瑞达期货研究院 「2026.02.13」 铂钯金市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 「 周度要点小结」 ◆ 本周观点：本周，美国就业数据表现大幅超出市场预期，压制年中美联储降息预期，年内首 次降息推迟至7月FOMC会议。受此影响，市场风险偏好边际转弱，贵金属市场集体震荡回调。 宏观方面，美国1月非农新增总量数据超预期增长，但去年数据亦遭到超预期下修，市场围绕 非农数据解读的分歧加剧。联储官员近期表态分歧仍存，部分官员重新强调通胀反弹风险， 后续将延续一贯的数据依赖路径。短期而言，铂钯走势或跟随金银节奏为主，宏观方面的核 心变量在于后续通胀反弹风险与就业市场降温趋势之间的权衡。若就业和通胀端的放缓得到 进一步验证，铂钯在金融属性的提振下仍有进一步上行的空间。欧盟去年底正式推迟2035年 内燃机禁令并同步强化汽车尾气排放标准，带来更高的铂金装载强度，虽然全球乘用车销量 在衰退担忧下温和下调，但混合动力与氢燃料电池商用车的渗透率上升，或改善铂金的中长 ...

瑞达期货研究院 「2026.2.13」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 • 周度观点：A股主要指数本周集体上涨，科创50涨幅最大超3%。四期指表现分化，中小盘股 强于大盘蓝筹股，从涨幅看IM>IC>IF>IH。本周为春节假期前最后一个交易周，周一受上周 美股科技股反弹影响，股指跳空高开；周二至周四，除1月通胀数据外，市场消息面平淡， 股指呈现整理态势；周五，受到即将到来的春节假期影响，投资者情绪较为谨慎，多持观望 态度，股指回落，尾盘加速下行。本周，市场成交活跃度较上周进一步回落。 3 来源：瑞达期货研究院 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2603 | -0.23 | -1.92 | 4627.0 ...

瑞达期货研究院 「2026.2.13」 铁矿石市场周报 供应宽松+信心不足 铁矿期价重心下移 研究员：蔡跃辉 添加客服 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 万吨。澳洲巴西铁矿发运总量1948.9万吨，环比减少572.1万吨。 3 来源：瑞达期货研究院 「 期现市场情况」 本周期货价格震荡下行 图1、铁矿石主力合约收盘及持仓量 1. 价格：截至2月13日收盘，铁矿主力合约期价为746（-14.5）元/吨，青岛港60.8%PB粉矿803（-12）元/干吨。 2. 发运：全球铁矿石发运总量环比-559.3万吨。2026年2月2日-2月8日Mysteel全球铁矿石发运总量2535.3万吨，环比减少559.3 3. 到港：本期47港到港量-213.6万吨。2026年02月02日-02月08日中国47港到港总量2455.6万吨，环比减少213.6万吨；中国45港 到港总量2361.3万吨，环 ...

瑞达期货研究院 「2026.02.13」 苹果市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信服 务 号 业务咨询 添加客服 「 周度要点小结」 未来交易提示： 1、水果价格2、消费 2 目录 1、周度要点小结 2、期现市场 3、产业情况及期权 4、期股关联 「 期货市场情况」 行情回顾：本周苹果期货2605合约价格上涨，周度涨幅3.15%。 行情展望：产区苹果集中打包发运，礼盒及框装货源走货尚可。据Mysteel统计， 截至2026年2月12日，全国主产区苹果冷库库存量为588.15万吨，环比上周减少 31.65万吨，去库速度环比略慢。山东产区库容比为45.07%，较上周减少1.98%， 陕西产区库容比为46.74%，较上周减少2.08%，山东产区整体发运量仍较多，礼 品盒、筐装货源继续发往市场，小单车及外贸渠道要货增加。陕西整体出货略显 一般。周内库内客商倾向于包装自存货源发市场，果农货仍以高次、低价货源走 货为主，通货成交仍显清淡。销区积压库存较多，销售压力明显，柑橘类竞品水 果替代持续。长假在即，短期注意风险控制。 本周苹果期货2605合约价 ...

