春节假期后，人民币汇率迎来"开门红"。2月25日，在岸及离岸人民币对美元双双升破6.87关口，创下 2023年4月以来新高。 25日，在岸人民币对美元升破6.87关口，截至记者发稿时报6.8669；离岸人民币对美元最高升至 6.8617，现报6.8619。人民币中间价方面，当日，人民币对美元中间价报6.9231，调升93个基点。 此前，人民银行发布《2025年四季度货币政策执行报告》，在关于人民币汇率的表述中，延续了"汇率 基本稳定"的总基调，并在保持弹性、强化预期引导、防范超调风险基础上，新增"发挥汇率调节宏观经 济和国际收支自动稳定器功能"，汇率政策定位进一步提升，更加突出汇率作为宏观经济自动稳定器的 作用。 尽管人民币汇率近期表现亮眼，但业内专家提醒，人民币汇率走势受多重因素驱动，不要赌人民币汇率 单边升值或贬值。未来人民币走势仍需观察结汇需求变化、基本面预期及美元走向，市场参与者应保持 理性，切勿盲目押注单边行情。 王青认为，如果2026年人民币汇率出现背离基本面的急涨急跌情况，包括中间价调控在内，监管层稳汇 市工具会果断出手，释放清晰政策信号。历史表明，这些政策工具能够有效引导市场预期，防范汇率超 ...

春节长假之后，人民币汇率迎来"开门红"，2月25日盘中，离岸人民币兑美元一度升至6.8619，在岸人民币兑美元触及6.8654，两大核心汇率指 标双双刷新2023年4月以来的新高，并且上涨都超过130个基点。 2月25日，这一趋势延续。当日人民币兑美元中间价上调93个基点，报6.9321。在岸价和离岸价也都继续上攻，离岸人民币兑美元一度升至 6.8619，在岸人民币兑美元触及6.8654，两大核心汇率指标双双刷新2023年4月以来的新高。 自2025年12月底升破7.0这一整数关口后，2026年开年人民币汇率延续升值趋势，人民币兑美元一直处于7之下，离岸价最高为6.9957。 2月以来，人民币兑美元汇率中间价累计升值接近300个基点，在岸、离岸人民币兑美元汇率升值幅度都超过1%。 与此同时，美元指数今年出现了0.6%的跌幅。 对于近期人民币汇率的变化，东方金诚首席宏观分析师王青表示，节后人民币兑美元较快升值，延续了2025年12月以来的偏强走势。 背后或有以下原因：首先，2025年11月以来中美经贸关系回稳，我国整体外部环境改善，是这段时间人民币走强的一个重要背景。 市场认为，今年一季度我国出口有望延续较快增 ...

（文章来源：每日经济新闻） 每经AI快讯，在岸人民币兑美元（CNY）北京时间03:00收报6.8592元，较周二夜盘收盘涨220点。成交 量525.09亿美元。 ...

21世纪经济报道记者 叶麦穗 春节长假之后，人民币汇率迎来"开门红"，2月25日盘中，离岸人民币兑美元一度升至6.8619，在岸人民币兑美元 触及6.8654，两大核心汇率指标双双刷新2023年4月以来的新高，并且上涨都超过130个基点。 市场认为，今年一季度我国出口有望延续较快增长态势，叠加当前外汇市场情绪持续向好，短期内美元指数大幅反弹的可能性较低。预计春节 后一段时间内，人民币汇率仍将保持偏强运行格局。 多因素共促人民币走强 汇市迎来"开门红"，连续两个交易日出现大涨。2月24日，在岸人民币兑美元汇率盘中最高升值至6.8804，离岸人民币兑美元汇率盘中最高升 值至6.8760，刷新2023年4月28日以来高点。 2月25日，这一趋势延续。当日人民币兑美元中间价上调93个基点，报6.9321。在岸价和离岸价也都继续上攻，离岸人民币兑美元一度升至 6.8619，在岸人民币兑美元触及6.8654，两大核心汇率指标双双刷新2023年4月以来的新高。 自2025年12月底升破7.0这一整数关口后，2026年开年人民币汇率延续升值趋势，人民币兑美元一直处于7之下，离岸价最高为6.9957。 2月以来，人民币兑美元汇 ...

