GOLDTRUST FUTURES IFind、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD GOLDTRUST FUTURES 数据来源：IFind、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD GOLDTRUST FUTURES CO.，LTD 品种 周度观点 原油 本周原油整体呈现震荡上行的走势，均价环比上涨。地缘局势方上，目前美伊双方已经进行两轮间接谈判，但仍未取得实质进展，市场对美 伊冲突的担忧仍存，伊朗伊斯兰革命卫队海军在霍尔木兹海峡附近举行演习。供应方面，委内瑞拉石油供应预计增加，OPEC+一季度仍维持原 油产量稳定，但市场对于该联盟自4月份起开始增产的预期有所升温。市场等待美伊第三轮核谈，美国态度上更倾向于与伊朗继续核谈，这将引 导油价降温下行，短期国际原油价格或保持震荡格局。 PX&PTA 国内PX负荷无变化，估值跟随原油冲高回落，PX加工费维持在305美元/吨左右，PX二季度供应收紧远月预期依然较好，且地缘不确定性仍 存，下方支撑较强。周内有PTA装置 ...

BR 日报 【银河期货】丁二烯橡胶每日早盘观察（26-02-27） 【市场情况】 丁二烯橡胶：高顺顺丁连月增产 BR 丁二烯橡胶相关：BR 主力完成换月，05 合约报收 12760 点，下跌-40 点 或-1.31%。截至前日 18 时，山东地区大庆石化顺丁报收 12600 元/吨，山东民营 顺丁报收 12200-12300 元/吨，华东市场扬子石化顺丁报收 12600 元/吨，华南地 区茂名石化顺丁报收 12500-12800 元/吨。山东地区抚顺石化丁苯 1502 报收 12800-12900 元/吨。山东地区丁二烯报收 10300-10400 元/吨。 (潘盛杰 投资咨询证号：Z0014607；以上观点仅供参考，不作为入市依据) RU/NR 天然橡胶相关：RU 主力 05 合约报收 17080 点，下跌-45 点或- 0.26%。截至前日 12 时，销地 WF 报收 17000-17100 元/吨，越南 3L 混合报收 17150-17200 元/吨。NR 主力完成换月，05 合约报收 13865 点，下跌-45 点或 -0.32%；新加坡 TF 主力 05 合约报收 200.2 点，下跌-0.6 点或 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司前几年做了大量的固定资产投资，导致折旧 费等固定成本比较高，请问目前各产品的产能利用率都是多少？ 斯迪克（300806.SZ）2月26日在投资者互动平台表示，公司采用设备稼动率更科学、准确地反映产能利 用情况，目前公司整体设备稼动率保持在80%左右。公司产线具备柔性化、多功能特点，可根据市场需 求灵活切换产品，有效提升设备使用效率。未来公司将持续优化产品结构，大力拓展高附加值产品，进 一步提升产能利用率与经营效益， （文章来源：每日经济新闻） ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The crude oil market is continuously disturbed by the progress of the US - Iran negotiations, and the price of crude oil is oscillating strongly. The chemical industry has a good start after the Spring Festival. Although there is inventory accumulation, it may continue the oscillating pattern. The overall outlook is that the crude oil will maintain high volatility, and the chemical prices will continue to oscillate and consolidate [2]. 3. Summary According to the Directory 3.1 Market Outlook - **Crude Oil**: API crude oil has a large inventory build - up, and the US - Iran geopolitical situation continuously disturbs the market. The supply is expected to be loose this year, but the geopolitical premium is significant. It is expected to oscillate in the short - term [2][7]. - **Asphalt**: The spot price rises, and the asphalt futures price goes up. The long - term supply of raw materials is expected to be abundant, and the current price is over - valued. It is expected to oscillate, and the long - term valuation is expected to decline [6][7]. - **High - sulfur Fuel Oil**: The fuel oil futures price still has a high geopolitical premium. The increase in Venezuelan oil production is expected to put long - term pressure on it. It is expected to oscillate, and short - term attention should be paid to the geopolitical situation in the Middle East [8]. - **Low - sulfur Fuel Oil**: It follows the crude oil to oscillate upwards. Although it faces some negative factors, its current valuation is low. It is expected to oscillate and follow the crude oil fluctuations [9]. - **PX**: The cost boost and the warm commodity sentiment resonate, and the price center moves up. It is expected to oscillate strongly in the short - term, and the mid - term logic of buying on dips remains [10]. - **PTA**: Supported by cost and tariff policies, it is necessary to pay attention to the resumption rhythm of the polyester industry. It is expected to oscillate strongly in the short - term [11]. - **Pure Benzene**: After the festival, it makes up for the price increase. The fundamentals in Q1 are better than those in Q4, but the inventory pressure is still large. It is expected to oscillate [12][13]. - **Styrene**: After the festival, it makes up for the price increase. The seasonal inventory build - up height in February is adjusted downwards, but the support strength declines. It is expected to oscillate [14][15]. - **Ethylene Glycol**: The price rebound is limited due to supply - demand pressure, and the support below is enhanced. It is expected to maintain range consolidation in the short - term [16][18]. - **Short - fiber**: Supported by cost and tariff reduction, it is beneficial for export. It is expected to oscillate strongly in the short - term [18][19]. - **Bottle Chip**: The cost boost is obvious. It is expected to oscillate strongly in the short - term, and the support for processing