交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2026年3月3日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | 供给端来看 ， | 上周工业硅供应量为6 | 9万吨 . ， | 环比有所增加1 | . | 47% 。 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 需求端来看 ， | 上周工业硅需求为6 | 1万吨 . ， | 环比减少8 95% . . | | 需求持 | | | | | | | 续低迷 多晶硅库存为34 . | 4万吨 . ， | 处于高位 ， | 硅片亏损 ， | | 电池片盈 | | | | | | | ...

2026.3.2-3.6 纯碱、玻璃 期货品种周报 目录 01 P A R T 纯碱期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 建议观望。 中线策略建议 3 品种交易策略 上周策略回顾 上周纯碱现货市场平稳，价格窄幅波动，仅东北、华北重碱 小幅下调。供应维持高位，需求转淡，新单稀少，厂家稳价 出货。短期延续平稳运行。 中线行情分析 纯碱期货处于震荡阶段。 中线趋势判断 1 趋势判断逻辑 上周国内纯碱市场成交平淡，价格基本平稳运行。节后行业开工有 所回升，供应维持高位；而下游复工缓慢，采购以消耗节前备货为 主，需求释放不足。受假期物流停滞及需求偏弱影响，厂家库存大 幅累积，已达近五年高位。面对库存压力，多数企业基于成本考虑 选择稳价观望，等待需求回暖。预计短期市场仍以窄幅整理为主。 2 本周策略建议 上周纯碱市场交投平淡，价格持稳。节后开工回升，下游复 工缓慢，厂家库存累积至高位，企业多稳价观望，短期窄幅 整理。期货震荡回升后整理，等待供需进一步指引。 相关数据情况 纯碱：开工率：中国（周） 纯碱：产量：中国（周） 本报告数据来源为Wind、Mysteel、长城期货交易咨 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 每日核心期货品种分析 发布日期：2026 年 2 月 27 日 商品表现 数据来源:Wind、冠通研究咨询部 期市综述 截止 2 月 27 日收盘，国内期货主力合约涨跌互现。沪锡涨超 8%，铂涨超 5%，硅 铁涨超 3%，钯、锰硅涨超 2%。跌幅方面，氧化铝跌超 3%，丙烯、甲醇、塑料、 PVC 跌超 2%。沪深 300 股指期货（IF）主力合约涨 0.09%，上证 50 股指期货（IH） 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任 ...

2026.2.24-2.27 纯碱、玻璃 期货品种周报 01 P A R T 纯碱期货 中线行情分析 纯碱期货处于震荡阶段。 中线趋势判断 1 趋势判断逻辑 上周国内纯碱现货市场运行平稳，价格窄幅波动。轻碱主流价890- 1570元/吨，重碱9 0 0-1 4 5 0元/吨，仅东北、华北重碱小幅下调5- 1 0元/吨，其余地区持稳。供应端开工维持高位，部分装置开停互 现，市场货源充足。下游物流趋紧，新单成交稀疏，厂家以执行前 期订单为主，稳价意愿较强。预计短期市场延续平稳，后续关注补 库节奏及装置变动。 2 建议观望。 中线策略建议 3 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 上周策略回顾 上周纯碱现货市场稳中偏弱，轻碱价格小幅下跌，重碱基本 稳定。供应短期收缩但新产能预期仍带来压力，需求表现平 淡，预计短期弱稳震荡。纯碱期货呈震荡格局，成本支撑与 疲弱基本面相互博弈，缺乏明确方向。 本周策略建议 上周纯碱现货市场平稳，价格窄幅波动，仅东北、华北重碱 小幅下调。供应维持高位，需求转淡，新单稀少，厂家稳价 出货。短期延续平稳运行。 相关数据情况 纯碱：开工率：中国（周 ...

