Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The steel market is currently facing a weakening fundamental situation. With the approaching Spring Festival, steel mills are entering the holiday shutdown and maintenance mode, resulting in a continued reduction in the overall production of the five major steel products, except for medium - thick plates which are still increasing production [5]. - Steel inventories are accelerating the process of accumulation, with the overall social inventory pressure being greater than the factory inventory. The demand for building materials is rapidly declining as downstream construction sites are gradually shutting down, while the demand for hot - rolled coils is also decreasing due to factors such as the decline in export licenses and the end of restocking by overseas manufacturing industries. However, the decline in demand for cold - rolled products still shows some resilience [5]. - The steel market is expected to maintain a weak and volatile trend before the Spring Festival. After the festival, capital expenditure may fall short of expectations, and the demand recovery situation remains to be seen. The pessimistic expectations of steel mills may also limit the level of hot metal production this year, putting pressure on raw materials [5]. 3. Summary by Directory Market Information - **Steel Spot Prices**: The spot price of Shanghai Zhongtian threaded steel is 3190 yuan, Beijing Jingye threaded steel is 3120 yuan, Shanghai Angang hot - rolled coil is 3240 yuan, and Tianjin Hegang hot - rolled coil is 3140 yuan, with no price changes [4]. Market Judgments - **Trading Strategy** - **Unilateral**: The steel market is expected to maintain a weak and volatile trend before the Spring Festival [5][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 threaded steel spread [6]. - **Options**: It is recommended to wait and see [7]. - **Important Information** - **Threaded Steel**: This week, the small - sample production of threaded steel is 1690000 tons, a week - on - week decrease of 225200 tons. The estimated apparent demand is 1019100 tons (a year - on - year decrease of 39.6% in the lunar calendar), a week - on - week decrease of 457300 tons. In terms of inventory, the factory inventory increased by 99400 tons, the social inventory increased by 573100 tons, and the total inventory increased by 672500 tons [8]. - **Hot - Rolled Coil**: The production of hot - rolled coils this week is 3077600 tons, a week - on - week decrease of 14000 tons. The estimated apparent demand is 2961900 tons (a year - on - year decrease of 2.17% in the lunar calendar), a week - on - week decrease of 93500 tons. In terms of inventory, the factory inventory increased by 11000 tons, the social inventory increased by 104700 tons, and the total inventory increased by 115700 tons [9][10]. Related Attachments The report provides multiple charts, including the basis of different contracts of threaded steel and hot - rolled coils, the price difference between different contracts, the spread between hot - rolled coils and threaded steel, the disk profit of different contracts, and various profit and cost charts. The data sources are Galaxy Futures, Mysteel, and Wind [13][17][19].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On February 12, ferroalloy futures prices declined overall. The silicon - iron (SF) main contract closed at 5500, down 1.36% with an increase of 25,052 in positions; the manganese - silicon (SM) main contract closed at 5800, down 0.41% with an increase of 10,954 in positions. Silicon - iron supply is at a low level, and demand from raw materials has some support. Manganese - silicon supply is generally stable, but demand from electric furnaces is relatively affected. Both can be considered as long - side positions after the holiday at current valuation levels [5][6]. 3. Summary by Directory 3.1 Market Information - **Futures Data**: The closing price of the SF main contract is 5500, with a daily change of - 76 and a weekly change of - 150. The trading volume is 130,697, with a daily change of 46,088, and the open interest is 162,337, with a daily change of 25,052. The closing price of the SM main contract is 5800, with a daily change of - 24 and a weekly change of - 84. The trading volume is 101,203, with a daily change of 1754, and the open interest is 378,385, with a daily change of 10,954 [3]. - **Spot Data**: For silicon - iron, the spot price in Inner Mongolia is 5370, down 20 yuan/ton daily and 70 yuan/ton weekly. For manganese - silicon, the spot price in Inner Mongolia is 5650, with no daily change and no weekly change [3]. - **Basis/Spread Data**: The basis of Inner Mongolia - main contract for silicon - iron is - 130, with a daily change of 56 and a weekly change of 80. The SF - SM spread is - 300, with a daily change of - 52 and a weekly change of - 66 [3]. - **Raw Material Data**: The price of Australian manganese ore blocks in Tianjin is 42, with no daily change and a weekly change of 0.5. The price of semi - carbonate manganese ore from South Africa is 36.8, with a daily change of 0.3 and a weekly change of 0.5 [3]. 