交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2026年2月13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。 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16400，基差-50 中性 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，多增 偏多 6、预期：市场情绪降温，节前或区间波动 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 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 焦煤焦炭早报（2026-2-13） 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 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 焦炭： 1、基本面：近期原料煤竞拍价格多有回落，受原料煤价格下跌影响，焦炭成本下移，焦企利润稍有修 复，焦炭供应量有所增加。然近期下游钢厂控制焦炭到货，且中间投机贸易商离市观望，焦企厂内库存 稍有累积，部分焦企库存压力进一步显现；中性 2、基差：现货市场价1620，基差-44；现货贴水期货；偏空 3、库存：钢厂库存692万吨，港口库存201万吨，独立焦企库存45万吨，总样本库存938万吨，较上周 增加18万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦炭主力净空，多减；偏多 6、预期：年末钢厂设备检修密集，复产计划寥寥，需求端延续疲态，钢厂对焦炭采购意愿较低，对焦 炭多有控制 ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2026年2月13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 棉花： 1、基本面：2026新疆棉种植面积调控，预计可能减幅超10%。USDA2月报：25/26年度产量 2609.6万吨，消费2584.7万吨，期末库存1635.3万吨。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2月25/26年度：产量664万吨，进口140万吨，消费760万吨，期末库存829万 吨。中性。 6：预期：棉花主力05短期14500-15000区间震荡。春节长假即将到来，节前规避风险，建议 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月13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 5 PTA 每日观点 PTA： 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。 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、主力持仓：净空 空增 偏空 6、预期：基本面来看，1-2月乙二醇季节性强累库预期依旧存在，但中期供需结构存在适度好转。海外装置存在推迟重启以及新增 检修量，二季度内进口量存在下修预期，后续关注伊朗地区供货稳定性。乙二醇绝对价格已经处于低位，低位存在买气支撑，预计 节前市场维持低区间整理为主。 1、基本面：周四，乙二醇价格重心震荡走弱，市场 ...

聚烯烃早报 2026-2-13 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 交易咨询业务资格：证监许可【2012】1091号 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。 • LLDPE概述： • 1. 基本面：宏观方面，官方1月制造业PMI为49.3%，较上月回落0.8个百分点，落入收缩区间。 OPEC+2月1日部长级会议重申去年11月2日决定，因季节性需求疲软暂停2026年第一季度的增产计 划。当前原油回归震荡，前期因受伊朗等地缘政治扰动影响，走势波动大，聚烯烃跟随波动偏大。 供需端，临近春节，农膜方面，多数企业停工，整体订单少，包装膜企业同样多数停工。当前LL 交割品现货价6600（-0），基本面整体中性； • 2. 基差： LLDPE 2605合约基差-134，升贴水比例-2.0%，偏空； • 3. 库存：PE综合库存36.7万吨（-3.6），偏多； • 4. 盘面： LLD ...

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12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20744吨 环比减少3 82% ， . | 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95032吨 ， | 环比减少1 84% 上周三元材料 . , | | | | | | 样本企业库存为18243吨 | 环比减少2 39% ， . 。 | | | | | | | 成本端来看 ， | 外购锂辉石精矿成本为139374元/吨 ， | 日环比持平 生产所得为 ， | ...