来源：华夏时报 文/刘佳 2026年开年以来，人民币汇率呈现出强势运行态势。其中2月25日，在岸、离岸人民币兑美元汇率双双 升破6.87，创出新高。 2月25日盘中，在岸人民币兑美元汇率最低触及6.8622，升破6.87关口，较前一交易日升值超200个基 点。 离岸人民币兑美元汇率同样强势，升至最高6.8619，较前一交易日上涨180个基点。 人民币中间价方面，当日，人民币对美元中间价报6.9231，调升93个基点。 "节后人民币对美元较快升值，延续了2025年12月以来的偏强走势。"东方金诚首席分析师王青对《华夏 时报》记者分析称，首先，2025年11月以来中美经贸关系回稳，我国整体外部环境改善，是这段时间人 民币走强的一个重要背景。其次，近期美国司法部对美联储主席鲍威尔发起刑事调查，美联储独立性受 到更大冲击，美元承压，而美联储新主席人选的"降息+缩表"主张尚未扭转美元颓势。美元偏弱带动包 括人民币在内的非美货币普遍出现一个升值过程。最后，近期人民币对美元持续升值后，此前出口高增 累积的结汇需求在加速释放。 "值得一提的是，以离岸人民币领涨为标志，这段时间汇市情绪偏高，也是助推人民币走势偏强，连破 重要关 ...

相关报告 《市场分析：通信资源行业领涨 A 股震荡上 行》 2026-02-24 《市场分析：航天传媒行业领涨 A 股小幅上 行》 2026-02-10 《市场分析：成长行业领涨 A 股震荡上行》 2026-02-09 联系人： 李智 电话： 0371-65585629 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 资源电池行业领涨 A 股震荡上行 ——市场分析 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 02 月 25 日 投资要点： ◼ A 股市场综述 周三（02 月 25 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 4167 点附近遭遇阻力，午后股指维持震 荡，盘中有色金属、能源金属、电池以及航天航空等行业表现较 好；影视院线、旅游零售、广告营销以及数字媒体等行业表现较 弱，沪指全天基本呈现小幅震荡上扬的运行特征。创业板市场周三 震荡上行，创业板成分指数全天表现强于主板市场。 ◼ 后市研判 ...

"不容易。"丁言东告诉第一财经，从客户那儿想办法涨价太难了，当前竞争激烈的形势下，"价格多报 一点都很困难"。为此，与客户直接协商分担人民币升值带来利润的损失不现实，只能自己在供应链的 成本端继续默默压缩。 持续向内求、提效率，仍是坐拥强大制造业基础的中国外贸人脑海里最主流的思路。 2026年开端的外需"体感"没有想象的那么严峻，总体向好 2月25日，刚开工一天的浙江外贸企业负责人丁言东，一边与员工沟通包装的具体事宜，一边思考如何 应对人民币汇率继续大涨的挑战。 春节后，人民币对美元延续2025年12月以来的偏强走势。首个交易日，人民币汇率对美元再创阶段性新 高。根据2月24日的Wind数据，在岸人民币对美元汇率小幅高开，午后强势拉升，双双续创2023年4月 以来升值高点。当天，在岸人民币对美元汇率盘中最高升值至6.8804，离岸人民币对美元汇率盘中最高 升值至6.8760。2026年春节假期期间，在岸人民币市场休市，离岸人民币对美元汇率整体呈现上涨走 势。 出口企业涨价难 对于出口企业而言，人民币升值意味着利润遭受侵蚀。如何守住利润，是人民币升值背景下令中小微外 贸人头疼的话题。 短期而言，王青说，考虑到外 ...

