Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views - The Shanghai rubber futures contract 2605 is expected to run strongly, showing a slightly stronger trend in the short - term and intraday, and a volatile trend in the medium - term [1][5]. - The synthetic rubber futures contract 2604 is expected to run weakly, showing a volatile and weaker trend intraday and a volatile trend in the medium - term [1][7]. 3. Summary by Related Categories Shanghai Rubber (RU) - **Short - term**: Slightly stronger and volatile [1]. - **Medium - term**: Volatile [1]. - **Intraday**: Slightly stronger and volatile [1]. - **Reference View**: Strongly running [1][5]. - **Core Logic**: During the Spring Festival holiday, the overseas natural rubber market was strong, with rising prices of Japanese rubber and Thai raw materials, forming an explicit external market pull. The Southeast Asian main production areas entered the seasonal low - production stage, and the domestic production areas were in the off - season, leading to a temporary tightening of global supply and strong cost - side support. ANRPC warned of a widening global natural rubber supply - demand gap in 2026, raising expectations of a structural tight balance, which provided fundamental support for rubber prices. The Shanghai rubber futures contract 2605 slightly rose on Wednesday night, and it is expected to maintain a strong trend on Thursday [5]. Synthetic Rubber (BR) - **Short - term**: Volatile [1]. - **Medium - term**: Volatile [1]. - **Intraday**: Slightly weaker and volatile [1]. - **Reference View**: Weakly running [1][7]. - **Core Logic**: After the Spring Festival, the high - level fluctuations of domestic synthetic rubber futures increased. The downstream demand side had positive news of resumption of work. Domestic tire factories and rubber product enterprises resumed production, and the operating rate entered the seasonal upward channel. The implementation of the automobile trade - in policy and strong support from tire export orders increased the downstream's willingness to stock up, boosting market confidence. Affected by the decline in crude oil prices, the synthetic rubber futures contract 2604 maintained a weak downward trend on Wednesday night, and it is expected to maintain a volatile and weak pattern on Thursday [7].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core View of the Report - The iron ore price is expected to show a trend of being weak first and then strong. The high port inventory and the expected increase in annual supply will continue to suppress the upside space of the iron ore price. It is advisable to consider deploying buy - hedging or investment strategies at the lower edge of the oscillation range [11]. 3. Summary by Relevant Catalog 3.1 Market Review - On February 25, 2026, the main 2605 contract of iron ore futures fluctuated upward, rising 1.42% to close at 752.5 yuan/ton. The contract opened higher, fluctuated upward, and weakened in the afternoon [7]. - The prices of major iron ore outer - disk quotes increased by 1.5 US dollars/ton compared with the previous trading day, and the prices of major iron ore grades at Qingdao Port rose by 5 - 13 yuan/ton [9]. - The daily KDJ indicator of the iron ore 2605 contract showed a golden cross, and the green column of the daily MACD indicator began to narrow [9]. 3.2 Supply and Demand Analysis - Supply side: Before the Spring Festival holiday, the shipments from Australia and Brazil dropped significantly and rebounded after the holiday. Affected by weather in the first quarter, the subsequent shipment volume is expected to remain at a moderately low level. The recent arrival volume has been declining, but it is expected to recover, showing a trend of being low first and then high [10]. - Demand side: Before the Spring Festival, the daily average pig iron output recovered slightly to over 2.3 million tons. Although February is the off - season for demand, the profit performance is good, and the profit of blast - furnace steelmaking of rebar and hot - rolled coil is in the positive range. However, some steel mills in Tangshan have received a notice of temporary independent emission reduction during the Two Sessions, and the resumption of production is expected to be postponed [10][11]. 