RU、NR 日报 【银河期货】天然橡胶及 20 号胶每日早盘观察（26-02-24） 天然橡胶及 20 号胶：外盘走强 【市场情况】 RU 天然橡胶相关：RU 主力 05 合约报收 16315 点，下跌-135 点或-0.82%。 日胶主连报收 354.5 点，节中累计上涨+7.4 点或+2.1%。截至前日 12 时，销地 WF 报收 16150-16200 元/吨，越南 3L 混合报收 16700 元/吨，泰国烟片报收 18400-18500 元/吨，产地标二报收 14200-14300 元/吨。 NR 20 号胶相关：NR 主力 04 合约报收 1380 点，下跌-190 点或-1.42%；新 加坡 TF 主力 05 合约报收 193.8 点，节中累计上涨+2.0 点或+1.0%。截至前日 18 时，烟片胶船货报收 2280-2300 美元/吨，泰标近港船货报收 1960-1980 美元/ 吨，泰混近港船货报收 1960-1980 美元/吨，马标近港船货报收 1950-1970 美元/ 吨，人民币混合胶现货报收 15250-15300 元/吨。 BR 丁二烯橡胶相关：BR 主力 04 合约报收 12590 ...

Report Date - The report is dated February 13, 2026 [2] Bond Futures Transaction Summary Overall Transaction - The total trading volume of all bond futures was 208,389,000, a 64% increase; the total turnover was 226.1 billion, a 64% increase; the total open interest was 333,516,000, a decrease of 16,937,000; and the total margin for open positions was 72.4 billion [3] Different Contracts - **T Contracts**: The closing prices of T2603, T2606, and T2609 decreased by 0.10%, 0.06%, and 0.03% respectively; the trading volumes increased by 58%, 69%, and 280% respectively; the turnovers increased by 58%, 69%, and 280% respectively; the open interests of T2603 decreased by 40,918, while T2606 increased by 23,718, and T2609 had 7,646 open positions; the margin for open positions was 31.1 billion, 39.7 billion, and 1.7 billion respectively [3] - **TF Contracts**: The closing prices of TF2603, TF2606, and TF2609 decreased by 0.09%, 0.04%, and 0.02% respectively; the trading volumes increased by 26%, 116%, and 6% respectively; the turnovers increased by 26%, 116%, and 6% respectively; the open interests of TF2603 decreased by 22,141, while TF2606 increased by 21,660, and TF2609 had 9,030 open positions; the margin for open positions was 6.7 billion, 16.3 billion, and 1.1 billion respectively [3] - **TL Contracts**: The closing prices of TL2603, TL2606, and TL2609 increased by 0.04%, 0.06%, and 0.08% respectively; the trading volumes increased by 55%, 96%, and 79% respectively; the turnovers increased by 55%, 96%, and 78% respectively; the open interests of TL2603 decreased by 15,702, while TL2606 increased by 8,103, and TL2609 had 8,194 open positions; the margin for open positions was 28.3 billion, 40.2 billion, and 3.2 billion respectively [3] - **TS Contracts**: The closing prices of TS2603, TS2606, and TS2609 decreased by 0.03%, 0.02%, and 0.01% respectively; the trading volumes of TS2603 decreased by 25%, TS2606 increased by 31%, and TS2609 decreased by 13%; the turnovers decreased by 25%, increased by 31%, and decreased by 13% respectively; the open interests of TS2603 decreased by 7,354, while TS2606 increased by 6,904, and TS2609 had 1,310 open positions; the margin for open positions was 2.8 billion, 4.4 billion, and 0.1 billion respectively; the total trading volume decreased by 8%, the turnover decreased by 8%, the open interest decreased by 426, and the margin for open positions was 7.4 billion [3] Bond Futures Net Open Interest - The report presents the net open interest trends of two - year, five - year, ten - year, and thirty - year bond futures, including the net open interest changes of the top five, top ten, and top twenty positions over time, but specific data mainly shows the percentage range and time points [5][7][8] Bond Futures Open Interest Positions Two - Year Bond Futures - **2603 Contract**: In terms of trading volume, Dongzheng Futures (on behalf of clients) had 12,054 contracts with a decrease of 2,364; in terms of long positions, Ping'an Futures (on behalf of clients) had 4,275 contracts with an increase of 2,105; in terms of short positions, CITIC Futures (on behalf of clients) had 6,643 contracts with a decrease of 1,326 [10] - **2606 Contract**: CITIC Futures (on behalf of clients) had the highest trading volume of 12,428 contracts with an increase of 7,024; CITIC Futures (on behalf of clients) had the highest long positions of 7,372 contracts with an increase of 901; Guotai Jun'an (on behalf of clients) had the highest short positions of 11,516 contracts with an increase of 1,457 [12] Five - Year Bond Futures - **2603 Contract**: CITIC Futures (on behalf of clients) had the highest trading volume of 32,446 contracts with an increase of 6,174; CITIC Futures (on behalf of clients) had the highest long positions of 9,118 contracts with a decrease of 2,336; Guotai Jun'an (on behalf of clients) had the highest short positions of 11,904 contracts with a decrease of 3,088 [13] - **2606 Contract**: CITIC Futures (on behalf of clients) had a trading volume of 31,735 contracts with an increase of 16,320; Dongzheng Futures (on behalf of clients) had the highest long positions (in the table's ranking logic) of 27,608 contracts with an increase of 1,231; CITIC Futures (on behalf of clients) had the highest short positions of 22,797 contracts with an increase of 2,144 [16] Ten - Year Bond Futures - **2603 Contract**: CITIC Futures (on behalf of clients) had the highest trading volume of 62,002 contracts with an increase of 22,265; CITIC Futures (on behalf of clients) had long positions of 24,772 contracts with a decrease of 7,533; Dongzheng Futures (on behalf of clients) had the highest short positions of 19,215 contracts with a decrease of 6,417 [17] - **2606 Contract**: CITIC Futures (on behalf of clients) had a trading volume of 38,484 contracts with an increase of 11,527; CITIC Futures (on behalf of clients) had the highest long positions of 40,782 contracts with an increase of 6,077; CITIC Futures (on behalf of clients) also had relatively high short positions of 27,944 contracts with an increase of 3,071 [20] Thirty - Year Bond Futures - **2603 Contract**: CITIC Futures (on behalf of clients) had the highest trading volume of 43,495 contracts with an increase of 19,652; Guotai Jun'an (on behalf of clients) had the highest long positions of 13,808 contracts with a decrease of 2,622; Guotai Jun'an (on behalf of clients) also had the highest short positions of 13,662 contracts with a decrease of 1,636 [22] - **2606 Contract**: CITIC Futures (on behalf of clients) had a trading volume of 27,528 contracts with an increase of 13,548; CITIC Futures (on behalf of clients) had the highest long positions of 18,524 contracts; Dongzheng Futures (on behalf of clients) had the highest short positions of 16,346 contracts with an increase of 710 [24]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Related Catalogs Futures Market Data - DCE01 remained unchanged at 733.5, DCE05 decreased by 0.5 to 762.0, and DCE09 remained at 745.0 [2] - The spread I01 - I05 increased by 0.5 to -28.5, I05 - I09 decreased by 0.5 to 17.0, and I09 - I01 remained at 11.5 [2] Spot Market Data - Prices of most iron ore spot varieties remained stable, with some minor changes like FMG increasing by 1, SP10 increasing by 4, and Ukrainian concentrate increasing by 8 [2] - The optimal deliverable was BRBF(63%) with a price of 803, 01 - contract basis of 62, 05 - contract basis of 33, and 09 - contract basis of 50 [2] Spot Variety Spread and Import Profit - Some spreads remained stable (e.g., Carajás - PB powder at 97), while others changed slightly (e.g., Newman lump - Newman powder increased by 2) [2] - Import profits also had minor changes: Carajás increased by 1 to 0, Newman powder decreased by 1 to 48, etc. [2] Index Data - The Platts 61% iron ore price decreased by 0.3 to 100.0, 65% remained at 116.5, and 58% decreased by 0.3 to 92.0 [2] - The SGX - DCE spreads remained mostly unchanged (e.g., SGX main - DCE01 at 4.1) [2]

Group 1: Investment Rating - No investment rating information provided in the content Group 2: Core View - The market has reached a consensus on the low inventory and poor quality of apples in cold storage this year. The point of divergence lies in the demand situation. The pre - Spring Festival market restocking was okay, with the apple outbound volume from cold storage at a medium level compared to the same period in previous years, causing the year - on - year decline in recent cold storage inventory data to widen again. The apple warehouse receipt cost this season is high, around 9700 - 10000 yuan/ton. As the March contract will enter the delivery period after the Spring Festival, the market may trade on the warehouse receipt cost issue, so it is expected that the price of the May contract will remain in a short - term upward trend [5] Group 3: Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 107.22, down 0.30 from the next working day. Prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remain unchanged. The average wholesale price of 6 kinds of fruits is 7.98 yuan, up 0.01 from the next working day [2] - **Futures Prices**: AP01 is at 8209, up 56 from yesterday's close; AP05 is at 9739, up 138; AP10 is at 8318, up 60. The spreads between different contracts also show corresponding changes [2] - **Basis**: The basis of Qixia first - and second - grade 80 apples against different futures contracts shows a downward trend [2] Second Part: Market