1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term zinc market is expected to fluctuate and weaken. The previous trading day saw the Shanghai zinc futures show a volatile downward trend. With the approaching holiday, both long and short positions are cautious. Technically, the price is above the long - term moving average with strong support, but the long - position strength is decreasing while the short - position strength is increasing, and the advantage of the long - position is narrowing. The operation suggestion for Shanghai zinc ZN2603 is to expect a weakening trend in the short term [2][18]. 3. Summary According to Related Catalogs 3.1 Fundamental Analysis - In November 2025, the global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, the global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, the global zinc ore production was 1.069 million tons. From January to November, the global zinc ore production was 12.1419 million tons, which is a bullish factor [2]. 3.2 Basis Analysis - The spot price is 24,530, and the basis is - 120, showing a neutral situation [2]. 3.3 Inventory Analysis - On February 12, the LME zinc inventory decreased by 1,750 tons to 103,500 tons, and the SHFE zinc inventory warrant increased by 725 tons to 43,060 tons, presenting a neutral condition [2]. 3.4 Market Trend Analysis - The previous trading day, the Shanghai zinc futures showed a volatile downward trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish signal [2]. 3.5 Main Position Analysis - The main net position is long, and the long - position is increasing, which is a bullish factor [2]. 3.6 Futures Market Quotes - On February 12, different delivery months of zinc futures had different performances in terms of opening price, high price, low price, closing price, settlement price, trading volume, and open interest. For example, for the 2603 contract, the opening price was 24,750, the high price was 24,775, the low price was 24,415, the closing price was 24,650, the settlement price was 24,590, the trading volume was 96,396 lots, and the open interest decreased by 6,527 lots [3]. 3.7 Spot Market Quotes - On February 12, the price of zinc concentrate's domestic spot TC was 1,300 yuan/metal ton, and the imported comprehensive TC was 30 US dollars/dry ton. The price of 0 zinc ingot in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang had different price ranges and increases [4]. 3.8 Zinc Ingot Inventory Statistics - From February 2 to February 12, 2026, the total inventory of zinc ingots in major domestic markets increased from 111,200 tons to 138,100 tons. Compared with February 5, it increased by 19,800 tons, and compared with February 9, it increased by 10,000 tons [5]. 3.9 Zinc Futures Warrant Report - On February 12, the total zinc futures warrant was 43,060 tons, with an increase of 725 tons. Different regions and warehouses had different warrant quantities and changes. For example, in Shanghai, the total warrant was 6,120 tons, with an increase of 551 tons [6]. 3.10 LME Zinc Inventory Distribution - On February 12, the LME zinc inventory decreased in some regions. The total inventory decreased by 1,750 tons to 103,500 tons, and the注销占比 in different regions also varied [7]. 