1. Report Industry Investment Ratings There is no information provided in the report regarding industry investment ratings. 2. Core Views of the Report - The RMB exchange rate has shown a strong trend, driven by domestic industrial progress, geopolitical stances, policy coordination, and a weakening US dollar. The long - term upward trend of RMB is supported by the continuous improvement of domestic industrial chain autonomy [2]. - Stock indices are expected to be strong, supported by positive liquidity and sentiment, with the spring rally and policy - favorable expectations [5]. - Treasury bonds' upward space should be viewed with caution, with a suggestion to hold a small amount of T2606 mid - line long positions and wait for short - term layout opportunities [6]. - Container shipping futures (European routes) are expected to fluctuate widely in the short term, with the market weighing macro - level positives against the physical market fundamentals [10]. - For non - ferrous metals, different metals have different outlooks. For example, copper is expected to first consolidate and then rise; aluminum, alumina, and cast aluminum alloy are expected to consolidate; zinc is expected to fluctuate strongly; nickel - stainless steel is expected to maintain high - level volatility; tin is expected to maintain high - level consolidation; lead is expected to fluctuate [15][16][17][19][20][21]. - For oilseeds, the market is expected to focus on short - selling and reverse - arbitrage opportunities. Oils are expected to fluctuate widely in the short term [23][25]. - For energy and oil and gas, high - sulfur fuel oil market structure is weak, while low - sulfur marine fuel oil is relatively strong. Asphalt is expected to have small fluctuations [27][28]. - For precious metals, platinum and palladium are expected to have a long - term bullish trend, while gold and silver are strategically bullish, with silver focusing on the opportunity to repair the gold - silver ratio [31][34]. - For chemicals, pulp futures can try a small - amount low - buying strategy, and offset - printing paper futures can maintain range trading. Pure benzene and styrene should focus on geopolitical trends, and LPG is mainly affected by geopolitics. Methanol should be temporarily observed, and plastics and PP are supported by cost. Rubber is expected to maintain a strong trend, and urea can be bought at low levels. Glass and soda ash's supply expectations may change [35][36][38][40][41][44][50][54][56][60]. - For black commodities, rebar and hot - rolled coils are expected to fluctuate weakly; iron ore is expected to stop falling and stabilize; coking coal and coke have different trends, and ferrosilicon and ferromanganese are expected to fluctuate weakly [64][67][70][71]. - For agricultural and soft commodities, the pig market has weak post - holiday demand; cotton is expected to be strong, but the upward space is restricted; sugar has limited upward space; eggs are expected to be stable in the short term and rise in the medium term; apples are pressured by weak demand; red dates are expected to face pressure and maintain low - level fluctuations; logs can be mainly observed [72][75][76][77][87][88][90]. 3. Summary by Relevant Catalogs Financial Futures - **Market Information**: Includes news such as US tariff adjustments, gold margin and price - limit adjustments, Spring Festival tourism data, AI - related policies, the Iran situation, and Fed officials' statements [1]. - **RMB Exchange Rate**: The RMB has appreciated, driven by domestic industrial and geopolitical factors, as well as a weakening US dollar. Export enterprises are advised to lock in forward exchange settlement at around 6.95, and import enterprises can adopt a rolling foreign exchange purchase strategy at around 6.88 [2][4]. - **Stock Indices**: The stock indices opened higher after the Spring Festival, with small - and medium - cap indices performing relatively strongly. They are expected to be strong due to positive liquidity and sentiment [5]. - **Treasury Bonds**: Treasury bonds rose on Tuesday, but the upward space should be viewed with caution. T2606 mid - line long positions can be held in small amounts, and short - term chasing of highs should be avoided [6]. - **Container Shipping (European Routes)**: The futures market showed a pattern of rising and then falling on the first trading day after the holiday. It is expected to fluctuate widely in the short term, with multiple positive factors and some negative factors [8][9][10]. Non - Ferrous Metals - **Copper**: The price of copper rose slightly after the holiday. It is expected to first consolidate and then rise, and a horizontal arbitrage strategy can be considered [13][15]. - **Aluminum Industry Chain**: Aluminum, alumina, and cast aluminum alloy are expected to consolidate. Aluminum should pay attention to post - holiday demand and the Iran situation; alumina is bearish in the long term; cast aluminum alloy has strong follow - up to aluminum [16][17]. - **Zinc**: Zinc prices followed the external market to make up for the increase. It is expected to fluctuate strongly in the short term, but beware of the negative feedback of tariff news on the market [17]. - **Nickel - Stainless Steel**: Nickel and stainless steel rose on the first trading day after the holiday. They are expected to maintain high - level volatility, and attention should be paid to the resumption of work in the downstream and US tariff disturbances [17][19]. - **Tin**: Tin prices recovered their decline and are