3.3 Inventory Analysis - Steel mills replenished their inventories sufficiently before the festival, with the available days of inventory reaching a maximum of 31 days, and it is expected to decline gradually. Port inventory has been accumulating, and although it decreased in the week before the festival due to steel mill replenishment and the decline in arrivals, it is expected to remain at a high level and may break through further [11]. 3.4 Industry News - The Trump administration is considering imposing new "national security tariffs" on six industries, including large - scale batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. These tariffs will be imposed under Section 232 of the Trade Expansion Act of 1962, separately from the new global 15% tariff. It is unclear when the tariff investigations will be announced and when the tariffs will be levied [12]. 3.5 Data Overview The report provides multiple data charts related to the iron ore and steel industry, including the prices and spreads of iron ore at Qingdao Port, shipment and arrival volumes, capacity utilization rates, inventory, and production and consumption data of steel products [14][21][25].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The methanol market is expected to run weakly, with short - term, medium - term, and intraday trends being oscillatory, oscillatory, and oscillatory - weak respectively [1][5] Group 3: Summary by Related Catalog Price and Trend - The methanol 2605 contract is expected to be oscillatory in the short - term and medium - term, and oscillatory - weak intraday, with a reference view of running weakly [1] Driving Logic - During the Spring Festival, the deadlock in the US - Iran nuclear agreement negotiation, US troop reinforcement in the Middle East, and Iran's military exercise in the Strait of Hormuz increased concerns about shipping interruptions. As the short - term geopolitical risk weakens, the domestic supply pressure dominates the methanol market, leading to an oscillatory - weak trend on Wednesday night and an expected similar trend on Thursday [5]

Group 1: Report Overview - Report title: Polyolefin Morning Report [2] - Report date: February 26, 2026 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Group 2: LLDPE Analysis Fundamental Analysis - Macro: The official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. Tensions in the Middle East have led to a rise in crude oil prices, providing cost support for polyolefins. The US Supreme Court's ruling on Trump's tariffs may affect future exports. Domestically, potential stimulus policies during the Two Sessions in March and Sino-US negotiations may increase demand expectations. [4] - Supply and demand: Most agricultural film enterprises have not resumed work, packaging film enterprises are gradually resuming work at a low load, and pipe production is still restricted by weather conditions. The current spot price of LLDPE delivery products is 6650 (+10), and the overall fundamentals are neutral. [4] Other Indicators - Basis: The basis of the LLDPE 2605 contract is -127, with a premium/discount ratio of -1.9%, indicating a bearish signal. [4] - Inventory: PE comprehensive inventory is 627,000 tons (+259,000), which is neutral. [4] - Disk: The 20-day moving average of the LLDPE main contract is upward, but the closing price is below the 20-day line, showing a neutral signal. [4] - Main position: The net position of the LLDPE main contract is short, and the short position is increasing, indicating a bearish signal. [4] Expectation - The LLDPE main contract is expected to open higher and rebound. Geopolitical factors are disturbing oil prices, providing strong cost support. With neutral inventory and weak downstream demand, the LLDPE market is expected to fluctuate today. [4] Factors - Bullish factors: Cost support and rising crude oil prices due to geopolitical premiums. [6] - Bearish factors: Weak downstream demand. [6] - Main logic: Supply exceeds demand, and the supply-demand margin is sensitive to changes. [6] Group 3: PP Analysis Fundamental Analysis - Macro: Similar to LLDPE, the official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. Tensions in the Middle East have led to a rise in crude oil prices, providing cost support for polyolefins. The US Supreme Court's ruling on Trump's tariffs