3.2 Market Judgment - **Trading Strategy**: Approach the long holiday by exiting the market and observing. After the holiday, at the current valuation level, long - side positions can be considered. For arbitrage, observe; for options, sell out - of - the - money put options [5][6][7]. - **Important Information**: Exxaro Resources has completed the acquisition of manganese assets in the world's largest manganese mining area, becoming the fourth - largest manganese producer globally. In January 2026, China's truck market sold 323,500 vehicles, a 10% decrease from December 2025 and a 28% increase year - on - year [8]. 3.3 Related Attachments - There are multiple graphs including the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the basis of silicon - iron and manganese - silicon, spot prices, ferroalloy electricity prices, production costs, and production profits [14][16][17][18][21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The stock index is expected to continue its slow - bull market. Factors such as policy support, stable market funds, and improving economic data create favorable conditions for the market. After the Spring Festival, the market is likely to perform well, especially for small - and medium - cap stocks and the ChiNext and STAR Market indices [11][12]. - The sentiment in the bond market may turn cautious after the Spring Festival. Although the central bank's monetary policy remains moderately loose, factors such as the approaching important meetings and the possible reversal of some investors' behaviors may lead to a more cautious attitude [14]. - In the agricultural and sideline products sector, different products have different trends. For example, soybean meal is expected to gradually reduce inventory, while the price of live pigs is likely to remain low. Corn and starch are expected to fluctuate at high levels, and the price of sugar is expected to be weak [18][22][25]. - In the ferrous metals sector, steel prices may face pressure after the Spring Festival. The supply - demand structure of steel is weakening, and factors such as iron - water production, inventory accumulation, and coal mine resumption need to be monitored. The coking coal and coke market is affected by factors such as coal mine shutdowns and international coal market changes, with prices showing wide - range fluctuations. Iron ore prices are expected to be weak due to the weakening fundamentals [42][44][47]. - In the non - ferrous metals sector, precious metals such as gold and silver are expected to maintain a cautious and optimistic trend. Copper prices are expected to be in a high - level consolidation in the short term but have a long - term upward trend. Aluminum prices are expected to fluctuate in the short term and may rise if the Mozal aluminum plant's production reduction plan is implemented [52][56][58]. - In the shipping innovation sector, the container shipping market has a weakening price increase expectation in March and will enter the off - season after the Spring Festival. Attention should be paid to factors such as shipping capacity deployment, geopolitical situations, and the implementation of price increase announcements [83]. - In the energy and chemical sector, crude oil prices are mainly driven by geopolitical factors in the short term, with a wide - range fluctuation. LPG prices are supported by high international costs in the short term but are restricted by weak domestic supply and demand in the long term. Other chemical products such as asphalt, natural gas, and fuel oil also have their own supply - demand and price characteristics [88][90][96]. 3. Summary by Directory 3.1 Macro Finance 3.1.1 Stock Index - **Analysis**: Policy guidance consolidates the stable and positive trend. Market risk appetite has decreased, and the enthusiasm for A - share investment has cooled, laying the foundation for a slow - bull market. Economic data is improving, which is beneficial to the performance of listed companies. After the Spring Festival, the market is likely to perform well, especially for small - and medium - cap stocks and the ChiNext and STAR Market indices. The futures market has already reduced positions in advance, and if the market improves after the Spring Festival, the basis discount may further narrow [12]. - **Trading Strategy**: Unilateral trading should be to go long on dips; for arbitrage, consider the spot - futures arbitrage of IM/IC long 2609 + short ETF; for options, use the bull spread strategy [13]. 