Report Summary 1. Market Performance on February 13 - On February 13, the last trading day before the long - holiday, the three major A - share indexes collectively declined. The Shanghai Composite Index fell 1.26% to 4082.07 points, the Shenzhen Component Index dropped 1.28% to 14100.19 points, and the ChiNext Index decreased 1.57% to 3275.96 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1999.1 billion yuan, a decrease of 161.9 billion yuan from the previous day [1]. - The CSI 300 Index was weak on February 23, closing at 4660.41, a decrease of 59.17 from the previous period [2]. 2. Futures Market 2.1 Coking Coal and Coke - On February 13, the weighted index of coke fluctuated and closed at 1687.6, a rise of 17.3 from the previous period. The weighted index of coking coal had a narrow - range consolidation, closing at 1134.7 yuan, a decrease of 2.0 from the previous period [2][3]. - Coking profit is average, and daily production has a slight decline. Coke inventory has a small increase, and traders' purchasing willingness is average. The supply of carbon elements is abundant, downstream molten iron is at a low - season level, and steel profit is average. The daily customs clearance volume of Mongolian coal is 1179 vehicles. The output of coking coal mines has a small increase. The spot auction transaction is inversely proportional to the price fluctuations of the futures. Under the influence of volatile futures prices, the transaction price mainly shows a small decline, and the terminal inventory has a large increase. The total inventory of coking coal has a large increase, and the production - end inventory has a slight increase. The winter - storage demand is coming to an end [4]. 2.2 Zhengzhou Sugar - Due to the tense situation in the Middle East, the crude oil price has been oscillating upward recently. Excessive rainfall in major sugar - producing states in India may lead to a decline in sugarcane production, which may limit India's sugar exports. During the long - holiday, the US sugar price oscillated upward. Brazil's geographical and statistical institute expects the sugarcane planting area in 2026 to be 9.495363 million hectares, the same as last month's forecast and a 0.7% decrease from the previous year. The sugarcane output is estimated to be 706.96119 million tons, the same as last month's forecast and a 0.6% increase from the previous year. Five trading houses estimate that India's sugar production in the 2025/26 market year (ending in September) will be between 28.5 - 29 million tons [4]. 2.3 Rubber - During the long - holiday, due to the tense situation in the Middle East, the crude oil price oscillated upward. ANRPC indicates that with the accelerated growth of the automobile industry in emerging and developed economies, the global natural rubber market is expected to be in short supply for the sixth consecutive year in 2026. The global natural rubber production increased by 1.4% in 2025 and is expected to increase by 2.4% to 15.2 million tons in 2026. During the long - holiday, the Japanese rubber price oscillated upward [5]. 2.4 Soybean Meal - During the Spring Festival, the main contract of CBOT soybeans showed a high - level narrow - range oscillation. Multiple positive factors such as China's commitment to purchase more US soybeans, dry weather in some parts of Argentina, a record - high soybean crushing volume in the US in January, and the EPA's plan to submit a biodiesel blending quota proposal for 2026 have boosted the US soybean price. Brazil's soybean harvest is accelerating, and a bumper harvest is certain, with export expectations at a historical high. The USDA Outlook Forum expects the US soybean planting area in the 2026/27 season to increase to 85 million acres, indicating a long - term loose supply. In the domestic market, oil mills are gradually resuming work after the festival, the operating rate is rising, port soybean inventory is abundant, and soybean supply is loose. The soybean arrival volume from February to March will increase compared with the previous period, and the subsequent crushing volume will gradually rise, resulting in a generally loose supply of soybean meal. It is recommended to focus on the weather changes in South America and the soybean arrival volume [5]. 2.5 Live Pigs - After the festival, large - sized pigs are being concentratedly sold in the market, and the back - logged pig sources are continuously released, resulting in a generally loose supply. As of the end of January, the inventory of fertile sows in the country reached 39.58 million, slightly decreasing month - on - month but still at a relatively high level year - on - year, which supports sufficient supply. The improvement in breeding efficiency further amplifies the effective supply. After the festival, pork consumption has officially entered the off - season. The previous pickling and stocking are all over, and the household holiday stock has not been digested yet. The fresh - meat market's digestion capacity has declined, and it has entered the annual off - season. The demand side has weak support for the market. It is recommended to focus on the reduction progress of fertile sows and the changes in the slaughter rhythm of large - scale pig enterprises [5]. 