may affect future exports. Domestically, potential stimulus policies during the Two Sessions in March and Sino-US negotiations may increase demand expectations. [7] - Supply and demand: The resumption of work in the plastic weaving industry is slow, while the BOPP industry has resumed work relatively quickly but faces some finished product inventory pressure. The current spot price of PP delivery products is 6680 (+0), and the overall fundamentals are neutral. [7] Other Indicators - Basis: The basis of the PP 2605 contract is -40, with a premium/discount ratio of -0.6%, indicating a bearish signal. [7] - Inventory: PP comprehensive inventory is 740,000 tons (+349,000), which is neutral. [7] - Disk: The 20-day moving average of the PP main contract is upward, and the closing price is above the 20-day line, showing a bullish signal. [7] - Main position: The net position of the PP main contract is long, and the long position is increasing, indicating a bullish signal. [7] Expectation - The PP main contract is expected to open higher and rebound. Geopolitical factors are disturbing oil prices, providing strong cost support. With neutral inventory and weak downstream demand, the PP market is expected to fluctuate today. [7] Factors - Bullish factors: Cost support and rising crude oil prices due to geopolitical premiums. [8] - Bearish factors: Weak downstream demand. [8] - Main logic: Supply exceeds demand, and the supply-demand margin is sensitive to changes. [8] Group 4: Market Data LLDPE - Spot prices: The spot price of delivery products is 6650 (+10), the import price in US dollars is 761 (unchanged), and the import price converted to the domestic market is 6455 (-23). [9] - Futures prices: The price of the 05 contract is 6777 (-43), the price of the L01 contract is 6860 (-23), and the price of the L09 contract is 6847 (-31). [9] - Inventory: The warehouse receipt is 9428 (unchanged), the PE comprehensive factory inventory is 627,000 tons (+259,000), and the PE social inventory is 598,000 tons (+81,000). [9] PP - Spot prices: The spot price of delivery products is 6680 (unchanged), the import price in US dollars is 830 (unchanged), and the import price converted to the domestic market is 7026 (-25). [9] - Futures prices: The price of the 05 contract is 6720 (-26), the price of the PP01 contract is 6710 (-15), and the price of the PP09 contract is 6743 (-24). [9] - Inventory: The warehouse receipt is 21,679 (+3000), the PP comprehensive factory inventory is 740,000 tons (+349,000), and the PP social inventory is 392,000 tons (+121,000). [9] Group 5: Supply and Demand Balance Sheets Polyethylene - From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene have generally shown an upward trend, while the import dependence has gradually decreased. The expected production capacity in 2025E is 4,319,500 tons, with a growth rate of 20.5%. [14] Polypropylene - From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene have also generally shown an upward trend, and the import dependence has gradually decreased. The expected production capacity in 2025E is 4,906,000 tons, with a growth rate of 11.0%. [16]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Gold prices are volatile. The rebound of US tech stocks and CME's technical glitches have led to a retracement in the increase of gold prices. The tail - end impact of the tariff storm continues to push up gold prices, and the safe - haven sentiment still has an upward push, but the reaction is limited. The premium of Shanghai gold has converged to 1.9 yuan/gram [4]. - Silver prices also fluctuate. The rebound of US tech stocks and CME's technical glitches have caused silver prices to rise and then fall. The safe - haven sentiment has cooled down, but the tariff storm still has an impact, and silver prices are affected by the rebound of tech stocks [5]. - For both gold and silver, the approaching mid - term elections, continuous turmoil, and ongoing easing provide macro - level support [9][12]. 