> **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 PBOC, continue to implement a properly accommodative monetary policy. Prices: On Feb 11, most equity index and CGB futures rose. Most commodities increased, with LC and NI leading the raise. Commentary: Lithium Carbonate, Nickel, Silicon Metal Risks: Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 要闻：据央行报告，继续实施好适度宽松的货币政策。 期货：2月11日，股指和国债期货多数上涨；商品期货多数上涨，碳酸锂和镍领涨。 今日点评：碳酸锂、镍、工业硅 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 【20260211】Crude Oil, Fuel Oil, Ethenylbenzene 原油、燃油、苯乙烯 【20260210】Gold,Silver,Tin黄金、白银、锡 【20260207】Fuel Oil, Copper, Nickel 燃油、铜、镍 * 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 1.2.1 Lithium Carbonate 碳酸锂 5 1.2.2 Nickel 镍 6 1.3 Daily Drop 下跌品种 8 1.3.1 Silicon Metal 工业硅 ..... 8 2.1 Industry News 行业新闻 CITIC Futures International Research Reports 12 # 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：Recent Trend of Lithium Carbonate 6 碳酸锂价格走势 6 # 图表4：On Feb 11,Lithium Carbonate Rose By $9.2\%$ . 6 2月11日，碳酸锂上涨 $9.2\%$ # 图表5：Recent Trend of Fuel Oil 7 镍价格走势 7 # 图表6：On Feb 11, Fuel Oil Rose By $4.0\%$ 2月11日，镍上涨 $4.0\%$ # 图表7：Recent Trend of Silicon Metal 8 工业硅价格走势 8 # 图表 8: On Feb 11, Silicon Metal Dropped By 0.5% 2月11日，工业硅下跌 $0.5\%$ # 图表9：The Change of Futures Prices and Open Interests 10 中国期货涨跌幅与持仓变化 10 # 图表 10: China Futures Price. 11 中国期货概览 11 # 1. China Futures 期货异动 # 1.1 Overview 行情概述 On Feb 11, most equity index and CGB futures rose, most commodities showed high performances, with LC and NI leading the raise. In equity index futures, IC rose $0.4\%$ and IF dropped $0.1\%$ ; in CGB futures, T rose $0.06\%$ . In commodity futures, the top three gainers were Lithium Carbonate, Nickel and Tin. Lithium Carbonate rose $9.2\%$ , with open interest increasing $3.0\%$ month-on-month; Nickel gained $4.0\%$ , with open interest decreasing $4.7\%$ month-on-month; Tin advanced $3.3\%$ , with open interest decreasing $2.9\%$ month-on-month. (CFFEX) On the downside, the top three decliners were SCFIS(Europe), Coke and Glass. SCFIS(Europe) plummeted $1.4\%$ , with open interest decreasing $2.6\%$ month-on-month; Coke dropped $0.9\%$ , with open interest increasing $2.3\%$ month-on-month; Glass slid $0.7\%$ , with open interest increasing $0.4\%$ month-on-month. (ZCE/GFEX/DCE/SHFE/INE) 2月11日，股指和国债期货多数上涨；商品期货多数上涨，碳酸锂和镍领涨。 股指期货方面，IC上涨 $0.4\%$ ，IF下跌 $0.1\%$ ；国债期货方面，T上涨 $0.06\%$ 。（CFFEX) 商品期货方面，涨幅前三的是碳酸锂、镍和锡，其中碳酸锂上涨 $9.2\%$ ，持仓环比增加 $3.0\%$ ；镍上涨 $4.0\%$ ，持仓环比减少 $4.7\%$ ；锡上涨 $3.3\%$ ，持仓环比减少 $2.9\%$ 。跌幅前三的是SCFIS欧线、焦炭和玻璃，其中SCFIS欧线下跌 $1.4\%$ ，持仓环比减少 $2.6\%$ ；焦炭下跌 $0.9\%$ ，持仓环比增加 $2.3\%$ ；玻璃下跌 $0.7\%$ ，持仓环比增加 $0.4\%$ 。(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 Lithium Carbonate 碳酸锂 On February 11, Lithium Carbonate surged sharply during the session, with the front-month contract rising $9.2\%$ to 150,260 yuan/ton (GFEX). The rally was mainly driven by strong supply and demand fundamentals, as the market expects the tight balance to continue after the holiday, amid improved capital sentiment and early positioning by investors. At present, the fundamentals of lithium carbonate have marginally weakened but remain relatively strong, while the impact of macro sentiment has declined. In January and February, some enterprises underwent maintenance and production