交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月25日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货上涨，市场商谈氛围一般，少量聚酯工厂递盘，个别主流供应商出货，现货基差先稳后松，本周货在 05贴水60~65有成交，下周货在05贴水50~60成交，价格商谈区间在5230~5340。3月中05贴水40成交，3月下05贴水35有成交。今 日主流现货基差在05-62。中性 5、主力持仓：净空 空增 偏空 6、预期：2月供需开工分化，库存积累较为明显，不过短期码头库存积累一般，基差下行压力可控。近期加工差尚可，装置检 修不多，即使聚酯负荷预期内提负，去库节奏有所延后，关注后期上下游装置变动。 2、基差： ...

jis 加安期货 合成橡胶早报 研究中心能化团队 2026/2/25 | 品种 | | 类别 | 指标 | 1/26 | 2/11 | 2/12 | 2/13 | 2/24 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | BR主力合约收盘价 | 13265 | 13020 | 12715 | 12505 | 13140 | 635 | 120 | | | | | 持つ量 | 91654 | 24037 | 21758 | 14990 | 14886 | -104 | -9151 | | | | STIT | 成交量 | 747469 | 198743 | 127485 | 152173 | 106030 | -46143 | -92713 | | | | | 仓単数量 | 27520 | 36910 | 36910 | 39310 | 39870 | 560 | 2960 | | | | | 虚实比 | 16.65 | 3.26 | 2.95 | 1.91 | 1.87 | ...

2026.02.24-02.27 工业硅、碳酸锂 期货品种周报 工业硅期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 工业硅期货目前处于震荡偏弱运行。 中线趋势判断 1 01 P A R T 中线行情分析 趋势判断逻辑 2 上周工业硅现货价格维稳，截至2月13日新疆地区421#价格9050元/吨，云 南地区421#价格9900元/吨，四川地区421#价格10000元/吨。长城期货AI 智能投询品种诊断报告显示工业硅价格日线处在横盘阶段。资金方面，主 力没有明显的多空偏向。 工业硅震荡运行，观望为主。 中线策略建议 3 品种交易策略 上周策略回顾 春节假期临近，为规避长假期间波动风险，建议观 望为主。 本周策略建议 工业硅主力合约8,000–9,500元/吨区间震荡。 相关数据情况 截止至2024年04月19日，上海期货交易所阴极铜库存为300,045吨，较上一周增加322吨。从季节性角度分析，当前库存较近五年相比维持在较高水平。 SHF阴极铜库存走势 SHF阴极铜库存季节性分析 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 LME库存与注 ...

01 P A R T 螺纹钢期货 螺纹钢、铁矿石 期货品种周报 2026.02.24-02.27 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 供需处于相对均衡格局，根据长城期货AI智能数据量化策略模型综 合分析，螺纹钢期货主力合约运行于2882至3330的震荡整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量193吨，国内消费量142万吨，主要钢厂库存158万吨， 社会库存572万吨。长城期货AI智能投询品种诊断报告显示螺纹钢期货 主力合约运行于横盘整理区间，近期市场资金关注度略有下降。 2 整理阶段可考虑网格交易策略，系统策略建议：天线3330，地线 2882，网格间距32，网格数量14。 中线策略建议 3 品种交易策略 上周策略回顾 螺纹钢期货主力合约进入震荡整理区间。 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入横盘整理区间，可考虑实施大网格交易策略。 相关数据情况 现货企业套期保值建议 整理阶段建议观望等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 本报 ...

农产品团队 | 作者： | 侯芝芳 | | --- | --- | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 王亮亮 | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | | 作者： | 汤冰华 | | 从业资格证号： | F3038544 | 从业资格证号： F3038544 投资咨询证号： Z0015153 联系方式： 010-68518793 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月22日星期日 更多精彩内容请关注方正中期官方微信 【交易策略】 假期海 ...

20260224申万期货品种策略日报-软商品 申银万国期货研究所 黄莹(执业编号：F3053602；投资咨询编号：Z0015364） huangying@sywgqh.com.cn 行 业 信 息 评 论 及 策 略 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 | | | 白糖2609 | 白糖2605 | 白糖2603 | 11号糖2603 | 11号糖2607 | 11号糖2605 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 前日收盘价 | 5222 | 5211 | 5213 | 14.47 | 13.98 | 14.29 | | | 前2日收盘价 | 5259 | 5254 | 5251 | 14.3 | 13.83 | 14.13 | | | 涨跌 | -37 | -43 | -38 | 0.17 | 0.15 | 0.16 | | 期 | 涨跌幅% | -0.70 | -0.82 | -0.72 | 1.19 | 1.08 | 1.13 | | 货 | 持仓量 ...

Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 24 日星期二 研究员：李方磊 从业资格：F03104461 交易咨询资格：Z0021311 联系方式：19339940612 | | | 分品种观点详述 评级预测说明："+"表示：当日收盘价>上日收盘价；"-"表示：当日收盘价<上日收盘价。 数字代表当日涨跌幅度范围（以主力合约收盘价计算）。0.5 表示：0≤当日涨跌幅<0.5%； 1 表示：0.5%≤当日涨跌幅<1%；2 表示：1%≤当日涨跌幅<2%；3 表示：2%≤当日涨跌幅<3%； 4 表示：3%≤当日涨跌幅<4%；5 表示：4%≤当日涨跌幅。评级仅供参考，不构成任何投资建 议。 重要事项: | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 节前 SR605 合约收盘价 5211 元/吨，日跌幅 0.82%；SR609 合约收盘价 5222 元/吨， 日跌幅 0.70%。 | | --- | --- | --- | --- | | | | | 【重要资讯】 1.2 月 18 日(周 ...