3. Summary by Relevant Catalogs 3.1前日回顾 - **Gold**: US stock tech stocks rebounded, CME had a technical glitch, and gold prices fluctuated. US and European stock markets rose, US bond yields increased (10 - year yield rose 2.10 basis points to 4.052%), the US dollar index fell 0.24% to 97.66, and the offshore RMB appreciated significantly against the US dollar. COMEX gold futures rose 0.14% to $5183.70 per ounce [4]. - **Silver**: US stock tech stocks rebounded, CME had a technical glitch, and silver prices rose and then fell. US and European stock markets rose, US bond yields increased, the US dollar index fell, and the offshore RMB appreciated. COMEX silver futures rose 1.95% to $89.21 per ounce [5]. 3.2每日提示 - **Gold**: The basis is - 3.36, with the spot at a discount to the futures, which is neutral. The inventory of gold futures warehouse receipts is 105,072 kilograms and remains unchanged, which is bearish. The 20 - day moving average is upward, and the k - line is above the 20 - day moving average, which is neutral. The main net position is long, and the main long position increases, which is bullish [4]. - **Silver**: The basis is - 222, with the spot at a discount to the futures, which is bearish. The inventory of Shanghai silver futures warehouse receipts is 355,830 kilograms, an increase of 5,951 kilograms, which is bullish. The 20 - day moving average is downward, and the k - line is below the 20 - day moving average, which is bearish. The main net position is long, and the main long position increases, which is bullish [5]. 3.3今日关注 - Time TBD: The Bank of Korea releases an interest rate decision statement, and the Bank of Japan's Financial Markets Bureau holds a "market operation meeting" - 09:30: Bank of Japan审议委员高田创 gives a speech - 15:00: China's Ministry of Commerce holds the 3rd regular press conference in February - 16:30: ECB President Lagarde speaks in the European Parliament - 17:00: Bank of England Monetary Policy Committee (MPC) and Deputy Governor Clare Lombardelli speak, and ECB Governing Council member Primoz Dolenc talks about stablecoins - 21:30: US initial jobless claims for the week ending February 21, Canada's current account in the fourth quarter - 23:00: Fed Governor Bowman attends a hearing of the US Senate Banking Committee on (financial) regulation [14] 3.4基本面数据 - **Gold**: The approaching mid - term elections, continuous turmoil, and ongoing easing provide macro - level support. The tail - end impact of Trump's tariff storm continues to push up gold prices, and the safe - haven sentiment still has an upward push, but the reaction is limited [4][9]. - **Silver**: Global turmoil, the tense situation between the US and Iran, the significant "shadow Fed", the possible determination of the new Fed chairman, the expectation of easing, the sharp decline of the US dollar, and Trump's tariff storm all support silver prices. However, the marginal impact of Trump's "last - minute escape" strategy fades, there are large internal differences in the Fed, and the Fed may start to suspend interest rate cuts. The optimistic expectation of the Russia - Ukraine peace talks and the invalidation of reciprocal tariffs are negative factors [12][13]. 3.5持仓数据 - **Gold**: On February 25, 2026, the long position volume was 158,755, an increase of 7,821 (5.18%) compared with February 24. The short position volume was 30,998, an increase of 442 (1.45%). The net position was 127,757, an increase of 7,379 (6.13%) [36]. - **Silver**: On February 25, 2026, the long position volume was 276,304, an increase of 1,203 (0.44%) compared with February 24. The short position volume was 200,044, a decrease of 1,687 (- 0.84%). The net position was 76,260, an increase of 2,890 (3.94%) [38].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The glass market is facing a bearish situation. With a slight recovery in glass production profit, the cold repair is less than expected, resulting in a low supply. The downstream deep - processing orders are weak due to the real - estate drag, and the inventory is at a historical high for the same period. The glass is expected to fluctuate weakly in the short term [2]. 