Group 1: Agricultural Products Market - The national edible agricultural product market price increased by 0.5% from the previous week [1] - The average wholesale price of 30 types of vegetables is 5.60 yuan per kilogram, up by 1.3%, with celery, lettuce, and cabbage rising by 5.7%, 5.0%, and 4.1% respectively [1] - The average wholesale price of 6 types of fruits saw a slight increase, with citrus, pears, and grapes rising by 1.0%, 1.0%, and 0.7% respectively [1] - Wholesale prices of aquatic products slightly increased, with large hairtail, silver carp, and carp rising by 1.2%, 0.7%, and 0.3% respectively [1] - The wholesale price of pork is 18.98 yuan per kilogram, up by 0.5%, while lamb and beef increased by 0.3% and 0.1% respectively [1] - Grain and oil wholesale prices remained stable, with soybean oil and rapeseed oil rising by 0.1%, while peanut oil and rice remained unchanged, and flour decreased by 0.2% [1] - Poultry product wholesale prices showed a slight decline, with white strip chicken remaining stable and eggs decreasing by 0.6% [1] Group 2: Production Materials Market - Prices of non-ferrous metals continued to decline, with copper, aluminum, and zinc decreasing by 1.1%, 0.3%, and 0.1% respectively [2] - Rubber prices slightly decreased, with synthetic rubber and natural rubber falling by 0.3% and 0.2% respectively [2] - Steel prices remained stable with slight declines, where ordinary medium plates and welded steel pipes were priced at 3620 yuan and 3708 yuan per ton, respectively, while hot-rolled strip steel and rebar decreased by 0.1% [2] - Coal prices remained stable, with thermal coal and coking coal priced at 777 yuan and 1043 yuan per ton, respectively, while anthracite coal decreased by 0.1% [2] - Prices of basic chemical raw materials remained stable, with sulfuric acid, soda ash, and polypropylene unchanged, while methanol decreased by 0.2% [2] - Wholesale prices of finished oil showed slight increases, with 95 gasoline and 0 diesel remaining stable, while 92 gasoline increased by 0.2% [2] - Fertilizer prices saw a slight increase, with urea rising by 0.3%, while compound fertilizers remained unchanged [2]

光大期货能化商品日报 光大期货能化商品日报（2026 年 2 月 27 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价呈现较大振幅，其中 WTI 4 月合约收盘下跌 0.21 美元至 | | | | 65.21 美元/桶，跌幅 0.32%。布伦特 4 月合约收盘下跌 0.1 美元至 | | | | 70.75 美元/桶，跌幅 0.14%。主力合约 SC2604 以 489.8 元/桶收盘， | | | | 上涨 3.6 元/桶，涨幅 0.74%。当地时间 2 月 26 日，据伊朗方面消 | | | | 息，当天在瑞士日内瓦与美国举行的间接谈判中，伊朗表示拒绝 | | | | 向国外转移其浓缩铀。据悉，伊朗在谈判中坚持保留和平利用核 | | | | 技术的权利以及生产核燃料的能力，并要求美国解除对伊朗的制 | | | 原油 | 裁。美国与伊朗在日内瓦结束第三轮核谈判，距离特朗普设定的 | 震荡 | | | 达成协议最后期限仅剩数日。调解方阿曼称美国和伊朗的日内瓦 | | | | 会谈取得进展，下周将继续技术面磋商。美国官员称美伊核谈判 | | | ...

