中国神华能源股份有限公司（以下简称"中国神华"）发行股份购买资产并募集配套资金获证监会注册批复。 中国神华2月12日晚发布公告称，公司作价1335.98亿元收购控股股东国家能源集团旗下12家核心企业股权的交易，当日获得中国证 监会注册批复。 此次交易不仅是A股最大规模发行股份购买资产类项目，更成为A股首单适用并购重组简易审核程序的重组项目，彰显资本市场深化改 革与服务实体经济的强劲活力。 作为A股首单适用简易审核程序的并购重组项目，其审核效率堪称行业标杆。 "一、同意你公司向国家能源投资集团有限责任公司发行 1,363,248,446 股 股份购买相关资产的注册申请。 l 二、同意你公司发行股份募集配套资金不超过 200 亿元的注册申请。 三、你公司本次发行股份购买资产并募集配套资金应当严格按照报送上海证 券交易所的有关申请文件进行。 四、你公司应当按照有关规定及时履行信息披露义务。 五、你公司应当按照有关规定办理本次发行股份的相关手续。 六、本批复自下发之日起 12个月内有效。 公司董事会将根据中国证监会批复和相关法律法规的要求以及公司股东会 的授权,在规定期限内办理本次交易所涉及的相关事宜,并及时履行信息 ...

2026年02月13日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：需求预期转弱，震荡下行 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：偏弱震荡 | 5 | | 锰硅：宽幅震荡 | 5 | | 焦炭：宽幅震荡 | 7 | | 焦煤：宽幅震荡 | 7 | | 原木：区间震荡 | 9 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2026 年 2 月 13 日 铁矿石：需求预期转弱，震荡下行 【基本面跟踪】 铁矿石基本面数据 | 期 货 | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | | -0.5 | -0.07% | | | I2605 | | 762.0 | 昨日持仓（手） | 持仓变动 （手） | | | | | | 497,918 | -9,039 | | | | | 昨日价格（元/吨） | 前日价格（元/吨） | 涨跌（元/吨） ...

1. Report Industry Investment Ratings - **Macro Finance**: Bullish on stock indices in the medium to long term, suggesting buying on dips; expecting treasury bonds to trade in a range [1][5] - **Black Building Materials**: Short - term trading for coking coal; range trading for rebar; buying on dips for glass [1][7] - **Non - ferrous Metals**: Reducing trading positions for general traders before the holiday for copper, increasing hedging coverage; strengthening observation for aluminum; observing for nickel; range trading for tin, gold, and silver; expecting lithium carbonate to trade in a range [1][9] - **Energy and Chemicals**: Range trading for PVC, styrene, rubber, urea, and methanol; temporarily observing for caustic soda and soda ash; expecting polyolefins to trade weakly [1][15] - **Cotton Textile Industry Chain**: Expecting cotton and cotton yarn to adjust in a range; expecting apples and jujubes to trade in a range [1][25] - **Agriculture and Animal Husbandry**: Partially taking profits on short positions in hogs before the year, adopting a rolling short strategy on rebounds; reducing positions in eggs before the holiday, avoiding short - chasing; being cautious about chasing highs in corn, suggesting hedging on rebounds for grain - holding entities; observing the performance of the M2605 contract at 2700 for soybean meal, shorting on highs [1][27] - **Oils and Fats**: High - level oscillation, suggesting buying on dips, paying attention to position risks before the holiday [3][32] 2. Core Views - The report provides investment suggestions for various futures products based on their fundamentals, market trends, and macro - economic factors. It takes into account factors such as supply and demand, inventory, cost, and policy to analyze the price trends of different futures and gives corresponding trading strategies [1][5][9] 3. Summary by Directory Macro Finance - **Stock Indices**: In the medium to long term, they are bullish, and investors can buy on dips. Before the holiday, they may trade in a range, and it is advisable to hold positions lightly and focus on defense [1][5] - **Treasury Bonds**: They are expected to trade in a range. Although the overall price level shows a mild recovery, the bond market's reaction to price data is limited. After the holiday, there are uncertainties regarding important meetings and bond supply [5] Black Building Materials - **Coking Coal**: Short - term trading is recommended as the coal market shows short - term fluctuations, but the sustainability of the price increase is limited [1][7] - **Rebar**: It is expected to trade in a range. The futures price is undervalued, but the demand has declined, and the inventory is accumulating. It is advisable to trade lightly before the holiday [7] - **Glass**: Buying on dips is recommended. Although there are supply and demand constraints, the futures price has fallen to a relatively low level, and there may be variables before the contract expires [7][8] Non - ferrous Metals - **Copper**: It is expected to trade in a range. The recent sharp decline is mainly due to macro - level panic. Although the supply is tight, the demand is weakening, and the inventory is increasing. General traders are advised to