Core Viewpoint - Zijin Mining (601899)(02899) has seen a significant increase of over 4%, currently trading at 45.3 HKD with a transaction volume of 2.272 billion HKD, driven by upgraded price targets and profit forecasts from Citigroup due to rising gold and lithium prices, as well as increased gold sales [1] Group 1: Price Target Adjustments - Citigroup has raised the target price for Zijin Mining's H-shares by 32.8% from 39 HKD to 51.8 HKD and for A-shares by 31.3% from 35.5 RMB to 46.6 RMB, maintaining a "Buy" rating and considering it a top pick in the industry [1] - The firm anticipates that Zijin Mining will gradually increase its dividend payout ratio, projecting a payout rate of 40% starting in 2025 [1] Group 2: Market Position and Growth Potential - Zheshang Securities (601878) views Zijin Mining as a leading global player in gold and copper resources, benefiting from a rising price trend in gold and copper amid a rate-cutting cycle and escalating geopolitical risks [1] - The company is expected to achieve simultaneous growth in volume and price due to ongoing production increases from projects like the Julong Copper Mine, Kazakhstan Gold Mine, and Allied Gold Corporation, alongside a rebound in lithium prices contributing to a third growth curve [1] - Current valuation levels are considered low within the industry, suggesting potential for valuation re-rating in the future [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The latest price data in January 2026 in China shows a mild recovery at a low level with structural differentiation, while the non - farm data in the US in January greatly exceeded expectations, leading to an adjustment of the market's expectations for the Fed's interest rate cuts. Domestic price repair depends on the optimization of "new supply" and the unblocking of the transmission chain in the middle and lower reaches. The economic opportunities from the visit and domestic growth - stabilizing policies may lead to a valuation repair of pro - cyclical sectors [2]. - In the short term, for the RMB exchange rate, pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline, and its linkage with the US dollar index may increase [3]. - For the stock index, the Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - For the bond market, it is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - For the container shipping European line, the market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. - For new energy products, the spot market for lithium carbonate is trading lightly, and it is recommended to sell volatility strategies before the holiday. For industrial silicon and polysilicon, due to high inventory, it is recommended to hold a light position or be empty before the holiday [15][17]. - For non - ferrous metals, aluminum, alumina, and cast aluminum alloy may be in a shock adjustment. Copper may be weak in its rebound, zinc may be in a shock, nickel - stainless steel may be affected by quota disturbances, tin may be adjusted in a wide - range shock, and lead may fluctuate weakly [20][26][28]. - For oilseeds and fats, for oilseeds, there are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities. For fats, the domestic market has limited driving forces and is expected to be in a shock before the holiday [31][33]. - For energy and oil and gas, for fuel oil and low - sulfur fuel oil, due to geopolitical uncertainties, it is recommended to control positions before the holiday. For asphalt, its price may follow the cost - end crude oil, and there may be a decline after the holiday [35][37][39]. - For precious metals, for platinum and palladium, the long - term bull market foundation still exists, and it is recommended to buy in steps at low prices and control positions. For gold and silver, the long - term upward trend remains, and it is recommended to reduce or empty positions before the holiday [43][45]. - For chemical products, for pulp and offset paper, it is recommended to conduct range trading. For pure benzene - styrene, pay attention to cost - end fluctuations. For LPG, pay attention to geopolitical uncertainties. For PTA - PX, it is advisable to buy at low prices. For MEG - bottle chips, it is expected to fluctuate in a wide range. For methanol, it is recommended to be empty before the holiday. For plastics and PP, the short - term driving force is limited, and it is expected to be in a shock before the holiday. For rubber, it is recommended to hold a light position before the long holiday, and it is expected to be in a range - bound shock. For urea, it is recommended to be empty before the holiday. For glass and soda ash, it is recommended to wait and see before the holiday. For propylene, pay attention to cost and risk [51][54][57][62][65][67][69][80][82][83][86]. - For black products, for rebar and hot - rolled coils, the price may be in a weak shock. For iron ore, it is advisable to wait and see cautiously before the holiday. For coking coal and coke, pay attention to the resumption rhythm after the holiday. For ferrosilicon and ferromanganese, they are in a bottom - shock state [88][91][94][95]. - For agricultural and soft commodities, for live pigs, it is recommended to go long on the 05 contract. For cotton, it is expected to be in a shock in the short term. For sugar, the upward space is limited. For eggs, the main contract is expected to decline in a shock. For rubber, it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock. For apples, the short - term demand weakens, but the decline space is limited. For red dates, the short - term price may be in a low - level shock, and the long - term price is under pressure. For logs, it is recommended to wait and see [99][100][103][104][111][113][114][116]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: China's CPI and PPI data in January 2026 showed a mild recovery at a low level. The US non - farm data in January was strong, affecting the market's expectations for the Fed's interest rate cuts. Indonesia plans to cut the output of the world's largest nickel mine by 70%, and the US Congressional Budget Office expects the 2026 deficit to be $1.9 trillion [1]. - **RMB Exchange Rate**: The US non - farm report in January was strong, delaying the market's expectations for the Fed's first interest rate cut. The RMB exchange rate was under the central bank's regulation and maintained a mild appreciation. Pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline [3]. - **Stock Index**: The Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - **Treasury Bond**: It is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - **Container Shipping European Line**: The market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. Commodities New Energy - **Lithium Carbonate**: The spot market is trading lightly. The downstream pre - holiday stocking is basically over, and the supply - demand pattern has not changed significantly. It is recommended to sell volatility strategies before the holiday [15]. - **Industrial Silicon and Polysilicon**: The market is in a wide - range shock. Due to high inventory, it is recommended to hold a light position or be empty before the holiday [16][17]. Non - Ferrous Metals - **Aluminum Industry Chain**: The non - farm data in the US was better than expected, reducing the probability of interest rate cuts. The fundamentals of aluminum have not changed much, and it may be in a shock adjustment. Alumina is expected to be weak in the long - term, and cast aluminum alloy may follow aluminum [20]. - **Copper**: The probability of a March interest rate cut has decreased, and the copper price's rebound is weak. It is recommended to hold a light position or wait and see before the holiday [20][23]. - **Zinc**: It follows the sector's adjustment, and the non - farm data suppresses the price. It is expected to be in a wide - range shock [26]. - **Nickel - Stainless Steel**: It is affected by quota disturbances. The market is in a supply - demand double - weak situation, and it is necessary to pay attention to the risk of capital withdrawal before the holiday [27][28]. - **Tin**: Its price is mainly driven by the macro situation and is expected to be in a wide - range shock adjustment [29][30]. - **Lead**: It follows the sector's fluctuation and is expected to be in a weak shock [30]. Oilseeds and Fats - **Oilseeds**: The external market of US soybeans is strong in the short - term, and the domestic soybean meal may rebound in the short - term but may be restricted by new supplies in the long - term. There are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities [31]. - **Fats**: The domestic market has limited driving forces. The palm oil market needs to observe the de - stocking process, the soybean oil has support from policies, and the rapeseed oil supply is loose. It is expected to be in a shock before the holiday [32][33]. Energy and Oil and Gas - **Fuel Oil**: It opened high and went high. The supply of high - sulfur fuel oil is being repaired, and the demand is weak in some areas. The logic is mainly related to geopolitics, and it is recommended to control positions before the holiday [35]. - **Low - Sulfur Fuel Oil**: The cost has increased, and it opened high and went high. The supply is relatively abundant in the short - term, the demand is stable, and the inventory has decreased. It is recommended to control positions before the holiday [36][37]. - **Asphalt**: Its price increase is weak. The demand has reached the freezing