3. Summary by Directory Glass Futures Market - The closing price of the main contract of glass futures increased from 1050 yuan/ton to 1064 yuan/ton, a rise of 1.33%. The spot price of Shahe safety large - plate remained at 944 yuan/ton. The main basis decreased from - 106 yuan/ton to - 120 yuan/ton, a change of 13.21% [6]. Glass Spot Market - The market price of 5mm white glass large - plate in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous day [11]. Fundamental Analysis - Cost Side - The glass production profit has slightly recovered, but the cold repair is less than expected, leading to a low supply [2]. Fundamental Analysis - Supply - The number of national float glass production lines in operation is 211, with an operating rate of 71.86%, at a historical low for the same period. The daily melting volume of float glass is 149,800 tons, and the production capacity is at a historical low for the same period [18][20]. Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [4][24]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 55.352 million weight boxes, an increase of 4.31% from the previous week, and the inventory is above the five - year average [39]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [40].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The regulation of cotton planting area in Xinjiang in 2026 is expected to result in a reduction of over 10%. The USDA February report shows that for the 25/26 cotton season, the global production is 2609.6 million tons, consumption is 2584.7 million tons, and the ending inventory is 1635.3 million tons. The rural department's February forecast for the 25/26 season in China indicates a production of 664 million tons, imports of 140 million tons, consumption of 760 million tons, and an ending inventory of 829 million tons. The overall situation is considered bullish. The basis is positive, with the spot price of 3128b cotton having a basis of 949 (for the 05 contract) against the futures price, indicating a premium over the futures. The 20 - day moving average is upward, and the K - line is above it, also suggesting a bullish trend. The main positions are bullish, but the net long positions are decreasing, and the main trend is unclear. The US cotton has rebounded from the bottom, and Zhengzhou cotton has reached a new short - term high after the Spring Festival. With the reduction of US tariffs and the improvement of Sino - US relations, textile exports are expected to benefit. However, due to the rapid short - term rise of cotton prices, investors with existing long positions are advised to take profits and reduce positions, and maintain a cautious and bullish trading strategy [4]. Summary by Directory 1. Previous Day Review - Not provided in the given content 2. Daily Tips - Bullish factors include the regulation of Xinjiang cotton planting area with an expected reduction of over 10%, pre - holiday downstream restocking, the reduction of export tariffs to the US, and the improvement of Sino - US relations [5]. - Bearish factors are the overall decline in foreign trade orders, increased inventory, the large - scale listing of new cotton, and the current traditional consumption off - season [6]. 3. Today's Focus - Not provided in the given content 4. Fundamental Data - **Global Supply and Demand**: According to the USDA's February report on global cotton supply and demand, the total global cotton production in the 25/26 season is 2609.6 million tons, consumption is 2584.7 million tons, and the ending inventory is 1635.3 million tons. China's production is expected to be 762 million tons, consumption is 849.1 million tons, and the ending inventory is 791.7 million tons. Other major cotton - producing countries such as India, the US, and Brazil also have corresponding production, consumption, and inventory data [9][10]. - **China's Supply and Demand**: The rural department's February forecast for the 25/26 season in China shows a production of 664 million tons, imports of 140 million tons, consumption of 760 million tons, and an ending inventory of 829 million tons. In December, China's textile and clothing exports were $25.99 billion, a year - on - year decrease of 7.4%. Cotton imports were 180,000 tons, a year - on - year increase of 31%, and棉纱 imports were 170,000 tons, a year - on - year increase of 13.33% [4]. 5. Position Data - The main positions in the cotton market are bullish, but the net long positions are decreasing, and the main trend is unclear [4].