Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2260 - 2320. The market is affected by factors such as the soybean meal trend, technical consolidation, and the improvement of China - Canada trade relations. In the short - term, it is affected by the improvement of China - Canada trade relations and is oscillating weakly, while in the medium - term, it will maintain an oscillating pattern [9]. - The spot demand for rapeseed meal has entered the off - season, but the low inventory supports the market. The post - Spring Festival demand is expected to be good [9]. - The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - The domestic aquaculture industry has entered the long - holiday off - season. The supply in the spot market is expected to be tight in the short - term, and the decreasing demand suppresses the market expectation. The export of Canadian rapeseed is affected by China - Canada trade issues, resulting in a short - term reduction in domestic supply [11]. - With the visit of the Canadian Prime Minister to China, the China - Canada trade relations have improved in the short - term. The tariffs imposed by both sides are expected to be gradually cancelled, and China's imports of Canadian rapeseed are about to resume [11]. - The global rapeseed output has increased this year, especially the Canadian rapeseed output is higher than expected [11]. - The Russia - Ukraine conflict is still ongoing. The decrease in Ukraine's rapeseed output and the increase in Russia's rapeseed output offset each other. The global geopolitical conflict may rise in the future, which still supports bulk commodities [11]. 3. Long and Short Concerns - **Likely to Rise** - China's post - Spring Festival demand for rapeseed meal is expected to be good [12]. - The rapeseed meal inventory of oil mills is under no pressure [12]. - **Likely to Fall** - The domestic demand for rapeseed meal has entered the short - term off - season [12]. - China - Canada trade relations have improved, and China's imports of Canadian rapeseed are about to resume [12]. - **Current Main Logic** - The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 4. Fundamental Data - **Market Data** - From February 3rd to February 11th, the average transaction price of soybean meal fluctuated between 3117 - 3136, and the trading volume varied from 5.03 - 26.17 million tons. The average transaction price of rapeseed meal was around 2430 - 2450, and the trading volume was mostly 0, with only on February 6th reaching 3 million tons. The price difference between soybean meal and rapeseed meal fluctuated between 667 - 696 [13]. - From February 4th to February 11th, the price of rapeseed meal futures (main contract 2605) fluctuated between 2238 - 2288, and the far - month contract 2609 fluctuated between 2284 - 2330. The spot price of rapeseed meal (in Fujian) was mainly 2430 - 2450 [15]. - From February 3rd to February 11th, the rapeseed meal warehouse receipts were all 0 [17]. - **Supply and Demand Balance Sheets** - In the domestic rapeseed supply - demand balance sheet from 2016 - 2025, the harvest area, output, and inventory consumption ratio have all shown certain fluctuations. For example, the inventory consumption ratio in 2025 reached 10.56% [19]. - In the domestic rapeseed meal supply - demand balance sheet from 2016 - 2025, the output, total demand, and inventory consumption ratio also fluctuated. The inventory consumption ratio in 2025 was 9.85% [21]. - **Other Information** - Rapeseed meal futures are in a low - level oscillation, while the spot price is relatively stable, and the spot premium remains at a relatively high level [22]. - The price difference between soybean meal and rapeseed meal in the spot market has narrowed, and the price difference of the 2605 contract has fluctuated slightly [24]. - Imported rapeseed will start to arrive in February, and the import cost has rebounded from a low level [27]. - The rapeseed inventory of oil mills remains at a low level, and the rapeseed meal inventory is also at a low level [28]. - The rapeseed processing volume of oil mills has increased slightly while maintaining operation [30]. - The price of aquatic fish has fluctuated slightly, and the price of shrimps and shellfish has remained stable [38]. 5. Position Data No relevant content provided. 6. Rapeseed Meal Views and Strategies - **Fundamentals** - Rapeseed meal has oscillated and rebounded, affected by the soybean meal trend and technical consolidation. After the short - term negative impact of China's cancellation of restrictions on Canadian agricultural product exports, the market has returned to oscillation. The spot demand for rapeseed meal has entered the off - season, but the low inventory supports the market. The post - Spring Festival demand is expected to be good. In the short - term, it is affected by the improvement of China - Canada trade relations and is oscillating weakly, while in the medium - term, it will maintain an oscillating pattern [9]. - **Basis** - The spot price is 2440, and the basis is 152, indicating a premium over the futures, which is a bullish signal [9]. - **Inventory** - The total domestic rapeseed meal inventory is 43.78 tons, compared with 44.95 tons last week, a week - on - week