Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations triggered by news. The supply side shows a decline in production and imports, while the demand side is expected to strengthen next month, and the inventory may be reduced. The price of lithium carbonate 2605 is expected to fluctuate in the range of 131,220 - 145,100 [8]. - There are both positive and negative factors in the market. Positive factors include the production cut plans of lithium mica manufacturers and the decline in the import volume of lithium carbonate from Chile. Negative factors are the continuous high - level supply from ore/salt lake ends with limited decline [9][10]. Summary According to the Directory Daily Views - **Supply**: Last week, the lithium carbonate production was 20,744 tons, a 3.82% week - on - week decrease, higher than the historical average level. It is predicted that the production in February 2026 will be 81,930 tons, a 16.31% decrease compared to January 2026 [8]. - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 95,032 tons, a 1.84% week - on - week decrease, and the inventory of ternary material sample enterprises was 18,243 tons, a 2.39% week - on - week decrease. It is expected that the demand will strengthen next month [8]. - **Cost**: The cost of purchased lithium spodumene concentrate is 139,374 yuan/ton, with a daily increase of 0.05%, resulting in a loss of 5,254 yuan/ton. The cost of purchased lithium mica is 136,032 yuan/ton, with no daily change, resulting in a loss of 5,221 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit space and strong production motivation [8]. - **Basis**: On February 10, the spot price of battery - grade lithium carbonate was 136,000 yuan/ton, and the basis of the 05 contract was - 1,340 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The smelter inventory was 18,356 tons, a 3.40% week - on - week decrease, lower than the historical average. The downstream inventory was 43,657 tons, a 7.53% week - on - week increase, higher than the historical average. Other inventories were 43,450 tons, a 9.25% week - on - week decrease, higher than the historical average. The total inventory was 105,463 tons, a 1.87% week - on - week decrease, lower than the historical average [8]. - **Market**: The MA20 on the market is downward, and the futures price of the 05 contract closed below the MA20 [8]. - **Main Position**: The main position is net short, and the short position is decreasing [8]. Fundamental/Positioning Data - **Market Overview**: The report provides price data of various lithium compounds and related products, including lithium spodumene, lithium mica, lithium salts, cathode materials, and lithium batteries. It shows the price changes, such as the price of 6% lithium spodumene increasing by 0.16% to 1,900 US dollars/ton, and the price of battery - grade lithium carbonate remaining unchanged at 137,000 yuan/ton [13]. - **Supply - Demand Data**: It presents detailed supply - demand data of the lithium carbonate industry, including production, import, export, inventory, and consumption. For example, the monthly production of lithium carbonate in January 2026 was 97,900 tons, a 1.31% decrease compared to the previous month; the monthly import volume was 23,988.66 tons, an 8.77% increase compared to the previous month [15]. - **Cost - Profit**: The report analyzes the cost - profit situation of various lithium compounds, such as the cost - profit of purchased lithium spodumene concentrate, lithium mica concentrate, and the cost - profit of recycling and producing lithium carbonate from different types of black powder [43][45]. - **Inventory**: It shows the inventory data of lithium carbonate and lithium hydroxide, including warehouse receipts, weekly and monthly inventories of smelters and downstream enterprises [51]. - **Demand**: It analyzes the demand situation of different application areas, such as power batteries, energy storage batteries, ternary precursors, ternary materials, lithium iron phosphate, and new energy vehicles, including production, sales, and export data [53][55][57][65][69][76].

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11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 供给端来看，上周工业硅供应量为7.1万吨，环比有所减少13.41%。 需求端来看，上周工业硅需求为6万吨，环比减少20.00%.需求持续低迷.多晶 硅库存为34.1万吨，处于中性水平，硅片亏损，电池片盈利，组件盈利；有机 硅库存为47200吨，处于低位，有机硅生产利润为2570元/吨，处于盈利状态， 其综合开工率为64.02%，环比持平，低于历史同期平均水平；铝合金锭库存为 6.74万吨，处于高位，进口利润为169元/吨，A356铝送至无锡运费和利润为 672.61元/吨，再生铝开工率为58.3%，还比减少1.01%,处于高位。 成本端来看,新 ...

