东方财富证券同样指出，市场的微观流动性有利环境与国内政策期待仍在，结合历史上的季节效应，当 前可积极迎接春季行情第二段。从历年经验看，春节后全国两会前政策预期及资金回流等因素共同支撑 风险偏好，市场进入可为期，而近期市场震荡走弱，则为后续春季行情第二段创造空间。风格上成长/ 周期、小盘、高市盈率相对占优，金融、大盘、低市盈率风格普遍跑输。 （文章来源：每日经济新闻） 消息面上，对于今年的货币政策，央行日前定调对降准降息等工具运用要求"灵活高效"。"灵活"，表明 将根据内外部环境变化和经济发展需要，适时运用货币政策工具；"高效"，表明运用降准降息等工具 时，要更多考虑政策有效性和针对性，既要加大力度支持经济增长，也要加强防范资金空转、地方债务 等风险。 兴业证券表示，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗 口，看好A股节后迎来新一轮上行。 2月24日，A股三大指数高开，盘面上，贵金属、油气能源、光模块CPO、PCB概念、港口航运板块集 体走高，A500增强ETF华夏（512370）、A500ETF基金（512050）持续拉升，截至10:56，涨幅分别达 1.63%、1.38% ...

（文章来源：每日经济新闻） 标的指数成分股中，亚星锚链、招商南油斩获10CM涨停，中远海能、招商轮船涨超9%，超九成个股飘 红。 节后A股开市，航运板块大涨，全市场唯一高纯度布局工具——富国基金旗下的船舶ETF（560710）盘 间上涨4.30%，截至发稿的最新涨幅为3.08%。该ETF于2026年2月6日上市，近6个交易日实现连阳，累 计涨幅近12%。 富国基金旗下的船舶ETF（560710）是全市场首只、也是目前唯一一只精准布局船舶产业的ETF，其紧 密跟踪中证智选船舶产业指数（932420），选取40家业务涉及船用材料、船舶配套、船舶制造、航运等 船舶产业相关领域的代表性上市公司证券作为指数样本，帮助投资者便捷布局海洋经济赛道。 研究机构普遍认为，航运板块或正处于由供给端结构性优化驱动的景气周期中，其中油运的趋势最为明 确和强劲，而干散货也迎来了周期拐点。另外，行业并购整合正在加速，这有助于消化运力并推动老船 退出，长期看有利于行业健康发展。 ...

| 指数 涨跌 (%) | | --- | | 名称 | | 上证指数 4082 -1.26 -1.37 0.41 | | 深证综指 2680 -1.05 0.16 1.16 | | 风格指数 (%) | | | --- | --- | | 大盘指数 | 11.32 | | 中盘指数 1.78 | 26.74 | | 小盘指数 | 19.55 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 摩托车及其 114 | 3.01 | -2.59 | 2.47 | | 影视院线 | 2.7 | 15.61 | 28.26 | | 海小 | 2.5 | 1.64 | 11.89 | | 综合II | 2.06 | 11.75 | 55.72 | | 航海装备Ⅱ | 1.87 | 3.91 | -0.69 | | 跌幅居卸 行业(%) | | 昨日 近１个月 近６个月 | | | 玻璃玻纤 | -4.69 | 30.4 | 65.53 | | 工业金属 | -3.82 | 0.19 | ୧୦ ବଟ | | 小尖属工 | -3.8 | 12.8 ...

1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线( 春节假期热门题材汇总： 1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线(2.18)； 浙江世宝、万集科技、联创电子等； 春节假期热门题材汇总： 4、商业航天(N类) 1）马斯克称星舰每年将发射超过1万颗卫星(2.20)； 2）巴西国家电信监管机构 ...

集运指数（欧线）：震荡市，区间思路对待 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 2026 年 2 月 24 日 所 请务必阅读正文之后的免责条款部分 1 期货研究 41 商 品 研 究 研 究 昨日收盘价 日涨跌 昨日成交 昨日持仓 持仓变动 昨日成交/持仓 前日成交/持仓 EC2604 1,269.8 3.38% 25,064 25,845 -5,176 0.97 1.17 EC2606 1,636.0 6.25% 5,648 13,960 573 0.40 0.32 ec2610 1,137.2 0.99% 1,729 7,931 -159 0.22 0.15 单位 SCFIS：欧洲航线 点 SCFIS：美西航线 点 单位 SCFI：欧洲航线 $/TEU SCFI：美西航线 $/FEU $/40'GP $/20'GP Maersk 38 1950 1225 MSC 45 2340 1400 OOCL 50 3030 178 ...

