交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃早报 2026-2-5 每日观点 玻璃： 影响因素总结 利多： 1、玻璃生产利润低位，行业存在进一步冷修预期。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 1、主要逻辑：玻璃供给低位，下游深加工厂订单惨淡，玻璃厂库回升，预期玻璃低位震荡偏弱运行为 主。 1、基本面：玻璃生产利润小幅修复，冷修不及预期，供给低位；地产拖累下游深加工订单偏弱， 库存同期历史高位；偏空 2、基差：浮法玻璃河北沙河大板现货940元/吨，FG2605收盘价为1109元/吨，基差为-169元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5256. ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月5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 3、库存：华东地区合计库存83.1万吨，环比增加4.83万吨 偏空 4、盘面：20日均线向下，收盘价收于20日均线之下 偏空 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围较清淡，现货基差偏强。本周个别有-68成交，下周在05贴水60有成交， 价格商谈区间在5080~5190。2月底在05-50附近有成交。3月底在05-35附近有成交。今日主流现货基差在05-62。中性 2、基差：现货5150，05合约基差-68，盘面升水 中性 3、库存：PTA工厂库存3.58天，环比减少0.04天 偏多 4、盘面：20日均线向上，收 ...

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2026-2-5 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 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。 • 尿素概述： • 1. 基本面：当前日产及开工率同比处高位，随检修回归预计开工将继续回升，综合库存回落， 去库形态较明显。需求端，虽临近春节但订单需求尚可，农业储备需求、贸易需求均良好，工业 需求方面，复合肥、三聚氰胺开工回升明显。出口内外价差大，近期下游需求尚可，国内尿素整 体仍供过于求。交割品现货1760（-10），基本面整体中性； • 2. 基差： UR2605合约基差-27，升贴水比例-1.5%，偏空； • 3. 库存：UR综合库存108.9万吨（+0.9），偏多； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线上，偏多； • 5. 主力持仓：UR主力持仓净空，减空，偏空； • 6. 预期： ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

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4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 需求端来看，上周硅片产量为11.75GW,环比增加8.19%,库存为27.29万吨，环比增加1.90%,目前 硅片生产为亏损状态，2月排产为45.31GW,较上月产量45.93GW，环比减少1.34%；1月电池片产 量为41.44GW,环比减少11.37%,上周电池片外销厂库存为9.17GW,环比增加2.80%，目前生产为盈 1、基本面: 偏多。 利状态，2月排产量为36.7GW,环比减少11.43%；1月组件产量为35.2GW,环比减少9.04%,2月预计 组件产量为29.8GW,环比减少15.34%,国内月度库存为24.76GW,环比减少51 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Rapeseed meal RM2605 will fluctuate in the range of 2220 - 2280. Affected by soybean meal trends, technical adjustments, and Sino - Canadian trade relations, the short - term trend is weak, but the medium - term will maintain a range - bound pattern. The spot demand is in the off - season, and the low inventory supports the market. After the Spring Festival, the demand is expected to be good [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 will fluctuate in the range of 2220 - 2280. The market is affected by soybean meal trends and technical adjustments. The short - term is affected by the improvement of Sino - Canadian trade relations and shows a weak trend, but the medium - term remains range - bound. The spot demand is in the off - season, and the low inventory supports the market. After the Spring Festival, the demand is expected to be good [9]. 3.2 Recent News - Domestic aquaculture is in the off - season after the long holiday, with short - term supply expected to be tight and demand decreasing, suppressing the market. The Sino - Canadian trade issue has reduced the short - term export of Canadian rapeseed, affecting domestic supply expectations. The visit of the Canadian Prime Minister to China has improved short - term Sino - Canadian trade relations, and the import of Canadian rapeseed by China is expected to resume. Global rapeseed production is increasing this year, especially in Canada. The Russia - Ukraine conflict continues, and the global geopolitical conflict may rise, supporting commodities [11]. 3.3 Bullish and Bearish Concerns - Bullish factors: Good demand expectation for Chinese rapeseed meal after the Spring Festival and no inventory pressure on oil mills. Bearish factors: Short - term off - season for domestic rapeseed meal demand and the upcoming resumption of Canadian rapeseed imports by China due to improved Sino - Canadian trade relations. The current main logic is that the market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Trading data**: From January 26 to February 3, the average trading price of soybean meal ranged from 3126 - 3171 yuan/ton, and the trading volume ranged from 7.407 - 74.07 million tons. The average trading price of rapeseed meal ranged from 2430 - 2480 yuan/ton, and the trading volume was mostly 0, with a maximum of 0.5 million tons. The average price difference between soybean meal and rapeseed meal decreased from 741 yuan/ton to 676 yuan/ton [13]. - **Price data**: From January 27 to February 3, the price of rapeseed meal futures main contract 2605 ranged from 2249 - 2325 yuan/ton, and the far - month contract 2609 ranged from 2287 - 2333 yuan/ton. The spot price of rapeseed meal (Fujian) ranged from 2430 - 2480 yuan/ton [15]. - **Warehouse receipt data**: From January 26 to February 3, the rapeseed meal warehouse receipts were all 0 [17]. - **Supply - demand balance sheet**: In the domestic rapeseed supply - demand balance sheet, from 2016 - 2025, the harvest area, output, and inventory consumption ratio showed certain fluctuations. In the domestic rapeseed meal supply - demand balance sheet, from 2016 - 2025, the output, total supply, total demand, and inventory consumption ratio also changed [19][21]. 3.5 Position Data - Not provided in the report 3.6 Other Market Conditions - Rapeseed meal futures rebounded after hitting the bottom, and the spot was relatively strong, with the spot premium remaining 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. Imported rapeseed will arrive at ports starting from February, and the import cost has rebounded from a low level. The rapeseed inventory of oil mills remains low, and the rapeseed meal inventory is also at a low level. The rapeseed processing volume of oil mills has increased slightly while maintaining operation. Aquatic fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [22][24][27]