3.1.2 Treasury Bonds - **Analysis**: The central bank's monetary policy remains moderately loose. Although inflation indicators are recovering, the impact on the bond market is limited. The market risk appetite has stabilized, but the bond market sentiment is still affected by the Spring Festival holiday. In the short term, the probability of a policy interest rate cut is low, and the bond market sentiment may turn cautious after the Spring Festival [14]. - **Trading Strategy**: Unilateral trading should be to try to short TS contracts on rallies; for arbitrage, pay attention to the phased long - T - contract inter - delivery spread trading [15]. 3.2 Agricultural and Sideline Products 3.2.1 Soybean Meal - **Analysis**: The international soybean market is strong, but the upside space is limited. The domestic soybean supply is sufficient, and the soybean meal inventory is expected to gradually decrease [18][19]. - **Trading Strategy**: It is recommended to wait and see for unilateral trading and arbitrage; for options, use the short strangle strategy [20]. 3.2.2 Live Pigs - **Analysis**: The supply pressure of live pigs is obvious, and the price is at a low level. The futures price mainly follows the spot price, and the downward space is limited [22]. - **Trading Strategy**: It is recommended to wait and see for unilateral trading and arbitrage; for options, use the short strangle strategy [23]. 3.2.3 Corn - **Analysis**: The US corn production is stable, and the import profit is high. After the Spring Festival, the supply of corn in Northeast China will increase, and the price may decline slightly. The starch price is expected to be relatively strong [25]. - **Trading Strategy**: For unilateral trading, try to buy US corn 03 below 420 cents/bu and short 03 corn on rallies; for arbitrage, widen the spread between 05 corn and starch on dips; for options, use the bear put spread strategy for 03 corn [26]. 3.2.4 Peanuts - **Analysis**: The peanut price is stable before the Spring Festival, and the 05 contract is expected to oscillate at the bottom [27]. - **Trading Strategy**: For unilateral trading, take a short - long position on dips for the 05 contract; for arbitrage, wait and see; for options, try to sell the pk603 - C - 8200 option [28]. 3.2.5 Sugar - **Analysis**: The international sugar price is expected to be weak, and the domestic sugar price is likely to follow the weak trend [29]. - **Trading Strategy**: For unilateral trading, use the high - short and low - cover strategy for the domestic Zhengzhou sugar 5 - month contract; for arbitrage, wait and see; for options, sell call options [30]. 3.2.6 Cotton - **Analysis**: The cotton price is supported, and the Zhengzhou cotton is expected to oscillate slightly stronger in the short term [31]. - **Trading Strategy**: For unilateral trading, the US cotton is expected to oscillate in a range, and the Zhengzhou cotton is expected to be slightly stronger. It is recommended to hold a light position during the Spring Festival; for arbitrage and options, wait and see [32]. 3.2.7 Eggs - **Analysis**: The egg demand is average, and the price is stable with a slight decline. It is recommended to short the 6 - month contract on rallies [33]. - **Trading Strategy**: For unilateral trading, short the 6 - month contract on rallies; for arbitrage and options, wait and see [34]. 3.2.8 Apples - **Analysis**: The apple inventory is low, and the cost of warehouse receipts is high. The price of the 5 - month contract is expected to be strong in the short term [35]. - **Trading Strategy**: For unilateral trading, go long on the 5 - month contract on dips and short the 10 - month contract on rallies; for arbitrage, go long on the 5 - month contract and short the 10 - month contract; for options, wait and see [36]. 3.2.9 Oils and Fats - **Analysis**: The palm oil inventory in Malaysia is at a high level, but the total inventory of Malaysia and Indonesia is not loose. The US biodiesel demand is expected to be good, which is beneficial to soybean oil. The domestic soybean oil inventory is gradually decreasing, and the supply is generally sufficient. The policy of Canadian rapeseed is uncertain, and the domestic rapeseed oil inventory is slightly decreasing [37]. - **Trading Strategy**: For unilateral trading, hold a light position during the holiday; for arbitrage, conduct P59 and Y59 reverse arbitrage; for options, wait and see [38]. 