3.11 Zinc Ingot Smelter Price Quotes - On February 12, the prices of 0 zinc ingots from different smelters such as Torch, Huzinc, Nanhua, etc. all increased by 20 yuan/ton [12]. 3.12 Domestic Refined Zinc Production in January 2026 - The planned production in January 2026 was 485,500 tons, the actual production was 479,200 tons, with a month - on - month increase of 1.25%, a year - on - year increase of 7.78%, and a 1.29% shortfall compared with the planned value. The capacity utilization rate was 67.02%, and the planned production in February was 468,700 tons [14]. 3.13 Zinc Concentrate Processing Fee Quotes - On February 12, the zinc concentrate processing fees in different domestic regions with a 50% grade had different ranges, and the imported zinc concentrate processing fee with a 48% grade was 20 - 40 US dollars/dry ton, with an average of 30 US dollars/dry ton [16]. 3.14 SHFE Member Zinc Trading and Position Ranking - On February 12, in terms of trading volume, members such as CITIC Futures, Guotai Junan, and Dongzheng Futures had different trading volumes and changes. In terms of long - positions, CITIC Futures, Guotai Junan, etc. held different long - positions and had different changes. In terms of short - positions, CITIC Futures, Guotai Junan, etc. also had different short - positions and changes [17].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-2-13） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦炭： 1、基本面：近期原料煤竞拍价格多有回落，受原料煤价格下跌影响，焦炭成本下移，焦企利润稍有修 复，焦炭供应量有所增加。然近期下游钢厂控制焦炭到货，且中间投机贸易商离市观望，焦企厂内库存 稍有累积，部分焦企库存压力进一步显现；中性 2、基差：现货市场价1620，基差-44；现货贴水期货；偏空 3、库存：钢厂库存692万吨，港口库存201万吨，独立焦企库存45万吨，总样本库存938万吨，较上周 增加18万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦炭主力净空，多减；偏多 6、预期：年末钢厂设备检修密集，复产计划寥寥，需求端延续疲态，钢厂对焦炭采购意愿较低，对焦 炭多有控制 ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2026年2月13日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：2026新疆棉种植面积调控，预计可能减幅超10%。USDA2月报：25/26年度产量 2609.6万吨，消费2584.7万吨，期末库存1635.3万吨。海关：12月纺织品服装出口259.9亿美 元，同比下降7.4%。12月份我国棉花进口18万吨，同比增加31%；棉纱进口17万吨，同比增加 13.33%。农村部2月25/26年度：产量664万吨，进口140万吨，消费760万吨，期末库存829万 吨。中性。 6：预期：棉花主力05短期14500-15000区间震荡。春节长假即将到来，节前规避风险，建议 ...

聚烯烃早报 2026-2-13 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，官方1月制造业PMI为49.3%，较上月回落0.8个百分点，落入收缩区间。 OPEC+2月1日部长级会议重申去年11月2日决定，因季节性需求疲软暂停2026年第一季度的增产计 划。当前原油回归震荡，前期因受伊朗等地缘政治扰动影响，走势波动大，聚烯烃跟随波动偏大。 供需端，临近春节，农膜方面，多数企业停工，整体订单少，包装膜企业同样多数停工。当前LL 交割品现货价6600（-0），基本面整体中性； • 2. 基差： LLDPE 2605合约基差-134，升贴水比例-2.0%，偏空； • 3. 库存：PE综合库存36.7万吨（-3.6），偏多； • 4. 盘面： LLD ...

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 来源：华泰期货 作者： 康远宁 市场要闻与重要数据 1、 WTI 3月原油期货收跌1.79美元，跌幅2.77%，报62.84美元/桶。布伦特4月原油期货收跌1.88美元， 跌幅2.71报67.52美元/桶。 2、2月12日，克里姆林宫已制定提案，拟将"重新拥抱美元"作为与特朗普政府构建广泛经济伙伴关系的 一部分。这份今年起草的高级别备忘录详细列出七项俄美经济利益的潜在契合点——前提是双方达成结 束乌克兰冲突的协议。俄方设想两国联手推广化石能源对抗绿色替代品，在天然气、深海石油、关键原 材料等领域共同投资，并为美国企业创造巨额收益。这份在俄高官间传阅的文件，首次披露了在美俄潜 在经济协议正被作为未来乌克兰和平协议关键内容谈判之际，克里姆林宫的深层策略与考量。提案的核 心是俄罗斯重返美元结算体系——此举将意味着俄政策的惊人逆转，并可能引发全球金融格局剧烈重 塑。（来源：Bloomberg） 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 3、 2月12日，国际能源署（IEA）在其2月《石油市场报告》中下调了2026年全球石油需求增长 ...

