> **来源：[研报客](https://pc.yanbaoke.cn)** # China Futures Daily Note # 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No: F3023159 投资咨询号 Consulting No.: Z0013632 CITIC Futures International Service Platform: https://internationalservice.citicsf.com # 摘要 Abstract News: From CFA, China's Futures Market Posts RMB 100.26 Trillion Turnover in January, Up $105.14\%$ YoY. Prices: On Feb 10, equity index futures rose, while CGB futures were stable, commodities were mixed, with Energy leading the raise. Commentary: Crude Oil, Fuel Oil, Ethenylbenzene Risks: Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 要闻：据中期协，1月全国期货市场成交额100.26万亿元，同比增长 $105.14\%$ 期货：2月10日，股指期货上涨，国债期货持稳；商品期货涨跌不一，能源板块领涨。 今日点评：原油、燃油、苯乙烯 风险提示：宏观经济波动、地缘政治变化、政策趋向扭转。 Related Reports 近期报告 【20260210】Gold, Silver, Tin 黄金、白银、锡 【20260207】Fuel Oil, Copper, Nickel 燃油、铜、镍 【20260206】Gold,Silver,LithiumCarbonate黄金、白银、碳酸锂 * Click on the hyperlink of report titles to read historical reports # Content 目录 1.China Futures期货异动 4 1.1 Overview 行情概述 1.2 Daily Raise 上涨品种 ..... 5 1.2.1Crude Oil 原油 5 1.2.2 Fuel Oil 燃油 6 1.3 Daily Drop 下跌品种 1.3.1 Ethenylbenzene 苯乙烯 2.1 Industry News 行业新闻 8 CITIC Futures International Research Reports 11 # Charts图表 # 图表1：Commodity Futures Top Daily Rise 4 中国商品期货主力连续合约涨幅前十 4 # 图表2：Commodity Futures Top Daily Drop 4 中国商品期货主力连续合约跌幅前十 4 # 图表3：RecentTrendofCrude Oil 5 原油价格走势 5 # 图表4：On Feb 10, Crude Oil Rose By $2.2\%$ 2月10日，原油上涨 $2.2\%$ # 图表5：RecentTrendofFuel Oil 6 燃油价格走势 6 # 图表6：On Feb 10, Fuel Oil Rose By $2.2\%$ 2月10日，燃油上涨 $2.2\%$ # 图表7：Recent Trend of Ethenylbenzene 7 苯乙烯价格走势 7 # 图表 8: On Feb 10, Ethenylbenzene Dropped By 1.0% 2月10日，苯乙烯下跌 $1.0\%$ # 图表9：TheChangeofFuturesPricesandOpenInterests 9 中国期货涨跌幅与持仓变化 9 # 图表 10: China Futures Price. 10 中国期货概览 10 # 1. China Futures 期货异动 # 1.1 Overview 行情概述 On Feb 10, equity index futures rose, while CGB futures were stable, commodities were mixed, with Energy leading the raise. In equity index futures, IH rose $0.4\%$ and IC rose $0.1\%$ ; in CGB futures, T rose $0.01\%$ and TL rose $0.01\%$ . In commodity futures, the top three gainers were Tin, Sodium Hydroxide and No.1 Soybean. Tin rose $3.3\%$ , with open interest decreasing $4.2\%$ month-on-month; Sodium Hydroxide gained $3.3\%$ , with open interest decreasing $13.9\%$ month-on-month; No.1 Soybean advanced $2.4\%$ , with open interest increasing $27.5\%$ month-on-month. On the downside, the top three decliners were SCFIS(Europe), Coke and Coking Coal. SCFIS(Europe) plummeted $4.6\%$ , with open interest increasing $8.9\%$ month-on-month; Coke dropped $1.7\%$ , with open interest increasing $4.3\%$ month-on-month; Coking Coal slid $1.7\%$ , with open interest increasing $6.4\%$ month-on-month. (CFFEX/ZCE/GFEX/DCE/SHFE/INE) 2月10日，股指期货上涨，国债期货持稳；商品期货涨跌不一，能源板块领涨。 股指期货方面，IH上涨 $0.4\%$ ，IC下跌 $0.1\%$ ；国债期货方面，T上涨 $0.01\%$ ，TL上涨 $0.01\%$ 。 商品期货方面，涨幅前三的是锡、烧碱和豆一，其中锡上涨 $3.3\%$ ，持仓环比减少 $4.2\%$ ；烧碱上涨 $3.3\%$ ，持仓环比减少 $13.9\%$ ；豆一上涨 $2.4\%$ ，持仓环比增加 $27.5\%$ 。跌幅前三的是SCFIS欧线、焦炭和焦煤，其中SCFIS欧线下跌 $4.6\%$ ，持仓环比增加 $8.9\%$ ；焦炭下跌 $1.7\%$ ，持仓环比增加 $4.3\%$ ；焦煤下跌 $1.7\%$ ，持仓环比增加 $6.4\%$ 。(CFFEX/ZCE/GFEX/DCE/SHFE/INE) 图表1：Commodity Futures Top Daily Rise 中国商品期货主力连续合约涨幅前十 图表2：Commodity Futures Top Daily Drop 中国商品期货主力连续合约跌幅前十 Source: iFind, CITIC Futures Note: All are front-month continuous contracts. # 1.2 Daily Raise 上涨品种 # 1.2.1 Crude Oil 原油 On February 10, the front-month contract of Crude Oil rose $2.2\%$ to 476.1 yuan/barrel (INE). Crude oil fundamentals remain in a supply surplus, while potential disruptions to supply expectations from geopolitical factors occur frequently. We believe crude oil will exhibit range-bound volatility in the short term. The current fundamentals of the crude oil market are not optimistic. Crude and product inventories are at high levels for the same period, while refining margins both domestically and internationally are under pressure. A weak reality but strong expectations has been the main theme of recent trading. In terms of price action, focus should be on the impact of geopolitical factors on supply expectations. Uncertainty remains high in the US-Iran relationship. Kpler data shows that India's imports of Russian crude in January fell significantly year-on-year. Given the high level of floating inventories, if India further reduces purchases of Russian crude, it could add additional pressure on Russian export volumes. Supply concerns over Iran and Russia continue to provide support for oil prices. 