| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14745 | 90 棉纱主力合约收盘价(日,元/吨) | 20590 | 150 | | | 棉花期货前20名净持仓(手) | -121791 | -1663 棉纱期货前20名净持仓(手) | -925 | 136 | | | 主力合约持仓量:棉花(日,手) | 696412 | -3860 主力合约持仓量:棉纱(日,手) | 11468 | -438 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10746 | 60 仓单数量:棉纱(日,张) | 0 | 0 | | | | 16029 | 41 中国纱线价格指数:纯棉普梳纱32支(日, | 21520 | 0 | | | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) 到港价:进口棉纱价格指数:纯棉普梳纱32 | | | | 现货市场 | | 12418 | 0 | ...

整。盘面来看，玉米今日增仓上涨，市场氛围有所转强，临近春节观望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 玉米系产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):(日,元/吨) | 2316 -15 | 30 玉米淀粉期货收盘价(活跃合约):(日,元/ 7 玉米淀粉月间价差(3-5):(日,元/吨) | 2571 -66 | 24 -5 | | | 玉米月间价差(5-9):(日,元/吨) | | 吨) | | | | | 期货持仓量(活跃合约):黄玉米(日 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On Wednesday, most prices of the container shipping index (European line) futures declined, with the main contract EC2604 closing down 4.57%. The latest SCFIS European line settlement freight index was 1657.94, down 134.2 points from last week, a 7.5% week - on - week decline [2] - The cancellation of full - tax refunds for photovoltaic products is expected to lead to a rush for shipping, which will boost long - term contract cargo volume. However, after the trading sentiment stabilizes, the increase brought by the news will be reversed [2] - China's foreign trade level in December 2025 rebounded unexpectedly, with both imports and exports improving significantly, possibly related to the cancellation of value - added tax export rebates for some commodities and pre - holiday rush exports. China's exports are expected to maintain a high growth rate in 2026 [2] - Although some shipping companies have announced price increases for Asia - to - Northwest Europe and the Mediterranean routes, due to the unchanged supply - demand pattern, the implementation may fall short of expectations [2] - The resumption of the IMX/ME11 route in the Red Sea Canal by Maersk and Hapag - Lloyd has actual execution risks, and the actual effect remains to be seen [2] - The market is optimistic about the economic recovery of the eurozone, and inflation is approaching the target level, supporting the expectation that the European Central Bank will keep interest rates unchanged in the foreseeable future [2] - The current freight market is greatly affected by seasonal demand. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1177.900, down 17.0; EC second - main contract closing price: 1501, down 14.10 [2] - EC2604 - EC2606 spread: - 323.10, down 2.30; EC2604 - EC2608 spread: - 403.10, down 5.80 [2] - EC contract basis: + 1.10, at 480.04 [2] - EC main contract open interest: 33027 lots, down 872 [2] 3.2 Spot Market Data - SCFIS (European line) (weekly): 1657.94, down 134.20; SCFIS (US West Coast line) (weekly): 1,155.66, up 54.26 [2] - SCFI (composite index) (weekly): 1266.56, down 50.19; Container ship capacity (in 10,000 TEUs): 1,227.97, down 0.10 [2] - CCFI (composite index) (weekly): 1122.15, down 53.44; CCFI (European line) (weekly): 1,535.03, down 39.66 [2] - Baltic Dry Index (daily): 1882.00, up 13.00; Panamax Freight Index (daily): 1,670.00, down 22.00 [2] - Average charter price of Panamax ships: 0.00, unchanged; Average charter price of Capesize ships: 18,955.00, down 750.00 [2] 3.3 Industry News - US President Trump is considering sending another aircraft carrier strike group to the Middle East if negotiations with Iran fail. The second round of US - Iran talks is expected to be held next week [2] - Fed officials Logan and Hamark believe that the Fed's policy stance is close to neutral and may remain unchanged for a long time if inflation falls and the labor market stabilizes [2] - The People's Bank of China will continue to implement a moderately loose monetary policy, use various policy tools such as reserve requirement ratio cuts and interest rate cuts, and conduct regular treasury bond trading operations [2] 3.4 Key Data to Watch - UK Q4 GDP annual rate preliminary value at 15:00 on February 12 [2] - UK December manufacturing output monthly rate at 15:00 on February 12 [2] - US initial jobless claims for the week ending February 7 (in 10,000 people) at 21:30 on February 12 [2]

菜籽系产业日报 2026-02-11 力逐步增加，且当下市场预期仍维持菜系进口或将恢复，我国新增加菜籽采购，供应增加预期得到强化。盘面来看，受加菜籽买船 消息影响，菜油仍受牵制，近期市场波动加剧，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 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9131 | 35 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2288 | 44 | | 菜油月间差 ...