decrease of 2.6%. Compared with 50.2 million tons in the same period last year, it has decreased by 12.79%, which is a bullish signal [9]. - **Market** - The price is above the 20 - day moving average but is moving downward, showing a neutral signal [9]. - **Main Position** - The short positions of the main players have decreased, and the funds have flowed out, showing a bearish signal [9]. - **Expectation** - Rapeseed meal has bottomed out and rebounded due to the visit of the Canadian Prime Minister to China and the improvement of China - Canada trade relations. Considering that the domestic rapeseed meal has entered the supply - demand off - season recently, it will maintain an oscillating pattern after the overall negative factors are digested. Attention should be paid to the future development of China - Canada trade relations [9].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Geopolitical concerns continue to support oil prices as Israel and the US discuss the Iranian issue and military actions intensify, but OPEC's prediction of a 400,000 barrels per day decrease in global demand for OPEC+ crude in Q2 and a slight supply surplus in the same quarter suppress the upside space of oil prices. Short - term crude oil is expected to continue to fluctuate at high levels, waiting for more news from the US - Iran negotiations. SC2604 is expected to operate in the range of 477 - 487, and there are long - term opportunities to try short positions on rallies [3]. - Short - term focus on geopolitics, and there is a risk of oversupply in the medium - to - long - term [6]. Summary by Directory 1. Daily Prompt - **Fundamentals**: Trump privately considers withdrawing from the US - Mexico - Canada trade agreement, adding uncertainty; OPEC predicts a 400,000 barrels per day decrease in global demand for OPEC+ in Q2 with a slight surplus; Trump says reaching an agreement with Iran is the "preferred" option, and the US Pentagon prepares to deploy a carrier strike group to the Middle East [3]. - **Basis**: On February 11, the spot price of Oman crude was $69.10 per barrel, and that of Qatar Marine crude was $68.30 per barrel, with a basis of 32.13 yuan/barrel, and the spot price was at a premium to the futures price [3]. - **Inventory**: US API crude inventory increased by 13.4 million barrels in the week ending February 6; EIA inventory increased by 8.53 million barrels in the week to February 6, exceeding the expected increase of 793,000 barrels; Cushing area inventory increased by 1.071 million barrels in the week to February 6; Shanghai crude oil futures inventory remained unchanged at 3.464 million barrels as of February 11 [3]. - **Disk**: The 20 - day moving average is upward, and the price is above the average [3]. - **Main Position**: As of February 3, the main positions of WTI and Brent crude oil were long, and the long positions increased [3]. - **Expectation**: Short - term crude oil is expected to continue to fluctuate at high levels, waiting for more news from the US - Iran negotiations. SC2604 is expected to operate in the range of 477 - 487, and there are long - term opportunities to try short positions on rallies [3]. 2. Recent News - **OPEC Report**: The global demand for OPEC+ crude in Q2 is expected to average 42.2 million barrels per day, lower than 42.6 million barrels per day in Q1. OPEC maintains the forecast of global oil demand growth of 1.34 million barrels per day in 2027 and 1.38 million barrels per day in 2026. In January, OPEC+ daily output was 42.45 million barrels, a decrease of 439,000 barrels from December, mainly due to production cuts in Kazakhstan, Russia, Venezuela, and Iran [5]. - **US Policy**: The US government issued a general license allowing oilfield service companies to work in Venezuela, a step in relaxing sanctions and promoting the reconstruction of the country's crude oil infrastructure [5]. 3. Long - Short Concerns - **Bullish Factors**: Not provided in the given content - **Bearish Factors**: IEA's concern about crude oil surplus and the alleviation of supply problems in some oil - producing countries [6] - **Market Drivers**: Short - term focus on geopolitics, and medium - to - long - term risk of oversupply [6] 4. Fundamental Data - **Futures Quotes**: Brent crude settled at $68.80, down $0.24 or 0.35%; WTI crude settled at $63.96, down $0.40 or 0.62%; SC crude settled at 472.5, up 6.5 or 1.39%; Oman crude settled at $66.77, down $1.01 or 1.49% [7]. - **Spot Quotes**: UK Brent Dtd was at $72.41, up $0.12 or 0.17%; WTI was at $63.96, down $0.40 or 0.62%; Oman crude (Pacific Rim) was at $68.28, up $1.07 or 1.59%; Shengli crude (Pacific Rim) was at $65.08, up $1.51 or 2.38%; Dubai crude (Pacific Rim) was at $68.43, up $1.30 or 1.94% [9]. - **API Inventory**: As of February 6, API inventory was 45.1431 million barrels, an increase of 13.4 million barrels [10]. - **EIA Inventory**: As of February 6, EIA inventory was 42.8829 million barrels, an increase of 8.53 million barrels [13]. 5. Position Data - **WTI Crude Fund Net Long Position**: As of February 3, the net long position was 124,565, an increase of 27,583 [16]. - **Brent Crude Fund Net Long Position**: As of February 3, the net long position was 278,249, an increase of 31,332 [18].

