased by 0.01% year - on - year, and the sales decreased by 3.2% year - on - year. Month - on - month, they decreased by 25.7% and 28.3% respectively. Specifically, the passenger car market declined. In January, the production and sales of passenger cars were 2.062 million and 1.988 million respectively, a year - on - year decrease of 4.1% and 6.8% respectively, and a month - on - month decrease of 28.4% and 30.2% respectively. The commercial vehicle market continued to improve. In January, the production and sales of commercial vehicles were 388,000 and 359,000 respectively, a year - on - year increase of 29.9% and 23.5% respectively, and a month - on - month decrease of 6.8% and 15.6% respectively [10]. - In January 2026, China's Logistics Prosperity Index (LPI) was 51.2%, a slight month - on - month decline of 1.2 percentage points, still in the expansion range above 50%. Driven by the recovery of logistics prosperity, in January 2026, China's heavy - truck market sold about 100,000 vehicles (wholesale basis, including exports and new energy), basically the same as in December 2025 and a significant increase of about 39% compared with 72,200 vehicles in the same period last year. It is expected that the wholesale sales of the heavy - truck industry will increase slightly year - on - year in the first quarter of this year [10]. Methanol - As of the week of February 6, 2026, the average domestic methanol operating rate remained at 87.98%, a slight week - on - week increase of 0.95%, a slight month - on - month increase of 1.60%, and a significant increase of 11.78% compared with the same period last year. The average weekly methanol production in China reached 2.0611 million tons, a slight week - on - week increase of 23,300 tons, a slight month - on - month increase of 18,700 tons, and a significant increase of 140,100 tons compared with 1.921 million tons in the same period last year [11]. - As of the week of February 6, 2026, the domestic formaldehyde operating rate remained at 28.69%, a slight week - on - week decrease of 1.29%. For dimethyl ether, the operating rate remained at 7.72%, a slight week - on - week increase of 0.48%. The acetic acid operating rate remained at 81.09%, a slight week - on - week decrease of 2.28%. The MTBE operating rate remained at 58.15%, a slight week - on - week increase of 0.01%. As of the week of February 6, 2026, the average operating load of domestic coal - (methanol) to olefin plants was 79%, a slight week - on - week increase of 2.47 percentage points and a slight month - on - month decrease of 2.65%. As of February 6, 2026, the futures market profit of domestic methanol - to - olefin was - 55 yuan/ton, a slight week - on - week recovery of 81 yuan/ton and a significant month - on - month recovery of 401 yuan/ton [11]. - As of the week of February 6, 2026, the methanol inventory in ports in East and South China remained at 961,400 tons, a slight week - on - week decrease of 32,400 tons, a significant month - on - month decrease of 197,900 tons, and a significant increase of 122,700 tons compared with the same period last year. As of the week of February 12, 2026, the total inland methanol inventory in China reached 340,300 tons, a slight week - on - week decrease of 28,100 tons, a significant month - on - month decrease of 110,600 tons, and a significant decrease of 159,800 tons compared with 500,100 tons in the same period last year [12]. Crude Oil - As of the week of February 6, 2026, the number of active US oil drilling rigs was 412, a slight week - on - week increase of 1 and a decrease of 68 compared with the same period last year. As of the week of February 6, 2026, the average daily US crude oil production was 13.713 million barrels, a significant week - on - week increase of 498,000 barrels per day and a slight year - on - year increase of 219,000 barrels per day, reaching a historical high [12]. - As of the week of February 6, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 428.8 million barrels, a significant week - on - week increase of 8.53 million barrels and a slight increase of 969,000 barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma, reached 25.113 million barrels, a slight week - on - week increase of 1.071 million barrels. The US Strategic Petroleum Reserve (SPR) inventory reached 415.212 million barrels, a slight week - on - week decrease of 100,000 barrels. The US refinery operating rate remained at 89.4%, a slight week - on - week decrease of 1.1 percentage points, a slight month - on - month decrease of 5.9 percentage points, and a slight year - on - year increase of 4.4 percentage points [13]. - As of February 3, 2026, the average non - commercial net long positions in WTI crude oil futures were 124,565 contracts, a significant week - on - week increase of 27,583 contracts and a significant increase of 51,751 contracts or 71.07% compared with the January average of 72,814 contracts. On the other hand, as of February 3, 2026, the average net long positions of Brent crude oil