2月10日，原油主力合约上涨 $2.2\%$ 至476.1元/桶(上期能源)。原油基本面仍供应过剩，但地缘因素对供应预期的潜在扰动较为频繁，我们认为原油短期表现为震荡。 当前原油市场基本面难言乐观，原油及成品油库存处同期高位，国内外炼厂毛利相对承压，弱现实强预期是近期行情交易的主线，节奏上主要关注地缘因素对供应预期的影响。美伊局势仍存较大不确定性，kpler数据显示1月印度进口自俄罗斯原油数量同比下滑明显，高浮仓下若印度继续减少对俄罗斯原油购买，可能对俄罗斯发运形成进一步压制，伊朗及俄罗斯供应担忧目前仍对油价形成支撑。 图表3：Recent Trend of Crude Oil 原油价格走势 图表4：On Feb 10, Crude Oil Rose By $2.2\%$ 2月10日，原油上涨 $2.2\%$ Source: iFind, CITIC Futures Note: All are front-month continuous contracts. # 1.2.2 Fuel Oil 燃油 On February 10, the front-month contract of Fuel Oil rose $2.2\%$ to 2,845 yuan/ton (SHFE). Fuel oil futures prices are trading at high levels. Expectations of rising oil production in Venezuela will weigh on HSFO over the long term; in the short term, focus remains on geopolitical developments in the Middle East. The key logic for HSFO: 1) Despite twists and turns in the US-Iran situation, negotiations are still ongoing. US support for increased crude output in Venezuela has fueled strong expectations of a surge in heavy oil supply, which will weigh on HSFO over the medium to long term. Geopolitical tensions around Iran have clouded the outlook for Iranian fuel oil exports. Meanwhile, Iran's suspension of natural gas supplies to Iraq may push Iraq to resume fuel oil for power generation in the short term to cope with its energy crunch. Further developments in the US-Iran talks warrant close attention, as a potential agreement between the two sides could trigger significant bearish pressure on HSFO. Over the medium to long term, the gradual replacement of fuel oil for power generation in the Middle East by natural gas and solar power will act as a structural bearish driver for HSFO; once fuel oil demand for power generation in Saudi Arabia is replaced, the country is likely to increase fuel oil exports. 2) The bitumen-fuel oil spread has been fluctuating at high levels. 2月10日，燃油主力合约上涨 $2.2\%$ 至2,845元/吨(上期所)。燃油期价高位运行，委内瑞拉石油产量增长预期长期施压高硫燃油，短期关注中东地缘走势。 高硫燃油主要逻辑：1）美伊局势波折但美伊仍在谈判。美国帮助委内瑞拉原油增产，重油供应激增预期较强，中长期施压高硫燃油，伊朗地缘局势紧张一方面影响伊朗燃料油出口预期，另一方面伊朗停供伊拉克天然气，伊拉克短期为应对能源危机恐恢复燃油发电，当前仍需关注美伊局势进展，一旦美伊达成协议，恐怕对高硫燃油形成较大利空。中长期，中东燃油发电需求逐步被天然气、光伏替代，构成高硫燃油中长期利空：沙特燃油发电需求被替代后、沙特有望增加燃油出口；2）沥青- 燃油价差高位震荡。 图表5：Recent Trend of Fuel Oil 燃油价格走势 图表6：On Feb 10, Fuel Oil Rose By $2.2\%$ 2月10日，燃油上涨 $2.2\%$ Source: iFind, CITIC Futures Note: All are front-month continuous contracts. # 1.3 Daily Drop 下跌品种 # 1.3.1 Ethenylbenzene 苯乙烯 On Feb 10, the front-month contract of EB dropped $1.0\%$ to 7,473 yuan/ton (DCE). The upward momentum of styrene has weakened recently, mainly due to three factors. First, crude oil prices are near the upper end of the trading range; Brent briefly rose above $70 / \mathrm{bbl}$ early in the week, with geopolitical premiums fully priced in, leaving limited upside room. Second, styrene supply and demand have marginally loosened. According to Longzhong, three plants including Bohua, Xinyang and Sinochem have restarted recently. With current prices at relatively high levels, downstream buying interest is insufficient, margins for EPS and PS are under pressure, and ABS operating rates have declined. Third, according to zhuochuang, three new export batches were signed for Europe and Turkey during the week, but a 620,000-ton unit in the US and a 150,000-ton unit in Taiwan have recently restarted, a 550,000-ton unit in Singapore will restart in February-March, and two 440,000-ton units in Japan have delayed maintenance, leading to an expected loosening in the overseas supply-demand balance. Looking ahead, although the seasonal inventory build-up in February has been revised lower amid export support and relatively frequent plant shutdowns, the tight supply situation overseas has improved, and the positive impact of exports on futures prices is gradually weakening. 