| | | | | | | | H色金属地理干燥 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2026/02/27 | 国贸期货出品 TG 国贸期货 | | | | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | | | | | | | | | 张宝慧 | F0286636 | Z0010820 | | | | | | | | | | 黄志鸿 | F3051824 | Z0015761 | | | | | | | | | | 董子勖 | F03094002 | Z0020036 | | | | | | | | | | 薛夏泽 | F03117750 | Z0022680 | | | | 远月合约收盘价 | | | | | | 6000 | | | 400 | | | (元/吨) | RB2610 | HC2610 | 12609 | J2 ...

投资咨询号: Z0021658 从业资格号:F03110419 2026/2/26 | 指标 | | 2月25日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2500 | == == | ===== 17/18 == | ----- 18/19 == | | ===== 19/20 24/25 | ====== 20/21 -25/26 | | | 大连 | 389 | -30 | 2000 | | | | | | | | | 天津 日照 | 349 269 | -50 -30 | 1500 500 | | | | | | | | | | | | 1000 | | | | | | | | 43%豆粕现货基差 (对主力合约) | 张家港 | 269 | -30 | -500 | 05/21 06/21 07/22 08/22 09/22 10/23 11/23 12/24 01/24 02/24 03/26 04/26 | | | ...

论 II GER期货 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 投资咨询号: Z0021177 卢钊毅 2026/2/26 从业资格号: F03101843 数据来源：Clarksons、Wind 中国出口集装箱运价 L 淘H回集装箱运价 SCFI-美东 运价指数 SCFI-美西 SCFIS-美西 SCFI-西北欧 指数CCFI 综合指数SCFI 1787 现值 1251 1088 1155 1361 2524 版 间 滑 1267 1122 前值 1801 1101 1403 2530 涨跌幅 -1.19% -0.78% 4.90% -3.03% -0.24% -2.99% SCFI-地中海 SCFIS-西北欧 数 | 现值 | | 1657 | 2177 | | --- | --- | --- | --- | | 前值 | | 1792 | 2291 | | 涨跌幅 | | -7.53% | -4.98% | | E | | | | | 特朗普宣布将全球关税从10%上调至15%, 针对"剥削"美国的国家。 T 新关税将在未来数月确定颁布 3 | 2 ...

2月末起逐步恢复。 (1) 出口情绪稍缓, 内需不足上方空间有限。 (2) 下方有反内 卷及成本端支撑。 (1) 甲醇整体受到伊朗局势的影响预期未来进口减量但下游负反 馈明显,多空交织(2) 下游MTO龙头装置停车且部分企业降负荷 生产。(3) 上游库存普遍较低,下游库存普遍中高。 (1) 原油震荡偏强。(2)价格回归合理区间。(3)春节假期. 需求平淡。(4)地缘政治加剧,原油上涨。 6(1)检修较少,开工负荷较高,供应压力偏大。(2)下游改善 不及预期。 (3) 价格回归合理区间。 (4) 地缘政治加剧,原油 上涨。 (1) 2026年全球投产较少,西北地区差别电价有望实行,倒逼 PVC产能出清,未来预期偏乐观。(2)基本面较差。8(3)抢出口 PVC 阶段性放缓。 (1) 宏观情绪暂时消退,盘面重新交易基本面。 (2) 基本面偏 弱,绝对价格低位。 (3) 液氯小幅补贴,现货价格小幅上涨。 (1) 2月CP价格上行,3月买货仍相对紧张。(2)中东地缘冲突 溢价回升,PG节后走势偏强。(3)海外寒潮驱动逻辑逐步放缓 预计基差仍将修复走扩。(4)国内PDH开工率下滑、利润预计季 节性修复,LPG需求端短期偏 ...

投资咨询号: Z0013700 从业资格号:F3023916 投资咨询业务资格:证监许可【2012】31号 铂把数据日报 国贸期货研究院 贵金属与新能源研究中心 ITC 国贸期货 世界500强投资企业 2026/2/26 国贸期货股份有限公司 成为一流的衍生品综合服务商 | | | | 白素姚 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国内价格 | 指标名称 现货:铂(99.95%) | 现值 | 前値 | 涨跌幅 | 800 | -期货收益价(活跃合约):铂 | 主要图表 - 期货收益价(活跃合约):知 | | | 铂期货主力收盘价 | 586 | 551. 85 | 6. 19% | | | | | | | 568 | 546 | 4. 03% | | | 5 | | (元/克) | 甜:基差(现-期) | -18 | -5. 85 | 207. 69% | | | | | | | | | | 600 | | | | | 锂期货主力收盘价 | 457. 95 | 438. 45 | 4. 45% | | | | | | 现货 ...

