Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The LPG market is currently trading around geopolitical factors, and the repeated sentiment amplifies the market volatility. Fundamentally, on the supply side, due to pre - holiday inventory clearance by refineries, the inventory is low, and it is expected that the external supply will not increase significantly. On the demand side, there is a certain restocking demand and the possibility of increasing production loads after the holiday, so the demand is expected to increase slightly. Driven by geopolitical factors, the domestic LPG market is expected to show a strong and volatile trend [7]. Group 3: Summary by Relevant Catalogs 1. Daily Data - **Domestic Futures**: The PG2602 contract price was 4510 yuan/ton on February 25, 2026, down 72 yuan from the previous day. The main contract position increased by 1926 to 82176, and the warehouse receipt quantity remained unchanged at 6679 [2]. - **Domestic Spot**: In the domestic spot market, the price of South China refinery gas increased by 10 yuan/ton to 4770 yuan/ton, while other regions' prices remained mostly stable. The price of East China imported gas decreased by 12 yuan/ton to 5001 yuan/ton [2]. - **Basis**: The basis increased by 72 yuan to 238 yuan [2]. - **External Market Prices**: Most external market prices remained stable, with BRENT crude oil rising 0.2 dollars to 71 dollars/barrel, and MB C3 M1 falling 0.013 dollars to 0.6 dollars [2]. - **Disk Profits**: The import profit FEI decreased by 62.1 yuan to - 129.4 yuan, and the PDH FEI decreased by 14.3 yuan to - 754.5 yuan [2]. - **Ratios**: The FEI/BRENT ratio decreased by 0.02 to 8.3, and the FEI/MOPJ ratio remained unchanged at - 17.4 [2]. 2. Crude Oil and Natural Gas Market - Israel announced a tender for offshore natural gas exploration. Peru's oil company reported a natural gas supply emergency in the south - western block. Venezuela will expand oil exports to India. The resumption date of the "Friendship" oil pipeline in Slovakia has been postponed to February 26. Kuwait Petroleum Corporation is in talks with companies such as Blackstone Group about a pipeline project worth up to 7 billion dollars [3]. 3. Spot Overview - **Shandong Region**: The estimated price of civil gas in Shandong was 4500 yuan/ton, remaining unchanged. The market atmosphere was mixed, but refinery inventory pressure was controllable. The ether - post - C4 market was mostly stable, with sporadic minor adjustments. The market is expected to remain stable in the short term [5]. - **East China Region**: The mainstream transaction price of civil gas in East China was 4424 yuan/ton, remaining unchanged. The market was mostly stable, with demand slowly increasing. Refineries aimed to reduce inventory, and prices are expected to remain stable in the short term [5]. - **South China Region**: The average transaction price of domestic gas in South China increased by 10 yuan/ton to 4770 yuan/ton, and the average price of imported gas remained stable at 4830 yuan/ton. The market was mostly stable, with only individual low - price increases. The supply - demand fundamentals were loose, and prices are expected to remain stable in the short term, awaiting the guidance of the CP price [5]. - **North China Region**: The benchmark price of civil gas in North China increased by 29 yuan/ton to 4263 yuan/ton. Some low - price areas saw price increases, and the downstream market was active, with no obvious production - sales pressure [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the Spring Festival, the stock market showed a mixed performance with some sectors rising and others falling. The futures market also had different trends in various products, influenced by factors such as supply - demand, geopolitical situations, and policy changes [20][21][25]. - The bond market sentiment was not weak, but the market might become more cautious as the "Two Sessions" approached. The medium - term outlook for the bond market was relatively optimistic [25][26]. - In the agricultural product market, the supply and price trends of different products varied. For example, the supply of protein meal increased, and the price oscillated; the international sugar price bottomed out and oscillated [30][35]. - In the black metal market, steel faced post - holiday pressure, while the performance of coking coal and iron ore was affected by factors such as production resumption and supply - demand changes [62][65][71]. - In the non - ferrous metal market, precious metals like gold and silver were in high - level oscillations due to macro uncertainties, and other non - ferrous metals also had different price trends influenced by factors such as tariffs and supply - demand [76][79][84]. - In the shipping and carbon emission market, the container shipping market was in short - term oscillations, the dry bulk freight market showed a positive trend after the holiday, and the carbon price in the domestic market oscillated while the EU carbon price was affected by policies and public opinions [122][124][126]. - In the energy and chemical market, the prices of various products were affected by factors such as geopolitical situations, supply - demand, and cost. For example, crude oil was in high - level oscillations, and asphalt was supported by cost but with weak demand [132][136]. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - After the Spring Festival, the stock index rose across the board, but the trading volume was slightly insufficient. The market showed a clear differentiation, with some sectors rising and others falling. The trading strategy was to be bullish on the trend, buy on dips, and consider arbitrage and option strategies [20][21][23]. Treasury Bond Futures - On Tuesday, the bond futures contracts of various tenors generally strengthened. The central bank's large - scale net withdrawal of short - term liquidity after the holiday and the approaching of the "Two Sessions" affected the bond market sentiment. The trading strategy was to be neutral - bullish and wait and see for arbitrage [25][26][28]. Agricultural Products Protein Meal - The supply increased overall, and the price oscillated. The trading strategy was to short at high levels and wait and see for arbitrage [30][31]. Sugar - The increase in Indian sugar production was revised down, and the international sugar price bottomed out and oscillated. The domestic sugar market was in a bottom - oscillation trend. The trading strategy was to wait and see for arbitrage and sell put options in the short term [32][35][36]. Oilseeds and Oils - The domestic oil market made up for losses and maintained oscillations. The trading strategy was to wait and see for arbitrage and consider reverse arbitrage for some contracts [38][39][40]. Corn/Corn Starch - The spot price in the production area was stable, and the futures price was in high - level oscillations. The trading strategy was to buy on dips for the outer - market corn and short lightly on rallies for domestic corn, and consider expanding the spread between corn and starch [41][43]. Live Pigs - The supply increased gradually, and the price continued to decline. The trading strategy was to buy a small amount of the 05 contract and wait and see for arbitrage [44][46]. Peanuts - The spot price was stable, and the futures price oscillated in a narrow range. The trading strategy was to buy lightly on dips and sell put options [47][48]. Eggs - After the holiday, it entered the off - season, and the egg price was stable with a slight decline. The trading strategy was to short the June contract on rallies and wait and see for arbitrage [50][51][52]. Apples - The market performance varied after the year, with the western region performing slightly better than the eastern region. The trading strategy was to go long on the 5 - month contract on dips and consider a long - 5 short - 10 arbitrage [54][55][56]. Cotton - Cotton Yarn - The fundamentals changed little, and the cotton price was supported. The trading strategy was to go long on dips and wait and see for arbitrage [58][59][60]. Black Metals Steel - There was still pressure on steel after the holiday. The trading strategy was to maintain a weak - oscillation trend, hold short positions, and wait and see for arbitrage [62][63]. Coking Coal and Coke - Coal mines were gradually resuming production. The trading strategy was to consider going long on dips and wait and see for arbitrage [64][65][67]. Iron Ore - The fundamentals continued to weaken, and the ore price was in a weak - running state. The trading strategy was to be bearish and wait and see for arbitrage [70][71]. Ferroalloys - The cost support was strong, and it could be used as a long - position configuration on dips. The trading strategy was to go long on dips and wait and see for arbitrage [72][73][74]. Non - Ferrous Metals Gold and Silver - The macro uncertainties continued, and the prices were in high - level oscillations. The trading strategy was to hold long positions cautiously and consider option strategies [76][79][80]. Platinum and Palladium - Supported by macro and geopolitical factors, platinum could be bought on dips, and palladium could be traded in bands. Consider a long - platinum short - palladium arbitrage [80][81][83]. Copper - Affected by continuous tariff disturbances, the copper price was in a strong - oscillation state. The trading strategy was to be bullish in the long - term and consider option strategies [84][85]. Alumina - After the decline in the supply - side operating rate, the spot price was supported. The trading strategy was to be bullish in the short - term [86][87]. Electrolytic Aluminum - Tariff disturbances did not change the supply - demand support pattern. The trading strategy was to wait and see for both arbitrage and options [89][91][92]. Cast Aluminum Alloy - It oscillated with the aluminum price. The trading strategy was to wait and see for both arbitrage and options [93][95]. Zinc - After the correction stabilized, it could be bought on dips. The trading strategy was to wait and see for both arbitrage and options [96][97]. Lead - It oscillated in a range. The trading strategy was to go long lightly on dips and consider option strategies [99][100]. Nickel - The macro factors dominated the price fluctuations. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [101][103][104]. Stainless Steel - Supported by cost, it followed the nickel price. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [106]. Industrial Silicon - Attention should be paid to the resumption rhythm of large factories. The trading strategy was to rebound in the short - term and short on rallies in the medium - term [107][108]. Polysilicon - Driven by merger news, it might rebound in the short - term, and the spot price should be focused on in the medium - term [110][111]. Lithium Carbonate - The demand was good, and the price was at a high level. The trading strategy was to wait and see [113][115]. Tin - Attention should be paid to macro - policy trends. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [118][120]. Shipping and Carbon Emissions Container Shipping - It was mainly in short - term oscillations, and attention should be paid to Maersk's opening - cabin price. The trading strategy was to wait and see for both single - side trading and arbitrage [121][122][124]. Dry Bulk Freight - After the holiday, the demand recovery drove the spot price to improve. Attention should be paid to the impact of the US Maritime Action Plan. The trading strategy was to wait and see [124][125][126]. Carbon Emissions - The domestic carbon price oscillated, and the EU carbon price was affected by policies and public opinions. The trading strategy was to wait and see [126][127][128]. Energy and Chemicals Crude Oil - The API inventory increased more than expected. The trading strategy was to be bullish on the trend, consider the bullish spread, and buy out - of - the - money call options [132][133]. Asphalt - The cost supported the spot price, but the rigid demand had not recovered. The trading strategy was to go long on the BU2606 contract on dips and wait and see for arbitrage [134][136][137]. Fuel Oil - The high - sulfur supply increased, and the low - sulfur price strengthened in the near - term. The trading strategy was to be bullish on the trend, consider expanding the spread between high - and low - sulfur fuel oil, and wait and see for options [139][140][141]. LPG - It was still dominated by geopolitical factors. The trading strategy was to wait and see for both single - side trading and arbitrage [142]. Natural Gas - It was waiting for geopolitical guidance. The trading strategy was to hold short positions on the HH second - quarter contract and wait and see for both arbitrage and options [145][146][147]. PX & PTA - Driven by cost. The trading strategy was to hold long positions, consider positive arbitrage, and wait and see for options [149][150]. BZ & EB - There was a supply vacuum in the overseas market. The trading strategy was to oscillate and consider reverse arbitrage [151][152]. Ethylene Glycol - There was obvious inventory - accumulation pressure. The trading strategy was to oscillate in a range and wait and see for both arbitrage and options [154][157]. Short - Staple Fiber - The polyester raw materials strengthened. The trading strategy was to be bullish on the price, consider narrowing the processing fee on rallies, and wait and see for options [158]. Bottle Chips - The supply was expected to be tight. The trading strategy was to be bullish on the price and wait and see for both arbitrage and options [160][162]. Propylene - The supply - demand support was acceptable. The trading strategy was to hold long positions and wait and see for both arbitrage and options [163]. Plastic PP - The L plastic was bullish on the trend, and the PP was to wait and see. The trading strategy was to go long on the L 2605 contract on dips and wait and see for both arbitrage and options [165][166]. Caustic Soda - The price was weakening. The trading strategy was to wait and see [168][169]. PVC - It was mainly in oscillations. The trading strategy was to go long on dips and wait and see for both arbitrage and options [170][173]. Soda Ash - The price was bullish on the trend. The trading strategy was to be bullish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [174][175]. Glass - The price was bearish on the trend. The trading strategy was to be bearish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [176][178]. Methanol - It was in a strong - oscillation state. The trading strategy was to go long on dips, consider a 5 - 9 positive arbitrage, and sell put options on corrections [179][180]. Urea - It was rising strongly. The trading strategy was to go long cautiously and wait and see for both arbitrage and options [182][183]. Pulp - The US dollar quotation increased, but the high inventory suppressed the rebound. The trading strategy was to hold long positions and consider option strategies [184][185][187]. Offset Printing Paper - The inventory was high, and the market rebound was limited. The trading strategy was to short on rallies and consider option strategies [188][189]. Logs - The supply and demand were both weak. The trading strategy was to wait and see and consider a 3 - 5 reverse arbitrage [190][192][193]. Natural Rubber and No. 20 Rubber - The gross profit of concentrated latex decreased for consecutive months. The trading strategy was to go long on the RU 05 contract and consider arbitrage strategies [194][196][197]. Butadiene Rubber - The growth rate of butadiene production slowed down. The trading strategy was to short the BR 04 contract lightly and wait and see for both arbitrage and options [198][200][201].

