1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - For steel, the spot market is closed during the holiday, and the futures price fluctuates weakly. The market's expectation for the post - holiday period is not ideal. It is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] - For ferrosilicon and silicomanganese, the supply - demand situation is weak. Policy and cost factors are favorable. It is recommended to hold an empty or light position during the long holiday due to many uncertainties [3] - For coking coal and coke, the market continues to weaken. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] - For iron ore, the restocking is basically over, and the price will fluctuate before the holiday. It is recommended that long - term investors short at the pressure level [6] 3. Summary by Related Catalogs Steel - The spot market is closed during the approaching holiday, and the futures price fluctuates weakly, indicating a not - so - optimistic market expectation for the post - holiday period. The black market is less affected by the cooling of the commodity market. Traders are not willing to take open positions for winter storage and are more suitable to participate through basis trading. Before the holiday, it is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] Ferrosilicon and Silicomanganese - The downstream terminal demand is seasonally weak, and the direct demand is weak and stable. The alloy factory's profit is under pressure, and the production and start - up rate have decreased compared with the same period last year. The medium - term supply surplus pressure remains. Policy and cost factors are favorable, such as the increase in manganese ore prices and electricity price disturbances. It is recommended to hold an empty or light position during the long holiday [3] Coking Coal and Coke - The spot market trading is cold during the approaching holiday. The futures market of the black sector fluctuates weakly. The market is in the off - season, and the industrial data is weak. The downstream restocking is near the end. There is news about Indonesian production cuts, but the probability of substantial cuts is low, and it provides an opportunity for spot - futures positive spreads. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] Iron Ore - The steel mill's restocking is basically over, and the restocking strength is not as strong as expected. The price will fluctuate before the holiday. After the holiday, the Australian weather may affect the supply rhythm, and the price impact is more likely to be a rebound followed by a better short - selling point. It is recommended that long - term investors short at the pressure level [6]

Group 1: Market Interest Rates and Central Bank Operations - DRO01 closed at 1.37 with a 9.28 bp increase, DR007 at 1.56 with a 1.86 bp increase, GC001 at 1.62 with a 5.00 bp increase, and GC007 at 1.68 with a 2.00 bp increase [3] - SHBOR 3M remained at 1.58, LPR 5 - year at 3.50, 1 - year treasury at 1.31, 5 - year treasury at 1.53 (down 0.50 bp), 10 - year treasury at 1.80 (down 0.40 bp), and 10 - year US treasury at 4.22 [3] - The central bank conducted 3114 billion yuan of 7 - day reverse repurchase operations with an interest rate of 1.40%, resulting in a net daily investment of 2059 billion yuan after 1055 billion yuan of reverse repurchases matured [3] - This week, 4055 billion yuan of reverse repurchases will mature, and 5000 billion yuan of 182 - day buy - out reverse repurchases will mature on Friday [3] Group 2: Stock Index Performance - The CSI 300 rose 0.11% to 4724.3, the SSE 50 rose 0.18% to 3087.4, the CSI 500 fell 0.06% to 8306.4, and the CSI 1000 rose 0.2% to 8250.3 [4] - The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 21249 billion yuan, a decrease of 1455 billion yuan from the previous day [4] - The sectors of culture and media, games, shipbuilding, education, and communication services led the gains, while precious metals, photovoltaic equipment, jewelry, energy metals, and department stores led the losses [4] - IF volume was 65253 (down 27.9), IF open interest was 282444 (down 2.1); IH volume was 29479 (down 28.7), IH open interest was 101061 (down 2.3); IC volume was 94650 (down 30.8), IC open interest was 296183 (down 3.5); IM volume was 133170 (down 28.7), IM open interest was 378633 (down 2.7) [4] Group 3: Market Outlook - The stock index showed a narrow - range oscillation. The launch of ByteDance's AI video - generation model