（注：本文为原创分析，仅供参考，不构成投资建议。数据支持：长江有色金属网 www.ccmn.cn电话： 0592-5668838） ccmn铅市分析：今日国内现货铅价小跌，春节后首个交易日，沪铅价格呈现窄幅震荡格局，全天波动 幅度有限，市场多空力量处于高度均衡状态。这一走势主要受国内外宏观环境的共同影响。海外市场方 面，隔夜美股三大指数全线重挫，避险情绪显著升温，导致资金从工业金属等风险资产中流出；同时美 元指数维持横盘整理，未能为市场提供明确方向指引。国内方面，当日公布的LPR报价维持不变，货币 政策保持稳健中性，使得市场对短期宽松政策的预期降温。整体来看，海外风险偏好回落与国内"稳字 当头"的政策定调相互交织，宏观层面呈现多空因素弱平衡的态势，这直接决定了铅价在节后首日震荡 收平的表现。 春节后铅市场呈现典型的"供应恢复快于需求复苏"的格局。供应端，原生与再生铅冶炼企业复产顺畅， 原料供应平稳，市场流通货源充足。然而，需求端恢复迟缓，下游铅酸蓄电池企业复工节奏偏慢，订单 释放有限，目前仍以消化节前库存为主，仅维持刚需采购。整体市场处于供需双弱、小幅累库的状态， 难以支撑价格形成趋势性突破。从产业链看，上游 ...

宝城期货投资咨询部 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@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。 碳酸锂 | 日报 2026 年 2 月 24 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 164120 元/吨，较前日 上涨 11480 元/吨，近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 152080 元/吨，较前日上涨 5.77%，近 10 个交易日整体呈现震荡走势。 【基差分析】当前基差为-8920 点，负基差（现货贴水），较前日 走弱 4260 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸锂注册仓单量 ...

Core Viewpoint - The automotive service market in Beijing experiences significant price increases during the Spring Festival, driven by high demand and labor shortages, leading to consumer dissatisfaction with service quality and transparency [5][7][9]. Group 1: Price Increases - During the 2026 Spring Festival, the overall price of automotive services in Beijing saw a significant increase, particularly in manual car washing, where prices rose from approximately 50-60 yuan to 100-150 yuan, marking an increase of 66% to 200% [5][6]. - Basic maintenance costs for economy fuel vehicles increased by 80 to 200 yuan, with hourly labor costs rising from 100-150 yuan to 150-230 yuan, reflecting a nearly 50% increase [5][7]. - Emergency repair services also saw price hikes, with battery replacement costs rising from 600-700 yuan to around 1100 yuan due to supply shortages [6][8]. Group 2: Labor Shortages and Service Quality - The automotive service industry faced significant labor shortages during the Spring Festival as many workers returned home, leading to increased labor costs, with some stores paying 2-3 times the regular holiday wages [7][8]. - Despite price increases, many service outlets struggled to maintain service quality, with reports of longer wait times and rushed service leading to unsatisfactory results, such as incomplete cleaning and unnecessary upselling of services [9]. - Consumers expressed frustration over the lack of transparency regarding price changes, with many not being informed of increased charges until arriving at service locations [8][9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The supply and demand of steel are both weakening, and steel prices are fluctuating. Glass and soda ash are experiencing range - bound oscillations due to pre - holiday cautious sentiment. For double silicon, the market is mainly in a wait - and - see mode as the Spring Festival approaches [1][3] - Glass market fundamentals have no obvious improvement. Although the expected production halt in Shahe eases supply pressure, pre - holiday demand is weak, and inventory is accumulating. Soda ash supply is abundant with new production projects advancing, and pre - holiday demand is seasonally low [1] - The fundamentals of silicon manganese have improved slightly with expected increase in iron - water production, but inventory pressure remains high. The fundamentals of silicon iron are controllable, and demand is expected to improve marginally as steel mills resume production, but overall over - capacity restricts price increases [3] 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass contracts showed narrow - range fluctuations yesterday, with decreasing positions as the holiday nears. Spot prices are stable, but trading volume is low. This week, cold - repair of production lines increased, daily melting volume dropped, and inventory rose. Soda ash contracts also had narrow - range fluctuations, with low spot trading volume. This week, soda ash production increased slightly, heavy - ash inventory rose slightly, and light - ash inventory decreased [1] Supply - Demand and Logic - Glass fundamentals have no significant improvement. The expected production halt in Shahe eases supply pressure, but pre - holiday demand is weak, and inventory accumulation continues. Soda ash supply is in a loose pattern. With new production projects advancing, production remains high, and inventory is increasing. Pre - holiday demand drops seasonally, and the new production projects need to be monitored [1] Strategy - Glass: Range - bound fluctuations; Soda ash: Range - bound fluctuations; No strategies for inter - period and inter - variety trading [2] Double Silicon Market Analysis - Silicon manganese futures continued to fluctuate slightly, and the market was quiet with a strong holiday atmosphere. The price of 6517 silicon manganese is 5580 - 5680 yuan/ton in the northern market and 5700 - 5750 yuan/ton in the southern market. Silicon iron futures followed the overall black - metal market downwards, and the spot market was weak. Most of the market is in a wait - and - see mode. The price of 72 - grade silicon iron in the main production areas is 5250 - 5350 yuan/ton, and that of 75 - grade silicon iron is 5850 - 6000 yuan/ton [3] Supply - Demand and Logic - Silicon manganese fundamentals have improved slightly, and iron - water production is expected to increase, leading to marginal improvement in demand. However, inventory pressure is still high. The South African tariff policy may increase manganese ore costs. Silicon iron fundamentals are controllable. Enterprises are reducing production, and demand is expected to improve as steel mills resume production. But overall over - capacity restricts price increases, and inventory reduction and power - price policies need to be monitored [3] Strategy - Silicon manganese: Range - bound fluctuations; Silicon iron: Range - bound fluctuations [4]