1. Report Industry Investment Rating - Not provided in the content. 2. Core View of the Report - Due to the good profit performance, the market enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg prices weakening the overall capacity reduction, it is advisable to short the June contract on rallies [6]. 3. Summary by Relevant Catalog 3.1 Futures Market - **Futures Prices**: JD01 closed at 3778, down 12 from the previous day; JD05 closed at 3429, down 41; JD09 closed at 3819, down 40 [2]. - **Cross - Month Spreads**: The 01 - 05 spread closed at 349, up 29; the 05 - 09 spread closed at - 390, down 1; the 09 - 01 spread closed at 41, down 28 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.64, down 0.01; the 01 egg/bean meal ratio was 1.28, unchanged; the 05 egg/corn ratio was 1.47, down 0.03; the 05 egg/bean meal ratio was 1.23, down 0.01; the 09 egg/corn ratio was 1.62, down 0.03; the 09 egg/bean meal ratio was 1.32, down 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.42 yuan/jin from the previous day; the average price in the main sales areas was 3.02 yuan/jin, down 0.52 yuan/jin. The national mainstream price remained stable, with prices in most regions showing little change [2][4]. - **Culled Chicken Prices**: The average price in the main production areas was 4.43 yuan/jin, up 0.05 yuan/jin from the previous day. Most regional prices were stable, with only a few areas showing price changes [2][4][5]. 3.3 Profit Calculation - **Cost and Price Changes**: The average price of culled chickens was 4.43 yuan/jin, up 0.05 yuan/jin; the average price of chicks was 3.21 yuan/feather, up 0.04 yuan; the price of egg - chicken vaccines remained stable at 3 yuan. The average price of corn was 2375 yuan/ton, up 3 yuan; the average price of bean meal was 3164 yuan/ton, unchanged; the price of egg - chicken compound feed was 2.61 yuan/jin, unchanged [2]. - **Profit Changes**: The profit per feather was - 4.51 yuan, down 16.73 yuan from the previous day [2]. 3.4 Fundamental Information - **Egg Price and Market Conditions**: The average price in the main production areas was 2.86 yuan/jin, down 0.42 yuan/jin, and in the main sales areas was 3.02 yuan/jin, down 0.52 yuan/jin. The national mainstream price was stable, and the egg price continued to fluctuate and consolidate with average sales [4]. - **Laying Hen Inventory**: In January, the national inventory of laying hens was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected [4]. - **Chick Hatch Volume**: In January, the monthly hatch volume of chicks in the sample enterprises monitored by Zhuo Chuang Information (accounting for about 50% of the country) was 43.22 million, a month - on - month increase of 9%, with little year - on - year change [4]. - **Culled Chicken Data**: In the week of February 12, the number of culled chickens in the main production areas was 13.17 million, a decrease of 20% from the previous week. The average culling age of culled chickens in the week of February 6 was 497 days, an increase of 2 days from the previous week [5]. - **Egg Sales Volume**: As of the week of February 12, the egg sales volume in the representative sales areas was 6390 tons, a decrease of 12% from the previous week, at a low level in the same period over the years [5]. - **Profit and Inventory**: As of February 12, the weekly average profit per jin of eggs was 0.12 yuan/jin, a decrease of 0.4 yuan/jin from the previous week; on February 12, the expected profit of egg - chicken farming was - 13.12 yuan/feather, the same as the previous week. The weekly average inventory in the production link was 1.24 days, a decrease of 0.02 days from the previous week; the weekly average inventory in the circulation link was 1.26 days, the same as the previous week [5]. 3.5 Trading Logic - Due to good previous profit performance, the market enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg prices weakening the overall capacity reduction, it is advisable to short the June contract on rallies [6]. 3.6 Trading Strategy - **Single - Side Strategy**: Consider shorting the June contract on rallies [7]. - **Arbitrage Strategy**: It is recommended to wait and see [7]. - **Option Strategy**: It is recommended to wait and see [7].