1、中国人民银行发布《2025年第四季度中国货币政策执行报告》指出，下阶段将继续实施好 适度宽松的货币政策，发挥增量政策和存量政策集成效应。灵活高效运用降准降息等多种政策 工具，保持流动性充裕和社会融资条件相对宽松。未来将常态化开展国债买卖操作，关注长期 收益率的变化。针对市场对银行存款"流失"的担忧，央行分析指出，居民资产配置调整最终 会回流到银行体系，并不意味着流动性状况出现较大变化。 国债期货日报 2026/2/11 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.540 | 0.06% T主力成交量 | 94249 | 26727↑ | | | TF主力收盘价 | 106.050 | 0.05% TF主力成交量 | 72124 | 15993↑ | | | TS主力收盘价 | 102.472 | 0% TS主力成交量 | 41885 | 7574↑ | | | TL主力收盘价 | 112.750 | 0.05% TL主力成交量 | 76186 | 138 ...

| 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） | 1130.400 | 9.2↑ 沪银主力合约收盘价（日，元/千克） | 20944 | +660.00↑ | | | 主力合约持仓量:沪金(日,手) | 160,510.00 | +3600.00↑ 主力合约持仓量:沪银(日,手) | 9,050.00 | +74.00↑ | | | 主力合约成交量:沪金 | 217,933.00 | -164.00↓ 主力合约成交量:沪银 | 504,079.00 | -107478.00↓ | | | 仓单数量:沪金(日,千克) | 105072 | 0↑ 仓单数量:沪银(日,千克) | 342,102 | 18734↑ | | 现货市场 | 上金所黄金现货价 | 1123.02 | 6.33↑ 华通一号白银现货价 | 19,556.00 | 266.00↑ | | | 沪金主力合约基差(日,元/克) | -7.38 | -2.85↓ 沪银主力合约基差(日,元/ ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11555 | 85 主力合约持仓量:生猪(日,手) | 147570 | -1979 | | | 仓单数量:生猪(日,手) | 727 | 0 期货前20名持仓:净买单量:生猪(日,手) | -46375 | 2323 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12000 | -300 生猪价 吉林 四平(日,元/吨) | 11400 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 11700 | 0 生猪主力基差(日,元/吨) | 445 | -385 | | 上游情况 | 全国:生猪存栏(月,万头) | 42967 | -713 全国:能繁母猪存栏(月,万头) | 3961 | -29 | | 产业情况 | CPI:当月同比(月,%) | 0.8 | 0.1 现货价:豆粕:张家港(日,元/吨) | 3080 | 20 | | | 玉米现货价 | 237 ...

