uplied Volstility Surfax Time to MatuGty ITC 国贸期货 投资咨询业务资格:证监许可【2012】31号 世界500强投资公司 国贸期货股份有限公司 成为一流的衍生品综合服务商 IIC 国贸期货 HN AV ATE H F 投资咨询号: Z0000116 国留斯特研究 2026/2/12 从业资格号:F0251925 金融衍生品中心 李泽 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅 (%) 成交额(亿元) 成交量(亿) 3088. 4571 0. 03 1140. 86 36. 85 上证50 4713. 8185 173. 39 沪深300 -0. 22 4334. 29 273. 23 中证1000 8239. 513 -0. 13 4380. 65 中金所股指期权成交情况 期权成交量 期权持仓量 认购期权 认沽期权 认购期权 认沽期权 持仓量 日成交量 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 2. 04 1. 29 0. 75 0. 58 8. 30 5.04 3. 26 0. 65 沪深300 ...

基本面上,随着下游终端陆续停工,终端需求委节性走弱,黑色板块整体震荡,钢材价格窄幅波动,钢厂利润不佳与春节长 假,铁水难提升,补库需求一般,直接需求弱稳。整体需求平淡。供给端,整体合金厂利润承压,阶段性有所改善,近期产 量和开工下滑同比去年同期有所下降,产量持稳为主。不过合金厂自身减产或控产的驱动不足,中期供给过剩压力仍不减 由于当前供需双弱,库存整体震荡,仓单抛售压力犹存。政策利好与成本支撑对价格利多。海外主流矿山对华锰矿报价出现 上涨态势,锰硅成本支撑走强。同时电价批动较多,双硅成本重心有所上移。岁末年初稳经济需求下,刺激政策利好为主。 产业政策方面,"双碳"、能耗双控和反内卷政策时有发酵,对双硅的供给形成扰动和成本支撑预期。 0-970 0-978 024-0 024-0 -172 | 焦煤基差(右轴) 大津港:库提价:主焦煤(蒙古,A10%,V27%,0. 期货收盘价(活跃合约)·佳煤 3500 400 3000 2500 200 2000 1500 1000 500 10 +7500 500 +7002 70 +7002 00-5200 10-5700 11-17202 60 +7202 0-s 0 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the short - term, precious metal prices are expected to continue to fluctuate within a stable range, and investors are advised to pay attention to US CPI data. During the long Spring Festival holiday, investors are recommended to hold light positions to avoid risks from overseas market fluctuations. [6] - In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue. The price center of precious metals still has room to rise, and long - term strategies suggest buying on dips. [6] 3. Summary by Relevant Catalogs 3.1 Price Tracking - **2.11 vs 2.10 Price Changes**: On February 11, compared with February 10, London gold spot rose 0.8% to $5064.52 per ounce, London silver spot rose 2.7% to $83.45 per ounce, COMEX gold rose 0.9% to $5088.90 per ounce, COMEX silver rose 2.9% to $83.23 per ounce, AU2602 rose 0.8% to 1133.00 yuan per gram, AG2602 rose 4.0% to 20505.00 yuan per kilogram, AU (T + D) rose 0.8% to 1126.49 yuan per gram, and AG (T + D) rose 4.0% to 19949.00 yuan per kilogram. [5] - **2.11 vs 2.10 Spread/Ratio Changes**: The gold TD - SHFE active spread rose 9.2% to - 6.51 yuan per gram, the silver TD - SHFE active spread rose 4.9% to - 556 yuan per kilogram, the gold internal - external spread (TD - London) rose 8.9% to - 4.16 yuan per gram, the silver internal - external spread (TD - London) fell 16.2% to - 977 yuan per kilogram, the SHFE gold - silver ratio fell 3.1% to 55.25, the COMEX gold - silver ratio fell 2.0% to 61.15, the AU2604 - 2602 spread fell 5.1% to 2.60 yuan per gram, and the AG2604 - 2602 spread fell 23.4% to - 439 yuan per kilogram. [5] 3.2 Position Data - **2.10 vs 2.9 Position Changes**: On February 10, compared with February 9, the gold ETF - SPDR decreased 0.03% to 1079.32 tons, the silver ETF - SLV increased 0.16% to 16216.45052 tons, the non - commercial long positions of COMEX gold decreased 14.91% to 214508 contracts, the non - commercial short positions increased 4.71% to 48904 contracts, the non - commercial net long positions decreased 19.37% to 165604 contracts, the non - commercial long positions of COMEX silver decreased 10.56% to 38883 contracts, the non - commercial short positions decreased 34.22% to 13006 contracts, and the non - commercial net long positions increased 9.17% to 25877 contracts. [5] 3.3 Inventory Data - **2.11 vs 2.10 Inventory Changes**: On February 11, compared with February 10, the SHFE gold inventory remained unchanged at 105072.00 kilograms, the SHFE silver inventory increased 5.79% to 342102.00 kilograms, the COMEX gold inventory decreased 0.18% to 35229811 troy ounces, and the COMEX silver inventory decreased 1.07% to 386273025 troy ounces. [5] 3.4 Interest Rates/Exchange Rates/Stock Market - **2.11 vs 2.10 Interest Rates/Exchange Rates/Stock Market Changes**: On February 11, compared with February 10, the US dollar/Chinese yuan central parity rate fell 0.03% to 6.94, the US dollar index rose 0.01% to 96.87, the 2 - year US Treasury yield fell 0.86% to 3.45%, the 10 - year US Treasury yield fell 1.42% to 4.16%, the VIX rose 2.48% to 17.79, the S&P 500 fell 0.33% to 6941.81, and NYWEX crude oil fell 0.34% to 64.20. [5] 3.5 Market Review - On February 11, the main contract of Shanghai gold futures closed up 0.56% to 1130.4 yuan per gram, and the main contract of Shanghai silver futures closed up 1.88% to 20944 yuan per kilogram. [5] 3.6 Influencing Factor Analysis - The uncertainty of the Middle East geopolitical situation has increased, and safe - haven demand and continued gold purchases by global central banks have pushed up precious metal prices. However, the unexpectedly strong US January non - farm payrolls report has shifted the market's expectation of the Fed's first interest rate cut from June to July, strengthening the US dollar index and pressuring precious metal prices. [6] - For silver, the relatively high London spot silver lease rate, the decline in New York inventory, and the low - level inventory of the Shanghai Futures Exchange limit the downward space of silver prices. But due to the inflow of imported silver into the market and weak pre - holiday market demand, the domestic silver price is continuously at a discount to the overseas price, and the monthly spread of silver futures has also narrowed. [6]

