交易咨询业务资格：证监许可【2012】1091号 中国继续采购美豆，豆粕外强内弱 （豆粕周报2.2-2.6） 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 基本面影响因素概览 | 项目 | 概况 | 驱动 | 下周预期 | | --- | --- | --- | --- | | 天气 | 巴西大豆产区天气短期正常 | 偏空 | 巴西大豆产区天气短期良 | | | | | 好。中性或偏空 | | 进口成本 | 美豆震荡回升，中国采购美 | 偏多 | 进口成本预计震荡偏弱，中 | | | 豆和南美大豆丰产交互影响 | | 性或偏空 | | 油厂压榨 | 豆粕需求短期回落，油厂压 | 偏空 | 需求短期良好，油厂开机预 | | | 榨量回归高位 | ...

交易咨询业务资格：证监许可【2012】1091号 原油周报 (2.2-2.6) 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 回顾 2 相关资讯 3 展望 4 基本面数据 5 持仓数据 回顾与要闻 上周，原油现跌后升震荡运行。纽约交易所主力轻质原油期货价格收于每桶63.50美元，周跌3.41%；伦敦布伦特原油主力期货价格收于每桶 68.10美元，周跌2.48%；中国原油期货SC主力合约收至474.2元/桶，周涨0.72%。周内前期，由于伊朗和美国仍存谈判可能，市场担忧情绪缓和 导致油价承压大幅下跌。据伊朗媒体报道，伊朗总统下令同美国启动核谈判，伊朗可能在未来几天同美国举行高规格谈判。但另一方面，市场 密切关注伊朗局势以及美国可能的军事干预，美国总统特朗普表示，派往中东的美国舰队规模大于派往委内瑞拉的舰队，并威胁 ...

Group 1: Option Market Quotes - The daily price changes of call options for various commodities are as follows: asphalt 88.61%, corn starch 59.32%, liquefied petroleum gas 34.88%, p - xylene 21.31%, alumina 15.97%, corn 15.71%, fuel oil 14.54%, methanol 11.73%, short - fiber 9.96%, PTA 9.63% [1] - The daily price changes of put options for various commodities are as follows: caustic soda 90.67%, log 79.07%, palladium 47.03%, platinum 35.39%, tin 33.04%, nickel 31.24%, silver 27.03%, copper 22.04%, rebar 19.59%, coking coal 18.08% [1] Group 2: Option Positions - The daily changes in call option positions for various commodities are as follows: methanol 42,604, caustic soda 19,694, glass 17,313, soda ash 15,825, silver 13,395, asphalt 6,713, rapeseed meal 5,885, coking coal 5,587, soybean meal 4,790, ethylene glycol 3,320 [2] - The daily changes in put option positions for various commodities are as follows: PTA 8,361, methanol 6,189, alumina 4,191, cotton 3,781, caustic soda 2,834, styrene 2,239, rebar 1,355, silicomanganese 1,351, rapeseed meal 1,264, crude oil 1,103 [2] Group 3: Option Position Put - Call Ratio (PCR) - High - position PCR varieties: apple (1.6057), offset - printing paper (1.192), propylene (1.1382), bottle chips (1.0699), short - fiber (1.0328), cast aluminum alloy (1.0007), synthetic rubber (0.9576), iron ore (0.9511), lithium carbonate (0.9433), soybean No. 2 (0.8643) [5] - Low - position PCR varieties: caustic soda (0.2383), alumina (0.2431), live pigs (0.2615), soda ash (0.2619), red dates (0.2978), ethylene glycol (0.3744), methanol (0.3936), coking coal (0.3943), lead (0.3956), log (0.4008) [5] Group 4: Option Trading Volume Put - Call Ratio (PCR) - High - trading - volume PCR varieties: propylene (1.4211), silver (1.3878), nickel (1.2476), iron ore (1.1227), industrial silicon (1.0666), polysilicon (1.011), copper (0.9758), lithium carbonate (0.9645), zinc (0.9487), aluminum (0.9379) [6] - Low - trading - volume PCR varieties: alumina (0.1701), ethylene glycol (0.1962), red dates (0.2064), coking coal (0.2945), corn (0.3587), ferrosilicon (0.364), corn starch (0.3642), methanol (0.3754), silicomanganese (0.389), asphalt (0.4081) [6] Group 5: Daily Selections - Call options: alumina (ao2605C2900, trend degree 45, put - call ratio 0.24, remaining days 77), crude oil (sc2604C470, trend degree 37, put - call ratio 0.54, remaining days 35), sugar (SR605C5300, trend degree 35, put - call ratio 0.49, remaining days 66), asphalt (bu2604C3550, trend