瑞达期货研究院 「2026.2.13」 集运指数（欧线）期货周报 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 作者：廖宏斌 期货投资咨询证号： Z0020723 联系电话：0595-86778969 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 本周集运指数（欧线）期货价格多数上涨，主力合约EC2604收涨2.14%，远月合约收得-2-5%不等，美伊谈判未如 此前预期般顺利，红海复航预期再度推延，叠加部分船司宣涨3-4月运价，提振期价上行。最新SCFIS欧线结算运价指 数为1657.94，较上周下降134.2点，环比下行7.5%。自2026年4月1日起，所有纳入清单的光伏相关产品将不再享受增 值税出口退税优惠。光伏产品迎来全额退税取消，料导致抢运发生，从而提振长协货量，但由于距离4月仍有一定时 间，在交易情绪平稳后，消息所带来的涨幅回吐。12月份我国外贸水平超预期回升，进出口均改善明显，或与部分商 品增值税出口退税取消政策以及节前到来所导致的抢出口有关。出口是我国经济的核心动能，随着我国出口竞争力持 续强化，预计2026年仍将保持较高增速。现货运价方面 ...

瑞达期货研究院 「2026.2.13」 螺纹钢市场周报 终端需求持续萎缩 螺纹期价弱势运行 研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 3 来源：瑞达期货研究院 1. 价格及价差：截至2月13日收盘，螺纹主力合约期价3055（-22），杭州螺纹中天现货价格3250（-10）。（单位： 元/吨/周） 2. 产量：螺纹产量下调。169.16（-22.52），同比（-8.99）。（单位：万吨） 3. 需求：表观需求下滑。本期表需101.91（-45.73），（同比+37.74）。（单位：万吨） 4. 库存：厂库和社库双增。螺纹钢总库存586.82（+67.25），（同比-232.54）。（单位：万吨） 5. 盈利率：钢厂盈利率38.53%，环比上周减少0.86个百分点，同比去年减少12.12个百分点。 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）美国1月季调后非农就业人口增加1 ...