Group 1: Report Overview - The report is an agricultural product research report focusing on cotton and cotton yarn, dated February 24, 2026 [1] Group 2: Market Information Futures Market - CF01 contract closed at 15,140, down 70, with a trading volume of 472 lots (down 452) and an open interest of 5,483 lots (up 84) [2] - CF05 contract closed at 14,610, down 70, with a trading volume of 246,422 lots (down 13,325) and an open interest of 700,704 lots (down 270) [2] - CF09 contract closed at 14,735, down 70, with a trading volume of 55,110 lots (down 3,624) and an open interest of 169,643 lots (up 4,673) [2] - CY01 contract closed at 0, with no change, no trading volume, and no open interest [2] - CY05 contract closed at 20,360, down 45, with a trading volume of 6,709 lots (down 536) and an open interest of 11,525 lots (up 360) [2] - CY09 contract closed at 20,600, down 25, with a trading volume of 1 lot (down 4) and an open interest of 32 lots (up 1) [2] Spot Market - CCIndex3128B was priced at 15,967 yuan/ton, down 45 [2] - Cot A was priced at 72.80 cents/pound, compared to 73.20 previously [2] - FC Index:M: arrival price was 71.46, down 0.08 [2] - Polyester staple fiber was priced at 7,450 yuan/ton, up 70 [2] - Viscose staple fiber was priced at 12,600 yuan/ton, with no change [2] Price Spreads - Cotton inter - month spreads: 1 - 5 spread was 530, no change; 5 - 9 spread was - 125, no change; 9 - 1 spread was - 405, no change [2] - Cotton yarn inter - month spreads: 1 - 5 spread was - 20,360, up 45; 5 - 9 spread was - 240, down 20; 9 - 1 spread was 20,600, down 25 [2] - Cross - variety spreads: CY01 - CF01 was - 15,140, up 70; CY05 - CF05 was 5,750, up 25; CY09 - CF09 was 5,865, up 45 [2] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 2,955, down 15; sliding - scale domestic - foreign cotton spread was 1,991, down 24; domestic - foreign yarn spread was 397, up 25 [2] Group 3: Market News and Views Cotton Market News - As of February 17, the drought index in the main U.S. cotton - producing areas (93.0%) was 212, up 2 month - on - month and 86 year - on - year. The drought index in Texas was 232, up 2 month - on - month and 66 year - on - year. Drought is expected to continue from February to April, intensify in the Midwest, and ease in the eastern regions [4] - As of February 21, Brazil's 2025/26 cotton planting was 99.9% complete, up 3.4 percentage points month - on - month, flat year - on - year, and basically in line with the three - year average [4] - As of the week of February 20, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 3.0275 million tons, accounting for 99.9% of the estimated annual U.S. cotton output, 5% slower year - on - year. The inspection volume of U.S. upland cotton was 2.9414 million tons, with an inspection progress of 99.9%, down 4% year - on - year; the inspection volume of Pima cotton was 86,100 tons, with an inspection progress of 101.9%, down 16% year - on - year. The weekly deliverable ratio was 77.2%, and the quarterly deliverable ratio was 81.7%, 1.1 percentage points higher year - on - year. The final listed volume is expected to be around 3.03 - 3.05 million tons [5] Trading Logic - The total open interest on the futures market increased by more than 70,000 lots. The overall macro - sentiment during the holiday was positive, with gold, silver, non - ferrous metals, and crude oil rising, which supported cotton prices. Fundamentally, there are no obvious negative factors. According to the USDA annual report, the global cotton output was reduced by 3% (U.S. total output was reduced, and China's was reduced by 9%). The supply is expected to be 25.25 million tons, and consumption is expected to be 26.14 million tons, showing a relatively tight balance. If future consumption continues to increase, there may be a tight - balance situation. As of February 12, U.S. cotton contracts were 105,700 tons, an increase of 53,300 tons month - on - month, and the cumulative contracts were 1.9279 million tons, 7 percentage points lower year - on - year. The technical chart of the current futures market has broken through the previous high, which may attract speculative funds. The futures market is expected to maintain an upward trend [6] Trading Strategies - Unilateral: It is expected that the short - term trend of U.S. cotton will be mainly range - bound, while the technical performance of Zhengzhou cotton is strong. Consider building long positions on dips [7] - Arbitrage: Hold off [8] - Options: Hold off [9] Cotton Yarn Industry News - The trading in the pure cotton yarn market has basically stagnated, with only a small amount of goods being sold in Xinjiang. Some