1. Report Industry Investment Rating - No information provided in the text 2. Core Viewpoints of the Report - For PTA, the TA has turned to inventory accumulation, with its processing fees and PXN compressed. Considering the improved cash - flow in downstream sectors, limited further increase in PX supply, and no obvious increase in TA device load, the valuation is becoming reasonable. One can focus on phased positive spreads and long - position opportunities [1] - For MEG, after the EG valuation is compressed again, the reduction in supply increases. Although short - term inventory accumulation continues, the certainty of future inventory reduction is increasing. During the production cycle, the overall elasticity is limited, and one can focus on short - term put - selling opportunities [2] - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, and it has entered the pre - holiday load - reduction stage. The absolute inventory pressure is not large, with medium - low valuation and weak driving force, and the overall contradiction is limited. One should pay attention to the situation of warehouse receipts [2] - For natural rubber and 20 - number rubber, the strategy is to wait and see [3] 3. Summary by Related Catalogs PTA - **Market Data**: From February 12 to February 26, 2026, the price of PTA spot, PX, and other related products changed. For example, the PTA spot price fluctuated, and the PX - naphtha spread changed. The daily average transaction basis of PTA spot was 2605(-57). The Yisheng New Material's 3.6 - million - ton device restarted [1] - **Industry Situation**: Some TA devices in the plate were under maintenance, the start - up rate decreased month - on - month, the polyester load continued to decline, the inventory continued to accumulate, the basis was basically stable, and the spot processing fee improved month - on - month. The domestic restart of PX continued, the overseas load was stable, the PXN spread widened month - on - month, the disproportionation and isomerization benefits were stable, and the aromatics spread between the US and Asia improved month - on - month [1] MEG - **Market Data**: From February 12 to February 26, 2026, the prices of MEG in different forms (such as coal - based MEG, MEG in ports, etc.) changed. The basis of MEG spot was around 05(-94). The 300,000 - ton device of Shanxi Wonen restarted [2] - **Industry Situation**: The domestic oil - based production was stable, while the coal - based production restarted, and the overall start - up rate increased slightly. The arrival at ports was stable, and the port inventory continued to be obvious at the beginning of next week. The holiday arrival forecast was neutral, the basis strengthened slightly, and the coal - based production efficiency shrank [2] Polyester Staple Fiber - **Market Data**: The spot price was around 6660, and the market basis was around 04 - 120. From February 1 to February 6, 2026, the prices of relevant products such as polyester staple fiber and pure polyester yarn changed [2] - **Industry Situation**: The pre - holiday maintenance of the plate - end devices continued, the start - up rate further decreased to 68.3%, the sales were weak, the inventory increased month - on - month, and the spot processing fee was stable month - on - month. On the demand side, the start - up rate of the polyester yarn end continued to decline, the raw material inventory and finished - product inventory were stable, and the efficiency was stable month - on - month [2] Natural Rubber and 20 - number Rubber - **Market Data**: From February 1 to February 26, 2026, the prices of various types of natural rubber (such as US - dollar - denominated Thai mixed rubber, Thai standard rubber, etc.) changed. The daily and weekly changes of relevant spreads (such as the spread between mixed rubber and RU main contract) were also provided [3] - **Industry Situation**: The main contradiction is not clearly stated in the text, and the strategy is to wait and see [3] Styrene - **Market Data**: From February 12 to February 26, 2026, the prices of styrene - related products (such as ethylene, pure benzene, etc.) changed. The daily changes of the prices of ABS, EPS, PS, and their production profits were also provided [5] - **Industry Situation**: The production profits of PS, EPS, and ABS changed, and the start - up rates of EPS, ABS, and PS also showed different trends [5]

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 偏强 | 震荡 | 震荡 偏弱 | 偏弱运行 | 利多因素消化，沪胶震荡偏弱 | | 合成胶 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 偏空因素占优，合成胶震荡偏弱 | 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。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 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，海外天然橡胶市场偏强运行，日胶与泰国原料 ...

能源化工日报 2026-02-27 2026/02/27 原油 【行情资讯】 张正华 橡胶分析师 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 INE 主力原油期货收跌 6.00 元/桶，跌幅 1.23%，报 483.60 元/桶；相关成品油主力期货高硫 燃料油收涨 53.00 元/吨，涨幅 1.81%，报 2987.00 元/吨；低硫燃料油收跌 4.00 元/吨，跌幅 0.12%，报 3460.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存累库 15.99 百万桶至 435.80 百万桶，环比累库 3.81%；SPR 补库 0.00 百万桶至 415.44 百万桶，环比补库 0.00%；汽油库存去库 1.01 百万桶 至 254.83 百万桶，环比去库 0.40%；柴油库存累库 0.25 百万桶至 120.35 百万桶，环比累库 0.21%；燃料油库存去库 0.11 百万桶至 23.04 百万桶，环比去库 0.46%；航空煤油库存去库 徐绍祖 聚烯烃分析师 从业资格号：F03115061 交易咨询号：Z0022675 18665881888 xusha ...

关注今日美伊日内瓦谈判结果 行情综述： 油：原油依旧呈现地缘与基本面的分化态势，且短期逻辑完全聚 焦伊朗问题。短期地缘情绪继续推升原油上行，假期期间美伊两轮谈 判未有大幅进展，同时中东美军继续增大部署，美军中东军事力量已 达 03 年伊拉克以来最大规模，已完成中等规模空中打击行动的前置 准备，市场继续提前定价地缘冲突。但目前海外 polymarket 平台上 的 2 月底前打击伊朗概率依然不高，开战的高成本与高风险和协议达 成对中期选举的利好权衡依然在影响特朗普决策，对特朗普来说达成 协议依然是最能"赢"的选项，美军中东军事集结既是军事选项的前 置准备也是特朗普极限施压的一环。市场提前进行地缘溢价计价后原 油盘面短期走势将完全由伊朗地缘解决路径决定。协议解决与冲突发 生将形成急跌修复与急涨两种路径。目前谈判主动权在美，留给伊朗 的谈判筹码不多，关键仍在伊朗能否接受特朗普要价。抛开局势失控 的极端情景仍以等待降温高空机会为主。 数据来源：天富期货研询部、文华财经 图 1.2：原油 2604 小时图 数据来源：天富期货研询部、文华财经 受地缘情绪从原油传导至丁二烯带来成本端向上驱动，短期需关注伊 朗问题发展路径。 ...

