证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 03 月 02 日 上期有色金属指数解析：期货指数 与股票指数有何差异？ 相关研究 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 - ⚫ 有色金属景气回升，政策驱动行业稳增长。2025/8/28，工业和信息化部等八部门印发《有 色金属行业稳增长工作方案（2025—2026 年）》，系列举措将有效改善行业供需结构、 提升产业韧性，为有色金属行业景气度回升注入强劲动力。 ⚫ 工业有色金属的供需维持紧平衡，价格易涨难跌。结合库存数据与行业周期来看，当前 LME 铜、铝、锡的全球库存整体仍处于低位，机器人、新能源汽车以及新能源装机等新 兴产业的快速发展，正在同步推升铜、铝等工业有色金属的需求；而供给端方面，近几年 全球铜矿开采量增速出现放缓，全球铝的产能也已经达到高位，新增产能受限，因此，未 来铜、铝等工业有色 ...

本公司具有中国证监会核准的期货交易咨询业务资格 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确 地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 20260302申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：美盘早盘与周五夜盘铜价收盘时持平，美伊战争对铜价短期冲击有限。精矿供应延续 紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽环比回落，但总体延续高增长。国家统计 局数据显示，电力投资稳定；汽车产销正增长；家电排产负增长；地产持续疲弱。铜价短 | | | 期可能区间波动。关注美元、铜冶炼产量和旺季下游需求等变化。 | | 锌 | 锌：周末夜盘锌价收低1.07%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续 增长。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家 | | | 电排产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和 ...

期货市场交易指引 2026 年 03 月 02 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 短线交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 空 5 多 9 | | | 有色金属 | | ◆铜： | 短期区间交易，关注 98000-106000 | | ◆铝： | 建议加强观望 | | ◆镍： | 建议逢低适度持多 | | ◆锡： | 区间交易 | | ◆黄金： | 偏强震荡 | | ◆白银： | 偏强震荡 | | ◆碳酸锂： | 区间震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 低位震荡 | | ◆纯碱： | 逢高做空 | | ◆苯乙烯： | 逢低多配不追高 | | ◆橡胶： | 逢低多配不追高 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏强震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡偏强 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡运行 | | | 农业 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 3 月 2 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/02/27 | -56.4 | 0.0 | 0.0 | 0.0 | | 2026/02/26 | -62.4 | 0.0 | 0.0 | 0.0 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 0.0 | 0.0 | 0.0 | | 2026/02/13 | -83.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/02/27 2026/02/26 2026/02/25 2026/02/24 2026/02/13 2 ...

商品类别 品种 周收盘价 周涨跌幅 20日年化波动率 波动率变化(%) 投机度 趋势度 资金变动 黄金 1,147.90 3.41% 72.66% 0.27% 1.13 -0.04 -147.54 白银 23,019.00 16.36% 129.12% 7.64% 1.95 0.21 -11.81 铜 103,920.00 3.27% 44.13% 0.88% 0.67 0.38 -127.74 镍 141,560.00 4.13% 48.55% 2.57% 3.10 0.40 12.58 铝 23,835.00 2.45% 38.23% 0.75% 1.04 0.37 -32.02 锡 453,240.00 23.27% 81.12% 15.77% 8.18 0.55 42.72 锌 24,710.00 1.90% 26.11% 2.33% 1.45 0.46 -10.43 铅 16,840.00 0.84% 9.86% -11.23% 0.84 0.26 -6.98 工业硅 8,395.00 0.00% 15.95% -16.70% 0.58 -0.09 -4.85 螺纹钢 3,067.00 0.39% ...

图为商品期货主连合约资金流向（亿元） 单品种看，昨日资金主要流入的商品期货（主连合约）品种有铜、镍、锌、焦煤和碳酸锂，分别流入92.26 亿元、66.18 亿元、19.48 亿元、8.00 亿 元和7.17 亿元；主要流出的品种有白银、黄金、锡、螺纹钢和沥青，分别流出19.13 亿元、17.66 亿元、6.53 亿元、2.47 亿元和1.87 亿元。从主力合 约看，有色金属、化工、黑色和农产品板块呈流入状态，金融板块呈流出状态。 整体看，昨日受主力合约换月影响商品期货（主连合约）资金呈大幅流入状态。化工和有色金属板块呈大幅流入状态，重点关注流入较多的铜、 镍、碳酸锂和甲醇，同时关注逆势流出的白银、黄金、锡和原油。黑色和农产品板块呈中幅流入状态，重点关注流入较多的焦煤、棉花和白糖，同 时关注逆势流出的螺纹钢和菜油。金融板块重点关注中证1000股指期货和30年期国债期货。（徽商期货 方正） 图为商品期货资金流入前十名（亿元） 图为商品期货资金流出前十名（亿元） 图为板块资金流入额（亿元） 图为金融期货主连合约资金流向（亿元） ...