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The Asian low - sulfur fuel oil market structure remains stable, with ample supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward - sloping. However, the high - sulfur and low - sulfur main positions are short, with high - sulfur short positions increasing and low - sulfur short positions decreasing [3]. - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4 [3]. - Trump reached an "oil - for - tariff" agreement with India, revoking the 25% secondary tariff on Indian purchases of Russian oil and reducing the reciprocal tariff from 25% to 18%. India will stop buying Russian oil and turn to the US. The US - Iran negotiation is still uncertain. In the short term, heavy - oil products are supported, and fuel oil will trade at a high level. FU2604 will operate in the range of 2900 - 2980, and LU2604 will operate in the range of 3360 - 3420 [3]. Summary by Directory 1. Daily Prompt - The fundamental situation of fuel oil is neutral, the basis is bullish, the inventory is bearish, the price trend on the disk is bullish, and the main positions are bearish. In the short term, fuel oil will trade at a high level, with FU2604 in the 2900 - 2980 range and LU2604 in the 3360 - 3420 range [3]. 2. Multi - Short Concerns - Bullish factors include the spot premium of fuel oil and the price above the 20 - day line. Bearish factors include the increase in Singapore's fuel oil inventory and the short positions in the main contracts [3]. 3. Fundamental Data - The Asian low - sulfur fuel oil market structure is stable, and the high - sulfur market has cooled. The basis shows that the spot is at a premium to the futures. Singapore's fuel oil inventory increased in the week ending February 4 [3]. 4. Spread Data - The report does not provide specific spread data analysis, only shows a graph of the high - low sulfur futures spread [10]. 5. Inventory Data - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8].

1 每日观点 2 基本面/持仓数据 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12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。 目 录 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26.1266%，环比减少1.20个百分点，全 国样本企业出货21.16万吨，环比减少1.32%,样本企业产量为43.6万吨，环比减少 4.38%,样本企业装置检修量预估为103万吨，环比增加0.78%,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24.5%，环比减少0.04个百分点，低于历史平均水平； 建筑沥青开工率为3.3%，环比持平，低于历史平均水平；改性沥青开工率为 4.6163%， ...

交易咨询业务资格：证监许可【2012】1091号 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&MEG早报-2026年2月12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。 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5180，05合约基差-80，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日均线向上，收盘价收于20日均线之上 偏多 MEG 每日观点 MEG： 5、主力持仓：净空 空减 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 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年2月12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。 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 黄金 1、基本面：美国1月非农报告整体强劲，打压降息预期，金价震荡收涨；美国三大 股指小幅收跌，欧洲三大股指收盘涨跌不一；美债收益率集体上涨，10年期美债收 益率涨2.77个基点报4.170%；美元指数涨0.01%报96.86，离岸人民币对美元微幅升 值报6.9143；COMEX黄金期货涨1.53%报5107.80美元/盎司；中性 2、基差：黄金期货1130.4，现货1126.49，基差-3.91，现货贴水期货；中性 3、库存：黄金期货仓单105072千克，增加1020千克；偏空 4、盘面：20日均线向上，k线在 ...