2月10日，苯乙烯主力合约下跌 $1.0\%$ 至7,473元/吨(大商所)。 近期苯乙烯冲高动能有所下降，主要因为：（1）原油价格已经处于区间上沿，周初布伦特一度涨至70美元以上，地缘溢价已经充分计入，上方空间有限；（2）苯乙烯供需边际转宽松。根据隆众，近期有渤化、新阳和中化三套装置重启，当前价格偏高，下游承接能力不足，EPS和PS利润承压、ABS负荷下滑；(3)根据卓创，周内新增三单出口，发往欧洲和土耳其，但美国一套62万吨、台湾一套15万吨近期重启，新加坡一套55万吨2-3月份重启，日本两套44万吨推迟检修，海外供需预期转宽松。展望后市，出口拉动和装置停车较多下，2月季节性累库高度下调，但海外紧张格局改善，出口对期价的利好开始逐步弱化。 图表7：Recent Trend of Ethenylbenzene苯乙烯价格走势 图表8：On Feb 10, Ethenylbenzene Dropped By 1.0% 2月10日，苯乙烯下跌 $1.0\%$ # 2.China News 中国要闻 # 2.1 Industry News 行业新闻 【Shanghai, Shenzhen and Beijing Stock Exchanges Announce a Package of Measures to Optimize Refinancing】To better support the innovative development of high-quality listed companies, the three exchanges will streamline the refinancing review process for well-governed, information-transparent, representative and market-recognized firms to improve efficiency. The Shanghai and Shenzhen Stock Exchanges have also revised the rules for "asset-light, high R&D investment" listed companies and clarified the relevant identification criteria for the Main Board. (CLS) 【CFA: China's Futures Market Posts RMB 100.26 Trillion Turnover in January, Up 105.14% YoY】According to the China Futures Association, in January 2026, China's futures market recorded 912.49 million contracts traded and a turnover of RMB 100.26 trillion, up $65.09\%$ and $105.14\%$ year on year respectively, while total open interest increased by $14.65\%$ month on month by the end of January. (CFA) 【沪深北交易所宣布优化再融资一揽子措施】在进一步支持优质上市公司创新发展方面，沪深北交易所明确，对经营治理与信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。同时，为更好适应科创企业再融资需求，沪深交易所已修订上市公司“轻资产、高研发投入”规则，明确主板企业认定标准。（财联社） 【中期协：1月全国期货市场成交额100.26万亿元，同比增长 $105.14\%$ 】中国期货业协会最新统计资料表明，以单边计算，2026年1月全国期货市场成交量为912.49百万手，成交额为100.26万亿元，同比分别增长 $65.09\%$ 和 $105.14\%$ 。截至1月末，全国期货市场持仓量较上月增长 $14.65\%$ 。（中期协） 图表9：The Change of Futures Prices and Open Interests 中国期货涨跌幅与持仓变化 Energy & Chemicals Agricultural Products Source: iFind CITIC Futures Note: The horizontal axis represents the price change, and the vertical axis represents the open interest change. All are front-month continuous contracts. 中国期货概览 图表10：China Futures Price <table><tr><td>2026/2/10</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>OI Chg(%)</td><td>Trading Volume (Billion Yuan)</td><td></td></tr><tr><td>Crude Oil</td><td>原油</td><td>SC</td><td>476</td><td>2.2</td><td>5.8</td><td>11.8</td><td>3.5</td><td>-4.1</td><td>-21.4</td><td>9.1</td><td>2.9</td><td>52</td></tr><tr><td>Fuel Oil</td><td>燃料油</td><td>FU</td><td>2845</td><td>2.2</td><td>5.8</td><td>14.1</td><td>6.0</td><td>1.6</td><td>-23.6</td><td>15.8</td><td>3.4</td><td>24</td></tr><tr><td>LSFO</td><td>低硫燃料油</td><td>LU</td><td>3306</td><td>1.6</td><td>4.6</td><td>10.3</td><td>1.2</td><td>-5.4</td><td>-16.6</td><td>11.8</td><td>-7.9</td><td>3</td></tr><tr><td>Bilumen</td><td>沥青</td><td>BU</td><td>3343</td><td>0.0</td><td>1.1</td><td>5.6</td><td>10.2</td><td>-4.5</td><td>-11.5</td><td>10.9</td><td>-14.4</td><td>3</td></tr><tr><td>LPG</td><td>液化石油气</td><td>PG</td><td>4251</td><td>1.0</td><td>1.5</td><td>0.7</td><td>-1.0</td><td>11.8</td><td>-2.9</td><td>2.2</td><td>-20.5</td><td>5</td></tr><tr><td>Propylene</td><td>丙烯</td><td>PL</td><td>6224</td><td>0.7</td><td>-0.8</td><td>3.9</td><td>6.0</td><td>-3.7</td><td>-2.0</td><td>6.8</td><td>-5.8</td><td>2</td></tr><tr><td>LLDPE</td><td>聚乙烯</td><td>L</td><td>6775</td><td>0.2</td><td>-1.4</td><td>1.9</td><td>-0.2</td><td>-7.1</td><td>-12.9</td><td>4.7</td><td>-1.2</td><td>10</td></tr><tr><td>PP</td><td>聚丙烯</td><td>PP</td><td>6688</td><td>0.4</td><td>-0.5</td><td>3.0</td><td>3.5</td><td>-5.3</td><td>-9.7</td><td>5.4</td><td>-0.4</td><td>9</td></tr><tr><td>Polyvinyl