fees below is enhanced [20]. - **Methanol**: After the festival, the overseas geopolitical disturbance continues, and it oscillates widely. It is necessary to pay attention to the negotiation progress between the US and Iran [22][23]. - **Urea**: Driven by post - festival demand, it oscillates strongly. Although there is upward momentum, the upward space is limited [24]. - **Plastic (LLDPE)**: The geopolitical disturbance boosts the sentiment, and it rebounds slightly. It is expected to oscillate in the short - term [28]. - **PP**: The basis is weak, and the futures price follows the crude oil to rebound slightly in the short - term. It is expected to oscillate in the short - term [29]. - **PL**: Supported by the spot and the rising oil price, it rebounds. It is expected to oscillate in the short - term [30]. - **PVC**: The geopolitical disturbance still exists, and it may oscillate. The high inventory forms a suppression, and the market sentiment is supported by the geopolitical disturbance and the spring inspection expectation [31]. - **Caustic Soda**: With low valuation and weak expectation, it oscillates. The high inventory suppresses, but the spring inspection and downstream restocking support it [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - **Inter - period Spread**: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. have different changes, which reflect the market's expectations for different time periods of each variety [34]. - **Basis and Warehouse Receipts**: The basis and warehouse receipts of each variety also have corresponding changes, which can reflect the relationship between the spot and futures prices and the inventory situation to a certain extent [35]. - **Inter - variety Spread**: The inter - variety spreads between different varieties such as PP - 3MA, TA - EG, etc. have changed, which can help analyze the relative price relationships between different varieties [36]. 3.2.2 Chemical Basis and Spread Monitoring Although the report lists various varieties such as methanol, urea, etc., no specific monitoring data and analysis content are provided. 3.3 Commodity Index - The comprehensive index, characteristic index, and sector index of the commodity index all show different degrees of increase, reflecting the overall upward trend of the market [275][276].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Short - term oil prices are expected to fluctuate widely due to geopolitical tensions, potential supply disruptions, and uncertainties in future Fed policies, while in the long - term, there is an oversupply situation [4]. - PX is expected to have a short - term shock operation, and there is still an upward possibility in the medium - term, with attention paid to the post - holiday demand recovery [4]. - MEG is expected to operate in a shock manner, and its medium - term fundamentals are expected to improve weakly, with attention paid to overseas situation changes [5]. - Pure benzene is expected to operate in a short - term shock, and styrene is expected to operate following costs during the Spring Festival [5]. Summary by Related Catalogs Crude Oil - The EIA predicts that the Brent crude oil price will be $58 per barrel in 2026 (an increase of $2 per barrel from before) and $53 per barrel in 2027 (previously $54 per barrel) [4]. - Short - term oil price fluctuations are intensified, and geopolitical tensions and uncertainties in future Fed policies are the main factors [4]. - OPEC+ and other oil - producing countries' long - term production increase trend remains unchanged, and there is an oversupply situation in the long - term [4]. PX&PTA - Domestic PX load remains unchanged, downstream demand drops to zero before the festival, and PX processing fees fall to around $300 per ton [4]. - PTA devices remain unchanged this week, factory inventories continue to accumulate, and the inventory accumulation trend will continue in February [4]. - PTA has an overhaul expectation in the second quarter, and the long - term supply - demand pattern is still favorable [4]. MEG - The seasonal inventory accumulation from January to February reaches the highest level since 2021, and the future expectation is difficult to reverse [5]. - Polyester demand weakens, resulting in an