Oil Market - On Thursday, oil prices fell significantly, with WTI March contract closing down by $1.79 to $62.84 per barrel, a decrease of 2.77%. Brent April contract closed down by $1.88 to $67.52 per barrel, a decrease of 2.71% [2][12] - The IEA's latest monthly oil market report indicates that global oil demand growth will be slower than expected this year, predicting a large supply surplus despite supply disruptions in January. By 2026, a surplus of 3.73 million barrels per day is expected, which is about 4% of global demand [2][12][14] - U.S. President Trump stated that Iran must reach an agreement with the U.S., or else the U.S. will have to enter a "second phase," which would be very painful for Iran. Geopolitical uncertainties are expected to cause significant fluctuations in oil prices as the Spring Festival approaches [2][14] Fuel Oil - On Thursday, the main contract for fuel oil FU2605 rose by 1.09% to 2888 yuan/ton, while low-sulfur fuel oil LU2604 increased by 0.45% to 3349 yuan/ton. Singapore's onshore fuel oil inventory recorded 22.7 million barrels, a decrease of 1.499 million barrels (6.19%) from the previous week [15] - Despite strong demand for marine fuel ahead of the Spring Festival, short-term supply is ample, and the market expects an increase in arbitrage shipments from Western markets in February, putting pressure on the low-sulfur market structure [15] Asphalt - The main contract for asphalt BU2603 fell by 0.24% to 3327 yuan/ton. The sample shipment volume from 54 domestic asphalt manufacturers totaled 257,000 tons, a decrease of 23.1% week-on-week [16] - The overall supply remains stable, with a significant increase in port inventory for diluted asphalt. The market is expected to show weak supply and demand dynamics as the Spring Festival approaches [16] Rubber - The main contract for Shanghai rubber RU2605 fell by 125 yuan/ton to 16450 yuan/ton. The NR main contract decreased by 75 yuan/ton to 13370 yuan/ton, and BR main contract dropped by 305 yuan/ton to 12715 yuan/ton [17] - The basic supply and demand dynamics are weak, with port inventory slightly increasing. The rubber price is expected to maintain a volatile trend as the Spring Festival approaches [17] PX, PTA, and MEG - TA605 closed at 5220 yuan/ton, down 0.76%. EG2605 closed at 3723 yuan/ton, down 1.09%. PX futures closed at 7312 yuan/ton, down 0.89% [18][19] - The overall operating rate of ethylene glycol in mainland China is at 76.81%, with a slight increase. The PTA load is at 74.8% due to a shutdown of a 2.5 million ton PTA unit [18][19] Methanol - On Thursday, the spot price in Taicang was 2210 yuan/ton, with CFR China prices ranging from $261 to $265 per ton. Domestic supply remains stable, while demand is supported by the gradual increase in MTO unit load [20][21] - The decrease in Iranian shipments is expected to lead to a decline in arrivals in February, providing price support [20][21] Polyolefins - The main price for East China PP was between 6520-6700 yuan/ton, with various production margins reported. The market is expected to face upward pressure as downstream factories begin to shut down for the Spring Festival [21] PVC - The PVC market in East China remained stable, with prices for different grades reported. Demand is slowing down as the Spring Festival approaches, leading to a high supply level but weak demand [22] Urea - Urea futures prices rose by 2.79% to 1843 yuan/ton. The market is experiencing a decline in activity as the Spring Festival approaches, with supply levels remaining stable [23][24] Soda Ash - Soda ash futures prices fell by 0.94% to 1162 yuan/ton, with supply expected to remain high during the Spring Festival. Demand is weak, and the market is expected to face downward pressure [24] Glass - Glass futures prices showed a weak trend, closing at 1065 yuan/ton, with supply levels slightly decreasing. Demand is expected to decline during the Spring Festival, leading to a challenging market environment [25]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2026-02-13 节前需求回落，盘⾯表现承压 假期临近钢材端累库加快，基本⾯缺乏亮点，盘⾯表现疲软。铁矿⽯ 总库存压⼒持续增加，当前市场对节后需求预期⼀般，盘⾯表现承 压。煤炭供应端存在扰动，煤矿节前放假增多，但煤焦补库进⼊尾 声，需求⽀撑有限，盘⾯低位宽幅震荡。玻纯供需过剩压制盘⾯价 格。 假期临近钢材端累库加快，基本面缺乏亮点，盘面表现疲软。铁矿石 总库存压力持续增加，当前市场对节后需求预期一般，盘面表现承 压。煤炭供应端存在扰动，煤矿节前放假增多，但煤焦补库进入尾 声，需求支撑有限，盘面低位宽幅震荡。玻纯供需过剩压制盘面价 格。 1. 铁元素方面：铁矿石库存压力持续增加，供应端仍存天气扰动预 期，当前市场对节后需求预期一般，盘面表现承压，但节后即将召开 重要会议，宏观预期仍存，盘面快速回落后压力有所释放，关注市场 情绪变化。废钢供应、日耗均有季节性下降的预期，钢厂补库基本结 束，预计节前现货价格震荡。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有 ...