Chloride</td><td>聚氯乙烯</td><td>V</td><td>4971</td><td>-0.4</td><td>-1.7</td><td>2.1</td><td>7.9</td><td>-0.7</td><td>-4.5</td><td>3.6</td><td>1.8</td><td>31</td></tr><tr><td>Benzene</td><td>纯苯</td><td>BZ</td><td>6034</td><td>-0.4</td><td>-0.1</td><td>10.6</td><td>11.5</td><td>-3.2</td><td>2.3</td><td>10.0</td><td>-13.7</td><td>4</td></tr><tr><td>Ethenylbenzene</td><td>苯乙烯</td><td>EB</td><td>7473</td><td>-1.0</td><td>-1.5</td><td>9.1</td><td>18.5</td><td>2.8</td><td>-13.1</td><td>9.7</td><td>-15.1</td><td>32</td></tr><tr><td>Paraxylene</td><td>对二甲苯</td><td>PX</td><td>7308</td><td>0.7</td><td>1.3</td><td>1.5</td><td>7.5</td><td>8.3</td><td>-0.8</td><td>0.1</td><td>-0.3</td><td>11</td></tr><tr><td>PTA</td><td>PTA</td><td>TA</td><td>5230</td><td>1.1</td><td>1.6</td><td>2.8</td><td>11.9</td><td>11.6</td><td>1.6</td><td>1.7</td><td>2.4</td><td>30</td></tr><tr><td rowspan="2">Polyester Staple Fiber Polyethylene Terephthalate</td><td>短纤</td><td>PF</td><td>6626</td><td>0.7</td><td>1.8</td><td>2.0</td><td>6.8</td><td>3.7</td><td>-5.5</td><td>1.3</td><td>-2.6</td><td>5</td></tr><tr><td>瓶片</td><td>PR</td><td>6176</td><td>0.8</td><td>1.2</td><td>2.6</td><td>7.7</td><td>4.5</td><td>-2.6</td><td>2.3</td><td>2.3</td><td>5</td></tr><tr><td>Methanol</td><td>甲醇</td><td>MA</td><td>2241</td><td>0.0</td><td>-0.7</td><td>-0.2</td><td>6.8</td><td>-6.2</td><td>-13.7</td><td>0.8</td><td>-2.9</td><td>13</td></tr><tr><td>Ethylene Glycol</td><td>乙二醇</td><td>EG</td><td>3733</td><td>-0.2</td><td>-0.8</td><td>-3.0</td><td>-5.2</td><td>-14.9</td><td>-20.9</td><td>-2.5</td><td>3.4</td><td>8</td></tr><tr><td>Urea</td><td>尿素</td><td>UR</td><td>1785</td><td>-0.8</td><td>0.5</td><td>0.3</td><td>7.5</td><td>2.6</td><td>2.1</td><td>2.4</td><td>-3.1</td><td>4</td></tr><tr><td>Soda Ash</td><td>纯碱</td><td>SA</td><td>1171</td><td>-0.8</td><td>-2.7</td><td>-4.3</td><td>-3.3</td><td>-12.4</td><td>-19.3</td><td>-3.1</td><td>2.0</td><td>15</td></tr><tr><td>Sodium Hydroxide</td><td>烧碱</td><td>SH</td><td>1963</td><td>3.9</td><td>-1.5</td><td>-10.7</td><td>-15.9</td><td>-19.5</td><td>-39.6</td><td>-12.8</td><td>-13.9</td><td>26</td></tr><tr><td>Glass</td><td>玻璃</td><td>FG</td><td>1070</td><td>-0.3</td><td>-0.3</td><td>-6.5</td><td>-0.3</td><td>0.9</td><td>-19.9</td><td>-1.7</td><td>-1.8</td><td>20</td></tr><tr><td>Coking Coal</td><td>焦煤</td><td>JM</td><td>1119</td><td>-1.7</td><td>-4.1</td><td>-5.8</td><td>-11.3</td><td>-8.2</td><td>-2.1</td><td>0.3</td><td>6.4</td><td>48</td></tr><tr><td>Coke</td><td>焦炭</td><td>J</td><td>1665</td><td>-1.7</td><td>-3.3</td><td>-4.7</td><td>-4.7</td><td>1.0</td><td>-5.0</td><td>-1.9</td><td>4.3</td><td>2</td></tr><tr><td>SCFIS(Europe)</td><td>SCFIS欧线</td><td>EC</td><td>1179</td><td>-4.9</td><td>-3.4</td><td>2.5</td><td>-33.7</td><td>-18.6</td><td>-32.6</td><td>-35.5</td><td>8.9</td><td>2</td></tr><tr><td>2026/2/10</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open Interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td><td></td></tr><tr><td>Gold</td><td>黄金</td><td>AU</td><td>1121</td><td>0.5</td><td>5.4</td><td>12.1</td><td>21.3</td><td>42.7</td><td>66.4</td><td>14.3</td><td>-1.2</td><td>245</td></tr><tr><td>Silver</td><td>白银</td><td>AG</td><td>20284</td><td>2.0</td><td>-4.0</td><td>10.8</td><td>76.2</td><td>118.6</td><td>151.3</td><td>12.5</td><td>-2.7</td><td>189</td></tr><tr><td>Palladium</td><td>钯</td><td>PD</td><td>429</td><td>-1.1</td><td>-1.1</td><td>-12.0</td><td>17.5</td><td>17.5</td><td>17.5</td><td>3.2</td><td>#VALUE!</td><td>#VALUE!</td></tr><tr><td>Platinum</td><td>铂</td><td>PT</td><td>538</td><td>-0.9</td><td>-4.4</td><td>-9.7</td><td>32.7</td><td>32.7</td><td>32.7</td><td>-2.0</td><td>#VALUE!</td><td>#VALUE!