imbalance between supply and demand of ethylene glycol, and device losses expand [5]. - The ethylene glycol price is at a low level, with certain support around 3,600 yuan per ton [5]. BZ&EB - For pure benzene, the supply pressure increases as the start - up rate increases by 2.4% to 75.4% after the overhaul of multiple devices [5]. - The downstream profits are significantly differentiated, with good profits for styrene and average for others [5]. - The port inventory of styrene is de - stocked at a low level this week, and it is expected to start seasonal inventory accumulation during the Spring Festival [5]. Industry Data - Domestic PX weekly capacity utilization rate is 91.65%, an increase of 1.78% from last week; Asian PX weekly average capacity utilization rate is 80.28%, an increase of 0.97% from last week [8]. - This week, the PTA spot market price is 5,158 yuan per ton, an increase of 45 yuan per ton from last week; the PTA weekly average capacity utilization rate is 76.13%, a decrease of 0.16% from last week [14]. - This week, the ethylene glycol price in East China is 3,638 yuan per ton, a decrease of 26 yuan per ton from last week; the domestic ethylene glycol total start - up rate is 64.39%, a month - on - month increase of 2.41% [19]. - The weekly average capacity utilization rate of China's polyester industry is 75.99%, a decrease of 3.54 percentage points from last week; the start - up rate of sample enterprises in Jiangsu and Zhejiang weaving is 11.76%, a decrease of 10.71% from the previous data [24]. - This week, the domestic capacity utilization rate of pure benzene is 78.6%, a year - on - year increase of 3.2%; the capacity utilization rate of styrene factories is 71.08%, a month - on - month increase of 1.12% [29].

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Core Viewpoints - The urea market is affected by news, with the futures market showing a strong trend. The current urea guidance price remains unchanged, and manufacturers have no pressure in pre - holiday orders. It is expected that the price will remain firm before the Spring Festival [2] - In January, some gas - based and technical - reform enterprises resumed production, increasing the supply. On the demand side, agricultural demand for winter and spring fertilizers is ongoing, and manufacturers' pre - holiday orders are mostly completed. Some off - season reserve supplies will be released in February. Near the Spring Festival, the compound fertilizer production rate decreased, while the melamine production rate increased, with rigid demand for procurement. Overall, the inventory in urea factories decreased, and the port inventory increased slightly [2] - Due to the situation in Iran, the international urea price has risen. India's RCF issued a urea import tender on February 7, with an intention of 150,000 tons. The follow - up needs to focus on export dynamics, off - season reserve release rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On February 12, 2026, the closing price of the urea main contract was 1,843 yuan/ton (+46). The ex - factory price of small - particle urea in Henan was 1,810 yuan/ton (0), in Shandong was 1,800 yuan/ton (+0), and in Jiangsu was 1,810 yuan/ton (+0). The basis in Shandong was - 43 yuan/ton (-46), in Henan was - 33 yuan/ton (-36), and in Jiangsu was - 33 yuan/ton (-46) [1] 2. Urea Production - As of February 12, 2026, the enterprise capacity utilization rate was 90.59% (0.08%), and the total inventory of sample enterprises was 834,700 tons (-83,800 tons), while the port sample inventory was 166,000 tons (+1,000 tons) [1] 3. Urea Production Profit and Operating Rate - The urea production profit was 235 yuan/ton (+0), and the export profit was 1,049 yuan/ton (+1) [1] 4. Urea Foreign Market Price and Export Profit - The report does not provide specific information on foreign market prices and export profit other than the export profit data mentioned above [1] 5. Urea Downstream Operating Rate and Orders - As of February 12, 2026, the capacity utilization rate of compound fertilizers was 36.19% (-5.60%), the capacity utilization rate of melamine was 60.77% (+2.82%), and the pre - received order days of urea enterprises were 11.12 days (+2.30) [1] 6. Urea Inventory and Warehouse Receipts - The total inventory of sample enterprises was 834,700 tons (-83,800 tons), and the port sample inventory was 166,000 tons (+1,000 tons) [1] Strategies - Unilateral: Oscillation [3] - Inter - period: Go long on UR05 - 09 when the spread is low [3] - Inter - variety: None [3]