2.6 Palm Oil - During the long - holiday, the outer - market Malaysian palm oil maintained a range - bound oscillation, rising 2.88% compared with the pre - festival closing price. According to SPPOMA data, from February 1 - 20, 2026, the yield per unit area of Malaysian palm oil decreased by 23.82% month - on - month, the oil extraction rate increased by 0.3% month - on - month, and the output decreased by 22.24% month - on - month. According to ITS data, the export volume of Malaysian palm oil from February 1 - 20 was 863,358 tons, a decrease of 8.9% compared with the same period last month [5]. 2.7 Shanghai Copper - During the 2026 Spring Festival, the Shanghai copper market was closed from February 14 to February 23. On February 13, the main contract closed at 100,380 yuan/ton, with a settlement price of 100,780 yuan/ton, in the range of 99,400 - 102,350 yuan/ton, with a position of 140,000 and a trading volume of 140,000. The outer - market LME copper showed a V - shaped oscillation, first falling and then rising, in the range of 12,500 - 13,100 US dollars/ton. At the beginning of the holiday, the strengthening of the US dollar and the cooling of interest - rate cut expectations put pressure on the price; at the end of the holiday, the expectation of Asian resumption of work and the tight supply supported the price to rebound, with a slight increase compared with the pre - festival price. The domestic main contract had no trading and no position change during the holiday, and the price was anchored to the outer - market and the expectation of resumption of work. The global copper mine is in a tight - balance state, and the processing fee is at a low level, which provides bottom support. The inventory accumulation during the domestic holiday is limited. Before the holiday, there was profit - taking at a high level, and the low liquidity during the holiday amplified the outer - market fluctuations. It is necessary to pay attention to the downstream resumption - of - work rhythm, LME/bonded inventory, and the Fed's policy signals [5]. 2.8 Cotton - Before the festival, the main contract of Zhengzhou cotton closed at 14,740 yuan/ton. The cotton inventory increased by 143 lots compared with the previous trading day. Internationally, the US cotton price rose, and the weekly line closed in the positive [6]. 2.9 Iron Ore - Before the festival, affected by the low profit rate of steel mills and weak demand, the growth rate of molten iron was slow. After the festival, the resumption of work of steel mills may drive the replenishment demand for raw materials, and the iron ore supply - demand situation is expected to improve marginally. In the short term, the iron ore price is in an oscillating trend [6]. 2.10 Asphalt - Currently, the asphalt supply is seasonally shrinking, refineries are operating at a low load, and the terminal demand is weak. The asphalt market is in a situation of weak supply and demand, and the short - term asphalt price is oscillating [6]. 2.11 Logs - The main contract of logs 2605 opened at 787 on Friday, with a minimum of 785, a maximum of 791.5, and closed at 779.5, with a daily increase in positions of 242 lots. On February 13, the spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 750 yuan/cubic meter, unchanged from the previous day, and the spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan/cubic meter, also unchanged from the previous day. Although the outer - market price has increased, the domestic spot market was stable before the festival, and the situation needs to be verified after the festival. It is necessary to pay attention to the spot - end price, import data, inventory changes, and the support of macro - market sentiment on the price [6]. 2.12 Steel - After the festival, the demand will gradually recover and is unlikely to explode suddenly. With the convening of important meetings, the positive macro - policy expectations are released, and the market sentiment is warming up. Coupled with the rigid - demand replenishment of terminal enterprises after resuming work, the main task of the market before the Two Sessions is to digest the social inventory. Mid - to - late March is the real demand verification period and the key point of the market [6]. 2.13 Alumina - The market was relatively stable during the Spring Festival. Before the festival, the alumina operating rate decreased slightly, and the supply improved marginally. After the festival, attention should be paid to the production - start and production - reduction efforts. However, limited by the limited demand increase and the unopened export window, the overall inventory is still accumulating, and the industry supply - demand situation is still in excess. If the supply side fails to continue to shrink, alumina will still be in a weak situation [6]. 2.14 Shanghai Aluminum - In 2026, the supply - side changes of global electrolytic aluminum are significantly disturbed. The planned new production capacity in Indonesia, India and other places exceeds 2 million tons, but the production - start process is slow due to disturbances in power costs, infrastructure, etc. The domestic production capacity utilization rate is close to saturation, and the room for further production increase is limited. In the short term, the supply - demand situation will remain in a tight - balance state, which may continue to support the aluminum price. The demand side is expected to be stable and improving. Aluminum has strong financial and macro - attributes, and the pressure effect of the off - peak and peak seasons on the fundamentals is weakened. The aluminum price will generally remain at a high level, with a wider fluctuation range, and the seasonality and regularity may be weakened [6].