智通财经APP获悉，2月12日，硅业分会发文称，本周工业硅市场延续"供需双弱"基本面，价格在供应收缩与需求 乏力的博弈中震荡运行。期货市场受宏观情绪偏弱及现货跟涨乏力影响，价格进一步回调。截至2月11日主力合约 2605收盘于8370元/吨，累计下跌235元/吨。现货市场则继续呈现僵持态势，价格整体持稳。据安泰科2月11日现货 价格统计，全国工业硅综合价格维持在9245元/吨，与上周持平。分规格看，553#报价稳定在8713元/吨，441#报价 持稳于9169元/吨。区域市场中，新疆，云南及四川综合价格分别为8810元/吨，10005元/吨和10050元/吨，价格体 系未发生明显变化。出口 FOB价格亦与上周持平。 值得注意的是，现货报价连续持平，成交维持清淡，多数硅企仍执行元旦前报价，调价意愿不足；叠加期货长期 处于贴水状态，现货缺乏跟随基础，导致其对期货下跌反应钝化，报价连续持平。当前现货价格正处于需求压制 与成本支撑的夹缝之中，与期货走势阶段性脱钩。 供应端收紧态势在本周得到进一步确认与延续。新疆地区头部企业的减产计划持续执行，产量释放受到明显限 制。西南地区云南，四川受电价成本及季节性因素影响，开工率 ...

