1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report focuses on the LPG and propylene markets, indicating that geopolitical disturbances in the LPG market still exist and the fundamental driving force is downward, while the propylene spot price remains stable and the basis converges [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For LPG (PG): The 2603 contract closed at 4,262 with a daily increase of 0.26% and a night - session close of 4,295 with a night - session increase of 0.77%. The trading volume was 41,631, a decrease of 20,093 from the previous day, and the open interest was 25,613, a decrease of 3,707. Similar data is presented for the 2604 and 2605 contracts [3] - For propylene (PL): The 2603 contract closed at 6,240 with a daily increase of 0.97% and a night - session close of 6,264 with a night - session increase of 0.38%. The trading volume was 7,309, an increase of 6,094 from the previous day, and the open interest was 1,917, a decrease of 1,101. Similar data is presented for the 2604 and 2605 contracts [3] 3.1.2 Spot Market - For LPG (PG): Shandong civil use price was 4,430, with a main - contract basis of 168, a decrease of 71 from the previous day. Other regions like East China, South China also have corresponding price and basis data [3] - For propylene (PL): Shandong price was 6,445, with a main - contract basis of 173, a decrease of 43 from the previous day. East and South China also have relevant data [3] 3.1.3 Industrial Chain Start - Up - PDH start - up rate was 62.66%, an increase of 1.94 from the previous week. Alkylation start - up rate was 36.85%, unchanged from the previous week, and MTBE start - up rate was 68.01%, unchanged [3] 3.1.4 LPG Shipment Volume - From the US to the world, the shipment volume was 29.6 tons on February 11, 2026, an increase of 10.7 from the previous day. To Asia it was 22.9 tons, an increase of 7.1. To China it was 9.3 tons, an increase of 9.3. Similar data is presented for shipments from the Middle East [3] 3.2 Trend Strength - LPG trend strength is 0, and propylene trend strength is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] 3.3 Market Information - On February 11, 2026, the March CP paper - cargo price of propane was 538 US dollars/ton, unchanged from the previous trading day; butane was 529 US dollars/ton, unchanged. The April CP paper - cargo price of propane was 523 US dollars/ton, unchanged [8] - There are domestic PDH device maintenance plans and domestic LPG factory device maintenance plans, including information such as enterprise names, device names, production capacities, maintenance start and end times [8][9]

2026 年 02 月 12 日 合成橡胶：节前震荡运行 杨鈜汉 投资咨询从业资格号：Z0021541 yanghonghan@gtht.com 【基本面跟踪】 合成橡胶基本面数据 | 项目 | | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 顺丁橡胶主力 | 日盘收盘价 成交量 | （元/吨） （手） | 13,020 198,743 | 12,860 195,331 | 160 3412 | | | （03合约） | 持仓量 | （手） | 24,037 | 25,458 | -1421 | | | | 成交额 | （万元） | 1,288,417 | 1,261,013 | 27404 | | 价差数据 | 基差 | 山东顺丁-期货主力 | | -420 | -260 | -160 | | | 月差 | BR02-BR05 | | -225 | -80 | -145 | | | 顺丁价格 | 华北顺丁 | （民营） | 12,350 | 12,300 | | | | | 华东顺丁 | ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The pulp market is expected to fluctuate within a range. Most industry players in the pulp market are in a pre - holiday wait - and - see attitude, with significantly reduced operation willingness. The spot market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors. The pulp price will end the period stably. It is recommended to pay attention to the changes in port inventory and the impact of the macro - market on the pulp market [4]. - The price of the household paper market is stable, and the overall trading atmosphere is somewhat light. The cost support from the raw material pulp market is not strong. The price of household paper is expected to remain stable in the short - term, and it is necessary to focus on the changes in raw material pulp prices and the operation of paper machines of major paper enterprises [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Futures Market**: The daily - session closing price of the pulp main contract was 5,236 yuan/ton, up 34 yuan from the previous day; the night - session closing price was 5,252 yuan/ton, up 42 yuan. The trading volume was 147,734 lots, a decrease of 76,128 lots; the open interest was 301,791 lots, a decrease of 5,225 lots. The number of warehouse receipts remained unchanged at 146,427 tons, and the net position of the top 20 members increased by 441 lots [3]. - **Spread Data**: The basis of "Silver Star - Futures Main Contract" decreased by 34 to 14; the basis of "Goldfish - Futures Main Contract (Non - standard)" decreased by 34 to - 656; the monthly spread of "SP03 - SP05" decreased by 4 to - 26 [3]. - **Spot Market**: The domestic prices of coniferous pulp such as Beimu and Kalip were 5,450 yuan/ton, and the price of Silver Star was 5,250 yuan/ton with an international price of 710 US dollars/ton. The domestic prices of broad - leaf pulp such as Jinse and Mingxing were around 4,580 yuan/ton. The domestic price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the domestic price of natural color pulp (Venus) was 4,900 yuan/ton with an international price of 620 US dollars/ton [3]. 3.2 Trend Intensity - The pulp trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.3 Industry News - The pulp market is in a pre - holiday wait - and - see state, with few spot quotes and almost stagnant downstream procurement activities. The market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors [4]. - The household paper market price is stable, with a somewhat light trading atmosphere. The cost support from the raw material pulp market is not strong, and the price is expected to remain stable in the short - term [5].