cuts, keeping the market in a tight balance with ongoing destocking of social inventories. Meanwhile, fundamentals have softened slightly at the margin: data from the China Passenger Car Association (CPCA) showed that China's estimated wholesale sales of new energy passenger vehicles reached 900,000 units in January 2026, up $1\%$ year-on-year. Mysteel data indicated that port sellable lithium ore inventories stood at 232,000 tons in the week ending February 6, an increase of 87,000 tons from a month ago. These factors may affect market sentiment and require further observation. Looking ahead, demand-side production scheduling for March is expected to be solid, while supply will see a notable rise in imports. A tight balance is forecast to persist before the resumption of production at the Jianxiawo project. In summary, strong supply and demand fundamentals and continuous social inventory destocking provide upward momentum for lithium carbonate prices. However, as the Spring Festival approaches, macro uncertainties will rise significantly during the holiday period. Investors are advised to exit temporarily and participate cautiously.. 2月11日，碳酸锂价格盘中大涨，主力合约上涨 $9.2\%$ 至150,260元/吨(广期所)。价格上涨主要原因是当前供需基本面偏强，市场预期节后紧平衡局面延续，在资金情绪有所修复的背景下，资金提前布局所致。 当下碳酸锂基本面有边际走弱但仍然较强，宏观情绪的影响比例有所下滑。1-2月供需端都面临部分企业检修减产，整体仍然维持紧平衡，社会库存预计持续去库。 但与此同时，供需有边际弱化，乘联会数据显示，2026年1月全国乘用车厂商新能源批发预估90万辆，同比增长 $1\%$ ；我的钢铁网数据显示，2月6日当周港口可售矿石库存23.2万吨，较一个月前增加8.7万吨，这些可能会影响市场的情绪，但仍需进一步观测。 就当前看，3月份需求端排产预期较好，供应端也会面临进口的明显增加，在现下窝复产之前，预计仍维持紧平衡。 总结而言，当前碳酸锂供需较强，社会库存持续去库，价格具备上涨驱动。但临近春节，节日期间宏观面临较大的不确定性，建议暂时离场，谨慎参与。 图表3：Recent Trend of Lithium Carbonate碳酸锂价格走势 图表4：On Feb 11, Lithium Carbonate Rose By 9.2% 2月11日，碳酸锂上涨 $9.2\%$ Source: iFind, CITIC Futures Note: All are front-month continuous contracts. # 1.2.2 Nickel 镍 On February 11, affected by news that Indonesia approved a nickel ore quota of approximately 260–270 million tons, the front-month contract of Nickel rose $4.0\%$ to 139,360 yuan/ton (SHFE). According to Mysteel on February 11, the Ministry of Energy and Mineral Resources (ESDM) released the 2026 Nickel Work Plan and Budget (RKAB). Tri Winarno, Director General of Minerals and Coal at ESDM, disclosed that the approved nickel ore production quota is between 260 million and 270 million tons. As 2026 remains a period of concentrated capacity expansion for HPAL projects in Indonesia, we estimate that the theoretical domestic demand for nickel ore in Indonesia will be around $15\%$ higher than the approved quota of 260-270 million tons in order to maintain reasonable operating rates for existing and under-construction projects, creating a significant tightening expectation in the market. On the fundamental side, domestic electrolytic nickel output rebounded again month-on-month in January, while Indonesia's MIHP and matte nickel production remained at high levels in January, so supply-side pressure on nickel persists. The demand side is still in a traditional off-season: stainless steel scheduling rebounded slightly month-on-month in January amid profit recovery, but is expected to drop noticeably in February due to the Spring Festival holiday. End-user demand remains relatively cautious, leaving the market in a fundamental surplus. In terms of inventories, LME inventories rose by another 678 tons to 285,750 