futures funds were 244,306 contracts, a significant week - on - week increase of 26,344 contracts and a significant increase of 59,860 contracts or 32.45% compared with the January average of 184,446 contracts [13]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 16,400 yuan/ton | +200 yuan/ton | 16,450 yuan/ton | - 125 yuan/ton | - 50 yuan/ton | +125 yuan/ton | | Methanol | 2,230 yuan/ton | +5 yuan/ton | 2,231 yuan/ton | - 17 yuan/ton | - 1 yuan/ton | +17 yuan/ton | | Crude Oil | 456.4 yuan/barrel | +0.1 yuan/barrel | 476.8 yuan/barrel | +0.0 yuan/barrel | - 20.4 yuan/barrel | +0.1 yuan/barrel | [15] 3.3 Relevant Charts - **Rubber**: The report provides charts on rubber basis, May - September spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [16][17][19][22][24][26]. - **Methanol**: The report provides charts on methanol basis, May - September spread, domestic port inventory, inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [28][32][34][37][39]. - **Crude Oil**: The report provides charts on crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position holding change, and Brent crude oil net position holding change [43][47][49][51][54].

Report Summary 1. Report's Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - **沪铜**: Today, Shanghai copper fluctuated within a narrow range, with a slight decline in open interest. Macroscopically, due to the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Industrially, the copper inventory in major regions continued to rise. With the Spring Festival approaching, short - term capital drive was weak [7]. - **沪铝**: Today, Shanghai aluminum fluctuated strongly, with a continuous decline in open interest. Macroscopically, affected by the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Domestically, with the Spring Festival approaching, investors had a strong willingness to close positions. Industrially, domestic electrolytic aluminum continued seasonal inventory accumulation. Technically, recently, Shanghai aluminum continued to decline in open interest and fluctuate, with weak capital drive [8]. - **沪镍**: Today, Shanghai nickel fluctuated strongly, with the main contract price fluctuating around the 140,000 - yuan mark and falling below 140,000 at the end of the session. Macroscopically, affected by the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Industrially, on February 10, the Indonesian official revealed that the 2026 nickel ore RKAB production target was set at 260 - 270 million tons, in line with previous market expectations, which boosted market sentiment. The positive news on the supply side made the nickel price stronger than the non - ferrous metals sector in the short term. Technically, attention should be paid to the long - short game at the 140,000 - yuan mark [9]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: On February 12, SMM reported that the spot premium was expected to face downward pressure. With the Spring Festival approaching, market participation continued to decline. Most suppliers and downstream enterprises had gradually entered the holiday state, and the overall trading atmosphere was light. On the supply side, the priced - in imported copper locked during the opening of the import window was continuously arriving at the port, and the inventory in Shanghai increased significantly. On the demand side, due to the approaching festival, downstream enterprises had generally taken holidays, and the procurement demand continued to weaken. Overall, the market would maintain light trading, and it was expected that the spot discount would continue to expand tomorrow [11]. - **Nickel**: On February 12, the price of SMM1 electrolytic nickel was 140,200 - 150,500 yuan/ton, with an average price of 145,350 yuan/ton, up 2,750 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 8,000 - 9,500 yuan/ton, with an average premium of 8,750 yuan/ton, down 750 yuan/ton from the previous trading day. The spot premium quotation range of domestic mainstream brand electrowon nickel was - 400 - 400 yuan/ton. According to Bloomberg Technoz, the Indonesian Ministry of Energy and Mineral Resources (ESDM) released the 2026 nickel ore RKAB quota on February 10. Tri Winarno, the director - general of Mineral and Coal, confirmed that the approved production this year was only 260 - 270 million tons [12]. 3.2 Relevant Charts - **Copper**: The report includes charts such as copper spot premium [13], Shanghai electrolytic copper social inventory [14], LME copper cancelled warrant ratio [15], global copper exchange inventory (SHFE + LME + COMEX) [17], and SHFE warrant inventory [18]. - **Aluminum**: The report includes charts such as aluminum basis [24], aluminum monthly spread [30], electrolytic aluminum domestic social inventory [26], electrolytic aluminum overseas exchange inventory (LME + COMEX) [32], and aluminum rod inventory [34]. - **Nickel**: The report includes charts such as nickel basis [36], nickel monthly spread [42], LME inventory [38], and nickel ore port inventory [46].