spinning mills have raised their quotes, and inland spinning mills have started to take holidays [11] - As the Spring Festival holiday approaches, the market for all - cotton grey fabric has basically stopped, and traders' stores have closed as they return home. Most fabric mills have also stopped quoting prices, and prices are temporarily stable [11] Group 4: Options Option Data - On January 19, 2026, for the CF605C14600.CZC option, the underlying contract price was 14,545.00, the closing price was 334.00, down 16.9%, with an implied volatility of 13.3% [13] - For the CF605C14200.CZC option, the underlying contract price was 14,545.00, the closing price was 511.00, down 17.7%, with an implied volatility of 11.3% [13] - For the CF605P13800.CZC option, the underlying contract price was 14,545.00, the closing price was 60.00, down 34.1%, with an implied volatility of 11.2% [13] Volatility and Strategy - The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility. The implied volatility of CF605 - C - 14600 was 13.3%, CF605 - C - 14200 was 11.3%, and CF605 - P - 13800 was 11.2% [13] - Yesterday, the PCR of the main Zhengzhou cotton contract's open interest was 0.8667, and the PCR of the main contract's trading volume was 0.4688. The trading volumes of both call and put options decreased today. The option strategy is to hold off [14][15]

Group 1: Report Overview - The report is an Apple Daily from the Agricultural Products R & D Report on February 24, 2024, analyzing the apple market [1] Group 2: Market Information Spot Prices - Fuji apple price index was 107.22, down 0.30 from the previous workday; 6 - fruit average wholesale price was 8.10, up 0.12 from the previous workday [2] - Prices of various apple varieties like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80 remained stable [2] Futures Prices - AP01 was 8286, down 15 from the previous close; AP05 was 9705, down 130; AP10 was 8425, down 45 [2] - Spreads like AP01 - AP05, AP05 - AP10, and AP10 - AP01 changed by 115, - 82, and - 30 respectively [2] Basis - Basis of Qixia first and second - grade 80 against AP01, AP05, and AP10 changed by 15, 130, and 45 respectively [2] Group 3: Market News and Views Transaction Logic - Pre - Spring Festival apple出库 data was okay, and inventory decreased significantly, with the year - on - year inventory decline widening. Apple demand was not bad considering the high cold - storage apple prices [5] - The apple warehouse receipt cost this season is around 9700 - 10000 yuan/ton. As the March contract is approaching the delivery month after the Spring Festival, the market may trade the warehouse receipt cost, and the price of the May contract is expected to remain strong in the short term [5] Transaction Strategy - For the single - side strategy, go long on the May contract on dips and short the October contract on rallies [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For options, it is recommended to wait and see [8] Group 4: Related Attachments - There are 10 figures in total, including those showing the prices of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, spreads between different AP contracts, apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple出库 volume [10][11][12]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog Futures Price - DCE01 decreased from 720.0 to 713.5, a drop of 6.5; DCE05 decreased from 746.0 to 740.5, a drop of 5.5; DCE09 decreased from 730.5 to 724.5, a drop of 6.0 [2] - I01 - I05 decreased from -26.0 to -27.0, a drop of 1.0; I05 - I09 increased from 15.5 to 16.0, an increase of 0.5; I09 - I01 increased from 10.5 to 11.0, an increase of 0.5 [2] Spot Price - Various iron ore spot prices decreased, such as PB powder (60.8%) from 763 to 752, a drop of 11; Newman powder from 763 to 752, a drop of 11; etc [2] - The optimal delivery product is BRBF (63%) with a price of 795, 01 factory - warehouse basis of 67, 05 factory - warehouse basis of 41, and 09 factory - warehouse basis of 56 [2] Spot Variety Spread - The spread between some varieties changed, for example, the spread of Carajás powder - PB powder increased from 97 to 99, an increase of 2; Newman powder - Jinbuba powder spread remained unchanged at 47 [2] Import Profit - Import profits of various iron ore varieties increased, such as Carajás powder import profit increased from 2 to 15, an increase of 12; Newman powder import profit increased from 49 to 58, an increase of 10 [2] Platts Index - Platts iron ore 61% price decreased from 99.6 to 96.8, a drop of 2.8; Platts iron ore 65% price decreased from 116.1 to 113.4, a drop of 2.7; Platts iron ore 58% price decreased from 91.9 to 90.6, a drop