Group 1 - The core viewpoint of the article is that the company, Okeyi, has indicated that there is still room for improvement in the utilization rate of its product capacity, which has not yet reached full production [1] Group 2 - The company responded to investor inquiries on its interactive platform regarding its production capacity [1]

Core Viewpoint - Wenzhou Hongfeng (300283.SZ) is experiencing high capacity utilization in its electrical contact materials and hard alloy materials, with production orders being favorable [1] Group 1: Production and Capacity - The company's subsidiary in Malaysia is operating at full capacity [1] - The first phase of lead frame materials has begun trial production and small batch supply [1] - The planned capacity for copper foil materials in Wenzhou, Zhejiang is 50,000 tons, with the first phase already in trial production and achieving sales [1] Group 2: Market Outlook - The copper foil industry is recovering, with steady demand growth [1] - By 2025, the company's copper foil business is expected to narrow its losses compared to the previous year [1] Group 3: Strategic Focus - The company is prioritizing production and sales enhancement, cost reduction, and efficiency improvement in its copper foil segment to lay a solid foundation for future development [1]

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The pre - holiday procurement is basically over, with most sample production enterprises' inventories and the overall sample trading enterprises' inventories decreasing slightly. It is expected that the inventories of both production and trading enterprises will increase in the short term. [2] - Last week, the capacity utilization rate of domestic tire enterprises declined as some enterprises entered the shutdown and holiday state, dragging down the overall capacity utilization rate. Many all - steel tire enterprises will enter the Spring Festival holiday around February 10th, and semi - steel tire enterprises will mainly shut down from February 13th to February 15th, so the short - term capacity utilization rate of tire enterprises may further decline. [2] - The br2604 contract is expected to fluctuate in the range of 12,700 - 13,500 in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 13,020 yuan/ton, with a week - on - week increase of 160 yuan/ton; the position of the main contract is 24,037, with a week - on - week decrease of 1,421. [2] - The synthetic rubber 3 - 4 spread is - 50 yuan/ton, with a week - on - week decrease of 10 yuan/ton; the total number of warehouse receipts for butadiene rubber in warehouses is 14,580 tons, with a week - on - week increase of 1,000 tons. [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong and from Daqing Petrochemical in Shandong is 12,550 yuan/ton, with a week - on - week increase of 50 yuan/ton. [2] - The mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shanghai is 12,650 yuan/ton, with no week - on - week change; the price from Maoming Petrochemical in Guangdong is 12,700 yuan/ton, with no week - on - week change. [2] - The basis of synthetic rubber is - 420 yuan/ton, with a week - on - week decrease of 160 yuan/ton. [2] 3.3 Upstream Situation - Brent crude oil is 68.8 US dollars per barrel, with a week - on - week decrease of 0.24 US dollars; WTI crude oil is 63.96 US dollars per barrel, with a week - on - week decrease of 0.4 US dollars. [2] - The price of Northeast Asian ethylene is 690 US dollars per ton, with no week - on - week change; the price of naphtha CFR Japan is 612.38 US dollars per ton, with a week - on - week increase of 14.5 US dollars. [2] - The intermediate price of butadiene CFR China is 1,270 US dollars per ton, with no week - on - week change; the mainstream market price of butadiene in Shandong is 10,550 yuan/ton, with a week - on - week increase of 75 yuan/ton. [2] - The weekly capacity of butadiene is 15.93 million tons per week, with a week - on - week increase of 0.01 million