Group 1: Report Overview - The report is a daily report on lithium carbonate dated February 12, 2026 [3] Group 2: Market Analysis Futures Market - The closing price of the main contract LC2605.GFE was 149,420 yuan/ton, down 840 yuan/ton from the previous day, showing a volatile trend in the past 10 trading days [4] Spot Market - The spot price of lithium carbonate was 142,590 yuan/ton, up 3.24% from the previous day, showing a downward trend in the past 10 trading days [4] Basis Analysis - The current basis was -6,750 points, with a negative basis (spot discount), weakening 730 points from the previous day, showing a weakening trend in the past 10 trading days [4] Warehouse Receipts - The registered warehouse receipts for lithium carbonate were 37,282 lots, an increase of 1,755 lots (+4.94%) from the previous day, showing an overall increase in the past 10 trading days [4] Supply - Demand Relationship - The export policy of power batteries and the tendering of energy storage projects maintained resilience [4] Group 3: Industry Dynamics Price Comparison | Indicator | Unit | Latest Price | Change vs. Previous Day | Change vs. Previous Week | | --- | --- | --- | --- | --- | | Main contract closing price (futures) | yuan/ton | 149,420 | -840 | 16,640 | | Main contract settlement price | yuan/ton | 149,340 | 5,200 | 12,620 | | Australian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,840 - 1,910 | 0 | -60 - -120 | | Brazilian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,830 - 1,900 | 0 | -60 - -120 | | Zimbabwean CIF6 China lithium spodumene concentrate | US dollars/ton | 1,830 - 1,890 | 0 | -50 - -120 | | Malian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,770 - 1,890 | 0 | -330 - -310 | | South African CIF China lithium spodumene ore | US dollars/ton | 280 - 340 | 0 | -50 | | Lithium carbonate (99.5% electric, domestic) | yuan/ton | 142,590 | 4,470 | -1,290 | | Lithium hydroxide (56.5%, domestic) | yuan/ton | 136,620 | 2,000 | -3,290 | | Lithium hydroxide (LiOH56.5%, single - water, Xinjiang) | yuan/ton | 136,530 | 1,910 | -3,440 | | Lithium hydroxide (56.5%, battery - grade) | yuan/ton | / | / | / | | Lithium hydroxide (56.5% - 56.5%, domestic) - Lithium carbonate (99.5%, domestic) | yuan/ton | -5,970 | -2,470 | -2,000 | | Ternary precursor (523) | 10,000 yuan/ton | 11.05 | 0 | 0 | | Ternary precursor (622) | 10,000 yuan/ton | 11.1 | 0 | 0 | | Ternary precursor (111) | 10,000 yuan/ton | 12.9 | 0 | 0 | | Ternary material (111, power, domestic) | 10,000 yuan/ton | 18.7 | 0 | 0 | | Ternary material 5 - series (523, power, domestic) | 10,000 yuan/ton | 18.55 | 0 | 0 | | Ternary material 5 - series (523, digital, domestic) | 10,000 yuan/ton | / | / | / | | Electrolyte (lithium manganate) | 10,000 yuan/ton | 5.4 | 0 | 0 | | Lithium iron phosphate (domestic) | 10,000 yuan/ton | / | / | / | | Cobalt acid lithium (≥60%, domestic) | yuan/ton | 400,500 | 0 | 0 | | Lithium hexafluorophosphate | 10,000 yuan/ton | 13 | 0 | 0 | [6] Group 4: Related Charts Ore and Lithium Prices - Included charts of lithium mica price changes, lithium carbonate futures main price, domestic lithium carbonate price, lithium hydroxide price, lithium carbonate basis, and lithium hydroxide - lithium carbonate price difference [8] Cathode and Ternary Materials - Included charts of manganese acid lithium price, domestic lithium iron phosphate price, cobalt acid lithium average price, ternary precursor price, and ternary material price [10][12] Other Related Data of Lithium Carbonate Futures - Included charts of lithium carbonate main contract trading volume change, main contract holding volume change, and registered warehouse receipts volume [15][16]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 12 日 钢材&铁矿石日报 专业研究·创造价值 节前情绪弱稳，钢矿延续震荡 核心观点 螺纹钢：主力期价偏弱震荡，录得 0.23%日跌幅，量仓收缩。