Seedance 2.0 boosted the corresponding AI application sector [5] - In the short term, the stock index rebounded after continuous adjustments and is now in an oscillation phase. The pre - holiday market is expected to maintain a relatively strong oscillation pattern [5] - Although domestic policies support the stock index and overseas suppression factors have marginally eased, the pre - holiday market risk appetite has declined, and the sector rotation has accelerated. The daily trading volume of A - shares has fallen to the range of 2 - 2.3 trillion yuan, making it more difficult for the stock index to make a strong upward attack before the holiday [5] Group 4: Stock Index Futures Premium and Discount - IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 3.02%, 0.06%, 2.04%, and 3.07% respectively [6] - IH premium/discount rates were - 6.38%, - 1.93%, - 0.20%, and 1.67% respectively [6] - IC premium/discount rates were - 1.12%, 1.81%, 3.99%, and 4.84% respectively [6] - IM premium/discount rates were - 1.90% (not clear in the text), 2.48%, 6.42%, and 7.33% respectively [6]

国贸期货研究院 贵金属与新能源研究中心 投资咨询号:Z0013700 从业资格号:F3023916 2026/2/11 ITC E 图期货 投资咨询业务资格:证监许可【2012】31号 铂锂数据日报 | 日素姚 | | | | Market 1 7 1 1 4 4 4 4 1 4 | | | | --- | --- | --- | --- | --- | --- | --- | | 指标名称 | 現值 | 前值 | 涨跌幅 | | 主要图表 | | | 销期货主力收费价 | 537.5 | 545. 05 | -1.39% | 800 | 期货收盘价《活跃合约):铂 -- 期货融盘价(活跃合约):把 | | | 图内价格 现货:铂(99.95%) | 540 | 539 | 0. 19% | | | | | (元/克) 铂:甚差(现-期) | 2.5 | -6. 05 | -141.32% | 600 | | | | 钮期货主力收盘价 | 429. 05 | 438. 15 | -2. 08% | | | | | 现货:钮(99.95%) | 433.5 | 438 | -1.03% | 400 | | | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp supply side has recent disturbances again, but the demand side shows weakness. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6] Group 3: Summary According to Relevant Catalogs Price Data - **Futures Prices**: On February 10, 2026, SP2601 was 5416 yuan/ton with a 0.04% daily and -0.88% weekly change; SP2609 was 5250 yuan/ton with a 0.04% daily and -1.39% weekly change; SP2605 was 5202 yuan/ton with a 0.04% daily and -1.40% weekly change [5] - **Spot Prices**: On February 10, 2026, the spot price of coniferous pulp Silver Star was 5250 yuan/ton with no daily change and a -1.32% weekly change; Russian coniferous pulp was 5050 yuan/ton with no daily change and a -0.98% weekly change; broadleaf pulp Goldfish was 4580 yuan/ton with no daily change and a -0.43% weekly change [5] - **Outer - plate Quotes**: The outer - plate quote of Chilean Silver Star in February 2026 was 710 dollars/ton, up 1.43% month - on - month; Chilean Star was 590 dollars/ton, up 3.51% month - on - month; Chilean Venus was 620 dollars/ton, with no change [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Chilean Star was 4830 yuan/ton, up 3.47% month - on - month; Chilean Venus was 5073 yuan/ton, with no change [5] Supply Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month compared to November 2025; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month compared to November 2025 [5] - **Domestic Production**: As of February 5, 2026, the domestic production of broadleaf pulp was 24.9 tons; the production of chemimechanical pulp was 23.9 tons [5] - **Shipments to China**: In November 2025, the pulp shipments to China were 178 thousand tons, up 3.00% [5] Inventory Data - **Port Inventory**: As of February 5, 2026, the pulp port inventory was 218.2 tons, up 1.3 tons from the previous period, a 0.6% increase, and it has been in a cumulative inventory trend for five consecutive weeks [5] - **Futures Delivery Warehouse Inventory**: As of February 5, 2026, the futures delivery warehouse inventory was 14.2 tons [5] Demand Data - **Finished Paper Production**: As of February 5, 2026, the production of offset paper was 21.10 tons; copperplate paper was 8.40 tons; tissue paper was 29.83 tons; white cardboard was 35.00 tons. The pulp demand side has been stable recently, and the finished paper price is stable, with a slight increase in production this week [5]

投资咨询业务资格:证监许可【2012】31号 数据日报 国贸期货研究院 农产品研究中心 黄同岚 投资咨询号: Z0021658 从业资格号:F03110419 2026/2/10 | 指标 | | 2月9日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | == | == | ----- 18/19 | == | - 24/25 | == 25/26 | | | 大连 | 451 | 6 | 2500 2000 1000 | == | ====== 22/23 | == | | | | | | 天津 | 431 | -14 | 1500 | | | | | | | | | 日照 | 321 | | | | | | | | | | 43%豆粕现货基差 | 张家港 | 351 | -14 | -500 | | | | | | | | (对主力合约) | | | | | 05/21 06/21 07/22 08/22 09/22 10/2 ...

