证券日报网讯2月12日，中远海发（601866）在互动平台回答投资者提问时表示，公司是围绕航运物流 的产融运营商，核心业务包括集装箱制造、集装箱租赁和航运租赁业务。公司近期拓展的航运产融业 务，立足于融入航运业船队升级转型需求，凭借船舶全生命周期管理能力、多元化资金融通能力以及产 融协同解决方案，通过投资建造船舶后出租于产业链公司，实现价值共赢。 ...

格隆汇2月12日丨中远海发(601866.SH)在互动平台表示，公司致力于围绕航运物流产业主线，以集装箱 制造、集装箱租赁及航运租赁业务为核心，以投资管理为支撑，实现产融投一体化发展。目前公司未有 直接覆盖卫星导航、无人驾驶的业务。科技创新方面，公司聚焦核心主业，积极投入科研力量，增加数 值化赋能，在集装箱智能制造、集装箱数字化平台创建升级等方面，都取得了良好成果，同时，公司也 将持续聚焦"数字智能、绿色低碳"，赋能产业创新、挖掘绿色价值。 ...

Market Overview - The Hong Kong stock market declined today, influenced by technology stocks, with the Hang Seng Index stopping its three-day rise and barely holding above the 27,000 mark. The index closed down 0.86% or 233.84 points at 27,032.54, with a total turnover of HKD 238.7 billion. The Hang Seng China Enterprises Index fell 1% to 9,175.18, and the Hang Seng Tech Index dropped 1.65% to 5,408.98 [1] Blue Chip Performance - Zijin Mining (601899) (02899) led blue-chip gains, rising 3.45% to HKD 45.02 with a turnover of HKD 4.993 billion, contributing 14.47 points to the Hang Seng Index. Citigroup raised its target price for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales. The target price for Zijin's H-shares was raised from HKD 39 to HKD 51.8, a 32.8% increase [2] - Other notable blue-chip movements included WuXi AppTec (603259) (02359) up 2.91% to HKD 127.5, contributing 2.69 points; Sun Hung Kai Properties (00016) up 2.85% to HKD 133.5, contributing 8.63 points; while Budweiser APAC (01876) fell 5.21% to HKD 7.83, dragging down the index by 1.42 points [2] Sector Highlights - Technology stocks dragged the market lower, with Tencent down over 2% and Alibaba nearly 1%. However, several major companies launched new models, with Zhizhu's flagship model GLM-5 seeing a price increase and its stock rising over 40% to a new high. MINIMAX also rose over 14% [3] - The chip sector saw significant gains, with domestic GPU leader Tianzuo Zhixin and storage chip leader Zhaoyi Innovation both rising over 20%. Optical communication concepts rebounded, with Yangtze Optical Fibre (601869) benefiting from rising fiber prices, increasing over 12% [4] Notable Stock Movements - Zhongyuan Shipping (600026) (01138) surged 8.61% to HKD 17.6, driven by heightened shipping rates due to geopolitical tensions and increased demand for oil transportation [8] - China National Heavy Duty Truck (000951) (03808) reached a new high, rising 5.58% to HKD 42.38, with January heavy truck exports exceeding 16,000 units, marking a historical high [9] - Rebio Biotech (06938) also performed well, increasing 5.26% to HKD 74.05 after announcing a global exclusive licensing agreement with Madrigal Pharmaceuticals for innovative siRNA therapies [9] Company-Specific News - Budweiser APAC reported a revenue of USD 5.764 billion for the year ending December 31, 2025, a decrease of 7.7% year-on-year, with net profit attributable to shareholders down 32.6% to USD 489 million. The company also reported a loss of USD 105 million in the last quarter, compared to a loss of USD 16 million in the same period last year [10]

Core Viewpoint - The company is focused on integrating investment management with its core businesses in container manufacturing, leasing, and shipping logistics, while emphasizing technological innovation and sustainability [1] Group 1: Business Focus - The company aims to develop an integrated model around the shipping logistics industry, centering on container manufacturing, leasing, and shipping leasing [1] - Investment management serves as a supporting pillar for the company's integrated development strategy [1] Group 2: Technological Innovation - The company is concentrating on its core business and actively investing in research and development to enhance digital capabilities [1] - Achievements have been made in smart container manufacturing and the creation and upgrading of digital platforms for containers [1] Group 3: Sustainability Initiatives - The company is committed to focusing on "digital intelligence and green low-carbon" initiatives to empower industrial innovation and explore green value [1]