of 1.3 [2] Internal - External Disk US Dollar Spread - SGX main - DCE01 decreased from 3.8 to 3.4, a drop of 0.4; SGX main - DCE05 remained unchanged at 0.1; SGX main - DCE09 decreased from 2.3 to 2.1, a drop of 0.2 [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Short - term, the overall trend of edible oils is oscillating. Palm oil, soybean oil, and rapeseed oil prices all rose by over 1% today. Palm oil is expected to have limited price fluctuations, soybean oil will follow the palm oil trend, and rapeseed oil will maintain a slight inventory reduction in the short - term but may face supply pressure in the long - term [4][7][8] - The recommended trading strategies are to wait and see for single - side trading, consider reverse arbitrage for P59 and Y59, and wait and see for options [10] 3. Summary by Directory 3.1 Data Analysis - **Spot prices and basis**: For soybean oil, the 2605 closing price is 8140, with a rise of 86. The spot prices in Zhangjiagang, Guangdong, and Tianjin are 8540, 8620, and 8440 respectively, and the basis in these regions are 480, 400, and 300 respectively. For palm oil, the 2605 closing price is 8824, up 126. The spot prices in Guangdong, Zhangjiagang, and Tianjin are 8774, 8764, and 8914 respectively, and the basis are - 50, - 60, and 90 respectively. For rapeseed oil, the 2605 closing price is 9200, up 162. The spot prices in Zhangjiagang, Guangxi, and Guangdong are 9820, 9900, and the basis in Zhangjiagang and Guangdong are 620 and 700 respectively [2] - **Monthly spreads**: The 5 - 9 monthly spread of soybean oil is 70 with no change, that of palm oil is 10 with a rise of 8, and that of rapeseed oil is 29 with a rise of 1 [2] - **Cross - variety spreads**: For the 05 contract, the Y - P spread is 684 with a change of - 40, the OI - Y spread is 1060, and the OI - P spread is 376 with a rise of 36. The oil - meal ratio is 2.93 with a rise of 0.05 [2] - **Import profits**: The 24 - degree palm oil from Malaysia and Indonesia has a disk profit of - 230, and the CNF price is 1105. The FOB price of Rotterdam rapeseed oil is 1062, and the disk profit is - 1401 [2] - **Weekly commercial inventory**: In the 6th week of 2026, the soybean oil inventory is 70.1 tons (compared with 96.0 tons last week and 94.7 tons last year), the palm oil inventory is 72.7 tons (compared with 44.3 tons last year), and the rapeseed oil inventory is 23.7 tons (compared with 24.2 tons last week and 64.0 tons last year) [2] 3.2 Fundamental Analysis - **International market**: The Malaysian Palm Oil Council (MPOC) predicts that the price of crude palm oil in March will fluctuate between 4000 and 4300 ringgit per ton (about 1026 - 1103 US dollars). Supply tightening, increased demand from major buyer India, and the strengthening of US soybean oil prices will support palm oil prices, but the abundant global soybean supply and increased soybean oil exports may limit its increase [4] - **Domestic market**: - **Palm oil**: After the festival, palm oil prices rose. As of February 6, 2026, the national palm oil commercial inventory was 72.67 tons, a 3.61% increase from last week. The origin's quotes increased steadily, the import profit was inverted by about 200, the basis was weak, and the spot trading volume increased slightly. In the short - term, palm oil will remain oscillating [4] - **Soybean oil**: The soybean oil price rose today. Before the festival, the actual soybean crushing volume of oil mills was 168.79 tons, and the operating rate was 46.43%, a decrease from the previous week. As of February 6, 2026, the national soybean oil commercial inventory was 115.52 tons, a 0.78% increase from last week. The soybean oil inventory is gradually decreasing, but it is still at a relatively high level in the same period. The basis is stable, the market trading is dull, and in the short - term, it will follow the palm oil trend [5][7] - **Rapeseed oil**: The rapeseed oil price rose today. Before the festival, the rapeseed crushing volume of coastal oil mills was 1 ton, and the operating rate was 2.67%, an increase from the previous week. As of February 20, 2026, the coastal rapeseed inventory was 9.8 tons, a decrease of 6 tons from last week. As of February 6, 2026, the coastal rapeseed oil inventory was 23.7 tons, a decrease of 0.5 tons. The European rapeseed oil FOB quote was stable at around 1030 US dollars, and the import profit inversion expanded to about - 1300. After the festival, the number of operating oil mills increased, the supply may increase, and the demand is weak. The basis is expected to be weak. Recently, a large amount of Canadian rapeseed has been purchased, which may bring