表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆一 | 57.92% | 棕榈油 | 21.03% | | 烧碱 | 50.00% | 焦煤 | 10.98% | | 铅 | 21.00% | 菜油 | 10.10% | | 原油 | 20.04% | 纯碱 | 9.00% | | 玉米淀粉 | 16.67% | 工业硅 | 8.92% | | 聚丙烯 | 15.70% | 锌 | 7.46% | | PTA | 13.11% | 尿素 | 7.32% | | 白糖 | 12.12% | 螺纹钢 | 6.87% | | 棉花 | 11.04% | 红枣 | 6.12% | | 液化石油气 | 9.59% | 生猪 | 4.92% | | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆一 | 57.92% | 棕榈油 | 21.03% | | 烧碱 | 50.00% | 焦煤 | 10.98% ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The supply side shows that in February 2026, the domestic refinery asphalt production plan was 1.023 million tons, a month - on - month decrease of 3.30%. The sample capacity utilization rate was 26.1266%, a month - on - month decrease of 1.20 percentage points. The sample enterprise output was 436,000 tons, a month - on - month decrease of 4.38%. The refinery reduced production this week, alleviating supply pressure, and the supply pressure is expected to decrease next week [7]. - On the demand side, the overall demand is currently below the historical average. The cost side shows that the daily asphalt processing profit decreased by 1040.00% month - on - month, while the weekly Shandong refinery delayed coking profit increased by 5.51% month - on - month. The difference between asphalt and delayed coking profit increased. With the strengthening of crude oil, short - term cost support is expected to strengthen [8]. - The main logic is that the supply pressure remains high, and the demand recovery is weak. The main risk points are the change in crude oil price trends and the trend of the profit difference between asphalt and coking products [13][14]. - The market is expected to be in a narrow - range shock in the short term, with the asphalt 2604 contract oscillating between 3309 - 3377 [9]. 3. Summary According to the Catalog 3.1 Daily Views - **Supply**: In February 2026, the domestic refinery asphalt production plan was 1.023 million tons, a month - on - month decrease of 3.30%. The sample capacity utilization rate was 26.1266%, a month - on - month decrease of 1.20 percentage points. The sample enterprise output was 436,000 tons, a month - on - month decrease of 4.38%. The refinery reduced production this week, alleviating supply pressure, and the supply pressure is expected to decrease next week [7]. - **Demand**: The overall demand is currently below the historical average. The heavy - traffic asphalt开工率 was 24.5%, a month - on - month decrease of 0.04 percentage points; the construction asphalt开工率 was 3.3%, unchanged month - on - month; the modified asphalt开工率 was 4.6163%, a month - on - month decrease of 1.10 percentage points; the road - modified asphalt开工率 was 9%, a month - on - month decrease of 5.00 percentage points; the waterproofing membrane开工率 was 15%, a month - on - month decrease of 3.00 percentage points [8]. - **Cost**: The daily asphalt processing profit was 88.21 yuan/ton, a month - on - month decrease of 1040.00%. The weekly Shandong refinery delayed coking profit was 81.8643 yuan/ton, a month - on - month increase of 5.51%. The difference between asphalt and delayed coking profit increased. With the strengthening of crude oil, short - term cost support is expected to strengthen [8]. - **Market Outlook**: The market is expected to be in a narrow - range shock in the short term, with the asphalt 2604 contract oscillating between 3309 - 3377 [9]. 3.2 Fundamental/Position Data - **Price and Spread**: The report provides the closing prices, price changes, and basis of various asphalt futures contracts, as well as some inter - month spreads [15]. - **Inventory**: Social inventory was 938,000 tons, a month - on - month increase of 5.16%; factory inventory was 583,000 tons, a month - on - month decrease of 3.15%; port diluted asphalt inventory was 1.01 million tons, a month - on - month increase of 20.24% [9][17]. - **Production and Sales**: The weekly output of sample enterprises was 436,000 tons, a month - on - month decrease of 4.38%. The weekly shipment volume was 211,600 tons, a month - on - month decrease of 1.32% [17]. - **Profit**: The daily asphalt processing profit decreased by 1040.00% month - on - month, while the weekly Shandong refinery delayed coking profit increased by 5.51% month - on - month [17]. - **Downstream Demand**: The overall downstream demand is currently below the historical average, with varying degrees of decline in the开工率 of different types of asphalt [8].