每经记者｜杜波 每经编辑｜陈柯名 记者|杜波 编辑|陈柯名 杜恒峰 校对|程鹏 2月12日A股收盘，主要指数集体收涨。沪指上涨0.05%，深成指上涨0.86%，创业板指上涨1.32%，科创综指上涨1.56%。总成交额2.16万亿元，较上一个 交易日放量1597亿元。 全市场超3200只个股下跌，超2100只个股上涨。盘面上，CPO概念大涨，太辰光、天孚通信、协创数据等多股涨超10%；电网设备概念走强，汉缆股份、 四方股份、望变电气等多股涨停；半导体板块拉升，芯原股份等大涨；影视院线板块延续回调，横店影视、博纳影业跌停。此外，通信设备、小金属、汽 车芯片、抽水储能、消费电子等概念涨幅居前，零售、白酒、乳业、预制菜、免税店等板块跌幅居前。 | < W | | 板块眼踪 | | 1 ( . | | --- | --- | --- | --- | --- | | 概念 | 行业 | 地域 | 风格 | 核心 | | 列表 ⇌ | | | 按今日 涨跌幅排序 | | | 光模块(CPO +5.81% | | 光芯片 +5.41% | 光电路交换机 +4.76% | 光通信 +4.10% | | AI算力 +3.95% ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The stock index is expected to continue its slow - bull market. Factors such as policy support, stable market funds, and improving economic data create favorable conditions for the market. After the Spring Festival, the market is likely to perform well, especially for small - and medium - cap stocks and the ChiNext and STAR Market indices [11][12]. - The sentiment in the bond market may turn cautious after the Spring Festival. Although the central bank's monetary policy remains moderately loose, factors such as the approaching important meetings and the possible reversal of some investors' behaviors may lead to a more cautious attitude [14]. - In the agricultural and sideline products sector, different products have different trends. For example, soybean meal is expected to gradually reduce inventory, while the price of live pigs is likely to remain low. Corn and starch are expected to fluctuate at high levels, and the price of sugar is expected to be weak [18][22][25]. - In the ferrous metals sector, steel prices may face pressure after the Spring Festival. The supply - demand structure of steel is weakening, and factors such as iron - water production, inventory accumulation, and coal mine resumption need to be monitored. The coking coal and coke market is affected by factors such as coal mine shutdowns and international coal market changes, with prices showing wide - range fluctuations. Iron ore prices are expected to be weak due to the weakening fundamentals [42][44][47]. - In the non - ferrous metals sector, precious metals such as gold and silver are expected to maintain a cautious and optimistic trend. Copper prices are expected to be in a high - level consolidation in the short term but have a long - term upward trend. Aluminum prices are expected to fluctuate in the short term and may rise if the Mozal aluminum plant's production reduction plan is implemented [52][56][58]. - In the shipping innovation sector, the container shipping market has a weakening price increase expectation in March and will enter the off - season after the Spring Festival. Attention should be paid to factors such as shipping capacity deployment, geopolitical situations, and the implementation of price increase announcements [83]. - In the energy and chemical sector, crude oil prices are mainly driven by geopolitical factors in the short term, with a wide - range fluctuation. LPG prices are supported by high international costs in the short term but are restricted by weak domestic supply and demand in the long term. Other chemical products such as asphalt, natural gas, and fuel oil also have their own supply - demand and price characteristics [88][90][96]. 3. Summary by Directory 3.1 Macro Finance 3.1.1 Stock Index - **Analysis**: Policy guidance consolidates the stable and positive trend. Market risk appetite has decreased, and the enthusiasm for A - share investment has cooled, laying the foundation for a slow - bull market. Economic data is improving, which is beneficial to the performance of listed companies. After the Spring Festival, the market is likely to perform well, especially for small - and medium - cap stocks and the ChiNext and STAR Market indices. The futures market has already reduced positions in advance, and if the market improves after the Spring Festival, the basis discount may further narrow [12]. - **Trading Strategy**: Unilateral trading should be to go long on dips; for arbitrage, consider the spot - futures arbitrage of IM/IC long 2609 + short ETF; for options, use the bull spread strategy [13]. 3.1.2 Treasury Bonds - **Analysis**: The central bank's monetary policy remains moderately loose. Although inflation indicators are recovering, the impact on the bond market is limited. The market risk appetite has stabilized, but the bond market sentiment is still affected by the Spring Festival holiday. In the short term, the probability of a policy interest rate cut is low, and the bond market sentiment may turn cautious after the Spring Festival [14]. - **Trading Strategy**: Unilateral trading should be to try to short TS contracts on rallies; for arbitrage, pay attention to the phased long - T - contract inter - delivery spread trading [15]. 