热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 师橙 市场要闻与重要数据 期货行情： 库存与仓单方面，LME 仓单较前一交易日变化1350.00吨万249650吨。SHFE 仓单较前一交易日变化 10717 吨至287806吨。2月 25 日国内市场电解铜现货库 50.85万吨，较此前一周变化 15.49万吨。 策略 2026-02-25，沪铜主力合约开于 101650元/吨，收于 102460元/吨，较前一交易日收盘0.94%，昨日夜盘 沪铜主力合约开于 102，880元/吨，收于 103，040 元/吨，较昨日午后收盘上涨0.58%。 现货情况： 据 SMM 讯，昨沪期铜2603合约换月首日，现货报价随合约切换显著调整。市场供需两端同步回暖：前 期锁定的进口货源持续到港，叠加未交割仓单陆续流出，流通货源维持高位；下游企业节后逐步复工， 入市询价采购增多，采销情绪明显回升。值得注意的是，供应增量释放更为直接，尤其未交割仓单流出 对升贴水形成压制。不过隔月Contango结构下，持货商向远月交仓意愿分流部分现货，对贴水构成支 撑。整体处于节后再平衡初期，预计今日现货贴 ...

亚洲早盘，黄金小幅走高，因持续的关税风险可能会增强黄金的避险吸引力。现货黄金上涨0.3%，报 每盎司5，240.28美元。媒体援引知情人士的话报道，在美国最高法院上周裁定总统特朗普的第二任期 多项征税措施无效后，他正在考虑对六个行业征收新的国家安全关税。XS.com高级市场分析师Rania Gule在一封电子邮件中表示，黄金近期的"涨势与紧张的地缘政治和经济环境密不可分，这种环境已导 致全球风险被重新定价"。 亚洲早盘，黄金小幅走高，因持续的关税风险可能会增强黄金的避险吸引力。现货黄金上涨0.3%，报 每盎司5，240.28美元。媒体援引知情人士的话报道，在美国最高法院上周裁定总统特朗普的第二任期 多项征税措施无效后，他正在考虑对六个行业征收新的国家安全关税。XS.com高级市场分析师Rania Gule在一封电子邮件中表示，黄金近期的"涨势与紧张的地缘政治和经济环境密不可分，这种环境已导 致全球风险被重新定价"。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：王永生 新浪合作大平台期货开户 安全快捷有保障 责任编辑：王永生 ...

美国总统特朗普在Truth Social发帖称，"我可以利用许可证对外国做出绝对'可怕'的事情，尤其是那些 几十年来一直占美国便宜的国家。" "但令人费解的是，根据裁决，不能向他们收取许可证费—但所有许可证都要收费，为何美国不能？" 注：鉴于特朗普关税风险 欧盟势将冻结对与美国贸易协议的批准程序 责任编辑：郭明煜 美国总统特朗普在Truth Social发帖称，"我可以利用许可证对外国做出绝对'可怕'的事情，尤其是那些 几十年来一直占美国便宜的国家。" "但令人费解的是，根据裁决，不能向他们收取许可证费—但所有许可证都要收费，为何美国不能？" 注：鉴于特朗普关税风险 欧盟势将冻结对与美国贸易协议的批准程序 责任编辑：郭明煜 ...

燃料油日报 | 2026-02-12 盘面震荡偏强运行，节前注意地缘风险 市场分析 上期所燃料油期货主力合约日盘收涨1.38%，报2860元/吨；INE低硫燃料油期货主力合约日盘收涨2.32%，报3357 元/吨。 高硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 低硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 近期能源板块波动受到伊朗局势影响较大，目前来看形势仍未完全明朗。短期需要保持谨慎，密切关注局势发展。 站在品种自身基本面的角度来看，高硫燃料油近期市场结构偏强运行，下游船燃需求良好，国内炼厂对委油的原 料替代也促进了燃料油的进口需求。但市场暂无短缺预期，俄罗斯1月发货量明显回升，将传递到亚洲2月份到港 量的增加上。整体来看，在地缘局势相对可控的前提下，高硫燃料油自身基本面不具备持续走强的动力，尤其在 高运费的环境下，估值过高会抑制下游炼厂端需求。 低硫燃料油方面，当前基本面矛盾不明显，科威特等局部地区供应存在增量 ...

