消息影响，菜油仍受牵制，节前短线参与为主。 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 | 项目类别 | 数据指标 环比 | 最新 | 环比 数据指标 | 最新 | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9047 | -84 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2303 | 15 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) 主力合约持仓量:菜油(日,手) | 23 251961 | -5 菜粕月间价差(5-9)(日,元/吨) -8435 主力合约持仓量:菜粕(日,手) | -46 876987 | -4 -37915 | | | 期货前20名持仓:净买单量:菜油(日,手) | -21569 | -2965 期货前20名持仓:净买单量:菜粕(日,手) | -181999 | 18706 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽 ...

维持高位积累趋势，供需驱动依然偏空。不过，在"反内卷"周期与PVC行业无汞化转型周期相叠加的影响 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | PVC产业日报 2026-02-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 4938 | -52 成交量:聚氯乙烯(PVC)(日,手) | 815778 | -88754 | | | 持仓量:聚氯乙烯(PVC)(日,手) | 1101478 | -9805 期货前20名持仓:买单量:聚氯乙烯(日,手) | 1069537 | -10791 | | | 前20名持仓:卖单量:聚氯乙烯(日,手) | 1186526 | -7436 前20名持仓:净买单量:聚氯乙烯(日,手) | -116989 | -3355 | | 现货市场 | 华东:PVC:乙烯法(日,元/吨) | 4980 | 0 华东:PVC:电石法(日,元/吨) | 4753.7 | 9.26 | | | 华 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 不锈钢产业日报 2026-02-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 13970 | -70 03-04月合约价差:不锈钢(日,元/吨) | -125 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8994 | -36 主力合约持仓量:不锈钢(日,手) | 100602 | 67975 | | | 仓单数量:不锈钢(日,吨) | 55313 | 762 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 300 | 70 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量:精炼 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Scale farms are increasing the weight - reducing slaughter, leading to a loose supply before the festival. Based on the analysis of the number of fertile sows and newborn piglets, the supply for slaughter in the next two months is relatively sufficient. On the demand side, the pre - festival stocking is coming to an end this week. The increase in consumption is less than the increase in supply, and the expected weakening of demand after the Spring Festival weakens the support for prices. Overall, the game between supply and demand continues, and considering that the increase in supply exceeds the demand, the pig price will still be under pressure. On the futures market, the main pig 2605 contract rose 0.13%, with two consecutive trading days of position reduction, and it will fluctuate before the festival [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs is 11,540 yuan/ton, down 15 yuan; the position volume of the main contract is 141,128 lots, down 6,442 lots; the number of warehouse receipts is 1,027 lots, up 300 lots; the net long position of the top 20 futures holders is - 47,152 lots, down 777 lots [2] Spot Market - The live pig price in Zhumadian, Henan is 12,200 yuan/ton, up 200 yuan; in Siping, Jilin is 11,400 yuan/ton, unchanged; in Yunfu, Guangdong is 11,700 yuan/ton, unchanged. The main basis of live pigs is 660 yuan/ton, up 215 yuan [2] Upstream Situation - The national live pig inventory is 42,9670,000 heads, down 7130,000 heads; the national fertile sow inventory is 3,9610,000 heads, down 290,000 heads [2] Industry Situation - The year - on - year growth rate of CPI is 0.2%, down 0.6 percentage points; the spot price of soybean meal in Zhangjiagang is 3,080 yuan/ton, unchanged; the spot price of corn is 2,372.16 yuan/ton, up 1.77 yuan; the DCE pig feed cost index is 923.35, up 2.65; the monthly output of feed is 30,086,000 tons, up 307,000 tons; the price of binary fertile sows is 1,431 yuan/head, unchanged; the breeding profit of purchased piglets is 91.42 yuan/head, down 32.71 yuan; the breeding profit of self - bred and self - raised pigs is - 38.09 yuan/head, down 63.19 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14 yuan/kg, up 0.3 yuan [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 4,8910,000 heads, up 9340,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, down 3.19 billion yuan [2] Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on February 12, 2026, the daily national live pig slaughter volume of key breeding enterprises was 332,976 heads, a 5.25% reduction from the previous day [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | JM主力合约收盘价（日，元/吨） | 1120.00 | -3.50↓ J主力合约收盘价（日，元/吨） | 1664.00 | -3.00↓ | | | JM期货合约持仓量（日，手） | 617345.00 | -24712.00↓ J期货合约持仓量（日，手） | 40629.00 | +433.00↑ | | | 焦煤前20名合约净持仓（日，手） | -86186.00 | +5019.00↑ 焦炭前20名合约净持仓（日，手） | -369.00 | -19.00↓ | | | JM9-5月合约价差（日，元/吨） | 80.00 | 0.00 J9-5月合约价差（日，元/吨） | 75.00 | 0.00 | | | 焦煤仓单（日，张） | 2000.00 | +300.00↑ 焦炭仓单（日，张） | 1380.