期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 12 日 0 / 46 研究所 期货眼·日迹 | 股指期货：成交下降波动收窄 3 | | --- | | 国债期货：节前情绪延续偏暖 4 | | 蛋白粕：盘面减仓力度增加 | 价格大幅上涨 6 | | --- | --- | | 白糖：美糖跌破下方支撑 | 预计国内价格偏弱 6 | | 油脂板块：假期临近震荡回落，整体维持宽幅震荡 7 | | | 玉米/玉米淀粉：产区现货稳定，盘面高位震荡 9 | | | 生猪：供应压力好转 | 现货整体支撑 9 | | 花生：花生现货稳定，花生盘面窄幅震荡 10 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 11 | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 13 | | 钢材：需求延续下滑，钢价震荡承压 14 | | --- | | 双焦：春节临近煤矿陆续放假，年后需关注国内外煤炭市场变化 14 | | 铁矿：基本面持续弱化，矿价偏弱运行 15 | | 铁合金：长假临近，多单逢高止盈 16 | | 金银： 非农数据现分歧 市场博弈转 ...

Core Viewpoint - The article emphasizes the proactive role of disciplinary inspection and supervision agencies in ensuring a safe and harmonious Spring Festival for the public by overseeing various sectors such as transportation, energy, market regulation, and cultural tourism [5][19][21] Group 1: Transportation Supervision - The Spring Festival travel period is expected to see a record high of 9.5 billion trips, with the transportation sector under significant pressure to ensure safety and efficiency [6][7] - The Central Commission for Discipline Inspection has established working groups to monitor transportation safety and service quality across key regions [6][7] - Local agencies are focusing on risk points and enhancing coordination among transportation departments to ensure smooth operations during the travel peak [7] Group 2: Energy Supply Assurance - Disciplinary agencies are closely monitoring energy supply chains to ensure stable and sufficient energy for the public during the winter [11][12] - Specific measures include increasing coal reserves and improving heating management to prevent supply disruptions [12] - Local agencies are conducting inspections to ensure the safety and reliability of power and gas supply systems [12] Group 3: Market Regulation and Price Stability - Agencies are actively supervising the supply and pricing of essential goods to ensure a stable market during the festive season [10][12] - Local governments are implementing measures to monitor market prices and prevent price gouging, ensuring that essential goods remain affordable [10][13] - The focus is on maintaining a balanced supply of food and other necessities, with agencies taking steps to address consumer complaints and market irregularities [10][13] Group 4: Cultural and Tourism Sector Oversight - The cultural and tourism market is being closely monitored to ensure a safe and enjoyable experience for travelers during the Spring Festival [14][16] - Various promotional activities and consumer incentives are being organized to stimulate tourism, with oversight to ensure compliance with safety and service standards [14][17] - Agencies are addressing potential consumer rights violations in tourist areas to maintain a fair and trustworthy market environment [16] Group 5: Overall Community Well-being - The article highlights the importance of community well-being during the Spring Festival, with agencies working to address public concerns and enhance service quality [19][21] - The proactive approach of inspection agencies reflects a commitment to serving the public and ensuring a joyful holiday experience [19][21] - The emphasis is on creating a harmonious environment where families can celebrate together, showcasing the government's dedication to public welfare [21]

商 品 研 究 2026 年 02 月 12 日 焦炭：宽幅震荡 焦煤：事件扰动，宽幅震荡 【宏观及行业新闻】 （1）2 月 11 日中国煤炭资源网 CCI 冶金煤指数： CCI 山西低硫主焦 S0.7 1553（-）；CCI 山西中硫主 焦 S1.3 1220（-）；CCI 山西高硫主焦 S1.6 1214（-） （2）【中国煤炭资源网】焦煤竞拍简评：本日（2 月 11 日）炼焦煤线上竞拍挂牌量总计 36.7 万吨，流 拍率 43%，较昨日增加 29%，平均溢价 7.78 元/吨。今日山西主流大矿集中竞拍，挂牌数量较多，挂牌以焦 煤、肥煤及 1/3 焦煤为主。春节将至，下游补库基本结束，采购需求减少，今日竞拍流拍较多，竞拍成交价 也以下跌为主，下跌资源跌幅在 10-60 元/吨左右，个别资源上涨 3-20 元/吨。 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 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | JM2605 | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | -- ...