reduce positions, while hedgers are advised to increase hedging coverage [9] - **Aluminum**: It is expected to trade at a high level. The supply is increasing, but the demand is weakening. It is advisable to strengthen observation and reduce positions before the holiday [10] - **Nickel**: It is expected to trade in a range. Although the nickel ore supply is strong, the fundamentals are weak. It is recommended to observe [12] - **Tin**: It is expected to trade in a range. The supply of tin ore is tight, and the downstream demand is stable. It is recommended to trade in a range and pay attention to supply and demand changes [13][14] - **Silver and Gold**: They are expected to trade in a range. The market is affected by factors such as the nomination of the Fed chairman and economic data. The medium - term price center is rising, and short - term adjustment is expected. It is recommended to trade in a range [14][15] - **Lithium Carbonate**: It is expected to trade in a range. The supply is increasing, and the demand is in the off - season. It is necessary to pay attention to the impact of mine - end disturbances [15] Energy and Chemicals - **PVC**: It is expected to trade in a wide range at a low level. The supply is high, the demand is weak, but the valuation is low. It is necessary to pay attention to policies and cost factors [15][17] - **Caustic Soda**: It is expected to trade at a low level. The demand is weak, and the supply pressure is high. It is recommended to observe [17] - **Styrene**: It is expected to trade in a range. The inventory is expected to decrease, but the valuation is high. It is necessary to be cautious about chasing highs [19] - **Rubber**: It is expected to trade in a range. The supply is in the off - season, and the demand is weak before the holiday. It is necessary to pay attention to inventory and downstream consumption [19][20] - **Urea**: It is expected to trade in a range. The supply is increasing, the demand is stable, and the inventory is at a low level. It is recommended to trade in the range of 1730 - 1830 [20] - **Methanol**: It is expected to trade in a range. The supply is decreasing, the demand is weak, and the price is affected by geopolitical and port factors [21] - **Polyolefins**: They are expected to trade weakly. The supply is high, the demand is weak, and the inventory is accumulating. It is recommended to short on highs [22][24] - **Soda Ash**: It is recommended to observe. The supply is in surplus, but the cost support is strong, and the downward space may be limited [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: They are expected to adjust in a range. Although the long - term outlook is optimistic, the short - term is under pressure from the internal - external price difference [25] - **Apples**: They are expected to trade in a range. The market is stable during the Spring Festival stocking period, and the trading volume of different grades of fruits varies [25] - **Jujubes**: They are expected to trade in a range. The acquisition price in the production area is based on quality [27] Agriculture and Animal Husbandry - **Hogs**: They are expected to build a bottom in a range. Before the year, partial profit - taking on short positions is recommended, and a rolling short strategy on rebounds can be adopted. In the long - term, the supply is expected to increase in the first half of the year, and the price may be under pressure [27] - **Eggs**: They are expected to rebound from a low level. Before the holiday, the position should be reduced, and short - chasing should be avoided. It is advisable to hedge on rebounds for the 05 and 06 contracts [29] - **Corn**: The price increase is limited. In the short - term, it is necessary to be cautious about chasing highs, and grain - holding entities can hedge on rebounds. In the long - term, the supply - demand pattern is relatively loose [30][31] - **Soybean Meal**: It is expected to trade in a range at a low level. The M2605 contract should pay attention to the support at 2700, and short positions can be established on highs [31] Oils and Fats - They are expected to oscillate at a high level. The fundamentals of the three major oils are mixed, with soybean oil expected to be relatively strong, and palm oil and rapeseed oil relatively weak. It is recommended to buy on dips and pay attention to position risks before the holiday [32][37]