瑞达期货研究院 「2026.2.13」 宏观市场周报 关 注 我 们 获 取 更 多 资 讯 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 业务咨询 添加客服 目录 1、本周小结及下周 配置建议 2、重要新闻及事件 3、本周国内外经济 数据 4、下周重要经济指 标及经济大事 「本周小结及下周配置建议」 作者：廖宏斌 | 股票 | | 债券 | | | --- | --- | --- | --- | | | 沪深 300 +0.36% | | 10 年国债到期收益率-0.01%/本周变动-0.02BP | | | 沪深 300 股指期货 -0.63% | | 主力 10 年期国债期货 +0.08% | | | 本周点评：A股主要指数本周集体上涨，科创50涨幅最 | | 本周点评：本周国债期货多数走强，TS主力合约下跌 | | | 大超3%。四期指表现分化，中小盘股强于大盘蓝筹股， | | 0.01%，TF、T、TL主力合约分别上涨0.03%、0.08%、 | | | 从涨幅看IM>IC>IF>IH。本周为春节假期前最后一个 | | 0.24%。节前央行加大流动性投放对冲资金压力；1月 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the live hog price fluctuated and closed down, with the main contract 2605 down 1.08% for the week [8][12]. - After the Spring Festival, the supply and demand of live hogs are both weak in the initial stage. The price fluctuation range may be relatively limited. Considering that the supply will gradually recover in the future, the loose supply and demand will put pressure on the price. It is expected that the live hog price will fluctuate slightly weaker [8]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - **Market Review**: The live hog price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [8][12]. - **Market Outlook**: After the festival, the slaughter rhythm of the breeding end will gradually resume. The short - term supply pressure is limited. The supply in the next two months is relatively sufficient. Attention should be paid to the second - fattening market. The demand turns from strong to weak after the festival. Overall, the supply and demand are weak at the beginning after the festival, and the live hog price is expected to fluctuate slightly weaker [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Movement**: The futures price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [12]. - **Net Position and Warehouse Receipts**: As of February 13, the net short position of the top 20 holders of live hog futures decreased by 884 lots compared with last week, and the number of live hog futures warehouse receipts was 1027, an increase of 300 lots compared with the previous week [18]. - **Contract Spreads**: The spread between lh2605 and lh2607 contracts is - 720, and the spread between lh2605 and lh2609 contracts is - 1640 [23]. 3.2.2. Spot Market - **Base Difference**: The basis of the live hog March contract this week was 1660 yuan/ton, and the basis of the May contract was 900 yuan/ton [28]. - **Live Hog and Piglet Prices**: The national average price of live hogs this week was 11.62 yuan/kg, a decrease of 0.88 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 29.24 yuan/kg, the same as last week [38]. - **Pork and Sows Prices**: On February 12, the national average market price of pork was 18.07 yuan/kg, a decrease of 0.41 yuan/kg compared with the previous week. The average market price of binary sows was 32.47 yuan/kg, the same as the previous week [44]. - **Pig - grain Ratio**: As of the week of February 4, 2026, the pig - grain ratio was 5.68, a decrease of 0.08 compared with the previous week [48]. 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In December 2025, the official inventory of reproductive sows was 39.61 million. According to Mysteel data, in January 2026, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.02% month - on - month, while that in 85 small and medium - sized farms decreased by 0.36% month - on - month [50][54]. - **Live Hog Inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a 1.6% decrease month - on - month and a 0.5% increase year - on - year. In January 2026, the inventory of commercial pigs in 123 large - scale farms decreased by 0.70% month - on - month, while that in 85 small and medium - sized farms decreased by 0.02% month - on - month [56][59]. - **Slaughter Volume and Average Weight**: In January 2026, the slaughter volume of commercial pigs in 123 large - scale farms decreased by 3.27% month - on - month, and that in 85 small and medium - sized farms decreased by 0.71% month - on - month. The average slaughter weight of live hogs this week was 122.89 kg, a decrease of 0.37 kg compared with last week [61][64]. 3.3.2. Industry Profit - **Livestock and Poultry Breeding Profits**: As of February 13, the profit of purchasing piglets for breeding was 53.1 yuan/head, a decrease of 38.32 yuan/head; the profit of self - breeding and self - raising live hogs was - 98.32 yuan/head, a decrease of 60.23 yuan/head. The profit of laying hens was - 0.09 yuan/hen, a decrease of 0.11 yuan/hen week - on - week, and the profit of 817 meat - hybrid chickens was - 0.84 yuan/chicken, a decrease of 1.05 yuan/chicken week - on - week [69]. 3.3.3. Other Industry Aspects - **Pork Imports**: In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the imports were 980,000 tons, a year - on - year decrease of 8.41% [75]. - **Substitute Products**: As of the week of February 13, the price of white - striped chickens was 14 yuan/kg, the same as last week. As of the week of February 12, the average price difference between standard and fat pigs in the country was - 1.12 yuan/kg, an increase of 0.03 yuan/kg compared with last week [79]. - **Feed Situation**: As of February 13, the spot price of soybean meal was 3167.71 yuan/ton, an increase of 8.57 yuan/ton compared with the previous week; the spot price of corn was 2372.16 yuan/ton, an increase of 3.73 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange's live hog feed cost index was 924.22, and the average market price of live hog feed was 2.67 yuan/kg, the same as last week. In December 2025, the monthly feed output was 30.086 million tons, an increase of 307,000 tons month - on - month. In January 2026, the sales of piglet feed decreased by 0.19% month - on - month and increased by 0.92% year - on - year [86][90][96]. - **CPI**: As of January 2026, China's CPI increased by 0.2% year - on - year [102]. 3.3.4. Downstream - **Slaughter Enterprises**: In the 7th week of 2026, the operating rate of slaughter enterprises was 45.97%, an increase of 7.48 percentage points compared with last week and an increase of 25.56 percentage points year - on - year. The fresh - sales ratio of key domestic slaughter enterprises was 88.55%, an increase of 0.37% compared with last week, and the frozen - product storage rate was 17.00%, the same as last week [106]. - **Slaughter Volume and Catering Consumption**: As of December 2025, the slaughter volume of designated live hog slaughtering enterprises was 48.91 million, an increase of 17.52% month - on - month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [112]. 3.3.5. Live Hog - related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis of the stocks is provided [114][116]

