1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The report is a daily data report on futures variety arbitrage of Baocheng Futures on February 13, 2026, presenting data on basis, inter - period spreads, and inter - variety spreads of multiple futures varieties [1] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for power coal from February 6 to February 12, 2026, are as follows: February 6: - 106.4 yuan/ton; February 9: - 104.4 yuan/ton; February 10: - 102.4 yuan/ton; February 11: - 96.4 yuan/ton; February 12: - 90.4 yuan/ton. The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads are all 0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and crude oil/asphalt from February 6 to February 12, 2026, are presented, along with their price ratios [7] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for rubber was - 50 yuan/ton, methanol was - 8.5 yuan/ton [9] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - month minus 1 - month spread for rubber was - 525 yuan/ton [10] - **Inter - variety Spreads**: The inter - variety spread data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from February 6 to February 12, 2026, are presented. For example, on February 12, the LLDPE - PVC spread was 1827 yuan/ton [10] 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for rebar was 160 yuan/ton [20] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads for rebar, iron ore, coke, and coking coal are given. For instance, the 5 - month minus 1 - month spread for rebar was - 77 yuan/ton [19] - **Inter - variety Spreads**: The inter - variety spread data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from February 6 to February 12, 2026, are presented. For example, on February 12, the rebar/iron ore ratio was 3.99 [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for copper was - 420 yuan/ton [28] 3.4.2 London Market - On February 12, 2026, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit - loss data for copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME spread for copper was (94.71), and the Shanghai - London ratio was 7.75 [33] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for soybeans No. 1 was - 453 yuan/ton [37] - **Inter - period Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For instance, the 5 - month minus 1 - month spread for soybeans No. 1 was - 33 yuan/ton [37] - **Inter - variety Spreads**: The inter - variety spread data for soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch on February 12, 2026, are presented. For example, the soybeans No. 1/corn ratio was 1.97 [37] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from February 6 to February 12, 2026, are provided. For example, on February 12, the basis for CSI 300 was - 0.32 [49] - **Inter - period Spreads**: The next - month minus current - month and next - quarter minus current - quarter spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For instance, the next - month minus current - month spread for CSI 300 was - 54.0 [49]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-13 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-15 | 2025/12 | M1:同比 | % | 3.8 | 7.2 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For the short - term (within a week), the short - term view of coking coal 2605 is "oscillation", the short - term view of coke 2605 is also "oscillation"; for the medium - term (two weeks to one month), both coking coal 2605 and coke 2605 are in "oscillation"; for the intraday, coking coal 2605 is "strong", and coke 2605 is "oscillation with a slight upward trend". The reference view for both coking coal and coke is "oscillation" [1] - It is expected that the coking coal price will maintain a low - level oscillation pattern before the Spring Festival, and the coke main contract will also maintain a low - level oscillation pattern before the Spring Festival [5][6] 3. Summary by Related Catalogs 3.1 Coking Coal - Price and Change: The latest quotation of Mongolian coal at the Ganqimaodu Port in the spot market is 1,230 yuan/ton, with a week - on - week increase of 2.50% [5] - Supply and Demand: As the Spring Festival approaches, more coal mines stop production for holidays, resulting in a short - term contraction of coking coal supply. However, downstream enterprises' coal inventories have been replenished to a sufficient level, and coal mine production will quickly resume after the Spring Festival. The long - term supply - demand situation is expected to be loose [5] - Market Outlook: In the context of a lack of long - term driving factors, it is expected that the coking coal price will maintain a low - level oscillation pattern before the Spring Festival [5] - Potential Positive Factors: Uncertainties in the US - Iran geopolitical conflict during the Spring Festival; economic policy expectations around the Two Sessions after the Spring Festival; possible new "anti - involution" policies in the coal industry due to the continuous low - level operation of coal prices [5] 3.2 Coke - Price and Change: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,520 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,470 yuan/ton, with a week - on - week decrease of 0.68% [6] - Supply and Demand: There has been no significant change in the coke fundamentals recently. Both supply and demand have increased slightly at a low level, and the futures lack unilateral momentum [6] - Market Outlook: It is expected that the coke main contract will maintain a low - level oscillation pattern before the Spring Festival [6] - Uncertainties: "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report predicts that the methanol 2605 contract will show a weak - running trend, with short - term and medium - term trends being oscillatory and the intraday trend being weak. The core logic is that although overseas supply "hard contraction" provides support, the approaching Spring Festival makes the market cautious, reducing risk preference and leading to a weak - oscillatory trend in methanol futures [1][5]. 3. Summary by Related Catalog 3.1 Time - cycle Viewpoints - **Short - term**: The short - term view of methanol 2605 is oscillatory [1]. - **Medium - term**: The medium - term view of methanol 2605 is oscillatory [1]. - **Intraday**: The intraday view of methanol 2605 is weak, and it is expected to run weakly [1][5]. 3.2 Driving Logic - **Positive Factor**: Overseas supply "hard contraction" is the key factor supporting the upward movement of methanol prices. Iran, a major import source, is in the stage of winter natural gas supply guarantee and production restriction. Most methanol plants have reduced production or shut down, and the output is at a low level within the year. China's imports may decline significantly in January and February, resulting in tight external supply [5]. - **Negative Factor**: As the Spring Festival approaches, market trading becomes more cautious, risk preference decreases, causing the domestic methanol futures to show a weak - oscillatory trend on Thursday night, and it is expected to maintain this pattern on Friday [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with short - term and medium - term trends being oscillatory and the intraday trend being weak [1][5][6]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term trends are oscillatory, and the intraday view is weak, with a reference view of running weakly [1][5]. - **Core Logic**: Before the Spring Festival, the supply of the domestic and foreign natural rubber markets tends to decline, while the operating load of domestic tire enterprises further decreases, showing weak demand. Social inventory pressure is difficult to relieve and will continue the inventory accumulation trend. The Shanghai rubber futures may continue the narrow - range oscillatory mode. Three key variables need attention: the recovery rhythm of the rubber - tapping peak season in Southeast Asia, the subsequent changes in EU trade policies, and the implementation effect of domestic automobile consumption stimulus policies. Due to the approaching Spring Festival, market trading becomes cautious, resulting in an oscillatory and weak trend in the night session on Thursday, and it is expected to maintain this trend on Friday [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term trends are oscillatory, and the intraday view is weak, with a reference view of running weakly [1][6]. - **Core Logic**: The demand side enters the typical pre - festival off - season. The downstream tire and rubber product enterprises have basically completed their stockpiling, with a rapid decline in the operating rate and a low purchasing willingness. The orders in the all - steel tire and semi - steel tire markets are weak, and the demand related to logistics and infrastructure has not recovered. Terminal consumption shows a seasonal contraction, and the market lacks rigid demand support. Due to the approaching Spring Festival, market trading becomes cautious, resulting in an oscillatory and weak trend in the domestic synthetic rubber futures on Thursday, and it is expected to maintain this trend on Friday [6].