Group 1: Report Information - The report is a coking coal daily report released by the black team of the research center on February 13, 2026 [1] Group 2: Price Information - The latest price of Liulin main coking coal is 1483.00, with no daily or weekly change, a monthly increase of 57.00, and an annual increase of 13.47% [2] - The latest price of raw coal at the port is 1015.00, with a daily decrease of 3.00, a weekly decrease of 45.00, a monthly decrease of 45.00, and an annual increase of 13.41% [2] - The latest price of Shaheyi Meng 5 is 1400.00, with no daily or weekly change, a monthly increase of 60.00, and an annual increase of 3.70% [2] - The latest price of Anze main coking coal is 1570.00, with no daily or weekly change, a monthly decrease of 50.00, and an annual increase of 13.77% [2] - The latest price of Peak Downs is 221.00, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 14.00, and an annual increase of 20.00 [2] - The latest price of Goonyella is 221.00, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 15.00, and an annual increase of 20.40 [2] - The latest price of the 05 contract on the futures market is 1124.50, with a daily decrease of 1.50, a weekly decrease of 29.50, a monthly decrease of 64.00, and an annual increase of 3.21% [2] - The latest price of the 09 contract on the futures market is 1203.50, with a daily decrease of 1.00, a weekly decrease of 27.50, a monthly decrease of 62.50, and an annual increase of 2.43% [2] - The latest price of the 01 contract on the futures market is 1378.50, with no daily change, a weekly decrease of 27.00, a monthly increase of 305.50, and an annual increase of 11.48% [2] Group 3: Inventory Information - The total inventory is 4152.76, with a weekly decrease of 45.18, a monthly increase of 65.16, and an annual decrease of 5.69% [2] - The coal mine inventory is 261.24, with a weekly decrease of 3.41, a monthly decrease of 11.13, and an annual decrease of 32.95% [2] - The port inventory is 272.76, with a weekly decrease of 13.62, a monthly decrease of 27.04, and an annual decrease of 39.56% [2] - The steel mill coking coal inventory is 824.20, with a weekly increase of 9.84, a monthly increase of 26.47, and an annual increase of 2.42% [2] - The coking plant coking coal inventory is 1302.39, with a weekly increase of 67.60, a monthly increase of 230.71, and an annual increase of 34.55% [2] Group 4: Other Information - The coking capacity utilization rate is 72.94, with a weekly increase of 0.74, a monthly increase of 0.39, and an annual decrease of 0.08% [2] - The coking plant coke inventory is 86.33, with no daily change, a monthly increase of 0.95, and an annual decrease of 0.64% [2] - The 05 basis is 1.71, with a daily increase of 1.50, a weekly increase of 26.05, a monthly increase of 55.95, and an annual increase of 76.49 [2] - The 09 basis is -77.29, with a daily increase of 1.00, a weekly increase of 24.05, a monthly increase of 54.45, and an annual decrease of 0.52 [2] - The 01 basis is -252.29, with no daily change, a weekly increase of 23.55, a monthly decrease of 313.55, and an annual increase of 0.14 [2] - The 5 - 9 spread is -79.00, with a daily decrease of 0.50, a weekly decrease of 2.00, a monthly decrease of 1.50, and an annual decrease of 0.08 [2] - The 9 - 1 spread is -175.00, with a daily decrease of 1.00, a weekly decrease of 0.50, a monthly decrease of 368.00, and an annual increase of 1.85 [2] - The 1 - 5 spread is 254.00, with a daily increase of 1.50, a weekly increase of 2.50, a monthly increase of 369.50, and an annual increase of 0.73 [2]

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 711.0 4.0 10.0 5.0 -34.0 25省终端可用天数 24.0 1.4 4.1 3.1 6.4 秦皇岛5000 631.0 5.0 15.0 11.0 -29.0 25省终端供煤 577.2 -1.9 -31.4 -62.9 -45.7 广州港5500 795.0 0.0 0.0 -10.0 -45.0 北方港库存 2236.0 5.0 -80.0 -390.0 -304.5 鄂尔多斯5500 500.0 0.0 0.0 0.0 -5.0 北方锚地船舶 82.0 7.0 -9.0 -36.0 32.0 大同5500 555.0 0.0 0.0 0.0 -30.0 北方港调入量 150.6 20.1 7.9 3.7 19.1 榆林6000 670.0 0.0 0.0 -20.0 13.0 北方港吞吐量 144.5 -33.9 -17.4 54.7 15.0 榆林6200 745.0 0.0 0.0 0.0 60.0 CBCFI海运指数 530.5 8.5 8.7 -135.3 36.1 25省终端日耗 5 ...