tons, and SHFE nickel warrants increased by 318 tons to 52,039 tons, according to Wind data. Global visible inventories remain elevated overall. In summary, the fundamentals of nickel have not shown marginal improvement, and the overall supply and demand in February are expected to remain loose with high visible inventories, which will weigh on prices to some extent. Meanwhile, according to Mysteel, Indonesia's downward revision of its 2026 nickel ore quota and the planned revision to domestic nickel ore pricing have led to a notable adjustment in market expectations for nickel costs and balance, providing some support to nickel prices. Strategically, Indonesian policies are providing strong support to nickel prices, but high visible inventories may cap the upside to some extent. We suggest cautious and light positions ahead of the holiday, and continue to watch for dip-buying opportunities in the medium term, while monitoring further developments in Indonesia's related policies. 2月11日，受印尼批准约2.6-2.7亿吨镍矿配额消息影响，沪镍主力合约上涨 $4.0\%$ 至139,360元/吨(上期所)。 据我的钢铁网2月11日消息，能源和矿产资源部(ESDM)发布了2026年镍工作计划和成本预算(RKAB)，ESDM部矿产和煤炭总干事TriWinarno透露，批准的镍矿生产配额在2.6亿吨到2.7亿吨之间。考虑到2026年仍是印尼湿法（HPAL）新增产能集中释放期，为维持现有及在建项目的合理开工率，我们预计2026年印尼国内镍矿的理论需求量预计高于目前批准配额量2.6-2.7亿吨约 $15\%$ 对市场形成较为显著的紧缩预期。 基本面来看，供应端，国内电镍1月产量环比再度回升，同时印尼1月MIHP和冰镍产量整体维持高位，整体镍供给端压力仍存。需求端仍处传统消费淡季，不锈钢1月排产环比在利润修复下存在小幅回升，2月因春节假期影响预计排产环比将明显下滑，终端需求仍维持相对谨慎态度，整体基本面过剩维持。库存端来看，据万得数据，昨日LME库存再度环比累积678吨至285750吨，沪镍仓单环比累积318吨至52039吨，全球整体显性库存仍处高位。 总结来看，镍当下基本面未见边际改善，预计2月整体供需仍趋宽松，整体显性库存维持高位，对价格形成一定压制。同时，据我的钢铁网消息，印尼下修26年镍矿配额，同时拟修订镍矿内贸计价方式，使得市场对镍成本及平衡预期有较为明显调整，对镍价形成一定支撑。策略上，当下印尼端政策对镍价形成较强支撑，但显性库存高位或在一定程度限制向上高度，建议节前谨慎轻仓持有，中期继续关注逢低吸纳机会，后续持续关注印尼相关政策进展。 图表5：Recent Trend of Fuel Oil 镍价格走势 图表6：On Feb 11, Fuel Oil Rose By $4.0\%$ 2月11日，镍上涨 $4.0\%$ Source: iFind, CITIC Futures Note: All are front-month continuous contracts. # 1.3 Daily Drop 下跌品种 # 1.3.1 Silicon Metal 工业硅 On Feb 10, the front-month contract of Silicon Metal dropped $0.5\%$ to 8,370 yuan/ton (GFEX). With both supply and demand being weak and market sentiment volatile, we expect Silicon Metal prices to remain range-bound. On the supply side, operating rates in southwest China kept falling during the dry season. Sichuan production has mostly halted, and Yunnan's operating rates are at low levels (Baichuan data). Northwest major producers cut output in late January, so domestic silicon metal supply will likely drop further in February, easing short-term supply pressure. Longer term, northwest rates will recover and southwest output will rise in the wet season, keeping oversupply pressure. On the demand side, polysilicon has high inventories with some plants under maintenance, weighing on silicon metal demand. Silicone producers reduced output to support prices, also leading to weak demand. Aluminum alloy sector demand is stable. Overall, the supply-demand balance should improve around the Spring Festival after major producer cuts. But medium-to-long-term prices will stay pressured by flexible supply, weak demand and persistent industry oversupply. 2月11日，工业硅主力合约下跌 $0.5\%$ 至8,370元/吨(广期所)。工业硅供需双弱，当前市场情绪反复，我们认为硅价表现为震荡。 供应端，西南枯水期开工继续下滑，百川数据显示，当前四川基本停产，云南开工降至低位。另根据百川盈孚消息，西北大厂于1月末执行减产，2月国内工业硅供应量预计进一步下降，短期内供应端压力将得到缓解。不过从长期来看，后续西北硅厂开工预计还将恢复，且丰水期西南开工也会提高，工业硅长期过剩压力仍在。