Report Information - Report Name: Zinc Futures Daily Report [1] - Date: February 27, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided Core View - The Shanghai zinc market maintained a volatile trend. The short - term macro geopolitical risk aversion and the rising expectation of interest rate cuts support non - ferrous metals. However, the fundamentals of Shanghai zinc are characterized by weak supply and demand and high inventories, so it is temporarily treated with a volatile mindset [7] Summary by Section 1. Market Review - **Futures Market Quotes**: For the Shanghai zinc futures contracts 2603, 2604, and 2605, the closing prices were 24525, 24570, and 24625 yuan/ton respectively, with declines of - 0.24%, - 0.28%, and - 0.28%. The main contract 2604 had a closing price of 24570, down 70 yuan, with a decline of 0.28% and a position of 66162 lots [7] - **Inventory Situation**: LME zinc ingot inventory continued to decline to below 100,000 tons, with a decrease of 1425 tons to 98400 tons on the 26th. The domestic SMM seven - region zinc ingot inventory increased to over 200,000 tons after the Spring Festival. The internal - external price ratio weakened to 7.24, and the import loss of zinc ingots was 2841.6 yuan/ton [7] - **Market Transaction**: Downstream production enterprises have not fully resumed work this week, mainly digesting pre - holiday inventories. The spot market transactions were light. The Shanghai market had a discount of 10 yuan/ton to the 03 contract, the Tianjin market had a discount of 30 yuan/ton compared to the Shanghai market, and the Guangdong market had a discount of 125 yuan/ton to the 04 contract. The price difference between Shanghai and Guangdong narrowed [7] 2. Industry News - **Price Range**: On February 26, 2026, the mainstream transaction price of 0 zinc was concentrated between 24445 - 24700 yuan/ton, double - swallow zinc was traded between 24535 - 24780 yuan/ton, and 1 zinc was traded between 24375 - 24630 yuan/ton [8] - **Regional Quotes**: In the Ningbo market, the mainstream brand 0 zinc was traded at around 24445 - 24660 yuan/ton. In the Tianjin market, 0 zinc was traded between 24410 - 24640 yuan/ton. In the Guangdong market, 0 zinc was traded between 24330 - 24575 yuan/ton [8] 3. Data Overview - **Data Sources**: The data in the report are from Wind, SMM, and the Research and Development Department of CCB Futures [11][13][15] - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [10][12]

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货甲醇早报-2026-02-27 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 甲醇 2605 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 地缘风险减弱，甲醇震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 甲醇（MA） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：春节长假期间，美伊核协议谈判陷入僵局，美国增兵中东、伊朗在霍尔木兹海峡军演， 加剧了航运中断担忧。该海峡承担着伊朗甲醇出口的核心通道功能，若局势升级，将导致进口量进 一步锐减，推升风险溢价。随着短期地缘风险因素逐渐弱化，甲醇市场受国内供应压力 ...