Group 1: Report General Information - Report title: Jinxin Futures Daily Journal [1] - Date: February 13, 2026 [1] Group 2: Coking Coal Analysis Supply - This week, the average daily output of coking coal was 754,000 tons, a month - on - month decrease of 2.1% and a year - on - year increase of 5%. Fenwei's coking coal output decreased. The average daily output of coke was 1.1 million tons, a month - on - month increase of 0.5% and a year - on - year decrease of 1.4%. Coke profit is average. As the Spring Festival approaches, private coal mines are gradually shutting down for holidays, while large state - owned mines maintain normal production, but overall supply will gradually tighten [3]. Demand - Currently, the supply and demand of coking coal are both weak, and prices are expected to fluctuate within a narrow range. For imported Mongolian coal, the customs clearance at the Ganqimaodu Port has decreased in the past two days, but the inventory in the supervision area is still at a relatively high level. With the decline of the futures market, the trading atmosphere at the port is cold, and downstream buyers mainly make rigid - demand purchases. The price of Mongolian No. 5 raw coal is 1,020 - 1,040 yuan, and the price of Mongolian No. 3 clean coal is 1,100 yuan per ton [3]. Technical Analysis - The current coking coal futures are oscillating in the range of 1,100 - 1,250 yuan per ton. The 1,250 - yuan integer mark is a strong resistance level, and the recent upward rush was not accompanied by heavy trading volume, which may trigger profit - taking by funds. Macroscopically, as the Spring Festival approaches, market trading activity declines, and speculative demand shrinks [3]. Outlook and Strategy - It is likely to maintain wide - range oscillations. After the Spring Festival, with the resumption of work by downstream enterprises, there may be a phased rebound, but the overall upward space is limited. It is recommended to adopt a high - selling and low - buying strategy within the range [3]. Group 3: Stock Index Futures Analysis - The Shanghai Composite Index closed at a high - level doji star today, recording a false negative line for the first time after seven consecutive positive days, with trading volume increasing. Technically, the daily - level and minute - level trends are still in a bullish arrangement, with an expected upward movement tomorrow. It is recommended to buy on dips tomorrow [7][8]. Group 4: Gold Analysis - Gold prices have continued to decline sharply, and it is expected that the fluctuations will continue for some time. Caution is advised when participating [12]. Group 5: Iron Ore Analysis - With the commissioning of the Simandou project, the expectation of a loose supply has further fermented. On the demand side, except for exports still showing some momentum, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, attention should be paid to the support level below, and short - position holders should protect their profits [13][14]. Group 6: Glass Analysis - The daily melting volume has slightly decreased, and inventory has accumulated again. The main drivers are the supply - side clearance policies such as stimulus policies and anti - involution policies. Technically, the recent trend is unclear, and it should be regarded as a wide - range oscillation [16][17]. Group 7: Methanol Analysis - As of February 11, 2026, the total inventory of methanol at Chinese ports was 1.4322 million tons, an increase of 21,200 tons compared with the previous period. After short - term oscillations, there is a possibility of a decline in the later period [19]. Group 8: Pulp Analysis - In terms of pulp strategy, the market should pay attention to the valuation - repair opportunities near the cost line, but the upward space is restricted by high inventory and weak demand. A market breakthrough requires a clear signal of expanded production cuts or a better - than - expected improvement in demand [22].