（柳浠，从业资格号：F03087689；交易咨询资格号：Z0019538） 昨日铁矿石期货主力合约i2605价格呈现震荡走势，收于762元/吨，较前一个交易日收盘价下跌0.5元/ 吨，跌幅为0.07%，成交11万手，减仓0.9万手。港口现货主流品种市场价格，现青岛港PB粉60.8%763 持平，超特粉653持平。供应端，澳洲受到飓风影响，发运量降幅明显，全球发运量随之大幅降低。需 求端，新增8座高炉检修，11座高炉复产。高炉复产发生在河北、山东、江苏、新疆、江西等地区，检 修的高炉集中在河北、云南、辽宁、江西等地区，铁水产量环比增加1.91万吨至230.49万吨。47个港口 进口铁矿库存环比下降182.56万吨至17732万吨。全国钢厂进口矿库存继续累库387万吨。多空交织下， 矿价或将呈现震荡整理走势。 焦煤： （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 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 螺纹钢： （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 昨日螺纹盘面偏弱震荡，截止日盘螺纹2605合约收盘价格为3050元/吨， ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2026-02-13 节前需求回落，盘⾯表现承压 假期临近钢材端累库加快，基本⾯缺乏亮点，盘⾯表现疲软。铁矿⽯ 总库存压⼒持续增加，当前市场对节后需求预期⼀般，盘⾯表现承 压。煤炭供应端存在扰动，煤矿节前放假增多，但煤焦补库进⼊尾 声，需求⽀撑有限，盘⾯低位宽幅震荡。玻纯供需过剩压制盘⾯价 格。 假期临近钢材端累库加快，基本面缺乏亮点，盘面表现疲软。铁矿石 总库存压力持续增加，当前市场对节后需求预期一般，盘面表现承 压。煤炭供应端存在扰动，煤矿节前放假增多，但煤焦补库进入尾 声，需求支撑有限，盘面低位宽幅震荡。玻纯供需过剩压制盘面价 格。 1. 铁元素方面：铁矿石库存压力持续增加，供应端仍存天气扰动预 期，当前市场对节后需求预期一般，盘面表现承压，但节后即将召开 重要会议，宏观预期仍存，盘面快速回落后压力有所释放，关注市场 情绪变化。废钢供应、日耗均有季节性下降的预期，钢厂补库基本结 束，预计节前现货价格震荡。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有 ...

Group 1 - The People's Bank of China will conduct a 10,000 billion yuan reverse repurchase operation on February 13, 2026, to maintain ample liquidity in the banking system, with a term of 6 months [1][5][21] - This operation is part of a strategy to ensure liquidity and is expected to send a positive signal to the market [20] Group 2 - China Shenhua announced a 133.598 billion yuan acquisition of 12 core enterprises from its controlling shareholder, the State Energy Group, which received approval from the China Securities Regulatory Commission [2][17] - This transaction marks the largest asset purchase project in A-shares and is the first to apply the simplified review process for mergers and acquisitions, highlighting the vitality of capital market reforms [2][17] Group 3 - The Ministry of Natural Resources supports the establishment of a cross-regional construction land coordination mechanism in the Beijing-Tianjin-Hebei region [3][18] - This initiative aims to explore a spatial access mechanism for major projects, promoting coordinated urban development [3][18] Group 4 - The State Administration for Market Regulation released a compliance guide with 28 measures to regulate pricing behavior in the automotive industry, aiming to promote healthy market development [4][19] - The guide addresses issues such as price fraud and lack of clear pricing, which harm consumer and operator interests [4][19] Group 5 - The cross-border ETF market has reached a scale of 1 trillion yuan, with Hong Kong-themed ETFs accounting for 822.451 billion yuan, indicating strong capital inflows [7][23] - The net inflow of Hong Kong-themed ETFs has reached 54.435 billion yuan since the beginning of the year [7][23] Group 6 - The China Securities Association has issued a notice regarding the self-regulatory inspection of securities companies' integrity and investment banking service fees, indicating areas for improvement in fee structures [6][22] - The notice highlights issues such as unclear fee agreements and delayed reporting of fee information [6][22] Group 7 - The Shanghai Stock Exchange plans to provide over 1.1 billion yuan in benefits to the market this year as part of its service improvement initiatives [9][24] - This initiative is part of a broader effort to enhance regulatory and service practices [9][24] Group 8 - The State-owned Assets Supervision and Administration Commission has outlined four key tasks