point before the holiday, and it may follow the cost - end crude oil. There may be a decline after the holiday [38][39]. Precious Metals - **Platinum and Palladium**: The long - term bull market foundation still exists. It is recommended to buy in steps at low prices and control positions. Pay attention to the impact of Fed officials' speeches and relevant events [43]. - **Gold and Silver**: The long - term upward trend remains, but the short - term operation is difficult. It is recommended to reduce or empty positions before the holiday [45]. Chemical Products - **Pulp - Offset Paper**: The pulp market is relatively neutral, and the offset paper futures may be in a range - bound shock. It is recommended to conduct range trading [51][52]. - **Pure Benzene - Styrene**: Pay attention to cost - end fluctuations. The supply of pure benzene increases, and the demand is flat. The supply of styrene will increase in February, and the demand will decrease during the Spring Festival [54][55]. - **LPG**: There are still uncertainties in geopolitics. The supply is neutral - low, and the demand is at a low level. It is necessary to pay attention to risk management before the holiday [56][57]. - **PTA - PX**: It benefits from the good supply - demand structure of PX. The first quarter may see inventory accumulation, and the second quarter may be in short supply. It is advisable to buy at low prices [59][62]. - **MEG - Bottle Chips**: The demand is seasonally weak, and the supply - demand balance has improved. It is expected to fluctuate in a wide range, and pay attention to geopolitical risks [63][65]. - **Methanol**: It follows geopolitics and non - ferrous metals. It is recommended to be empty before the holiday [66][67]. - **Plastics and PP**: The short - term driving force is limited. PE has a pattern of increasing supply and decreasing demand, and PP has limited supply pressure in the short - term. It is expected to be in a shock before the holiday [68][69]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [72][80]. - **Urea**: It is in a stage of over - supply due to new capacity release. The 05 contract may have a price increase expectation, but it is recommended to exit long positions and be empty before the holiday [81][82]. - **Glass and Soda Ash**: For soda ash, the demand is expected to weaken, and it is in a weak shock. For glass, there may be concentrated cold repairs before the Spring Festival, and it is recommended to wait and see before the holiday [83][84]. - **Propylene**: The fundamentals still have support, but the cost has uncertainties. Pay attention to cost, supply - demand, and risk [85][86]. Black Products - **Rebar and Hot - Rolled Coils**: The price may be in a weak shock. The supply is relatively strong compared to the demand, and the inventory is accumulating. The price may test the lower limit of the shock range [88][89]. - **Iron Ore**: The overall supply - demand is weak, and the iron water is expected to rise. It is advisable to wait and see cautiously before the holiday [90][91]. - **Coking Coal and Coke**: There are many disturbances in the overseas market, and the domestic driving force is insufficient. Pay attention to the resumption rhythm after the holiday [92][94]. - **Ferrosilicon and Ferromanganese**: They are in a bottom - shock state. The cost provides support, but the downstream inventory accumulation and high inventory of ferromanganese put pressure on the price [95]. Agricultural and Soft Commodities - **Live Pigs**: The futures price has rebounded, and it is recommended to go long on the 05 contract [98][99]. - **Cotton**: It is expected to be in a shock in the short term. The supply - demand is in a tight - balance state, and the external - internal cotton price difference restricts the upward space [99][100]. - **Sugar**: The international raw sugar price is weak, and the domestic sugar's upward space is limited [101][103]. - **Eggs**: The main contract is expected to decline in a shock. The pre - holiday demand has weakened, and the supply is sufficient [104]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [104][111]. - **Apples**: The pre - holiday stocking is basically over, and the short - term demand weakens, but the decline space is limited [112][113]. - **Red Dates**: The short - term price may be in a low - level shock, and the long - term price is under pressure due to sufficient supply [114]. - **Logs**: The liquidity is insufficient, and the industry is optimistic about the post - holiday market. It is recommended to wait and see [115][116].