瑞达期货研究院 「2026.02.13」 沪铜市场周报 供给收敛预期向好，铜价或将有所支撑 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线先涨后跌，周线涨跌幅为+0.28%，振幅4.33%。截止本周主力合约收盘报价100380元/吨。 后市展望：国际方面，美国非农报告，美国1月季调后非农就业人口增加13万人，大超市场预期，创2025年4月以来最大 增幅；失业率意外降至4.3%，创2025年8月以来新低。非农公布后，市场下调美联储降息预期。国内方面，国家统计局公 布数据显示，1月份，我国CPI环比上涨0.2%，同比上涨0.2%，核心CPI同比上涨0.8%；PPI环比上涨0.4%，连续4个月上 涨，涨幅比上月扩大0.2个百分点，同比则下降1.4%，降幅比上月收窄0.5个百分点。基本面原料端，铜精矿TC现货指数继 续下行，矿紧预期仍为铜价提供稳固支撑。供给端，假期临近冶炼厂逐步放假停产，加之进口窗口的收紧，到货 ...

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose, with a weekly increase of about 1.73%. The 36 sample physical inventories decreased by 0.30% week - on - week and increased by 12.90% year - on - year. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the actual digestion capacity during the Spring Festival and the start rhythm and intensity of downstream replenishment after the festival [10]. - The 2025/26 jujube production season is expected to see a decline in output [46]. - In December 2025, China's jujube export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 decreased by 3.58% year - on - year [49]. 3. Summary by Directory 3.1 Week - by - Week Highlights Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.73% [10]. - **Market Outlook**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase. After the pre - Spring Festival stocking, market trading is mainly for short - distance replenishment. Future focus should be on the Spring Festival digestion capacity and post - festival downstream replenishment [10]. - **Future Trading Tips**: Pay attention to spot prices and the consumer side [10]. 3.2 Futures and Spot Markets - **Price Trend**: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.73% [14]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 14,493 lots [17]. - **Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,766 [21]. - **Futures Spread**: As of this week, the spread between the 2605 and 2609 contracts of Zhengzhou Commodity Exchange jujube futures was - 195 yuan/ton [24]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 335 yuan/ton [27]. - **Purchase Price in Main Producing Areas**: As of February 13, 2026, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [30]. - **First - Grade Jujube Spot Price**: As of February 13, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [34]. - **Super - Grade Jujube Spot Price**: As of February 13, 2026, the spot price of super - grade grey jujubes in Cangzhou, Hebei was 9.18 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [38]. 3.3 Industry Situation - **Supply Side - Inventory**: As of February 12, 2026, the physical inventory of 36 sample points was 11,852 tons, a 0.30% week - on - week decrease and a 12.90% year - on - year increase [42]. - **Supply Side - Production Decline Possibility**: The 2025/26 jujube production season is expected to see a decline in output [46]. - **Demand Side - Export Volume**: In December 2025, China's jujube export volume was 5,071,577 kg, with an export value of 79,876,362 yuan and an average export price of 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export volume from January to December 2025 was 34,362,765 kg, a 3.58% year - on - year decrease [49]. - **Demand Side - BOCE Trading**: This week, the order volume of BOCE Xinjiang Jujube Hao Brand had a small amount of transactions [54]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: Information about this week's implied volatility of at - the - money jujube options is presented in a chart, but no specific numerical data is given [55]. - **Stock Market - Haoxiangni**: A chart shows the price - to - earnings ratio of Haoxiangni, but no specific analysis is provided [57].