supply pressure in the long - term. In the short - term, the inventory is slightly decreasing, and the actual available inventory is tight, which supports the near - term basis. The high import cost also supports the price. The domestic rapeseed oil is still affected by policy, and attention should be paid to the changes in rapeseed import policies [8] 3.3 Trading Strategies - **Single - side**: Wait and see in the short - term as edible oils are oscillating [10] - **Arbitrage**: Consider reverse arbitrage for P59 and Y59 when the price is high [10] - **Options**: Wait and see [10] 3.4 Related Attachments - The report provides 8 figures, including the spot basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, and the monthly spreads and cross - variety spreads of soybean oil, palm oil, and rapeseed oil [13][14][16][20]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Today, the steel futures market declined overall, and the spot prices decreased slightly compared to before the holiday. During the holiday, the overall production of the five major steel products increased, and the impact on hot metal production was small. The total steel inventory increased at an accelerated pace, but the inventory accumulation rate of rebar was slower than in previous years. The export of steel was affected by the decline in export licenses, and the overseas manufacturing industry ended the restocking process. The inventory of hot-rolled coils accumulated rapidly, and the current inventory levels of billets and plates were high, with great demand pressure. The performance of rebar was stronger than that of hot-rolled coils. The raw material replenishment of steel mills before the holiday has ended, and the enthusiasm for winter storage this year was insufficient. Currently, the steel inventory is high, and the capital expenditure after the holiday may fall short of expectations. The demand recovery situation remains to be seen. The pessimistic expectations of steel mills may also limit the height of hot metal production this year, putting pressure on raw materials. However, the current absolute price of steel is low, and even if it falls, the space is relatively limited. Overall, it may maintain a weak and volatile trend [5]. 3. Summary by Relevant Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar was priced at 3,180 yuan (-10), Beijing Jingye rebar at 3,110 yuan (-10), Shanghai Angang hot-rolled coil at 3,220 yuan (-20), and Tianjin Hegang hot-rolled coil at 3,130 yuan (-10) [4]. Market Research and Judgment Trading Strategy - Unilateral: Maintain a weak and volatile trend before the holiday [6]. - Arbitrage: It is recommended to short the hot-rolled coil to coking coal ratio at high levels, and continue to hold the short position of the hot-rolled coil to rebar spread [6]. - Options: It is recommended to wait and see [7]. Important Information - On February 20, 2026, US President Trump signed an announcement, stipulating that a 10% import tax would be imposed on imported goods within 150 days. The temporary import tariff would take effect at 00:01 on February 24, 2026. On February 21, Trump raised the import tariff rate on global goods from 10% to 15% [8]. - On February 24, 2026, the price of common billet resources of Songting Iron and Steel in Qian'an, Tangshan decreased by 10, and the ex-factory price was 2,880 yuan including tax [9]. Relevant Attachments - The report provides multiple charts, including the basis of rebar and hot-rolled coil contracts in different months, the price difference between different contracts, the spread between hot-rolled coil and rebar, the disk profit of rebar and hot-rolled coil contracts, the cash profit of different steel products, the cost of electric furnaces, etc. The data sources are Galaxy Futures, Mysteel, and Wind [14][16][18].

研究所 黑色金属研发报告 黑色金属日报 2026 年 2 月 24 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5470 | -22 | -124 | 120747 | -20162 | 200355 | 15894 | | SM主力合约 | 5738 | -32 | -74 | 171048 | 14614 | 434550 | 41065 | | 现 货 | | | | | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5270 | -100 | -120 | 硅锰6517内蒙 | 5620 | -3 ...

研究所 原油研发报告 原油日报 2026 年 2 月 24 日 原油现货市场日报 | | 因韩国船东大规模押注及地缘政治紧张升级推高费率， 长期锁定超级 油轮的成本已飙升至创纪录水平。 | | --- | --- | | 贸易物流 | 一艘载有印度柴油的油轮已停靠欧洲最大港口。 此前部分贸易商曾对 | | | 可能违反针对俄罗斯原油制燃料的新制裁表示谨慎， 此次到港因此备 | | | 受关注。 | | | 雪佛龙公司与俄罗斯卢克石油公司签署巨型油田独家谈判协议后， 已 | | | 成为接管伊拉克第二大油田综合体的最有力竞争者。 | | 油田管道 | 数据显示， 今年1月美国对欧洲柴油出口量创历史新高， 这主要源于欧 | | | 洲加强针对俄罗斯原油制燃料的进口禁令， 同时俄罗斯折扣柴油在巴 | | | 西市场挤占了美国燃料份额。 | | | 英国宣布对俄实施 297 项新制裁， 剑指能源收入与军事装备供应商。 | | | 随着匈牙利与斯洛伐克叫停相关措施， 欧盟未能批准新一轮对俄制裁 | | 地缘政治 。 | 在乌克兰战争进入第五年之际， 此举暴露出欧盟内部的分歧。 | | | 周二发布的数据显示， 过去12 ...