需求端，多晶硅库存消耗压力大，部分硅料厂进一步停产检修，对工业硅需求持续偏弱；有机硅企业减产挺价，对工业硅需求也相对偏弱；铝合金对工业硅需求持稳。综合来看，大厂出现减产后，春节前后工业硅供需平衡预计有好转。不过中长期来看硅价仍承压，工业硅供应弹性较大且需求偏弱，行业过剩压力仍存。 图表7：Recent Trend of Silicon Metal工业硅价格走势 图表8：On Feb 11, Silicon Metal Dropped By $0.5\%$ 2月11日，工业硅下跌 $0.5\%$ # 2.China News 中国要闻 # 2.1 Industry News 行业新闻 【NBS: China's CPI rises $0.2\%$ MoM and $0.2\%$ YoY in January】 Data from the National Bureau of Statistics (NBS) shows that in January, as consumer demand continued to recover, China's CPI rose $0.2\%$ month on month and $0.2\%$ year on year. The core CPI, which excludes food and energy prices, increased $0.8\%$ year on year. (NBS) 【PBOC: Continue to implement a properly accommodative monetary policy】The PBOC released its China Monetary Policy Report for the Q4 of 2025, stating that it will continue to implement a properly accommodative monetary policy. The PBOC will take promoting steady economic growth and a reasonable recovery in prices as important considerations for monetary policy, and appropriately manage the intensity, pace and timing of policy implementation in light of domestic and international economic and financial conditions as well as financial market performance. It will flexibly and efficiently employ various policy tools including reserve requirement ratio cuts and interest rate cuts to maintain ample liquidity and relatively accommodative social financing conditions, guide the reasonable growth of aggregate financial resources and balanced credit extension, and ensure that the growth of aggregate social financing and money supply is consistent with the targets for economic growth and overall price levels. (PBOC) 【国家统计局：1月份CPI环比上涨 $0.2\%$ ，同比上涨 $0.2\%$ 】国家统计局数据显示，1月份，居民消费需求持续恢复，居民消费价格指数（CPI）环比上涨 $0.2\%$ ，同比上涨 $0.2\%$ ，扣除食品和能源价格的核心CPI同比上涨 $0.8\%$ 。（国家统计局） 【央行：继续实施好适度宽松的货币政策】央行发布2025年第四季度中国货币政策执行报告。继续实施好适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策的重要考量，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时机。灵活高效运用降准降息等多种政策工具，保持流动性充裕和社会融资条件相对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。（央行） 图表9：The Change of Futures Prices and Open Interests 中国期货涨跌幅与持仓变化 Financial Futures Metals 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. 图表10：China Futures Price 中国期货概览 <table><tr><td>2026/2/11</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><td></td></tr><tr><td>Crude Oil</td><td>原油 SC</td><td>477</td><td>0.9</td><td>4.0</td><td>12.0</td><td>3.8</td><td>-3.2</td><td>-22.6</td><td>9.2</td><td>3.7</td><td>39</td><td></td><td></td></tr><tr><td>Fuel Oil</td><td>燃料油 FU</td><td>2860</td><td>1.4</td><td>3.0</td><td>14.7</td><td>6.9</td><td>3.1</td><td>-24.2</td><td>16.4</td><td>1.8</td><td>18</td><td></td><td></td></tr><tr><td>LSFO</td><td>低硫燃料油 LU</td><td>3357</td><td>2.3</td><td>3.4</td><td>12.0</td><td>2.8</td><td>-3.2</td><td>-16.3</td><td>13.6</td><td>3.1</td><td>3</td><td></td><td></td></tr><tr><td>Bitumen</td><td>沥青 BU</td><td>3373</td><td>0.5</td><td>0.7</td><td>6.6</td><td>11.1</td><td>-3.2</td><td>-11.1</td><td>11.9</td><td>7.1</td><td>4</td><td></td><td></td></tr><tr><td>LPG</td><td>液化石油气 PG</td><td>4262</td><td>1.4</td><td>0.7</td><td>0.9</td><td>-1.6</td><td>12.5</td><td>-2.5</td><td>2.5</td><td>-12.6</td><td>4</td><td></td><td></td></tr><tr><td>Propylene</td><td>丙烯 