3.3 Ferrous Metals 3.3.1 Steel - **Analysis**: After the Spring Festival, steel mills may resume production, and the steel supply will increase. The demand is in the off - season, and the inventory is accumulating. The supply - demand structure is weakening, and the steel price may face pressure. However, the steel price valuation is low, and the decline is limited [42]. - **Trading Strategy**: For unilateral trading, the price is expected to be weak and oscillating; for arbitrage, short the hot - rolled coil - rebar spread and the rebar - coking coal ratio on rallies; for options, wait and see [43]. 3.3.2 Coking Coal and Coke - **Analysis**: Coal mines are on holiday during the Spring Festival, and the supply is reduced. The impact of the Spring Festival holiday on the Mongolian coal port is limited. The domestic coal market is affected by international and domestic factors, and the price is expected to fluctuate widely. The coking coal valuation is not high, and it is recommended to go long on dips [44][45]. - **Trading Strategy**: For unilateral trading, conduct band trading; for arbitrage, wait and see; for options, sell out - of - the - money put options [46]. 3.3.3 Iron Ore - **Analysis**: The iron ore supply is increasing, and the demand is weak. The fundamentals are weakening, and the price is expected to be weak after the Spring Festival [47]. - **Trading Strategy**: For unilateral trading, hold a small number of short positions; for arbitrage, wait and see; for options, sell out - of - the - money call options [48]. 3.3.4 Ferroalloys - **Analysis**: The supply and demand of ferrosilicon and ferromanganese are relatively stable, and the cost support is strong. It is recommended to take partial profit on long positions before the long holiday [49]. - **Trading Strategy**: For unilateral trading, take partial profit on long positions before the long holiday and go long on dips after the holiday; for arbitrage, wait and see; for options, sell put options [50]. 3.4 Non - Ferrous Metals 3.4.1 Gold and Silver - **Analysis**: The gold and silver market has stabilized and recovered after the adjustment. The trading mainline is expected to return to factors such as great - power games and the US interest - rate cycle. It is recommended to control risks during the holiday [52]. - **Trading Strategy**: For unilateral trading, conservative investors can exit long positions on rallies, and aggressive investors can hold long positions based on the 20 - day moving average with a light position. It is recommended to hold an empty position for silver; for arbitrage, wait and see; for options, switch futures long positions to buy out - of - the - money call options for gold, and use the bull call spread strategy for silver [53]. 3.4.2 Platinum and Palladium - **Analysis**: The non - farm payroll data is contradictory, and the asset volatility is high. Platinum is in a tight - balance pattern, and palladium is in a supply - surplus pattern. Platinum has a stronger upward driving force [54]. - **Trading Strategy**: For unilateral trading, be cautiously bullish and buy on dips; for arbitrage, go long on platinum and short on palladium; for options, wait and see [55]. 3.4.3 Copper - **Analysis**: The copper price has fluctuated sharply recently. After the adjustment, the fundamentals are healthier, and the long - term upward trend remains unchanged. It is recommended to control positions during the Spring Festival [56]. - **Trading Strategy**: For unilateral trading, the price is in a high - level consolidation, and it is recommended to control positions; for arbitrage, wait and see; for options, sell out - of - the - money put options [57]. 3.4.4 Aluminum - **Analysis**: The macro - economic expectations are volatile. If the Mozal aluminum plant reduces production as planned, the aluminum price will be strong; otherwise, the upward momentum will be weakened. The domestic inventory is accumulating, which suppresses the price [58]. - **Trading Strategy**: In the short term, the Shanghai aluminum is expected to oscillate between 22,800 - 24,200 yuan. In the long term, if the production - reduction plan is implemented, be bullish on dips; pay attention to the implementation of the production - reduction plan [59]. 