News and Views - **Market News**: As of February 4, 2026, the inventory of apples in cold storage in major producing areas across the country is 619.81 million tons, a decrease of 34.25 million tons compared to last week, with the destocking speed accelerating compared to the previous week and higher than the same period last year. In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 3100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. The mainstream prices of apples in the production areas are stable, with the cold storage packaging in Shandong nearing completion and more cold storages in the northwest region still packaging and shipping [7] - **Trading Logic**: Due to low cold - storage inventory, poor apple quality, and high warehouse - receipt costs, the price of the May contract is expected to remain strong in the short term [5] - **Trading Strategy**: Go long on the May contract on dips, go short on the October contract on rallies; conduct a long - May and short - October arbitrage; and it is recommended to wait and see for options [8] Third Part: Related Attachments - The content includes multiple charts such as the price of Qixia first - and second - grade paper - bagged 80 apples, the price of Luochuan semi - commodity paper - bagged 70 apples, the basis of AP contracts, spreads between different AP contracts, apple arrival volumes in certain markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [10][11][18]

1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption off - season starts after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction. Therefore, one can consider short - selling the June contract on rallies [6]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3787 with no change from the previous day; JD05 closed at 3444, up 69 from the previous day; JD09 closed at 3849, up 52 from the previous day [2]. - **Cross - month Spreads**: The 01 - 05 spread was 343, down 69 from the previous day; the 05 - 09 spread was - 405, up 17 from the previous day; the 09 - 01 spread was 62, up 52 from the previous day [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.66 with no change; the 05 egg/corn ratio was 1.48, up 0.03; the 09 egg/corn ratio was 1.65, up 0.02. The 01 egg/bean粕 ratio was 1.28, down 0.01; the 05 egg/bean粕 ratio was 1.23, up 0.02; the 09 egg/bean粕 ratio was 1.33, up 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 3.28 yuan/jin, down 0.01 yuan/jin from the previous trading day; the average price in the main sales areas was 3.54 yuan/jin, unchanged from the previous trading day. Most regional prices remained stable, with only a few showing minor fluctuations. For example, the price in Shangqiu dropped by 0.1 yuan/jin [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 4.38 yuan/jin, unchanged from the previous trading day. Most regional prices remained stable [2][5]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 4.38 yuan/jin, unchanged; the average price of chicken seedlings was 3.21 yuan, up 0.04 yuan; the price of egg - chicken vaccines was 3 yuan, unchanged. The average price of corn was 2372 yuan, up 2 yuan; the average price of soybean meal was 3164 yuan, unchanged; the price of egg - chicken compound feed was 2.61 yuan, unchanged [2]. - **Profits**: The profit per chicken was 12.18 yuan, down 0.67 yuan from the previous day [2]. 3.4 Fundamental Information - **Egg Production and Sales**: 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 the previous expectation. The monthly output of chicken seedlings in January was about 43.22 million, a month - on - month increase of 9%, with little year - on - year change. As of the week of February 5, the egg sales volume in the representative sales areas was 7210 tons, a decrease of 2.3% from the previous week, which was at a relatively high level in the same period over the years [4][5]. - **Culling Situation**: In the week of February 6, the number of culled laying hens in the main production areas was 16.55 million, a 2% increase from the previous week. The average culling age of culled chickens was 495 days, a 2 - day increase from the previous week [5][6]. - **Inventory and Profit**: As of the week of February 5, the average weekly inventory in the production link was 1.02 days, an increase of 0.05 days from the previous week; the average weekly inventory in the circulation link was 1.07 days, an increase of 0.02 days from the previous week. The average weekly profit per jin of eggs was 0.52 yuan/jin, a decrease of 0.14 yuan/jin from the previous week. On February 6, the expected profit of egg - chicken farming was - 12.65 yuan per chicken, a decrease of 0.37 yuan per jin from the previous week [5]. 3.5 Trading Logic - As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption off - season starts after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction [6]. 3.6 Trading Strategies - **Single - side**: Consider short - selling the June contract on rallies. - **Arbitrage**: It is recommended to wait and see. - **Options**: It is recommended to wait and see [7].