PL</td><td>6272</td><td>1.8</td><td>-0.8</td><td>4.7</td><td>6.4</td><td>-3.2</td><td>-1.2</td><td>7.6</td><td>1.2</td><td>4</td><td></td><td></td></tr><tr><td>LLDPE</td><td>聚乙烯 L</td><td>6787</td><td>0.5</td><td>-1.7</td><td>2.1</td><td>-0.1</td><td>-7.1</td><td>-13.0</td><td>4.9</td><td>-1.7</td><td>9</td><td></td><td></td></tr><tr><td>PP</td><td>聚丙烯 PP</td><td>6693</td><td>0.5</td><td>-1.2</td><td>3.1</td><td>3.5</td><td>-5.4</td><td>-9.8</td><td>5.5</td><td>-0.4</td><td>8</td><td></td><td></td></tr><tr><td>Polyvinyl Chloride</td><td>聚氯乙烯 V</td><td>4990</td><td>0.6</td><td>-2.3</td><td>2.5</td><td>8.7</td><td>-0.3</td><td>-4.8</td><td>4.0</td><td>-0.9</td><td>23</td><td></td><td></td></tr><tr><td>Benzene</td><td>纯苯 BZ</td><td>6124</td><td>1.6</td><td>-0.6</td><td>12.2</td><td>13.5</td><td>-1.7</td><td>3.8</td><td>11.6</td><td>-2.0</td><td>2</td><td></td><td></td></tr><tr><td>Ethenylbenzene</td><td>苯乙烯 EB</td><td>7497</td><td>0.8</td><td>-3.2</td><td>9.5</td><td>19.2</td><td>3.4</td><td>-12.8</td><td>10.0</td><td>-13.0</td><td>20</td><td></td><td></td></tr><tr><td>Paraxylene</td><td>对二甲苯 PX</td><td>7378</td><td>1.0</td><td>1.4</td><td>2.5</td><td>8.6</td><td>9.0</td><td>-0.1</td><td>1.1</td><td>-0.2</td><td>7</td><td></td><td></td></tr><tr><td>PTA</td><td>PTA</td><td>5260</td><td>0.8</td><td>1.1</td><td>3.3</td><td>12.4</td><td>11.7</td><td>1.6</td><td>2.3</td><td>-1.3</td><td>18</td><td></td><td></td></tr><tr><td colspan="12">Polymer Staple Fiber Polyurethane Tereprinses</td><td></td><td></td></tr><tr><td colspan="12">Rosen Corrallion</td><td></td><td></td></tr><tr><td>Methanol</td><td>甲醇 MA</td><td>2248</td><td>0.6</td><td>-0.4</td><td>0.1</td><td>7.4</td><td>-5.7</td><td>-13.5</td><td>1.1</td><td>-2.6</td><td>12</td><td></td><td></td></tr><tr><td>Ethylene Glycol</td><td>乙二醇 EG</td><td>3764</td><td>0.8</td><td>-0.4</td><td>-2.2</td><td>-4.0</td><td>-14.5</td><td>-20.2</td><td>-1.7</td><td>-2.5</td><td>10</td><td></td><td></td></tr><tr><td>Urea</td><td>尿素 UR</td><td>1797</td><td>0.3</td><td>0.7</td><td>1.0</td><td>9.0</td><td>4.6</td><td>3.3</td><td>3.1</td><td>2.4</td><td>4</td><td></td><td></td></tr><tr><td>Soda Ash</td><td>纯碱 SA</td><td>1178</td><td>0.0</td><td>-3.4</td><td>-3.7</td><td>-3.8</td><td>-12.0</td><td>-19.4</td><td>-2.6</td><td>-0.5</td><td>13</td><td></td><td></td></tr><tr><td>Sodium Hydroxide</td><td>烧碱 SH</td><td>1954</td><td>0.2</td><td>-0.5</td><td>-11.1</td><td>-17.3</td><td>-21.2</td><td>-37.8</td><td>-13.2</td><td>-15.3</td><td>15</td><td></td><td></td></tr><tr><td>Glass</td><td>玻璃 FG</td><td>1071</td><td>-0.7</td><td>-2.9</td><td>-6.4</td><td>0.8</td><td>0.3</td><td>-19.7</td><td>-1.6</td><td>0.4</td><td>16</td><td></td><td></td></tr><tr><td>Coking Coal</td><td>焦煤 JM</td><td>1124</td><td>-0.3</td><td>-6.3</td><td>-5.4</td><td>-9.5</td><td>-8.5</td><td>-0.6</td><td>0.7</td><td>-2.9</td><td>37</td><td></td><td></td></tr><tr><td>Coke</td><td>焦炭 J</td><td>1667</td><td>-0.9</td><td>-4.8</td><td>-4.6</td><td>-3.2</td><td>-3.9</td><td>-3.8</td><td>-1.8</td><td>2.3</td><td>2</td><td></td><td></td></tr><tr><td>SCFIS(Europe)</td><td>SCFIS欧线 EC</td><td>1178</td><td>-1.4</td><td>-3.5</td><td>2.4</td><td>-35.0</td><td>-18.1</td><td>-35.7</td><td>-35.6</td><td>-2.6</td><td>1</td><td></td><td></td></tr><tr><td>2026/2/11</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><td></td></tr><tr><td>Gold</td><td>黄金 