同时，大量资金借道基金抢筹布局油气板块。Wind数据显示，开年以来超80亿元资金净流入油气ETF， 国泰石油ETF、鹏华石油ETF分别获得29.91亿元、15.42亿元净流入。 招商证券认为，抛开短期地缘催化，市场对全球能源需求的持续增长与产能瓶颈存在的明显认知差是油 服行业更为关键的长期成长逻辑。东莞证券进一步分析表示，2025年原油市场因供给阶段性偏松呈累库 状态，2026年随OPEC+强化减产、供给端显著缩量，叠加需求持续复苏，市场进入去库阶段，供需格 局从宽松转向紧平衡。原油需求复苏的持续性与库存去化的确定性形成双重基本面支撑，进一步夯实国 际油价中期偏强运行的基础，为油气企业资本开支落地、油服设备需求释放筑牢核心逻辑。（闻辉） 【环球网财经综合报道】开年以来，受全球宏观周期转向、地缘风险溢价等因素影响，油气板块持续走 强，成为市场关注焦点。年初至今，通源石油涨超170%，洲际油气、招商轮船等多只个股涨幅超 50%，中证油气资源指数整体上涨超33%。 2月27日，油气板块再度上扬，和顺石油涨停，杰瑞股份、胜通能源等个股涨幅超5%。从更长时间维度 看，全球油气板块集体走高，ICE布油价格从去年末的58. ...

【行情回顾】碳酸锂期货主力合约收于173660元/吨，日环比+4.31%。成交量40.24万手，日环比+24.71%；持仓 量37.52万手，日环比-0.18万手。碳酸锂LC2605-LC2609月差为Contango结构，日环比-700元/吨。仓单数量总计 38451手，日环比-74手。 【产业表现】锂电产业链现货市场价格上扬，市场现货成交一般，询价观望居多。锂矿市场价格企稳，澳洲6% 锂精矿CIF报价变动+6.01%。锂盐市场报价企稳，电池级碳酸锂报价17.3万元/吨；电池级氢氧化锂报价16.3万元/ 吨，贸易商基差报价平稳。下游正极材料报价企稳，磷酸铁锂报价变动+4.84%，三元材料报价变动+1.2%；六氟 磷酸铁锂报价变动+0%，电解液报价变动+0%。 【市场消息】金十数据：津巴布韦矿业部发文称，已暂停所有原矿和锂精矿的出口，即刻生效。上市公司盛新锂 能、中矿资源、天华新能、雅化集团等均在津巴布韦有锂矿等布局。中矿资源相关负责人对此回应"所有中方在 津巴布韦锂精矿出口全部停了，等待后续政策细则。目前，中方企业在当地锂的深加工产品基本没有，量很小。 公司有相关的产业链延伸计划考虑，但现在不便公开。"华友 ...

本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 309.61 -0.20 309.21 0.40 324.13 -14.52 高炉产能利用率（%） 87.45 1.04 85.47 1.98 85.76 1.69 表观需求量 291.31 44.58 311.41 -20.10 298.42 -7.11 热轧卷板周度数据（20260227） 投资咨询业务资格：证监许可【2011】1778号 厂内库存 94.78 1.40 77.25 17.53 96.95 -2.17 社会库存 357.37 16.90 278.33 79.04 317.37 40.00 270 280 290 300 310 320 330 340 热轧卷板周产量（农历） 2026 2025 2024 2023 2022 70 75 80 85 90 95 高炉产能利用率（农历） 2026 2025 2024 2023 2022 250 270 290 310 330 350 热轧卷板表观需求量（农历） 2026 2025 2024 2023 2022 70 73 76 79 82 85 88 91 冷轧卷板周产量 ...