Market Overview - The A-share market experienced mixed fluctuations, with Wind All A index rising by 0.21% and a trading volume of 2.56 billion [9] - The geopolitical risks remain a concern, particularly with the ongoing U.S. military buildup in the Middle East and the potential for renewed U.S.-Iran conflict [9] - The market has largely priced in expectations regarding the U.S.-Iran conflict, suggesting limited impact on equity markets from localized conflicts [9] Economic Indicators - The U.S. Supreme Court ruled that Trump's tariffs under IEEPA were illegal, requiring cessation and refunds, but this does not affect his ability to impose tariffs through other domestic laws [9] - Trump announced a global tariff increase from 10% to 15%, which may have a short-term impact on global equity markets, though the overall effect is expected to be limited [9] Sector Performance - The technology sector is anticipated to remain a strong investment theme in the first half of the year, with consumer and cyclical sectors likely to stabilize after inflation data shows improvement [9] - Historical trends indicate that style shifts often occur around the Chinese New Year, which is a point of interest for market participants [9] Bond Market - The bond futures market saw declines across various maturities, with the 30-year contract down by 0.53% and the 10-year contract down by 0.10% [10] - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at a rate of 1.4%, maintaining the same rate as the previous operation [10] - The bond market is currently driven by a loose liquidity environment and a weak economic recovery, with long-term bonds showing greater yield declines compared to shorter maturities [10][11] Precious Metals - Gold prices showed a strong upward trend, while silver and platinum experienced weaker fluctuations, with the gold-silver ratio around 58 [11] - Geopolitical tensions, particularly regarding U.S.-Iran negotiations, are influencing gold market dynamics, with expectations of high volatility around the $5000 per ounce mark [11] - Zimbabwe's ban on raw and refined mineral exports has impacted platinum and palladium markets, although the actual effect is expected to be limited due to previous export adjustments [11]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 27 日星期五 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周四夜盘主力合约下跌 | 96 | 元至 | 6122 | 元/吨。华东水瓶级瓶片价格 | 6290 | 元/吨（-40）， | | | | | | | | | | | | | | 华南瓶片价格 | 6320 | 元/吨（-60）。持仓方面，多头持仓减少 | 1532 | 手至 | 6.68 | 万手， | 空头持仓减少 | 1886 | 手 ...

Report Information - Report Title: Precious Metals Daily Review - Date: February 27, 2026 - Research Team: Macro Finance Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] 1. Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - The medium - and long - term upward driving force of precious metals remains unchanged, and the precious metals sector has shown signs of recovery from the sharp decline at the end of January. Investors are advised to maintain a bullish trading approach but control positions to avoid short - term volatility risks. The medium - term risk of the Fed tightening monetary policy to end the precious metal bull market should be watched out for [4][5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - The hedging demand caused by the change of US tariff policy has decreased, weakening the upward momentum of the precious metals sector. The weakening of the US dollar index supports the stabilization of London gold in the range of $5150 - 5200 per ounce. The news of the US President's visit to China at the end of March has pushed up the RMB exchange rate, thereby suppressing the domestic precious metals prices [4]. 3.1.2 Medium - term Market - Trump's confirmation of the next Fed Chairman has eliminated the market's hedging demand for this uncertainty. The hawkish stance of the next Fed Chairman has also alleviated market concerns about the out - of - control of US financial discipline, so the correction of precious metals is reasonable. The hawkish stance has no fundamental impact on the long - term bull market of gold, and may mainly affect the duration rather than the upward space of the medium - term bull market of gold. It is bullish for the relative performance of silver, platinum, and palladium compared to gold. The report maintains the view that gold will rise in the medium and long term, and silver, platinum, and palladium will be stronger than gold in the medium term. Investors are advised to go long after the downward momentum of the precious metals sector weakens, but beware of the medium - term risk that the Fed tightens monetary policy to end the precious metals bull market [5]. 3.1.3 Domestic Precious Metals Market Data | Contract | Pre - closing Price | High Price | Low Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 1,152.60 | 1,156.74 | 1,146.64 | 1,148.97 | - 0.31% | 300,983 | - 10154 | | Shanghai Silver Index | 22,859 | 23,203 | 22,102 | 22,356 | - 2.20% | 508,280 | - 22773 | | Guangzhou Platinum Index | 584.43 | 599.46 | 578.52 | 587.81 | 0.58% | 26,840 | 271 | | Guangzhou Palladium Index | 457.03 | 461.86 | 442.52 | 446.32 | - 2.34% | 8,961 | - 281 | [5] 3.2 Precious Metals Market - related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold TD, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets. The data sources are Wind and the Research and Development Department of CCB Futures [7][9][15]. 3.3 Major Macroeconomic Events/Data - The US Trade Representative Greer said that President Trump plans to visit China in the next few weeks, and the government currently has no intention to raise tariffs on Chinese goods. The US will raise tariffs on some countries from 10% to 15% or higher, but no specific trading partners were named [16]. - US St. Louis Fed President Musalem believes that the current US policy interest rate is appropriately balancing economic risks, and inflation is expected to fall back to around 2% later this year. Kansas City Fed President Schmid said that high inflation is still a key issue for the Fed to solve. Richmond Fed President Barkin said that the popularization of AI may not lead to large - scale unemployment [16]. - Saudi Arabia is increasing oil production and exports as an emergency plan in case the US strikes Iran and disrupts Middle East oil supply. If there is no interference, Saudi Arabia will reduce production later to meet its OPEC+ quota [16]. - Zimbabwe's Ministry of Mines has suspended all exports of raw ores and lithium concentrates immediately due to reported illegal operations and resource losses. The duration of the export ban will be notified later [17].