Core Viewpoint - The Trump administration is set to announce a plan to utilize government funds and Pentagon contracts to support U.S. coal-fired power plants, aiming to increase reliance on fossil fuels [1] Group 1: Government Actions - The plan will be introduced through an executive order, directing Defense Secretary Mark Esper to enter agreements with coal plants to purchase electricity for military operations [1] - The initiative is expected to invoke special authorities under the 1950 Defense Production Act, which grants the White House broad powers to guide private industry in maintaining national security [1] - The Department of Energy plans to allocate $175 million for upgrades to six coal plants in Kentucky, North Carolina, Ohio, Virginia, and West Virginia, aimed at improving efficiency and extending operational life [1] Group 2: Industry Impact - The announcement coincides with a visit from coal executives, miners, and energy industry leaders to the White House, highlighting ongoing efforts to revitalize the declining coal industry [1]

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 交易咨询业务资格：证监许可【2012】1091号 焦煤： 焦煤焦炭早报（2026-2-12） 1、基本面：产区煤矿进入集中放假潮的倒计时，部分煤矿已经停产仅销售库存，但下游焦企补库需求 开始减弱，中间环节观望情绪增加，煤矿签单量下滑，同时线上竞拍较为平淡，竞拍活跃度较前期降低， 部分煤种价格继续下调成交。考虑产地部分煤矿已安排停产放假，焦煤市场供应继续收紧，部分煤矿出 现"有价无市"现象，煤矿报价多以稳为主，部分略有调整；中性 2、基差：现货市场价1230，基差106.5；现货升水期货；偏多 3、库存：钢厂库存824万吨，港口库存273万吨，独立焦企库存1095万吨，总样本库存2192万吨，较上 周增加57万吨；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：焦煤主力 ...

1. Report's Industry Investment Ratings - Iron ore: Range - bound trading [2][4] - Rebar: Wide - range trading [2][6] - Hot - rolled coil: Wide - range trading [2][6] - Ferrosilicon: Wide - range trading [2][10] - Silicomanganese: Wide - range trading [2][10] - Coke: Wide - range trading [2][14] - Coking coal: Wide - range trading affected by events [2][15] - Logs: Range - bound trading [2][19] 2. Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their fundamentals and relevant macro and industry news [2][4][6] 3. Summaries by Commodities Iron Ore - **Price and Position**: The closing price of I2605 was 762.5 yuan/ton, up 1 yuan/ton (0.13%); the position decreased by 6,983 hands to 506,957 hands [4] - **Spot Price**: Imported and domestic ore prices remained stable [4] - **Basis and Spread**: The basis and spreads of some contracts changed slightly [4] - **News**: In January, CPI rose 0.2% month - on - month and 0.2% year - on - year, core CPI rose 0.8% year - on - year, PPI rose 0.4% month - on - month and fell 1.4% year - on - year; China's January RatingDog manufacturing PMI was 50.3 [4] - **Trend Intensity**: - 1 [4] Rebar and Hot - Rolled Coil - **Price and Position**: The closing price of RB2605 was 3,054 yuan/ton, down 2 yuan/ton (- 0.07%); the closing price of HC2605 was 3,228 yuan/ton, up 2 yuan/ton (0.06%). The position of RB2605 decreased by 1,877 hands, and that of HC2605 increased by 9,529 hands [6] - **Spot Price**: Spot prices in major cities remained unchanged [6] - **Basis and Spread**: The basis and spreads of some contracts changed [6] - **News**: On February 5th, steel production, inventory and apparent demand data changed; in late January, key steel enterprises' production and inventory data changed; BHP's iron ore production hit a record high; China's steel import data changed; some steel products were subject to export license management [7][8] - **Trend Intensity**: 0 for both rebar and hot - rolled coil [8] Ferrosilicon and Silicomanganese - **Price and Position**: The closing prices of SiFe2603 and SiFe2605 decreased, while those of SiMn2603 and SiMn2605 increased [11] - **News**: A new capacity of a silicon - manganese plant in Inner Mongolia was ignited; Jupiter would not provide manganese ore supply and quotes to China in March; silicon - iron and silicon - manganese prices were reported; a steel mill's silicon - iron procurement price was determined; electricity prices in some southern regions increased, and southern silicon - manganese production was expected to decrease [10][11][12] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [13] Coke and Coking Coal - **Price and Position**: The closing price of JM2605 was 1,123.5 yuan/ton, up 4.5 yuan/ton (0.4%); the closing price of J2605 was 1,667 yuan/ton, up 2 yuan/ton (0.1%). The position of JM2605 decreased by 14,309 hands, and that of J2605 increased by 820 hands [15] - **Spot Price**: Most spot prices remained stable, with a 2 - yuan increase in Mongolian 5 coking coal in Tangshan [15] - **Basis and Spread**: The basis and spreads of some contracts changed [15] - **News**: On February 11th, CCI metallurgical coal index data was reported; the coking coal online auction had a 43% non - successful bid rate, with most transaction prices falling [15] - **Trend Intensity**: 0 for both coke and coking coal [18] Logs - **Price, Volume and Position**: The closing prices, trading volumes and positions of different log contracts changed, with some showing declines. Spot prices in most regions remained stable [19] - **News**: In January, CPI rose 0.2% month - on - month and 0.2% year - on - year, core CPI rose 0.8% year - on - year, PPI rose 0.4% month - on - month and fell 1.4% year - on - year; China's January RatingDog manufacturing PMI was 50.3 [21] - **Trend Intensity**: 0 [21]

