Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2220 - 2280. It bottomed out and rebounded, influenced by soybean meal trends and technical consolidation. With the short - term negative impact of China's potential cancellation of Canadian agricultural product export restrictions out of the way, the market has returned to an oscillatory state. Although the spot demand for rapeseed meal is in the off - season, low inventory supports the market. Considering the good demand expectation after the Spring Festival, the market is expected to remain range - bound in the medium term despite short - term weakening due to the improvement in China - Canada trade relations [9]. Summary According to Relevant Catalogs 1. Daily Tips - Not provided in the given content 2. Recent News - Domestic aquaculture has entered the long - holiday off - season. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canada is in the rapeseed harvesting and exporting stage, but China - Canada trade issues have reduced short - term exports and domestic supply expectations [11]. - With the Canadian Prime Minister's visit to China, China - Canada trade relations have improved in the short term. The mutual tariffs are expected to be gradually cancelled, and China's imports of Canadian rapeseed are about to resume. Future actions depend on the further development of China - Canada trade relations [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues. The reduction in Ukraine's rapeseed output and the increase in Russia's rapeseed output offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which provides support for commodities [11]. 3. Bullish and Bearish Concerns - **Bullish Factors**: Good demand expectation for Chinese rapeseed meal after the Spring Festival and no pressure on oil mills' rapeseed meal inventory [12]. - **Bearish Factors**: Short - term off - season for domestic rapeseed meal demand and the upcoming resumption of China's imports of Canadian rapeseed due to improved China - Canada trade relations [12]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of Canadian rapeseed imports arriving at ports [12]. 4. Fundamental Data - **Price and Spread**: From January 28 to February 5, the average price difference between soybean meal and rapeseed meal fluctuated. The spot price of rapeseed meal was relatively strong, and the spot premium remained at a relatively high level. The spot price difference between soybean meal and rapeseed meal narrowed, and the price difference of the 2605 contract between soybean meal and rapeseed meal declined from a high level [13][22][24]. - **Inventory**: The total domestic rapeseed meal inventory was 43.78 tons, down 2.6% week - on - week from 44.95 tons last week and 12.79% year - on - year compared to 50.2 tons in the same period last year. Oil mills' rapeseed inventory remained low, and rapeseed meal inventory was also at a low level [9]. - **Supply and Demand Balance**: The supply and demand balance tables of domestic rapeseed and rapeseed meal from 2016 to 2025 are provided, showing changes in harvest area, output, consumption, inventory, etc. [19][21]. 5. Position Data - Not provided in the given content 6. Rapeseed Meal Views and Strategies - **View**: Rapeseed meal bottomed out and rebounded due to Canada's Prime Minister's visit to China and the improvement in China - Canada trade relations. Considering the current off - season of domestic rapeseed meal supply and demand, the market will remain oscillatory after the overall negative factors are digested. Attention should be paid to the future development of China - Canada trade relations [9]. - **Strategy**: The rapeseed meal RM2605 is expected to oscillate in the range of 2220 - 2280 [9].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 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。 2026年2月6日 目 录 1 每日观点 每日观点 利多：锂云母厂家停减产计划，从智利进口碳酸锂量环比下行。 利空：矿石/盐湖端供给持续高位，下降幅度有限。 主要逻辑：供需紧平衡下，消息面引发的情绪震荡。 主要风险点：停减产/检修计划冲击，产业出清启动时间点。 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21569吨，环比减少2.91%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为96819吨，环比增加0.24%,上周三元材料样本企业 库存为18691吨，环比减少0.93%。 成本端来看，外购锂辉石精矿成本为142310元/吨，日环比持平，生产所得为3100元/吨，有 所盈利；外购锂云母成本为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。 交易咨询业务资格：证监许可【2012】1091号 2026-02-06原油早报 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 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 原油2603： 1.基本面：乌克兰与俄罗斯结束了第二轮由美国斡旋的会谈，此次会谈旨在结束二战以来欧洲最大的 冲突，双方进行了大规模战俘交换，并同意很快重启谈判；伊朗外交部长阿拉格齐正率领一支代表团 前往阿曼首都马斯喀特，与美国进行核问题谈判，此次外交接触旨在就核问题达成一项公正、双方可 接受且有尊严的协议；沙特阿拉伯将向亚洲买家出售的主要原油等级的价格下调至数年来的最低水平， 这进一步表明全球石油供应量已超出需求量；中性 2.基差：2月5日，阿曼原油现货价为67.72美元/桶，卡塔尔海洋原油现货价为67.11美元/桶，基 ...

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 交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2026年2月6日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2026年2月份国内地炼沥青排产量为102.3万吨，环比降幅3.30%。本周国内石油沥青样 本产能利用率为27.325%，环比减少1.20个百分点，全国样本企业出货21.445万吨，环比减少5.80%,样本企业产 量为45.6万吨，环比减少4.20%,样本企业装置检修量预估为102.2万吨，环比增加1.79%,本周炼厂有所减产，降 低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为25.5%，环比减少0.05个百分点，低于历史平均水平；建筑沥青开工率为3.3%， 环比减少0.50个百分点，低于历史平均水平；改性沥青开工率为5 ...

