对于假期前半段的承压回调，齐盛期货首席贵金属分析师刘旭峰指出，核心在于情绪与预期的反复切 换。他表示，初期受美伊谈判暂时缓和、美联储会议纪要释放偏"鹰"信号影响，市场对降息的预期有所 降温，导致美元短暂走强，贵金属价格随之出现小幅回调。 银河期货贵金属分析师王露晨分析，随着中东地区谈判再度陷入僵局，地缘政治风险升温，同时，美国 最新经济数据显示，第四季度GDP增长大幅低于预期，而12月PCE却意外高于预期，这加剧了市场对美 国经济陷入"滞胀"的担忧，金银价格由此逐步企稳并小幅反弹。 西安交通大学客座教授景川进一步指出，美国关税政策扰动及市场预期全球央行将在2026年持续购金， 也成为推高贵金属价格的重要因素。此外，由于全球白银已连续五年供不应求，叠加工业需求爆发将继 续推进白银价格，使得其价格弹性远超黄金。 短期波动下长期上涨逻辑仍存 在迎来马年首个交易日股期联动上涨后，贵金属市场涨势逐渐放缓，步入高位震荡格局。 春节期间，国际贵金属价格走出"先抑后扬"，节后国内市场一度强势跟涨，多重因素博弈下，贵金属这 波行情能走多远？2026年的长期价值又是否依然稳固？ 多重变奏下国际贵金属春节期间上演"先抑后扬" 马年 ...

为深入贯彻党的二十大精神，以组织联建激发乡村振兴新动能，2026年2月3日，中信期货有限公司广西分公司与柳州市财政局机关党委、融水苗族自治县红 水乡良友村总支部委员会共同开展"情系乡村暖民心·联建共建促振兴"主题党日活动。活动通过"捐赠帮扶+金融培训+实地调研"三维联动模式，以党建为纽 带，以行动践初心，为苗山深处注入发展新活力。 本次联建共建活动现场暖意融融，是一次探索"党建+乡村振兴"新模式的生动实践。柳州市财政局机关党委充分发挥政策与资源优势，将财政干部的使命担 当融入田间地头；中信期货有限公司（以下简称"公司"）积极履行社会责任，以金融力量赋能乡村发展；良友村党总支则立足本土实际，架起党群"连心 桥"。三方组织通过共学理论、共话发展、共解难题，有效打破行政、行业、地域界限，为良友村巩固拓展脱贫攻坚成果、全面推进乡村振兴注入了强大组 织动能。 公司积极响应乡村振兴号召，践行企业社会责任，向良友村捐赠了3台电脑，助力村委改善办公条件、提升了村务管理效率。金融培训环节，公司业务骨干 围绕"保险+期货"专业帮扶模式，为参会主体讲解农产品价格风险规避知识。良友村总支部委员会为表感激，给公司送上感谢信，字里行间满 ...

ITC国贸期货 投资咨询业务资格:证监许可【2012】31号 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2026/2/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2604 | AG2604 | AU (T+D) | AG (T+D) | | 银15点价 - | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格最紧 | 2026/2/25 | 5193. 14 | 90. 58 | 5212.00 | 90. 46 | 1151.06 | 23029.00 | 1147.40 | 22105.00 | | (本表数 | 2026/2/24 | 5170. 63 | 87 ...

Core Viewpoint - The international precious metals market has experienced significant fluctuations due to geopolitical tensions and U.S. trade policy, with prices showing a "roller coaster" trend during the Spring Festival holiday [1] Group 1: Market Performance - On February 24, domestic markets opened strongly after the holiday, with gold futures rising by 3.52% to 1150.50 yuan per gram, and silver futures increasing by nearly 13% to 22327 yuan per kilogram [1] - Platinum and palladium also saw gains, with platinum futures up 5.54% to 551.85 yuan per gram and palladium futures up 4.57% to 438.45 yuan per gram [1] Group 2: Economic Indicators - The U.S. GDP growth rate for Q4 2025 was reported at 1.4%, significantly below the expected 2.5% and the revised Q3 figure of 4.4% [2] - U.S. inflation remains persistent, with the Personal Consumption Expenditures (PCE) price index rising by 2.9% in Q4 2025, up from 2.8% previously, while the core CPI for January fell to 2.5%, the lowest in nearly five years [2] Group 3: Geopolitical Factors - U.S. President Trump announced an increase in global tariffs from 10% to 15%, which has heightened demand for safe-haven assets like precious metals [3] Group 4: Market Volatility and Investment Strategy - Market volatility is expected to be a key characteristic of the precious metals market in 2026, with analysts suggesting that investors should manage their positions carefully [4] - Despite short-term fluctuations, the macro structural factors supporting gold remain intact, including ongoing central bank purchases and geopolitical risks [4] Group 5: Investment Sentiment - A global fund manager survey by Bank of America indicated that "long gold" has become the most crowded trade for the second consecutive month, reflecting high institutional interest in gold assets [5]