for the "AI+" initiative among central enterprises, focusing on advancing AI technology and investment [10][25] - The initiative aims to enhance collaboration between computing power and energy sectors [10][25] Group 9 - Recent refinancing regulations have activated the market, benefiting leading brokerages while creating competitive dynamics for smaller investment banks [11][26] - Brokerages are preparing to leverage these new policies to engage with listed companies post-holiday [11][26] Group 10 - The AI application sector in the A-share market has seen significant growth, driven by the testing of ByteDance's AI video generation model, Seedance 2.0, which has boosted interest in the media sector [12][27] - The performance of media and gaming-themed ETFs has been particularly strong, reflecting optimistic market expectations for AI commercialization [12][27] Group 11 - A recent survey indicates that 62.16% of private equity firms prefer to hold a heavy position during the upcoming holiday, reflecting confidence in structural opportunities despite market volatility [13][28] - Only 8.11% plan to hold light positions due to concerns about potential market corrections [13][28] Group 12 - The real estate financing coordination mechanism is being expanded to ensure market stability and risk mitigation, with significant credit support provided to "white list" projects [15][30] - Financial institutions have issued 1.2123 trillion yuan in credit for 1,929 projects, with 911.9 billion yuan already disbursed [15][30] Group 13 - The gold market is experiencing high consumer demand ahead of the Spring Festival, with long queues observed at jewelry stores, indicating strong consumer interest despite price fluctuations [14][29]

Group 1 - The coal industry is experiencing a revival due to President Trump's plans to sign an executive order for the Department of Defense to enter into power supply contracts with coal-fired power plants and provide $175 million for upgrades to six coal plants [2] - The coal sector in the A-share market saw a significant increase, with an overall rise of over 1% on February 11, 2026, driven by positive expectations from U.S. policy [3] - The trust risk event involving Xuesong Holdings has raised concerns about the safety of financial products related to private financial control groups, following the arrest of its leader Zhang Jin [2][3] Group 2 - The stock performance of coal companies such as Shanxi Coking Coal (600740) and Yanzhou Coal Mining (600188) showed significant gains, reflecting the positive sentiment in the coal sector [3] - Trust products linked to local government financing projects are facing liquidity concerns, as evidenced by the overdue issues reported by companies like Mongolian Grass Ecology (300355) and Ningbo Construction (601789) [3] - The recent decline in cryptocurrency optimism, as noted by Federal Reserve Governor Waller, indicates a shift in financial market risk preferences, which may indirectly affect the energy trust sector [4]

美国就业数据"注水"难提振市场信心 来源：芝麻AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，芝麻AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 中国银河证券杨超：2026年A股行情围绕两大主线展开 临近春节，A股市场有明显避险与结构分化特征，中国银河证券杨超表示市场呈震荡调整格局，资金偏 好向高股息等防御板块集中。他预计2026年A股会围绕科技创新与反内卷下的盈利修复两大主线展开， 企业出海与内需消费是重要辅助。春节前后有"日历效应"，投资者要权衡"持股过节"和"持币落袋"策 略。详情>> 仅12天！A股中国神华千亿级收购，火速获批 2月12日，中国神华作价1335.98亿元收购控股股东旗下12家核心企业股权获证监会注册批复，这是A股 首单适用并购重组简易审核程序且规模最大的发行股份购买资产类项目。重组完成后，中国神华业务体 量增大，能解决业务重叠，增强盈利能力和抗风险能力，推动煤炭产业绿色化、智能化转型。详情>> 今晚，突发公告！多只大牛股，紧急提示风 ...