</td></tr><tr><td>Copper(BC)</td><td>铜(BC)</td><td>BC</td><td>90200</td><td>0.2</td><td>0.3</td><td>1.1</td><td>17.4</td><td>29.6</td><td>31.0</td><td>2.3</td><td>-7.4</td><td>1</td></tr><tr><td>Copper</td><td>铜</td><td>CU</td><td>101560</td><td>0.0</td><td>-0.1</td><td>1.3</td><td>17.6</td><td>29.5</td><td>31.2</td><td>2.9</td><td>-5.9</td><td>52</td></tr><tr><td>Aluminum Oxide</td><td>氧化铝</td><td>AO</td><td>2835</td><td>-0.5</td><td>0.9</td><td>0.5</td><td>0.8</td><td>-10.6</td><td>-18.7</td><td>2.5</td><td>-3.7</td><td>21</td></tr><tr><td>Aluminum</td><td>铝</td><td>AL</td><td>23515</td><td>-0.3</td><td>0.0</td><td>-2.2</td><td>8.6</td><td>13.8</td><td>14.7</td><td>3.4</td><td>-6.5</td><td>22</td></tr><tr><td>Cast Aluminum Alloy</td><td>铸造铝合金</td><td>AD</td><td>22120</td><td>-0.4</td><td>0.5</td><td>-3.0</td><td>5.2</td><td>10.2</td><td>20.4</td><td>2.3</td><td>2.3</td><td>1</td></tr><tr><td>Zinc</td><td>锌</td><td>ZN</td><td>24455</td><td>-0.5</td><td>-1.8</td><td>2.4</td><td>8.1</td><td>8.7</td><td>2.5</td><td>5.0</td><td>-5.4</td><td>11</td></tr><tr><td>Tin</td><td>锡</td><td>SN</td><td>382000</td><td>3.3</td><td>2.3</td><td>9.5</td><td>33.7</td><td>42.5</td><td>47.3</td><td>17.0</td><td>-4.2</td><td>93</td></tr><tr><td>Lead</td><td>铅</td><td>PB</td><td>16665</td><td>0.6</td><td>0.2</td><td>-3.8</td><td>-4.7</td><td>-1.2</td><td>-2.9</td><td>-3.6</td><td>-15.9</td><td>5</td></tr><tr><td>Nickel</td><td>镍</td><td>NI</td><td>133350</td><td>-0.2</td><td>0.5</td><td>-2.3</td><td>11.6</td><td>10.1</td><td>5.0</td><td>0.0</td><td>-4.4</td><td>38</td></tr><tr><td>Iron Ore</td><td>铁矿石</td><td>I</td><td>762</td><td>0.0</td><td>-2.9</td><td>-6.6</td><td>0.0</td><td>-3.6</td><td>-7.2</td><td>-3.5</td><td>0.1</td><td>11</td></tr><tr><td>Steel Rebar</td><td>螺纹钢</td><td>RB</td><td>3052</td><td>-0.6</td><td>-1.7</td><td>-3.0</td><td>0.6</td><td>-5.1</td><td>-8.6</td><td>-2.4</td><td>3.0</td><td>16</td></tr><tr><td>Hot-Rolled Coil</td><td>热轧卷板</td><td>HC</td><td>3220</td><td>-0.6</td><td>-1.5</td><td>-2.2</td><td>-0.6</td><td>-5.9</td><td>-6.3</td><td>-1.6</td><td>-2.9</td><td>11</td></tr><tr><td>Stainless Steel</td><td>不锈钢</td><td>SS</td><td>13740</td><td>0.2</td><td>1.2</td><td>0.4</td><td>9.3</td><td>5.3</td><td>3.0</td><td>4.8</td><td>-9.6</td><td>4</td></tr><tr><td>Manganese Silicon</td><td>锰硅</td><td>SM</td><td>5818</td><td>-0.4</td><td>-0.5</td><td>-1.1</td><td>0.5</td><td>-3.6</td><td>-19.7</td><td>-1.7</td><td>1.2</td><td>4</td></tr><tr><td>Ferrosilicon</td><td>硅铁</td><td>SF</td><td>5580</td><td>-0.7</td><td>-1.2</td><td>-0.9</td><td>0.6</td><td>-3.2</td><td>-13.5</td><td>-2.1</td><td>-0.2</td><td>3</td></tr><tr><td>Lithium Carbonate</td><td>碳酸锂</td><td>LC</td><td>137340</td><td>0.0</td><td>-5.5</td><td>-4.1</td><td>60.9</td><td>83.1</td><td>75.1</td><td>13.8</td><td>#VALUE!</td><td>#VALUE!</td></tr><tr><td>Silicon Metal</td><td>工业硅</td><td>SI</td><td>8375</td><td>-1.5</td><td>-5.5</td><td>-3.6</td><td>-9.3</td><td>-2.4</td><td>-23.0</td><td>-5.3</td><td>#VALUE!</td><td>#VALUE!</td></tr><tr><td>Poly-Silicon</td><td>多晶硅</td><td>PS</td><td>49950</td><td>-1.0</td><td>-0.3</td><td>-4.9</td><td>-8.1</td><td>-1.8</td><td>10.8</td><td>-14.6</td><td>#VALUE!</td><td>#VALUE!</td></tr><tr><td>2026/2/10</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open Interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td><td></td></tr><tr><td>No.1 Soybean</td><td>豆一</td><td>A</td><td>4499</td><td>2.4</td><td>2.1</td><td>2.7</td><td>9.4</td><td>9.9</td><td>10.5</td><td>6.3</td><td>27.5</td><td>13</td></tr><tr><td>No.2 Soybean</td><td>豆二</td><td>B</td><td>3468</td><td>-0.4</td><td>-0.4</td><td>-1.3</td><td>-7.7</td><td>-7.3</td><td>-3.9</td><td>-0.2</td><td>-0.8</td><td>3</td></tr><tr><td>Soybean Oil</td><td>豆油</td><td>Y</td><td>8098</td><td>-0.3</td><td>-0.1</td><td>1.6</td><td>-1.4</td><td>-3.5</td><td>-0.7</td><td>2.9</td><td>-1.1</td><td>18</td></tr><tr><td>Soybean