3.2 Agricultural and Sideline Products 3.2.1 Soybean Meal - **Analysis**: The international soybean market is strong, but the upside space is limited. The domestic soybean supply is sufficient, and the soybean meal inventory is expected to gradually decrease [18][19]. - **Trading Strategy**: It is recommended to wait and see for unilateral trading and arbitrage; for options, use the short strangle strategy [20]. 3.2.2 Live Pigs - **Analysis**: The supply pressure of live pigs is obvious, and the price is at a low level. The futures price mainly follows the spot price, and the downward space is limited [22]. - **Trading Strategy**: It is recommended to wait and see for unilateral trading and arbitrage; for options, use the short strangle strategy [23]. 3.2.3 Corn - **Analysis**: The US corn production is stable, and the import profit is high. After the Spring Festival, the supply of corn in Northeast China will increase, and the price may decline slightly. The starch price is expected to be relatively strong [25]. - **Trading Strategy**: For unilateral trading, try to buy US corn 03 below 420 cents/bu and short 03 corn on rallies; for arbitrage, widen the spread between 05 corn and starch on dips; for options, use the bear put spread strategy for 03 corn [26]. 3.2.4 Peanuts - **Analysis**: The peanut price is stable before the Spring Festival, and the 05 contract is expected to oscillate at the bottom [27]. - **Trading Strategy**: For unilateral trading, take a short - long position on dips for the 05 contract; for arbitrage, wait and see; for options, try to sell the pk603 - C - 8200 option [28]. 3.2.5 Sugar - **Analysis**: The international sugar price is expected to be weak, and the domestic sugar price is likely to follow the weak trend [29]. - **Trading Strategy**: For unilateral trading, use the high - short and low - cover strategy for the domestic Zhengzhou sugar 5 - month contract; for arbitrage, wait and see; for options, sell call options [30]. 3.2.6 Cotton - **Analysis**: The cotton price is supported, and the Zhengzhou cotton is expected to oscillate slightly stronger in the short term [31]. - **Trading Strategy**: For unilateral trading, the US cotton is expected to oscillate in a range, and the Zhengzhou cotton is expected to be slightly stronger. It is recommended to hold a light position during the Spring Festival; for arbitrage and options, wait and see [32]. 3.2.7 Eggs - **Analysis**: The egg demand is average, and the price is stable with a slight decline. It is recommended to short the 6 - month contract on rallies [33]. - **Trading Strategy**: For unilateral trading, short the 6 - month contract on rallies; for arbitrage and options, wait and see [34]. 3.2.8 Apples - **Analysis**: The apple inventory is low, and the cost of warehouse receipts is high. The price of the 5 - month contract is expected to be strong in the short term [35]. - **Trading Strategy**: For unilateral trading, go long on the 5 - month contract on dips and short the 10 - month contract on rallies; for arbitrage, go long on the 5 - month contract and short the 10 - month contract; for options, wait and see [36]. 3.2.9 Oils and Fats - **Analysis**: The palm oil inventory in Malaysia is at a high level, but the total inventory of Malaysia and Indonesia is not loose. The US biodiesel demand is expected to be good, which is beneficial to soybean oil. The domestic soybean oil inventory is gradually decreasing, and the supply is generally sufficient. The policy of Canadian rapeseed is uncertain, and the domestic rapeseed oil inventory is slightly decreasing [37]. - **Trading Strategy**: For unilateral trading, hold a light position during the holiday; for arbitrage, conduct P59 and Y59 reverse arbitrage; for options, wait and see [38]. 3.3 Ferrous Metals 3.3.1 Steel - **Analysis**: After the Spring Festival, steel mills may resume production, and the steel supply will increase. The demand is in the off - season, and the inventory is accumulating. The supply - demand structure is weakening, and the steel price may face pressure. However, the steel price valuation is low, and the decline is limited [42]. - **Trading Strategy**: For unilateral trading, the price is expected to be weak and oscillating; for arbitrage, short the hot - rolled coil - rebar spread and the rebar - coking coal ratio on rallies; for options, wait and see [43]. 