Group 1: Report Information - Report Name: "集运指数日报" [1] - Date: February 27, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - From the supply - demand fundamentals, after the Spring Festival, it is still the off - season for transportation. After the IEEPA tariff was ruled invalid, Trump announced a 10% tariff and an increase to 15% for 150 days. But according to the Kuala Lumpur Consensus, the current US tariffs on China are 10% general reciprocal tariffs and 10% fentanyl tariffs. Even if the tariff is increased to 15%, China's tariffs will still decrease. So, it's hard to trigger export rush in the short term. The demand for photovoltaic export rush is limited, and the shipping capacity supply in March is at a high level in the same period of history. The resumption of navigation in the Red Sea will further increase the shipping capacity supply pressure. Although leading shipping companies announced a price increase in March, the current price in early March still follows the end - February price. The off - season price increase may be more for price stabilization rather than actual implementation. Short - term geopolitical conflicts, low index, and European port congestion may lead to a phased strengthening of the index, providing short - selling opportunities for off - season contracts such as 04 and 06 [7] Group 4: Market Review and Operation Suggestions - **Daily Market**: After the Spring Festival, it is the transportation off - season. Trump's new tariff policy may not trigger export rush. Photovoltaic export demand is limited, and March shipping capacity supply is high. Red Sea resumption will increase supply pressure. Leading shipping companies' price increase may not be implemented. Short - term factors may lead to index strengthening, providing short - selling opportunities for 04 and 06 contracts [7] Group 5: Industry News - The US Supreme Court ruled that the US government's tariffs under the IEEPA are illegal. The Chinese Ministry of Commerce is evaluating the impact and urges the US to cancel the tariffs. The US CBP will stop collecting IEEPA - based tariffs. The European Parliament suspended the approval of the EU - US trade agreement. Trump warned countries using the ruling to face higher tariffs. Trump denied reports of war with Iran. Israel's plan to strengthen control in the West Bank was condemned by many countries. The Gemini Alliance restored the ME11/IMX route through the Red Sea - Suez Canal. Maersk reported port and shipping disruptions due to bad weather [8][9] Group 6: Data Overview 1. Spot Freight Rates for Container Shipping - SCFIS for European routes (basic ports) decreased from 1607.27 on February 16 to 1573.51 on February 23, a decrease of 33.76 (-2.1%). SCFIS for US - West routes (basic ports) decreased from 1131.74 on February 16 to 1112.01 on February 23, a decrease of 19.73 (-1.7%) [11] 2. Futures Market of Container Shipping Index (European Routes) - Information on the trading data of container shipping European routes futures contracts on February 26, including contract names, pre - settlement prices, opening prices, closing prices, settlement prices, price changes, price change rates, trading volumes, open interests, and changes in open interests [6] 3. Shipping - Related Data Charts - Charts include European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [16][18]

1. Report Information - Report Title: Treasury Bond Daily - Date: February 27, 2026 - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoint - Under the pressure of profit - taking, tight capital, new property market policies, and a strong stock market, treasury bond futures continued to decline. The bond market may fluctuate weakly due to profit - taking needs after the Spring Festival, rising government bond supply pressure, and possible market gaming around holiday economic data and important meetings in March [7][11] 3. Summary of Each Section 3.1 Market Review and Operation Suggestions Market Conditions - Treasury bond futures continued to fall due to profit - taking pressure, tight capital, new property market policies, and a strong stock market [7] Interest Rate Bonds - Yields of major inter - bank interest rate bonds across all maturities rose, with an increase of less than 2bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250016 reported 1.8130%, up 1.5bp [8] Capital Market - This week faces dual disturbances of tax payment and month - end. The inter - bank capital was in a tight balance. Today, the net repurchase of