现阶段， 节前供需双弱局面未变，螺纹钢基本面矛盾持续累积，库存大幅增加， 钢价继续承压运行，相对利好的是政策预期与成本支撑，预计走势延续 弱势寻底态势，关注假期累库情况。 热轧卷板：主力期价偏弱震荡，录得 0.31%日跌幅，量仓收缩。目前来 看，热卷供应压力未退，而需求持续走弱，基本面延续弱势运行，热卷 价格承压偏弱运行，关注需求 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货原油早报-2026-02-12 品种晨会纪要 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 主要品种价格行情驱动逻辑—商品期货能源化工板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 原油 | 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 地缘风险升温，原油震荡偏强 | 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 原油（SC） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：近期供需基本面的边际改善提供坚实支撑。OPEC+八大主要产油国明确宣布 2026 年 3 月 继续暂停增产，产量维持 2025 年 12 月水平，有效缓解了市场对于供应过剩的担忧。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Both Shanghai rubber and synthetic rubber are expected to run strongly in the short - term and maintain an oscillating trend in the medium - term, with a strong bias in intraday trading [1][5][7] 3. Summary by Related Categories 3.1 Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][5] - **Core Logic**: Domestic Yunnan and Hainan natural rubber producing areas are in the off - season, and Southeast Asian producing areas are in the low - yield season, reducing the supply pressure of domestic full - latex. However, due to the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, Shanghai rubber futures maintained a stable oscillating trend with slightly lower prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [5] 3.2 Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][7] - **Core Logic**: The supply of butadiene, the core raw material of synthetic rubber, is becoming more abundant. With the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, synthetic rubber futures showed a stable oscillating trend with slightly higher prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [7]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 2 月 12 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 短期恐慌抛售暂缓，去美元化长 期趋势不变 | | 铜 | 2603 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 国内供应收缩给予铜价支撑 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 期货研究报告 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：昨夜金价呈现震荡运行，美国 1 月非农就 ...

◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡整理 | 假期前股市风险偏好较为谨慎 | 投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2026 年 2 月 12 日） 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡整理 核心逻辑：昨日各股指均窄幅震荡整理。沪深京三市成交额 20010 亿元，较上日缩量 1237 亿元。临 近假期，出于对假期现金需求以及假期不确定性风险的考虑，当前股市资金交投意愿 ...

投资咨询业务资格：证监许可【2011】1778 号 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 期货研究报告 宝城期货铁矿石早报（2026 年 2 月 12 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 | 震荡 | 震荡 偏强 | 低位震荡 | 供需格局弱稳，矿价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 ◼ 行情驱动逻辑 铁矿石供需两端有所变化，节前钢厂生产趋稳，矿石终端消耗小幅回升，但钢市产业矛盾持续累 积，短期需求改善力度受限，利好效应不强。与此同时，国内港口到货量回落，而飓风扰动下矿商发 运大幅下降，海外矿石供应迎来收缩，但库存高企局面下供应压力缓解有限。总之，天气因素扰动下 海外矿石供 ...