AU</td><td>1130</td><td>0.6</td><td>0.8</td><td>13.0</td><td>19.7</td><td>44.0</td><td>65.1</td><td>15.2</td><td>2.3</td><td>245</td><td></td><td></td></tr><tr><td>Silver</td><td>白银 AG</td><td>20944</td><td>1.9</td><td>-7.8</td><td>14.4</td><td>77.0</td><td>126.6</td><td>160.8</td><td>16.1</td><td>-2.1</td><td>155</td><td></td><td></td></tr><tr><td>Palladium</td><td>钯 PD</td><td>439</td><td>1.7</td><td>-2.8</td><td>-9.9</td><td>20.3</td><td>20.3</td><td>5.6</td><td>5.6</td><td>-2.7</td><td>1</td><td></td><td></td></tr><tr><td>Platinum</td><td>铂 PT</td><td>551</td><td>1.9</td><td>-6.1</td><td>-7.4</td><td>36.1</td><td>36.1</td><td>36.1</td><td>0.5</td><td>-0.3</td><td>4</td><td></td><td></td></tr><tr><td>Copper(BC)</td><td>铜(BC) BC</td><td>90790</td><td>0.4</td><td>-2.4</td><td>1.7</td><td>17.6</td><td>29.5</td><td>32.0</td><td>3.0</td><td>-8.0</td><td>2</td><td></td><td></td></tr><tr><td>Copper</td><td>铜 CU</td><td>102180</td><td>0.3</td><td>-2.6</td><td>1.9</td><td>17.9</td><td>29.5</td><td>32.2</td><td>3.5</td><td>-0.7</td><td>48</td><td></td><td></td></tr><tr><td>Aluminum Oxide</td><td>氧化铝 AO</td><td>2842</td><td>-0.3</td><td>1.1</td><td>0.8</td><td>0.6</td><td>-10.5</td><td>-17.9</td><td>2.7</td><td>-2.9</td><td>25</td><td></td><td></td></tr><tr><td>Aluminum</td><td>铝 AL</td><td>23660</td><td>0.5</td><td>-1.0</td><td>-1.6</td><td>9.1</td><td>14.4</td><td>14.4</td><td>4.0</td><td>-5.6</td><td>17</td><td></td><td></td></tr><tr><td>Cast Aluminum Alloy</td><td>铸造铝合金 AD</td><td>22205</td><td>0.1</td><td>-0.6</td><td>-2.7</td><td>5.4</td><td>10.4</td><td>20.9</td><td>2.7</td><td>1.6</td><td>1</td><td></td><td></td></tr><tr><td>Zinc</td><td>锌 ZN</td><td>24585</td><td>0.6</td><td>-1.0</td><td>3.0</td><td>8.2</td><td>9.0</td><td>3.6</td><td>5.5</td><td>-3.2</td><td>10</td><td></td><td></td></tr><tr><td>Tin</td><td>锡 SN</td><td>394700</td><td>3.3</td><td>0.5</td><td>13.1</td><td>37.3</td><td>47.3</td><td>53.2</td><td>20.9</td><td>-2.9</td><td>100</td><td></td><td></td></tr><tr><td>Lead</td><td>铅 PB</td><td>16740</td><td>0.4</td><td>0.8</td><td>-3.3</td><td>-4.3</td><td>-0.9</td><td>-2.4</td><td>-3.1</td><td>-10.0</td><td>3</td><td></td><td></td></tr><tr><td>Nickel</td><td>镍 Ni</td><td>139360</td><td>4.0</td><td>2.5</td><td>2.1</td><td>16.7</td><td>14.6</td><td>11.0</td><td>4.5</td><td>-4.7</td><td>71</td><td></td><td></td></tr><tr><td>Iron Ore</td><td>铁矿石 I</td><td>763</td><td>-0.1</td><td>-2.5</td><td>-6.4</td><td>-0.1</td><td>-2.6</td><td>-7.1</td><td>-3.4</td><td>-1.4</td><td>10</td><td></td><td></td></tr><tr><td>Steel Rebar</td><td>螺纹钢 RB</td><td>3054</td><td>-0.1</td><td>-1.8</td><td>-2.9</td><td>0.7</td><td>-5.4</td><td>-7.5</td><td>-2.3</td><td>-0.1</td><td>17</td><td></td><td></td></tr><tr><td>Hot-Rolled Coil</td><td>热轧卷板 HC</td><td>3228</td><td>0.1</td><td>-1.5</td><td>-2.0</td><td>-0.6</td><td>-6.1</td><td>-5.3</td><td>-1.4</td><td>0.6</td><td>8</td><td></td><td></td></tr><tr><td>Stainless Steel</td><td>不锈钢 SS</td><td>14040</td><td>2.2</td><td>2.4</td><td>2.6</td><td>12.1</td><td>6.8</td><td>6.1</td><td>7.1</td><td>-12.8</td><td>7</td><td></td><td></td></tr><tr><td>Manganese Silicon</td><td>锰硅 SM</td><td>5824</td><td>0.2</td><td>-0.6</td><td>-1.0</td><td>0.7</td><td>-4.5</td><td>-14.6</td><td>-1.6</td><td>-1.8</td><td>3</td><td></td><td></td></tr><tr><td>FerroSilicon</td><td>硅铁 