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2026年2月4日 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 供给端来看，据隆众统计，2025年12月PVC产量为213.7356万吨，环比增加2.79%；本周样本企业 产能利用率为78.93%，环比增加0.00个百分点；电石法企业产量34.716万吨，环比增加0.73%,乙 烯法企业产量13.611万吨，环比减少0.96%；本周供给压力有所增加；下周预计检修有所减少，预 计排产少量增加。 需求端来看，下游整体开工率为44.75%，环比减少0.10个百分点，高于历史平均水平；下游型材 开工率为31.52%，环比持平，高于历史平均水平；下游管材开工率为37%，环比持平，高于历史平 均水平；下游薄膜开工率为65.71%，环比减少0.35个百分点，高于历史平均水平；下游糊树脂开 工率为80.97%，环比减少1.09个百分点，高于历史平均水平；船运费用 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-04 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 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2710至2770区间震荡 1.基本面：美豆探底回升，油脂反弹带动和技术性震荡整理，美豆短期维持震荡等待中美贸 易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕震荡回落，美豆 走势带动和年底需求进入旺季现货价格升水支撑盘面底部，消息面多空交织短期或维持 震荡格局。中性 2.基差：现货3020（华东），基差293，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力空单减 ...

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4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 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。 成本端来看，日度加工沥青利润为-128.13元/吨，环比增加85.30%，周度山东地炼延迟焦化利润为16.1943元/ 吨，环比减少81.75%，沥青加工亏损增加，沥青与延迟焦化利润差减少；原油走弱，预计短期内支撑走弱。 2、基差: 02月03日，山东现货价3250元/吨，03合约基差为-59元/吨，现货贴水期货。 偏空。 3、库存: 社会库存为89.2万吨，环比增加3.48%，厂内库存为60.2万吨，环比减少1.14%，港口稀释沥青库存为库存为84 万吨，环比增加90.91%。社会库存持续累库，厂内库存持续去库，港口库存持续累库。 偏多。 4、盘面: MA20向上，03合约期价收于MA20上方。 偏多。 5、主 ...

交易咨询业务资格：证监许可【2012】1091号 目 录 1 每日观点 2 基本面/持仓数据 每日观点 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4日 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%。 5、主力持仓: 主力持仓净多，空翻多。 偏多。 6、预期: 供给端，2025年12月碳酸锂产量为99200实物吨，预测下月产量为97970实物吨，环比减少1.23%,2025年12月 碳酸锂进口量为23989实物吨，预测下月进口量为22500实物吨，环比减少6.20%。需求端，预计下月需求有所 强化，库存或将有所去化。成本端，6%精矿CI ...