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Geopolitical concerns continue to support oil prices as Israel and the US discuss the Iranian issue and military actions intensify, but OPEC's prediction of a 400,000 barrels per day decrease in global demand for OPEC+ crude in Q2 and a slight supply surplus in the same quarter suppress the upside space of oil prices. Short - term crude oil is expected to continue to fluctuate at high levels, waiting for more news from the US - Iran negotiations. SC2604 is expected to operate in the range of 477 - 487, and there are long - term opportunities to try short positions on rallies [3]. - Short - term focus on geopolitics, and there is a risk of oversupply in the medium - to - long - term [6]. Summary by Directory 1. Daily Prompt - **Fundamentals**: Trump privately considers withdrawing from the US - Mexico - Canada trade agreement, adding uncertainty; OPEC predicts a 400,000 barrels per day decrease in global demand for OPEC+ in Q2 with a slight surplus; Trump says reaching an agreement with Iran is the "preferred" option, and the US Pentagon prepares to deploy a carrier strike group to the Middle East [3]. - **Basis**: On February 11, the spot price of Oman crude was $69.10 per barrel, and that of Qatar Marine crude was $68.30 per barrel, with a basis of 32.13 yuan/barrel, and the spot price was at a premium to the futures price [3]. - **Inventory**: US API crude inventory increased by 13.4 million barrels in the week ending February 6; EIA inventory increased by 8.53 million barrels in the week to February 6, exceeding the expected increase of 793,000 barrels; Cushing area inventory increased by 1.071 million barrels in the week to February 6; Shanghai crude oil futures inventory remained unchanged at 3.464 million barrels as of February 11 [3]. - **Disk**: The 20 - day moving average is upward, and the price is above the average [3]. - **Main Position**: As of February 3, the main positions of WTI and Brent crude oil were long, and the long positions increased [3]. - **Expectation**: Short - term crude oil is expected to continue to fluctuate at high levels, waiting for more news from the US - Iran negotiations. SC2604 is expected to operate in the range of 477 - 487, and there are long - term opportunities to try short positions on rallies [3]. 2. Recent News - **OPEC Report**: The global demand for OPEC+ crude in Q2 is expected to average 42.2 million barrels per day, lower than 42.6 million barrels per day in Q1. OPEC maintains the forecast of global oil demand growth of 1.34 million barrels per day in 2027 and 1.38 million barrels per day in 2026. In January, OPEC+ daily output was 42.45 million barrels, a decrease of 439,000 barrels from December, mainly due to production cuts in Kazakhstan, Russia, Venezuela, and Iran [5]. - **US Policy**: The US government issued a general license allowing oilfield service companies to work in Venezuela, a step in relaxing sanctions and promoting the reconstruction of the country's crude oil infrastructure [5]. 3. Long - Short Concerns - **Bullish Factors**: Not provided in the given content - **Bearish Factors**: IEA's concern about crude oil surplus and the alleviation of supply problems in some oil - producing countries [6] - **Market Drivers**: Short - term focus on geopolitics, and medium - to - long - term risk of oversupply [6] 4. Fundamental Data - **Futures Quotes**: Brent crude settled at $68.80, down $0.24 or 0.35%; WTI crude settled at $63.96, down $0.40 or 0.62%; SC crude settled at 472.5, up 6.5 or 1.39%; Oman crude settled at $66.77, down $1.01 or 1.49% [7]. - **Spot Quotes**: UK Brent Dtd was at $72.41, up $0.12 or 0.17%; WTI was at $63.96, down $0.40 or 0.62%; Oman crude (Pacific Rim) was at $68.28, up $1.07 or 1.59%; Shengli crude (Pacific Rim) was at $65.08, up $1.51 or 2.38%; Dubai crude (Pacific Rim) was at $68.43, up $1.30 or 1.94% [9]. - **API Inventory**: As of February 6, API inventory was 45.1431 million barrels, an increase of 13.4 million barrels [10]. - **EIA Inventory**: As of February 6, EIA inventory was 42.8829 million barrels, an increase of 8.53 million barrels [13]. 5. Position Data - **WTI Crude Fund Net Long Position**: As of February 3, the net long position was 124,565, an increase of 27,583 [16]. - **Brent Crude Fund Net Long Position**: As of February 3, the net long position was 278,249, an increase of 31,332 [18].

●FPG最新市场脱水消息： 1. 美国1月就业增长意外加速，失业率降至4.3%，这些劳动力市场稳定的迹象，可能为美联储提供政策观望的空 间，能在监控通胀之际，继续让利率保持一段时间不变。 2. 根据美国劳工部周三发布的数据，1月非农就业人数增加13万人，远高于市场预期的6.6万人。失业率则由2025年 12月的4.4%降至4.3%。强劲非农数据促使市场重新调整对降息的预期。由于劳动市场表现稳健，且通胀走势基本 符合预期，投资者降低降息押注并买进债券，推动美债收益率上升。 3. 美国《华尔街日报》周三发布独家报道，美国官员透露，五角大楼已指示第二支航空母舰打击群进入部署准备 状态，准备前往中东地区，以应对美军可能对伊朗采取军事行动的局势升温。 ●FPG fortune prime global分析师观点： FPG特约分析师（Felix）观点： 尽管美国国债收益率上升，但逢低买盘仍涌入黄金市场，黄金价格并未受到强劲的非农就业数据影响。堪萨斯城 联储主席施密德的鹰派言论抑制了市场对美联储大幅降息的预期。与美国总统特朗普相关的地缘政治和贸易风险 支撑金价在5000美元/盎司上方。除了地缘政治局势之外，投资者也将密切关 ...