【钢材】"沪七条"及限产政策给盘面短暂反弹驱动 周三期价企稳反弹,现货跟随上涨,目内驱动主要来自于"炉七条"地产新政及北方区域钢厂限产政策,但观察现货成交和 涨价跟随情况,并没有很理想。从产业库存、产销等历史季节性数据来线性推演:目前现货库存仍处于脉冲累积的过程, 后第三周后逐步进入降库周期,今年库存总量预估中性略高，板材和钢坯库存高位,作为后续测试去库压力的重要观察品 种。从节前了解到的现货各环节冬储情况来看冬储敞口压力不大,推测现货的主动抛压不会太重。而产销角度，春节闹晚 节后天气对复工、复产启动提供较好基础,同时两会召开可能释放的政策信号或许是"十五五"开局之年值得期待的宏观驱 动点。 | | | | | | | | | ER EN ENR | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/02/26 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | ...

ITC国贸期货 投资咨询业务资格:证监许可【2012】31号 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2026/2/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2604 | AG2604 | AU (T+D) | AG (T+D) | | 银15点价 - | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格最紧 | 2026/2/25 | 5193. 14 | 90. 58 | 5212.00 | 90. 46 | 1151.06 | 23029.00 | 1147.40 | 22105.00 | | (本表数 | 2026/2/24 | 5170. 63 | 87 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views - The Asian aromatics market shows a structural trend affected by geopolitical factors. The speculative sentiment in the Asian PX market has rebounded, and the PX price increased by $20 during the holiday due to the rise in crude oil prices. The polyester market has some factories facing cash - flow issues, and overseas PTA factories are under operational pressure due to poor profits. The domestic PX market has sufficient supply, but there will be a major turnaround season from March to May, which may lead to supply tightening. The PTA in China maintains high - level production, and domestic demand has declined. The tension in the Middle East may cause short - term energy price fluctuations. For ethylene glycol, the situation in Iran is uncertain, and the tariff increase may impact the global financial and trade environment. The production profit margin of naphtha cracking has declined, and the price of ethylene glycol is waiting at a low level. [3] Group 3: Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 493.3 yuan/barrel on February 24, 2026, to 488.3 yuan/barrel on February 25, 2026, a decrease of 5.00 yuan/barrel [3]. - **PTA**: PTA - SC decreased by 3.66 yuan/ton; PTA/SC ratio increased by 0.0040; PTA主力期价 dropped by 40.0 yuan/ton; PTA现货价格 remained unchanged at 5285 yuan/ton; 现货加工费 decreased by 12.5 yuan/ton; 盘面加工费 decreased by 12.5 yuan/ton; 主力基差 increased by 11.0; PTA仓单数量 remained at 113652 [3]. - **MEG**: MEG主力期价 increased by 10.0 yuan/ton; MEG - naphtha remained unchanged at (198.94) yuan/ton; MEG内盘 increased by 22.0 yuan/ton; 主力基差 increased by 7.0 [3]. - **PX**: CFR中国PX decreased from 933 to 929, and PX - naphtha spread decreased by 3 [3]. Industry Chain and Product Information - **开工情况**: PX开工率 remained at 87.18%; PTA开工率 increased from 74.58% to 76.40%, an increase of 1.82%; MEG开工率 remained at 62.37%; 聚酯负荷 increased from 76.36% to 76.46%, an increase of 0.10% [3]. - **涤纶长丝**: POY150D/48F remained at 7080; POY现金流 decreased by 7.0; FDY150D/96F remained at 7295; FDY现金流 decreased by 7.0; DTY150D/48F increased by 5.0; DTY现金流 decreased by 2.0; 长丝产销 increased from 3% to 17%, an increase of 14% [3]. - **涤纶短纤**: 1.4D直纺涤短 decreased by 10; 涤短现金流 decreased by 17.0; 短纤产销 increased from 6% to 57%, an increase of 51% [3]. - **聚酯切片**: 半光切片 decreased by 20.0; 切片现金流 decreased by 27.0; 切片产销 increased from 1% to 15%, an increase of 14% [3]. Device Maintenance - An East - China 2.5 - million - ton PTA device is expected to stop production on February 10, 2026, and the restart time is undetermined [3].