品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2026-02-13 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2604 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 风险偏好降温，原油震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 期货研究报告 晨会纪要 核心逻辑：近期供需基本面的边际改善提供坚实支撑。OPEC+八大主要产油国明确宣布 2026 年 3 月 继续暂停增产，产量维持 2025 年 12 月水平，有效缓解了市场对于供应过剩的担 ...

1. Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The short - term view of TL2603 is "oscillation", the medium - term view is "oscillation", and the intraday view is "weakening", with an overall view of "oscillatory consolidation". The core logic is that the possibility of a comprehensive interest rate cut in the short term is low [1]. - For varieties like TL, T, TF, and TS, the intraday view is "weakening", the medium - term view is "oscillation", and the reference view is "oscillatory consolidation". The main reason for the weakening of the upward momentum of Treasury bond futures is that as the yield of 10 - year Treasury bonds matures and falls to around 1.8%, and the liquidity tightens approaching the Spring Festival, the willingness of funds to take profits increases. Although the possibility of a short - term comprehensive interest rate cut is low, there are still medium - and long - term interest rate cut expectations. Overall, the upward and downward momentum of Treasury bond futures is limited, and they will mainly be in oscillatory consolidation in the short term [5]. 3. Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the variety TL2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weakening", and the view is "oscillatory consolidation". The core logic is the low possibility of a short - term comprehensive interest rate cut [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are TL, T, TF, and TS. The intraday view is "weakening", the medium - term view is "oscillation", and the reference view is "oscillatory consolidation". The upward momentum of Treasury bond futures weakens due to the 10 - year Treasury bond yield falling to around 1.8% and approaching Spring Festival liquidity tightness. There are still medium - and long - term interest rate cut expectations despite the low short - term possibility. Overall, Treasury bond futures will be in short - term oscillatory consolidation [5].

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 去美元化长期趋势不变，短期全 球流动性下降，金价承压 | | 铜 | 2603 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 节前资金了结意愿强，驱动不强 | 投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 2 月 13 日） ◼ 品种观点参考 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：昨夜金价跳水，纽约金一度下挫近 200 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The domestic thermal coal price stabilized and slightly increased this week. As of February 5th, the quotation of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, with a week - on - week increase of 1 yuan/ton. The current situation is in the critical period of peak - winter demand. High daily coal consumption of power plants across the country drives inventory depletion in the middle and lower reaches of the industrial chain. However, the thermal coal production is running smoothly, and the market still has a bearish long - term outlook, which suppresses coal prices at a low level [4]. 3. Summary by Relevant Catalog 3.1 Price and Market Situation - The price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton as of February 5th, with a week - on - week increase of 1 yuan/ton [4]. 3.2 Market Driving Factors - Positive factor: High daily coal consumption of power plants across the country during the peak - winter demand period drives inventory depletion in the middle and lower reaches of the industrial chain [4]. - Negative factor: Stable thermal coal production and the market's bearish long - term outlook on the fundamentals suppress coal prices [4]. 3.3 Market Outlook - The short - term and medium - term view of thermal coal is "oscillation" [4].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2026 年 2 月 13 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡整理 | 假期前股市风险偏好谨慎乐观 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 期货研究报告 获 取 每 日 期 货 观 点 推 送 服 务 国 家 走 向 世 界 知 行 合 一 专 业 敬 业 诚 信 至 上 合 规 经 营 严 谨 管 理 开 拓 进 取 扫码关注宝城期货官方微信·期货咨询 ...