以下为金十期货APP独家整理的多家期货公司研报观点，仅供参考 沪锡 交易逻辑：英伟达营收超预期，新能源与AI订单支撑需求；印尼锡矿审批滞后及刚果（金）武装冲突 致供应趋紧；美联储降息预期仍在；全球库存偏低 风险因素：交易所提示风险并调整交易限额；传统消费电子淡季不旺，焊料订单疲软；国内社会库存出 现累增；非缅甸矿源补充削弱依赖度 关注事件：缅甸锡矿供应实际回升幅度；刚果(金)矿区发运节奏；地缘风险对供应的影响；焊料企业开 工率；订单结构的变化情况 氧化铝 交易逻辑：2026年规划产能超千万吨，供需缺口收窄；印尼进口量环比提升；电解铝厂压价长单，废铝 与再生铝替代比例上升 风险因素：北方港口库存下降；原料短缺及环保督查致部分减产；几内亚铝土矿价格同比上涨18%，成 本端支撑走强 关注事件：3月环保督查；海外铝土矿供应情况；欧盟碳关税对出口型电解铝厂的传导压力；产业套保 驱动 碳酸锂 交易逻辑：宜春大矿（如枧下窝）春节前后复产；1月产量同比增长53%；宏观资金利多反应淡化 风险因素：津巴布韦暂停出口引担忧；政策限制低效采矿及注销采矿证；节前社会库存去化加速；新能 源车产销出口同比维持增长 关注事件：枧下窝锂矿的实 ...

| 盗角业务资格:证监许可 2012 31- | 9 国贸易员 | 日博 带 参考 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 发布日期:2026 | 份格号: F0251 % | | | | | | | | | | | 行业板块 | 趋势研判 | 逻辑观点精粹及策略参考 | 品种 | 在临近的"两会"政策利好预期的支撑下,股指预计以偏强震荡 | 为主。策略上,股指期货中长线多头建议继续持有。 | | | | | | | 宏观金融 | 资产荒和弱经济利好债期,但短期央行示利率风险,近期关注日 | 国债 | 震荡 | 本央行利率决策。 | | | | | | | | 近期宏观利多推升铜价,但全球铜库存持续累库压制价格,预计 | 震荡 | 第四十 | 短期铜价震荡运行。 | 近期宏观利好提振有色板块,但国内铝库存大幅累库或拖累铝 | | | | | | | | 震荡 | 价,短期铝价震荡运行。 | 国内氧化铝运行产能下降,但库存进一步累库,短期震荡运行。 | 氧化铝 | 震荡 | | ...

每经AI快讯，2月26日，国内商品期货收盘涨跌不一，碳酸锂、沪锡涨超3%，锰硅、铂涨超2%，燃料 油涨超1%。跌幅方面，集运欧线跌超5%，BR橡胶跌超3%，多晶硅、焦煤、甲醇、钯跌超2%。 （文章来源：每日经济新闻） ...

国内期货主力合约涨跌不一，碳酸锂涨超6%，沪锡涨超3%，锰硅、燃料油涨超2%。跌幅方面，集运欧 线跌超5%，合成橡胶跌超3%，多晶硅、焦煤跌超2%。 国内期货主力合约涨跌不一，碳酸锂涨超6%，沪锡涨超3%，锰硅、燃料油涨超2%。跌幅方面，集运欧 线跌超5%，合成橡胶跌超3%，多晶硅、焦煤跌超2%。 ...

锂矿概念股爆发，个股掀起涨停潮，此前津巴布韦矿业及矿产发展部发布紧急声明，宣布即刻起暂停所有原矿和锂精矿的出口。 2月26日，A股震荡下跌，三大股指早盘集体走低，创业板跌近1%，盐湖提锂、锂矿概念股爆发，半导体、光伏等板块调整。港股震荡回落，恒 科指跌近1%，科网股多数下跌。 债市方面，国债期货集体下跌。商品方面，国内商品期货多数上涨，碳酸锂继续大涨，现涨超5%。汇市方面，离岸人民币升破6.84关口，最高触 及6.8384。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 4137.80 | -9.43 | -0.23% | | 399001 | 深证成指 | | 14424.91 | -50.96 | -0.35% | | 399006 | 创业板指 | | 3316.56 | -38.26 | -1.14% | | 000300 | 沪深300 | | 4718.69 | -17.20 | -0.36% | | 000016 | FJE20 | | 3036 ...