SF</td><td>5576</td><td>-0.3</td><td>-1.3</td><td>-1.0</td><td>0.7</td><td>-4.0</td><td>-12.3</td><td>-2.2</td><td>-2.7</td><td>2</td><td></td><td></td></tr><tr><td>Lithium Carbonate</td><td>碳酸锂 LC</td><td>150260</td><td>9.2</td><td>1.1</td><td>4.9</td><td>73.2</td><td>85.7</td><td>93.6</td><td>24.6</td><td>3.0</td><td>51</td><td></td><td></td></tr><tr><td>Silicon Metal</td><td>工业硅 SI</td><td>8370</td><td>-0.5</td><td>-5.4</td><td>-3.7</td><td>-9.4</td><td>-6.4</td><td>-22.4</td><td>-5.3</td><td>1.4</td><td>7</td><td></td><td></td></tr><tr><td>Poly-Silicon</td><td>多晶硅 PS</td><td>49180</td><td>0.3</td><td>-2.3</td><td>-4.5</td><td>-7.6</td><td>-4.4</td><td>11.8</td><td>-14.2</td><td>-0.8</td><td>1</td><td></td><td></td></tr><tr><td>2026/2/11</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><td></td></tr><tr><td>No. 1 Soybean</td><td>豆一 A</td><td>4519</td><td>1.3</td><td>3.1</td><td>3.2</td><td>9.5</td><td>11.2</td><td>11.6</td><td>6.8</td><td>1.6</td><td>8</td><td></td><td></td></tr><tr><td>No. 2 Soybean</td><td>豆二 B</td><td>3506</td><td>0.9</td><td>0.8</td><td>-0.2</td><td>-7.0</td><td>-5.9</td><td>-2.1</td><td>0.9</td><td>-1.2</td><td>4</td><td></td><td></td></tr><tr><td>Soybean Oil</td><td>豆油 Y</td><td>8110</td><td>0.0</td><td>-0.4</td><td>1.8</td><td>-1.7</td><td>-3.5</td><td>0.0</td><td>3.1</td><td>-1.1</td><td>15</td><td></td><td></td></tr><tr><td>Soybean Meal</td><td>豆粕 M</td><td>2773</td><td>1.5</td><td>1.8</td><td>-0.5</td><td>-9.3</td><td>-9.6</td><td>-4.3</td><td>0.5</td><td>-3.4</td><td>25</td><td></td><td></td></tr><tr><td>Rapeseed Oil</td><td>菜籽油 OI</td><td>9131</td><td>0.0</td><td>-1.6</td><td>1.6</td><td>-5.9</td><td>-4.5</td><td>4.5</td><td>0.4</td><td>-2.4</td><td>14</td><td></td><td></td></tr><tr><td>Rapeseed Meal</td><td>菜籽粕 RM</td><td>2288</td><td>2.2</td><td>1.6</td><td>-2.3</td><td>-8.7</td><td>-16.3</td><td>-9.8</td><td>-3.9</td><td>-2.1</td><td>10</td><td></td><td></td></tr><tr><td>RBD Palm Olein</td><td>棕榈油 P</td><td>8906</td><td>-0.7</td><td>-2.8</td><td>3.0</td><td>1.8</td><td>-1.9</td><td>-1.6</td><td>3.4</td><td>-1.7</td><td>26</td><td></td><td></td></tr><tr><td>Corn</td><td>玉米 C</td><td>2316</td><td>1.6</td><td>2.4</td><td>2.3</td><td>6.4</td><td>2.5</td><td>1.0</td><td>3.9</td><td>20.5</td><td>18</td><td></td><td></td></tr><tr><td>Corn Starch</td><td>玉米淀粉 CS</td><td>2571</td><td>1.2</td><td>2.4</td><td>1.2</td><td>3.4</td><td>-2.5</td><td>0.8</td><td>2.0</td><td>-6.7</td><td>2</td><td></td><td></td></tr><tr><td>Peanut Kernel</td><td>花生 PK</td><td>7970</td><td>0.2</td><td>-0.8</td><td>-0.4</td><td>1.3</td><td>-1.3</td><td>-0.4</td><td>-0.3</td><td>42.8</td><td>3</td><td></td><td></td></tr><tr><td>White Sugar</td><td>白糖 SR</td><td>5266</td><td>-0.2</td><td>1.1</td><td>-0.3</td><td>-3.9</td><td>-5.5</td><td>-10.5</td><td>0.4</td><td>-1.4</td><td>8</td><td></td><td></td></tr><tr><td>Woodpulp</td><td>纸浆 SP</td><td>5236</td><td>0.9</td><td>-1.2</td><td>-5.1</td><td>-4.7</td><td>0.2</td><td>-15.2</td><td>-5.7</td><td>-1.7</td><td>8</td><td></td><td></td></tr><tr><td>Offset Paper</td><td>胶板印制纸 OP</td><td>4106</td><td>0.5</td><td>1.0</td><td>-2.5</td><td>-4.8</td><td>-2.7</td><td>-2.7</td><td>-1.5</td><td>-5.7</td><td>1</td><td></td><td></td></tr><tr><td>TSR 20</td><td>20号胶 NR</td><td>NR 