投资咨询业务资格：证监许可【2012】31号 【甲醇（MA）】 市场杠杆正常化，伊朗局势反复 西南 国际 2000 2100 2200 2300 2400 2500 2600 2700 2800 2900 3000 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 临沂：国标：送到 东营：国标：送到 广东：进口/国标：出罐 太仓：进口：出罐 3000 昭通：国标：厂提现汇 川渝：国标：厂提现汇 2000 2100 2200 2300 2400 2500 2600 2700 2800 2900 25/01 26/01 国贸期货 能源化工研究中心 2026-02-09 卢钊毅 从业资格证号：F3171622 投资咨询证号：Z0021177 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 甲醇：市场杠杆正常化，伊朗局势反复 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | 本周甲醇供给呈 "内增外减" ...

集运欧线EC期现货市场震荡回升,在显著下行后逐步回补跌幅,短期受节前运价约束,长期聚焦节后供需博弈。 ITGER期货 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钊毅 2026/2/6 从业资格号: F03101843 数据来源：Clarksons、Wind 中国出口集装箱运价 L 淘H回集装箱运价 运价指数 SCFI-美西 SCFIS-美西 SCFI-美东 SCFI-西北欧 指数CCFI 综合指数SCFI 现值 1317 1176 1101 1418 1867 2605 站 间 湘 前值 1209 2084 1595 1458 1294 2896 涨跌幅 -9.68% -2.74% -14.91% -10.05% -11.10% -10.41% SCFI-地中海 SCFIS-西北欧 数 现值 1792 2424 | 前值 | 1859 | 2756 | | --- | --- | --- | | 涨跌幅 | -3.60% | 059 -12. | E K 新 间 【1】美伊仍释放混合信号,市场对军事打击的群体预测概率略 ...

高抛低吸,基差走强;换货思路延续,总体成交一般。 2.5 全天太仓成交价格区间 811 2 2 2210-2240 05-25 -20 3 - 2235-2260 05+3 +8 (MA) 观点: | | | 投资询业务资格:证监许可【2012】31号 一国贸期货 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 甲醇数据日报 | | | | | | | | | 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 | 卢钊毅 | | 从业资格号:F03101843 | | 2026/2/6 | | | | | 数据来源:钢联 | | | | | | 를 | | 内蒙古北线 陕西关中 广东 太仓 | | | 山东东营 | | 河南 | | 现点 | 现值 | 2212 2215 | 1798 | 1870 | | 2155 | 2005 | | 货 区 | 前值 | 2238 2235 | 1798 | 1870 | | 2155 | 2005 | | 域 | 涨幅 | (26) (20) | 0 | 0 | 0 ...

性及完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标 财务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况,根 此投资,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 三方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责 险,入市需谨慎。 ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 | 7 国贸 期货 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/6 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/4 | 2026/2/5 | 变动值 | | | PTA现货价格 | 5140 | 5100 | -40 | | | MEG内盘价格 | 3675 | 3649 | -26 | 现货资讯: | | | | | | 短纤:短纤主力期货跌48到6564。现货市场:涤 | | PTA收盘价 | 5218 | 5144 | -74 | 纶短纤生产工 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - PTA: The commodity market has declined significantly. PX remains resilient during the high - level correction. Due to the Iranian geopolitical risk, the risk of crude oil prices still exists. The downstream PTA industry is continuously strong. China's PTA production in January is expected to reach a new high, with no production cut plan for the Spring Festival. With no new PTA capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing solid demand for PX. The PX supply is still tight, and the global effective capacity release is limited. The domestic PTA maintains high - level operation, domestic demand has decreased, and the polyester factory's production cuts have a limited negative impact on PTA [2] - Ethylene Glycol (MEG): After the long - term slump of overseas ethylene glycol, the reduction of ethylene glycol exports in the Middle