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 卢钉毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/10 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数scFI | 指数CCFI | | | | | | 業 | 现值 | 1267 | 1122 | 1801 | 1155 | 2530 | 1403 | | | 前值 | 1317 | 1176 | 1867 | 1101 | 2605 | 1418 | | 运 | 涨跌幅 | -3.81% | -4.55% | -3.54% | 4.90% | -2.88% | -1.06% | | # | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | | | | | 现值 ...

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - Short - term, pre - holiday stock index is expected to oscillate strongly to accumulate strength for further upward movement, and long - term long positions in stock index should be held [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently reminded of interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1] - Pre - holiday downstream demand is still weak, but market risk appetite has recovered, leading to a stable recovery in copper prices; the improvement of macro - sentiment has made aluminum prices oscillate strongly [1] - Due to the decline in domestic alumina operating capacity and supply - side disturbances, the short - term price is expected to run strongly; zinc prices are expected to correct under the rising market risk aversion sentiment [1] - Market sentiment has recovered. With the tightening supply of nickel ore in Indonesia, supply concerns may continue to disrupt the market, and short - term nickel prices have stabilized and recovered. Stainless steel futures oscillate, and attention should be paid to the actual production of steel mills [1] - Short - term macro - negative factors are exhausted, and tin price fluctuations are still large. Gold and silver are expected to stabilize and oscillate before the Spring Festival, and platinum and palladium are expected to fluctuate strongly in the short term [1] - Industrial silicon and polysilicon are in an oscillating state; the new energy vehicle market is in the off - season, but energy storage demand is strong. Carbonate lithium has a callback demand, and steel products such as rebar and hot - rolled coil are oscillating [1] - The iron ore market has obvious upward pressure, and it is not recommended to chase the rise; the black metal market is a combination of weak reality and strong expectations, and glass and soda ash are also oscillating [1] - Palm oil, soybean oil, and rapeseed oil are expected to turn to an oscillating state; the cotton market is currently supported but lacks a driving force; sugar has a strong short - selling consensus; corn is expected to oscillate narrowly in the short term [1] - The pulp market should be on the sidelines; the log market has upward driving forces; the livestock market's production capacity needs further release [1] - OPEC+ has suspended production increases until the end of 2026, and the geopolitical situation in the Middle East is cooling down. Fuel oil and asphalt markets are oscillating [1] - The raw material cost of rubber is strongly supported, but the downstream demand is weak; the BR rubber market is expected to oscillate widely in the short term and has an upward expectation in the long term [1] - PX maintains fundamental resilience, and the PTA industry is strong; the production profit of naphtha cracking has declined, and ethylene producers plan to maintain the operating rate [1] - Pure benzene has high inventory and weak import demand, while the Asian styrene market is recovering; urea and methanol markets are in a complex situation of multiple and short factors [1][2] - The PE market has flat demand during the holiday; the supply pressure of PP is large; the PVC market is expected to be optimistic in the future but has a poor current situation [2] - The LPG market is expected to weaken, and the basis is expected to expand; the shipping market's freight rate has peaked and declined, and airlines have a strong willingness to raise prices after the off - season [2] Summary by Related Catalogs Macro - finance - Stock index: Short - term pre - holiday strong oscillation, long - term long positions held [1] - Treasury bonds: Asset shortage and weak economy are beneficial, but central bank reminds of risks, pay attention to Bank of Japan's decision [1] Non - ferrous metals - Copper: Pre - holiday demand is weak, but prices have stabilized and recovered due to risk appetite recovery [1] - Aluminum: Macro - sentiment improvement leads to strong oscillation [1] - Alumina: Short - term strong operation due to capacity decline