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report Industrial Silicon - The supply of industrial silicon last week was 71,000 tons, a week - on - week decrease of 13.41%. Demand was 60,000 tons, a week - on - week decrease of 20%. Demand remained sluggish. The cost support increased during the dry season. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. - The overall fundamental situation is bearish, but there are positive factors such as rising cost support and manufacturers' plans to stop or reduce production. Negative factors include the slow recovery of demand after the holiday and the strong supply and weak demand of downstream polysilicon [13][14]. Polysilicon - The polysilicon production last week was 20,100 tons, a week - on - week decrease of 0.49%. The scheduled production in February is expected to be 79,700 tons, a month - on - month decrease of 20.93%. The overall demand shows a continuous decline. The cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [8][11]. - The fundamental situation is bearish, but there are positive factors such as the net long position of the main contract (with a decrease in long positions) and the spot price premium over the futures price [10][11]. 3. Summary According to the Directory 3.1 Daily Views Industrial Silicon - **Supply**: Last week's supply was 71,000 tons, down 13.41% week - on - week [6]. - **Demand**: Last week's demand was 60,000 tons, down 20% week - on - week. The inventory and profit status of downstream products vary: polysilicon inventory is at a neutral level; organic silicon inventory is at a low level with a production profit of 2,570 yuan/ton and a comprehensive operating rate of 64.02%, flat week - on - week and lower than the historical average; aluminum alloy ingot inventory is at a high level [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, unchanged week - on - week. Cost support has increased during the dry season [6]. - **Basis**: On February 11, the spot price of non - oxygen - passing silicon in East China was 9,200 yuan/ton, and the basis of the 05 contract was 830 yuan/ton, with the spot price at a premium to the futures price [6]. - **Inventory**: Social inventory was 562,000 tons, up 1.44% week - on - week; sample enterprise inventory was 206,000 tons, down 1.43% week - on - week; major port inventory was 136,000 tons, down 1.44% week - on - week [6]. - **Market**: The MA20 is downward, and the price of the 05 contract closed below the MA20 [6]. - **Main Position**: The main position is net short, with an increase in short positions [6]. - **Expectation**: Supply scheduling has decreased and remains at a low level. Demand recovery is emerging. Cost support is rising. The 2605 contract is expected to fluctuate in the range of 8,275 - 8,465 [6]. Polysilicon - **Supply**: Last week's production was 20,100 tons, down 0.49% week - on - week. The scheduled production in February is 79,700 tons, down 20.93% month - on - month [8]. - **Demand**: Last week's silicon wafer production was 10.38GW, down 11.65% week - on - week, with an inventory of 283,200 tons, up 3.77% week - on - week, and the production is currently in a loss state. The production of battery cells and components also shows a downward trend, but battery cells and components are currently in a profitable state [9]. - **Cost**: The average production cost of N - type polysilicon is 40,830 yuan/ton, with a production profit of 11,920 yuan/ton [9]. - **Basis**: On February 11, the price of N - type dense material was 52,750 yuan/ton, and the basis of the 05 contract was 4,470 yuan/ton, with the spot price at a premium to the futures price [11]. - **Inventory**: Weekly inventory was 341,000 tons, up 2.40% week - on - week, at a neutral level compared to the historical average [11]. - **Market**: The MA20 is upward, and the price of the 05 contract closed below the MA20 [11]. - **Main Position**: The main position is net long, with a decrease in long positions [10]. - **Expectation**: Supply scheduling continues to decrease, and overall demand shows a continuous decline. Cost support remains stable. The 2605 contract is expected to fluctuate in the range of 48,075 - 50,285 [11]. 3.2 Market Overview Industrial Silicon - The report provides the price, change, and inventory data of various industrial silicon contracts and spot products, including different grades of silicon in East China, contract prices from 01 to 12, and various inventory data such as social inventory, sample enterprise inventory, and major port inventory [17]. Polysilicon - It presents the price, change, and inventory data of polysilicon contracts, as well as the price, production, and inventory data of downstream products such as silicon wafers, battery cells, and components [19]. 3.3 Other Aspects - The report also includes multiple charts and data on the price, production, inventory, and cost of industrial silicon and its downstream products (organic silicon, aluminum alloy, polysilicon, etc.). These charts show the historical trends and current situations of various indicators, providing a comprehensive reference for analyzing the market situation of industrial silicon and related industries [21][24][27] etc.

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of commodity options on February 12, 2026, including option quotes, positions, and various ratios, as well as daily selections and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Nickel had the highest daily increase of 305.19%, followed by tin (69.44%) and lithium carbonate (59.40%) [1]. - **Put Options**: Industrial silicon had the highest daily increase of 8.57%, while palm oil increased by 7.30%. Glass, sugar, and other varieties showed declines [1]. Option Positions - **Call Options**: Nickel had the largest daily increase in positions of 6,533, followed by lithium carbonate (6,101) and industrial silicon (4,102) [2]. - **Put Options**: Corn had the largest daily increase in positions of 12,065, followed by nickel (5,454) and lithium carbonate (4,780) [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7211, followed by offset printing paper (1.3903) and staple fiber (1.0879) [5]. - **Low - PCR Varieties**: Soda ash had a PCR of 0.2633, followed by live pigs (0.2689) and alumina (0.2841) [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7735, followed by palladium (1.4677) and silver (1.1918) [6]. - **Low - PCR Varieties**: Ethylene glycol had a PCR of 0.1698, followed by natural rubber (0.1856) and propylene (0.2034) [6]. Daily Selections - **Call Options**: Soybean No.1, peanut, corn, and other varieties were selected, each with corresponding futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Industrial silicon, palm oil, rebar, and other varieties were selected, with relevant futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Options**: For expiring call options of various varieties such as SSE 50, CSI 300, and silver, information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling points was provided [8]. - **Put Options**: Similar information for expiring put options of various varieties was presented, including SSE 50, CSI 300, and silver [9].