Group 1: Report Overview - The report is a shipping research report released on February 12, 2026, focusing on container shipping, specifically the Container Shipping Index (European Line) [1][2] Group 2: Market Data Futures Market - EC2604 closed at 1,258.9 points on February 12, up 6.88% from the previous day's close, with a trading volume of 36,394 lots (up 111.54%) and an open interest of 31,021 lots (down 6.07%) [4] - Other contracts also showed varying degrees of price increases, trading volume changes, and open interest adjustments [4] Spread Structure - The spread between different contract months showed fluctuations, such as the EC04 - EC06 spread being -307, up 15.9 [4] Container Freight Rates - SCFIS European Line was reported at 1,657.94 points on February 6, down 1.06% month - on - month, and the EC2602 delivery settlement price was 1,769.8 points [6] - Most container freight rates showed a downward trend week - on - week and year - on - year, with some exceptions like the SCFIS US West Line showing a 4.93% week - on - week increase [4] Fuel Costs - WTI crude oil near - month price was $64.79 per barrel, up 1.12% month - on - month and down 10.16% year - on - year; Brent crude oil near - month price was $68.95 per barrel, up 0.79% month - on - month and down 9.0% year - on - year [4] Group 3: Market Analysis and Strategy Recommendations Market Analysis - The risk of the escalation of the Iranian situation remains. Short - selling funds left the market for risk - avoidance before the holiday, driving the market up [6] - Spot freight rates may remain weak. Some shipping companies' price increase expectations have loosened, and the post - holiday period is still in the off - season [7] - In terms of fundamentals, the demand side is seeing a decline after reaching a peak, and the supply side's weekly average capacity deployment has little change compared to the previous period [7] - Geopolitical factors are volatile, and it is still difficult for a large - scale resumption of European routes in the first half of the year [7] Strategy Recommendations - Unilateral: Do not hold positions during the holiday and maintain a short - term wait - and - see attitude as the off - season in April does not warrant high expectations [8] - Arbitrage: Conduct rolling operations on the 6 - 10 positive spread [9] Group 4: Industry News - According to Wall Street Journal, the US Department of Defense has instructed a second aircraft carrier strike group to prepare for deployment to the Middle East, and the deployment order may be issued within hours [12] - Trump's meeting with Israeli Prime Minister Netanyahu has begun according to the AXIOS website [13] Group 5: Related Attachments - The report includes several figures, such as the SCFIS European Line Index and SCFIS US West Line Index, SCFI Composite Index, and container freight rates for different routes [15][20][26]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - International sugar prices are expected to remain weak in the short term. The price of the domestic Zhengzhou sugar May contract is also expected to follow a weak trend due to the international sugar price breaking below the previous low [10]. - The Brazilian sugar's influence on the global market is decreasing as its cane - crushing is nearly finished and exports are declining. The market's focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. India's sugar production may exceed expectations, putting downward pressure on international sugar prices [9]. - The domestic sugar market is in the peak crushing season, and the domestic sugar production in this season is likely to increase significantly, leading to some pressure on the supply side. Therefore, the Zhengzhou sugar price is expected to follow the weak trend of international sugar prices [9]. 