East has boosted market confidence. A 1.8 - million - ton ethylene glycol plant in Jiangsu plans to switch production of one of its 900,000 - ton EG production lines to polyethylene in mid - February due to profit considerations, which has increased the speculative demand in the market. The supply contraction has opened up the price increase space for ethylene glycol [2] 3. Summary by Relevant Catalog 3.1 Market Data Changes - **Crude Oil and Related Ratios**: INE crude oil price decreased from 463.5 yuan/barrel on February 4, 2026, to 462.4 yuan/barrel on February 5, 2026. The PTA - SC decreased by 81.99 yuan/ton, and the PTA/SC ratio decreased by 0.0257 [2] - **PX Data**: CFR China PX price decreased from 892 to 902, and the PX - naphtha spread decreased by 25 [2] - **PTA Data**: The PTA main contract futures price increased from 5144 yuan/ton to 5218 yuan/ton, the PTA spot price increased from 5100 to 5140 yuan/ton, the spot processing fee increased by 10 yuan/ton to 405 yuan/ton, the on - paper processing fee decreased by 24 yuan/ton to 483 yuan/ton, and the main contract basis decreased by 15 [2] - **MEG Data**: The MEG main contract futures price decreased from 3745 to 3788 yuan/ton, the MEG - naphtha spread decreased by 5.2, the MEG domestic price decreased by 26 to 3675, and the main contract basis increased by 3 [2] - **Industry Operation Rates**: The PX operation rate remained at 85.92%, the PTA operation rate increased by 1.10% to 76.73%, the MEG operation rate remained at 61.67%, and the polyester load decreased by 0.58% to 79.24% [2] - **Polyester Product Prices and Cash Flows**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F decreased by 20, 15, and 15 yuan/ton respectively. Their cash flows changed by - 23, - 28, and - 28 respectively. The price of 1.4D straight - spun polyester staple decreased by 62, and its cash flow decreased by 6588. The prices of semi - bright chips decreased by 45, and their cash flows decreased by 2 [2] - **Product Sales Ratios**: The sales ratio of polyester filament decreased by 8% to 30%, the sales ratio of polyester staple fiber decreased by 12% to 64%, and the sales ratio of chips decreased by 70% to 35% [2] 3.2 Device Maintenance - A 3.6 - million - ton PTA device in East China is currently reducing its load and is expected to stop for maintenance as planned on the 15th. A 1.25 - million - ton PIA device in South China is expected to stop on the 16th and is initially expected to restart in late March [2]

■ 焦煤基差(右轴) 大津港:库提价:主焦煤(蒙古,A10%,V27%. 0. 期货收盘价(活跃合约):佳煤 3500 400 3000 2500 200 2000 1500 1000 500 conserval. 40 +7800 Corporation Color Color Production Color Production Color Production Color Production l – EZDZ 80-5202 2008-10202 POSZOZ 焦炭基差(右轴) 青岛港:出库价(含税):准一级治金焦(A13. 期货收益价(活跃合约 1200 1000 铁矿县差(右轴) 供给端,整体合金厂利润不佳,但产量依旧偏高。合金厂自身减产或控产的驱动不足,中期供给过测压力仍不减。宏观尤 面,国内宏观政策加速出台,岁末年初稳经济需求下,刺激政策利好为主。"双碳"和反内卷目标下,产业政策对双硅的 给形成扰动和成本支撑预期。总体看来,近期双硅基本面延续承压,供需双弱,短期市场情绪主导为主,双硅价格震荡, 【焦煤焦炭】盘面逐渐走弱 现货端。焦炭市场稳中偏弱运行,市场交投氛围逐渐冷清,港口贸易准一湿熄焦1 ...