3.3.2 Coking Coal and Coke - **Analysis**: Coal mines are on holiday during the Spring Festival, and the supply is reduced. The impact of the Spring Festival holiday on the Mongolian coal port is limited. The domestic coal market is affected by international and domestic factors, and the price is expected to fluctuate widely. The coking coal valuation is not high, and it is recommended to go long on dips [44][45]. - **Trading Strategy**: For unilateral trading, conduct band trading; for arbitrage, wait and see; for options, sell out - of - the - money put options [46]. 3.3.3 Iron Ore - **Analysis**: The iron ore supply is increasing, and the demand is weak. The fundamentals are weakening, and the price is expected to be weak after the Spring Festival [47]. - **Trading Strategy**: For unilateral trading, hold a small number of short positions; for arbitrage, wait and see; for options, sell out - of - the - money call options [48]. 3.3.4 Ferroalloys - **Analysis**: The supply and demand of ferrosilicon and ferromanganese are relatively stable, and the cost support is strong. It is recommended to take partial profit on long positions before the long holiday [49]. - **Trading Strategy**: For unilateral trading, take partial profit on long positions before the long holiday and go long on dips after the holiday; for arbitrage, wait and see; for options, sell put options [50]. 3.4 Non - Ferrous Metals 3.4.1 Gold and Silver - **Analysis**: The gold and silver market has stabilized and recovered after the adjustment. The trading mainline is expected to return to factors such as great - power games and the US interest - rate cycle. It is recommended to control risks during the holiday [52]. - **Trading Strategy**: For unilateral trading, conservative investors can exit long positions on rallies, and aggressive investors can hold long positions based on the 20 - day moving average with a light position. It is recommended to hold an empty position for silver; for arbitrage, wait and see; for options, switch futures long positions to buy out - of - the - money call options for gold, and use the bull call spread strategy for silver [53]. 3.4.2 Platinum and Palladium - **Analysis**: The non - farm payroll data is contradictory, and the asset volatility is high. Platinum is in a tight - balance pattern, and palladium is in a supply - surplus pattern. Platinum has a stronger upward driving force [54]. - **Trading Strategy**: For unilateral trading, be cautiously bullish and buy on dips; for arbitrage, go long on platinum and short on palladium; for options, wait and see [55]. 3.4.3 Copper - **Analysis**: The copper price has fluctuated sharply recently. After the adjustment, the fundamentals are healthier, and the long - term upward trend remains unchanged. It is recommended to control positions during the Spring Festival [56]. - **Trading Strategy**: For unilateral trading, the price is in a high - level consolidation, and it is recommended to control positions; for arbitrage, wait and see; for options, sell out - of - the - money put options [57]. 3.4.4 Aluminum - **Analysis**: The macro - economic expectations are volatile. If the Mozal aluminum plant reduces production as planned, the aluminum price will be strong; otherwise, the upward momentum will be weakened. The domestic inventory is accumulating, which suppresses the price [58]. - **Trading Strategy**: In the short term, the Shanghai aluminum is expected to oscillate between 22,800 - 24,200 yuan. In the long term, if the production - reduction plan is implemented, be bullish on dips; pay attention to the implementation of the production - reduction plan [59]. 3.4.5 Alumina - **Analysis**: The alumina supply is uncertain during the holiday. If the production reduction continues, the futures price may fluctuate; otherwise, it will be under pressure [60]. - **Trading Strategy**: In the short term, the main contract is expected to oscillate between 2,780 - 2,880 yuan. It is recommended to be cautious. If there are expectations for policies, buy a small number of call options. In the long term, be bearish on rallies in the surplus pattern; if the supply - demand situation improves, the price may rebound [61]. 