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].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The pre - stocking for the Spring Festival is coming to an end, the egg sales are stable, the supply and demand are relatively balanced, and the breeding side has a good profit and a strong willingness to support prices. With the support of good profits, the enthusiasm for chick replenishment has increased while that for old chicken culling has slightly slowed down, weakening the expectation of a decline in inventory. From the perspective of the futures market, restricted by high inventory pressure and the expectation of egg price decline after the Spring Festival, the futures price has been generally weak recently, and short - term participation is recommended. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 2,923 yuan per 500 kilograms, with a week - on - week increase of 12 yuan. The net long position of the top 20 futures holders of eggs is - 11,506 lots, a decrease of 3,854 lots compared to last period. The egg futures spread between May and September contracts is - 422 yuan per 500 kilograms, with a week - on - week increase of 48 yuan. The futures trading volume of the active egg contract is 106,233 lots, a decrease of 17,042 lots compared to last period. The registered warehouse receipt volume of eggs is 0 lots. [2] 3.2 Spot Market - The spot price of eggs is 3.43 yuan per catty, with a week - on - week decrease of 0.01 yuan. The national laying hen inventory index is 109.28 (with 2015 as the base year of 100), and the national culled laying hen index is 124.98 (with 2015 as the base year of 100), with a week - on - week decrease of 23.8. The basis (spot - futures) is - 2.75 yuan per 500 kilograms. [2] 3.3 Upstream Situation - The average price of laying hen chicks in the main production areas is 3.2 yuan per chick, remaining unchanged. The national new - born chick index is 71.99 (with 2015 as the base year of 100), with a week - on - week decrease of 21.63. The average price of laying - hen compound feed is 2.84 yuan per kilogram, remaining unchanged. The breeding profit per laying hen is 0.03 yuan per week, a decrease of 0.27 yuan compared to last period. The average price of culled chickens in the main production areas is 8.86 yuan per kilogram, a decrease of 0.58 yuan compared to last period. The average age of culled chickens in the country is 500 days, remaining unchanged. [2] 3.4 Industry Situation - The average wholesale price of pork is 18.16 yuan per kilogram, a decrease of 0.1 yuan compared to last period. The average wholesale price of 28 key - monitored vegetables is 5.55 yuan per kilogram, an increase of 0.03 yuan compared to last period. The average wholesale price of dressed chickens is 17.39 yuan per kilogram, an increase of 0.25 yuan compared to last period. The weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days compared to last period. The weekly inventory in the production link is 1.02 days, an increase of 0.05 days compared to last period. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons compared to last period. [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales areas is 7,210 tons, a decrease of 165 tons compared to last period. [2] 3.6 Industry News - Today, the average price of eggs in Shandong, a major production area, is 6.88 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Hebei is 6.72 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Guangdong is 6.87 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Beijing is 7.56 yuan per kilogram, remaining unchanged from yesterday. [2]

沪镍产业日报 2026-02-11 增长，现货升水下调。技术面，持仓持稳价格调整，市场情绪平淡。观点参考：预计短线沪镍震荡调整， 免责声明 关注14关口争夺。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 139360 | 6010 03-04月合约价差:沪镍(日,元/吨) | -300 | -70 | | | LME3个月镍(日,美元/吨) | 17550 | 140 主力合约持仓量:沪镍(日,手) | 76440 | -3802 | ...

期货公司观点 广发期货： 当前数据显示美国就业和通胀持续放缓但部分领域在美联储降息提振下有所改善，尽管美联储未来在衡 量就业的通胀目标问题上仍有分歧短期趋于谨慎，但贸易摩擦和地缘风险的担忧驱动资金提前配置使金 价中长期上涨空间，在全球主流机构持续上调贵金属价格预测的情况下，部分机构投资者选择提前"抢 跑"配置贵金属，对价格形成支撑。市场或将更多受到美国经济数据对美联储政策预期影响和地缘局势 扰动，综合来看短期消息面影响减弱行情维持偏强震荡但波动回落，黄金在 20 日均线上方多单继续持 有，可卖出虚值看跌期权可赚取时间价值。 最近美元一跌，黄金就跟着往上冲，这波涨势还没到头，逻辑特别简单、接地气。 黄金是用美元计价的，美元越不值钱，买同样的黄金要花的美元就越多，金价自然就涨了。就像你去国 外买东西，人民币升值了，你花同样的钱能买更多东西；反过来，美元贬值，全球买家买黄金的成本变 低，买的人一多，价格就被推上去。 现在美元本身就处在弱势区间，而且美联储降息的预期一直没断。降息意味着美元的吸引力会下降，资 金会从美元资产里跑出来，找更保值的去处，黄金就是首选。再加上全球央行还在不停买黄金，给金价 托着底。 就算中间 ...

静，贸易商多以交付节前加工订单为主，整体资源消耗速度放缓，因此全国不锈钢社库转入季节性累库。 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 不锈钢产业日报 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 | 期货主力合约收盘价:不锈钢(日,元/吨) | 14040 | 300 03-04月合约价差:不锈钢(日,元/吨) | -105 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8958 | -2618 主力合约持仓量:不锈钢(日,手) | 32627 | -4794 | | | 仓单数量:不锈钢(日,吨) | 54551 | 421 | | | | 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) | 530 | -5 | | | | 上游情况 | 电解镍 ...