Report Overview - Report Title: Polyolefin Morning Report - Date: February 6, 2026 - Author: Zhu Tianyi from Dayue Futures Investment Consulting Department Report's Investment Rating - Not provided in the report Core Viewpoints - The overall fundamentals of LLDPE and PP are neutral, and their futures prices are expected to fluctuate today [4][7] - The suspension of OPEC's production increase in Q1 and geopolitical factors affecting oil prices provide strong cost support for polyolefins [4][7] - The downstream demand for both LLDPE and PP is weak, and the supply-demand relationship is sensitive to marginal changes [6][8] Summary by Section LLDPE Overview - **Fundamentals**: The official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ suspended its production increase plan in Q1 2026 due to weak seasonal demand. Affected by geopolitical factors, the crude oil price is strong and volatile, driving the polyolefins with poor device profits and strong cost support to follow the fluctuations. Near the Spring Festival, the demand from the agricultural film and packaging film industries is weak. The current spot price of LLDPE delivery products is 6,750 (unchanged), and the overall fundamentals are neutral [4] - **Basis**: The basis of the LLDPE 2605 contract is -27, with a premium/discount ratio of -0.4%, which is neutral [4] - **Inventory**: The comprehensive PE inventory is 403,000 tons (+54,000 tons), which is neutral [4] - **Market**: The 20-day moving average of the LLDPE main contract is upward, and the closing price is above the 20-day line, showing a bullish trend [4] - **Main Position**: The net position of the LLDPE main contract is short, and the short position is increasing, showing a bearish trend [4] - **Expectation**: The LLDPE main contract is expected to fluctuate today [4] PP Overview - **Fundamentals**: Similar to LLDPE, the macro environment and crude oil situation affect PP. PDH device maintenance is relatively high. Near the Spring Festival, the demand for plastic weaving and pipes is weak. The current spot price of PP delivery products is 6,650 (-40), and the overall fundamentals are neutral [7] - **Basis**: The basis of the PP 2605 contract is -26, with a premium/discount ratio of -0.4%, which is neutral [7] - **Inventory**: The comprehensive PP inventory is 416,000 tons (+15,000 tons), showing a relatively high level [7] - **Market**: The 20-day moving average of the PP main contract is upward, and the closing price is above the 20-day line, showing a bullish trend [7] - **Main Position**: The net position of the PP main contract is short, and the short position is decreasing, showing a bearish trend [7] - **Expectation**: The PP main contract is expected to fluctuate today [7] Supply-Demand Balance Sheets - **Polyethylene**: From 2018 - 2024, the capacity, production, and apparent consumption of polyethylene generally showed an upward trend, with the capacity growth rate reaching 20.5% in 2025E [14] - **Polypropylene**: From 2018 - 2024, the capacity, production, and apparent consumption of polypropylene also generally increased, with the capacity growth rate expected to be 11.0% in 2025E [16] Other Information - The report also includes data on spot prices, futures prices, inventory changes, production cash flows, and internal and external price differences of LLDPE and PP, as well as corresponding trend charts [9][10][12][17][19][21][23][25][27]

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年2月6日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 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。 1、基本面：美国就业数据疲软叠加AI恐慌，芝商所和上期所再上调保证金，金价回 落；美国三大股指全线收跌，欧洲三大股指收盘全线下跌；美债收益率集体下跌， 10年期美债收益率跌9.34个基点报4.180%；美元指数涨0.34%报97.96，离岸人民币 对美元贬值报6.9409；COMEX黄金期货跌3.08%报4798.10美元/盎司；中性 2、基差：黄金期货1105.76，现货1104.8，基差-0.96，现货贴水期货；中性 3、库存：黄金期货仓单104052 千克，增加1020千克；偏空 4、盘面：20日均线向上，k线在20日均线上方；偏多 5、主力持仓：主力净持仓多，主力多减；偏多 6、预期：今日关注美国2月密 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2026年2月6日 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 1、基本面：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 比减少12.08万吨。偏空。 利空：白糖全球产量增加，新一年度全球供应过剩。外 ...

天胶早报- 2026年2月6日 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。 交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货15900，基差-275 偏空 3、库存：上期所库存周环比增加，同比减少；青岛地区库存周环比增加，同比增加 中性 4、盘面：20日线向上，价格20日线上运行 偏多 5、主力持仓：主力净多，多减 偏多 6、预期：市场情绪降温，节前或区间波动 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、国内经济指标偏空 • 2、贸易摩擦 • 风险点 • 世界经济衰退、国内经济增长不 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2026年2月6日 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 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格上涨，看涨情绪浓重，镍铁价格继续上涨，成本线上升， 不锈钢库存有一定回升。中性偏强 2、基差：不锈钢平均价格14987.5，基差1177.5，偏多 3、库存：期货仓单：45970，+1531，中性 4、盘面：收盘价在20均线以下，20均线向上，中性 5、结论：不锈钢2603：少量空头持有，站回20均线止损。 沪镍 每日观点 1、基本面：外盘有所回落。供应方面，前期减产的产能开始恢复生产，进口货源陆续到货，印尼寒锐 镍板也有大量提供，市场供应充足。产业链上，镍矿看涨情绪较浓重，菲律宾与印尼都有强支撑。镍 铁价格继续上涨，成本线上升。不锈钢库存开始回升，要注意库存回升之后不锈钢价格或有反转。精 炼镍库存持续高位，过剩格局不变。新能源汽车产销数据良好，但总体镍需求提振有限。偏空 2、基差：现货139850，基差5420，偏多 3、库存：LME库存2 ...

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：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。 每日观点 降息和需求疲软博弈 1、碳中和控制产能扩张。 2、俄乌地缘政治扰动，影响俄铝供应。 3、降息 铝: 1、基本面：碳中和控制产能扩张，国内供应即将到达天花板，下游需求不强劲，房地产延续疲软，宏 观短期情绪多变；中性。 2、基差：现货23350，基差-35，贴水期货，中性。 3、库存：上期所铝库存较上周涨19718吨至216771吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓多，多增；偏多。 6、预期：碳中和催发铝行业变革，长期利多铝价，宏观情绪多变，铝价震荡向上运行 近期利多利空分析 利多： 利空： 逻辑： 1、全球经济并不乐观，高铝价会压制下游消费。 2、铝材出口退税取消 每日汇 ...