中国期货运行月报-20260303

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report provides a comprehensive overview of the Chinese futures market in February 2026, covering key events, price changes, trading volume, and other aspects of different types of futures, including financial, metal, energy & chemicals, agricultural products, and indices futures [10][25][30]. 3. Summary by Directory 3.1 Futures Overview 3.1.1 News of the Month - Global: The US and Israel launched a joint strike on Iran, killing Iran's Supreme Leader Ayatollah Ali Khamenei; the Strait of Hormuz was closed; Trump is likely to visit China from March 31 to April 2 [10]. - US: The US Supreme Court rejected Trump's IEEPA tariffs, and the White House imposed a 10% import duty on all goods entering the US for 150 days [14]. - China: Putin may visit China in the first half of 2026; China will impose zero tariffs on all imports from 53 African countries with diplomatic ties; German Chancellor Merz made his first official visit to China; China suspended additional tariffs on certain Canadian goods [17]. - Industry: Zimbabwe banned lithium ore exports; Indonesia is studying an export ban on tin and other raw materials; Myanmar tensions raised tin supply concerns [20]. 3.1.2 Price Change - Financial Futures: In February 2026, equity index futures rose, with IC increasing by 3.4% and IH decreasing by 0.9%; CGB futures also rose, with TL and TF increasing by 0.1% [25]. - Commodity Futures: Slightly more commodities fell. The top 3 gainers were Lithium Carbonate (18.8%), Tin (10.8%), and Egg (8.8%); the top 3 losers were Silver (17.6%), Methanol (6.1%), and LLDPE (5.9%) [30]. - Metals: Slightly more metal futures fell. The top 3 gainers were Lithium Carbonate (18.8%), Tin (10.8%), and Manganese Silicon (2.6%); the top 3 losers were Silver (17.6%), Iron Ore (5.2%), and Silicon Metal (5.1%) [33]. - Energy & Chemicals: Most energy and chemical futures fell. The top 3 gainers were Sodium Hydroxide (7.6%), LSFO (7.2%), and LPG (5.3%); the top 3 losers were Methanol (6.1%), LLDPE (5.9%), and Ethylene Glycol (5.4%) [37]. - Agricultural Products: Most agricultural futures rose. The top 3 gainers were Egg (8.8%), No.1 Soybean (7.4%), and Corn Starch (5.8%); the top 3 losers were Synthetic Rubber (5.7%), RBD Palm Olein (5.0%), and Peanut Kernel (2.1%) [41]. 3.1.3 Trading Volume - Initial Margin: On February 27, 2026, compared with January 30, 2026, initial margin outflow occurred in Metal (-0.2%), Equity Index (-12.2%), and Interest Rates (-4.0%); initial margin inflow occurred in Energy & Chemicals (7.8%), Indices (12.3%), and Agricultural Products (3.7%) [46]. - Volume: In February, the volume of China's futures market reached 398.44 million lots, with a -14.6% year-on-year growth [51]. - Turnover: In February, the turnover of China's futures market reached 553,348.31 billion yuan, with a 7.5% year-on-year growth [55]. - Future Exchanges: Different futures exchanges had varying changes in trading volume and turnover year-on-year [57]. - Futures Share: Detailed information on the volume, turnover, and cumulative turnover share of different futures varieties was provided [60][62]. 3.2 Financial Futures 3.2.1 Equity Index Futures - In February 2026, CSI 500 and CSI 1000 increased by 3.4% and 3.3% respectively, while SSE 50 decreased by 0.9% [65]. 3.2.2 Interest Rates Futures - In February 2026, 2-Year CGB, 5-Year CGB, 10-Year CGB, and 30-Year CGB all increased by 0.1% [69]. 3.3 Metal Futures 3.3.1 Precious Metals Futures - In February 2026, Gold decreased by 1.2%, Silver decreased by 17.6%, Palladium increased by 0.2%, and Platinum decreased by 1.1% [74]. 3.3.2 Nonferrous Metals Futures - In February 2026, Tin increased by 10.8%, while Zinc decreased by 4.4% [78]. 3.3.3 Ferrous Metals Futures - In February 2026, Manganese Silicon increased by 2.6%, while Iron Ore decreased by 5.2% [82]. 3.3.4 Novel Materials Futures - In February 2026, Lithium Carbonate increased by 18.8%, while Silicon Metal decreased by 5.1% [87]. 3.4 Energy & Chemicals 3.4.1 Oil & Gas Futures - In February 2026, Crude Oil increased by 3.7%, while Bitumen decreased by 2.3% [93]. 3.4.2 Olefins Futures - In February 2026, Propylene decreased by 0.3%, while LLDPE decreased by 5.9% [97]. 3.4.3 Aromatics Futures - In February 2026, Benzene decreased by 0.6%, while Paraxylene decreased by 0.1% [103]. 3.4.4 Organics Futures - In February 2026, Methanol decreased by 6.1%, while Urea increased by 3.2% [106]. 3.4.5 Inorganics Futures - In February 2026, Soda Ash decreased by 0.8%, while Sodium Hydroxide increased by 7.6% [110]. 3.4.6 Coals Futures - In February 2026, Coking Coal decreased by 5.4%, while Coke decreased by 5.0% [113]. 3.5 Agricultural Products 3.5.1 Oil Crops Futures - In February 2026, No.1 Soybean increased by 7.4%, while RBD Palm Olein decreased by 5.0% [119]. 3.5.2 Grains Futures - In February 2026, Corn increased by 3.9%, while Corn Starch increased by 5.8% [128]. 3.5.3 Rubber & Woods Futures - In February 2026, Natural Rubber increased by 4.9%, while Synthetic Rubber decreased by 5.7% [132]. 3.5.4 Animals Futures - In February 2026, Egg increased by 8.8%, while Live Hog increased by 2.4% [136]. 3.5.5 Economic Crops Futures - In February 2026, Cotton increased by 4.9%, while Peanut Kernel decreased by 2.1% [140]. 3.6 Indices Futures - In February 2026, SCFIS(Europe) decreased by 0.2% [146].