来源：市场资讯 股指： （王东灜，从业资格号：F03087149；交易咨询资格号：Z0019537） 春节期间，地缘风险是影响A股的重要因素之一。其一，美伊局势值得关注，目前美国再次向本国公民 发布撤离提示，局部冲突的风险正在逐步升高；其二，日本右翼政党选举中取胜，对于地区发展的影响 值得长期关注。作为战略储备资源的贵金属和其他有色金属主要计价现有国际秩序的不确定性，春节前 后波动可能增加。对股指而言，当前指数波动率逐渐回落，如果节日期间爆发地缘冲突，指数波动率可 能短期上升。 （朱金涛，从业资格号：F3060829；交易咨询资格号：Z0015271） 昨日国债期货收盘，30年期主力合约涨0.05%，10年期主力合约涨0.06%，5年期主力合约涨0.04%，2年 期主力合约基本持稳。中国央行2月11日开展4000亿元14天期和785亿元7天期逆回购。据qeubee统计， 公开市场有750亿元7天逆回购到期，实现净投放4035亿元。资金面来看，DR001上行0.5BP至1.37%， DR007下行2BP至1.54%。短期来看，继央行结构性降息之后财政政策接续发力，稳增长政策持续出台 背景下债市持续走强动力不足， ...

Core Viewpoint - The global gold market has experienced a historic surge, with spot gold prices surpassing $5000 per ounce for the first time, driven by various factors including changes in U.S. monetary policy and geopolitical tensions [1][3][4]. Group 1: Market Dynamics - As of January 26, 2026, spot gold prices reached a peak of $5111 per ounce, marking a significant increase of over 17% within the first month of the year [1]. - The relationship between gold and the U.S. dollar has shifted, with both assets rising simultaneously, contrary to the traditional view that a strong dollar leads to weaker gold prices [3]. - Central banks have become major buyers in this gold bull market, with China's gold reserves reaching 74.15 million ounces by the end of December 2025, marking 14 consecutive months of increases [3]. Group 2: Influencing Factors - The Federal Reserve's shift to a rate-cutting cycle has weakened the dollar, reducing the holding costs of gold and enhancing its appeal as a safe-haven asset [4]. - Geopolitical risks, including tensions in the Middle East and disputes between the U.S. and Europe, have further increased demand for gold [6]. - The performance of gold mining companies has been robust, with Zijin Mining expecting a net profit of 51 to 52 billion yuan for 2025, reflecting a year-on-year increase of 59% to 62% [6]. Group 3: Investment Trends - The enthusiasm for gold investments is evident, with the largest domestic gold ETF surpassing 100 billion yuan in scale for the first time, and total assets under management for seven gold ETFs reaching 267.9 billion yuan [6]. - Regulatory measures have been introduced to cool down the market, including restrictions on trading for certain clients and increased risk assessments for gold investment products [7]. - Analysts express caution regarding potential profit-taking and market volatility, noting that previous surges in gold prices have led to periods of consolidation [9]. Group 4: Future Outlook - Gold mining companies are actively expanding production, with Zijin Mining planning to increase its gold output to 105 tons in 2026, up from approximately 90 tons in 2025 [11]. - The gold market has seen unprecedented growth, with a 70% increase in international gold prices in 2025, the largest annual gain since the 1979 oil crisis [11]. - Optimistic forecasts for gold prices have emerged, with institutions like Goldman Sachs and Bank of America raising their price targets significantly, driven by sustained demand from central banks [9].

