地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/25 隔夜夜盘市场走势 1. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 1.25%报 5160.50 美元/盎 司，COMEX 白银期货涨 0.57%报 87.07 美元/盎司。 2. 美油主力合约收跌 0.35%，报 66.08 美元/桶；布油主力合约跌 0.06%，报 ...

每经AI快讯，2月24日，美油、布油短线下挫0.5美元，现分别报66.26美元/桶和71.05美元/桶。 （文章来源：每日经济新闻） ...

2月23日丨美、布两油日内涨幅扩大至1.00%，现分别报67.20美元/桶和71.82美元/桶。 ...

Group 1 - The U.S. stock indices closed mixed on February 13, with the Dow Jones Industrial Average up 0.1% at 49,500.93 points, the S&P 500 up 0.05% at 6,836.17 points, and the Nasdaq down 0.22% at 22,546.67 points. For the week, the Dow Jones fell 1.23%, the S&P 500 fell 1.39%, and the Nasdaq fell 2.1% [1] - The U.S. CPI data released showed a year-on-year increase of 2.4% in January, down from 2.7% in December, and below the economist's expectation of 2.5%. The core CPI rose 2.5% year-on-year and 0.3% month-on-month [4] - Following the CPI report, traders increased their bets on the Federal Reserve cutting interest rates three times this year, with a 50% chance of a rate cut by the end of the year [4][5] Group 2 - International precious metal futures saw widespread gains, with COMEX gold futures rising 2.33% to $5,063.80 per ounce and COMEX silver futures up 2.10% to $77.27 per ounce [2][7] - The rise in precious metal prices is attributed to multiple factors, including increased expectations for Federal Reserve rate cuts and a decline in the U.S. dollar index, enhancing the attractiveness of precious metals [8] - The oil market showed mixed results, with U.S. crude oil futures down 0.05% at $62.81 per barrel and Brent crude oil futures up 0.24% at $67.68 per barrel [9]

Group 1 - The core point of the article is the release of the U.S. January non-farm payroll report, which shows an increase of 130,000 jobs, surpassing the forecast of 65,000 and the previous value of 50,000 [1] - The U.S. unemployment rate for January is reported at 4.3%, the lowest since August 2025, compared to the forecast of 4.4% and the previous value of 4.4% [2] - The December non-farm payroll figures were revised to an increase of 48,000, and November's figures were revised to an increase of 41,000 [3] Group 2 - The annual benchmark revision indicates a downward adjustment of 862,000 jobs, compared to the forecast reduction of 825,000 [4] - Following the data release, traders reduced bets on a Federal Reserve rate cut, with full pricing now indicating a cut in July rather than June [4] - U.S. stock index futures rose after the report, with the Nasdaq futures up 0.35%, S&P 500 futures up 0.31%, and Dow futures up 0.24% [4] Group 3 - The U.S. Treasury yields rose sharply, with the 10-year Treasury yield increasing by 4 basis points to 4.192% [4] - The U.S. dollar index (DXY) initially surged by 50 points to 97.14 before quickly retreating [4] - Non-U.S. currencies experienced a decline, with the euro dropping over 60 points against the dollar, the pound falling over 70 points, and the yen seeing a near 100-point increase against the dollar [4] Group 4 - Spot gold prices fell nearly $40, with the current price at $5,054.46 per ounce, after reaching a high of $5,100 [5] - Both WTI and Brent crude oil prices increased by over 2% amid geopolitical tensions involving Iran and Israel [7]