2026 年 02 月 12 日 短纤：短期震荡市，多单逢高减仓 20260212 瓶片：短期震荡市，多单逢高减仓 20260212 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2603 | ୧୧୫୫ | 6552 | 36 | PF03-04 | -66 | -74 | 8 | | PF | 短纤2604 | 6654 | 6626 | 28 | PF04-05 | 0 | 24 | -24 | | | 短纤2605 | 6654 | 6602 | 52 | PF主力基差 | -64 | -41 | -23 | | | 短纤主力持仓量 | 137024 | 169833 | -32809 | 短纤华东现货价格 | 6. 590 | 6. 585 | 5 | | | 短纤主力成交量 | 165849 昨日 | 167534 前日 | -1685 变化 | ...

商 品 研 究 2026 年 02 月 12 日 焦炭：宽幅震荡 焦煤：事件扰动，宽幅震荡 【宏观及行业新闻】 （1）2 月 11 日中国煤炭资源网 CCI 冶金煤指数： CCI 山西低硫主焦 S0.7 1553（-）；CCI 山西中硫主 焦 S1.3 1220（-）；CCI 山西高硫主焦 S1.6 1214（-） （2）【中国煤炭资源网】焦煤竞拍简评：本日（2 月 11 日）炼焦煤线上竞拍挂牌量总计 36.7 万吨，流 拍率 43%，较昨日增加 29%，平均溢价 7.78 元/吨。今日山西主流大矿集中竞拍，挂牌数量较多，挂牌以焦 煤、肥煤及 1/3 焦煤为主。春节将至，下游补库基本结束，采购需求减少，今日竞拍流拍较多，竞拍成交价 也以下跌为主，下跌资源跌幅在 10-60 元/吨左右，个别资源上涨 3-20 元/吨。 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | JM2605 | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | -- ...

2026 年 02 月 12 日 商 品 研 究 棕榈油：基本面驱动有限，震荡调整 豆油：报告缺乏亮点，区间震荡 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,906 | -0.38% | 8,868 | -0.43% | | | 豆油主力 | 元/吨 | 8,110 | 0.15% | 8,084 | -0.32% | | | 菜油主力 | 元/吨 | 9,131 | 0.38% | 9,118 | -0.14% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,060 | -0.90% | 4,067 | 0.15% | | | CBOT豆油主力 | 美分/磅 | 57.49 | -0.43% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 290,733 | -91226 | 417,236 | -7,350 ...

2026 年 02 月 12 日 请务必阅读正文之后的免责条款部分 1 工业硅：盘面波幅减少 多晶硅：部分仓单注销，关注情绪影响 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） Si2605成交量（手） | 8,375 188,888 | -75 -11,212 | -440 -67,353 | -340 -256,687 | | | | Si2605持仓量（手） | 303,387 | 8,477 | 68,587 | 63,683 | | 工业硅、多晶硅期货市场 | | PS2605收盘价（元/吨） | 48,950 | -420 | -1,050 | - | | | | PS2605成交量（手） | 3,991 | -715 | -14,306 | - | | | | PS2605持仓量（手） | 38,617 | 270 | ...

