交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-3 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。 每日观点 纯碱： 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1160元/吨，SA2605收盘价为1203元/吨，基差为-43元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存154.42万吨，较前一周增加1.51%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向上；中性 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面不改疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、远兴能源二期产线满产时间预期延后。 1、主要逻辑：纯碱供给高位，终端需求下滑，库存处于同期 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The glass fundamentals are weak, and the short - term is expected to be mainly in a volatile and weak operation [2]. - The supply of glass is at a low level, the orders of downstream deep - processing plants are dismal, the factory inventory of glass has increased, and it is expected that the glass will be in a low - level volatile and weak operation [5]. 3. Summary by Directory Glass Futures Market - The closing price of the main contract of glass futures and the spot price of Shahe safety large boards remained unchanged, with a change rate of 0.00%, and the main basis also had no change [6]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 940 yuan/ton, remaining the same as the previous day [12]. Fundamentals - Cost Side Glass Production Profit No specific profit data is provided, but it is mentioned that the glass production profit has been slightly repaired, and there is an expectation of further cold - repair in the industry due to low profit [2][4]. Glass Production Lines and Output - The number of operating national float glass production lines is 213, with an operating rate of 71.86%, and the number of operating production lines is at a historically low level in the same period [19]. - The daily melting volume of national float glass is 151,000 tons, and the production capacity is at a historically low level in the same period [21]. Fundamentals - Demand Float Glass Monthly Consumption - In November 2025, the apparent consumption of float glass was 4.6944 million tons [25]. Other Demand - Related Indicators - The report also mentions indicators such as housing sales, new construction, construction, and completion areas, as well as the operating and order status of downstream processing plants, but no specific data is provided [26][28][35]. Fundamentals - Inventory - The inventory of national float glass enterprises is 52.564 million weight boxes, a decrease of 1.23% compared with the previous week, and the inventory is running above the five - year average [40]. Fundamentals - Supply - Demand Balance Sheet | Year | Production (10,000 tons) | Apparent Supply (10,000 tons) | Consumption (10,000 tons) | Production Growth Rate | Consumption Growth Rate | Net Import Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2017 | 5354 | 5263 | 5229 | | | -1.734% | | 2018 | 5162 | 5098 | 5091 | -3.59% | -2.64% | -1.26% | | 2019 | 5052 | 5027 | 5061 | -2.13% | -0.59% | -0.50% | | 2020 | 5000 | 5014 | 5064 | -1.03% | 0.06% | 0.289% | | 2021 | 5494 | 5507 | 5412 | 9.88% | 6.87% | 0.244% | | 2022 | 5463 | 5418 | 5327 | -0.56% | -1.57% | -0.834% | | 2023 | 5301 | 5252 | 5372 | -2.97% | 0.84% | -0.934% | | 2024E | 5510 | 5461 | 5310 | 3.94% | -1.15% | -0.90% | [41]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月3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：昨日PTA期货大幅下跌，现货市场商谈氛围好转，少量聚酯工厂有递盘，基差走强。本周在05-75有成交，下周在 05-65~70附近成交，价格商谈区间在5010~5170。2月底在05贴水60附近有成交，3月中在05贴水40~45有成交。今日主流现货基 差在05-71。中性 MEG 每日观点 MEG： 1、基本面：周一，乙二醇价格重心持续下跌，市场商谈一般。贵金属大幅回调，商品氛围转弱明显，乙二醇回归基本面。今日乙 二醇部分主港地区上升至90万吨附近，且周内仍有合约大船卸货计划，近端港口库存仍将维持涨势。