交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-13 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。 主要逻辑和风险点 1、近期企业产线面临恢复，且暂无新增检修预期，预计产量延续高位徘徊。 2、重碱下游光伏玻璃减产，对纯碱需求走弱。 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1110元/吨，SA2605收盘价为1162元/吨，基差为-52元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.80万吨，较前一周增加0.44%，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，空增；偏空 6、预期：纯碱基本面不改疲弱，短期预计震 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of the fuel oil market are mixed. The arrival of low - sulfur fuel oil arbitrage from the Western market in Singapore in February decreased slightly, but the inventory will still increase, pressuring the current market fundamentals. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The overnight statement of US President Trump about a tough stance on reaching an agreement with Iran reduced geopolitical concerns, causing a sharp drop in oil prices, and fuel oil followed suit. The expected trading ranges are 2770 - 2820 for FU2604 and 3230 - 3280 for LU2604 [3]. - Market drivers are the resonance of supply affected by geopolitical risks and neutral demand, while risks include the breakdown of OPEC+ unity and the escalation of war risks [4]. 3. Summary by Catalog 3.1 Daily Tips - The price of the FU main contract futures increased from 2857 to 2916, a rise of 59 or 2.07%. The price of the LU main contract futures increased from 3334 to 3379, a rise of 45 or 1.35%. The FU basis increased from 200 to 202, a rise of 1.66 or 0.83%. The LU basis decreased from - 17 to - 45, a decrease of 29 or - 172% [5]. - In the spot market, the price of Zhoushan high - sulfur fuel remained at 488.00, the price of Zhoushan low - sulfur fuel remained at 500.00. The price of Singapore high - sulfur fuel increased from 430.94 to 435.87, a rise of 4.93 or 1.14%. The price of Singapore low - sulfur fuel decreased from 471.50 to 466.89, a decrease of 4.61 or - 0.98%. The price of Middle - East high - sulfur fuel increased from 400.16 to 406.23, a rise of 6.07 or 1.52%. The price of Singapore diesel increased from 644.09 to 650.62, a rise of 6.52 or 1.01% [6]. 3.2 Long - Short Concerns - Bullish factors: Iranian situation turmoil, China's import quota issuance [4]. - Bearish factors: The optimism of the demand side remains to be verified, the upstream crude oil is under pressure [4]. 3.3 Fundamental Data - Fundamentals: The arrival of low - sulfur fuel oil arbitrage from the Western market in Singapore in February decreased slightly, but the inventory will still increase, pressuring the current market fundamentals. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply; neutral [3]. - Basis: The basis of Singapore high - sulfur fuel oil is 202 yuan/ton, and the basis of Singapore low - sulfur fuel oil is - 45 yuan/ton, with the spot at a premium to the futures; bullish [3]. - Inventory: The Singapore fuel oil inventory in the week of February 11 was 2637.9 million barrels, an increase of 85 million barrels; bearish [3]. - Market trend: The price is above the 20 - day line, and the 20 - day line is upward; bullish [3]. - Main positions: The main positions of high - sulfur and low - sulfur are short, and the short positions are decreasing; bearish [3]. 3.4 Spread Data No detailed analysis provided, only a graph of high - low sulfur futures spread is mentioned [11]. 3.5 Inventory Data - The Singapore fuel oil inventory has been increasing recently. On February 11, 2026, it was 2637.9 million barrels, an increase of 85 million barrels compared to the previous period [3][8].

交易咨询业务资格：证监许可【2012】1091号 白糖早报——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 6、预期：外盘创出新低，郑糖近期走势相对偏强。春节长假即将到来，节前规避风险，建议减持 仓位。短期05合约预计在5200-5300区间震荡。 白糖： 2、基差：柳州现货5360，基差106（05合约），升水期货；中性。 3、库存：截至10月底25/26榨季工业库存79.14万吨；偏空。 4、盘面：20日均线走平，k线在20日均线上方，偏多。 利多：26/27年度巴西糖产量可能下降。糖浆关税增加。 美国可乐改变配方使用蔗糖。 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 ...

Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Views - **For Shanghai Nickel**: The external market has seen a significant decline. In January, production continued to rise, domestic inventories continued to accumulate, and LME inventories declined slightly, with sufficient market supply. The sentiment for nickel ore is bullish, but there is a sharp contrast between strong demand in Indonesia and sluggish trading due to cost inversion in China. Nickel iron prices have started to fall, and the cost line has shifted downward. Stainless steel inventories continue to rise, which may put pressure on prices in the short term. Although the production and sales data of new energy vehicles are good, the overall boost to nickel demand is limited. The basis is positive, LME inventories are increasing, the closing price is below the 20 - day moving average, and the 20 - day moving average is downward. The main position is net long with an increase in long positions. For SHFE Nickel 2603, on the last trading day before the holiday, focus on controlling positions and conduct intraday trading [2]. - **For Stainless Steel**: The spot price of stainless steel is flat. In the short term, nickel ore prices are rising with strong bullish sentiment, while nickel iron prices have declined, and the cost line has shifted downward. Stainless steel inventories continue to rise. The basis is positive, futures warehouse receipts are increasing, the closing price is below the 20 - day moving average, and the 20 - day moving average is downward. For Stainless Steel 2603, control positions and focus on intraday trading before the holiday [4]. Group 3: Summary by Related Catalog Nickel and Stainless Steel Price Overview - **Futures Prices**: On February 12, the Shanghai Nickel main contract was at 139,610, up 250 from the previous day; the London Nickel was at 17,250, down 815; the Stainless Steel main contract was at 13,970, down 175. The nickel index was at 136,900, down 3,050, and the cold - rolled index was at 13,412, down 142 [8]. - **Spot Prices**: On February 12, SMM1 electrolytic nickel was at 145,350, up 2,750; 1 Jinchuan nickel was at 149,550, up 2,250 with a premium of 8,750; 1 imported nickel was at 140,750, up 3,000 with a discount of 50; nickel beans were at 143,250, up 3,000. Cold - rolled 304*2B stainless steel prices in Wuxi, Foshan, Hangzhou, and Shanghai remained unchanged [8]. Nickel Warehouse Receipts and Inventories - As of February 6, the SHFE nickel inventory was 57,457 tons, with the futures inventory at 51,274 tons, an increase of 2,061 tons and 4,398 tons respectively. On February 12, LME nickel inventory was 285,750 tons (unchanged), SHFE nickel warehouse receipts were 52,027 tons (unchanged), and the total inventory was 337,777 tons (unchanged) [10][11]. Stainless Steel Warehouse Receipts and Inventories - On February 6, the inventory in Wuxi was 546,200 tons, in Foshan was 305,200 tons, and the national inventory was 965,000 tons, a month - on - month increase of 12,300 tons. The 300 - series inventory was 632,000 tons, a month - on - month increase of 15,300 tons. On February 12, stainless steel warehouse receipts were 55,253 tons, an increase of 762 tons from the previous day [15][16]. Nickel Ore and Nickel Iron Prices - On February 12, the price of red clay nickel ore CIF (Ni1.5%) was 64.5 dollars/wet ton (unchanged), and (Ni0.9%) was 30 dollars/wet ton (unchanged). The high - nickel wet ton price was 1,046.77 yuan/nickel point, up 9.16 yuan, and the low - nickel wet ton price was 3,600 yuan/ton (unchanged) [20]. Stainless Steel Production Costs - The traditional production cost was 13,816, the scrap steel production cost was 13,442, and the low - nickel + pure nickel production cost was 18,216 [22]. Nickel Import Cost Calculation - The converted import price was 135,638 yuan/ton [25].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2026年2月13日 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：0575-85225791 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。 指标体系 沪锌: 1、基本面： 外媒1月21日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年11月，全球锌板产量为119.7万吨,消费量为116.8万吨,供应过剩 2.9万吨.1-11月,全球锌板产量为1275.61万吨,消费量为1310.65万吨,供应 短缺35.04万吨.11月份,全球锌矿产量为106.9万吨.1-11月,全球锌矿产量为 1214.19万吨；偏多。 2、基差：现货24530，基差-120；中性。 3、库存：2月12日LME锌库存较上日减少1750吨至103500吨，2月12日上期所 锌库存仓单较上日增加725吨至43060吨；中性。 4、盘面：昨日沪锌震荡回落走势，收20日均 ...

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 2026-2-13 每日观点 玻璃： 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944元/吨，FG2605收盘价为1065元/吨，基差为-121元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5535.20万重量箱，较前一周增加4.31%，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：玻璃基本面疲弱，短期预计震荡偏空运行为主。 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 ...

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 ...