作为一键布局"一带一路"核心资产的高效工具，一带一路ETF富国（515150）覆盖了基建、能源、资 源、通信等关键领域的龙头企业，精准捕捉沿线经济复苏红利。场外投资者也可通过联接基金（A类 007786/C类007787/E类022096）参与布局，把握节后主题行情的修复机遇。 每日经济新闻 春节后首个交易日，"一带一路"主题强势回归，一带一路ETF富国（515150）盘中涨幅突破3%，截至发 稿的最新涨幅为3.12%。从指数成分股的表现来看，能源与航运板块成为今日领涨主力。南网能源、石 化油服、中远海能、招商轮船等多只个股收获10CM涨停，中海油服、中国巨石、烽火通信、云天化等 能源股涨幅均超7%。 相关机构指出，节后市场的强势表现，源于多重利好的集中兑现。一方面，项目落地提速。春节期间， 多个"一带一路"重点项目的开工计划密集公布，直接带动相关产业链景气度回升；另一方面，外贸韧性 凸显。节后跨境贸易需求快速恢复，进一步强化了市场对沿线贸易与投资的信心。 ...

2月24日消息， 盘中涨超4%，年内已累涨逾90%，截至发稿，回落至1.82%，报18.48港元，成交额近3亿港元。 A股触 及涨停。 地缘方面，据央视网2月23日消息，就在美伊释放谈判信号的同时，美国对伊朗展开军事打击的风险依然存在。另据 报道，美媒援引美国中央情报局前情报人员的话称，美国可能在2月23日或2月24日对伊朗发动军事打击。 编辑/rice 消息面上，春节假期VLCC运价持续上涨，创近10年最高水平。根据华创证券，截至2026年2月20日，克拉克森VLCC- TCE收于14.2万美元/天，周环比增长24.5%；其中，中东-中国航线收于15.7万美元/天，周环比增长26%。一年期VLCC 期租价格也继续涨至9.25万美元/天，周环比增长28.5%。该行认为，地缘风险溢价+长锦大举"扫货"+制裁强化，VLCC 市场正面临近乎空前的高涨情绪。 ...