Core Viewpoint - The shipping industry, particularly ZIM Integrated Shipping Services, is facing operational disruptions due to geopolitical events and labor strikes, impacting supply chain stability in the Mediterranean region [1] Group 1: Operational Challenges - A large-scale strike at Italian ports on February 11, 2026, has caused ZIM's container ship "Zim Virginia" to be stranded or skip ports, exacerbating supply chain uncertainties [1] - The shipping market is experiencing uncertainty regarding the reopening of the Red Sea route and fluctuations in freight rates, with weakened demand from Asia potentially suppressing short-term profitability for ZIM and similar companies [1] Group 2: Market Performance - ZIM's stock price has shown volatility over the past week, closing at $20.77 on February 11, 2026, with a slight increase of 0.21% on that day, but a cumulative decline of 3.53% over the period [2] - Trading volume peaked at 3.86 million shares on February 5, 2026, but has since decreased, indicating a moderate decline in market trading activity [2] Group 3: Institutional Outlook - Analysts maintain a cautious outlook on ZIM, with no buy ratings among six institutions; half hold and half sell ratings, with a target average price of $16.68, below the current stock price [3] - Concerns about overcapacity and geopolitical risks are significant pressures, although the company's high dividend yield may provide some defensive support [3] - Earnings forecasts for 2025 indicate considerable year-over-year volatility, reflecting market disagreements on the pace of freight rate recovery [3]

Core Viewpoint - The market maintains a "buy" rating for AngloGold, raising the target price to $107, supported by predictions of gold prices potentially reaching $6,000 by 2026 due to geopolitical risks and a weakening dollar, which indirectly benefits gold mining stocks [1]. Group 1: Institutional Views - Over the past week, AngloGold's stock price has shown significant volatility, with a range increase of 7.67% and a fluctuation of 11.70%. The stock closed at $98.59 on February 5, rose to $103.95 on February 6, further increased to $107.19 on February 9, and reached a latest closing price of $108.61 on February 10. The total trading volume during this period was approximately $10.4 billion [2]. Group 2: Recent Events - The international gold price experienced a "roller coaster" trend over the past week, rebounding above $5,000 per ounce after a drop from historical highs. Key drivers include geopolitical risks, changes in Federal Reserve policy expectations, and central bank gold purchases. On February 3, gold prices recorded the largest single-day increase since 2009, followed by stabilization that boosted sentiment in gold mining stocks [3].

以上内容基于公开资料整理，不构成投资建议。 近期事件近期国际黄金市场经历剧烈波动，影响黄金板块。2026年1月，伦敦现货黄金价格飙升至历史 峰值5598.75美元/盎司，但1月底单日暴跌9%，最低触及4440美元/盎司；2月初快速反弹，2月4日突破 5050美元/盎司，随后呈现宽幅震荡。这一波动主要受地缘政治风险、美联储降息预期及全球央行购金 行为驱动，市场多空博弈加剧。 机构观点机构对黄金中长期走势保持乐观。摩根大通、德意志银行等近期增持黄金ETF，并预测金价仍 有上行空间；富国银行将2026年目标价上调至6100-6300美元/盎司区间。瑞银集团指出，黄金的避险属 性和信用重估成为核心支撑，短期调整不影响长期逻辑。 经济观察网埃氏金业(EGO.N)近7个交易日(2026年2月5日至2月10日)股价波动显著。根据行情数据，2月 5日收盘价36.99美元，单日下跌6.94%；2月6日反弹至39.02美元，上涨5.49%；2月9日收于41.98美元， 上涨7.59%；2月10日最新收盘价43.51美元，上涨3.64%。区间涨幅达9.46%，振幅为17.61%，成交额累 计约3.75亿美元，反映市场交易活跃。 ...

【燃料油&低硫燃料油】 近期燃料油市场走势仍紧密跟随地缘局势波动。昨日特朗普表示，若美伊谈判无进展，可能向中东增派航母打 击群，此举加剧了美伊关系的不确定性,市场持续计价地缘政治风险。受此影响，今日高低硫燃料油价格均呈 现偏强运行。高疏现货仍显韧性,但现货交投活跃度有所降温,市场结构出现边际软化。后市走向的核心仍在 于地缘局势演变;当前价格已处于风险溢价注入后的相对高位,若冲突升级推动供应中断预期兑现,则价格有 望维持强势;反之,若局势缓和,在中期原料供应趋于宽松的背景下,价格可能转向承压。低硫市场方面,现 货到港量维持充裕。随着春节假期临近,亚洲地区航运需求预计季节性回落。供应端的核心矛盾依然在于海外 炼厂的边际增量,尼日利亚丹格特炼厂RFCG装置回归可能进一步推迟,将继续带来供应压力。 【沥青】 | | | | 原油 | ☆☆☆ | | --- | --- | | 燃料油 | ☆☆☆ | | 低硫燃料油 ☆☆☆ | | | 沥青 | ☆☆☆ | 能源日报 2026年02月11日 王盈敏 中级分析师 F3066912 Z0016785 李海群 中级分析师 F03107558 Z0021515 010-587 ...