燃料油日报 | 2026-02-03 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 市场波动加剧，盘面大幅回撤 市场分析 上期所燃料油期货主力合约日盘收跌7.01%，报2681元/吨；INE低硫燃料油期货主力合约日盘收跌5.92%，报3128 元/吨。 近期能源板块整体上涨背后有来自宏观、地缘、资金面等多重因素的驱动，上周五特朗普提名凯文沃什作为新一 任美联储主席，美元指数低位反弹，宏观情绪有所转弱，大宗商品流动性整体出现阶段性退潮。站在地缘层面来 看，上周伊朗局势较为紧张，市场担忧美国与以色列对伊朗采取军事打击，导致油市地缘溢价一度大幅攀升。周 末并未爆发冲突，从伊朗和美方最新表态来看局势有边际缓和的迹象，地缘溢价有所回落。在前期推涨因素退潮 后，昨日能源板块整体出现大幅下跌，高硫燃料油与伊朗关联较为紧密，之前上涨时弹性较大，回撤时幅度同样 大于低硫燃料油。 站在基本面的角度来看，高硫燃料油呈现"东强西弱"格局，亚太地区现货收紧，新加坡库存连续下滑，国内注册 仓单量减少，排除宏观与地缘层面的扰动外，自身市场结构仍存在支撑。低硫燃料油整体市场矛盾 ...

Core Viewpoint - The article discusses the recent global market turmoil characterized by simultaneous declines in stocks, bonds, and currencies, driven by geopolitical tensions and fiscal concerns in the US and Japan [1][6][10]. Group 1: Market Reactions - On January 20, a significant sell-off occurred in global markets, with the Nasdaq futures dropping by 1.9% and the Nikkei 225 falling by 1.11% [6]. - The US 10-year Treasury yield rose to 4.28%, while Japan's 30-year bond yield increased to 5.2% [1][6]. - Gold prices surged to a record high of $4,700 per ounce, indicating a flight to safety among investors [6]. Group 2: Triggering Factors - The first trigger was the US tariff risk stemming from the Greenland dispute, where President Trump threatened to impose tariffs on eight European countries, leading to market fears of a repeat of previous "sell America" trades [1][10]. - The second trigger involved Japan's fiscal risk, as Prime Minister Kishi announced early elections and aggressive tax cuts, raising concerns about Japan's financial stability [1][18]. - A third factor was the announcement by Danish pension fund Akademiker Pension to exit US Treasury investments, signaling potential shifts in investor sentiment [14]. Group 3: Future Outlook - Following Trump's speech at the Davos Forum on January 21, which downplayed military action regarding Greenland and suggested a delay in tariff implementation, market fears regarding geopolitical risks and tariffs were somewhat alleviated [1][21]. - The article suggests that the ongoing fiscal expansion in developed economies may lead to "implicit defaults" through financial repression, such as lowering nominal interest rates and increasing inflation tolerance [2].