后最观点2】影响因素分析：美国恢复原定于6日举行的美伊谈判、中美两国元首通电话等缓和市场避险需求，叠加美元上行风险增加、美股、比特币等大幅走弱、市场再度 网 #fom 担忧流动仪紧冲击，同时国内即将迎来春节，投机资金进一步撤退、打压市场情绪、贵会属市场遭遇二次抛售。但美国AIP数据不佳、周度申请失业金人数反弹, B（Ys、周五市场还将迎来非农就业报告，美元短期上行速变或有所放缓。同时自银现货隔紧格局不改，上期所延续去库，贵金属最为恐慌的地管阶段或已过去。综上，展 ₪Μ 《星后市，春节前，市场资金情绪或较为谨慎，贵金属价格料逐步进入区间震荡走势，但中长期逻辑尚未改变。中长期来看，贵金属牛市的底层逻辑仍旧坚固，在美 供参考) 联储年内仍有降息概率、全球地缘不痛定性持续和美国巨额债务将不断推进去美元化浪潮等背景下，全球央行/机构/居民的配置需求有望延续，贵金属价格重心仍 有上行空间,逐步企稳后将带来较好的中长期配置机会。 2 2017 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2026/2/6 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - On February 5th, platinum and palladium prices declined overall. The PT2606 contract closed down 7.96% to 540.3 yuan/gram, and the PD2606 contract closed down 1.97% to 442.7 yuan/gram. Affected by the marginal market of macro - drivers and pre - holiday liquidity tightening, the precious metals market was sold off again. Platinum and palladium were no exception. Fundamentally, Trump plans to set up a $12 billion strategic reserve for critical minerals, and the EU is considering new sanctions on Russian - exported platinum, so platinum and palladium prices may still have support, especially palladium. In the short term, platinum and palladium prices are expected to fluctuate widely, and long - term allocation opportunities after this significant decline can be focused on. In the medium - to - long term, the supply - demand prospects of platinum and palladium are different. There is still a supply - demand gap for platinum, while palladium tends to have a loose supply. Therefore, the strategy suggests unilaterally allocating platinum at low prices or continuing to focus on the long - platinum and short - palladium arbitrage strategy [6] 3. Summary by Relevant Contents Price Changes - **Domestic Prices**: Platinum futures main contract closing price dropped from 599.85 to 540.3 yuan/gram, a decline of 9.93%. The spot price of platinum (99.95%) was 573.5 yuan/gram, a decline of 8.46%. The platinum basis (spot - futures) changed from - 15.3 to - 26.35, a decline of 41.94%. Lithium futures main contract closing price dropped from 461 to 442.7 yuan/gram, a decline of 3.97%. The spot price of lithium (99.95%) was 449 yuan/gram, a decline of 3.12%. The lithium basis (spot - futures) changed from - 7.7 to - 12, a decline of 35.83% [4] - **International Prices**: London spot platinum price dropped from 2322.4 to 2090.3 dollars/ounce, a decline of 9.99%. London spot palladium price dropped from 1802.914 to 1724.399 dollars/ounce, a decline of 4.35%. NYMEX platinum price dropped from 2304.6 to 2074.6 dollars/ounce, a decline of 9.98%. NYMEX palladium price dropped from 1804 to 1722.5 dollars/ounce, a decline of 4.52%. The dollar/renminbi middle - rate increased by 0.05% from 6.9533 to 6.957. The spread between Guangzhou platinum and London platinum (at 15:00) decreased by 9.10% from 13.18 to 11.98 yuan/gram. The spread between Guangzhou platinum and NYMEX platinum decreased by 9.77% from 17.67 to 15.94 yuan/gram [4] Price Ratios and Spreads - The ratio of Guangdong Futures Exchange platinum to palladium changed from 1.2205 to 1.3012, an increase of 0.0807. The ratio of London spot platinum to palladium changed from 1.2881 to 1.2122, a decrease of 0.0759. The spread between Guangzhou lithium and London palladium increased by 23.44% from 5.56 to 6.86. The spread between Guangzhou palladium and NYMEX palladium increased by 38.94% from 5.28 to 7.34 [5] Inventory and Position - NYMEX platinum inventory increased by 9.39% from 605259 to 662085 troy ounces. NYMEX palladium inventory remained unchanged at 208456 troy ounces. NYMEX total platinum position decreased by 0.55% from 79441 to 79009. NYMEX non - commercial net long position in