Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the US soybean futures market showed a significant upward trend, mainly driven by the biodiesel policy and improved export prospects due to macro - changes. However, the US soybean export sales data decreased, and the growth rate of demand slowed down. The subsequent market impact mainly depends on the Argentine weather and the US monthly supply - demand report [5][13]. - The downward pressure on the domestic soybean meal futures increased due to improved subsequent supply and high previous crushing profits. The soybean meal inventory is expected to gradually decline, but the current price has already reflected the subsequent de - stocking, so the impact is relatively limited. In the medium - to - long - term, the supply pressure may be relatively large [6]. - The domestic rapeseed meal also showed a downward trend this week, with a larger decline than soybean meal. The demand for rapeseed meal is mainly affected by soybean meal. As the subsequent soybean meal spot may gradually tighten, the demand for rapeseed meal is expected to be relatively good. The supply of rapeseed meal has gradually improved recently [6][22]. - The trading strategy suggests a wait - and - see approach for single - side trading, expanding the MRM spread for arbitrage, and selling a wide - straddle strategy for options [7]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategy Comprehensive Analysis - US soybean futures rose significantly this week, mainly influenced by the biodiesel policy and macro - changes. The fundamentals of the US soybean market remained stable, with a decrease in exports and stable crushing. The Brazilian price support still exists, and the Argentine new - crop supply decreased due to weather. The main influencing factor for the US soybean market may be the Argentine weather, and the export increment space is limited [5]. - The downward pressure on domestic soybean meal futures increased due to improved supply and high previous crushing profits. The subsequent soybean arrivals will gradually decrease, and the soybean meal inventory may decline. In the medium - to - long - term, the supply pressure may be relatively large. The domestic rapeseed meal also declined, with a larger decline than soybean meal. The demand for rapeseed meal is mainly affected by soybean meal, and the subsequent supply has improved [6]. Strategy - Single - side: Wait and see. - Arbitrage: Expand the MRM spread. - Options: Sell a wide - straddle strategy (views are for reference only and not as a basis for trading) [7] Chapter 2: Core Logic Analysis 1. Macro Impact Increases, US Soybeans Rise Significantly - The US soybean futures rose significantly this week, driven by macro and biodiesel factors. The US Treasury's tax guidance on biodiesel and improved export prospects due to macro - changes led to the upward movement. The US soybean export sales data decreased, and the growth rate of demand slowed down. The subsequent market impact mainly comes from the limited short - term export growth and the upcoming US monthly supply - demand report [13]. 2. Brazilian Quotes Remain Firm, Argentine Weather Still Causes Disturbance - Brazilian quotes decreased this week but still remained at a high level. The old - crop pressure in Brazil is relatively limited, while the new - crop market pressure is obvious. The Brazilian export shipment speed has accelerated. The main influencing factor in the Argentine market is the weather, and the yield is subject to uncertainty [16]. 3. Futures Pressure Increases, Trading Remains Strong - The domestic soybean meal futures showed a downward trend this week due to the repair of crushing profits and reduced concerns about soybean supply shortages. The trading volume of soybean meal decreased, especially the forward basis trading. The market is expected to see a slight de - stocking of soybean meal this week. The futures market is complex, and it is likely to show a more volatile trend [19]. 4. Supply Pressure Increases, Rapeseed Meal Declines Overall - The domestic rapeseed meal futures also declined this week, and the soybean - rapeseed meal spread continued to widen. The decline was affected by both soybean meal and improved subsequent supply. The demand for rapeseed meal is average, and the supply has improved recently. The international rapeseed market provides some support to the price of rapeseed meal, but the overall supply is relatively loose [22] Chapter 3: Fundamental Data Changes International Market - The data shows the US soybean weekly sales, export inspection volume, monthly crushing volume, and weekly crushing profit, as well as the Brazilian and Argentine monthly export and crushing data [26][29]. Foreign Premium - The data presents the FOB prices of the US Gulf, Brazil, and Argentina, as well as the CNF price of rapeseed [32]. Macro: Exchange Rate & International Shipping - The data includes the US dollar exchange rates against the Chinese yuan, Brazilian real, and Argentine peso, and the shipping freight rates from the US Gulf, Brazil, and Argentina to China [37][44]. Supply - The data shows the soybean and rapeseed import volumes and weekly crushing volumes [50]. Demand Side - The data presents the soybean meal and rapeseed meal pick - up volumes [53]. Inventory - The data shows the soybean, rapeseed, soybean meal, and rapeseed + rapeseed meal inventories [57]