| GENER | 日度 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发布日期:2026/02 | 研究院:李洋知 | 投资咨询号: Z0000110 | 份格号:F07-174 | | | | | 行业板块 | 趋势研判 | 逻辑观点精粹及策略参考 | 品种 | 短期来看,预计节前股指以偏强震荡为主,为进一步上行蓄力。 | 股指中长线多头继续持有。 | | | 宏观金融 | 资产荒和弱经济利好债期,但短期央行提示利率风险,近期关注 | 震荡 | 国债 | 日本央行利率决策。 | | | | 节前下游需求仍偏弱,市场参与度有所下滑,但随着市场情绪好 | 국미 | 有关 | 转,铜价或震荡偏强运行。 | 近期产业端驱动有限,而节前市场避险情绪有所升温,铝价或维 | | | | 震荡 | 持震荡运行。 | 国内氧化铝运行产能下降,且华北某大型氧化铝企业供应有扰 | 氧化铝 | 看头 | | | | 动,关注低多机会。 | 锌基本面成本中枢趋稳，近期市场情绪企稳，预计锌价震荡运 | 行,建议观望为主。 | | | | | | 美非农超预期,市场 ...

投资咨询业务资格:证监许可【2012】31号 ITC国贸期货 委员干干 国贸期货研究院 黄向岚 农产品研究中心。 200 豆粕-菜粕 -5 485 盘面价差(主力) 200 01/24 02/24 08/22 09/22 10/23 11/23 12/24 03/26 升贴水-连续信 产地 美元兑人民币汇率 涨跌 盘面榨利(元/吨) (美分/蒲) E西 95. 00 10 6.8790 125 2025年大豆CNF升贴水走势图-连续月 (美分/蒲式耳) 2025年进口大豆瓣面毛利 (元/吨) 巴西1月 巴西2月 一巴西3月 巴西1月 巴西2月 - 巴西3月 == ==== 巴西4月 ===== 巴西6月 ===== 巴西7月 ===== 巴西8月 ----- 巴西7月 ====·巴西8月 ==== 巴西5月 -- 巴西6月 -- 巴西5月 400 国际数据 100 -200 50 25/2/0 your and and and on the production of the program and not 2011 108/08/ Blog/ 6/09/0 -6/07/0 9/01/2 -6/06/ ali ...