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 交易咨询业务资格：证监许可【2012】1091号 焦煤： 焦煤焦炭早报（2026-2-12） 1、基本面：产区煤矿进入集中放假潮的倒计时，部分煤矿已经停产仅销售库存，但下游焦企补库需求 开始减弱，中间环节观望情绪增加，煤矿签单量下滑，同时线上竞拍较为平淡，竞拍活跃度较前期降低， 部分煤种价格继续下调成交。考虑产地部分煤矿已安排停产放假，焦煤市场供应继续收紧，部分煤矿出 现"有价无市"现象，煤矿报价多以稳为主，部分略有调整；中性 2、基差：现货市场价1230，基差106.5；现货升水期货；偏多 3、库存：钢厂库存824万吨，港口库存273万吨，独立焦企库存1095万吨，总样本库存2192万吨，较上 周增加57万吨；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：焦煤主力 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The current daily production and operating rate of urea are at a high level year-on-year. With the return of maintenance, the operating rate is expected to continue to rise. The comprehensive inventory is declining, showing an obvious de-stocking pattern. Although it is approaching the Spring Festival, the order demand is still good, the agricultural reserve demand is strong, and the demand for compound fertilizers in the industrial sector is stable, while the operating rate of melamine is falling. There is a large price difference between domestic and international markets for exports. Recently, the downstream demand is fair, but the domestic urea market is still in oversupply. The spot price of the delivery product is 1800 (unchanged), and the overall fundamentals are neutral. The UR2605 contract basis is 3, with a premium/discount ratio of 0.2%, also neutral. The UR comprehensive inventory is 1.084 million tons (-0.5), which is bullish. The 20-day moving average of the UR main contract is upward, and the closing price is above the 20-day line, which is also bullish. The net position of the UR main contract is short, and the short positions are decreasing, which is bearish. It is expected that the UR main contract will fluctuate today [4]. 3. Summary by Relevant Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rate are at a high level year-on-year. With the return of maintenance, the operating rate is expected to continue to rise. The comprehensive inventory is declining, showing an obvious de-stocking pattern. Although it is approaching the Spring Festival, the order demand is still good, the agricultural reserve demand is strong, and the demand for compound fertilizers in the industrial sector is stable, while the operating rate of melamine is falling. There is a large price difference between domestic and international markets for exports. Recently, the downstream demand is fair, but the domestic urea market is still in oversupply. The spot price of the delivery product is 1800 (unchanged), and the overall fundamentals are neutral [4]. - **Basis**: The UR2605 contract basis is 3, with a premium/discount ratio of 0.2%, which is neutral [4]. - **Inventory**: The UR comprehensive inventory is 1.084 million tons (-0.5), which is bullish [4]. - **Disk**: The 20-day moving average of the UR main contract is upward, and the closing price is above the 20-day line, which is bullish [4]. - **Main Position**: The net position of the UR main contract is short, and the short positions are decreasing, which is bearish [4]. - **Expectation**: The UR main contract is expected to fluctuate today. The operating rate is at a high level year-on-year. Although it is approaching the Spring Festival, the downstream reserve demand is fair, and the inventory is decreasing [4]. Factors Affecting Urea - **Bullish Factors**: Inventory de-stocking and good reserve demand [5]. - **Bearish Factors**: Domestic oversupply [5]. - **Main Logic**: International prices and marginal changes in domestic demand [5]. Spot and Futures Market Conditions | Region | Price | Change | Main Contract | Price | Change | Type | Quantity | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Spot Delivery Product | 1800 | 0 | 05 Contract | 1797 | 12 | Warehouse Receipt | 10949 | -87 | | Shandong Spot | 1800 | 0 | Basis | 3 | -12 | UR Comprehensive Inventory | 108.4 | -0.5 | | Henan Spot | 1800 | 0 | UR01 | 1748 | 13 | UR Manufacturer Inventory | 91.9 | 0 | | FOB China | 3059 | | UR05 | 1797 | 12 | UR Port Inventory | 16.5 | 0 | | | | | UR09 | 1756 | 13 | | | | [6] Urea Supply and Demand Balance Sheet | Year | Production Capacity | Capacity Growth Rate | Output | Net Imports | PP Import Dependence | Apparent Consumption | Ending Inventory | Actual Consumption | Consumption Growth Rate | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2018 | | 2245.5 | | 1956.81 | 448.38 | 18.6% | 2405.19 | 23.66 | 2405.19 | | | 2019 | | 2445.5 | 8.9% | 2240 | 487.94 | 17.9% | 2727.94 | 37.86 | 2713.74 | 12.8% | | 2020 | | 2825.5 | 15.5% | 2580.98 | 619.12 | 19.3% | 3200.1 | 37.83 | 3200.13 | 17.9% | | 2021 | | 3148.5 | 11.4% | 2927.99 | 352.41 | 10.7% | 3280.4 | 35.72 | 3282.51 | 2.6% | | 2022 | | 3413.5 | 8.4% | 2965.46 | 335.37 | 10.2% | 3300.83 | 44.62 | 3291.93 | 0.3% | | 2023 | | 3893.5 | 14.1% | 3193.59 | 293.13 | 8.4% | 3486.72 | 44.65 | 3486.69 | 5.9% | | 2024 | | 4418.5 | 13.5% | 3425 | 360 | 9.5% | 3785 | 51.4 | 3778.25 | 8.4% | | 2025E | | 4906 | 11.0% | | | | | | | [9]

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2026-2-12 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。 • 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-187，升贴水比例-2.8%，偏空； • 3. 库存：PE综合库存36.7万吨（-3.6），偏多； • 4. 盘面： LLD ...

每日观点 纯碱： 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-12 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。 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1120元/吨，SA2605收盘价为1178元/吨，基差为-58元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.11万吨，较前一周增加2.39%，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日线向下；偏空 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。 利空： 主要逻辑和风险点 1、近期企业产线面临恢复， ...