reverse repurchase in the open market was 7.95 billion yuan. The inter - bank capital sentiment index declined in the afternoon. The overnight DR of bank deposits fell 1.73bp to 1.37%, and the 7 - day capital rate fell 2.33bp to around 1.48%. The medium - and long - term capital was stable, and the 1 - year AAA certificate of deposit rate fluctuated narrowly around 1.56% - 1.58% [9] Conclusion - During the Spring Festival, there were new changes in US tariffs. After the IEEPA tariff was invalidated, Trump announced a 10% tariff based on Trade Act 122 and planned to raise it to 15%. However, considering the cancelled IEEPA tariff, the short - term impact on China should be limited, and there is no need for an urgent increase in monetary policy. Institutions holding bonds during the Spring Festival may have profit - taking needs, and the supply pressure of government bonds will rise. Although the cash return forms a liquidity supplement, the central bank generally conducts net capital withdrawal after the holiday, which may be unfavorable for short - term bonds. Currently, the expectation of interest rate cuts may still be weak, and the market may be more worried about the supply pressure of government bonds caused by the increased fiscal policy during the Two Sessions [10][11] 3.2 Industry News - The Bank of Korea maintained the benchmark interest rate at 2.5% for the sixth consecutive meeting, raising the economic growth forecast for South Korea this year to 2% [12] - The Governor of the Bank of Japan, Kazuo Ueda, said that the central bank will carefully study data in March and April to decide whether to raise interest rates [12] - Iran's third - round indirect talks with the US officially began. Iran's Foreign Minister Alaqqi stated Iran's stance on the nuclear issue and sanctions lifting [12] - Shanghai optimized real estate policies, including adjusting housing purchase restrictions, optimizing housing provident fund loan policies, and improving personal housing property tax policies [13] - China's Ministry of Foreign Affairs refuted the US accusation of China's nuclear explosion test, urging the US to abide by the "suspension of nuclear tests" commitment [13] 3.3 Data Overview - The data overview includes information on treasury bond futures (such as trading data of various contracts, inter - period spreads of main contracts, inter - variety spreads of main contracts, and main contract trends), the money market (such as SHIBOR term structure changes, SHIBOR trends, inter - bank pledged repurchase weighted interest rate changes, and inter - bank deposit pledged repurchase rate changes), and the derivatives market (such as Shibor3M interest rate swap fixing curves and FR007 interest rate swap fixing curves) [14][23][33]

Report Overview - The report is about the steel industry, including market conditions, important news, market logic, and trading strategies [1] Report Investment Rating - The report does not mention the industry investment rating Core Viewpoints - The steel market is in a state of shock. During the Two - Sessions, the production control of steel mills has been digested by the market. After the Spring Festival, steel mills have gradually resumed work, mainly electric - arc furnaces. This week, the output of screw and coil has decreased, inventory has continued to rise, and apparent demand has declined, which is in line with expectations [1] Summary by Directory Market Review - On Thursday, rebar and hot - rolled coils closed up, and closed down at night [1] Important News - On February 18, 2026, Brazil's Foreign Trade Commission's Executive Management Committee (GECEX) issued Resolution No. 856 of 2026, imposing a 5 - year anti - dumping duty of 284.98 - 709.63 US dollars per ton on galvanized and aluminized zinc sheets and coils originating from China [1] - Around the Spring Festival in 2026, Chinese shipbuilding industry signed many orders in the international market, covering various ship types, showing strong competitiveness [1] - As of February 25, the resumption rate of 10,692 construction sites across the country was 8.9%, with a year - on - year increase of 1.5 percentage points; the labor employment rate was 15.5%, with a year - on - year increase of 3.7 percentage points; the fund availability rate was 29%, with a year - on - year increase of 9.4 percentage points. The resumption rate of real estate projects was 8.2%, and that of non - real estate projects was 9.2% [1] - This week, the supply of five major steel products