下午现货低位 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint Next week, the domestic methanol market is likely to experience low - level fluctuations. Inland, methanol factories are mainly focusing on active sales to maintain inventory before the Spring Festival, with relatively loose supply. However, as the Spring Festival approaches, some traditional downstream industries are gradually shutting down for holidays, and the fundamentals remain weak, suppressing the market. Meanwhile, some downstream industries still have restocking needs, and the methanol prices in production and sales regions are at the bottom, with strong freight rates supporting the arrival prices in sales regions. Under the influence of both long and short factors, the inland methanol market is expected to fluctuate within a narrow range. In ports, the pressure boundary has risen to 2400. Without macro - level hype points, the port spot market is expected to fluctuate within the range below the pressure level next week [5]. 3. Summary by Directory 3.1 Weekly Review - Next week, the domestic methanol market is likely to have low - level fluctuations. Inland market will be affected by supply and demand changes, and the port market will be restricted by the pressure boundary of 2400 [5]. 3.2 Fundamental Data - **Domestic Methanol Spot Price**: From January 23 to January 30, prices in different regions showed various changes. Jiangsu increased by 0.31%, Fujian increased by 1.32%, while Hebei decreased by 0.49%, and prices in Shandong (Lunan) and Inner Mongolia remained unchanged [6]. - **Methanol Basis**: The spot price increased by 0.31%, and the futures price increased by 0.96%. The basis decreased by 15 [8]. - **Methanol Production Profits by Process**: Coal - based production profit decreased by 49, natural gas - based production profit remained unchanged, and coke - oven gas - based production profit decreased by 324 [10]. - **Domestic Methanol Enterprise Load**: Nationally, the load decreased by 3.81% to 74.90%, and in the northwest region, it decreased by 3.55% to 81.54% [12]. - **Foreign Methanol Prices and Spreads**: CFR China increased by 0.37%, CFR Southeast Asia increased by 0.31%, and the spread remained unchanged [15]. - **Methanol Import Spread**: The import cost increased by 0.01%, and the import spread increased by 7 [18]. - **Methanol Traditional Downstream Product Prices**: Prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged, with a weekly change of 0.00% [25]. - **Formaldehyde Production and Load**: The production profit increased by 4, and the load increased by 0.01% to 30.98% [26]. - **Dimethyl Ether Production and Load**: The production profit increased by 14, and the load increased by 1.45% to 9.79% [28]. - **Acetic Acid Production and Load**: The production profit decreased by 4, and the load decreased by 1.29% to 72.32% [31]. - **MTO Production and Load**: The production profit decreased by 22, and the load decreased by 2.18% to 84.18% in the East China region [35]. - **Methanol Port Inventory**: In the East China region, it increased by 0.79 to 59.58, and in the South China region, it decreased by 3.40 to 39.8 [36]. - **Methanol Warehouse Receipts and Effective Forecasts**: Warehouse receipts decreased by 7.64% to 7153, and effective forecasts remained at 0 [39]. 3.3 Maintenance Status - **Domestic Methanol Plants**: Many plants in different regions such as the Northwest, East, Southwest, and Northeast are in various states of maintenance, including planned and unplanned shutdowns, with different durations and production losses [42]. - **Foreign Methanol Plants**: Plants in countries like Iran, Saudi Arabia, Malaysia, and the United States have different operating conditions, including restarts, normal operations, and planned shutdowns [43]. - **Olefin Plants with Methanol - related Operations**: Some olefin plants in the Northwest, East, Central, Shandong, Northeast, and other regions are in operation, maintenance, or have production plans, with different operating statuses and production capacities [44].

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

原油周报 (1.26-1.30) 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 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，原油震荡走高。纽约交易所主力轻质原油期货价格收于每桶65.74美元，周涨7.28%；伦敦布伦特原油主力期货价格收于每桶69.83美元， 周涨6.71%；中国原油期货SC主力合约收至470元/桶，周涨6.36%。美国总统特朗普重申对伊朗的威胁，一支舰队正驶向伊朗，希望伊朗能同美 国达成协议。伊朗方面则表示，邻国领土若被用于针对伊朗的敌对行动，这些邻国将被视为敌对方。此外，俄乌局势方面，周内乌克兰、美国 和俄罗斯代表团在阿布扎比举行三方会谈，与会各方在军事问题上取得一定进展，但在领土问题上仍未达成任何决定。地缘 ...