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 2026-02-12 淡季⽭盾积累，盘⾯表现承压 钢材节前需求回落，基本⾯缺乏亮点，盘⾯表现疲软。钢⼚复产节奏 偏缓，但铁矿⽯发运端存在扰动，盘⾯低位震荡。冬储临近尾声，煤 焦补库⽀撑逐步转弱，盘⾯⽀撑有限。玻璃供应端存在扰动，但玻纯 供需过剩压制盘⾯价格。 钢材节前需求回落，基本面缺乏亮点，盘面表现疲软。钢厂复产节奏 偏缓，但铁矿石发运端存在扰动，盘面低位震荡。冬储临近尾声，煤 焦补库支撑逐步转弱，盘面支撑有限。玻璃供应端存在扰动，但玻纯 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，随着补库接近尾 声，整体基本面将边际转弱，预计现货价格跟随成材为主。 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限， 现货预计暂稳运行，盘面预计仍将跟随成本端焦煤 ...

Core Viewpoint - The National Energy Administration has announced a list of pilot projects for the intelligent upgrade of coal mining technology, highlighting Shandong's innovative capabilities in this sector and providing practical experience for industry technological upgrades [1] Group 1: Project Highlights - Three projects from Shandong, including the "Thin Coal Seam Normalized Unmanned Mining Pilot Project" by Shandong Energy Zhaokang Group, have been selected, showcasing advancements in intelligent coal mining technology [1] - The projects aim to address key challenges in coal production, such as efficient mining of thin coal seams, optimization of coal selection processes, and ensuring the safety and reliability of power supply systems [1] Group 2: Technological Innovations - The Shandong Energy Zhaokang Group's project focuses on the development of unmanned intelligent mining technology and equipment to overcome issues related to traditional technology compatibility and low equipment collaboration [1] - The Gaozhuang Coal Industry project centers on a collaborative control system for the entire coal selection process, achieving intelligent linkage across all stages to enhance quality and efficiency in the washing and selection phase [1] - The Jining Energy Yiqiao Coal Mine project innovates with a "network relay protection" principle to tackle common challenges in power supply systems, establishing a benchmark for intelligent upgrades in industry power supply [1]

Group 1 - The core point of the article highlights that China Qinfa (00866) has deposited shares worth HKD 767 million into Guotai Junan (Hong Kong), representing 7.55% of the total shares [1] - China Qinfa announced a coal supply agreement with Zhejiang Energy Asia Pacific, where the latter will purchase 150,000 metric tons of Indonesian thermal coal from SDE, a non-wholly owned subsidiary of the company [1] - The agreement allows both parties to mutually adjust the base quantity by up to 10% [1]

Group 1 - The core point of the article highlights that China Qinfa (00866) has deposited shares worth HKD 767 million into Guotai Junan (Hong Kong), representing 7.55% of the total shareholding [1] - China Qinfa announced a coal supply agreement with Zhejiang Energy Asia Pacific, where Zhejiang Energy Asia Pacific will purchase 150,000 metric tons of Indonesian thermal coal from SDE, a non-wholly owned subsidiary of the company [1] - The agreement allows both parties to mutually adjust the base quantity by up or down by 10% [1]