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - After the Spring Festival, A-shares are likely to have a restorative rebound. In the long - term, with low interest rates, "asset shortage", and policy - guided long - term funds entering the market, the domestic market has sufficient funds, and the medium - and long - term upward trend of stock indices is expected to remain unchanged. It is recommended to hold long positions in stock indices for the long - term [7] 3. Summary by Relevant Catalogs Market Review and Forecast of Interest - rate Products - In the previous week, the central bank conducted 1652.4 billion yuan of reverse repurchase operations, with 405.5 billion yuan of reverse repurchase maturing, resulting in a net injection of 1246.9 billion yuan. It also carried out 150 billion yuan of treasury cash fixed - deposit tenders, 500 billion yuan of 182 - day outright reverse repurchase matured, and 1000 billion yuan of 182 - day outright reverse repurchase was conducted [4] - In the week of February 24 - 28 after the Spring Festival, 2252.4 billion yuan of reverse repurchase will mature in the central bank's open market, including 1452.4 billion yuan, 400 billion yuan, and 400 billion yuan maturing on February 24th, 25th, and 26th respectively. On February 25th, 300 billion yuan of MLF and 150 billion yuan of treasury cash fixed - deposit will also mature [5] Stock Index Market - During the Spring Festival, global major stock indices generally performed strongly. From February 14th to 22nd, 2026, the US Nasdaq Index rose 1.5%, the S&P 500 Index rose 1.1%, the Nikkei 225 Index fell 0.2%, and the South Korean Composite Index rose 5.5%. Chinese assets were generally stable, the Nasdaq Golden Dragon Index fell 0.6%, and the Hong Kong stock market showed a "first - down - then - up" trend [6] - Before the festival, the A - share market adjusted significantly due to rising risk - aversion sentiment. After the festival, it is likely to have a restorative rebound [6][7] Price and Volume Data of Stock Index Futures | Variety | Closing Price | Change from Previous Value | Variety | Closing Price | Change from Previous Value | | --- | --- | --- | --- | --- | --- | | | | (bp or %) | | | (bp or %) | | DRO01 | 1.31 | 4.76 (bp) | DR007 | 1.32 | - 10.48 (bp) | | GC001 | 1.47 | 19.50 (bp) | GC007 | 1.48 | 8.50 (bp) | | SHBOR 3M | 1.58 | 0.10 (bp) | LPR 5 - year | 3.50 | 0.00 (bp) | | 1 - year Treasury Bond | 1.31 | 0.05 (bp) | 5 - year Treasury Bond | 1.54 | 0.53 (bp) | | 10 - year Treasury Bond | 1.80 | 0.81 (bp) | 10 - year US Treasury Bond | 4.08 | 0.00 (bp) | | CSI 300 | 4660 | - 1.25% | IF Current Month | 4643 | - 1.6% | | SSE 50 | 3034 | - 1.47% | IH Current Month | 3025 | - 1.9% | | CSI 500 | 8300 | - 1.47% | IC Current Month | 8283 | - 2.0% | | CSI 1000 | 8205 | - 1.32% | IM Current Month | 8200 | - 1.7% | | IF Trading Volume | 120319 | 75.0 | IF Open Interest | 291728 | 3.8 | | IH Trading Volume | 61205 | 84.8 | IH Open Interest | 110461 | 9.2 | | IC Trading Volume | 141906 | 24.5 | IC Open Interest | 298512 | 0.2 | | IM Trading Volume | 186228 | 19.8 | IM Open Interest | 379866 | - 1.1% [4][6] Stock Index Futures Premium and Discount Situation | Project | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | - 45.44% | 10.47% | 4.94% | 4.76% | | IH Premium/Discount | - 37.47% | 6.90% | 1.70% | 2.81% | | IC Premium/Discount | - 24.31% | 4.36% | 5.09% | 5.34% | | IM Premium/Discount | - 7.16% | 2.82% | 7.03% | 7.58% [8]