2026 年 2 月 27 日星期五 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 | 目录 | | --- | | 纸浆： 15 | | 碳酸锂： 16 | | --- | | 铜： 17 | | 铝： 17 | | 锌： 18 | | 铅： 18 | | 锡： 18 | | 镍： 19 | | 豆油、豆粕： 19 | | 棕榈油： 20 | | 菜粕、菜油： 21 | | 棉花： 21 | | 白糖： 22 | | 苹果： 23 | | 生猪： 24 | | 鸡蛋： 24 | | 玉米&淀粉： 25 | | 原木： 26 | | 免责声明 27 | 国债： 上一交易日，国债期货收盘全线下跌，30 年期主力合约跌 0.53%报 112.090 元， 10 年期主力合约跌 0.10%报 108.370 元，5 年期主力合约跌 0.08%报 105.980 元，2 年 期主力合约跌 0.03%报 102.432 元。 地址： 电话： 1 市场有风险 投资需谨慎 公开市场方面，央行公告称，2 月 26 日以 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 2 月 27 日） 一、动力煤 | 商品 | | 动力煤 （元/吨） | | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/02/26 | -62.4 | 0.0 | 0.0 | 0.0 | | 2026/02/25 | -69.4 | 0.0 | 0.0 | 0.0 | | 2026/02/24 | -74.4 | 0.0 | 0.0 | 0.0 | | 2026/02/13 | -83.4 | 0.0 | 0.0 | 0.0 | | 2026/02/12 | -90.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/02/26 2026/02/25 2026/02/24 2026/02/13 2026/02/12 ...