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The fundamentals of the PVC market are currently bearish, mainly due to increased supply pressure, weak demand, and cost - related factors. The overall supply pressure is strong, and domestic demand recovery is not smooth. The PVC2605 contract is expected to fluctuate between 4920 - 5022. [8][10][13] 3. Summary According to Relevant Catalogs 3.1 Daily Views - **Supply Side**: In January 2026, PVC production was 2.14863 million tons, a 0.53% month - on - month increase. The weekly 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 0.34% increase, and that of ethylene enterprises was 136,960 tons, a 0.62% increase. Supply pressure increased this week, and next week, expected maintenance is to decrease with a slight increase in scheduled production. [8] - **Demand Side**: The overall downstream operating rate was 41.42%, a 3.33 - percentage - point decrease. The operating rates of downstream profiles, pipes, films, and paste resin all decreased compared to the previous week, but were still higher than historical average levels. Shipping costs are expected to decline, and domestic PVC export prices are not competitive, so current demand may remain low. [8] - **Cost Side**: The profit of the calcium carbide method was - 658.58 yuan/ton, with a 11.00% decrease in losses. The profit of the ethylene method was 102.91 yuan/ton, a 91.60% increase. The double - ton spread was 1,803.67 yuan/ton, a 1.00% decrease. Scheduled production may be under pressure. [9] - **Other Factors**: On February 10, the price of East China SG - 5 was 4,820 yuan/ton, and the basis of the 05 contract was - 151 yuan/ton, with the spot at a discount to the futures. Factory inventory decreased by 0.85% month - on - month, while social inventory increased by 1.40%. The MA20 of the market was upward, and the price of the 05 contract closed above the MA20. The main positions were net short, with an increase in short positions. [10] 3.2 PVC Market Overview - The report provides a table of yesterday's market overview, including futures closing prices, some monthly spreads, weekly inventory, weekly downstream operating rates, weekly profits, weekly costs, electricity - ethylene spreads, and registered warehouse receipt quantities, along with their changes compared to the previous period. [15] 3.3 PVC Futures Market - **Base Price Trend**: The report presents a graph of the base price trend, showing the relationship between the base price, PVC East China market price, and the main contract closing price from 2022 to 2026. [17][18] - **Futures Market Analysis**: The report shows the price, trading volume, and position changes of the PVC futures main contract in 2026, including opening price, highest price, lowest price, closing price, and the changes in the net positions of the top 5 and top 20 seats. [20][21] - **Spread Analysis**: A graph of the main contract spreads from 2024 to 2025 is presented, including 1 - 9 spreads and 5 - 9 spreads. [23][24] 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: The report includes the price, cost, profit, operating rate, inventory, and production volume trends of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda in the calcium carbide method from multiple years. [26][27][29][30] - **PVC Supply Trend**: It shows the capacity utilization rates, profits, daily production, weekly maintenance volume, and weekly production volume trends of the calcium carbide method and ethylene method in PVC production from multiple years. [40][41][43] - **Demand Trend**: The report presents the daily trading volume of PVC traders, weekly pre - sales volume, weekly production - sales ratio, apparent consumption, downstream average operating rate, and the operating rates of profiles, pipes, films, and paste resin in the PVC market from multiple years. It also includes the cost, profit, production volume, and apparent consumption of paste resin, as well as real estate - related indicators and some macro - economic indicators. [45][46][48] - **Inventory**: The report provides the trends of exchange warehouse receipts, calcium carbide factory warehouses, ethylene factory warehouses, social inventories, and production enterprise inventory days in the PVC market from multiple years. [57][58] - **Ethylene Method**: It shows the import volumes of vinyl chloride and ethylene dichloride, PVC export volume, ethylene FOB spread, and vinyl chloride import spread in the ethylene method from multiple years. [59][60] - **Supply - Demand Balance Sheet**: The report provides the PVC monthly supply - demand balance sheet from December 2024 to January 2026, including export, demand, social inventory, factory inventory, production, import, and supply - demand differences. [62][63]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Rapeseed meal RM2605 will fluctuate in the range of 2230 - 2290. Affected by factors such as the improvement of China - Canada trade relations and the entry into the off - season of domestic rapeseed meal supply and demand, after the overall negative factors are digested, it will maintain a volatile pattern [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 fluctuates in the range of 2230 - 2290. The spot demand for rapeseed meal enters the off - season, and the low inventory supports the market. After the Spring Festival, the demand is expected to be good. In the short term, it is affected by the improvement of China - Canada trade relations and is weak in shock, but in the medium term, it maintains range - bound [9]. 