Core Insights - The article emphasizes the importance of unique insights and knowledge in stock analysis, aiming to provide contrasting views on investment portfolios [1] Group 1 - The analyst expresses a commitment to sharing personal opinions and insights without any financial compensation from companies mentioned [2] - The analysis is intended for informational purposes only, highlighting the necessity for investors to conduct their own research and due diligence [3] - There is a clear disclaimer that past performance does not guarantee future results, and no specific investment recommendations are made [4]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On January 21st, platinum and palladium prices fluctuated widely and declined in the late session; the PT2606 contract closed up 2.4% to 628.5 yuan/gram, and the PD2606 contract closed up 0.21% to 485.5 yuan/gram [5] - Geopolitical and economic tensions between the US and Europe due to the Greenland crisis have increased market uncertainty, raising safe - haven demand and supporting platinum and palladium prices; the US decision to暂缓 import tariffs on key minerals eases tariff risks for platinum and palladium [5] - If tariff risks decline in the future, platinum and palladium inventories may shift from the US to non - US regions, potentially alleviating the tight spot supply situation and suppressing the short - term upward space of platinum and palladium prices [5] - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern; it is recommended to follow changes in New York inventories [5] - In the long term, with a supply - demand gap for platinum and a tendency towards supply surplus for palladium, the strategy can be to allocate platinum at low prices or choose the "long platinum, short palladium" arbitrage strategy [5] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 628.5, up 1.48% from the previous value of 619.35 [5] - Spot platinum (99.95%): 622, up 5.07% from the previous value of 592 [5] - Platinum basis (spot - futures): - 6.5, down 76.23% from the previous value of - 27.35 [5] - Palladium futures main contract closing price: 485.8, down 0.86% from the previous value of 490 [5] - Spot palladium (99.95%): 472, up 3.62% from the previous value of 455.5 [5] - Palladium basis (spot - futures): - 13.8, down 60.00% from the previous value of - 34.5 [5] International Prices (15:00, USD) - London spot platinum: 2434.88, up 2.27% from the previous value of 2380.82 [5] - London spot palladium: 1851.746, up 0.23% from the previous value of 1847.466 [5] - NYMEX platinum: 2437.9, up 2.38% from the previous value of 2381.2 [5] - NYMEX palladium: 1889.5, up 0.40% from the previous value of 1882 [5] Other Indicators - USD/CNY central parity rate: 7.0014, up 0.01% from the previous value of 7.0006 [5] - Domestic - international price differences (yuan/gram, tax - included): - Guangdong platinum - London platinum: 9.16, down 33.78% from the previous value of 13.83 [5] - Guangdong platinum - NYMEX platinum: 8.39, down 38.90% from the previous value of 13.73 [5] - Guangdong palladium - London palladium: 14.78, down 26.54% from the previous value of 20.13 [5] - Guangdong palladium - NYMEX palladium: 5.18, down 54.33% from the previous value of 11.34 [5] - Platinum - palladium price ratios: - Guangzhou Futures Exchange platinum/palladium ratio: 1.2937, with an increase of 0.0298 from the previous value of 1.2640 [5] - London spot platinum/palladium ratio: 1.3149, with an increase of 0.0262 from the previous value of 1.2887 [5] Inventory and Position Data - NYMEX platinum inventory: 664393, unchanged from the previous value [5] - NYMEX palladium inventory: 216664, up 4.66% from the previous value of 207020 [5] - NYMEX total platinum position: 78337, down 0.90% from the previous value of 79050 [5] - NYMEX non - commercial net long platinum position: 17594, down 2.85% from the previous value of 18110 [5] - NYMEX total palladium position: 19483, up 0.69% from the previous value of 19349 [5] - NYMEX non - commercial net long palladium position: 1225, up 111.57% from the previous value of 579 [5]

Futures tracking the Dow Jones Industrial Average slipped 54 points, or 0.1%. S&P 500 futures fell 0.1%, and contracts tied to the tech-heavy Nasdaq 100 dropped 0.3%. Stocks looked set to fall on Wednesday as investors carried on fretting about President Donald Trump's push to annex Greenland. The three major indexes all plummeted on Tuesday, meaning the Nasdaq is now down for the year. Investors bailed on risk assets after Trump threatened to impose tariffs on eight NATO countries until they allow his admi ...

Group 1 - Morgan Stanley (MS) indicates that the proposed U.S. tariffs related to the Greenland dispute pose a specific risk to European stocks rather than a systemic risk [1] - Defense stocks may benefit from increased spending due to the geopolitical tensions [1]