2.国家能源局发布数据显示，2025年全国风光发电量同比增长25%，占发电量比重达到22%，有力带动可再生能源电量占发电量 比重达到近四成。2025年，我国可再生能源新增装机4.52亿千瓦，同比增长21%。 3.美国总统特朗普表示，美国"必须"与伊朗达成协议，否则局势将"非常严重"。此外，特朗普称以色列总理内塔尼亚胡" 没有说过"要求停止谈判，双方也"没有讨论过"这一问题。特朗普称，如果伊朗不达成协议，"将会是另一种局面"，并警 告未来一个月内局势可能迅速发展。 4.中国氮肥工业协会发布关于市场炒作尿素指导价的说明称，尿素指导价是协会以促进国内尿素保供稳价为宗旨，以稳定尿素 市场预期为目标，综合考虑行业上下游情况提出的指导性价格建议。 早盘速递 2026/2/13 热点资讯 1.美国总统特朗普预计4月初访问中国，习近平主席将同其会见，消息人士还称中美贸易"休战"预计会延长。外交部发言人 林剑对此表示，不久前的两国元首通话中，特朗普总统再次表达了4月访华的愿望。习近平主席重申了对特朗普总统访华的邀 请。双方就此保持着沟通。 | | | | 大类资产表现 | | | | --- | --- | --- | --- ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report predicts that the methanol 2605 contract will show a weak - running trend, with short - term and medium - term trends being oscillatory and the intraday trend being weak. The core logic is that although overseas supply "hard contraction" provides support, the approaching Spring Festival makes the market cautious, reducing risk preference and leading to a weak - oscillatory trend in methanol futures [1][5]. 3. Summary by Related Catalog 3.1 Time - cycle Viewpoints - **Short - term**: The short - term view of methanol 2605 is oscillatory [1]. - **Medium - term**: The medium - term view of methanol 2605 is oscillatory [1]. - **Intraday**: The intraday view of methanol 2605 is weak, and it is expected to run weakly [1][5]. 3.2 Driving Logic - **Positive Factor**: Overseas supply "hard contraction" is the key factor supporting the upward movement of methanol prices. Iran, a major import source, is in the stage of winter natural gas supply guarantee and production restriction. Most methanol plants have reduced production or shut down, and the output is at a low level within the year. China's imports may decline significantly in January and February, resulting in tight external supply [5]. - **Negative Factor**: As the Spring Festival approaches, market trading becomes more cautious, risk preference decreases, causing the domestic methanol futures to show a weak - oscillatory trend on Thursday night, and it is expected to maintain this pattern on Friday [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Short - term monetary policy expectations suppress precious metals, but they remain in a high - level oscillation pattern supported by global central bank gold purchases, COMEX gold inventory reduction, and geopolitical risks. The market focus has shifted to the upcoming US January CPI data, and the inflation path will be the key to pricing Fed policies and precious metal trends in the next stage. Due to the decline of US technology stocks and profit - taking by some investors, precious metal prices dropped. The strategy is to remain on the sidelines for now, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [3][4] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai gold dropped 2.42% to 1100.96 yuan/gram, and Shanghai silver dropped 1.88% to 19188.00 yuan/kilogram. COMEX gold dropped 3.08% to 4941.40 dollars/ounce, and COMEX silver dropped 10.62% to 75.25 dollars/ounce. The US 10 - year Treasury yield was 4.09%, and the US dollar index was 96.91 [2] - The Thursday plunge of precious metals might be due to the decline of US technology stocks, forcing some investors to close positions to replenish liquidity, combined with CTA trading strategies and profit - taking by investors. The initial jobless claims in the US for the week ending February 7 were 227,000, higher than the expected 222,000. The continuing jobless claims for the week ending January 31 were 1.862 million, slightly higher than the expected 1.85 million. The annualized total number of existing home sales in the US in January was 3.91 million, a month - on - month decrease of 8.4%, which might ease the hawkish market expectations brought by previous non - farm employment data [2] 3.2 Strategy Views - Due to the decline of US technology stocks forcing investors to close positions for replenishment and profit - taking by some investors, precious metal prices dropped. But supported by global central bank gold purchases and geopolitical risks, they are still in a high - level oscillation. The key market game has shifted to Friday's CPI data. Temporarily stay on the sidelines, with the reference operating range for the main contract of Shanghai