Group 1 - The U.S. non-farm payrolls increased by 130,000 in January, exceeding the forecast of 65,000 and the previous value of 50,000 [1] - The unemployment rate in the U.S. fell to 4.3%, the lowest since August 2025, compared to the forecast and previous value of 4.4% [1] - The December non-farm payrolls were revised to an increase of 48,000, and November was revised to an increase of 41,000 [1] Group 2 - The annual benchmark revision showed a downward adjustment of 862,000 jobs, compared to the forecast decrease of 825,000 [1] - Following the employment data release, traders reduced bets on a Federal Reserve rate cut, with full pricing now indicating a cut in July instead of June [1] - A Reuters survey indicated that among 101 economists, 60 expect a 25 basis point rate cut to the 3.25%-3.50% range by the end of June [1] Group 3 - The U.S. stock index futures rose after the data release, with Nasdaq futures up 0.35%, S&P 500 futures up 0.31%, and Dow futures up 0.24% [1] - The U.S. Treasury yields increased, with the 10-year yield rising by 4 basis points to 4.192% [1] - The U.S. dollar index (DXY) initially surged by 50 points before quickly retreating [1]

Market Performance - The S&P 500 index rose by 1.97% to 6932.3 points, the Nasdaq Composite increased by 2.18% to 23031.21 points, and the Dow Jones Industrial Average climbed by 2.47% to 50115.67 points [1] - Major tech stocks showed mixed performance, with Nvidia up nearly 8%, Tesla rising over 3%, Microsoft increasing by nearly 2%, Apple up 0.8%, while Amazon fell over 5%, Google dropped more than 2%, and Facebook declined over 1% [1] - Popular Chinese concept stocks generally rose, with NIO up over 7%, Li Auto up over 6%, Baidu up over 5%, Xpeng up nearly 5%, Bilibili up over 4%, Alibaba and Pinduoduo up over 3%, and JD.com and iQIYI up over 2% [1] European Market - All three major European stock indices closed higher, with Germany's DAX index up 0.67% to 24654.37 points, France's CAC40 index up 0.43% to 8273.84 points, and the UK's FTSE 100 index up 0.59% to 10369.75 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 2.03% to $4988.60 per ounce and COMEX silver futures up 1.06% to $77.53 per ounce [1] - U.S. oil main contract rose by 0.33% to $63.5 per barrel, while Brent oil main contract increased by 0.55% to $67.92 per barrel [1] - London base metals all rose, with LME aluminum up 2.74% to $3110.0 per ton, LME zinc up 2.45% to $3383.0 per ton, LME tin up 1.50% to $47155.0 per ton, LME copper up 1.22% to $13060.0 per ton, LME nickel up 0.96% to $17235.0 per ton, and LME lead up 0.51% to $1965.5 per ton [1] Bond Market - U.S. Treasury yields collectively rose, with the 2-year yield up 5.54 basis points to 3.498%, the 3-year yield up 5.10 basis points to 3.567%, the 5-year yield up 4.50 basis points to 3.757%, the 10-year yield up 2.99 basis points to 4.206%, and the 30-year yield up 1.33 basis points to 4.852% [1] - European bond yields mostly fell, with the UK 10-year yield down 4.4 basis points to 4.514%, while the French 10-year yield rose by 0.1 basis points to 3.445%, the German 10-year yield fell by 0.1 basis points to 2.840%, the Italian 10-year yield fell by 0.2 basis points to 3.465%, and the Spanish 10-year yield fell by 0.1 basis points to 3.218% [1]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.34% at 49,240.99 points, the S&P 500 down 0.84% at 6,917.81 points, and the Nasdaq down 1.43% at 23,255.19 points [1] - Major tech stocks mostly declined, with Microsoft and Nvidia down nearly 3%, Facebook down over 2%, Amazon down nearly 2%, Google down over 1%, and Apple down 0.2%. Tesla saw a slight increase of 0.04% [1] - Popular Chinese concept stocks mostly fell, with Bilibili down over 4%, Alibaba and Baidu down over 2%, and JD.com and iQIYI down over 1%. Xpeng Motors rose over 4%, and Li Auto increased nearly 3% [1] European Market - European stock indices closed slightly lower, with Germany's DAX down 0.07% at 24,781.38 points, France's CAC40 down 0.02% at 8,179.5 points, and the UK's FTSE 100 down 0.26% at 10,314.59 points [1] Commodity Prices - U.S. oil futures rose by 2.83%, closing at $63.90 per barrel, while Brent oil futures increased by 2.55% to $67.99 per barrel [1] - International precious metal futures generally rose, with COMEX gold futures up 6.83% at $4,970.50 per ounce and COMEX silver futures up 10.27% at $84.92 per ounce [1] - Most London base metals increased, with LME tin up 7.95% at $50,295.00 per ton, LME copper up 4.02% at $13,410.00 per ton, and LME nickel up 3.38% at $17,395.00 per ton [1] Bond Market - U.S. Treasury yields showed mixed results, with the 2-year yield up 0.01 basis points at 3.570%, the 3-year yield up 0.01 basis points at 3.643%, the 5-year yield down 0.34 basis points at 3.832%, the 10-year yield down 0.59 basis points at 4.266%, and the 30-year yield down 1.76 basis points at 4.895% [1] - European bond yields collectively rose, with the UK 10-year yield up 1.1 basis points at 4.516%, France's 10-year yield up 1.7 basis points at 3.465%, Germany's 10-year yield up 2.2 basis points at 2.888%, Italy's 10-year yield up 1.7 basis points at 3.496%, and Spain's 10-year yield up 2.3 basis points at 3.254% [1]