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,259, down 16 (-0.30%) with a trading volume of 14,498 (an increase of 1704) and an open interest of 123,337 (an increase of 21); SR01 closed at 5,367, down 13 (-0.24%) with a trading volume of 423 (an increase of 164) and an open interest of 4,416 (an increase of 175); SR05 closed at 5,254, down 12 (-0.23%) with a trading volume of 146,436 (a decrease of 10,732) and an open interest of 443,331 (a decrease of 8,525) [3]. - **Spot Market**: The spot prices in various regions remained stable. The basis in Liuzhou was 116, in Kunming - 79, in Wuhan 366, in Nanning 106, in Bayuquan 181, in Rizhao 176, and in Xi'an 516 [3]. - **Month - to - Month Spread**: The SR05 - SR01 spread was - 113 (an increase of 1), the SR09 - SR05 spread was 5 (a decrease of 4), and the SR09 - SR01 spread was - 108 (a decrease of 3) [3]. - **Import Profit**: The quota - free price for Brazilian imports was 3,725, and the out - of - quota price was 4,722, with a spread of 648 compared to Liuzhou and 708 compared to Rizhao. For Thai imports, the quota - free price was 3,716, and the out - of - quota price was 4,710, with a spread of 660 compared to Liuzhou and 720 compared to Rizhao [3]. 3.2 Market Judgment - **Important Information** - In the 2025/26 sugar - making season as of February 10, Thailand's cumulative cane crushing volume was 57.5996 million tons, a decrease of 4.7877 million tons (7.67%) compared to the same period last year. The sugar content in cane was 12.45%, an increase of 0.15% compared to last year. The sugar production rate was 10.66%, an increase of 0.171% compared to last year. The sugar production was 6.1404 million tons, a decrease of 0.4035 million tons (6.17%) compared to last year [5]. - As of now, 2 sugar mills in Zhanjiang have finished crushing in the 2025/26 season, and 1 more is expected to finish before the Spring Festival. As of the end of January, Guangdong's cumulative sugar production was 0.3444 million tons, slightly higher than the same period last year. The sugar production rate was 9.827%, a decrease of 0.263% compared to last year. The estimated sugar production in Guangdong for the 2025/26 season is 0.6 million tons, lower than the previous season's 0.6545 million tons, and the production progress has reached about 60% [5]. - On the 12th, the spot prices of white sugar in the main production areas were basically stable, and the overall trading volume was average [6]. - **Logical Analysis** - Internationally, the influence of Brazilian sugar on the global market is decreasing, and the market's focus has shifted to the Northern Hemisphere. India's sugar production may exceed expectations, which has a negative impact on international sugar prices. The US sugar price has broken below the support level and is expected to remain weak [9]. - Domestically, the sugar market is in the peak crushing season, and the domestic sugar production in this season is likely to increase significantly, bringing pressure on the supply side. Affected by the weakening international sugar price, the Zhengzhou sugar price is also expected to be weak [9]. - **Trading Strategy** - **Single - side**: The international sugar price is expected to be weak in the short term. Affected by the international sugar price breaking below the previous low, the price of the domestic Zhengzhou sugar May contract is also expected to be weak [10]. - **Arbitrage**: Hold a wait - and - see attitude [11]. - **Options**: Sell call options in the short term [12]. 3.3 Related Attachments The report includes multiple charts, such as the monthly inventory and production of sugar in Guangxi and Yunnan, the spot price of Liuzhou white sugar, the spot price difference between Liuzhou and Kunming, the basis of different contract months, and the price difference between different contract months [14][18][22].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The current market contradictions are not significant. The previous expectation of a downward adjustment in the new - year cotton planting area has been reflected in the market. The cotton sales progress on the demand side is still fast, at a high level in the same period of previous years. Considering the approaching Spring Festival, the short - term change in the demand side is expected to be small. Supported by market bullish factors, the cotton fundamentals still have certain support. It is expected that Zhengzhou cotton will fluctuate slightly stronger in the short term [6]. - It is predicted that the US cotton will likely fluctuate within a range in the short - term, and Zhengzhou cotton