Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The overall situation of the MPOB report for Malaysian palm oil in December is slightly bearish, with inventory data exceeding expectations. Currently, the export data of Malaysian palm oil in January shows a 29% month - on - month increase, and as it enters the production - reduction season, the supply pressure of palm oil will decrease [2][3][4]. - The prices of oils and fats are in a range - bound consolidation. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are tense, which puts pressure on the price of new US soybeans for export. The inventory of Malaysian palm oil is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4]. - The current main logic is that the global fundamentals of oils and fats are relatively loose. The main risk point is the El Niño weather [5]. Summary by Relevant Catalogs Supply - On January 9, the commercial inventory of soybean oil was 1020000 tons, a month - on - month decrease of 60000 tons and a year - on - year increase of 14.7% [2]. - The inventory of palm oil ports on January 9 was 736000 tons, a month - on - month increase of 2200 tons and a year - on - year increase of 46% [3]. - The commercial inventory of rapeseed oil on January 9 was 250000 tons, a month - on - month decrease of 20000 tons and a year - on - year decrease of 44% [4]. - There are also contents about soybean meal inventory, oil mill soybean crushing, rapeseed inventory, and total domestic oil and fat inventory, but specific data are not detailed in the current content [8][10][21][23]. Demand - There are contents about the apparent consumption of soybean oil and soybean meal, but specific data are not detailed in the current content [12][14]. Price Expectations - The price of soybean oil Y2605 is expected to fluctuate in the range of 7900 - 8300 [2]. - The price of palm oil P2605 is expected to fluctuate in the range of 8800 - 9200 [3]. - The price of rapeseed oil OI2605 is expected to fluctuate in the range of 9000 - 9400 [4]. Other Factors - Bullish factors: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5]. - Bearish factors: The prices of oils and fats are at a relatively high historical level, domestic oil and fat inventories are continuously increasing, the macro - economy is weak, and the expected output of relevant oils and fats is high [5].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月9日 大越期货投资咨询部 金泽彬 投资咨询资格证号：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 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：周五，2月中上在05贴水60~85商谈，2月下在05贴水55有成交，价格商谈区间在5015~5135。今日主流现货基差在 05-72。中性 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 2、基差：现货5090，05合约基差-76，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比增加0.16天 偏空 4、盘面：20日均线向下，收盘价收于20日均线之下 偏空 5、主力持仓： ...

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。 每日观点 焦煤： 1、基本面：目前部分民营煤矿已进入春节假期，国有矿年底在保安全的前提下供应有限，整体供应端 收紧。下游焦企阶段性补库收尾，中间环节进场频率下降，煤矿新签订单和线上竞拍成交资源均有所减 少，考虑到部分煤矿年前产量基本已经销售完，对部分煤种价格有一定支撑，煤矿报价暂以稳为主，部 分高价煤种因市场成交清淡出现小幅回调；中性 2、基差：现货市场价1230，基差91.5；现货升水期货；偏多 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：成材市场成交情况依旧欠佳，同时除个别焦企和钢厂仍然有少数补库需求外，大多数库存都 已达到合理区间，需求明显减弱，焦钢企业采购积极性下降，加之成本端部分焦煤价格相对高位，多存 有抵触心理，采购节奏继续放缓，预计短 ...

1. Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [6] 2. Core Viewpoints - The supply of natural rubber is increasing, the spot is relatively strong, domestic inventories are starting to decline, and tire operating rates are at a high level. The market sentiment is cooling, and it may fluctuate within a range before the festival [6] 3. Summary by Directory 3.1 Daily Hints - The supply of natural rubber starts to increase, the spot is strong, domestic inventories start to decrease, and tire operating rates are at a high level. The market sentiment cools down, and it may fluctuate within a range before the festival [6] 3.2 Fundamental Data - **Supply and Demand**: Supply increases, and downstream consumption shows mixed trends. Automobile production and sales decline, but tire production increases year - on - year, and tire industry exports rebound [6][25][31] - **Inventory**: The inventory of the Shanghai Futures Exchange has increased week - on - week and decreased year - on - year; the inventory in Qingdao has increased both week - on - week and year - on - year. The exchange inventory has changed little recently, and the Qingdao inventory has rebounded [6][16][19] - **Import**: The import quantity has rebounded [22] 3.3 Multi - empty Factors - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [8] - **Likely to Fall Factors**: Bearish domestic economic indicators and trade frictions [8] 3.4 Basis - The spot price is 16000, and the basis is - 80, showing a bearish trend. The basis strengthened on February 6 [6][37] 3.5 Spot Price - The spot price of 2024 whole latex (non - deliverable) increased on February 6. The US dollar quotation in Qingdao Free Trade Zone is also involved [10][13]

交易咨询业务资格：证监许可【2012】1091号 2026-02-09燃料油早报 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 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 6、预期：贸易商称，尽管下游加油活动活跃，尤其是在农历新年前夕，但亚洲低硫燃料油市场仍受到近期充足 的套利供应压制，美伊谈判开局较为良好，暂未增加地缘担忧，预计燃油价格短期震荡运行，等待更多地缘信号 出现。FU2603：2750-2810区间运行，LU2603：3220-3280区间运行 1、基本面：亚洲低硫燃料油市场结构走弱，主要受即期供应充足影响。与此同时，含硫0.5%船用燃料油现货价 差连续第二个交易日维持负值不变，原因是货物需求疲软；新加坡高硫燃料油的需求通常从3月开始回升，以满 足南亚夏季发电高峰的 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - As the holiday approaches, the domestic methanol market is expected to fluctuate within a range next week. The inland methanol market is gradually entering the pre - holiday adjustment period. On the demand side, traditional downstream devices such as formaldehyde have successively shut down for holidays, and some downstream players have completed pre - holiday stockpiling, leading to a gradual decline in terminal demand. On the supply side, domestic methanol plants have continued to increase their sales efforts, with enterprise inventory levels running at a low level. Some enterprises have adopted a limited - sales strategy, and the overall supply side remains sufficient without obvious pressure. As the Spring Festival holiday approaches, market trading activity has significantly decreased, and it is expected that the inland methanol market will maintain a light consolidation pattern in the short term. In the port area, methanol futures followed the non - ferrous metals sector through a round of sharp rises and falls and then fell into range - bound fluctuations again. Currently, the capital sentiment has dissipated, the geopolitical risk between the US and Iran is uncertain, and the fundamental weakness remains unchanged. It is expected that the port market will fluctuate within the bottom range before the holiday. The operation is recommended to focus on reducing risk exposure. Keep an eye on whether and when US President Trump will launch a real military action against Iran [7] 3. Summary by Directory 3.1 Weekly Review - The report predicts that the domestic methanol market will be range - bound next week due to the approaching holiday. The inland market is in a pre - holiday adjustment, with demand shrinking and supply sufficient. The port market is affected by factors such as capital sentiment and geopolitical risks, and is expected to fluctuate at the bottom [7] 3.2 Fundamental Data 3.2.1 Domestic Methanol Spot Price - The domestic methanol prices in different regions showed different trends from January 30th to February 6th. Prices in Jiangsu decreased by 2.78%, those in Hebei increased by 1.24%, those in Inner Mongolia increased by 1.12%, and those in Fujian decreased by 4.11%, while prices in Lunan remained unchanged [8] 3.2.2 Methanol Basis - From January 30th to February 6th, the spot price decreased by 2.78%, the futures price decreased by 3.28%, and the basis increased by 13 [11] 3.2.3 Methanol Production Profits by Different Processes - From January 30th to February 6th, the profit of coal - to - methanol increased by 76, that of natural - gas - to - methanol remained unchanged, and that of coke - oven - gas - to - methanol increased by 324 [13] 3.2.4 Domestic Methanol Enterprise Load - The national methanol load this week was 74.90%, a decrease of 3.81% compared with last week; the load in the northwest was 81.54%, a decrease of 3.55% compared with last week [15] 3.2.5 Foreign Methanol Prices and Spreads - From January 30th to February 6th, the CFR China price decreased by 2.24%, the CFR Southeast Asia price remained unchanged, and the spread decreased by 6 [18] 3.2.6 Methanol Import Spreads - From January 30th to February 6th, the spot price decreased by 2.78%, the import cost decreased by 2.26%, and the import spread decreased by 11 [21] 3.2.7 