Metal Market Summary - Domestic base metals experienced a general decline, with only copper rising by 2.6%. Tin led the decline with a drop of 6.7%, while nickel fell by 1.25%. Other metals saw declines of less than 1% [1] - In the aluminum sector, alumina rose by 0.75%, while casting aluminum fell by 1.22%. Lithium carbonate increased by 4.63%, and polysilicon rose by 6.61%. Industrial silicon decreased by 0.62% [1][4] - The black metal sector saw collective declines, with stainless steel and iron ore both dropping over 1%, specifically stainless steel down by 1.77% and iron ore down by 1.14% [1] - Internationally, base metals showed collective gains, with London copper and tin both rising over 4%, specifically copper up by 4.1% and tin by 4.53%. Nickel increased by 3.29%, while aluminum and zinc rose over 1% [1] - Precious metals saw significant increases, with COMEX gold rising by 5.3% and silver by 10.06%. In contrast, domestic silver fell by 16.71%, while domestic gold rose by 0.63% [1][2] Macroeconomic Overview - The Shanghai government set a GDP growth target of around 5% for the year, with public budget revenue expected to grow by 2%. The report emphasizes the importance of modernizing the industrial system and supporting key sectors such as integrated circuits and biomedicine [5] - The People's Bank of China conducted a net withdrawal of 296.5 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] - The US dollar index fell by 0.17% to 97.44, with discussions around interest rate policies indicating a low probability of rate cuts in the near term [6]

Core Viewpoint - Iran's president has ordered the initiation of nuclear negotiations with the United States, signaling a potential thaw in US-Iran relations and a decrease in expectations of military action against Iran, which has led to a significant drop in international oil prices [1][3]. Group 1 - Iran's president has officially ordered the commencement of specialized nuclear negotiations with the US, with high-level talks expected to occur in the coming days [3]. - The negotiations are anticipated to be conducted within the framework of the nuclear agreement, aiming to break a long-standing deadlock [4]. - Iran's Foreign Ministry spokesperson confirmed that discussions may involve direct meetings between Iranian Foreign Minister Amir-Abdollahian and US representative Robert Malley [3]. Group 2 - Iran has denied receiving any "ultimatum" from the US regarding military action, emphasizing that they are currently reviewing the overall situation and details for advancing the negotiation process [6]. - The spokesperson highlighted the importance of time in negotiations, stating that every day of reduced sanctions is considered a success [7]. - Iran's past experiences with US negotiations, including instances of betrayal and deception, will be taken into account in their decision-making process [7].