2026 年 2 月 12 日 国 泰 君 安 期 货 研 究 期货研究 碳酸锂：情绪利好推升盘面，关注节前资金行为 | | 邵婉嫕 | 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | --- | | | 张 航 | 投资咨询从业资格号：Z0018008 | zhanghang2@gtht.com | | 【基本面跟踪】 | | | | 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 150,260 | 12,920 | 3,040 | -16,020 | -5,800 | 67,320 | | | | 2605合约（成交量） | 351,877 | 56,646 | 39,980 | -121,346 | 283,386 | 231,180 | | | | 2605合约（持仓量） | 356,531 | 10,542 | - ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The rubber market is expected to move in a volatile manner [1] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: The night - closing price of the rubber main contract was 16,520 yuan/ton, down 40 yuan from the previous day; the trading volume was 270,154 lots, an increase of 92,600 lots; the open interest was 162,081 lots, an increase of 10,137 lots; the warehouse receipt quantity remained unchanged at 112,570 tons; the net short position of the top 20 members was 25,648 lots, an increase of 1,157 lots [1] - **Spread Data**: The basis (spot - futures main) was - 175 yuan/ton, up 10 yuan; the spread between mixed rubber and the futures main was - 1,175 yuan/ton, down 120 yuan; the spread between RU05 and RU09 was 90 yuan/ton, down 15 yuan; the RSS3 outer - market quotation was 2,250 US dollars/ton; the STR20 was 2,010 US dollars/ton, up 40 US dollars; the SMR20 was 2,000 US dollars/ton, up 20 US dollars; the SIR20 was 1,930 US dollars/ton, up 20 US dollars [1] - **Substitutes**: The price of Qilu styrene - butadiene rubber was 13,050 yuan/ton, up 50 yuan; the price of Qilu cis - butadiene rubber was 12,600 yuan/ton, up 50 yuan [1] - **Spot Market**: In the Qingdao market for imported rubber, the price of Thai standard rubber was 1955 - 1960 US dollars/ton for near - port and 1960 - 1965 US dollars/ton for spot, up 15 US dollars; the price of Thai mixed rubber was 1955 - 1960 US dollars/ton for near - port and 1960 - 1965 US dollars/ton for spot, up 15 US dollars; the price of African 10 rubber was 1885 US dollars/ton, up 25 US dollars [1] Industry News - **Semi - steel Tire Sample Enterprises**: Supported by foreign trade orders, the order performance of sample enterprises was better than expected. 50% of the enterprises' export orders increased to varying degrees compared with last month, 38% remained basically stable, and 13% decreased. The EU's rush for export orders and the increase in overseas customer orders before the Spring Festival supported enterprise production scheduling. The domestic replacement market had some stocking, but the overall performance was average, limiting the overall order increase [2][3] - **All - steel Tire Sample Enterprises**: The overall order performance further weakened. 20% of the all - steel tire sample enterprises' export orders increased compared with last month, 35% remained the same, and 45% decreased. Before the Spring Festival, overseas customers had moderate stocking, but the overall increase was limited due to the seasonal off - season. Domestic customers were restricted by funds and shipping pressure, and their stocking enthusiasm was not high, further weakening the overall orders [3] Trend Intensity - The rubber trend intensity is 0, indicating a neutral view [1]

2026 年 2 月 12 日 商 品 研 究 LLDPE：内外盘接近停摆，资金避险偏震荡市 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6787 | 0.18% | 315041 | -8697 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -217 | | -205 | | | | 05-09合约价差 | -49 | | -51 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华北 | 6570 | | 6570 | | | | 华东 | 6650 | | 6650 | | | | 华南 | 6650 | | 6650 | | 资料来源：卓创资讯，国泰君安期货 原料端原油价格回落企稳，中东地缘局势难定，乙烯单体环节偏弱，PE 乙烯工艺利润有所修复。近端 ...