| | nimx@sywgqh.com.cn 021-50586042 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 期货 价差 | | | | | | | | | | | RU主力 | NR主力 | BR主力 | | RU-NR | RU-BR | NR-BR | | 期 | 前日收盘价 | 16315 | 13180 | 12590 | 现值 | 3135 | 3725 | 590 | | 货 | 前2日收盘价 | 16450 | 13370 | 12780 | 前值 | 3080 | 3670 | 590 | | 市 | 涨跌 | -135 | -190 | -190 | 涨跌 | 55 | 55 | 0 | | 场 | 涨跌幅 | -0.82% | -1.42% | -1.49% | | | 基差 | | | | 成交量 | 165470 | 47212 | 12590 | | RU基差 | 混合-RU | 烟片-RU | | | 持仓量 | 140235 | 47785 | 54867 | 现值 ...

2026 年 2 月 24 日 硅铁：节前交易情绪转弱，宽幅震荡 锰硅：节前交易情绪转弱，宽幅震荡 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | 【基本面跟踪】 硅铁、锰硅基本面数据 | 期货 | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2603 | 5516 | -22 | 7,655 | 19,566 | | | 硅铁2605 | 5492 | -8 | 140,909 | 200,355 | | | 锰硅2603 | 5728 | -34 | 6,262 | 24,693 | | | 锰硅2605 | 5770 | -30 | 156,434 | 393,485 | | | 项目 | | 价格 | 较前一交易日 | 单位 | | | 硅铁:FeSi75-B:汇总价格:内蒙 | | 530 ...

Report Industry Investment Rating No relevant content provided. Core Views For Coking Coal - The coking coal market is expected to be in a range - bound oscillation. The supply will experience a seasonal contraction as some mines start to take holidays and reduce production, while the demand is weak with only some rigid - demand purchases. The supply - demand contradiction is not obvious. Attention should be paid to the post - Spring Festival destocking speed and macro expectations [3]. For Coke - The coke market is also expected to oscillate. After the first round of price increase, the profit is good. The supply is stable, and the demand is not strongly driven. The supply - demand drive of coke itself is not obvious. After the Spring Festival, the recovery of hot metal production should be monitored [4]. Summary by Directory Coking Coal Spot Market - Near the Spring Festival, the market trading is light. Some traders and coal washing plants are on holiday. The downstream's acceptance of high prices is low, and most of the auction market transactions are at reduced prices. The pit - mouth coal price is stable with a weak trend. The price of low - sulfur main coking coal in Anze, Shanxi has dropped to 1,570 yuan/ton, a week - on - week decrease of 70 yuan/ton. The price of medium - sulfur main coking coal in Jinzhong is 1,400 yuan/ton. The trading atmosphere at the Mongolian coal port is cold, with high customs clearance and large inventory pressure. The price of Mongolian No. 5 raw coal has dropped to 1,010 - 1,030 yuan/ton [9][16]. Spread and Basis - The current conversion of Mongolian coal into warehouse receipts is about 1,150 yuan/ton, and the futures price is slightly at a discount. The basis has strengthened as the futures price has oscillated and declined recently [3][35]. Supply - The coal mine capacity utilization rate has rebounded to 88.3%, a week - on - week increase of 1%. The coal mine operation has continued to recover and is currently at a high level. However, since this week, some mines have entered the holiday state, and the supply has shrunk significantly. The average daily customs clearance at Ganqimaodu last week was 1,148 vehicles, and the Mongolian coal supply is still at a relatively high level [3][48]. Demand - Downstream coke and steel enterprises only maintain on - demand transportation [3]. Inventory - The upstream mine's inventory is low, and the downstream coke and steel enterprises have fully replenished their stocks and will mainly consume the previous inventory [3]. Coke Spot Market - Coke enterprises have raised the price by one round. The quasi - first - grade coke at Rizhao Port is quoted at 1,470 yuan/ton, with a week - on - week flat price. The price of quasi - first - grade dry - quenched coke in Shanxi is about 1,520 - 1,535 yuan/ton. The wet - quenched warehouse receipt at the coke port is 1,600 yuan/ton, and the quasi - first - grade dry - quenched warehouse receipt is 1,720 yuan/ton [4][94]. Basis and Monthly Spread - Recently, the futures price has oscillated and declined, at a discount to the dry - quenched warehouse receipt. The 5 - 9 monthly spread has oscillated [100]. Supply - After the price increase, coke enterprises have good profits, and the operation is relatively stable. The coke production capacity utilization rate of independent coke enterprises is 72.2%, a week - on - week increase of 0.34% [4]. Demand - The average daily hot metal output of 247 steel mills is 228.6 tons, a week - on - week increase of 0.6 tons. The steel mills' profitability is lower than the same period last year, and the blast furnace operation before the Spring Festival is stable but at a low level [4][105]. Profit - After the first round of price increase, the profitability of coke enterprises has improved, and the current estimated overall profitability of coking is about 70 yuan/ton [4]. Inventory - Coke enterprises have no inventory pressure, and the downstream has fully replenished stocks and will mainly consume the previous inventory [4]. Balance Sheet Coking Coal - The production, import, consumption, surplus, and inventory data from 2025/6 to 2026/6 are presented, along with the year - on - year growth rates of production and consumption [140]. Coke - The production, import, export, consumption, surplus, and inventory data from 2025/6 to 2026/6 are presented, along with the year - on - year growth rates of production and consumption [142].