【生猪周报】出栏增加明显 价格继续承压 研究员：陈界正 期货从业证号：F3045719 投资咨询证号：Z0015458 目录 第一章 综合分析&交易策略 2 | | | 第二章 数据图表&逻辑分析 3 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 1.综合分析&交易策略 ◼ 综合分析 本周生猪价格整体呈现下行态势，主要因养殖端出栏压力继续增加。前期市场出栏完成情况比较一般，随着后续出栏期开 始缩短，出栏压力以及出栏节奏明显增加。规模企业方面，近期出栏节奏明显加快，根据三方数据显示，月内生猪出栏完 成情况整体良好。并且根据三方数据显示，预计2月期间生猪日度出栏量环比整体呈现明显增加态势，规模企业后续出栏 压力明显增加。普通养殖户方面，近期出栏积极性同样有所增加，前期出栏节奏比较一般，近期开始有所加快。二次育肥 方面近期整体维持稳定，入场数量相对有限，并且市场大体重猪源数量 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report - The cotton fundamentals remain strong with an upward trend in the long - term. It is recommended to build long positions on dips. The expected reduction in Xinjiang's cotton planting area in 2026 and the upcoming textile projects in Xinjiang are factors influencing the market [6]. - In the short - term, both US cotton and Zhengzhou cotton are likely to trade in a range. The trading strategies suggest building long positions on dips for the unilateral trade, and adopting a wait - and - see approach for arbitrage and options [7]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Futures Market**: The CF01, CF05, and CF09 contracts of cotton all decreased by 70, while the CY05 and CY09 contracts of cotton yarn decreased by 45 and 25 respectively. The CY01 contract had no trading volume. The trading volume of most contracts decreased, and the open interest of some contracts changed. For example, the open interest of the CF01 contract increased by 84, and that of the CF05 contract decreased by 270 [2]. - **Spot Market**: The CCIndex3128B price was 15,967 yuan/ton, down 45; the CY IndexC32S price was 21,455 yuan, unchanged. The prices of other varieties such as Cot A, FCY IndexC33S, etc., also had corresponding changes [2]. - **Spreads**: In the cotton and cotton yarn markets, there were changes in cross - period spreads and cross - variety spreads. For example, the 1 - 5 month spread of cotton was 530, unchanged; the CY05 - CF05 spread was 5,750, up 25 [2]. 3.2 Market News and Views Cotton Market News - As of January 22, 2026, the sowing progress of Brazil's 2025/26 cotton was 55.5%. As of February 6, the planting was 88.1% complete, up 9.5 percentage points month - on - month, 0.7 percentage points faster year - on - year, and 3.6 percentage points slower than the three - year average. The planting progress in Mato Grosso and Bahia is in the middle - late stage [4]. - As of the week of February 6, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 2.9894 million tons, accounting for 98.7% of the estimated annual US cotton output, 6% slower year - on - year. The inspection progress of upland cotton was 98.6%, down 5% year - on - year; that of Pima cotton was 99.5%, 17% slower year - on - year. The weekly deliverable ratio was 78.1%, and the quarterly deliverable ratio was 81.8%, 1.2 percentage points higher year - on - year [5]. Trading Logic - According to the National Bureau of Statistics, Xinjiang's cotton planting area in 2025 was 38.87 million mu. It is expected to decrease by 2.66 million mu to 36.21 million mu in 2026, a reduction of 7%. Some large - scale planters have received relevant notices. Several large textile projects are expected to be launched in Xinjiang this year, which is beneficial to cotton consumption [6]. Trading Strategies - **Unilateral**: It is expected that US cotton will trade in a range in the short - term, and Zhengzhou cotton will also trade in a range. It is advisable to build long positions on dips. - **Arbitrage**: Adopt a wait - and - see approach. - **Options**: Adopt a wait - and - see approach [7]. Cotton Yarn Industry News - The trading in the pure cotton yarn market has become quiet, with more spinning mills on holiday. Yarn prices are generally stable, and some spinning mills have slightly increased their quotes. - The full - cotton grey fabric market is getting more festive, and the market remains sluggish. Traders are gradually returning home. Some weaving mills report that post - holiday orders are fewer than in previous years. Weaving mills continue to stop production and reduce loads, and there is expected to be no significant change before the Spring Festival [9]. 3.3 Options - **Option Contract Information**: On January 19, 2026, for options such as CF605C14600.CZC, CF605C14200.CZC, and CF605P13800.CZC, the closing prices decreased by 16.9%, 17.7%, and 34.1% respectively, and the implied volatilities were 13.3%, 11.3%, and 11.2% respectively [11]. - **Volatility and Volume PCR**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility. The PCR of the main contract of Zhengzhou cotton yesterday was 0.8667, and the volume PCR was 0.4688. The trading volumes of both call and put options decreased today [11][12]. - **Option Strategy**: Adopt a wait - and - see approach [13].