degree 23, put - call ratio 0.49, remaining days 47), apple (AP605C9900, trend degree 23, put - call ratio 1.61, remaining days 49), silicomanganese (SM605C5900, trend degree 21, put - call ratio 0.47, remaining days 66), glass (FG605C1140, trend degree 19, put - call ratio 0.41, remaining days 66), PVC (v2605 - C - 5100, trend degree 19, put - call ratio 0.46, remaining days 70) [7] - Put options: ethylene glycol (eg2605 - P - 3550, trend degree - 55, put - call ratio 0.37, remaining days 70), lead (pb2604P16000, trend degree - 55, put - call ratio 0.4, remaining days 47), iron ore (i2605 - P - 740, trend degree - 55, put - call ratio 0.95, remaining days 70), rebar (rb2605P3050, trend degree - 55, put - call ratio 0.44, remaining days 77), pulp (sp2605P4950, trend degree - 53, put - call ratio 0.86, remaining days 77), industrial silicon (si2605 - P - 8300, trend degree - 53, put - call ratio 0.49, remaining days 61), silver (ag2604P18500, trend degree - 53, put - call ratio 0.83, remaining days 47), caustic soda (SH605P2040, trend degree - 53, put - call ratio 0.24, remaining days 66) [7] Group 6: Near - Expiry Options - Call options: cotton (CF603C14800, remaining days 3, option closing price 42.0, break - even point 14845.0, break - even increase 1.26%, option doubling point 14890.0, doubling increase 1.57%), glass (FG603C1000, remaining days 3, option closing price 11.5, break - even point 1012.5, break - even increase 1.76%, option doubling point 1025.0, doubling increase 3.02%), etc. [8] - Put options: cotton (CF603P14600, remaining days 3, option closing price 67.0, break - even point 14530.0, break - even decrease - 0.89%, option doubling point 14460.0, doubling decrease - 1.36%), glass (FG603P990, remaining days 3, option closing price 9.5, break - even point 979.5, break - even decrease - 1.56%, option doubling point 969.0, doubling decrease - 2.61%), etc. [9]

交易咨询业务资格：证监许可【2012】1091号 棉花周报（2.2-2.6） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 本周回顾： 本周棉花走势平缓，在14500上方横盘整理，年前预计变化不大。 2026新疆棉种植面积调控，预计可能减幅超10%。USDA12月报：25/26年度产量2608.1万吨， 消费2582.3万吨，期末库存1654.1万吨。海关：12月纺织品服装出口259.9亿美元，同比下降 7.4%。12月份我国棉花进口18万吨，同比增加31%；棉纱进口17万吨，同比增加13.33%。农村 部12月25/26年度：产量670万吨，进口140万吨，消费760万吨，期末库存835万吨。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花主力05继续在14500附近横盘整理，春节长假即将到来，节前规避风险，建议减持仓位。 短期14500-15000区间震荡为主。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（2.2-2.6） 1 观点和策略 2 基本面 3 技术分析 4 产业链梳理总结 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 一、观点和策略 沪镍观点：本周镍价走弱，周一更是跌停，直接下跌超万元每吨，现货观望情绪浓重，贸 易商待假情绪上升，随着镍价进一步下探，下游有部分采购入场。供应方面，1月产量继 续上升，国内库存继续垒加，LME小幅回落，市场供应充足。产业链上，镍矿看涨情绪较 浓重，印尼强需求和国内成本倒挂成交冷清形成鲜明对比。镍铁价格开始回落，成本线下 移。不锈钢库存继续回升，短期或成为价格压力。新能源汽车产销数据良好，但总体镍需 求提振有限。 操作策略： 沪镍主力：少量空头持有，站回20均线止损。 不锈钢主力：少量空头持有，站回20均线止损。 二、基本面分析 1、产业链 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - Last week, fuel oil prices fluctuated with the first - falling - then - rising trend of crude oil. The high - sulfur fuel oil closed at 2809 yuan/ton, down 0.39% for the week, and the low - sulfur fuel oil closed at 3281 yuan/ton, up 0.46% for the week [5]. - Despite strong downstream marine fuel demand before the Lunar New Year, the 0.5% sulfur marine fuel market is under pressure due to sufficient short - term supply and expected