Report Information - Report Title: "GOLDTRUST FUTURES DAILY" - Date: February 12, 2026 - Author: GOLDTRUST FUTURES RESEARCH INSTITUTE Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The coking coal market is expected to maintain a wide - range oscillation. After the Spring Festival, there may be a phased rebound, but the overall upside is limited. For other commodities, different trends and operation suggestions are given based on supply - demand and technical analysis [3]. Summary by Commodity Coking Coal - **Supply**: This week, the average daily output of coking coal by Steel Union was 754,000 tons, a month - on - month decrease of 2.1% and a year - on - year increase of 5%. Fenwei's coking coal output decreased. The average daily output of coke was 1.1 million tons, a month - on - month increase of 0.5% and a year - on - year decrease of 1.4%. As the Spring Festival approaches, private coal mines are gradually shutting down for holidays, and state - owned large mines maintain normal production, but overall supply will gradually tighten [3]. - **Demand**: Currently, the supply and demand of coking coal are both weak, and prices are expected to fluctuate within a narrow range. For imported Mongolian coal, the customs clearance at Ganqimaodu Port has decreased in recent days, but the inventory in the supervision area is still at a relatively high level. With the decline of the futures market, the trading atmosphere at the port is cold, and downstream purchases are mainly for rigid demand. The price of Mongolian coal has dropped, with the current price of Mongolian No. 5 raw coal at 1,020 - 1,040 yuan and Mongolian No. 3 clean coal at 1,100 yuan/ton [3]. - **Technical Analysis**: The coking coal futures are currently oscillating in the range of 1,100 - 1,250 yuan/ton. The 1,250 - yuan integer mark is a strong resistance level, and the recent upward rush was not accompanied by high trading volume, which may lead to profit - taking by funds. Macroscopically, as the Spring Festival approaches, market trading activity decreases, and speculative demand shrinks [3]. Stock Index Futures - The Shanghai Composite Index closed at a high - level doji today. Except for the Shanghai 50 Index, other indices basically closed in the red. Technically, there is an expectation of a rebound at the 5 - minute level in the early trading tomorrow, and then the probability of a rush - up and decline is relatively high. It is better to operate according to the oscillating market [7][8]. Gold - Gold has continued to decline sharply, and it is expected that the fluctuations will continue for some time. Caution is advised when participating [9]. Iron Ore - With the commissioning of the Simandou project, the expectation of a loose supply has further fermented. On the demand side, except for exports still having some momentum, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, attention should be paid to the support level below, and short - position holders should protect their profits [11][12]. Glass - The daily melting volume has slightly decreased, and inventory has accumulated again. The main driving factors are the policy - side stimulus policies and anti - involution policies for the supply - side clearance. Technically, the recent trend is unclear, and it should be regarded as a wide - range oscillation [14][15]. Methanol - As of February 11, 2026, the total inventory of methanol at Chinese ports was 1.4322 million tons, an increase of 21,200 tons compared with the previous period. After a short - term oscillation, there is a possibility of a decline in the later period [18]. Pulp - In terms of pulp strategy, the market should pay attention to the valuation repair opportunity near the cost line, but the upside is restricted by high inventory and weak demand. The market breakthrough needs to wait for a clear signal of expanded production cuts or an unexpected improvement in demand [22].