Meal</td><td>豆粕</td><td>M</td><td>2734</td><td>-0.4</td><td>-0.1</td><td>-1.9</td><td>-10.4</td><td>-11.5</td><td>-6.3</td><td>-0.9</td><td>-0.9</td><td>16</td></tr><tr><td>Rapeseed Oil</td><td>菜籽油</td><td>OI</td><td>9096</td><td>-0.6</td><td>-1.0</td><td>1.2</td><td>-4.8</td><td>-4.9</td><td>3.4</td><td>0.1</td><td>-2.2</td><td>16</td></tr><tr><td>Rapeseed Meal</td><td>菜籽粕</td><td>RM</td><td>2244</td><td>0.0</td><td>-1.0</td><td>-4.2</td><td>-11.0</td><td>-18.8</td><td>-11.3</td><td>-5.7</td><td>0.0</td><td>6</td></tr><tr><td>RBD Palm Olein</td><td>棕榈油</td><td>P</td><td>8940</td><td>-0.7</td><td>-1.8</td><td>3.4</td><td>3.1</td><td>-0.8</td><td>0.2</td><td>3.8</td><td>-2.7</td><td>34</td></tr><tr><td>Corn</td><td>玉米</td><td>C</td><td>2286</td><td>0.4</td><td>0.9</td><td>1.0</td><td>6.0</td><td>1.3</td><td>-0.1</td><td>2.6</td><td>13.5</td><td>9</td></tr><tr><td>Corn Starch</td><td>玉米淀粉</td><td>CS</td><td>2547</td><td>0.4</td><td>1.4</td><td>0.2</td><td>3.2</td><td>-3.7</td><td>0.1</td><td>1.1</td><td>-12.3</td><td>2</td></tr><tr><td>Peanut Kernel</td><td>花生</td><td>PK</td><td>8044</td><td>0.0</td><td>0.2</td><td>0.5</td><td>3.4</td><td>-0.7</td><td>0.3</td><td>0.7</td><td>-17.1</td><td>1</td></tr><tr><td>White Sugar</td><td>白糖</td><td>SR</td><td>5278</td><td>0.7</td><td>1.7</td><td>-0.1</td><td>-3.5</td><td>-5.3</td><td>-9.9</td><td>0.7</td><td>1.0</td><td>14</td></tr><tr><td>Woodpulp</td><td>纸浆</td><td>SP</td><td>5202</td><td>-0.3</td><td>-1.6</td><td>-5.7</td><td>-4.2</td><td>0.0</td><td>-14.9</td><td>-6.3</td><td>2.0</td><td>12</td></tr><tr><td>Offset Paper</td><td>胶板印刷纸</td><td>OP</td><td>4088</td><td>0.5</td><td>0.3</td><td>-2.9</td><td>-4.8</td><td>-3.1</td><td>-3.1</td><td>-2.0</td><td>-1.0</td><td>0</td></tr><tr><td>TSR 20</td><td>20号胶</td><td>NR</td><td>13230</td><td>0.9</td><td>1.2</td><td>2.3</td><td>9.5</td><td>6.7</td><td>-10.2</td><td>4.3</td><td>-0.3</td><td>5</td></tr><tr><td>Natural Rubber</td><td>天然橡胶</td><td>RU</td><td>16335</td><td>0.9</td><td>1.3</td><td>2.3</td><td>8.6</td><td>5.4</td><td>-5.7</td><td>4.5</td><td>1.1</td><td>29</td></tr><tr><td>Synthetic Rubber</td><td>丁二烯胶</td><td>BR</td><td>12860</td><td>0.8</td><td>-1.3</td><td>6.7</td><td>26.1</td><td>11.8</td><td>-11.7</td><td>11.3</td><td>-7.8</td><td>13</td></tr><tr><td>Cotton</td><td>棉花</td><td>CF</td><td>14655</td><td>0.3</td><td>-0.1</td><td>-0.5</td><td>8.1</td><td>7.3</td><td>7.5</td><td>0.7</td><td>-0.1</td><td>26</td></tr><tr><td>Cotton Yarn</td><td>棉纱</td><td>CY</td><td>20440</td><td>0.2</td><td>-0.5</td><td>-1.8</td><td>3.1</td><td>3.8</td><td>3.2</td><td>-0.6</td><td>3.3</td><td>1</td></tr><tr><td>Log</td><td>原木</td><td>LG</td><td>774</td><td>-0.1</td><td>-2.9</td><td>-0.2</td><td>-0.7</td><td>-6.6</td><td>-13.4</td><td>0.1</td><td>-14.3</td><td>0</td></tr><tr><td>Fiberboard</td><td>纤维板</td><td>FB</td><td>1280</td><td>0.1</td><td>0.1</td><td>0.7</td><td>1.0</td><td>-1.3</td><td>-1.9</td><td>-0.2</td><td>0.4</td><td>0</td></tr><tr><td>Live Hog</td><td>生猪</td><td>LH</td><td>11470</td><td>-0.5</td><td>-1.3</td><td>-2.5</td><td>-4.2</td><td>-18.9</td><td>-11.8</td><td>-2.6</td><td>1.2</td><td>9</td></tr><tr><td>Egg</td><td>鸡蛋</td><td>JD</td><td>2911</td><td>0.2</td><td>-1.7</td><td>-3.9</td><td>-8.5</td><td>-13.7</td><td>-11.7</td><td>-1.3</td><td>-11.6</td><td>3</td></tr><tr><td>Apple</td><td>苹果</td><td>AP</td><td>9500</td><td>0.1</td><td>0.3</td><td>-1.6</td><td>4.2</td><td>18.4</td><td>35.3</td><td>3.7</td><td>-7.4</td><td>4</td></tr><tr><td>Chinese Jujube</td><td>红枣</td><td>CJ</td><td>8670</td><td>-0.5</td><td>-2.4</td><td>-5.5</td><td>-9.0</td><td>-23.3</td><td>-7.9</td><td>-3.7</td><td>2.0</td><td>2</td></tr><tr><td>Round-grained Rice</td><td>粳米</td><td>RR</td><td>3617</td><td>0.0</td><td>0.3</td><td>-0.9</td><td>1.0</td><td>1.3</td><td>2.0</td><td>0.2</td><td>0.2</td><td>0</td></tr><tr><td>2026/2/10</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open Interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td><td></td></tr><tr><td>SSE 50</td><td>上证50</td><td>IH</td><td>3094</td><td>0.4</td><td>2.1</td><td>-1.2</td><td>1.4</td><td>10.9</td><td>17.8</td><td>2.4</td><td>-1.7</td><td>18</td></tr><tr><td>CSI 300</td><td>沪深300 IF</td><td>IF</td><td>4724</td><td>0.1</td><td>1.6</td><td>-0.3</td><td>1.2</td><td>15.6</td><td>21.1</td><td>2.8</td><td>-1.8</td><td>57</td></tr><tr><td>CSI 500</td><td>中证500 IC</td><td>IC</td><td>8291</td><td>-0.1</td><td>0.2</td><td>3.6</td><td>14.7</td><td>33.0</td><td>41.8</td><td>12.5</td><td>-2.7</td><td>91</td></tr><tr><td>CSI 1000</td><td>中证1000 IM</td><td>IM</td><td>8229</td><td>0.2</td><td>0.5</td><td>2.7</td><td>11.0</td><td>22.0</td><td>33.8</td><td>10.6</td><td>-2.2</td><td>136</td></tr><tr><td rowspan="9">2-Year CGB</td><td rowspan="9">2年期国债债</td><td rowspan="9"></td><td rowspan="9"></td><td rowspan="9"></td><td rowspan="9"></td><td rowspan="9"></td><td rowspan="8"></td><td rowspan="8"></td><td rowspan="8"></td><td rowspan="8"></td><td rowspan="8"></td><td rowspan="8"></td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr></table> \*A deeper shade of red indicates a larger price increase, while a deeper shade of green signifies a greater price decline. $^ \text{青}$ 红色越深表示涨幅越大，绿色越深表示跌幅越大 红色越深表示涨幅越大，绿色越深表示跌幅越大。 The data does not include the night trading session. # CITIC Futures International Research Reports https://www.citicfutures.com/Insights 中信期货国际化研究系列报告 # Regular Reports 定期报告 20251126 China Futures Annual Outlook 中国期货2026年度展望 China Futures Monthly Report 中国期货运行月报 China Commodity Futures Cross Border Arbitrage Weekly Report 中国商品期货跨境套利策略周报 China Futures Daily Note 中国期货每日简报 # Special Topic 专题报告 # 【Financial】金融 20260204 Assets Allocation in February - Overweight CSI500, Optimistic on Gold 2月资产配置月报：超配中证500，黄金乐观 人民币外汇期货风险管理应用 专题报告20251219 20251218 China Fiscal Policy Outlook: Moderate Expansion? 中国2026财政政策展望：如何理解适度扩张 20251217 China Monetary Policy Outlook: Moderate Easing? 2026年中国货币政策展望：如何理解适度宽松 20251121 Drivers Analysis and Risk Management of the CNY's Strength 人民币汇率偏强原因分析及风险管理 20250917 China Futures Member Position Factor Strategy 中国期货会员持仓因子策略优化 20250805 Optimization of Short Strategy For China Commodity Options 中国商品期权卖权策略优化思路 20250731 China Equity Index and ETF Options Arbitrage Strategy 中国股指期权与ETF期权套利策略 20250728 Enhancement of Covered Call Strategy for China Equity Index Futures 中国股指期权备兑策略优化 20250626 China Gold Options Volatility and Strategies 中国黄金期权波动率及策略配置 20250311 Foreign Private Funds in China Market 外资私募进入中国市场的机遇与挑战 # 【Commodity】商品 20260209 US Diesel Crack Spread Outlook for 2025-2026 Winter Season 美国冬季柴油裂解价差展望 20260209 Rapeseed Oil & Meal Calendar Spread Strategy Update 菜油菜粕月差策略跟进 20260204 Lithium Carbonate Demand (2) Power Batteries and Consumer Batteries 碳酸锂需求展望（二）：动力电池和消费电池 20260203 Lithium Carbonate Demand (1) Energy Storage Growth 碳酸锂需求展望（一）：储能增速 20260119 Iron Ore Global New Capacity Projects in 2026 海外新增铁矿产能项目详解 20260115 Annual Outlook on Crude Oil Tanker Market 原油油轮年度展望 20260112 Follow-up on Rapeseed Calendar Spread Strategy 菜油菜粕月差策略跟进 20260109 Lithium Carbonate Annual Outlook Remains Positive 2026年锂价展望：维持乐观 20260101 Asset Allocation Note Metals, Equity and Forex 资产配置纪要：金属、权益、外汇 20251222 The Dawn of the $61\%$ Era for Iron Ore 铁矿石“61%时代”正在开启 20251220 Rapeseed Oil & Meal Calendar Spread Analysis 菜油菜粕月差策略 20251219 China Soybean Futures Main Contract Rotation Pattern 大豆期货主力合约轮换分析 20251211 Coal-Power Long-Term Contract Interpretation 2026 年煤电长协解读 20251209 China Diesel Consumption Forecast 2026-2030年中国柴油消费展望 20251128 China Iron Ore Futures Basis Review 中国铁矿石期货基差复盘 20251127 China Iron Ore Futures Delivery Introduction 中国铁矿石期货交割规则介绍 20251107 Solid-State Battery Introduction 固态电池基础知识 20251106 US LNG Prices May Rise on Strong Export 出口强劲或推升美国气价 <table><tr><td>20251105 Iron Ore Four Major Mines Quarterly Report Summary 铁矿石全球四大矿山季报解读 202501104 