中国期货每日简报-20260211

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On February 10, equity index futures rose, CGB futures were stable, and commodity futures were mixed, with the energy sector leading the increase [2][10][12] - The turnover of China's futures market in January 2026 reached RMB 100.26 trillion, a year - on - year increase of 105.14%, and the trading volume was 912.49 million contracts, a year - on - year increase of 65.09%. By the end of January, the total open interest increased by 14.65% month - on - month [3][37] 3. Summary According to Relevant Catalogs 3.1 China Futures 3.1.1 Overview - On Feb 10, in equity index futures, IH rose 0.4% and IC rose 0.1%; in CGB futures, T rose 0.01% and TL rose 0.01% [10] - In commodity futures, the top three gainers were Tin (up 3.3% with open interest decreasing 4.2% month - on - month), Sodium Hydroxide (up 3.3% with open interest decreasing 13.9% month - on - month), and No.1 Soybean (up 2.4% with open interest increasing 27.5% month - on - month). The top three decliners were SCFIS(Europe) (down 4.6% with open interest increasing 8.9% month - on - month), Coke (down 1.7% with open interest increasing 4.3% month - on - month), and Coking Coal (down 1.7% with open interest increasing 6.4% month - on - month) [11][12][13] 3.1.2 Daily Raise - Crude Oil: On February 10, the front - month contract rose 2.2% to 476.1 yuan/barrel. The fundamentals are in supply surplus, but geopolitical factors frequently disrupt supply expectations. The short - term trend will be range - bound volatility. The current fundamentals are not optimistic, with high inventories and pressured refining margins. Geopolitical factors, such as the US - Iran relationship and India's Russian crude imports, affect supply expectations and support oil prices [17][18][19] - Fuel Oil: On February 10, the front - month contract rose 2.2% to 2,845 yuan/ton. The futures prices are at high levels. The expectation of rising oil production in Venezuela will weigh on HSFO in the long term, and short - term focus is on Middle East geopolitical developments. Key logics include the US - Iran negotiation situation, potential heavy oil supply increase from Venezuela, and the long - term replacement of fuel oil for power generation in the Middle East [25][26][27] 3.1.3 Daily Drop - Ethenylbenzene: On Feb 10, the front - month contract dropped 1.0% to 7,473 yuan/ton. The upward momentum has weakened recently due to three factors: crude oil prices near the upper end of the trading range, marginal loosening of supply and demand, and expected improvement in the overseas supply - demand balance. Although the seasonal inventory build - up in February is revised lower, the positive impact of exports on futures prices is gradually weakening [30][31][32] 3.2 China News - Industry News - Stock Exchanges' Measures: The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing, streamlining the review process for high - quality listed companies and revising rules for "asset - light, high R&D investment" listed companies [37] - Futures Market Turnover: In January 2026, China's futures market recorded 912.49 million contracts traded and a turnover of RMB 100.26 trillion, up 65.09% and 105.14% year on year respectively, and the total open interest increased by 14.65% month on month by the end of January [37]