expected to maintain high - level consolidation, paying attention to the approval progress in Indonesia and the actual resumption of production in Myanmar [20]. - **Lead**: Lead prices had a large divergence after the opening, and it is recommended to wait and see. It is expected to fluctuate [20][21]. Oils and Feeds - **Oilseeds**: The US tariff policy may affect China's soybean procurement. The supply pressure is expected to return in the second quarter. The domestic soybean meal market is short - term long and medium - term bearish, and attention should be paid to short - selling and reverse - arbitrage opportunities [22][23]. - **Oils**: Oils are expected to fluctuate widely in the short term. Palm oil is in the production - reduction season, but exports are declining; soybean oil has cost support; rapeseed oil supply is expected to be loose [24][25]. Energy and Oil and Gas - **Fuel Oil**: The Asian high - sulfur fuel oil market structure is weak, while the low - sulfur marine fuel oil is relatively strong due to rigid buying support [27]. - **Asphalt**: Asphalt prices fluctuated slightly. The spot market is affected by the rise in crude oil prices during the holiday, but the actual transaction is not satisfactory. It may face a decline if the demand fails to meet expectations after the holiday [28]. Precious Metals - **Platinum and Palladium**: Platinum and palladium are expected to be bullish in the long term, supported by factors such as tariff policies and the Iran situation. Attention should be paid to relevant investigations and new tariff measures [30][31]. - **Gold and Silver**: Gold and silver prices adjusted downward. They are strategically bullish, and silver should focus on the opportunity to repair the gold - silver ratio. Attention should be paid to tariff policies and Fed meetings [33][34]. Chemicals - **Pulp - Offset Printing Paper**: Pulp futures are expected to continue to rise, and a small - amount low - buying strategy can be considered. Offset - printing paper futures are expected to fluctuate, and range trading can be maintained [35][36]. - **Pure Benzene - Styrene**: Pure benzene and styrene prices rose after the holiday. Attention should be paid to geopolitical trends, and a long - position strategy can be considered after a pullback [37][38]. - **LPG**: LPG is mainly affected by geopolitics, especially the Iran - US negotiation. The domestic supply and demand situation has little change [39][40]. - **Methanol**: Methanol prices rose, mainly due to concerns about the Iran - US conflict and a significant reduction in imports. It is recommended to wait and see [41]. - **Plastics and PP**: Plastic and PP prices rose following the oil price. They are supported by cost and macro - factors. Attention should be paid to mid - stream inventory accumulation and downstream demand release [42][44]. - **Rubber**: Rubber prices are expected to maintain a strong trend. Natural rubber is in the low - production season, and synthetic rubber has cost support. Attention should be paid to post - holiday demand and inventory digestion [45][50][51]. - **Urea**: Urea prices rose, driven by the high price of the latest Indian urea import tender. It is recommended to buy at low levels [53][54]. - **Glass and Soda Ash**: Soda ash is expected to have a complex supply - demand situation, with potential weakening of demand and possible production reduction. Glass is in a supply - demand weak situation, and high inventory is a risk [55][56][57][60]. - **Propylene**: Propylene prices are supported by cost and supply - demand factors. Attention should be paid to the Iran - US negotiation and the supply - demand situation [62]. Black Commodities - **Rebar and Hot - Rolled Coils**: Rebar and hot - rolled coils are expected to fluctuate weakly, with high supply pressure and slow - starting demand [64]. - **Iron Ore**: Iron ore is expected to stop falling and stabilize. The supply improvement needs to be observed, and the demand is expected to increase with the resumption of work in steel mills [65][67]. - **Coking Coal and Coke**: Coking coal is relatively weak, while coke has a first - round price increase. Attention should be paid to the resumption of work in mines and steel mills [68][70]. - **Ferrosilicon and Ferromanganese**: Ferrosilicon and ferromanganese are expected to fluctuate weakly, affected by the high inventory of downstream steel products [71]. Agricultural and Soft Commodities - **Pigs**: The post - holiday pig market has weak demand, and a selling - call - option strategy can be considered [72][73]. - **Cotton**: Cotton prices are strong, but the upward space is restricted by the high domestic - foreign cotton price difference. A long - position strategy can be considered after a pullback [74][75]. - **Sugar**: The international raw sugar is under pressure, and the upward space of sugar prices is limited [76]. - **Eggs**: Eggs are expected to be stable in the short term and rise in the medium term, affected by high inventory and weak consumption in the short term [77]. - **Apples**: Apple prices are pressured by weak post - holiday demand, but the decline space is limited due to delivery contradictions [87]. - **Red Dates**: Red dates are expected to face pressure and maintain low - level fluctuations, with attention paid to post - holiday demand [88]. - **Logs**: Logs can be mainly observed, with a relatively neutral valuation. A small - amount low - buying strategy and a small - amount 03 - 05 reverse - arbitrage strategy can be considered [89][90].