【ccmn.cn铅期货市场】隔夜伦铅小涨，开盘报1957美元/吨，高点报1996美元，低点报1957美元，尾盘 收于1995.5美元，涨36美元，涨幅1.84%；成交量8762手，持仓量173292手。 需求端复苏呈现节奏性特征：节后铅蓄电池企业复工早于再生铅供应恢复，形成阶段性供需缺口；下游 刚需采购、备库预期与海外补库需求同步释放，加速前期库存消化，进一步推升价格。 今日铅价走势预测 结合宏观环境、板块联动与自身供需格局，预计当日铅价将延续小幅上涨，但涨幅可能收窄，整体呈 现"高开高走、震荡收尾"的态势。沪铅主力合约价格区间预计在16720-16880元/吨，现货价格有望同步 跟涨。值得关注的核心风险点包括：美元指数若出现反弹，可能抑制以美元计价的金属价格；再生铅企 业复产进度若快于预期，将缓解供应紧张格局；下游蓄电池的实际采购需求若不及预期，则可能削弱价 格上行动能。午后需密切跟踪伦铅走势的联动影响及现货市场的成交数据。 （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） 新浪合作大平台期货开户 安全快捷有保障 长江铅业网( ...

截至10:19，成分股仅做展示使用，不构成投资建议。 2月25日，A股市场震荡上行，油气板块再度冲高！截至10:09，高纯度的油气ETF汇添富（159309）涨超2.5%，续创历史新高，盘中强势吸金近5000万元， 延续前两日吸金势头！ 油气ETF汇添富（159309）标的指数成分股多数冲高，通源石油涨超14%，潜能恒信涨超11%，招商轮船、中远海能、洲际油气、招商南油等涨停，杰瑞股 份、中国石油等微涨，中国海油略有回调。 | 序号 | 代码 | 名称 | 甲万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 002353 | 态瑞股份 | 机械设备 | 0.24% | 11.30% | | 2 | 600938 | 中国海油 | 石油石化 | -0.32% | 9.89% | | 3 | 601857 | 中国石油 | 石油石化 | 0.72% | 8.54% | | 4 | 600028 | 中国石化 | 石油石化 | 1.06% | 8.34% | | 5 | 601872 | 招商轮船 | 交通运输 | 9.99% | 7. ...

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 Investment Ratings - Propylene, Polypropylene, Plastic, PTA, PVC, and Soda Ash: Bullish trend, with relatively clear long - term trends and current appropriate investment opportunities [1] - Pure Benzene, PX, Ethylene Glycol, Short - fiber, Bottle Chip, Urea, Caustic Soda, and Glass: Short - term long/short trends in a relatively balanced state, with poor current market operability, suggesting waiting and seeing [1] - Styrene: Bearish trend, with relatively clear short - term trends and current appropriate investment opportunities [1] - Methanol: Slightly bullish, with a driving force for price increase, but poor market operability [1] Core Viewpoints - The overall chemical market shows different trends in various sectors. Some products face supply - demand imbalances, while others are affected by factors such as production capacity changes, seasonal demand, and geopolitical situations. Investment opportunities and risks coexist in different products [2][3][5] Summary by Category Olefins - Polyolefins - Propylene futures closed up with limited market news, and the overall trading remained stable [2] - PE market may have a slightly weakening trend in the short term due to increased supply and weakened demand [2] - Polypropylene is in a weak position due to reduced demand and increased supply expectations [2] Polyester - PX and PTA prices rebounded, with PX having more long - term opportunities in the first half of the year, but currently facing weak demand and falling processing margins. PTA is experiencing inventory accumulation, and a 250 - million - ton device shutdown will ease the pressure [3] - Ethylene glycol supply has shrunk, and prices have rebounded. It may improve in the second quarter, but is still under long - term pressure [3] - Short - fiber has a good supply - demand pattern, but downstream orders are weak, and prices follow raw materials [3] - Bottle chips' processing margins have recovered, but long - term production capacity pressure remains. Consider positive spread trading opportunities after the Spring Festival [3] Pure Benzene - Styrene - Pure benzene prices have risen, and the supply - demand pattern is expected to improve after the Spring Festival [5] - Styrene fundamentals may weaken in the short term due to increased supply and decreased demand [5] Coal Chemical Industry - Methanol fundamentals are still weak, but short - term prices are affected by geopolitical situations. It may gradually reduce inventory after the Spring Festival [6] - Urea prices are stable, and the market is expected to strengthen after the Spring Festival [6] Chlor - alkali Industry - PVC is expected to rise in price due to cost support and export demand. Consider buying at low prices [7] - Caustic soda is expected to trade around cost due to cost support and downstream negative feedback [7] Soda Ash - Glass - Soda ash is facing supply - demand surplus pressure in the long term. Consider short - selling on rebounds and holding long - glass and short - soda - ash positions [8] - Glass may experience seasonal inventory accumulation, but the supply - demand pattern may improve. Consider buying at low - valued structural positions [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The market is in a clear off - season pattern, with steel prices fluctuating weakly. Glass and soda ash markets also show a weakening trend due to shrinking downstream demand. The double - silicon market in the black sector is in a state