3.4.6 Zinc - **Analysis**: The zinc concentrate supply shortage is expected to ease. The refined zinc production is expected to decrease. The downstream demand is affected by the Spring Festival holiday. It is recommended to control positions and hedge inventory [62]. - **Trading Strategy**: For unilateral trading, control positions and hold a light position during the holiday; for arbitrage, buy LME and sell SHFE; for options, buy one - times out - of - the - money put options and two - times out - of - the - money call options [63]. 3.4.7 Lead - **Analysis**: The lead concentrate supply is in short supply, and the production of primary lead is profitable, but the production increase is limited. The production of recycled lead is affected by losses and holidays. The downstream demand is weak. It is recommended to wait and see and control positions [66]. - **Trading Strategy**: For unilateral trading, wait and see; for arbitrage, wait and see; for options, sell out - of - the - money put options [66]. 3.4.8 Nickel - **Analysis**: Geopolitical conflicts and inflation expectations drive the inflow of funds into the non - ferrous metal sector. The nickel supply is expected to be in surplus without quota restrictions, but there may be a shortage if the quota is limited. The nickel price is supported by cost and strategic demand. It is recommended to hold a light long position during the holiday [67][68]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see; for options, sell the put option of the NI2604 contract with an exercise price of 134,000 [68]. 3.4.9 Stainless Steel - **Analysis**: The stainless - steel cost is rising, and the inventory is increasing. The price is affected by nickel and the macro - economic environment. It is recommended to hold a light long position during the holiday [69]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see [70]. 3.4.10 Polysilicon - **Analysis**: The polysilicon spot price is under pressure, and the market is in a state of disorderly fluctuation before the Spring Festival. After the Spring Festival, if the price drops to the previous low, it can be considered to go long or buy call options [71]. - **Trading Strategy**: For unilateral trading, wait and see and look for a good safety margin; for arbitrage, there is no opportunity; for options, buy call options when appropriate [72]. 3.4.11 Industrial Silicon - **Analysis**: The industrial - silicon production is reducing, and the basis is high. The futures price is expected to oscillate between 8,200 - 9,100 yuan. It is recommended to wait for the price to stabilize [73]. - **Trading Strategy**: For unilateral trading, wait for the price to stabilize; for arbitrage, there is no opportunity; for options, there is no opportunity [73]. 3.4.12 Lithium Carbonate - **Analysis**: The lithium - carbonate demand is improving, and the supply will increase in March, resulting in inventory accumulation. However, the market tolerance for inventory is high, and the industry trend is positive. It is recommended to hold a light long position during the holiday [74]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see; for options, sell the put option of the lc2605 contract with an exercise price of 140,000 [75]. 3.4.13 Tin - **Analysis**: The tin price is relatively resilient. The tin - ore import is stable, and the production is expected to change slightly. The inventory is decreasing, and the demand is recovering marginally. It is recommended to control positions before the holiday [77][78]. - **Trading Strategy**: For unilateral trading, control positions before the holiday; for arbitrage, wait and see; for options, wait and see [79]. 3.5 Shipping Innovation 3.5.1 Container Shipping - **Analysis**: The price increase expectation in March is weakening, and the market will enter the off - season after the Spring Festival. The freight rate is under pressure, and the supply and demand are affected by factors such as shipping capacity deployment and geopolitical situations [83]. - **Trading Strategy**: For unilateral trading, wait and see before the holiday; for arbitrage, conduct 6 - 10 positive arbitrage rolling operations [84].