国泰君安期货市场分析师 张驰宁 Z0020302 农历新年后的首个交易日，国内期货市场迎来强势开局。其中，碳酸锂期货表现尤为抢眼，主力合约 LC2605开盘即跳空高开，盘中最高触及161，640元/吨，领涨商品市场，成为节后资金关注的焦点之 一。 图片来源：同花顺期货通 总体来说，当前碳酸锂市场受情绪和消息面驱动明显，波动剧烈。虽然供给端有扰动故事，但需求端的 实际复苏节奏，特别是节后下游企业的复工和补库强度，仍需进一步观察验证。此外，海外关税政策变 化复杂，且产业链提价后也可能抑制部分采购需求，后续仍存在不确定性。建议投资者理性看待节 后"开门红"行情，避免盲目追高，注意控制仓位，做好风险管理。 资料来源：金投网、金十数据、国泰君安期货研究所 截稿时间：2026年2月24日10点14分 异动逻辑：供给扰动与政策利好共振 l 供应端，扰动因素叠加 增强了市场的紧张预期。节前江西宜春地区——国内锂云母原料的主产区之一 ——有锂盐工厂突发火灾，事件虽未造成人员伤亡，却不可避免地引发了市场对该区域生产稳定性的担 忧。与此同时，春节期间部分锂盐厂按计划进入季节性检修阶段，这些共同强化了市场对于短期锂盐供 应可能边际收 ...

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光大期货0213年终盘点：如果品种有生肖… 新浪合作平台光大期货开户 安全快捷有保障 责任编辑：朱赫楠 责任编辑：朱赫楠 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 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 光大期货0213年终盘点：如果品种有生肖… 新浪合作平台光大期货开户 安全快捷有保障 ...

Group 1 - The core viewpoint is that the Chinese futures market has transformed from a niche segment into a core pillar of the financial system, with total funds exceeding 2.57 trillion yuan, marking a historical high [1] - The increase in client equity to approximately 2.39 trillion yuan, a 19% growth from the end of 2025, indicates the strong growth potential of the futures market [1] - The surge in funds is attributed to three main factors: increased hedging demand from the real economy, asset allocation shifts in financial markets, and a risk-averse mode driven by geopolitical conflicts and expectations of interest rate cuts by the Federal Reserve [1] Group 2 - The number of futures market clients has expanded significantly, with 940,000 new clients in 2025, bringing the total to 2.78 million, an 11% increase year-on-year [2] - Although the growth rate in 2025 was slightly lower than in 2024, the market saw a notable increase in the proportion of professional institutions, particularly those representing medium to long-term funds [2] - The data reflects a qualitative change in the depth and liquidity of the futures market, laying the foundation for diversified industry strategies [2] Group 3 - The overall operation of futures companies remains stable, with revenue and profit showing steady growth; total revenue for 2025 exceeded 42 billion yuan, with a net profit of approximately 11 billion yuan [3] - The trading volume reached 90.73 trillion yuan, with 9.92 billion contracts traded, indicating a robust operational scale [3] - The industry is experiencing improved profitability compared to 2024, where revenues were 41.29 billion yuan and net profits were 9.88 billion yuan [3] Group 4 - The futures market is increasingly recognized for its price discovery, risk management, and resource allocation functions amid global monetary restructuring and energy revolutions [4] - The demand for hedging derivatives like futures and options is on the rise, with the number of A-share listed companies using these instruments for hedging increasing by 16.7% in 2025 [4] - Institutional trends are enhancing the market's resilience to volatility, with private equity funds becoming the largest institutional participants [4]

Group 1 - The core viewpoint indicates that the steel market is experiencing weak stability before the holiday, with low fluctuations in futures steel prices [4][12] - In January, China's CPI rose by 0.2% month-on-month and year-on-year, while PPI increased by 0.4% month-on-month, marking the fourth consecutive month of increase [4][12] - The sales of excavators in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales up by 61.4% [4][12] Group 2 - The production of rebar decreased by 225,200 tons to 1,691,600 tons, with inventory increasing by 672,500 tons to 5,848,200 tons [5][14] - Hot-rolled coil production slightly decreased by 14,000 tons to 3,077,600 tons, while total inventory rose by 115,700 tons to 3,707,700 tons [5][14] - The average cost for independent electric arc furnace steel mills was 3,296 yuan per ton, with an average loss of 520 yuan per ton [4][12] Group 3 - The total supply of five major steel products was 7,940,600 tons, a week-on-week decrease of 258,400 tons, while total inventory increased by 1,449,300 tons, a rise of 7.8% [4][12] - The steel market is currently in a weak supply-demand situation, with steel mills implementing production cuts as the holiday approaches [5][14] - The strategy for rebar is to observe support around 3,050, while for hot-rolled coil, support is around 3,200 [6][15]