研究所 农产品研发报告 期货从业证号： 白糖日报 2026 年 2 月 10 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | 2026/2/10 | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | 5,288 | 14 | 0.27% | 26,559 | -748 | 123,081 | 2021 | | SR01 | 5,395 | 16 | 0.30% | 726 | -340 | 4,146 | 519 | | SR05 | 5,278 | 17 | 0.32% | 257,845 | 4421 | 458,435 | 4522 | | 现货价格 | | | | | | | | | 白糖 | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | 5370 | 5175 | 5620 | 5360 | 5435 | 5430 | ...

研究所 农产品研发报告 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3790 | 3770 | 20 | 01-05 | 398 | 346 | 52 | | JD05 | 3392 | 3424 | -32 | 05-09 | -483 | -455 | -28 | | JD09 | 3875 | 3879 | -4 | 09-01 | 85 | 109 | -24 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.68 | 1.67 | 0.01 | 01鸡蛋/豆粕 | 1.30 | 1.29 | 0.01 | | 05鸡蛋/玉米 | 1.49 | 1.50 | -0.01 | 05鸡蛋/豆粕 | 1.24 | 1.25 | -0.01 | | ...

油脂日报 2026 年 02 月 10 日 油脂日报 第一部分 数据分析 | | | | | | 银河期货油脂日报 | | | | | | 2026/2/10 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 油脂现货价格及基差 | | | | | | | | | 品种 | 2605收盘价 | 涨跌 | | 各品种地区现货价 | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8098 | (16) | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8478 | | | | 8578 | 8378 | | 480 | -20 | 380 | 0 | 280 | 0 | | 棕榈油 | 8940 | (74) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8890 | | | | 8880 | 9040 | ...

研究所 原油研发报告 原油日报 2026 年 2 月 10 日 原油现货市场日报 研究员： 赵若晨 期货从业证号： F03151390 投资咨询从业证号： Z0023496 ： zhaoruochen_qh @chinastock.com.cn | | 阿达尼集团表示， 美国向该公司寻求信息， 因为一份媒体报道指称该 | | --- | --- | | | 公司将伊朗石油产品进口到印度， 引起了对潜在制裁的担忧。 | | | 美国政府在一份航行通告中建议， 美籍船舶在通过霍尔木兹海峡时应 | | | 尽可能远离伊朗水域。 此前一艘船舶上周在该海域遭遇骚扰， 华盛顿 | | 贸易物流 | 与德黑兰之间的紧张局势持续升温。 | | | 欧盟提议对处理俄罗斯石油的格鲁吉亚和印度尼西亚港口实施制裁。 | | | 据消息人士透露， 委内瑞拉奥里诺科石油带的产量管制放松助力该国 | | | 原油产量回升至每日100万桶水平。 | | 能源转型 | 美国环保署计划本周废除一项政策， 该政策为一系列温室气体排放管 | | | 制法规提供了法律依据， 标志着特朗普总统在应对气候变化问题上做 | | | 出的最具实质性的政策倒退 ...

研究所 航运研发报告 航运日报 2026 年 2 月 10 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2604 | 1,179.0 | -59.0 | -4.77% | 29,560.0 | 105.51% | 33,899.0 | 8.89% | | EC2605 | 1,273.0 | 1,273.0 | / | 271.0 | / | 228.0 | / | | EC2606 | 1,499.8 | -53.2 | -3.43% | 4,155.0 | 88.35% | 14,740.0 | 0.10% | | EC2 ...

研究所 液化气研发报告 液化气日报 2026 年 2 月 10 日 液化气日报 日度数据 原油天然气市场 1. 阿达尼集团表示，美国向该公司寻求信息，因为一份媒体报道指称该公司将伊朗石油产品 进口到印度，引起了对潜在制裁的担忧。2. 日本炼油商科斯莫石油公司发言人表示，该公司 位于大阪的坂井炼油厂日产量 10 万桶的原油蒸馏装置于 2 月 9 日发生计划外停机，恢复运 转时间尚不确定。3. 美国政府在一份航行通告中建议，美籍船舶在通过霍尔木兹海峡时应尽 可能远离伊朗水域。此前一艘船舶上周在该海域遭遇骚扰，华盛顿与德黑兰之间的紧张局势 持续升温。 研究员： 赵若晨 期货从业证号： F03151390 投资咨询从业证号： Z0023496 ： zhaoruochen_qh @chinastock.com.cn 1 / 6 研究所 液化气研发报告 现货概况 山东地区：山东地区民用气估价 4490 元/吨，环比+20 元/吨。随着市场运力逐步下降，外 围资源流入逐步减少，对省内炼厂存较强支撑，叠加炼厂并无库存压力，今日市场延续小涨 态势。山东醚后碳四市场主流上行，整体成交氛围良好，节日影响仍在持续，区内延续低供 局面 ...