How to Understand China Gold Tax Policy Change 中国黄金税收政策调整解读 20250929 European Gasoil Crack Spread Outlook 欧洲柴油裂解价差展望 20250916 Chinese Port Inventories Pressure SC-Brent Spread 中国港口库存施压 SC-Brent 价差 20250807 Zinc Short Strategy Due To Surplus Expectation 锌过剩预期下的策略分析 20250806 Calender Spread Strategies for Lithium Carbonate Futures 碳酸锂期货月差策略推荐 【Emerging Industry】新兴行业 20251226 Energy and Carbon Annual Outlook 2026 能源双碳年度展望 20251215 New Energy Vehicle Annual Outlook 2026 年全球新能源车销量展望 20251212 Solar PV Industry Annual Outlook 2026 年光伏年度展望 20251208 Compliance Demand May Drive Carbon Prices to Rebound 履约需求或使碳价筑底反弹 20251204 The Impact of Document No. 136 on PV Projects 136 号文如何影响光伏项目 20251022 Quarterly Outlook of Energy, Power, Carbon 能源电碳行业展望 20250808 Why Anti-Involution for PV Industry 光伏反内卷原因分析 20250918 Global Shipping Futures: BDI and FFAs 波罗的海航运指数及期货介绍 20250902 Potential Influence of U.S. Shipping Policy Change 美国航运政策变化的可能影响</td></tr><tr><td>Policy Reading 政策解读 【Macro 宏观】 20251215 Insights from the Central Economic Work Conference 中央经济工作会议学习体会 20251210 Policy Readings on the Politburo Meeting in December 2025 年 12 月政治局会议联合点评 20251113 Commentary on China Monetary Policy Report Q3 2025 三季度货币政策执行报告点评 202501030 Policy Readings on the “15th Five-Year Plan”“十五五”规划建议联合点评 20250801 Politburo Meeting Influence on Futures Prices 7 月政治局会议对期货价格影响 20250514 China-U.S. Tariff Suspension Influence on China Futures Prices 中美关税暂缓对中国期货价格影响 20250313 Influence of Geoenvironmental shift on commodities 地缘变局对商品价格影响分析 20250120 China Economic Annual Outlook 中国经济年度展望 20250114 Impact of “Two New” policy on China's Domestic Demand “两新”政策对中国内需影响分析 20241109 Policy Readings of NPC Standing Committee Meeting in Nov. 11 月人大常委会新闻发布会解读 20241018 Policy Readings of China SCIO Press Conference on 17th Oct. 10 月 17 日国新办发布会解学习体会 20241013 Policy Readings of China Finance Ministry Press Conference on 11th Oct. 10 月财政部发布会学习体会 【Futures 期货】 20250723 Anti-Involution Policy Reading and Influence on Futures Prices “反内卷”政策对期货价格影响 20250714 SHFE's Internationalization Reforms Interpretation 上海期货交易所国际化新规解读 20250622 China Accelerates Futures Market Opening Up 中国期货对外开放再提速</td></tr><tr><td>Research Framework 研究框架 【China Futures 中国期货】Macro Economy/Assets Allocation/CTA/Equity Index/ Government Bond/Exchange Rate/HK Equity index / Hang Seng Biotech Index/Crude Oil/Gold/Copper/Iron Ore/Steels/Lithium/Silicon Metal /LPG/PTA/LLDPE/Methanol/Urea/Shipping Freight /Live Hog /Soybean Meal /Soybean Oil/Palm Oil/Rapeseed Meal/Rapeseed Oil/Corn/Natural Rubber/Zinc/Silver 宏观经济/资产配置/CTA/股指/香港股指/国债/汇率/恒生生物科技指数/原油/黄金/铜/铁矿石/钢材/锂/工业硅/LPG/PTA/塑料/甲醇/尿素/航运/生猪/豆粕/豆油/棕榈油/菜粕/菜油/玉米/天然橡胶/锌/白银 【Global Futures 海外期货】U.S. Economy / U.S. Treasury Bond/ U.S. Corn / US Dollar Index / BDI and FFAs 美国经济/美国国债/美国玉米/美元指数/航运指数</td></tr><tr><td>【Cross-Border Arbitrage 跨境套利】Crude Oil/Iron Ore/Soybean/Copper/Rubber/Plam Oil 原油/铁矿石/大豆/铜/橡胶/棕榈油 Cross-Border Arbitrage Statistical Regression Strategy Model 跨境套利统计回归策略模型 【Risk Management 风险管理】Iron Ore/Plastic/Steel/Freight/Fuel Oil 铁矿石/塑料/钢材/燃油/航运 【长期复盘】全球大宗商品百年回顾/全球经济展望二十年大复盘/全球炼厂利润二十年回顾 /全球炼油产能中长期展望/世界石油海运要道/国际原油价格二十年复盘/美国天然气价格二十年复盘 【国别手册】亚太：中国/印度/日本/韩国/澳大利亚/新加坡马来西亚/印度尼西亚；中东：沙特/伊朗/伊拉克/科威特/阿联酋/卡塔尔；美洲：巴西/委内瑞拉/圭亚那/加拿大；欧洲：俄罗斯/挪威/英国/法国；非洲：利比亚/尼日利亚/阿尔及利亚/安哥拉/刚果/南非/苏丹/南苏丹/埃及</td></tr><tr><td>Trading Manual 交易手册</td></tr><tr><td>Introduction on China Futures Market 中国期货市场概况 Introduction on China Futures Exchanges 中国期货交易所介绍 China Futures and Derivatives Law 中国期货法律法规 China Futures/Options Contracts Manual 中国期货合约手册 China QFII Policy Interpretation 合格境外投资者制度详解 China Futures Overseas Brokerage Policy Interpretation 中国期货境外经纪机构制度详解 Global Futures/Options Contracts Manual 海外期货/期权合约手册 China Futures Code Sheet 中国期货代码速查表 QFII Appliance Procedures One-Stop Guidance 合格境外投资者审批流程指南 【海外期货概况】股指/国债/汇率/能源/金属/农业 【境外交易所概况】中国香港/东南亚/欧洲/北美</td></tr></table> # 免责声明 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