platinum decreased by 7.95% from 15124 to 13922. NYMEX total palladium position decreased by 0.23% from 19167 to 19123. NYMEX non - commercial net long position in palladium decreased by 22.97% from 888 to 684 [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Short - term, after a volume - shrinking rebound, the stock index is expected to consolidate through fluctuations to accumulate strength for further upward movement. In the long run, in a low - interest - rate and "asset shortage" context, with abundant domestic market funds and the economy in the bottom - building process, the medium - to - long - term upward trend of the stock index is not expected to end, and the stock index pullback may be an opportunity to enter long positions [6] 3. Summary by Relevant Categories 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.32 with a 0.12bp increase, DR007 at 1.48 with a 0.94bp decrease, GC001 at 1.42 with a 5.50bp decrease, GC007 at 1.57 with no change, SHBOR 3M at 1.58 with a 0.41bp decrease, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.23 with no change, 5 - year treasury at 1.50 with a 0.75bp decrease, 10 - year treasury at 1.81 with a 0.45bp decrease, and 10 - year US Treasury at 4.29 with a 1.00bp increase [3] - **Central Bank Operations**: The central bank conducted 1185 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.40% and 3000 billion yuan of 14 - day reverse repurchase operations. With 3540 billion yuan of reverse repurchase maturing, the net injection was 645 billion yuan. This week, 17615 billion yuan of reverse repurchase will mature, and 7000 billion yuan of 91 - day repurchase will mature on Wednesday [3][4] 3.2 Stock Index Futures - **Stock Index Performance**: The CSI 300 closed at 4670, down 0.6%; the SSE 50 at 3059, down 0.33%; the CSI 500 at 8299, up 0.15%; and the CSI 1000 at 8068, down 1.69%. The trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 21945 billion yuan, a decrease of 3090 billion yuan from the previous day. Industry sectors had more decliners than gainers [5] - **Futures Contracts**: IF当月 closed at 4672, down 0.6%; IH当月 at 3064, down 0.3%; IC当月 at 8145, down 1.8%; IM当月 at 8078, down 1.8%. The trading volumes of IF, IH, IC, and IM increased by 4.5%, 3.1%, 9.7%, and 1.9% respectively, while the trading volumes of IF, IH, and IC increased by 1.2%, 2.0%, 2.5%, and the trading volume of IM decreased by 0.7% [5] - **Premium and Discount**: IF had a premium of - 0.62% for the current - month contract, 0.95% for the next - month contract, 2.01% for the current - quarter contract, and 2.96% for the next - quarter contract; IH had a premium of - 3.65% for the current - month contract, - 0.66% for the next - month contract, 0.21% for the current - quarter contract, and 1.64% for the next - quarter contract; IC had a premium of 0.33% for the current - month contract, 2.70% for the next - month contract, 4.48% for the current - quarter contract, and 4.90% for the next - quarter contract; IM had a premium of - 2.93% for the current - month contract, 2.97% for the next - month contract, 6.34% for the current - quarter contract, and 7.00% for the next - quarter contract [7]

种类 利润估算 外购锂辉石精矿现金成本 138941 k 利 tt 王 外购锂辉石精矿利润 3100 140070 外购锂云母精矿现金成本 外购锂云母精矿利润 -1420 1、加拿大将允许最多49,000辆中国电动汽车进入加拿大市场,最优惠的关税率为 6.1% = T 2026年1月9日，财政部、税务总局联合发布关于调整光伏等产品出口退税政策的公告。公告指出，自2026年4月1日起至2026年12月31 他产品的增值税出口退税率由9%下调至6%;2027年1月1日起,取消电池产品增值税出口退税。 H 今日碳酸锂期价下跌主要系宏观情绪走弱引发的流动性连锁反应，叠加智利锂盐出口数据引发的恐慌情绪的蔓延。短期内下游节前备货需求基 完成主要影响节奏。但中长期的电池抢出口需求以及供给端末有大幅扩产的向上驱动未变。节前预计市场将趋于平淡、 员 免 告申的信息均源于公开可获得的资料，国贸期货力求准确可靠。但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资建 对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资、责任自负。本报告仅向 特定客户推送，未经国 ...