3.2 Recent News - Domestic aquaculture has entered the long - holiday off - season, with short - term supply expected to be tight and demand decreasing, suppressing the market. The export of Canadian rapeseed is affected by China - Canada trade issues, reducing the expected domestic supply [11]. - The visit of the Canadian Prime Minister to China has improved China - Canada trade relations in the short term, and the import of Canadian rapeseed by China is expected to resume [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's rapeseed production offset each other. Global geopolitical conflicts may rise in the future, supporting commodities [11]. 3.3 Bullish and Bearish Concerns - **Bullish factors**: Good demand for Chinese rapeseed meal is expected after the Spring Festival, and oil mills have no inventory pressure [12]. - **Bearish factors**: The domestic demand for rapeseed meal has entered the short - term off - season, and China is about to resume importing Canadian rapeseed due to improved trade relations [12]. - **Current main logic**: The market focuses on domestic aquaculture demand and the expected arrival of imported Canadian rapeseed [12]. 3.4 Fundamental Data - **Base difference**: The spot price is 2430, and the base difference is 186, indicating a premium over the futures, which is bullish [9]. - **Inventory**: The total domestic inventory of rapeseed meal is 43.78 tons, a week - on - week decrease of 2.6% from last week's 44.95 tons, and a year - on - year decrease of 12.79% compared with 50.2 tons in the same period last year, which is bullish [9]. - **Domestic rapeseed supply - demand balance sheet**: Data from 2016 - 2025 show changes in harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [19]. - **Domestic rapeseed meal supply - demand balance sheet**: Data from 2016 - 2025 show changes in initial inventory, output, total supply, feed demand, total demand, ending inventory, and inventory - to - consumption ratio [21]. 3.5 Position Data - The main short positions have decreased, and funds have flowed out, which is bearish [9]. 3.6 Rapeseed Meal Price and Related Data - **Rapeseed meal and soybean meal transaction average price and spread**: The data from February 2 to 10 show the transaction average price, trading volume of soybean meal and rapeseed meal, and the spread between them [13]. - **Rapeseed meal futures and spot price summary**: The data from February 3 to 10 show the prices of rapeseed meal futures (main 2605, far - month 2609) and spot (Fujian) [15]. - **Rapeseed meal warehouse receipt statistics**: From February 2 to 10, the number of rapeseed meal warehouse receipts remained at 0 [17]. 3.7 Other Market Conditions - Rapeseed meal futures fluctuate at a low level, while the spot is relatively stable, and the spot premium remains at a relatively high level [22]. - The spread between soybean meal and rapeseed meal spot has narrowed, and the spread of the 2605 contract has fluctuated slightly [24]. - Imported rapeseed will start to arrive at ports in February, and the import cost has rebounded from a low level [27]. - The inventory of rapeseed in oil mills remains low, and the inventory of rapeseed meal is also at a low level [28]. - The amount of rapeseed crushed in oil mills has increased slightly while maintaining the startup [30]. - The price of aquatic fish has fluctuated slightly, and the price of shrimps and shellfish has remained stable [38].

交易咨询业务资格：证监许可【2012】1091号 2026-02-11甲醇早报 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。 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 ...

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 2026-02-11燃料油早报 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1. 伊朗局势动荡 2. 中国进口配额下达 1.需求端乐观仍待验证 2.上游端原油承压受挫 每日期货行情 1、基本面：亚洲低硫燃料油市场结构持稳于当前水平附近，在即将到来的农历新年前，充足的供应抵消了下游 船用燃料需求坚挺的利好；亚洲高硫燃料油市场在近期上涨后，因需求温和且供应充足开始降温；中性 2、基差：新加坡高硫燃料油424.65美元/吨，基差为174元/吨，新加坡低硫燃料油为459.12美元/吨，基差为-49元 /吨，现货升水期货；偏多 3、库存：新加坡燃料油2月4日当周库存为2552.9万桶，增加95 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-11 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 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2720至2780区间震荡 1.基本面：美豆震荡收涨，美农报数据变化不大和技术性震荡整理，美豆短期维持区间震荡 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 回升，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286，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. ...

交易咨询业务资格：证监许可【2012】1091号 2026-02-11原油早报 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。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 原油2603： 1.基本面：美国总统特朗普表示，正考虑向中东派遣第二艘航母，目前华盛顿与德黑兰正准备重启旨在避免 新冲突的谈判，特朗普在接受以色列媒体采访时表示，若与伊朗无法达成协议，美国将不得不采取"非常强 硬的措施"；美国能源信息署（EIA）发布最新短期能源展望报告，上调今明两年美国石油产量预测，而美国 石油需求预测维持不变，该机构称，在EIA预测的到2027年底的这段时期内，全球石油产量的增长速度预计 将超过需求，从而增加库存并对价格造成压力；中性 2.基差：2月10日，阿曼原油现货价为68.28美元/桶，卡塔尔海 ...