13445</td><td>1.7</td><td>1.7</td><td>3.9</td><td>10.5</td><td>6.9</td><td>-9.2</td><td>5.9</td><td>1.0</td><td>7</td><td></td><td></td></tr><tr><td>Natural Rubber</td><td>天然橡胶 RU</td><td>16575</td><td>1.6</td><td>1.6</td><td>3.8</td><td>9.5</td><td>5.4</td><td>-5.2</td><td>6.1</td><td>6.7</td><td>45</td><td></td><td></td></tr><tr><td>Synthetic Rubber</td><td>丁二烯胶 BR</td><td>13020</td><td>0.9</td><td>-2.2</td><td>8.0</td><td>26.7</td><td>10.9</td><td>-11.6</td><td>12.7</td><td>-5.6</td><td>13</td><td></td><td></td></tr><tr><td>Cotton</td><td>棉花 CF</td><td>14745</td><td>0.5</td><td>0.6</td><td>0.1</td><td>8.6</td><td>6.3</td><td>7.4</td><td>1.3</td><td>-0.6</td><td>15</td><td></td><td></td></tr><tr><td>Cotton Yarn</td><td>棉纱 CY</td><td>20590</td><td>0.9</td><td>0.4</td><td>-1.1</td><td>3.7</td><td>4.4</td><td>3.4</td><td>0.1</td><td>-3.7</td><td>1</td><td></td><td></td></tr><tr><td>Log</td><td>原木 LG</td><td>777</td><td>0.7</td><td>-3.2</td><td>0.3</td><td>-0.3</td><td>-6.9</td><td>-12.7</td><td>0.5</td><td>-12.2</td><td>0</td><td></td><td></td></tr><tr><td>Fiberboard</td><td>纤维板 FB</td><td>1282</td><td>0.2</td><td>0.5</td><td>0.8</td><td>1.2</td><td>-0.9</td><td>-1.6</td><td>-0.1</td><td>1.7</td><td>0</td><td></td><td></td></tr><tr><td>Live Hog</td><td>生猪 LH</td><td>11555</td><td>0.3</td><td>-1.2</td><td>-1.8</td><td>-2.6</td><td>-18.6</td><td>-10.8</td><td>-1.9</td><td>-1.3</td><td>10</td><td></td><td></td></tr><tr><td>Egg</td><td>鸡蛋 JD</td><td>2923</td><td>0.3</td><td>-0.8</td><td>-3.5</td><td>-7.7</td><td>-11.9</td><td>-11.2</td><td>-0.9</td><td>-13.8</td><td>2</td><td></td><td></td></tr><tr><td>Apple</td><td>苹果 AP</td><td>9601</td><td>1.1</td><td>0.5</td><td>-0.6</td><td>4.4</td><td>18.2</td><td>36.8</td><td>4.8</td><td>8.3</td><td>7</td><td></td><td></td></tr><tr><td>Chinese Julube</td><td>红枣 CJ</td><td>8895</td><td>2.3</td><td>-0.3</td><td>-3.1</td><td>-7.0</td><td>-23.7</td><td>-5.4</td><td>-1.2</td><td>-7.8</td><td>6</td><td></td><td></td></tr><tr><td>Round-grained Rice 粳米 粟米 RR</td><td>粳米 RR</td><td>3614</td><td>-0.1</td><td>0.2</td><td>-1.0</td><td>0.9</td><td>0.0</td><td>1.8</td><td>0.1</td><td>-0.6</td><td>0</td><td></td><td></td></tr><tr><td>2026/2/11</td><td>Product</td><td>Closing Price</td><td colspan="11">Daily Chg (%) Weekly Chg (%) Daily Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%)Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) weekly chgrs</td></tr></table> \*A deeper shade of red indicates a larger price increase, while a deeper shade of green signifies a greater price decline. *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. 数据不含夜盘。 # 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/Comn/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 Application 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 除非另有说明，中信期货有限公司拥有本报告的版权和/或其他相关知识产权。未经中信期货有限公司事先书面许可，任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分材料、内容。除非另有说明，本报告中使用的所有商标、服务标记及标记均为中信期货有限公司所有或经合法授权被许可使用的商标、服务标记及标记。未经中信期货有限公司或商标所有权人的书面许可，任何单位或个人不得使用该商标、服务标记及标记。 如果在任何国家或地区管辖范围内，本报告内容或其适用与任何政府机构、监管机构、自律组织或者清算机构的法律、规则或规定内容相抵触，或者中信期货有限公司未被授权在当地提供这种信息或服务，那么本报告的内容并不意图提供给这些地区的个人或组织，任何个人或组织也不得在当地查看或使用本报告。本报告所载的内容并非适用于所有国家或地区或者适用于所有人。 此报告所载的全部内容仅作参考之用。此报告的内容不构成对任何人的投资建议，且中信期货有限公司不会因接收人收到此报告而视其为客户。 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