gold being 950 - 1100 yuan/gram and that for the main contract of Shanghai silver being 18500 - 21000 yuan/kilogram [4] 3.3 Key Data Summary - **Gold**: COMEX gold's closing price (active contract) was 5107.80 dollars/ounce, up 1.19%; trading volume was 125,400 lots, up 23.12%; open interest was 409,700 lots, down 16.13%; inventory was 1080 tons, down 1.40%. LBMA gold's closing price was 5077.85 dollars/ounce, up 0.92%. SHFE gold's closing price (active contract) was 1126.12 yuan/gram, down 0.38%; trading volume was 324,400 lots, up 14.97%; open interest was 302,700 lots, down 0.63%; inventory was 105.07 tons, unchanged; precipitated funds were 5.4533 billion yuan, down 1.01%. AuT + D's closing price was 1122.92 yuan/gram, down 0.14%; trading volume was 24.71 tons, down 14.71%; open interest was 255.19 tons, down 3.12% [7] - **Silver**: COMEX silver's closing price (active contract) was 84.09 dollars/ounce, up 4.35%; open interest was 143,200 lots, down 8.59%; inventory was 11868 tons, down 1.22%. LBMA silver's closing price was 86.10 dollars/ounce, up 4.64%. SHFE silver's closing price (active contract) was 20,626.00 yuan/kilogram, down 1.52%; trading volume was 1,109,100 lots, up 2.31%; open interest was 540,200 lots, down 2.84%; inventory was 349.63 tons, up 2.20%; precipitated funds were 3.0082 billion yuan, down 4.32%. AgT + D's closing price was 19,670.00 yuan/kilogram, down 1.15%; trading volume was 220.35 tons, down 5.23%; open interest was 3143.492 tons, down 1.42% [7] 3.4 ETF Holdings - **Gold**: iShare US's holding was 499.84 tons, up 0.08%; GBS UK's holding was 30.80 tons, down 0.22%; PHAU UK's holding was 54.48 tons, down 0.21%; GOLD UK's holding was 29.92 tons, up 0.04%; SGBS Switzerland's holding was 36.12 tons, unchanged [65] - **Silver**: SLV US's trading volume was 96.4592 million shares, up 29.09%; ETPMAG Australia's holding was 489.86 tons, down 1.18%; PSLV Canada's holding was 6747.30 tons, unchanged; CEF Canada's holding was 1610.16 tons, unchanged [65]

Group 1 - Kevin Warsh has been nominated by President Trump to replace Jerome Powell as the next Federal Reserve Chairman, with a focus on a policy combination of "rate cuts + balance sheet reduction" [2][10] - Following the announcement, silver prices dropped over 30% and gold prices fell 11%, marking the largest single-day decline since March 1980, indicating market volatility [2][10] - The U.S. Congressional Budget Office (CBO) has raised its ten-year deficit forecast by $1.4 trillion, partly due to Trump's tax and immigration policies [2][10] Group 2 - The Central Economic Work Conference emphasized the importance of stabilizing economic growth and ensuring reasonable price recovery as key considerations for monetary policy [3][11] - The People's Bank of China (PBOC) announced a 0.25 percentage point reduction in various structural monetary policy tool rates, with the one-year re-lending rate now at 1.25% [3][11] - China's January CPI year-on-year growth rate fell to 0.2%, while the PPI year-on-year decline narrowed to 1.4% [4][11] Group 3 - The U.S. manufacturing sector unexpectedly expanded in January, with the growth rate reaching its fastest level since 2022, driven by increases in new orders and production [4][11] - The U.S. added 130,000 non-farm jobs in January, significantly exceeding the market expectation of 65,000, marking the largest increase since April of the previous year [4][11] - A temporary trade agreement framework has been reached between the U.S. and India, with India committing to purchase $500 billion worth of U.S. products over five years [4][12] Group 4 - The energy sector is facing geopolitical support for oil prices, with OPEC+ confirming plans to maintain stable oil production in March [5][12] - The chemical sector, including PTA and PVC, is showing resilience against market downturns due to anti-competitive measures and stock market interactions [5][12] - Agricultural products are under scrutiny due to weather forecasts and short-term swine disease situations [5][12]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/13 隔夜夜盘市场走势 1. 国际贵金属期货大幅下跌，COMEX 黄金期货跌 3.08%报 4941.4 美元/盎司， COMEX 白银期货跌 10.62%报 75.01 美元/盎司。 2. 美油主力合约收跌 2.66%，报 62.91 美元/桶；布油主力合约跌 2.61%，报 6 ...