Report Summary 1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints - On February 11, 2026, most domestic futures main contracts rose. Carbonate lithium led the gains, while container shipping European routes led the losses. The capital flow varied among different contracts [5][6]. - Different futures products are affected by various factors such as supply - demand, macro - environment, and geopolitical situations, and their prices are expected to move within a certain range in the short term [8][10][11]. 3. Summary by Catalog 3.1. Futures Market Overview - As of the close on February 11, domestic futures main contracts mostly rose. Carbonate lithium rose over 9%, and沪镍 rose over 4%. Container shipping European routes fell over 1%, and coke, glass, and palm oil fell nearly 1%. Among stock index futures, IF fell 0.13%, IH rose 0.08%, IC rose 0.43%, and IM rose 0.01%. Among bond futures, TS remained flat, TF rose 0.05%, T rose 0.06%, and TL rose 0.05%. In terms of capital flow, IM 2603,沪金 2604, and carbonate lithium 2605 had capital inflows, while ten - year bond 2603, 30 - year bond 2603, and CSI 300 2603 had capital outflows [5][6]. 3.2. Market Analysis of Specific Futures - **沪铜**: It opened low and closed high, with strong intraday fluctuations. In January, production was 1.57 million tons more than expected, and in February, it is expected to return to normal. The expected production in February decreased by 3.58 million tons month - on - month, a 3.04% decline, but increased by 8.06% year - on - year. The demand decreased marginally during the holiday. The copper price is greatly affected by the macro - environment, and the spot trading was light before the holiday [8]. - **Carbonate lithium**: It opened high and closed high, rising over 9%. The average price of battery - grade and industrial - grade carbonate lithium increased. The supply in February will decrease. The export of Chilean carbonate lithium in January increased month - on - month but decreased year - on - year. The downstream demand is expected to strengthen, and the inventory is moving downstream. The retail sales of passenger cars increased year - on - year and month - on - month [10]. - **Crude oil**: OPEC+ eight member countries will maintain the plan to suspend the increase in oil production in March. The demand is in the off - season, but the US crude oil inventory decreased more than expected. The global crude oil floating storage is high, and the supply is in surplus. The price of Arabian light crude oil to Asia was lowered. Chevron is increasing the transportation of Venezuelan crude oil. The geopolitical situation in Iran is uncertain, and the oil price is expected to fluctuate within a range [11][12]. - **Asphalt**: The asphalt production rate decreased slightly week - on - week, and the expected production in February decreased both month - on - month and year - on - year. The downstream industry's production rate mostly declined, and the national shipment volume decreased. The refinery inventory rate decreased slightly. The supply of Venezuelan heavy crude oil is restricted, and the production and cost of domestic asphalt are affected. It is expected to fluctuate within a range in the short term, and reverse arbitrage is recommended [13][15]. - **PP**: The downstream production rate of PP decreased week - on - week, and the enterprise production rate increased. The petrochemical inventory is at a relatively low level in recent years. The cost is affected by the geopolitical situation in the Middle East. The supply - demand pattern improvement is limited, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [16]. - **Plastic**: The plastic production rate increased, and the downstream production rate decreased. New production capacity was put into operation in January. The petrochemical inventory is at a relatively low level. The cost is affected by the Middle East situation. The supply - demand pattern improvement is limited, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [17][18]. - **PVC**: The upstream calcium carbide price is stable. The PVC production rate increased slightly, and the downstream production rate decreased. The export order decreased after the price increase, and the social inventory increased. The real estate market is still in adjustment. It is expected to fluctuate within a range [19]. - **Coking coal**: It opened low and closed high, with a late - session decline. The supply of coking coal shrank significantly before the Spring Festival, and the customs clearance of Mongolian coal will be restricted during the holiday. The downstream inventory is still increasing, but the replenishment is approaching the end. It is expected to be weak and fluctuate before the holiday [21]. - **Urea**: It opened low and closed high, rising in a volatile manner. Most factories have completed order collection, and the spot price will be stable during the holiday. The daily production has reached 215,000 tons. The futures market sentiment is strong, and the inventory decreased significantly this week but is expected to increase slightly next week. It is expected to fluctuate within a narrow range before the holiday [22].

热轧卷板产业链日报 2026/2/11 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,228 | +8↑ HC 主力合约持仓量(手) | 1552374 | +9529↑ | | | HC 合约前20名净持仓(手) | 41,665 | +8975↑ HC5-10合约价差(元/吨) | -19 | 0.00 | | | HC 上期所仓单日报(日 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2026年2月11日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为7.1万吨，环比有所减少13.41%。 需求端来看，上周工业硅需求为6万吨，环比减少20.00%.需求持续低迷.多晶 硅库存为34.1万吨，处于中性水平，硅片亏损，电池片盈利，组件盈利；有机 硅库存为47200吨，处于低位，有机硅生产利润为2570元/吨，处于盈利状态， 其综合开工率为64.02%，环比持平，低于历史同期平均水平；铝合金锭库存为 6.74万吨，处于高位，进口利润为169元/吨，A356铝送至无锡运费和利润为 672.61元/吨，再生铝开工率为58.3%，还比减少1.01%,处于高位。 成本端来看,新 ...