消息面上，春节假期期间，油运市场租金延续上行趋势。中东至中国航线期租等值收益上涨6150美元， 至157358美元/天，创下2020年4月28日以来新高；超大型油轮整体期租等值收益上涨4626美元，至 131914美元/天。 中信建投证券指出，国际油运行业整体运行态势向好。一是结构性供给格局持续优化，韩国长锦商船 （Sinokor）等头部航运企业采取"囤船惜售"策略，主动优化运力投放节奏，改变了传统淡季船东竞价 的市场惯例。二是国际制裁带来放大效应，影子船队运营规模在1月收缩，大量原油运输需求转向合规 超大型油轮，使得合规运力供给相对偏紧。三是运输需求表现超出市场预期，在中国战略性采购支撑 下，叠加亚洲炼厂逐步转向长途及合规原油货源，吨海里运输需求保持稳步增长。四是长航程与地缘因 素形成溢价支撑，中东至亚洲、美国墨西哥湾至亚洲等主干航线运价溢价有所扩大，部分航线运距相应 延长。 航运概念24日盘中发力走高，截至发稿，中远海能、招商轮船、招商南油等涨停，海油发展、中集集 团、中远海特等涨超5%。 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It takes into account factors such as overseas market fluctuations, policy changes, supply - demand relationships, and geopolitical situations to offer investment suggestions for each market segment. For instance, the stock index futures are expected to be in a structural market, while the bond market is influenced by factors like financial data and "Two Sessions" policies [19][20][23]. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: Overseas market volatility during the Spring Festival holiday may affect the A - share market. The tariff rulings and subsequent tariff increase announcements in the US have caused market expectation chaos. The rise in oil and silver prices may stimulate the oil and gas, precious metals, and AI application sectors. The M1 - M2 spread narrowing is beneficial for market liquidity. The stock index is expected to be oscillating strongly, with the CSI 500 and CSI 1000 indices remaining strong. Suggested trading strategies include going long on dips, conducting IM\IC 2609 long + ETF short cash - and - carry arbitrage, and using bull spreads for options [19][20]. - **Treasury Bond Futures**: The January domestic financial data shows that the money supply is stronger than the financing demand, and the holiday high - frequency consumption data is also divided. Overseas tariff policies are uncertain. The central bank's attitude to protect market liquidity is clear, which is favorable for the bond market. However, as the "Two Sessions" approach, bond market sentiment may become cautious. It is recommended to gradually stop losses on short positions in TS contracts and wait and see for arbitrage [23][24][25]. Agricultural Products - **Protein Meal**: The CBOT soybean and soybean meal indices declined. The impact of origin weather on production is limited, and the Brazilian export volume has increased. The US soybean price is expected to oscillate, and it is advisable to short at high prices [27][28]. - **Sugar**: The international sugar price rose during the Spring Festival. Brazil's sugar production is almost over, and the market focus has shifted to the Northern Hemisphere. Although India's sugar production is at a high level, the growth rate has slowed down. The domestic sugar supply is under pressure, but the international price increase may drive the Zhengzhou sugar price up in the short term, with a long - term bottom - oscillating trend [29][33][34]. - **Oilseeds and Oils**: The external market prices of soybean oil and palm oil fluctuated. The production of Malaysian palm oil decreased in February, and the export decline narrowed. The geopolitical situation and the US biodiesel policy have an impact on the market. The domestic oil inventory is at a moderately high level, and the oil price is expected to be oscillating strongly [35][36][37]. - **Corn and Corn Starch**: The CBOT corn price rose. The spot price in the producing area is stable, and the market is expected to oscillate at a high level in the short term. It is recommended to go long on dips for the outer - market 05 corn and short the 05 corn lightly at high prices [38][39]. - **Hogs**: The hog price is declining, but the short - term decline may be limited. It is advisable to go long on the 05 contract in small quantities [40][41][42]. - **Peanuts**: The peanut spot price is stable, and the futures price is oscillating narrowly. It is recommended to go long on dips lightly for the 05 peanut [43][45]. - **Eggs**: After the Spring Festival, it is the off - season, and the egg price is stable with a slight decline. It is advisable to short the June contract on rallies [46][48]. - **Apples**: The inventory removal speed is acceptable, and the fruit price is oscillating strongly. It is recommended to go long on the 5 - month contract on dips and conduct long 5 and short 10 arbitrage [49][50][51]. - **Cotton - Cotton Yarn**: The external market price of cotton declined. The global cotton production is expected to decrease, and the demand is expected to increase. The domestic cotton market has certain support, and the price is expected to be oscillating strongly [52][53][55]. Black Metals - **Steel**: The total inventory of the five major steel products increased, and the overall fundamentals weakened. The steel price is expected to be oscillating weakly. It is recommended to short the coil - coal ratio on rallies and hold the short position of the coil - rebar spread [57][58]. - **Coking Coal and Coke**: The coal mines are gradually resuming production. The international and domestic coal markets need to be monitored. The coking coal price is expected to be widely oscillating, and it is advisable to go long on dips [59][60][61]. - **Iron Ore**: The supply of iron ore is increasing, and the demand is weak. The price is expected to be weak. It is recommended to wait and see [62][63]. - **Ferroalloys**: The cost of ferroalloys has strong support. It is advisable to go long on dips as a long - term position [64][65]. Non - Ferrous Metals - **Gold and Silver**: The overseas gold and silver markets showed a trend of first falling and then rising. Geopolitical risks, the risk of US economic stagflation, and trade policy uncertainties support the price. It is recommended to go long on dips based on the 5 - day moving average [67][68][70]. - **Platinum and Palladium**: Geopolitical and macro factors support the price of precious metals. It is advisable to go long on platinum on dips and wait and see for palladium [70][71]. - **Copper**: The US tariff is