of consolidation [1][3] - The glass market has an increasing expectation of production line cold - repair in the Shahe area, which provides some support to the market. The soda ash supply pressure is increasing with new projects, and the downstream consumption is seasonally declining [1] - The fundamentals of silicon manganese have improved slightly, but the inventory pressure is still high. The fundamentals of silicon iron are controllable, and the demand is expected to improve marginally [3] 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The main glass contract fluctuated weakly yesterday, and the trading volume decreased approaching the Spring Festival. The spot price was stable, and downstream enterprises mainly made purchases based on rigid demand [1] - Soda Ash: The main soda ash contract continued to show a weakening trend, and the market sentiment was cautious. In the traditional off - season, the spot market mainly had transactions based on rigid demand [1] Supply - Demand and Logic - Glass: There is a strong expectation of production line cold - repair in the Shahe area, which supports the market. However, the fundamental contradictions have not been effectively resolved, and attention should be paid to cold - repair progress, terminal demand recovery, and coal price impact on costs [1] - Soda Ash: The current production of soda ash is high, and the supply pressure is increasing with new projects. Downstream consumption is seasonally declining, the total inventory of domestic soda ash manufacturers is high, and the de - stocking process is slow. Attention should be paid to new project situations [1] Strategy - Glass: Expected to fluctuate [2] - Soda Ash: Expected to fluctuate weakly [2] Double - Silicon (Silicon Manganese and Silicon Iron) Market Analysis - Silicon Manganese: The silicon manganese futures weakened yesterday, and the spot market was filled with a festive atmosphere. The price of 6517 in the northern market was 5580 - 5680 yuan/ton, and in the southern market was 5700 - 5750 yuan/ton [3] - Silicon Iron: The silicon iron futures fluctuated downward, the market was weak, and the sentiment of cautious waiting and seeing was strong. The ex - factory price of 72 - grade silicon iron in the main production area was 5250 - 5350 yuan/ton, and the price of 75 - grade silicon iron was 5850 - 6000 yuan/ton [3] Supply - Demand and Logic - Silicon Manganese: The fundamentals have improved, and the demand is expected to increase marginally. However, the inventory pressure is still high, and the supply - demand pattern is relatively loose. The South African tariff policy may increase the manganese ore cost, and attention should be paid to cost support and inventory changes [3] - Silicon Iron: The fundamental contradictions are controllable, and enterprises have actively reduced production loads. Considering the resumption of steel mills, the demand is expected to improve marginally. The overall over - capacity suppresses the price increase, and attention should be paid to the de - stocking situation and power price policies in production areas [3] Strategy - Both silicon manganese and silicon iron are expected to fluctuate [4]

Core Viewpoint - The domestic alumina inventory continues to rise, reaching 5.62 million tons, indicating a robust supply of raw materials for electrolytic aluminum plants [1][3] Group 1: Alumina Supply and Inventory - The total inventory of alumina in China has increased to 5.62 million tons, with electrolytic aluminum plants holding 3.838 million tons [1][3] - As of last week, the alumina plant's bauxite inventory increased by 264,000 tons to 58.155 million tons, reflecting a stable supply of bauxite [1][2] - Domestic bauxite production in January was 5.34 million tons, showing significant growth year-on-year, except for a decline in Shanxi due to environmental and resource factors [1][2] Group 2: Alumina Prices and Market Dynamics - Alumina prices have remained volatile, with a low of 2,600 yuan/ton and a high of around 3,000 yuan/ton since December [1] - The current spot price of alumina is weak, with prices around 2,646 yuan/ton, and recent transactions in Xinjiang and Guangxi showing prices of 2,920 yuan/ton and 2,620 yuan/ton respectively [3][4] - The average theoretical profit for the electrolytic aluminum industry has expanded to over 7,000 yuan/ton, driven by weak alumina prices and declining auxiliary costs [4] Group 3: Production Capacity and Utilization - The total built capacity for metallurgical-grade alumina