| | 操作评级 | 2026年02月26日 | | --- | --- | --- | | 铜 | 女女女 | 肖静 首席分析师 | | | | F3047773 Z0014087 | | 铝 | な☆☆ | 刘冬博 高级分析师 | | 氧化铝 | な女女 | F3062795 Z0015311 | | 铸造铝合金 文文文 | | | | 锌 | なな女 | 吴江 高级分析师 | | | | F3085524 Z0016394 | | 铝 | な女女 | 张秀睿 中级分析师 | | 镇及不锈钢 ☆☆☆ | | | | 锡 | 女女女 | F03099436 Z0021022 | | | | 孙芳芳 中级分析师 | | 碳酸锂 | な女女 | F03111330 Z0018905 | | 工业培 | ななな | | | 多晶硅 | 女女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 周四沪铜盘中延续震荡,且交投稳定在密集均线上方。国内SMM铜社库继续增加2.32万吨至53.17万吨。SMM现铜 报101795元,上海铜贴水扩至235元,精 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold is expected to move upward in an oscillatory manner [2][4] - Attention should be paid to the post - holiday gap - up in silver [2][4] - The sentiment in the copper market has warmed up, and prices are expected to rise [2][9] - An increase in lead inventory restricts price recovery [2][12] - Tin is expected to be slightly stronger in an oscillatory pattern [2][14] - The platinum market may be boosted by news, with positive sentiment [2][21] - Palladium is expected to follow the upward trend [2][21] - Speculative sentiment still exists in Shanghai nickel futures, and continuous attention should be paid to nickel ore contradictions [2][25] - For stainless steel, cost support has shifted upward, but inventory accumulation in the off - season restricts price elasticity [2][25] 3. Summaries by Related Catalogs 3.1 Gold - **Price Data**: Yesterday, the closing price of Shanghai Gold 2602 was 1151.06, up 0.05%, and the night - session closing price was 1153.90, up 0.65%. The closing price of Comex Gold 2602 was 5183.70, up 0.45%. The spot price of London Gold was 5164.31, up 0.63% [4] - **Trading Volume and Position Data**: The trading volume of Shanghai Gold 2602 was 198,537, an increase of 71,634 from the previous day, and the position was 155,075, a decrease of 2,336 [4] - **Inventory Data**: The inventory of Shanghai Gold was 105,072 kilograms, with no change from the previous day. The inventory of Comex Gold (in troy ounces, the day before) was 33,701,164, a decrease of 73,343 [4] - **Spread Data**: The spread between Gold T + D and AU2602 was - 5.99, with no change from the previous day. The cost of the inter - period arbitrage of buying December Shanghai Gold and selling June Shanghai Gold decreased by 0.87 to 4.77 [4] 3.2 Silver - **Price Data**: Yesterday, the closing price of Shanghai Silver 2602 was 23029, up 3.46%, and the night - session closing price was 23365.00, up 4.00%. The closing price of Comex Silver 2602 was 89.860, up 2.43%. The spot price of London Silver was 89.221, up 2.45% [4] - **Trading Volume and Position Data**: The trading volume of Shanghai Silver 2602 was 413,159, an increase of 202,427 from the previous day, and the position was 182,667, an increase of 7,570 [4] - **Inventory Data**: The inventory of Shanghai Silver was 355,830 kilograms, an increase of 5951 from the previous day. The inventory of Comex Silver (in troy ounces, the day before) was 364,000,164, a decrease of 2,969 [4] - **Spread Data**: The spread between Silver T + D and AG2602 was 841, a decrease of 175 from the previous day. The cost of the inter - period arbitrage of buying December Shanghai Silver and selling June Shanghai Silver decreased by 11.3 to 73.41 [4] 3.3 Copper - **Price Data**: Yesterday, the closing price of the main Shanghai Copper contract was 102,890, up 1.36%, and the night - session closing price was 103040, up 0.15%. The closing price of LME Copper 3M was 13,350, up 1.17% [9] - **Trading Volume and Position Data**: The trading volume of the Shanghai Copper index was 291,554, an increase of 93,583 from the previous day, and the position was 556,155, a decrease of 7,927. The trading volume of LME Copper 3M was 18,795, a decrease of 6,860, and the position was 321,000, an increase of 4,315 [9] - **Inventory Data**: The inventory of Shanghai Copper was 287,806, an increase of 10,717 from the previous day. The inventory of LME Copper was 249,650, an increase of 6,475, and the注销仓单 ratio was 5.02%, an increase of 0.52% [9] - **Spread Data**: The LME Copper cash - to - 3M spread was - 85.04, a decrease of 1.44 from the previous day. The spread between the spot and the near - month futures contract was - 180, a decrease of 430 [9] - **News**: In December 2025, the global refined copper production was 2.2506 million tons, with consumption of 2.1526 million tons, resulting in a supply surplus of 98,000 tons. Uganda plans to connect a new railway to Tanzania's railway, which will open a new export channel for minerals such as copper. Hudbay Minerals has received approval to expand its Copper Mountain mine [9][11] 3.4 Lead - **Price Data**: The closing price of the main Shanghai Lead contract was 16735, up 0.39%. The closing price of LME Lead 3M was 1959.5, up 0.38% [12] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Lead contract was 67705, an increase of 12420 from the previous day. The trading volume of LME Lead was 6359, an increase of 3009. The position of the main Shanghai Lead contract was 71996, an increase of 2284, and the position of LME Lead was 173292, an increase of 3619 [12] - **Inventory Data**: The inventory of Shanghai Lead futures was 59323 tons, an increase of 946 from the previous day. The inventory of LME Lead was 286300 tons, a decrease of 25 [12] - **News**: Investors bet that NVIDIA's strong performance will reignite the enthusiasm for AI trading, and Shanghai issued the "Shanghai Seven" housing policies [12] 3.5 Tin - **Price Data**: Yesterday, the closing price of the main Shanghai Tin contract was 416,160, up 7.62%, and the night - session closing price was 423,990, up 5.77%. The closing price of LME Tin 3M was 53,915, up 7.19% [15] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Tin contract was 173,225, an increase of 99,126 from the previous day, and the position was 18,346, a decrease of 2,692. The trading volume of LME Tin 3M was 884, an increase of 160, and the position was 21,849, an increase of 113 [15] - **Inventory Data**: The inventory of Shanghai Tin was 11,738, a decrease of 43 from the previous day. The inventory of LME Tin was 7,680, an increase of 25, and the注销仓单 ratio was 6.57%, a decrease of 0.38% [15] - **Spread Data**: The spread between SMM 1 tin ingot and the main futures contract was 19,380, an increase of 26,980 from the previous day [15] - **News**: Xi Jinping met with German Chancellor Merz, Zimbabwe banned the export of all raw ores and lithium concentrates, and the G20 finance and central bank deputies' meeting was held [15][16][18] 3.6 Platinum and Palladium - **Price Data**: The closing price of Platinum Futures 2606 was 586.00, up 7.54%. The closing price of Palladium Futures 2606 was 457.95, up 6.49% [21] - **Trading Volume and Position Data**: The trading volume of Shanghai Platinum was 11,498 kilograms, an increase of 5,375 from the previous day, and the position was 26,569, an increase of 802. The trading volume of NYMEX Palladium was 18,811 kilograms, a decrease of 2,383, and the position was 42,276, an increase of 29,007 [21] - **Inventory Data**: The inventory of Shanghai Platinum was 1 kilogram (no change), and the inventory of NYMEX Platinum (in troy ounces, the day before) was 578,195, with no change [21] - **Spread Data**: The spread between PT9995 and PT2606 was - 1.98, an increase of 3.79 from the previous day. The cost of the inter - period arbitrage of buying Shanghai Platinum 2606 and selling 2610 increased by 0.42 to 7.21 [21] - **News**: CME Group suspended metal and natural gas futures and options trading due to a "technical problem", and NVIDIA's Q4 earnings were impressive [23][24] 3.7 Nickel and Stainless Steel - **Price Data**: The closing price of the main Shanghai Nickel contract was 141,250, and the closing price of the main Stainless Steel contract was 14,245 [25] - **Trading Volume and Position Data**: The trading volume of the main Shanghai Nickel contract was 221,614, and the trading volume of the main Stainless Steel contract was 173,978 [25] - **Industrial Chain Data**: The price of 8 - 12% high - nickel pig iron (ex - factory price) was 1,070. The price of 304/2B coil - rough edge (Wuxi) was 14,300 [25] - **News**: The Indonesian government has suspended the issuance of new smelting licenses, the Indonesian nickel ore benchmark price formula will be revised, and there were various incidents in Indonesian nickel mines and related industries [25][26][27]