Methanol Traditional Downstream Product Prices - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from January 30th to February 6th [27] 3.2.8 Formaldehyde Production Profit and Load - From January 30th to February 6th, the formaldehyde production profit decreased by 11, and the load increased by 0.01% [28] 3.2.9 Dimethyl Ether Production Profit and Load - From January 30th to February 6th, the dimethyl ether production profit decreased by 36, and the load increased by 1.45% [30] 3.2.10 Acetic Acid Production Profit and Load - From January 30th to February 6th, the acetic acid production profit increased by 35, and the load decreased by 1.29% [35] 3.2.11 MTO Production Profit and Load - The MTO production profit increased from - 1264 on January 30th to - 1062 on February 6th, and the load decreased by 0.18% [39] 3.2.12 Methanol Port Inventory - This week, the inventory in East China was 56.36, a decrease of 3.22 compared with last week; the inventory in South China was 39.78, a decrease of 0.02 compared with last week [41] 3.2.13 Methanol Warehouse Receipts and Effective Forecasts - From January 30th to February 6th, the warehouse receipts decreased by 0.99%, and the effective forecasts remained unchanged [42] 3.3检修状况 3.3.1 Domestic Methanol Device Maintenance - Many domestic methanol enterprises are in maintenance, planned maintenance, or have production problems in various regions such as the Northwest, East, Southwest, and Northeast. For example, Shaanxi Black Cat's 100,000 - ton/year coke - oven - gas - based methanol device has been under maintenance since early November 2024 [44] 3.3.2 Foreign Methanol Device Operation - Foreign methanol enterprises in countries such as Iran, Saudi Arabia, Malaysia, and the US have different operating conditions. Some are in normal operation, some are restarting and recovering, and some are under maintenance. For example, ZPC in Iran is reported to have one set restored, but it needs to be verified [45] 3.3.3 Olefin Device Operation - Olefin devices in different regions have different operating conditions. Some are running smoothly, some are under maintenance, and some are expected to be put into production. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin devices will be shut down for maintenance on March 15th for about 45 days [46]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The supply - demand pattern of lithium carbonate is shifting towards demand - led. Lithium carbonate 2605 is expected to fluctuate in the range of 126,220 - 139,980. The main logic is the emotional fluctuations caused by news under the tight supply - demand balance. [9][13] Summary According to the Directory 1. Daily Views - **Supply Side**: Last week, the lithium carbonate output was 20,744 tons, a 3.82% decrease from the previous week, but higher than the historical average. In January 2026, the output was 97,900 physical tons, and the predicted output for next month is 81,930 tons, a 16.31% decrease. The import volume in January 2026 was 24,500 physical tons, and the predicted import volume for next month is 21,800 tons, an 11.02% decrease. [8][9] - **Demand Side**: Last week, the inventory of lithium iron phosphate sample enterprises was 95,032 tons, a 1.84% decrease from the previous week, and the inventory of ternary material sample enterprises was 18,243 tons, a 2.39% decrease. Next month's demand is expected to strengthen, and inventory may decline. [8][9] - **Cost Side**: The CIF price of 6% concentrate decreased daily and was lower than the historical average. The cost of purchasing spodumene concentrate was 138,350 yuan/ton, a 0.42% daily decrease, resulting in a loss of 5,715 yuan/ton. The cost of purchasing lithium mica was 136,032 yuan/ton, a 2.88% daily decrease, with a loss of 6,691 yuan/ton. The recycling - end production cost was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost at the salt - lake end was 32,231 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation. [9][10] - **Other Factors**: Bullish factors include the production cut plans of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Bearish factors are the continuous high supply at the ore/salt - lake end with limited decline. [11][12] 2. Fundamental/Position Data - **Market Quotes**: The report provides detailed data on yesterday's market quotes, including futures closing prices, basis, registered warrants, upstream prices, cathode material prices, and lithium - ion battery prices, along with their changes and percentage changes. [16] - **Supply - side Data**: It includes data such as weekly and monthly operating rates, production costs, processing costs, and production profits of lithium carbonate, as well as monthly production, import, and export data of lithium carbonate, lithium hydroxide, and lithium ore. [19] - **Demand - side Data**: It contains data on the production, inventory, and export of lithium - related downstream products such as lithium iron phosphate, lithium iron phosphate lithium, ternary precursors, and ternary materials, as well as data on new energy vehicle production, sales, and export. [19]

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2026年2月9日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为7.1万吨，环比有所减少13.41%。 需求端来看，上周工业硅需求为6万吨，环比减少20.00%.需求持续低迷.多晶硅库存为34.1万吨，处 于中性水平，硅片亏损，电池片盈利，组件盈利；有机硅库存为47200吨，处于低位，有机硅生产利润 为2570元/吨，处于盈利状态，其综合开工率为64.02%，环比持平，低于历史同期平均水平；铝合金 锭库存为6.74万吨，处于高位，进口亏损为037元/吨，A356铝送至无锡运费和利润为608.01元/吨， 再生铝开工率为58.3%，还比减少1.01%,处于高位。 1、基本面: 偏空 ...