remains stable at 11.032 million tons/year, with an operating capacity of 8.588 million tons/year [2] - The operating rate has increased by 0.53 percentage points to 77.84%, with slight increases in Henan, Shanxi, and Guangxi, while Guizhou saw a minor decrease [2] - Despite some production cuts due to maintenance, the overall operating capacity of alumina remains high, contributing to significant supply pressure [2][4] Group 4: Future Outlook - The alumina market is expected to continue facing downward pressure on prices due to high inventory levels and stable bauxite resources [4] - The electrolytic aluminum production is projected to reach 45.016 million tons in 2025, reflecting a year-on-year increase of 2.4% [3]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The main contract price of rebar oscillated downward with a daily decline of 0.65%, and the volume and open interest increased. Currently, both the supply and demand sides of rebar have weakened, the fundamental weakness remains unchanged, and steel prices in the off - season continue to be under pressure. The relative positive factor is cost support. It is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the inventory accumulation during the holiday [5]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.43%, and the volume and open interest decreased. At present, the supply of hot - rolled coil is at a high level, while the demand has weakened, and the fundamentals are weak. The price of hot - rolled coil will still be under pressure and oscillate at a low level. Attention should be paid to the demand performance and beware of the pressure caused by the intensification of the contradiction of weakening demand [5]. - The main contract price of iron ore declined weakly with a daily decline of 1.23%, and the volume and open interest decreased. Currently, the demand for iron ore is weakly stable, while the supply pressure still exists. The fundamentals of iron ore continue to weaken, and the inventory is rising at a high level. Under the dominance of the real - world logic, the price of iron ore is under pressure and runs weakly. Attention should be paid to the shipping situation of miners [5]. 3. Summary of Each Section 3.1 Industry Dynamics - In January 2026, the global manufacturing PMI was 51%, up 1.5 percentage points from the previous month, ending the continuous 10 - month running trend below 50%. By region, the manufacturing PMI in Africa decreased to 49.6%, that in Europe rose to 50%, that in Asia slightly decreased to 51%, and that in the Americas rose to 51.8% [7]. - In January 2026, the average monthly working hours of China's main construction machinery products were 72.5 hours, a year - on - year increase of 23.9% and a month - on - month decrease of 5.19%, among which excavators were 62.8 hours. The average monthly start - up rate of main construction machinery products was 48.1%, a year - on - year decrease of 2.63 percentage points and a month - on - month decrease of 3.63 percentage points, among which excavators were 48.6% [8]. - Anglo American raised its iron ore production target for 2026. The total iron ore output in the fourth quarter of 2025 was 15.1 million tons, a year - on - year increase of 6% and a quarter - on - quarter increase of 5%. The total iron ore sales volume in the fourth quarter was 16.17 million tons, basically flat year - on - year and a quarter - on - quarter increase of 12%. The annual iron ore output in 2025 was 60.8 million tons, a slight year - on - year decrease of 2%, and the cumulative annual iron ore sales volume was 61.54 million tons, a year - on - year increase of 1%. The annual iron ore production guidance target for 2026 was raised to 55 - 59 million tons (previously 54 - 58 million tons). Among them, the output of the Kumba mine is 31 - 33 million tons, and that of the Minas - Rio mine is 24 - 26 million tons [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin and the national average were 3,190, 3,160 and 3,306 respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin and the national average were 3,250, 3,150 and 3,284 respectively; the price of Tangshan billet was 2,930; the price of Zhangjiagang heavy scrap was 2,160; the coil - rebar price difference was 60, and the rebar - scrap price difference was 1,030. The price changes of rebar, hot - rolled coil, Tangshan billet and Zhangjiagang heavy scrap were 0, - 10, 0, 0 respectively [10]. - The price of PB powder at Shandong ports was 756 with a change of - 9; the price of Tangshan iron concentrate was 767 with a change of - 1; the sea freight from Australia and Brazil was 8.34 and 23.57 respectively with changes of - 0.01 and - 0.39; the SGX swap price was 100.90 with a change of - 1.60; the iron ore price index (61% FE, CFR) was 100.30 with a change of - 1.95 [10]. 