Report Summary 1. Market Performance - As of the close on February 24, most domestic futures main contracts rose. Shanghai Silver rose over 12%, Lithium Carbonate rose over 10%, Container Shipping European Line and SC Crude Oil rose over 6%, Low-Sulfur Fuel Oil (LU) and Platinum rose over 5%, and Palladium and Butadiene Rubber rose over 4%. On the downside, Polysilicon fell over 4%, and Coke and Live Pigs fell over 2%. Stock index futures and treasury bond futures also showed varying degrees of increase [4][5]. 2. Core Views - The overall futures market showed a pattern of more rises than falls, and different varieties were affected by various factors such as supply and demand, policies, and geopolitical situations, with different short-term trends [4][5]. 3. Variety Analysis Copper - Shanghai Copper opened low and moved high, with a slight increase. The US customs policy changed, and the supply and demand of copper showed a marginal improvement expectation. With the downstream recovery, copper demand is expected to increase, and the short-term copper price is mainly volatile and strong [7]. Lithium Carbonate - Lithium Carbonate opened high and moved high, with a significant increase. Affected by seasonal and holiday factors, the supply was tight in the short term. The policy window period and positive price predictions stimulated the market, and the short-term trend was strong [8][9]. Crude Oil - OPEC+ members will maintain the production plan, US oil inventories decreased, and the winter storm may stimulate demand. The Iran - US negotiation situation is uncertain, and the short-term crude oil price is expected to be strong and volatile [10][11]. Asphalt - The asphalt supply and demand were weak, and the开工 rate and production were at a low level. The Venezuelan crude oil supply was restricted, and the price is expected to fluctuate with the crude oil price. It is recommended to take a reverse arbitrage strategy [12]. PP - The PP downstream开工率 decreased seasonally, the企业开工率 was at a low - to - neutral level, and the inventory was at a neutral level. The cost increased, and the supply - demand pattern improved limitedly. It is recommended to continue to narrow the L - PP spread [13][14]. Plastic - The plastic开工率 increased, the downstream开工率 decreased seasonally, and the inventory was at a neutral level. The new production capacity was put into operation, and the supply - demand pattern improved limitedly. Continue to narrow the L - PP spread [15]. PVC - The upstream calcium carbide price decreased, the PVC开工率 was at a neutral level, the inventory was high, and the real - time demand was weak. However, there are policy and maintenance expectations, and the price is expected to be volatile [16][17]. Coking Coal - Coking Coal opened high and moved low, with a decline. The import coal supply recovered, the domestic mine开工率 was low, and the downstream demand lacked incremental support. The short - term price is under pressure [18]. Urea - The urea futures opened high and moved high, and the spot price rose. The Indian tender supported the market sentiment. With the upcoming spring plowing season, the price is expected to be stable and strong, but the increase may be limited [19][20].

Group 1 - Domestic commodity futures closed with most contracts declining, indicating a bearish trend in the market [2] - Notable declines included tin futures dropping over 7%, silver futures falling more than 5%, and crude oil prices decreasing by over 4% [2] - Other commodities such as international copper and fuel oil saw declines exceeding 2%, while polypropylene (PP) and purified terephthalic acid (PTA) fell by over 1% [2] Group 2 - On the positive side, shipping rates on the European route increased by over 3%, indicating a potential uptick in shipping demand [2] - Other commodities that experienced gains included caustic soda and eggs, both rising by more than 2%, while apples and double glue paper saw increases exceeding 1% [2] - Additionally, oilseed meal and soybean meal showed slight upward movements [2]

基本面转强提振下，尿素日内强势拉涨近3%，一举刷新2025年5月以来的新高。分析来看，尽管前一交 易日尿素冲击1800元／吨关口受阻，但受印度新一轮招标已经发布和国际尿素价格高企的利多提振，尿 素多头情绪高涨。与此同时，从国内供需来看，虽然最近一周国内尿素行业开工率升至高位，但企业库 存却环比减少，这支持了市场对于农业小麦返青用肥或提前的积极预期。不过，行业机构也提示，虽然 当前农业方面存在阶段补货需求，但农需拿货有一定灵活性，且尿素工业需求减弱态势明显，整体尿素 市场基本面变化有限，市场波动更多受情绪影响。 其他品种方面，农产品日内多数走高，其中一号黄大豆、苹果、鸡蛋和豆菜双粕等收盘均涨超1%。 BR橡胶跌近2% 棕榈油持续走弱 2月12日，BR橡胶主力合约以1.93%的跌幅领跌国内商品市场。成本端油价支撑有限，而库存持续累 积，盘面承压回落。春节假期临近，现货端逐步转淡，样本生产企业库存及样本贸易企业库存均有提 升。据隆众资讯数据显示，截至2026年2月11日，国内顺丁橡胶库存量在3.39万吨，环比增加2.35%。南 华期货表示，后期装置检修与控产计划有望缓解库存压力，需求端拖累现货端价格，未来仍有待内需 ...

2月12日，国内商品期货收盘，涨跌不一。集运欧线涨超6%，碳酸锂涨逾3%，尿素、豆一涨超2%，菜 籽粕、苹果等涨超1%，淀粉、多晶硅等小幅上涨；硅铁、棕榈油等跌超1%，塑料、玻璃等小幅下跌。 ...

2月12日消息，国内商品期货收盘，涨跌不一。集运欧线涨超6%，碳酸锂涨逾3%，尿素、豆一涨超 2%，菜籽粕、苹果等涨超1%，淀粉、多晶硅等小幅上涨；硅铁、棕榈油等跌超1%，塑料、玻璃等小幅 下跌。 2月12日消息，国内商品期货收盘，涨跌不一。集运欧线涨超6%，碳酸锂涨逾3%，尿素、豆一涨超 2%，菜籽粕、苹果等涨超1%，淀粉、多晶硅等小幅上涨；硅铁、棕榈油等跌超1%，塑料、玻璃等小幅 下跌。 ...