tons; the capacity utilization rate of butadiene is 73.12%, with a week - on - week increase of 1.86 percentage points. [2] - The port inventory of butadiene is 38,400 tons, with a week - on - week decrease of 2,100 tons; the operating rate of Shandong local refining atmospheric and vacuum distillation units is 51.68%, with a week - on - week decrease of 1.92 percentage points. [2] - The monthly output of cis - butadiene rubber is 143,600 tons, with a month - on - month increase of 13,500 tons; the weekly capacity utilization rate of cis - butadiene rubber is 78.86%, with a week - on - week increase of 2.48 percentage points. [2] - The weekly production profit of cis - butadiene rubber is - 482 yuan/ton, with a week - on - week decrease of 12 yuan/ton; the weekly social inventory of cis - butadiene rubber is 33,100 tons, with a week - on - week decrease of 1,300 tons. [2] - The weekly ending inventory of manufacturers' cis - butadiene rubber is 27,100 tons, with a week - on - week decrease of 550 tons; the weekly ending inventory of traders' cis - butadiene rubber is 6,030 tons, with a week - on - week decrease of 750 tons. [2] - The weekly operating rate of domestic semi - steel tires is 72.76%, with a week - on - week decrease of 2.08 percentage points; the weekly operating rate of domestic all - steel tires is 60.7%, with a week - on - week decrease of 1.74 percentage points. [2] 3.4 Downstream Situation - The monthly output of all - steel tires is 12.86 million, with a month - on - month decrease of 150,000; the monthly output of semi - steel tires is 58.39 million, with a month - on - month increase of 80,000. [2] - The weekly ending inventory days of all - steel tires in Shandong is 47.97 days, with a week - on - week increase of 1.19 days; the weekly ending inventory days of semi - steel tires in Shandong is 45.24 days, with a week - on - week decrease of 3.54 days. [2] 3.5 Industry News - As of February 4th, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.09%, with a week - on - week decrease of 2.23 percentage points and a year - on - year increase of 59.45 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 60.45%, with a week - on - week decrease of 2.02 percentage points and a year - on - year increase of 47.20 percentage points. Some enterprises entered the shutdown and holiday state at the end of January, dragging down the overall capacity utilization rate. [2] - In January, the output of cis - butadiene rubber was 1.499 million tons, a month - on - month increase of 63,000 tons (4.41%) and a year - on - year increase of 15.45%. The capacity utilization rate of cis - butadiene rubber was 75.97%, a month - on - month increase of 3.19 percentage points and a year - on - year increase of 8.58 percentage points. [2] - As of February 4th, the inventory of domestic cis - butadiene rubber sample enterprises was 33,100 tons, a week - on - week decrease of 1,300 tons (3.78%). Recently, there were few shutdowns of domestic cis - butadiene rubber plants, and the supply remained high. The pre - holiday procurement was basically over, some traders sold at a discount to recover funds, and new transactions decreased. [2]

Group 1 - China National Building Material (03323) saw a stock increase of 10.76%, reaching HKD 6.28, with a trading volume of HKD 541 million [1] - The company issued a profit warning, expecting a shareholder loss of up to approximately RMB 4 billion in 2025, primarily due to asset impairment related to cement capacity replacement, estimated between RMB 6 billion to 8.3 billion [1] - Bank of America Securities reported that the loss magnitude exceeds their expectations, indicating that the anticipated dividend yield of around 5% for 2025 may face risks [1] Group 2 - Zhongtai Securities noted that the cement industry is actively implementing strict production regulations according to designed capacity, reducing actual clinker capacity from 2.1 billion tons to 1.6 billion tons, which is expected to improve industry capacity utilization [1] - Although there is still a mismatch between supply and demand, higher capacity utilization is likely to facilitate off-peak production, leading to a continuous increase in industry net profit per ton and overall industry profitability [1]