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Although the recent central bank gold purchases have slowed down, the structural demand from the official sector remains strong. Coupled with uncertainties in US tariff policies and geopolitical tensions, precious metal prices are still supported. However, due to recent statements from Fed officials, prices may remain volatile at high levels. The strategy is to remain on the sidelines for now, with the reference operating range for the main Shanghai gold futures contract at 1,130 - 1,200 yuan/gram and the reference operating range for the main Shanghai silver futures contract at 22,000 - 23,300 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold rose 0.65% to 1,153.90 yuan/gram, and Shanghai silver rose 1.88% to 23,365.00 yuan/kilogram. COMEX gold rose 0.21% to 5,187.90 US dollars/ounce, and COMEX silver rose 1.97% to 89.23 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.05%, and the US dollar index was reported at 97.65. On Wednesday, precious metal prices fluctuated upwards against the backdrop of a weaker US dollar and rising geopolitical uncertainties [2] 3.2 Strategy and Views - The strategy is to remain on the sidelines for now, with the reference operating range for the main Shanghai gold futures contract at 1,130 - 1,200 yuan/gram and the reference operating range for the main Shanghai silver futures contract at 22,000 - 23,300 yuan/kilogram [3] 3.3 Key Data Summary - **Gold**: - COMEX gold: The closing price of the active contract was 5,183.70 US dollars/ounce, up 0.45%; the trading volume was 10.77 million lots, down 23.89%; the open interest was 40.71 million lots, up 0.66%; the inventory was 1,046 tons, down 0.22%. - LBMA gold: The closing price was 5,120.25 US dollars/ounce, down 1.37%. - SHFE gold: The closing price of the active contract was 1,151.06 yuan/gram, up 0.05%; the trading volume was 27.01 million lots, up 52.62%; the open interest was 29.90 million lots, down 2.08%; the inventory was 105.07 tons, unchanged; the settled funds were 55.061 billion yuan, out - flowed 2.03%. - AuT + D: The trading volume was 29.25 tons, up 7.13%; the open interest was 240.49 tons, up 0.69% [6] - **Silver**: - COMEX silver: The closing price of the active contract was 89.21 US dollars/ounce, up 2.46%; the open interest was 13.15 million lots, down 1.61%; the inventory was 11,255 tons, down 0.59%. - LBMA silver: The closing price was 88.11 US dollars/ounce, up 1.34%. - SHFE silver: The closing price of the active contract was 23,029.00 yuan/kilogram, up 3.14%; the trading volume was 98.10 million lots, up 91.04%; the open interest was 52.31 million lots, up 4.09%; the inventory was 355.83 tons, up 1.70%; the settled funds were 32.523 billion yuan, up 7.36%. - AgT + D: The trading volume was 244.09 tons, up 21.67%; the open interest was 3,087.676 tons, up 0.29% [6] 3.4 ETF Holdings - **Gold**: - The closing price of SPDR US gold was 473.42 US dollars, down 0.25%. The holding of iShare US was 499.32 tons, unchanged; GBS UK was 30.72 tons, unchanged; PHAU UK was 54.48 tons, unchanged; GOLD UK was 29.77 tons, unchanged; SGBS Switzerland was 35.29 tons, down 0.06%. - **Silver**: - The closing price of SLV US silver was 80.04 US dollars, up 1.21%. The holding was 16,079.74 tons, down 0.17%; the settled funds were 4.6878 billion US dollars, up 2.77%; the trading volume was 61.1698 million shares, up 9.21%. The holding of ETPMAG Australia was 486.13 tons, unchanged; PSLV Canada was 6747.36 tons, unchanged; CEF Canada was 1610.16 tons, unchanged [64]

文字早评 2026/02/26 星期四 2、津巴布韦宣布即日起暂停锂精矿及原矿出口，旨在推进矿产资源本地化加工； 3、SK 海力士，计划到 2030 年前在韩国龙仁市投资约 150.7 亿美元，新建芯片生产线； 4、海光公布业绩，2025 年营收同比+56.91%，净利润+31.66%，国产高端芯片市场需求持续攀升，预计 2026 年 Q1 营收同比增长 62.91%-75.82%，净利润同比增长 22.56%-42.32%。 基差年化比率： IF 当月/下月/当季/隔季：1.35%/1.26%/3.81%/4.01%； IC 当月/下月/当季/隔季：-0.24%/1.01%/4. 83%/4.90%； IM 当月/下月/当季/隔季：3.50%/4.16%/9.70%/8.43%； IH 当月/下月/当季/隔季：-1.53%/-0.94%/0.23%/2.32%。 【策略观点】 宏观金融类 股指 【行情资讯】 1、特朗普宣布将通过其他法律途径持续加征关税，并明确提出以关税收入取代个人所得税，同时宣称 石油日产量增加 60 万桶、核心通胀降至五年最低； 行情方面：周三，TL 主力合约收于 112.700 ，环比 ...

投资咨询业务资格：证监许可【2011】1778 号 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 政策利好发酵，钢价低位回升 | 说明： 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%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 期货研究报告 宝城期货螺纹钢早报（2026 年 2 月 26 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 获 取 每 日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走 向 世 界 知行合一 专 业 敬 业 诚 信 至 上 合 规 经 营 严谨管理 开 拓 进 取 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 地产利好政策再现，叠加两会期间限产扰动，钢市情绪回暖，钢价低位回升，但供需格 ...