3.3 Futures Market - The closing price of the rebar futures active contract was 3,077, with a decline of 0.65%, the highest price was 3,111, the lowest price was 3,074, the trading volume was 723,307, the volume difference was 41,902, the open interest was 1,915,253, and the open interest difference was 67,582 [14]. - The closing price of the hot - rolled coil futures active contract was 3,251, with a decline of 0.43%, the highest price was 3,270, the lowest price was 3,250, the trading volume was 276,669, the volume difference was - 7,206, the open interest was 1,484,610, and the open interest difference was - 10,036 [14]. - The closing price of the iron ore futures active contract was 760.5, with a decline of 1.23%, the highest price was 772.0, the lowest price was 760.0, the trading volume was 216,259, the volume difference was - 115,477, the open interest was 514,745, and the open interest difference was - 10,368 [14]. 3.4 Related Charts - The report presents charts of steel and iron ore inventories, including weekly changes and total inventories of rebar and hot - rolled coil, as well as iron ore inventories in 45 ports, 247 steel mills, and domestic mines [16][22]. - It also shows charts of steel mill production, such as the blast furnace start - up rate and capacity utilization of 247 sample steel mills, the start - up rate of 94 independent electric furnace steel mills, the proportion of profitable steel mills among 247 steel mills, and the profitability of 94 independent electric arc - furnace steel mills [31][33]. 3.5 Market Outlook - For rebar, both supply and demand have seasonally weakened, and inventory has continued to accumulate. The weekly output of rebar decreased by 81,500 tons month - on - month, and the supply has shrunk, but the inventory level is significantly higher than the same lunar period last year, and the pressure relief is limited. The demand for rebar continues to be seasonally weak, and the weekly apparent demand and high - frequency daily transactions have both shrunk significantly. Considering that there is no improvement in downstream industries, the weak demand pattern is difficult to change. The relative positive factor is the policy expectation after the holiday. It is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the inventory accumulation during the holiday [39]. - For hot - rolled coil, the supply - demand pattern has changed little, and the inventory has increased again. The production of plate mills has stabilized, the weekly output of hot - rolled coil decreased by 50 tons month - on - month, and the overall level remains relatively high, and the inventory level is high, so the supply pressure remains. The demand for hot - rolled coil has weakened, the weekly apparent demand decreased by 58,700 tons month - on - month, and the high - frequency daily transactions have continued to run at a low level. The relative positive factor is that the output of downstream cold - rolled products remains at a high level, which supports the demand for hot - rolled coil. However, attention should be paid to the potential pressure from the intensification of demand - weakening contradictions, and attention should be paid to the demand performance [39]. - For iron ore, the supply - demand pattern remains weak, and the inventory continues to rise. The production of steel mills has stabilized, and the terminal consumption of iron ore has slightly rebounded. The daily average pig iron output and the daily consumption of imported ore of sample steel mills have both increased this week. However, considering that the profitability of steel mills has not improved and the contradictions in the steel market have accumulated, the demand improvement is limited. At the same time, the arrival volume at domestic ports is weakly stable, but the shipping volume of miners continues to increase, and the overseas supply of iron ore has stabilized and rebounded. Even though the domestic supply of iron ore has seasonally shrunk, the supply pressure remains under the high - inventory situation. The price of iron ore is under pressure and runs weakly under the dominance of the real - world logic, and attention should be paid to the shipping situation of miners [40].