Core Viewpoint - The industrial silicon market continues to exhibit a "dual weakness" in supply and demand, with prices fluctuating amid a tug-of-war between supply contraction and weak demand [1][3]. Supply Side - The supply side has confirmed a tightening trend, particularly with leading enterprises in Xinjiang continuing their production reduction plans, significantly limiting output [2]. - In the southwestern regions of Yunnan and Sichuan, low operating rates persist due to electricity costs and seasonal factors, with weak recovery intentions [2]. - Some enterprises in Inner Mongolia are still undergoing maintenance, contributing to the overall supply contraction in February, which provides a bottom support for the market but is insufficient to drive prices upward [2]. Demand Side - Overall downstream demand remains weak, with various sectors showing lackluster performance [2]. - In the polysilicon sector, despite previous production cuts and policy disruptions creating a "rush for exports" effect, overall inventory pressure remains high, leading to cautious procurement of industrial silicon [2]. - The organic silicon market continues to see weak trading, with mainstream DMC prices holding steady between 13,800 and 14,000 yuan/ton, and production strategies focusing on staggered and self-disciplined reductions, providing limited support for industrial silicon consumption [2]. - The aluminum alloy sector has seen a slight decline in operating rates as the Spring Festival approaches, with procurement strictly based on rigid demand, limiting any potential increase [2]. - The export market remains tepid, with weak purchasing intentions from overseas clients and limited tender quantities, putting continued pressure on FOB prices [2]. Market Dynamics - The industrial silicon market is characterized by "clear supply contraction, persistent weak demand, fluctuating futures, and stable spot prices" [3]. - The core market dynamics have shifted from production reduction expectations to actual demand verification [3]. - Prices are currently caught between cost support and demand suppression, with a slow downward adjustment in the fluctuation center [3]. - In the short term, the market is expected to maintain a range-bound fluctuation, with a focus on the actual inventory reduction situation before and after the Spring Festival, as well as the resumption progress and procurement rhythm of downstream industries [3].

热轧卷板产业链日报 2026/2/12 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,218 | -10↓ HC 主力合约持仓量(手) | 1533692 | -18682↓ | | | HC 合约前20名净持仓(手) | 45,646 | +3981↑ HC5-10合约价差(元/吨) | -19 | 0.00 | | | HC 上期所仓单日报 ...

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Views - The current supply and demand in the steel market are both weak, with steel prices showing small fluctuations [1]. - The trading atmosphere in the glass and soda ash market is cold, and the prices are weakly oscillating [1]. - The market fluctuations of ferrosilicon and silicomanganese have weakened, and the alloys are oscillating within a narrow range [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The main glass contract showed a weakly oscillating trend throughout the day. With the Spring Festival holiday approaching, the trading volume decreased, and the trading atmosphere in the spot and futures markets was cold [1]. - Soda Ash: The main soda ash contract continued to operate weakly, with narrow - range oscillations. The trading atmosphere in the spot market was cold, and the market was mainly for rigid - demand purchases [1]. Supply and Demand Logic - Glass: The fundamentals are still weak. There is an increasing expectation of production suspension in the Shahe area, which supports the market. However, the downstream is in the traditional consumption off - season, and the demand is cold. The current low price allows the market to tolerate higher inventory. In the short term, it will continue to operate in an oscillating manner [1]. - Soda Ash: The supply of soda ash remains loose. With the progress of new production projects, the supply pressure continues to increase. As the Spring Festival approaches, downstream consumption shows a seasonal decline due to more cold repairs. The total inventory of domestic soda ash manufacturers is still at a high level, and the de - stocking process is slow, with large overall supply - demand contradictions [1]. Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating [2] Ferrosilicon and Silicomanganese Market Analysis - Silicomanganese: The silicomanganese futures showed a small - scale oscillation, and the volatility decreased compared to the previous period. The spot market was stable. There were new ignition situations in northern factories, with the price of 6517 in the northern market ranging from 5580 - 5680 yuan/ton and in the southern market from 5700 - 5750 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures followed the overall black market and operated weakly. The spot market was weak, and the market was full of a strong wait - and - see sentiment. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5250 - 5350 yuan/ton, and the price of 75 - grade ferrosilicon was 5850 - 6000 yuan/ton [3]. Supply and Demand Logic - Silicomanganese: The fundamentals of silicomanganese have improved. There is an expectation of an increase in molten iron production, and the demand for silicomanganese has marginally improved. However, the inventory pressure is still large, and the supply - demand pattern remains loose. The recent South African tariff policy may increase the cost of manganese ore, and attention should be paid to the cost support of manganese ore and inventory changes [3]. - Ferrosilicon: The fundamental contradictions of ferrosilicon are controllable. Enterprises have actively reduced production loads. Considering the resumption of production in steel mills, the demand for ferrosilicon is expected to improve marginally. The overall over - capacity of ferrosilicon suppresses the price increase, and continuous attention should be paid to the de - stocking situation and power price policies in production areas [3]. Strategy - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]