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: February 10, 2026 [2] Group 2: Futures Prices - DCE01 price: 732.0, unchanged from yesterday [2] - DCE05 price: 761.5, unchanged from yesterday [2] - DCE09 price: 744.0, up 1.0 from yesterday [2] - I01 - I05 spread: -29.5, unchanged from yesterday [2] - I05 - I09 spread: 17.5, down 1.0 from yesterday [2] - I09 - I01 spread: 12.0, up 1.0 from yesterday [2] Group 3: Spot Prices - PB powder (60.8%) price: 763, up 2 from the day before yesterday [2] - Newman powder price: 763, up 2 from the day before yesterday [2] - Mac powder price: 755, down 1 from the day before yesterday [2] - Jinbuba powder (60.5%) price: 716, up 1 from the day before yesterday [2] - Roy Hill powder price: 753, up 2 from the day before yesterday [2] - Super Special powder price: 653, up 2 from the day before yesterday [2] - BRBF (62.5%) price: 784, down 10 from the day before yesterday [2] - BRBF (63%) price: 790, down 10 from the day before yesterday [2] - FMG price: 709, up 2 from the day before yesterday [2] - Carajás powder price: 864, up 6 from the day before yesterday [2] - Karara concentrate price: 846, unchanged from the day before yesterday [2] - Ukrainian concentrate price: 835, unchanged from the day before yesterday [2] - IOC6 price: 738, up 1 from the day before yesterday [2] - KUMBA price: 832, unchanged from the day before yesterday [2] - SP10 price: 689, up 4 from the day before yesterday [2] - Minmetals standard powder price: 774, unchanged from the day before yesterday [2] Group 4: Basis and Spread - Optimal delivery product: BRBF (63%) [2] - 01 factory warehouse basis: 63 [2] - 05 factory warehouse basis: 34 [2] - 09 factory warehouse basis: 52 [2] - Carajás powder - PB powder spread: 97, up 4 from the day before yesterday [2] - Newman powder - Jinbuba powder spread: 47, up 1 from the day before yesterday [2] - Carajás powder - Jinbuba powder spread: 148, up 5 from the day before yesterday [2] - PB powder - Jinbuba powder spread: 51, up 1 from the day before yesterday [2] - Newman lump - Newman powder spread: 86, up 5 from the day before yesterday [2] - Roy Hill lump - Roy Hill powder spread: 19, up 5 from the day before yesterday [2] - Mac powder - Super Special powder spread: 102, down 3 from the day before yesterday [2] - PB powder - Super Special powder spread: 114, unchanged from the day before yesterday [2] - PB lump - PB powder spread: 78, up 4 from the day before yesterday [2] Group 5: Index and Spread - Platts 61% iron ore price: 100.2, up 1.5 from the day before yesterday [2] - Platts 65% iron ore price: 116.5, up 1.5 from the day before yesterday [2] - Platts 58% iron ore price: 91.9, up 0.5 from the day before yesterday [2] - SGX main - DCE01 spread: 4.4, up 0.9 from the day before yesterday [2] - SGX main - DCE05 spread: 0.7, up 0.7 from the day before yesterday [2] - SGX main - DCE09 spread: 3.0, up 0.8 from the day before yesterday [2] Group 6: Import Profit - Carajás powder import profit: -1, up 1 from the day before yesterday [2] - Newman powder import profit: 51, down 4 from the day before yesterday [2] - PB powder import profit: 22, down 7 from the day before yesterday [2] - Jinbuba powder import profit: 53, down 5 from the day before yesterday [2] - Super Special powder import profit: 5, down 2 from the day before yesterday [2] - PB lump import profit: 112, down 6 from the day before yesterday [2] - BRBF import profit: 11, down 14 from the day before yesterday [2] - Mac powder import profit: 45, down 7 from the day before yesterday [2] - FMG import profit: 6, down 2 from the day before yesterday [2]