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 1018.00 | 0.00 唐山一级冶金焦（日，元/吨 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The US January non - farm report was overall strong, pushing back traders' expectations of the first interest rate cut from June to July. China's January CPI year - on - year increase fell to 0.2%, and PPI year - on - year decline narrowed to 1.4%. It's expected that Shanghai Tin will experience short - term shock adjustments, with attention on the 400,000 - yuan resistance level [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the futures main contract of Shanghai Tin was 391,320 yuan/ton, down 3,380 yuan; the closing price of the March - April contract of Shanghai Tin was down 480 yuan, with a 320 - yuan increase in the difference. LME 3 - month tin was 50,065 US dollars/ton, up 835 US dollars. The main contract position of Shanghai Tin was 28,260 lots, down 3,027 lots. The net position of the top 20 futures of Shanghai Tin was - 6,462 lots, down 973 lots. LME tin total inventory was 7,550 tons, up 120 tons. The inventory of Shanghai Futures Exchange was 8,750 tons, down 1,718 tons. LME tin cancelled warrants were 375 tons, down 25 tons. The warehouse receipts of Shanghai Futures Exchange were 10,296 tons, up 3,780 tons [3] 3.2 Spot Market - The SMM 1 tin spot price was 391,650 yuan/ton, up 2,950 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 394,110 yuan/ton, up 6,160 yuan. The basis of the Shanghai Tin main contract was 330 yuan/ton, up 6,330 yuan. LME tin premium (0 - 3) was - 152 US dollars/ton, up 7 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore concentrates was 17,600 tons, up 2,500 tons. The average price of 40% tin concentrates was 377,650 yuan/ton, up 2,950 yuan; the average processing fee was 14,500 yuan/ton, unchanged. The average price of 60% tin concentrates was 381,650 yuan/ton, up 2,950 yuan; the average processing fee was 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the import volume of refined tin was 2,239.1 tons, up 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu was 248,370 yuan/ton, up 2,000 yuan. The cumulative output of tin - plated sheets (strips) was 1.5287 million tons, up 138,700 tons. The export volume of tin - plated sheets was 142,900 tons, down 45,000 tons [3] 3.6 Industry News - Li Qiang called for comprehensively promoting AI technological innovation, industrial development and application. China's January CPI year - on - year increase fell from 0.8% to 0.2% due to the lunar new year month shift and international oil price changes; January PPI year - on - year decline narrowed to 1.4%. The US added 130,000 non - farm jobs in January [3] 3.7 Fundamental Analysis - On the supply side, Myanmar's resumption of production and the end of the rainy season led to an increase in domestic tin ore imports, with a continued increase expected in Q1, and a slight rise in tin ore processing fees. On the smelting side, most enterprises' raw material inventory was low, in a loss - making situation, and refined tin production was limited due to more year - end overhauls, but there was pressure for production to rebound after the Spring Festival. In terms of imports, Indonesia's tin exports increased, and the import window gradually opened, increasing import pressure. On the demand side, the development of the AI field will drive a significant increase in solder demand. Recently, tin prices rebounded, inventory increased, and the spot premium was maintained at 2,000 yuan/ton; LME inventory remained stable, and the spot premium rebounded [3] 3.8 Technical Analysis - Positions remained stable, prices were adjusted, and the trading between long and short positions became less active [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The overall fundamentals of lithium carbonate may show a situation of weak supply and demand due to the influence of the pre - holiday period. It is recommended to conduct short - term long trades at low prices with a light position and pay attention to controlling risks in trading rhythm [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 149,420 yuan/ton, a decrease of 840 yuan; the net position of the top 20 is - 106,902 hands, a decrease of 1,086 hands; the position of the main contract is 353,975 hands, a decrease of 2,556 hands; the spread between near - and far - month contracts is - 3,400 yuan/ton, a decrease of 1,940 yuan; the warehouse receipt of GZFE is 37,282 hands, an increase of 1,755 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 138,000 yuan/ton, an increase of 2,000 yuan; the average price of industrial - grade lithium carbonate is 139,000 yuan/ton, an increase of 4,500 yuan; the basis of the Li₂CO₃ main contract is - 11,420 yuan/ton, an increase of 2,840 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,950 US dollars/ton, unchanged; the average price of amblygonite is 14,200 yuan/ton, an increase of 200 yuan; the price of lithium mica (2 - 2.5%) is 6,350 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 59,470 tons, an increase of 2,650 tons; the monthly import volume is 23,988.66 tons, an increase of 1,933.47 tons; the monthly export volume is 911.90 tons, an increase of 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 49%, an increase of 2 percentage points [2] 3.5 Downstream and Application Situation - The monthly output of power batteries is 168,000 MWh, a decrease of 33,700 MWh; the price of lithium hexafluorophosphate is 130,000 yuan/ton; the price of lithium manganate is 47,000 yuan/ton; the price of lithium cobaltate is 400,500 yuan/ton; the price of ternary materials (811 type) in China is 202,500 yuan/ton; the price of ternary materials (622 power type) in China is 182,500 yuan/ton; the price of ternary materials (523 single - crystal type) in China is 197,500 yuan/ton; the monthly operating rate of ternary cathode materials is 0%, a decrease of 50 percentage points; the price of lithium iron phosphate is 52,400 yuan/ton; the monthly operating rate of lithium iron phosphate cathodes is 0%, a decrease of 60 percentage points; the monthly output of new energy vehicles is 1,041,000 vehicles, a decrease of 677,000 vehicles; the monthly sales volume is 945,000 vehicles, a decrease of 765,000 vehicles; the cumulative sales penetration rate of new energy vehicles is 40.28%, a decrease of 7.65 percentage points; the cumulative sales volume of new energy vehicles is 945,000 vehicles, an increase of 1,000 vehicles; the monthly export volume of new energy vehicles is 302,000 vehicles, an increase of 20,000 vehicles; the cumulative export volume of new energy vehicles is 302,000 vehicles, an increase of 152,000 vehicles [2] 3.6 Option Situation - The total holding of call options is 102,942 contracts, an increase of 6,101 contracts; the total holding of put options is 93,278 contracts, an increase of 4,780 contracts; the put - call ratio of total holdings is 90.61%, a decrease of 0.7727 percentage points; the implied volatility of at - the - money IV is 0.65%, an increase of 0.0320 percentage points [2] 3.7 Industry News - In January, the total output of power and energy - storage batteries in China was 168.0 GWh, a month - on - month decrease of 16.7% and a year - on - year increase of 55.9%; the sales volume was 148.8 GWh, a month - on - month decrease of 25.4% and a year - on - year increase of 85.1%. The sales volume of power batteries was 102.7 GWh, accounting for 69.0% of the total sales, a month - on - month decrease of 28.6% and a year - on - year increase of 63.2%; the sales volume of energy - storage batteries was 46.1 GWh, accounting for 31.0% of the total sales, a month - on - month decrease of 17.0% and a year - on - year increase of 164.0%. The domestic power battery loading volume was 42.0 GWh, a month - on - month decrease of 57.2% and a year - on - year increase of 8.4%. The loading volume of ternary batteries was 9.4 GWh, accounting for 22.3% of the total loading volume, a month - on - month decrease of 48.6% and a year - on - year increase of 9.6%; the loading volume of lithium iron phosphate batteries was 32.7 GWh, accounting for 77.7% of the total loading volume, a month - on - month decrease of 59.1% and a year - on - year increase of 8.1% [2] - Most key automobile enterprises have compressed the payment period to within 60 days, with an average payment period of about 54 days (about 10 days shorter than the same period last year), and 4 enterprises have an average payment period of less than 50 days [2] - Sichuan Province supports automobile replacement and renewal. In 2026, individual consumers who transfer their registered passenger cars through sale and purchase new - energy passenger cars in the "Catalogue of New - Energy Vehicle Models Exempted from Vehicle Purchase Tax" or fuel - powered passenger cars with a displacement of 2.0 liters or less will be given a one - time subsidy. For those who exchange for eligible new - energy passenger cars, a subsidy of 8% of the new - car sales price will be given, with a maximum subsidy of 15,000 yuan; for those who exchange for eligible fuel - powered passenger cars, a subsidy of 6% of the new - car sales price will be given, with a maximum subsidy of 13,000 yuan [2] - In January 2026, the automobile industry in China maintained stable operation. The production and sales of automobiles were 2.45 million and 2.346 million respectively, with the production increasing by 0.01% year - on - year and the sales decreasing by 3.2% year - on - year. The new - energy automobile market maintained stable operation, with production and sales of 1.041 million and 0.945 million respectively, increasing by 2.5% and 0.1% year - on - year. The commercial vehicle market continued the positive trend, with both production and sales maintaining double - digit growth year - on - year in January. In terms of automobile exports, it continued to grow. The export of new - energy vehicles maintained high - speed growth, with 302,000 vehicles exported, a year - on - year increase of 100% [2] 3.8 Technical Analysis - The 60 - minute MACD shows that the double lines are near the 0 axis, and the red bars are slightly converging [2]

Group 1 - The core initiative by Yong'an Futures focuses on enhancing investor education through innovative measures centered around the principles of "specialization, innovation, diversity, and engagement" [1] - The company has established an investor education think tank and launched an intelligent customer service feature named "Anzai Smart Answer" [1] - Yong'an Futures has created a knowledge base with over 100,000 Q&A entries and is releasing educational products in various formats to improve the application of futures tools and risk management awareness [1] Group 2 - This initiative may indirectly influence market attention by enhancing the company's service capabilities [2]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-12 对中东局势的担忧持续扰动油价，化⼯ 延续震荡整理 彭博报道称美国正考虑扣押载有伊朗原油的油轮，并可能在伊朗核问 题谈判失败的情况下向该地区增派航母战斗群；以色列总理也访美，敦促 美国总统推动全面遏制伊朗在中东的军事活动及其弹道导弹计划，而非满 足于达成范围更窄的核协议。这一系列事件引发了市场对中东地缘局势紧 张的担忧。原油价格强势，一些成品油出现了跟涨不力的情况，例如亚洲 地区的汽油裂解价差近期走势偏弱，绝对值处于近五年同期低位，成品油 裂差是原油最直接的需求指标。 板块逻辑： 近期聚酯产业链企业相继发布检修计划，强化了聚酯链格局向好的预 期。2月10日CCF报道，华东一250万吨装置即日起停车，重启时间不定， 该装置占PTA总产能比例为2.71%；3-5月仍有装置做出检修计划。2月11日 CCF报道，连云港一套90万吨MEG装置停车转产，这影响了MEG约3%的供 应。聚酯三大产品长丝、短纤和瓶片的检修自1月中旬就陆续开启。春节 后聚酯开工攀升，而原料仍有检修，原料供应缩减或供给持稳而需求端攀 升，原料偏强格 ...

uplied Volstility Surfax Time to MatuGty ITC 国贸期货 投资咨询业务资格:证监许可【2012】31号 世界500强投资公司 国贸期货股份有限公司 成为一流的衍生品综合服务商 IIC 国贸期货 HN AV ATE H F 投资咨询号: Z0000116 国留斯特研究 2026/2/12 从业资格号:F0251925 金融衍生品中心 李泽 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅 (%) 成交额(亿元) 成交量(亿) 3088. 4571 0. 03 1140. 86 36. 85 上证50 4713. 8185 173. 39 沪深300 -0. 22 4334. 29 273. 23 中证1000 8239. 513 -0. 13 4380. 65 中金所股指期权成交情况 期权成交量 期权持仓量 认购期权 认沽期权 认购期权 认沽期权 持仓量 日成交量 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 2. 04 1. 29 0. 75 0. 58 8. 30 5.04 3. 26 0. 65 沪深300 ...