Group 1 - COSCO Shipping Energy reached a limit-up, while China Merchants Energy also hit a limit-up, achieving a historical high [1] - China Merchants Oil, COSCO Shipping Special, and Haitong Development saw significant increases [1]

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 论 逻辑: 从现货运价端来看,马士基已发布 3 月第一周欧洲航线运价,报价维持 2000 美元，维持 2 月水平,船司此前 提出的 3 月涨价预期并未兑现。马士基延续稳健务实的定价策略,行业内其余船司及航运联盟大概率初期同步跟进 该定价水平;若春节后货量复苏力度偏弱,现货运价存在进一步下调可能,整体运行节奏或与 2025年同期相仿。 本周春节前最后一个交易周,新挂牌合约成交活跃度偏低。后续需重点关注其他船司 3 月运价的跟进情况、节后货 量修复进度,以及前期港口拥堵所引发的运力被动空班变动。短期盘面维持区间震荡格局。 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/12 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

Core Viewpoint - The shipping sector is experiencing a strong performance, with the shipbuilding ETF (560710) showing significant gains due to heightened geopolitical tensions and increased demand for shipping services, particularly in oil transportation [1] Group 1: Market Performance - On February 12, the shipping sector strengthened, with the shipbuilding ETF (560710) reaching an intraday increase of 3.15%, closing with a gain of 2.20% [1] - Key stocks in the index, such as China Merchants Energy and COSCO Shipping Energy, hit the daily limit, while China Merchants South Oil and China Shipbuilding Defense saw increases exceeding 4% [1] Group 2: Market Drivers - Since 2026, geopolitical tensions have escalated, leading to increased optimism among shipowners and a rise in overseas shipowners controlling the market [1] - Recent oil shipping rates have remained high, with the Middle East to China VLCC TCE maintaining above $120,000 [1] Group 3: Long-term Outlook - Research institutions suggest that the aging global fleet and structural changes due to decarbonization in the shipping industry will provide long-term support [1] - In the short term, the synergy between oil and bulk shipping is expected to elevate freight rates, which may benefit the upstream shipbuilding industry [1] Group 4: Investment Opportunities - Investors interested in the shipping-related industry are encouraged to consider the shipbuilding ETF (560710), which tracks the CSI Selected Shipping Industry Index (932420) [1] - This ETF includes 40 representative listed companies involved in ship materials, ship supporting, ship manufacturing, and shipping, facilitating investment in the marine economy sector [1]

FICC日报 | 2026-02-12 主力合约短期走势震荡，关注节后马士基3月第二周开价态 度 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹 WEEK8 报价1210/1920，WEEK9报价 1200/1900，WEEK11报价 1205/1910（其中上海-伦敦基本港WEEK11周报价涨至1320/2100）；HPL 2月上半月船期报价1135/1835，2月下半 月船期报价1135/1835，3月份船期报价1835/2935 。HPL发布3月份涨价函1900/3100 MSC+Premier Alliance：MSC 2月上半月价格1280/2140，2月下半月船期价格1280/2140；ONE 2月上半月船期报 价1290/2035，2月下半月船期报价1290/2035，3月上半月船期报价1620/2535；HMM上海-鹿特丹2月上半月船期报 价1233/2036，2月下半月船期1233/2036 ，3月份船期报价1783/3136.MSC发布3月份涨价函1800/3000. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/229 ...