IICE超越 投资咨询业务资格:证监许可【2012】31号 数据 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25日 | | 日环比 | 周环比 | | | 2026年2月25日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5540 | -0. 25% | 2. 29% | 现货价格 | 针叶浆银星 | 5350 | 0.00% | 1.90% | | (元/吨) | SP2609 | 5400 | 0.07% | 2. 86% | (元/吨) | 针叶浆俄针 | 5150 | 0. 00% | 1.98% | | | SP2605 | 5348 | 0. 15% | 2. 81% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 44% | | | | 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 | 智利 ...

Group 1: Interest Rates and Central Bank Operations - DR001 closed at 1.38 with a 1.66 bp increase, DR007 at 1.51 with a 4.79 bp decrease, GC001 at 1.55 with a 15.50 bp decrease, GC007 at 1.59 with a 3.50 bp decrease, SHBOR 3M at 1.58 with a 0.02 bp decrease, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.32 with a 0.77 bp increase, 5 - year treasury at 1.55 with a 1.29 bp increase, 10 - year treasury at 1.82 with a 1.42 bp increase, and 10 - year US treasury at 4.04 with a 1.00 bp increase [4] - The central bank conducted 4095 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 4000 billion yuan of reverse repurchases maturing, the net injection was 95 billion yuan [4] - In February, the LPR rates remained unchanged: 1 - year LPR was 3.0%, and 5 - year and above LPR was 3.5%. From February 24th - 28th, 22524 billion yuan of reverse repurchases will mature, with 14524 billion, 4000 billion, and 4000 billion maturing on February 24th, 25th, and 26th respectively. Also, on February 25th, 3000 billion yuan of MLF and 1500 billion yuan of treasury cash fixed - term deposits will mature [5] Group 2: Stock Index and Futures Market - The CSI 300 rose 0.6% to 4735.9, the SSE 50 rose 0.45% to 3054.9, the CSI 500 rose 1.6% to 8527.6, and the CSI 1000 rose 1.52% to 8426.3. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 24812 billion yuan, an increase of 2628 billion yuan from the previous day. Most industry sectors closed higher, with rare earths, small metals, energy metals, real estate services, steel, non - ferrous metals, and aerospace equipment sectors leading the gains, while the film and television theater and advertising marketing sectors leading the losses [6] - IF volume was 106320 with an 8.7% increase, IF open interest was 283440 with a 6.9% increase; IH volume was 52712 with a 24.8% increase, IH open interest was 108963 with a 9.6% increase; IC volume was 126978 with a 3.0% increase, IC open interest was 298578 with a 5.7% increase; IM volume was 166542 with a 2.9% decrease, IM open interest was 372430 with a 1.9% increase [6] - The IF basis for the current - month contract was 1.50%, next - month 1.34%, current - quarter 2.67%, and next - quarter 3.60%; the IH basis was - 1.70%, - 1.00%, 0.16%, and 2.08% respectively; the IC basis was - 0.27%, 1.07%, 3.39%, and 4.40% respectively; the IM basis was 3.90%, 4.43%, 6.80%, and 7.56% respectively [8] Group 3: Real Estate Policy and Market Outlook - Shanghai launched post - holiday real - estate regulatory optimization measures, shortening the social security or tax payment period for non - local residents to buy houses in the inner - ring area to 1 year, increasing the maximum first - home provident fund loan limit from 1.6 million yuan to 2.4 million yuan, and further increasing it to 3.24 million yuan for multi - child families or those buying green buildings.沪籍 families buying their only new home are exempt from property tax [7] - Driven by favorable policies, the stock index is running strongly. With the expected policy benefits from the upcoming "Two Sessions", the stock index is expected to fluctuate strongly. Long - term and medium - term long positions in stock index futures are recommended to be held [7]