will also fluctuate within a range. One can consider building long positions on dips and hold light positions during the Spring Festival. For arbitrage and options, it is recommended to wait and see [7][8][9] Group 3: Summary by Relevant Catalogs First Part: Market Information - **Futures Disk**: The prices of CF01, CF05, and CF09 contracts decreased by 70; the prices of CY05 and CY09 contracts decreased by 45 and 25 respectively, while the CY01 contract had no trading. The trading volume and open interest of each contract also had different changes [2]. - **Spot Price**: The CCIndex3128B price was 15,967 yuan/ton, down 45; Cot A was 72.80 cents/pound, and the price of other spot products also had corresponding fluctuations [2]. - **Price Difference**: There were different price differences in cotton and yarn across different periods and varieties, and the price differences also had corresponding changes. For example, the 1 - 5 month cotton inter - period spread was 530 with no change, and the CY05 - CF05 cross - variety spread was 5,750, up 25 [2]. Second Part: Market News and Views Cotton Market News - On February 11, 2026, the Xinjiang - bound cotton road transport price index was 0.1402 yuan/ton·km, remaining flat month - on - month. It is expected to remain relatively stable in the short term [4]. - In September 2025, the EU's clothing import value was 21.699 billion US dollars, a year - on - year increase of 14.21% and a month - on - month increase of 15.12%. In October, it was 20.407 billion US dollars, a year - on - year increase of 3.93% and a month - on - month decrease of 5.95%. The overall import volume remained high, but the unit price continued to decline [4]. - In January, the proportion of enterprises with an operating rate of 90% and above was 44.74%, a decrease of 6.37 percentage points from the previous month; the proportion of enterprises with an operating rate between 61% - 89% was 36.84%, an increase of 7.95 percentage points. The proportion of enterprises with an increased cotton consumption was 31.58%, a decrease of 1.75 percentage points; the proportion of those with a decreased cotton consumption was 23.68%, an increase of 3.68 percentage points [5]. Trading Logic - With minor market contradictions, the previous expectation of a reduced cotton planting area has been reflected. The cotton sales progress is fast, but considering the Spring Festival, the short - term demand change is expected to be small. Supported by bullish factors, Zhengzhou cotton is expected to fluctuate slightly stronger in the short term [6]. Trading Strategy - **Unilateral**: It is predicted that US cotton will likely fluctuate within a range in the short - term, and Zhengzhou cotton will also fluctuate within a range. One can consider building long positions on dips and hold light positions during the Spring Festival [7]. - **Arbitrage**: Wait and see [8]. - **Options**: Wait and see [9]. Cotton Yarn Industry News - The trading in the pure cotton yarn market has basically stopped, with only a small amount of goods moving in Xinjiang. Some spinning mills have raised their quotes, and inland spinning mills have started to have centralized holidays. The market for all - cotton grey fabrics has basically stopped, and most fabric mills have stopped quoting prices, with prices remaining stable for now [9]. Third Part: Options - **Option Contract Data**: On January 19, 2026, for options such as CF605C14600.CZC, CF605C14200.CZC, and CF605P13800.CZC, there were corresponding data on closing prices, price changes, implied volatility, etc [11]. - **Volatility**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility compared to the previous day. The implied volatility of different options was also provided [11]. - **Option Strategy**: The PCR of the main contract of Zhengzhou cotton yesterday was 0.8667, and the volume PCR of the main contract was 0.4688. The trading volume of both call and put options decreased today. It is recommended to wait and see [12][13]. Fourth Part: Relevant Attachments - The report provides relevant figures such as the price difference of domestic and foreign cotton under 1% tariff, the basis of cotton in January, May, and September, the price difference between CY05 and CF05, CY01 and CF01, and the price difference between CF9 - 1 and CF5 - 9 [14][18][23][25]