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 2026-02-12甲醇早报 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2605： 1、基本面：假期临近，预计本周国内甲醇区间震荡为主。内地甲醇市场逐步进入节前休整周期。需求端，甲醛等传统 下游装置已相继停车放假，部分下游也完成节前备货，终端需求逐步缩量。供应端，国内甲醇工厂持续加大出货力度， 企业库存水平低位运行，部分企业已采取限量销售策略，整体供应端保持充足且无明显压力。随着春节长假日益临近， 市场交投活跃度明显下降，预计短期内内地甲醇市场将维持清淡整理格局。港口方面，甲醇期货跟随有色金属板块经历 一轮大涨大跌后再度陷入区间震荡，当前资金情绪消散，美伊地缘风险不定，基本面颓势不改，预计节前港口市场底 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The fundamentals of PVC are bearish, with supply pressure increasing this week and expected to rise slightly next week, while demand may remain sluggish. The overall cost is strengthening, and the inventory is at a neutral level. The PVC2605 contract is expected to fluctuate between 4940 - 5040. There are both bullish and bearish factors in the market, and the main logic is the strong overall supply pressure and the slow recovery of domestic demand [8][9][10]. - Bullish factors include the resumption of supply, cost support from calcium carbide and ethylene, and export benefits. Bearish factors include the rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand [12]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply Side**: In January 2026, PVC production was 2.14863 million tons, a month - on - month increase of 0.53%. This week, the capacity utilization rate of sample enterprises was 79.26%, with no change from the previous week. The production of calcium carbide enterprises was 348,330 tons, a month - on - month increase of 0.34%, and that of ethylene enterprises was 136,960 tons, a month - on - month increase of 0.62%. Supply pressure increased this week, and next week, maintenance is expected to decrease, with production scheduled to increase slightly [8]. - **Demand Side**: The overall downstream operating rate was 41.42%, a decrease of 3.33 percentage points from the previous week, but still higher than the historical average. The operating rates of downstream profiles, pipes, films, and paste resin all decreased compared to the previous week but were higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are not competitive. Current demand may remain sluggish [8]. - **Cost Side**: The profit of calcium carbide method was - 658.58 yuan/ton, and the loss decreased by 11.00% month - on - month, lower than the historical average; the profit of ethylene method was 102.91 yuan/ton, a profit increase of 91.60% month - on - month, lower than the historical average; the double - ton spread was 1,818.35 yuan/ton, a profit increase of 0.80% month - on - month, lower than the historical average. Production scheduling may be under pressure [9]. - **Other Aspects**: On February 11, the price of East China SG - 5 was 4,830 yuan/ton, and the basis of the 05 contract was - 160 yuan/ton, with the spot at a discount to the futures. Factory inventory was 287,700 tons, a month - on - month decrease of 0.85%, calcium carbide factory inventory was 210,390 tons, a month - on - month decrease of 0.37%, ethylene factory inventory was 77,310 tons, a month - on - month decrease of 2.15%, and social inventory was 592,860 tons, a month - on - month increase of 1.40%. The MA20 is upward, and the price of the 05 contract closed above the MA20. The main positions are net short, with an increase in short positions [10]. 3.2 PVC Market Overview - The report provides yesterday's market overview, including enterprise indicators, monthly spreads, inventory, downstream operating rates, profits, costs, and other data, as well as their changes from the previous period [15]. 3.3 PVC Futures Market - **Base Price Trend**: The report presents the base price trend chart of PVC futures from 2022 to 2026, including the base price, PVC East China market price, and the closing price of the main contract [18]. - **Futures Price and Volume Trends**: It shows the price, volume, and open interest trends of PVC futures in January - February 2026, including the opening price, highest price, lowest price, closing price, and changes in the net positions of the top 5 and top 20 seats [21]. - **Spread Analysis**: The report provides the spread analysis chart of the main contracts of PVC futures from 2024 to 2025, including the 1 - 9 spread and 5 - 9 spread [24]. 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: It includes the price, cost - profit, operating rate, inventory, and production of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and the cost - profit of the chlor - alkali industry, as well as the double - ton spread and caustic soda consumption and inventory [27][30][32][35][38]. - **PVC Supply Trend**: It shows the capacity utilization rates of calcium carbide and ethylene methods, production profits, daily and weekly production, and weekly maintenance volume of PVC from 2018 - 2026 [41][43]. - **Demand Trend**: It includes the daily sales volume of PVC traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of profiles, pipes, films, paste resin, as well as the profit, cost, production, and apparent consumption of paste resin. It also shows real estate investment, construction area, new construction area, sales area, completion area, and macro - economic data such as social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment year - on - year [46][48][50][54][56]. - **Inventory**: It presents the exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days of PVC from 2019 - 2026 [58]. - **Ethylene Method**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, and the FOB spread of ethylene method (Tianjin - Taiwan) and the import spread of vinyl chloride (Jiangsu - Far East CIF) from 2018 - 2026 [60]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand situation of PVC from December 2024 to January 2026, including export, demand, social inventory, factory inventory, production, import, and supply - demand difference [63].