expected to decline in the short term but may exist in the long term. The copper price is supported in the short term, and it is advisable to go long on dips [73][74]. - **Alumina**: The decline in the supply - side operating rate supports the spot price. The price is expected to be oscillating strongly in the short term [76][77]. - **Electrolytic Aluminum**: The tariff disturbance does not change the supply - demand support pattern. The aluminum price is expected to be oscillating strongly [79][81]. - **Cast Aluminum Alloy**: It is expected to follow the aluminum price and oscillate strongly [83][87]. - **Zinc**: It is necessary to pay attention to macro guidance. The price is expected to be widely oscillating, and it is advisable to go long on dips [88][89][90]. - **Lead**: The supply - demand is weak. It is necessary to pay attention to macro guidance and go long on dips lightly [91][92]. - **Nickel**: The market is dominated by macro factors. The low - position long - term positions can be held [93][94][95]. - **Stainless Steel**: It is supported by cost and follows the nickel price. It is advisable to buy on sufficient pullbacks [96][98]. - **Industrial Silicon**: It is necessary to pay attention to the resumption of production of large factories. The price may rebound in the short term [99]. - **Polysilicon**: The industry is trying to maintain prices. It is advisable to seize low - price opportunities [100][102]. - **Lithium Carbonate**: The demand is good, and the price is at a high level. It is necessary to operate cautiously [103][105]. - **Tin**: The concern about AI has increased. The price is expected to be oscillating at a high level in the short term, and it is necessary to pay attention to macro policies [107][108][109]. Shipping - **Container Shipping**: The spot freight rate is weak. The demand is declining, and the supply is changing. It is recommended to wait and see in the short term and stop profits on the 6 - 10 positive spread on rallies [110][111][112]. Energy Chemicals - **Crude Oil**: Geopolitical uncertainties are increasing. The price is expected to be oscillating strongly. It is advisable to go long on dips and conduct positive spread arbitrage [114][115]. - **Asphalt**: It is necessary to pay attention to the expected supply gap after the holiday. It is advisable to go long on the BU2606 contract on dips [116][117]. - **Fuel Oil**: The high - sulfur supply is increasing, and the low - sulfur near - end is strengthening. The price is expected to be strongly oscillating [119][120][121]. - **LPG**: The international market is strong, and the domestic market is expected to be oscillating strongly [123][124][125]. - **Natural Gas**: The market trading theme changes frequently. It is advisable to exit the TTF or JKM positions and hold the HH short positions for the second quarter [126][127]. - **PX & PTA**: The geopolitical situation has increased the cost. The price is expected to be oscillating strongly, and it is advisable to hold long positions [129][130]. - **BZ & EB**: The fundamentals of styrene are weakening. The price is expected to be oscillating and consolidating [131][132]. - **Ethylene Glycol**: The inventory accumulation pressure is obvious. The price is expected to be oscillating within a range [133][134]. - **Short - Fiber**: The raw material price is rising, and the processing fee is under pressure. The price is expected to be oscillating strongly [135][136]. - **Bottle Chips**: The spot supply is decreasing. The price is expected to be oscillating strongly [137]. - **Propylene**: The supply - demand support is acceptable. It is advisable to hold long positions [139]. - **Plastics and PP**: The L contract warehouse receipts are flat, and the PP contract warehouse receipts are accumulating. It is advisable to wait and see for the L 2605 contract and short the PP 2605 contract lightly [140][141][142]. - **Caustic Soda**: The price is oscillating. It is necessary to wait and see [143][144]. - **PVC**: The price is mainly oscillating. It is advisable to go long on dips [146][147][148]. - **Soda Ash**: The price is expected to rise first and then fall. It is advisable to short glass and go long on soda ash on appropriate occasions [150][151][154]. - **Glass**: The price is running weakly. It is advisable to short glass and go long on soda ash on appropriate occasions [153][154]. - **Methanol**: Driven by geopolitics, the price is expected to be strongly oscillating [156][157]. - **Urea**: The price is rising strongly. It is advisable to go long on dips and pay attention to the 5 - 9 positive spread [159][160][161]. - **Pulp**: The US dollar quotation is rising, but the high inventory restricts the rebound. It is advisable to wait and see and conduct range trading [162]. - **Offset Printing Paper**: The inventory is high, and the market rebound is limited. It is advisable to short on rallies [166]. - **Logs**: The supply - demand is weak. It is necessary to pay attention to the resumption of work after the holiday. It is advisable for aggressive investors to go long in small quantities [168][170]. - **Natural Rubber and No. 20 Rubber**: The external market is strengthening. It is advisable to wait and see for the RU 05 contract and hold the short position for the NR 04 contract [171][173][174]. - **Butadiene Rubber**: The warehouse receipts accumulated significantly before the holiday. It is advisable to wait and see for the BR 04 contract [175][177].

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 中远海能（01138）盘中涨超4%，截至发稿，股价上涨2.65%，现报18.43港元，成交额3.49亿港元。 春节假期VLCC运价持续上涨，创近10年最高水平。根据华创证券，截至2026年2月20日，克拉克森 VLCC-TCE收于14.2万美元/天，周环比增长24.5%；其中，中东-中国航线收于15.7万美元/天，周环比增 长26%。一年期VLCC期租价格也继续涨至9.25万美元/天，周环比增长28.5%。该行认为，VLCC市场正 面临近乎空前的高涨情绪。 责任编辑：卢昱君 中远海能（01138）盘中涨超4%，截至发稿，股价上涨2.65%，现报18.43港元，成交额3.49亿港元。 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 春节假期VLCC运价持续上涨，创近10年最高水平。根据华创证券，截至2026年2月20日，克拉克森 VLCC-TCE收于14.2万美元/天，周环比增长24.5%；其中，中东-中国航线收于15.7万美元/天，周环比增 长26%。一年期VLCC期租价格也继续涨至9.25万美元/天，周环比增长28.5%。该 ...