arrival of arbitrage cargoes from the Western market in February. However, as the arbitrage economy declines, the inflow of arbitrage cargoes from Europe to Singapore is expected to decrease in March, which may provide some support [5]. - Supported by relatively tight spot supply and stable downstream marine fuel demand, the fundamentals of the high - sulfur fuel oil market have strengthened. The spot price difference of Singapore 380CST high - sulfur fuel oil has reached the highest premium level in more than seven months. Recently, the arrival volume from the Middle East has decreased, and the spot supply of high - sulfur fuel oil is relatively tight, while the downstream ship refueling demand is stable, especially from Capesize vessels [5]. - Crude oil prices are likely to fluctuate significantly, and fuel oil prices are expected to continue to fluctuate with the market. For operation, the short - term operation range for high - sulfur fuel oil is 2750 - 2900, and for low - sulfur fuel oil is 3200 - 3350 [5]. 3. Summary by Directory 3.1 Week - ly Viewpoints - Fuel oil prices fluctuated with crude oil last week. High - sulfur fuel oil had a weekly decline of 0.39% to 2809 yuan/ton, and low - sulfur fuel oil had a weekly increase of 0.46% to 3281 yuan/ton. The 0.5% sulfur marine fuel market is pressured, but the high - sulfur fuel oil market fundamentals are strong. Crude oil prices are expected to fluctuate, and fuel oil prices will follow. Operation ranges are given for high - and low - sulfur fuel oils [5]. 3.2 Futures and Spot Prices - **Futures prices**: The FU main contract's previous value was 2777, the current value is 2766, with a decrease of 11 and a decline rate of - 0.38%. The LU main contract's previous value was 3229, the current value is 3244, with an increase of 15 and an increase rate of 0.46% [6]. - **Spot prices**: For various types of fuel oils and diesel, prices mostly decreased. For example, the price of Zhoushan high - sulfur fuel oil decreased from 481.00 to 478.00, a decrease of 3.00 and a decline rate of - 0.62%. Only Singapore diesel increased by 1.86, with an increase rate of 0.29% [7]. 3.3 Fundamental Data - There are charts showing Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 - 2025, but no specific numerical analysis is provided in the text [8][9][10]. 3.4 Inventory Data - Singapore fuel oil inventory data from 2025 - 11 - 26 to 2026 - 02 - 04 shows fluctuations. For example, on 2025 - 11 - 26, the inventory was 2059.9万桶 with a decrease of 285万桶, and on 2026 - 02 - 04, it was 2552.9万桶 with an increase of 95万桶 [11]. - There are also charts about Singapore fuel oil inventory seasonal chart and Zhoushan Port fuel oil inventory trend, but no specific numerical analysis is provided [12][14]. 3.5 Spread Data - There is a chart showing the high - low sulfur futures spread, with no specific numerical analysis in the text [16].

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2026-02-09 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，近期国内南方生猪二次育肥期结束，出栏短期增多压制生猪价格，加上腊肉和 灌肠需求也结束，预计供给猪、肉双增。需求方面，国内宏观环境预期有所回升，但未来整体消费 仍不乐观。综合来看，预计本周市场或供应增多需求预期减弱、猪价短期或进入震荡偏弱格局。关 注月中集团场出栏节奏变化、二次育肥市场释放现货价格偏强运行支撑期货盘面底部动态变化情况 。中性。 2. 基差：现货全国均价12050元/吨，2605合约基差425元/吨，现货升水期货。偏多。 3. 库存：截至12月31日 ...

