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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will offer futures and options for paraxylene, bottle flakes, short fibers, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will introduce lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will add options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise the relevant futures exchanges to ensure proper preparations are made for the smooth introduction of these products for foreign traders [1]