证券代码：839979 碳酸锂期货周报 2026年01月26日-01月30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。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 一．回顾与展望 本周05合约为下跌态势，周一开盘价为189220元/吨，周五收盘价为148200元/吨，周跌幅为21.60%。 供给端来看，本周碳酸锂产量为21569吨，高于历史同期平均水平，其中锂辉石产13244吨，环比减少 4.81%,高于历史同期平均水平，锂云母产2832吨，环比减少1.73%,高于历史同期平均水平，盐湖产3205 吨，环比增加2.89%,高于历史同期平均水平，回收产2288吨，环比减少0.78%,高于历史同期水平。 需求端来看，2025年12月碳酸锂需求量为130118实物吨，环比减少2.49%,预测下月需求量为11716 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - **M2605 Soybean Meal**: Expected to oscillate between 2740 and 2800. Influenced by the US soybean trend and end - of - year demand, it will maintain a short - term oscillating pattern due to mixed news [9]. - **A2605 Soybeans**: Forecasted to fluctuate between 4320 and 4420. Affected by factors such as the US - China trade agreement and Brazilian soybean imports, it will maintain a short - term range - bound oscillation [10]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - **Soybean Meal M2605**: In the short - term, it may maintain an oscillating pattern. The US soybean trend, end - of - year demand, and news factors will all have an impact. The price is neutral, the basis is bullish, the inventory is bearish, the market trend is neutral, the main position is bearish [9]. - **Soybean A2605**: In the short - term, it will maintain a range - bound oscillation. Influenced by the US - China trade agreement and Brazilian soybean imports. The price is neutral, the basis is neutral, the inventory is bearish, the market trend is bullish, the main position is bullish [10]. 3.2 Recent News - The preliminary agreement in the US - China tariff negotiation is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are still uncertain. The US soybean market will oscillate above the thousand - point mark in the short - term [12]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained high in January. The soybean meal will return to a range - bound oscillation in the short - term [12]. - The decrease in domestic pig - raising profits leads to low expectations for pig replenishment. The demand for soybean meal remained good in January, supporting the price expectation. Affected by the US soybean trend and the recovery of soybean meal demand, it will maintain an oscillating pattern [12]. - The soybean meal inventory of domestic oil mills remained high. The possibility of weather speculation in the US soybean production area still exists, and the preliminary agreement in the US - China trade negotiation will affect the soybean meal to maintain an oscillating pattern in the short - term [12]. 3.3 Long and Short Concerns 3.3.1 Soybean Meal - **Bullish Factors**: The preliminary agreement in the US - China trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still variables in the weather in the South American soybean production area [13]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remained high in January; Brazilian soybeans have started sowing, and South American soybeans are expected to have a bumper harvest under normal weather conditions [13]. - **Main Logic**: The market focuses on the impact of the US soybean harvest weather and the follow - up of the preliminary US - China trade agreement [13]. 3.3.2 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 [14]. - **Bearish Factors**: Brazilian soybeans have a bumper harvest, and China has increased its purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price expectation of beans [14]. - **Main Logic**: The market focuses on the impact of US soybean weather and the US - China trade tariff game [14]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From January 22 to January 30, the average transaction price of soybean meal fluctuated slightly, and the trading volume also fluctuated. The average transaction price difference between soybean meal and rapeseed meal gradually narrowed [15]. - **Soybean and Meal Futures and Spot Price Data**: From January 23 to January 30, the futures prices of soybeans and soybean meal fluctuated, and the spot prices of soybeans and soybean meal were relatively stable [17]. - **Soybean and Meal Warehouse Receipt Data**: From January 21 to January 30, the warehouse receipts of soybean No.1 decreased, the warehouse receipts of soybean No.2 decreased to zero, and the warehouse receipts of soybean meal increased [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 to 2025 show the changes in harvest area, output, inventory, and other indicators over the years [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: The planting and harvest progress of soybeans in Argentina from 2023/24, the planting, growth, and harvest progress of soybeans in the US in 2024, and the planting and harvest progress of soybeans in Brazil and Argentina from 2024/25 to 2025/26 are presented [33][34][38]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from June 2025 to January 2026 show the changes in planting area, yield, output, and other indicators of US soybeans, as well as the output of Brazilian and Argentine soybeans [43]. 3.5 Position Data - The main short positions in soybean meal increased, and the funds flowed out [9]. - The main long positions in soybeans decreased, and the funds flowed out [10]. 3.6 Other Market Conditions - The weekly export inspection volume of US soybeans decreased month - on - month and increased year - on - year [44]. - The arrival volume of imported soybeans entered a low level at the beginning of the year and decreased year - on - year recently [46]. - The soybean inventory of oil mills decreased from a high level, and the soybean meal inventory continued to decline [47]. - The soybean crushing volume of oil mills returned to a high level, and the soybean meal output in December increased year - on - year [49]. - The unexecuted contracts of oil mills continued to decline, and the stocking demand maintained a good expectation [51]. - The import cost of Brazilian soybeans fluctuated and declined following the US soybeans, and the market profit fluctuated slightly [53]. - The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and declined slightly month - on - month [55]. - The pig price declined slightly recently, and the piglet price remained weak [57]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs continued to rise [59]. - The domestic pig - raising profit was slightly profitable [61].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月2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 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%。 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CIF价格日度环比有所减少，低于历史同期平均水平，供需格局转 向 ...

证券代码：839979 沥青期货周报 2026年01月26日-01月30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。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 回顾与展望 本周03合约为上涨态势,周一开盘价为3150元/吨,周五收盘价为3424元/吨，周涨幅为8.70%。 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 ...