| | | 基建、家电板块也呈现走弱，而汽车等领域政策支持带来部分亮点。下游市场以逢低按需采购为主，近期 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 锌价回落，下游采购依旧偏淡，现货升水低位，国内社会库存略增；LME锌库存持稳，现货升水维持低位 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 。技术面，持仓持稳价格调整，多空交投转淡。观点参考：预计沪锌震荡调整，关注2.43-2.5区间，上涨动 免责声明 能不足。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 沪锌产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply side shows that the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, and it is expected to continue to increase in Q1. The tin ore processing fee has slightly rebounded, indicating a sign of relief in the tight supply of tin ore. [3] - At the smelting end, most enterprises' raw material inventories are still low, and most enterprises are in a loss - making situation. With more year - end maintenance, refined tin production continues to be restricted, but there is pressure for production to rebound after the Spring Festival. [3] - In terms of imports, Indonesia's tin exports have increased, the import window is gradually opening, and import pressure is increasing. [3] - On the demand side, the development prospects of the AI field are strong, which will drive a significant increase in solder demand. Recently, tin prices have fallen, the downstream procurement atmosphere has warmed up, inventory has decreased significantly, and the spot premium has rebounded to 2,000 yuan/ton; LME inventory has remained stable, and the spot premium has rebounded. [3] - Technically, the position has remained stable and the price has rebounded, with a strong long - position atmosphere. It is expected that Shanghai tin will be strongly adjusted in the short term, and attention should be paid to the 400,000 - yuan mark. [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 394,700 yuan/ton, with a month - on - month increase of 12,700 yuan/ton; the closing price of the March - April contract of Shanghai tin is - 800 yuan/ton, with a month - on - month decrease of 190 yuan/ton. [3] - The price of LME 3 - month tin is 49,230 US dollars/ton, with a month - on - month decrease of 585 US dollars/ton; the position of the main contract of Shanghai tin is 31,287 lots, with a month - on - month decrease of 920 lots. [3] - The net position of the top 20 futures of Shanghai tin is - 5,489 lots, with a month - on - month increase of 175 lots; the total inventory of LME tin is 7,430 tons, with a month - on - month increase of 400 tons. [3] - The inventory of tin in the Shanghai Futures Exchange is 8,750 tons, with a month - on - month decrease of 1,718 tons; the cancelled warrants of LME tin are 400 tons, with a month - on - month increase of 135 tons. [3] - The warrants of tin in the Shanghai Futures Exchange are 6,516 tons, with a month - on - month increase of 131 tons. [3] 3.2 Spot Market - The spot price of SMM 1 tin is 388,700 yuan/ton, with a month - on - month increase of 3,000 yuan/ton; the spot price of 1 tin in the Yangtze River Non - ferrous Metals Market is 387,950 yuan/ton, with a month - on - month decrease of 2,140 yuan/ton. [3] - The basis of the main contract of Shanghai tin is 3,700 yuan/ton, with a month - on - month increase of 14,380 yuan/ton; the LME tin premium (0 - 3) is - 159 US dollars/ton, with a month - on - month decrease of 3 US dollars/ton. [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 17,600 tons, with a month - on - month increase of 2,500 tons. [3] - The average price of 40% tin concentrate is 374,700 yuan/ton, with a month - on - month increase of 3,000 yuan/ton; the processing fee of 40% tin concentrate by Antaike is 14,500 yuan/ton, with no change. [3] - The average price of 60% tin concentrate is 378,700 yuan/ton, with a month - on - month increase of 3,000 yuan/ton; the processing fee of 60% tin concentrate by Antaike is 10,500 yuan/ton, with no change. [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons; the import volume of refined tin is 2,239.1 tons, with a month - on - month increase of 323.25 tons. [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 246,370 yuan/ton, with a month - on - month increase of 1,480 yuan/ton. [3] - The cumulative output of tinplate (strip) is 1.5287 million tons, with a month - on - month increase of 138,700 tons; the export volume of tinplate is 142,900 tons, with a month - on - month decrease of 45,000 tons. [3] 3.6 Industry News - The People's Bank of China's Q4 Monetary Policy Implementation Report states that it will continue to implement a moderately loose monetary policy, conduct regular treasury bond trading operations, and strengthen the coordination between monetary and fiscal policies. [3] - US retail sales in December were weaker than in November (which had a 0.6% month - on - month increase) and fell short of Wall Street's expected 0.4% month - on - month increase. The holiday - season consumption was weak and uneven, with 8 out of 13 retail categories declining, especially the spending of low - income groups. [3]

Core Insights - The global commodity market is experiencing significant volatility due to geopolitical easing, Federal Reserve policy expectations, and supply-demand imbalances [15][23]. Market Overview - The overall market is in a fluctuating but strong trend, with the strongest sectors being crude oil, feed, non-ferrous metals, grains, and new energy [22][23]. - Precious metals like gold and silver saw a rise of nearly 30% and 70% in January, respectively, before a sharp decline due to selling pressure following the nomination of Kevin Warsh as Federal Reserve Chairman [20]. Trading Strategies - Key trading commodities include live pigs, fuel, and soybeans, with a focus on maintaining a cautious approach and locking in profits through phased selling strategies [24][25]. - The strategy for live pigs involved a trend-following short position, achieving an 11% profit before gradually reducing exposure [25][26]. Economic Context - The Federal Reserve's expectation of interest rate cuts and a weaker dollar is supporting commodity prices, while geopolitical tensions are affecting energy supply chains [23]. - The end of the supercycle is putting pressure on exporting countries' finances, but it provides some relief for global inflation [21].