投资咨询业务资格:证监许可【2012】31号 | | | 日素姚 | | | MARK 1 1 7 1 4 4 4 4 1 4 4 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标名称 | 現值 | 前值 | 涨跌幅 | | 主要图表 | | | | 销期货主力收盘价 | 551. 15 | 537.5 | 2. 54% | 800 | 期货收盘价(活跃合约):铂 -- 期货收盘价(活跃合约):把 | | | 国内价格 | 现货:铂(99.95%) | 548 | 540 | 1. 48% | | | | | (元/克) | 铂:基差(现-期) | -3. 15 | 2.5 | -226. 00% | 600 | | | | | 钮期货主力收盘价 | 439. 1 | 429. 05 | 2. 34% | | | | | | 现货: 钟(99.95%) | 436. 5 | 433.5 | 0. 69% | 400 | | | | | 把:基差(现-期) | -2.6 | 4. 45 | -158. 43% | | | | | 国际价 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 论 逻辑: 从现货运价端来看,马士基已发布 3 月第一周欧洲航线运价,报价维持 2000 美元，维持 2 月水平,船司此前 提出的 3 月涨价预期并未兑现。马士基延续稳健务实的定价策略,行业内其余船司及航运联盟大概率初期同步跟进 该定价水平;若春节后货量复苏力度偏弱,现货运价存在进一步下调可能,整体运行节奏或与 2025年同期相仿。 本周春节前最后一个交易周,新挂牌合约成交活跃度偏低。后续需重点关注其他船司 3 月运价的跟进情况、节后货 量修复进度,以及前期港口拥堵所引发的运力被动空班变动。短期盘面维持区间震荡格局。 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/12 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

IICE超越 投资咨询业务资格:证监许可【2012】31号 影教程 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 纸浆价格数据 | | | 2026年2月11日 | 日环比 | 周环比 | | | 2026年2月11日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 (元/吨) | SP2601 | 5428 | 0.22% | -1.67% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | -1. 32% | | | SP2609 | 5280 | 0. 57% | -1.75% | (元/吨) | 针叶浆俄针 | 5050 | 0.00% | -0.98% | | | SP2605 | 5236 | 0.65% | -1.65% | | 阔叶浆金鱼 | 4580 | 0.00% | -0. 43% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智 ...

| | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/12 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/10 | 2026/2/11 | 变动值 | | | PTA现货价格 | 5140 | 5180 | 40 | | | MEG内盘价格 | | | | 现货资讯: | | | 3623 | 3652 | 29 | 短纤:短纤主力期货涨42到6654。现货市场:涤 | | PTA收盘价 | 5230 | 5260 | 30 | 纶短纤生产工厂价格僵持为主,贸易商价格区间 | | MEG收盘价 | 3733 | 3764 | 31 | 震荡,下游需求清淡,场内成交不振。 | | | | | | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | 1.4D直纺涤短 | 6585 | 6590 | 5 | 场价格在6470-6700现款现汇含税自提,华北市 | | 短纤基差 | 52 | 16 | -36 | 场价格在6590-6820现款现汇 ...

装置检修动态:华东一套250万吨PTA装置预计2月10日开始停车,具体开车时间未定。 PTA现货价格 -- PTA主力期货价格 ·PTA现货价格 MEG内盘 县美 8000 1700 9200 1500 7000 1300 8200 1100 6000 7200 900 5000 700 6200 500 5200 4000 300 100 4200 3000 -100 3200 -300 2000 2023-01 2021-01 2024-01 2025-01 2026-01 2022-01 2025-06 2025-08 2025-02 2025-04 2025-10 2025-12 数据图表 800 现货加工区间 -- 盘面加工区间 POY现金流 DTY现金流 FDY 现金流 800 涤短现金流 切片现 600= 700 400 600 500 200 400 0 01 300 -200 200 -400 100 0 -600 2023-02023-02024-02024-02024-02024-02025-02025-02025-02026-01 -800 免 责 声 本报告中的信息均源于公开可获得的 ...