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 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 交易咨询业务资格：证监许可【2012】1091号 2026-02-09原油早报 原油2603： 1.基本面：据三位知情人士透露，美乌谈判代表已经讨论了一个雄心勃勃的目标——争取在3月让俄罗 斯与乌克兰就和平协议达成一致，但鉴于在领土这一关键问题上缺乏共识，这一时间表很可能推迟； 伊朗最高外交官表示，由阿曼斡旋的伊朗与美国核谈判已取得"良好开端"并将继续进行；美国总统特 朗普签署一项行政令，可能对与伊朗有业务往来的国家征收25%的关税；欧盟委员会已提出一套针对 俄罗斯的新制裁方案，其中包括全面禁止为俄罗斯石油出口提供海运服务；中性 2.基差：2月6日，阿曼原油现货价为67.93美元/桶，卡塔尔海洋原油 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The report anticipates that methanol prices will fluctuate this week, with MA2605 expected to trade between 2,210 - 2,280 yuan/ton. The domestic methanol market is likely to experience range - bound fluctuations, with the inland market entering a pre - holiday rest period and the port market facing an uncertain geopolitical situation and unchanged fundamental weakness [4]. 3. Summary According to Relevant Catalogs 3.1 Daily Tips - The domestic methanol market is expected to range - bound fluctuate this week. The inland market is in a pre - holiday rest period, with reduced terminal demand and sufficient supply. The port market is expected to bottom - range fluctuate before the holiday, and it is recommended to reduce risk exposure. The report also suggests observing whether and when US President Trump will launch a real military operation against Iran [4]. 3.2 Long and Short Concerns Long Factors - Some plants have shut down, such as Yulin Kaiyue and Xinjiang Xinya. - Methanol production in Iran has decreased, and port inventories are at a low level. - A 600,000 - ton/year acetic acid plant in Jingmen started production on May 16, and a 600,000 - ton/year acetic acid plant in Xinjiang Zhonghe Hezhong is planned to be put into production in late May. - Northwest CTO plants are purchasing methanol externally [6]. Short Factors - Some previously shut - down plants have resumed production, such as Inner Mongolia Donghua. - There is a concentrated arrival of ships at the port in the second half of the month. - Formaldehyde has entered the traditional off - season, and MTBE operating rates have declined significantly. - Coal - based methanol has a certain profit margin and is actively selling. - Some plants in the production area have accumulated inventories due to poor sales [7]. 3.3 Fundamental Data Price Data - Spot market: The price of thermal coal in the Bohai Rim region remained unchanged at 682 yuan/ton, and the price of methanol in various regions showed different trends. For example, the price in Jiangsu decreased by 2.78% to 2,207 yuan/ton, while the price in Inner Mongolia increased by 1.12% to 1,805 yuan/ton. - Futures market: The closing price of the main contract increased by 19 yuan/ton to 2,244 yuan/ton. - Spread structure: The basis of Jiangsu methanol was - 37 yuan/ton, indicating that the spot price was at a discount to the futures price. The import spread decreased by 35 yuan/ton [8]. Inventory Data - As of February 5, 2026, the total social inventory of methanol in the East and South China ports was 961,400 tons, a decrease of 32,400 tons from the previous period. The total available methanol in the coastal areas decreased by 35,500 tons to 463,900 tons [4]. Operating Rate Data - The weighted average operating rate across the country decreased by 3.81% to 74.90%. The operating rates in Shandong, Southwest, and Northwest regions also decreased [8]. 3.4 Maintenance Status Domestic Plants - Many domestic methanol plants are under maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, and others. The maintenance periods vary, and some are still undetermined [57]. Overseas Plants - Some overseas methanol plants are in the process of restarting or have normal operations, while some are under maintenance. For example, some plants in Iran are in the process of restarting, and QAFAC in Qatar is under maintenance from the end of February to March 16 [58]. Olefin Plants - Some olefin plants are under maintenance or have normal operations. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin plants are under maintenance from March 15 for about 45 days, while some plants in Northwest and other regions are operating normally [59].