and supply disturbances [1] - Zinc: Price correction expected under risk - aversion sentiment [1] - Nickel: Supply concerns in Indonesia, short - term price recovery, pay attention to policies and macro - sentiment [1] - Stainless steel: Oscillation, pay attention to steel mill production [1] - Tin: High short - term volatility, pay attention to risk management [1] - Gold and silver: Stabilize and oscillate before the Spring Festival [1] - Platinum and palladium: Wide - range strong fluctuation in the short term [1] Industrial silicon and new energy - Industrial silicon: Northwest increases production, southwest reduces production, polysilicon and organic silicon production decreases in December [1] - Carbonate lithium: New energy vehicle off - season, but energy storage demand is strong, with a callback demand [1] Black metals - Rebar, hot - rolled coil: Oscillation, high production and inventory suppress price increase, unilateral long positions should be left on the sidelines, and positive arbitrage positions can be participated [1] - Iron ore: Oscillation, upward pressure is obvious, not recommended to chase the rise [1] - Coke, coking coal: Oscillation, pay attention to market sentiment and inventory [1] - Glass, soda ash: Oscillation, glass supply reduction expectation is rising, soda ash price is under pressure [1] Agricultural products - Palm oil, soybean oil, rapeseed oil: Turn to oscillation [1] - Cotton: Supported but lack of driving force, pay attention to policies and demand [1] - Sugar: Strong short - selling consensus, pay attention to cost support and capital changes [1] - Corn: Narrow - range oscillation in the short term, pay attention to post - holiday factors [1] - Soybean meal: Oscillation, pay attention to Brazilian discount and domestic supply - demand changes [1] Others - Pulp: On the sidelines due to supply - side disturbances and weak demand after restocking [1] - Log: Upward driving force due to price increase and expected decline in arrival volume [1] - Livestock: Production capacity needs further release [1] Energy and chemical industry - Crude oil: Oscillate strongly, price returns to a reasonable range [1][2] - Fuel oil: Follow crude oil in the short term [1] - Asphalt: Oscillation, profit is high [1] - Rubber: Raw material cost is strongly supported, but downstream demand is weak [1] - BR rubber: Wide - range oscillation in the short term, upward expectation in the long term [1] - PX, PTA: PX maintains resilience, PTA industry is strong [1] - Naphtha, ethylene: Naphtha cracking profit declines, ethylene producers plan to maintain the operating rate [1] - Pure benzene, styrene: Pure benzene has high inventory, styrene market recovers [1] - Urea, methanol: Complex multiple and short factors [1][2] - PE, PP, PVC: PE has flat demand, PP has large supply pressure, PVC is expected to be optimistic in the future [2] - LPG: Market expected to weaken, basis expected to expand [2] - Shipping: Freight rate peaks and declines, airlines plan to raise prices after the off - season [2]

投资咨询业务资格:证监会许可【2012】31号 ITG国贸期货 白糖数据日报 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 - -- 23/24 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 ·2019 · =2020 2016 2017 = =2018 · 0 2025 2022 2024 10月 11月 12月 9月 1月 2月 3月 4月 5月 6月 7月 8月 郑糖5-9月差 柳州-05基差 1200 350 1000 300 800 250 600 200 400 150 200 100 50 0 -400 -50 -100 -150 10月21日 11月21日 12月21日 1月21日 2月21日 3月21日 4月21日 9月21日 SR2105 == SR2205 == SR2305 =SR2105-SR2109 =SR2205-SR2209 =SR2305-SR2309 -SR2405-SR2409 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, it is expected that stock index futures will fluctuate strongly before the Spring Festival, accumulating strength for further upward movement [6] - In the long run, in the context of low - interest rates and an "asset shortage", domestic market funds are generally abundant, and the economy is in the process of bottom - building. The medium - to - long - term upward trend of stock indices is expected to continue [6] - The strategy is to continue to hold long positions in stock indices for the medium - to - long - term [6] 3. Summary by Related Catalog 3.1 Macro - financial Market Review - The central bank conducted 113 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 75 billion yuan of reverse repurchases maturing, the net investment on the day was 38 billion yuan [4] - This week, 405.5 billion yuan of reverse repurchases will mature in the central bank's open market, and 500 billion yuan of 182 - day repurchase - style reverse repurchases will also mature on Friday [4] 3.2 Interest Rate Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DRO01 | 1.27 | - 0.24 | | DR007 | 1.54 | 7.68 | | GC001 | 1.57 | 28.50 | | GC007 | 1.66 | 6.00 | | SHBOR 3M | 1.58 | 0.00 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.31 | - 0.50 | | 5 - year Treasury Bond | 1.55 | - 0.75 | | 10 - year Treasury Bond | 1.79 | - 0.85 | | 10 - year US Treasury Bond | 1.00 | 0.00 | [4] 3.3 Stock Index Market - Yesterday, the CSI 300 rose 1.63% to 4719.1, the SSE 50 rose 1.45% to 3081.8, the CSI 500 rose 2.02% to 8311.3, and the CSI 1000 rose 2.26% to 8233.8 [5] - The trading volume of the Shanghai - Shenzhen - Beijing stock markets reached 2.27 trillion yuan, an increase of 106.7 billion yuan from the previous trading day. Most industry sectors rose, with only the mining and gas sectors falling [5] 3.4 Stock Index Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 4719 | 1.63 | - | - | | IF Current Month | 4723 | 1.8 | - 23.3 | - 1.9 | | SSE 50 | 3082 | 1.45 | - | - | | IH Current Month | 3084 | 1.5 | - 25.8 | - 5.2 | | CSI 500 | 8311 | 2.02 | - | - | | IC Current Month | 8322 | 2.2 | - 31.3 | - 3.7 | | CSI 1000 | 8234 | 2.26 | - | - | | IM Current Month | 8256 | 29 | - 23.0 | - 4.2 | [5] 3.5 Stock Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | - 2.49% | - 0.43% | 1.66% | 2.86% | | IH Premium/Discount | - 1.96% | - 0.67% | 0.25% | 1.80% | | IC Premium/Discount | - 4.28% | - 0.04% | 3.25% | 4.29% | | IM Premium/Discount | - 8.96% | 0.13% | 5.82% | 6.89% | [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - PX maintains fundamental resilience during high - level corrections. Despite a decline in the PX - naphtha spread to $335 per ton, it remains at a healthy level. The supply of PX is still tight, and the downstream PTA industry is continuously strong. The reduction in production by polyester factories has a limited negative feedback on PTA [3]. - The reduction in ethylene glycol exports from the Middle East after a long - term slump has boosted market confidence. The supply contraction has opened up room for price increases in ethylene glycol [3]. 3. Summary by Relevant Catalog Market Data - **Crude Oil**: INE crude oil price decreased from 465.4 yuan/barrel on February 6th to 464.2 yuan/barrel on February 9th, a change of - 1.20 yuan/barrel [3]. - **PTA**: PTA - SC increased from 1783.9 yuan to 1818.6 yuan, a change of 34.72 yuan; PTA/SC ratio increased from 1.5274 to 1.5391, a change of 0.0117; PTA主力期价 increased from 5166 yuan/ton to 5192 yuan/ton, a change of 26 yuan/ton; PTA现货价格 increased from 5085 yuan/ton to 5115 yuan/ton, a change of 30 yuan/ton; 现货加工费 decreased from 412.2 yuan/ton to 406.2 yuan/ton, a change of - 6 yuan/ton; 盘面加工费 increased from 448.2 yuan/ton to 468.2 yuan/ton, a change of 20 yuan/ton; 主力基差 decreased from (72) to (75), a change of - 3; PTA仓单数量 increased from 103,568 to 104,168, a change of 600 [3]. - **MEG**: MEG主力期价 decreased from 3743 yuan/ton to 3739 yuan/ton, a change of - 4 yuan/ton; MEG - naphtha increased from (195.44) yuan/ton to (194.13) yuan/ton, a change of 1.3 yuan/ton; MEG内盘 increased from 3630 yuan/ton to 3635 yuan/ton, a change of 5 yuan/ton; 主力基差 decreased from - 102 to - 105, a change of - 3 [3]. - **PX**: CFR中国PX increased from 898 to 900, a change of 2; PX - naphtha spread increased from 294 to 297, a change of 4 [3]. - **Polyester Products**: POY150D/48F remained at 7005; POY现金流 decreased from 191 to 164, a change of - 27; FDY150D/96F remained at 7240; FDY现金流 decreased from (74) to (101), a change of - 27; DTY150D/48F remained at 8140; DTY现金流 decreased from 126 to 99, a change of - 27; 长丝产销 remained at 12%; 1.4D直纺涤短 increased from 6535 to 6575, a change of 40; 涤短现金流 increased from 71 to 84, a change of 13; 短纤产销 decreased from 56% to 41%, a change of - 15%; 半光切片 increased from 5860 to 5880, a change of 20; 切片现金流 decreased from (54) to (61), a change of - 7; 切片产销 decreased from 64% to 22%, a change of - 42 [3]. Industry Chain Operating Conditions - PX开工率 remained at 85.92%; PTA开工率 remained at 76.73%; MEG开工率 remained at 61.67%; 聚酯负荷 decreased from 78.14% to 77.49%, a change of - 0.65% [3]. Device Maintenance - An East China 3.6 - million - ton PTA device is currently reducing its load and is expected to be shut down for maintenance on the 15th. A South China 1.25 - million - ton PTA device is expected to be shut down on the 16th and is initially expected to restart in late March [4].