生意社02月26日讯 根据生意社股票通显示，2026年以来国内天然橡胶市场行情呈现震荡上行走势，截止2月26日青岛地区 市场均价在17000元/吨，较年初上涨10.81%。对应A股橡胶板块表现强劲，海南橡胶自1月以来涨幅超 过30%，中化国际涨幅超17%，科创新源、阳谷华泰、黑猫股份等上涨。 供应端收紧是本轮橡胶上涨行情的核心原因。当前全球天然橡胶进入季节性低产周期，东南亚主产国泰 国、印尼、马来西亚处于减产季节，胶水产出偏少。最新数据显示，2026年1月，泰国出口天然橡胶(不 含复合橡胶)为21.4万吨，同比降10%。其中，标胶出口11.5万吨，同比降16%；烟片胶出口4.4万吨，同 比增26%；乳胶出口5.3万吨，同比降18%。节后泰国东北部及越南产区停割面积进一步增加，原料市场 整体供应减少。2月26日泰国产区天然橡胶原料市场行情上涨：烟片报71.50泰铢/公斤，上涨1.75泰铢/ 公斤；胶水报68.00泰铢/公斤，上涨0.70泰铢/公斤；杯胶报60.00泰铢/公斤，上涨1.20泰铢/公斤；叠加 海外产区降雨天气对原料供应仍存扰动，且ANRPC最新报告显示26年橡胶产量增速或进一步低于预 期。 国内供应 ...

清晨的阳光穿过望天树的树冠，洒在云南省勐腊县曼龙勒村的赶摆集市上。身着鲜艳民族服饰的村民们 打理着摊位，与操着各地口音的游客熟稔地交谈。 张世影多次走进胶林和加工厂，与胶农、企业一起算经济账、发展账。在调研了解橡胶产业各环节的瓶 颈后，他围绕推动产业全链条发展，提出创建云南省勐腊县国家现代农业产业园的建议，并积极赴外开 展招商引资，同时探索充分利用林下空间发展林下经济的路径。 这热闹的烟火气，正是全国人大代表、勐腊县委书记张世影立足岗位、扎根一线，凝聚各方合力、助力 兴边富民的真实体现。 "每个月都要下乡看看，脚底沾泥，心里踏实。"过去一年，张世影把履职现场搬到村寨、胶林、口岸， 在一线走访中找准发展堵点，为兴边富民找方向、谋举措。 勐腊生态、民俗、口岸资源得天独厚，却因村寨各自为战、产业分散、业态单一，好资源难成好产业。 如何把这些分散的点串起来，让"一天的赶摆"，转化为"长久的产业"？ 勐腊县曼龙勒村周末的雨林赶摆集市。（查巍 摄） 围绕这一思路，张世影走访胶农、茶农、村民、经营业主，广泛收集基层意见，推动当地加快打造"党 建+乡村旅游促农增收"乡村振兴示范带，以党组织领办合作社为引领，把分散的村寨、景区 ...

化工日报 | 2026-02-26 天然橡胶社会库存环比增加 市场要闻与数据 期货方面，昨日收盘RU主力合约17240元/吨，较前一日变动+210元/吨；NR主力合约13980元/吨，较前一日变动+185 元/吨；BR主力合约13045元/吨，较前一日变动-95元/吨。 现货及价差：2026-02-25，RU基差-190元/吨（+40），RU主力与混合胶价差1240元/吨（+60），NR基差369.00元/吨 （-101.00）；全乳胶17050元/吨（+250），混合胶16000元/吨（+150），3L现货17300元/吨（+100）。STR20#报价2070 美元/吨（+15），全乳胶与3L价差-250元/吨（+150）；混合胶与丁苯价差2800元/吨（-50）。 现货方面，云南产全乳胶上海市场价格17050元/吨，较前一日变动+250元/吨。青岛保税区泰混16000元/吨，较前 一日变动+150元/吨。青岛保税区泰国20号标胶2070美元/吨，较前一日变动+15美元/吨。青岛保税区印尼20号标胶 2035美元/吨，较前一日变动+40美元/吨。中石油齐鲁石化BR9000出厂价格13000元/吨，较前一日变 ...

2026年02月26日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 橡胶：震荡偏强20260226 | 2 | | --- | --- | | 合成橡胶：震荡回落 | 4 | | LLDPE：原油成本支撑强，自身供需格局一般 | 6 | | PP：C3原料表现偏强，PDH检修仍高 | 6 | | 烧碱：近月交割压力大，但成本仍有支撑 | 7 | | 纸浆：震荡运行20260226 | 9 | | 玻璃：原片价格平稳 | 11 | | 甲醇：震荡运行 | 12 | | 尿素：短期震荡运行 | 14 | | 苯乙烯：偏强震荡 | 16 | | 纯碱：现货市场变化不大 | 17 | | LPG：供应收紧，夜盘冲高 | 18 | | 丙烯：供需维持偏紧，现货横盘整理 | 18 | | PVC：区间震荡 | 21 | | 燃料油：夜盘反弹，弱势暂缓 | 22 | | 低硫燃料油：高位回跌，外盘现货高低硫价差小幅收缩 | 22 | | 集运指数（欧线）：震荡思路对待 | 23 | | 短纤：高位震荡，保持关注地缘波动20260226 | 26 | | 瓶片：高位震荡，保持关注地缘波动20260226 | 26 | ...