新华社北京2月25日电 中国外汇交易中心2月25日受权公布人民币对美元、欧元、日元、港元、英镑、 澳元、新西兰元、新加坡元、瑞士法郎、加元、澳门元、林吉特、卢布、兰特、韩元、迪拉姆、里亚 尔、福林、兹罗提、丹麦克朗、瑞典克朗、挪威克朗、里拉、墨西哥比索及泰铢的市场汇价。 2月25日人民币汇率中间价如下： 100美元 693.21人民币 100欧元 813.52人民币 100日元 4.4388人民币 100港元 88.611人民币 100英镑 931.75人民币 100澳元 487.33人民币 100新西兰元 411.3人民币 100新加坡元 545.5人民币 100瑞士法郎 892.37人民币 100加元 503.87人民币 100人民币116.3澳门元 100人民币56.323马来西亚林吉特 100人民币1112.6俄罗斯卢布 100人民币230.94南非兰特 100人民币20903韩元 100人民币53.18阿联酋迪拉姆 100人民币54.317沙特里亚尔 100人民币4644.86匈牙利福林 100人民币51.755波兰兹罗提 100人民币91.87丹麦克朗 100人民币131.0瑞典克朗 100人民币 ...

中国经济网北京2月25日讯 今日，人民币对美元汇率中间价报6.9321，较前一交易日调升93个基 点。 中国人民银行授权中国外汇交易中心公布，2026年2月25日银行间外汇市场人民币汇率中间价为：1 美元对人民币6.9321元，1欧元对人民币8.1352元，100日元对人民币4.4388元，1港元对人民币0.88611 元，1英镑对人民币9.3175元，1澳大利亚元对人民币4.8733元，1新西兰元对人民币4.1130元，1新加坡 元对人民币5.4550元，1瑞士法郎对人民币8.9237元，1加拿大元对人民币5.0387元，人民币1元对1.1630 澳门元，人民币1元对0.56323马来西亚林吉特，人民币1元对11.1260俄罗斯卢布，人民币1元对2.3094南 非兰特，人民币1元对209.03韩元，人民币1元对0.53180阿联酋迪拉姆，人民币1元对0.54317沙特里亚 尔，人民币1元对46.4486匈牙利福林，人民币1元对0.51755波兰兹罗提，人民币1元对0.9187丹麦克朗， 人民币1元对1.3100瑞典克朗，人民币1元对1.3859挪威克朗，人民币1元对6.34527土耳其里拉，人民币1 元对2 ...