交易咨询业务资格：证监许可【2012】1091号 白糖周报（2.2-2.6） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 本周回顾： 本周白糖走势平稳，继续横盘整理为主。节前趋势不明朗，多空无力发起进攻，维持平衡。 Covrig Analytics:26/27年度全球糖过剩预计缩减至140万吨，低于25/26年度的470万吨。Green Pool：预计26/27年度全球糖供应量过剩15.6万吨，低于25/26年度的274万吨。2025年12月底， 25/26年度本期制糖全国累计产糖470.18万吨；全国累计销糖157万吨；销糖率33.39%。2025年12 月中国进口食糖58万吨，同比增加19万吨；进口糖浆及预混粉等三项合计6.97万吨，同比减 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The rapeseed meal RM2605 is expected to oscillate between 2210 and 2270. The market was affected by the soybean meal trend and technical consolidation. After the short - term negative impact of the improvement in China - Canada trade relations, the market is expected to return to an oscillatory pattern in the medium term, considering factors such as the off - season demand and low inventory [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 is in a range of 2210 - 2270. The market is influenced by the soybean meal trend and technical consolidation. The cancellation of restrictions on Canadian agricultural product exports led to short - term negative news being digested, and the market returned to an oscillatory state. Spot demand is in the off - season, but low inventory supports the market. After the Spring Festival, demand is expected to be good. The market is affected by the improvement in China - Canada trade relations, with short - term weak oscillation and medium - term range oscillation [9]. 3.2 Recent News - Domestic aquaculture is in the off - season, with short - term supply expected to be tight and demand decreasing, which suppresses the market. The Canadian rapeseed harvest and export stage is affected by China - Canada trade issues, reducing short - term domestic supply. - The visit of the Canadian Prime Minister improved China - Canada trade relations, and the mutual tariffs are expected to be gradually cancelled. China's import of Canadian rapeseed is about to resume. - Global rapeseed production increased this year, especially in Canada where the output was higher than expected. - The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production offset by the increase in Russian production. Global geopolitical conflicts may rise, supporting commodity prices [11]. 3.3 Multi - and Short - Term Concerns - **Likely to Rise**: Good demand for Chinese rapeseed meal is expected after the Spring Festival, and oil mills have no inventory pressure [12]. - **Likely to Fall**: Domestic rapeseed meal demand is currently in the off - season, and China's import of Canadian rapeseed is about to resume due to improved trade relations [12]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Price and Volume**: The average price difference between soybean meal and rapeseed meal in the spot market has narrowed, and the price difference of the 2605 contract has fluctuated slightly. Rapeseed meal futures are in a low - level oscillation, while the spot price is relatively stable, with the spot at a high premium [13][22][24]. - **Inventory**: Domestic rapeseed meal inventory is 43.78 tons, a 2.6% week - on - week decrease from last week and a 12.79% year - on - year decrease from the same period last year. Oil mill rapeseed inventory is low, and rapeseed meal inventory is also at a low level [9]. - **Supply and Demand Balance**: Data on the supply - demand balance of domestic rapeseed from 2016 - 2025 and domestic rapeseed meal from 2016 - 2025 are provided, including harvest area, production, consumption, inventory, etc. [19][21]. 3.5 Position Data - The main short positions have increased, and funds have flowed out [9].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - **Soybean Meal (M2605)**: Expected to oscillate within the range of 2710 - 2770. Influenced by the US - China trade deal, South American weather, and domestic demand, it's likely to maintain a short - term oscillatory pattern [9]. - **Soybeans (A2605)**: Forecasted to fluctuate between 4340 - 4440. Affected by factors such as US - China trade, South American weather, and domestic supply - demand, it will likely stay in a short - term oscillatory state [11]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - Soybean meal futures return to an oscillatory state, while the spot price remains relatively stable, with the spot premium staying at a relatively high level [23]. - The soybean crushing volume in oil mills returns to a high level, and the soybean meal output in December increases year - on - year [25][50]. - The unfulfilled contracts of oil mills continue to decline, indicating a weakening of stocking demand [27][52]. - The spot price difference between soybean meal and rapeseed meal narrows, and the price difference of the 2605 contract fluctuates slightly [29]. 