was 7.9677 million tons, a week - on - week decrease of 1%; the total inventory of five major steel products was 18.4611 million tons, a week - on - week increase of 7.8%; the weekly consumption of five major products was 5.6464 million tons, a week - on - week decrease of 10.9%. Among them, building material consumption decreased by 47.6%, and plate consumption decreased by 0.3% [1] Market Logic - The production control of steel mills during the Two - Sessions has been digested by the market. After the festival, steel mills have gradually resumed work, mostly after the Lantern Festival, and most of the resumed work is electric - arc furnace steel. This week, the output of screw and coil has decreased, inventory has continued to rise, and apparent demand has declined, which is in line with expectations [1] Trading Strategies - Hold long positions cautiously, or reduce or close positions opportunistically. Based on the closing price, the spread between hot - rolled coils and rebar has converged to 151. Pay attention to the opportunity to go long on hot - rolled coils and short on rebar when the spread is below 150 [1]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 27 日星期五 Morning session notice 早盘提示 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周四夜盘主力合约期货 BZ2604 价格下跌 71 元至 6126 元/吨，华东主流地区现货价 | | --- | --- | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The latest US economic data is divided, with economic growth falling short of expectations and inflation exceeding expectations, increasing policy uncertainty and market concerns about the US economy falling into stagflation. The ambiguity of US trade policy weakens investors' confidence in US assets and intensifies global market volatility. Fed officials have signaled cautious rate cuts, suppressing gold's safe - haven buying in the short term. The geopolitical tension between Iran and the US persists, and the new round of negotiations between the two countries faces uncertainty [1][2]. 3. Summary by Directory 3.1 Market Review - COMEX gold futures fell 0.47% to $5201.50 per ounce, and COMEX silver futures fell 3.02% to $88.86 per ounce. Shanghai gold's main contract fell 0.25% to 1146.04 yuan per gram, and Shanghai silver's main contract fell 2.93% to 22219 yuan per kilogram [1]. 3.2 Important Information - As of February 26, the holdings of the world's largest gold ETF - SPDR Gold Trust increased by 0.28 tons from the previous day, with the current holding at 1097.9 tons. The holdings of the world's largest silver ETF - iShares Silver Trust remained unchanged from the previous day, with the current holding at 16079.74 tons [1]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March is 4%, and the probability of keeping interest rates unchanged is 96.0%. The probability of a cumulative 25 - basis - point rate cut by April is 17.3%, the probability of keeping interest rates unchanged is 82.1%, and the probability of a cumulative 50 - basis - point rate cut is 0.6%. The probability of a cumulative 25 - basis - point rate cut by June is 43% [1]. - The number of initial jobless claims in the US last week was 212,000, lower than the market forecast of 216,000 and the previous value of 206,000 [1]. - The indirect negotiation between Iran and the US ended. Iran's foreign minister said the negotiation made good progress, with differences between the two sides but close to reaching a consensus in some areas. The two sides will hold a technical negotiation on March 2 [1]. - India has relaxed the investment scope of active equity funds, allowing more funds to be allocated to gold and silver [1]. 3.3 Market Logic - The US Customs stopped collecting the tariff ruled illegal by the Supreme Court on February 24. Trump's 10% "global tariff" took effect on February 24, and on Wednesday, US Trade Representative Greer said the US would issue an announcement on a 15% tariff [1]. - The initial value of the annualized quarterly - on - quarterly growth rate of the US real GDP in the fourth quarter of 2025 was 1.4%, with the government shutdown dragging down GDP by about 1 percentage point, far lower than the expected 3.0%. The US core PCE price index in December increased by 3.0% year - on - year, higher than the expected 2.9%, and increased by 0.4% month - on - month, indicating that inflationary pressure still exists [1]. 3.4 Trading Strategy Investors should pay attention to controlling positions and preventing risks due to the uncertainty of the new round of negotiations between the US and Iran [2].