Group 1: Report Information - Report Title: "粕类日报 2026 年 2 月 12 日" [1] - Researcher: Chen Jiezheng [2] Group 2: Price Information Futures and Spot Basis - For soybean meal, the closing prices of contracts 01, 05, and 09 are 2962, 2790, and 2898 respectively, with increases of 12, 17, and 10. Spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao are 380, 270, 280, and 290 respectively [3]. - For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2263, 2303, and 2349 respectively, with increases of 10, 15, and 19. Spot basis in Nantong, Guangdong, and Guangxi are 227, 147, and 37 respectively [3]. Monthly Spreads - For soybean meal, the 15 - spread is 172 (down 5 from yesterday), 59 - spread is -108 (up 7), and 91 - spread is -64 (down 2) [3]. - For rapeseed meal, the 15 - spread is -40 (down 5 from yesterday), 59 - spread is -46 (down 4), and 91 - spread is 86 (up 9) [3]. Cross - Variety Spreads - The current soybean - rapeseed 01 spread is 699, and 09 spread is 549. The current oil - meal ratio 01 is 2.710 [3]. Spot Spreads - The current soybean meal - rapeseed meal spread is 540 (down 13 from yesterday), rapeseed meal - sunflower meal spread is 210 (up 10), and soybean meal - sunflower meal spread is 820 (up 17) [3]. Soybean Pressing Profits - Pressing profits from Brazilian soybeans vary by shipping date, with significant changes compared to the previous day, e.g., for April shipment, the change in pressing profit is -35.02 [8]. Group 3: Market Conditions International - The US soybean market is bullish, mainly due to improved exports. The monthly supply - demand report's bearish impact is limited. The South American market is firm, less affected by the US soybean increase. The international soybean market is relatively loose in supply, with price pressure still existing [3][4]. Domestic - The domestic soybean meal market is bullish, driven by short - covering. The rapeseed meal market is also bullish, with significant position - reducing and price increases. The soybean - rapeseed meal spread is narrowing [3]. Group 4: Fundamental Analysis International - US soybean carry - over stocks remain at around 350 million bushels, higher than market expectations. South American supply is increasing, with Brazil's new crop growing well and harvest progressing smoothly. Argentina's old - crop soybean production is large, with increased pressing and exports [4]. Domestic - As of February 6, the actual soybean crushing volume of oil mills is 2.484 million tons, with an operating rate of 68.33%. Soybean inventory is 5.6704 million tons, down 10.77% from last week. Rapeseed and rapeseed meal inventories are low, with supply pressure still existing [5]. Group 5: Logic Analysis - The US soybean is bullish due to macro - factors, but high - price export sustainability is limited. International market uncertainty lies in weather. The domestic soybean meal market is bullish, but supply uncertainty remains. The rapeseed meal market is also bullish, affected by soybean meal and position - reducing. The soybean - rapeseed meal spread will be volatile [6]. Group 6: Trading Strategies - Unilateral trading: Hold off on trading. - Arbitrage: Hold off on trading. - Options: Mainly use the strategy of selling wide straddles. [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall price of live pigs is rising, but the supply pressure remains significant, and the long - term trend of the spot market is expected to be downward. The futures price increase is a phased adjustment, and the market will mainly operate with low - level fluctuations, with certain pressure in the follow - up [1][3] Group 3: Summary by Related Catalogs Spot Information - Today, the live pig prices across the country continue to rise. The出栏量 of large - scale enterprises remains high, but the pressure has decreased. The enthusiasm of ordinary farmers to sell has decreased, and the secondary fattening entry and出栏量 are limited. The supply pressure is still obvious, but the slowdown in出栏 rhythm provides some support for pig prices [1] Futures Information - The futures price of live pigs is rising today. The spot market fluctuates slightly, and the near - term futures pressure is relatively high. The improvement of出栏 pressure has limited support for the overall pig price. The futures price increase is a phased adjustment, and the market will mainly operate with low - level fluctuations. In the medium - term, due to the high inventory, the spot market will be downward, and the futures market also has pressure but may show some support [3] Transaction Strategy - Unilateral: Wait and see - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [4]