3.2 Recent News - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans. However, the quantity of China's soybean purchases and US soybean weather remain uncertain. The US soybean futures are oscillating above the 1000 - point mark, awaiting further guidance [13]. - China's import of soybeans in the first quarter continues to decline. The soybean inventory in oil mills remains relatively high in January. With normal weather for South American soybean planting and growth, soybean meal has returned to a short - term oscillatory pattern [13]. - The decrease in domestic pig - raising profits leads to low expectations for pig restocking. The good demand for soybean meal in January supports its price. Influenced by US soybeans and the recovery of demand, it maintains an oscillatory pattern [13]. - The relatively high inventory of soybean meal in domestic oil mills, combined with the potential for weather speculation in the US soybean - producing areas and the impact of the preliminary China - US trade agreement, keeps soybean meal in a short - term oscillatory state, awaiting clear US soybean yields and further progress in the China - US trade negotiation [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish Factors**: The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans; the inventory of soybean meal in domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish Factors**: The total volume of imported soybeans in January remains relatively high; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - **Main Logic**: The market focuses on the impact of US soybean harvest weather and the follow - up of the preliminary China - US trade agreement [14]. - **Soybeans** - **Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [15]. - **Bearish Factors**: The bumper harvest of Brazilian soybeans leads to an increase in China's purchases; the increase in the output of new - season domestic soybeans suppresses the price of beans [15]. - **Main Logic**: The market focuses on the impact of US soybean weather and the China - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal** - **Basis**: The spot price is 3030 (in East China), and the basis is 295, indicating a premium over futures [9]. - **Inventory**: The soybean meal inventory in oil mills is 94.72 million tons, a 9.27% decrease from last week and a 70.15% increase from the same period last year [9]. - **Soybeans** - **Basis**: The spot price is 4400, and the basis is 22, a neutral premium over futures [11]. - **Inventory**: The soybean inventory in oil mills is 687.33 million tons, a 3.62% decrease from last week and a 31.81% increase from the same period last year [11]. 3.5 Position Data - **Soybean Meal**: The short positions of the main force decrease, and funds flow out, indicating a bearish sentiment [9]. - **Soybeans**: The main force switches from long to short, and funds flow out, showing a bearish outlook [11]. 3.6 Other Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From January 29 to February 6, data on the transaction average price, trading volume, and price difference between soybean meal and rapeseed meal are provided [16]. - **Soybean and Meal Futures and Spot Price Summary**: From January 30 to February 6, prices of soybean futures (including different contracts), soybean meal futures, and soybean and soybean meal spot prices are presented [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From January 28 to February 6, data on the warehouse receipts of soybeans (including different varieties) and soybean meal are given [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Data on global and domestic soybean supply - demand from 2016 to 2025 are provided, including harvest area, inventory, output, and consumption [32][33]. - **Soybean Planting and Harvesting Progress in Different Regions**: Information on the planting and harvesting progress of soybeans in Argentina, the US, and Brazil from 2023 - 2026 is presented [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply - Demand Reports**: Data on planting area, yield per unit, output, and other aspects of US soybeans from June 2025 to January 2026 are provided, along with data on Brazilian and Argentine soybeans [44]. - **US Soybean Export Inspection and Imported Soybean Arrival Data**: The weekly export inspection of US soybeans decreases month - on - month but increases year - on - year. The arrival volume of imported soybeans is at a low level at the beginning of the year and decreases year - on - year recently [45][47]. - **Livestock - Related Data**: The inventory of live pigs increases slightly year - on - year, while the inventory of sows decreases year - on - year and slightly month - on - month. The price of live pigs fluctuates slightly, and the price of piglets rebounds slightly. The proportion of large pigs in China increases, and the cost of secondary fattening of pigs continues to rise. The domestic pig - raising profit shows a slight profit, and the pig - grain ratio and feed - meat ratio decline to a low level [56][58][60][62][64].