3.4.5 Alumina - **Analysis**: The alumina supply is uncertain during the holiday. If the production reduction continues, the futures price may fluctuate; otherwise, it will be under pressure [60]. - **Trading Strategy**: In the short term, the main contract is expected to oscillate between 2,780 - 2,880 yuan. It is recommended to be cautious. If there are expectations for policies, buy a small number of call options. In the long term, be bearish on rallies in the surplus pattern; if the supply - demand situation improves, the price may rebound [61]. 3.4.6 Zinc - **Analysis**: The zinc concentrate supply shortage is expected to ease. The refined zinc production is expected to decrease. The downstream demand is affected by the Spring Festival holiday. It is recommended to control positions and hedge inventory [62]. - **Trading Strategy**: For unilateral trading, control positions and hold a light position during the holiday; for arbitrage, buy LME and sell SHFE; for options, buy one - times out - of - the - money put options and two - times out - of - the - money call options [63]. 3.4.7 Lead - **Analysis**: The lead concentrate supply is in short supply, and the production of primary lead is profitable, but the production increase is limited. The production of recycled lead is affected by losses and holidays. The downstream demand is weak. It is recommended to wait and see and control positions [66]. - **Trading Strategy**: For unilateral trading, wait and see; for arbitrage, wait and see; for options, sell out - of - the - money put options [66]. 3.4.8 Nickel - **Analysis**: Geopolitical conflicts and inflation expectations drive the inflow of funds into the non - ferrous metal sector. The nickel supply is expected to be in surplus without quota restrictions, but there may be a shortage if the quota is limited. The nickel price is supported by cost and strategic demand. It is recommended to hold a light long position during the holiday [67][68]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see; for options, sell the put option of the NI2604 contract with an exercise price of 134,000 [68]. 3.4.9 Stainless Steel - **Analysis**: The stainless - steel cost is rising, and the inventory is increasing. The price is affected by nickel and the macro - economic environment. It is recommended to hold a light long position during the holiday [69]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see [70]. 3.4.10 Polysilicon - **Analysis**: The polysilicon spot price is under pressure, and the market is in a state of disorderly fluctuation before the Spring Festival. After the Spring Festival, if the price drops to the previous low, it can be considered to go long or buy call options [71]. - **Trading Strategy**: For unilateral trading, wait and see and look for a good safety margin; for arbitrage, there is no opportunity; for options, buy call options when appropriate [72]. 3.4.11 Industrial Silicon - **Analysis**: The industrial - silicon production is reducing, and the basis is high. The futures price is expected to oscillate between 8,200 - 9,100 yuan. It is recommended to wait for the price to stabilize [73]. - **Trading Strategy**: For unilateral trading, wait for the price to stabilize; for arbitrage, there is no opportunity; for options, there is no opportunity [73]. 3.4.12 Lithium Carbonate - **Analysis**: The lithium - carbonate demand is improving, and the supply will increase in March, resulting in inventory accumulation. However, the market tolerance for inventory is high, and the industry trend is positive. It is recommended to hold a light long position during the holiday [74]. - **Trading Strategy**: For unilateral trading, hold a light long position based on the 5 - day moving average; for arbitrage, wait and see; for options, sell the put option of the lc2605 contract with an exercise price of 140,000 [75]. 3.4.13 Tin - **Analysis**: The tin price is relatively resilient. The tin - ore import is stable, and the production is expected to change slightly. The inventory is decreasing, and the demand is recovering marginally. It is recommended to control positions before the holiday [77][78]. - **Trading Strategy**: For unilateral trading, control positions before the holiday; for arbitrage, wait and see; for options, wait and see [79]. 3.5 Shipping Innovation 3.5.1 Container Shipping - **Analysis**: The price increase expectation in March is weakening, and the market will enter the off - season after the Spring Festival. The freight rate is under pressure, and the supply and demand are affected by factors such as shipping capacity deployment and geopolitical situations [83]. - **Trading Strategy**: For unilateral trading, wait and see before the holiday; for arbitrage, conduct 6 - 10 positive arbitrage rolling operations [84].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The overall market is in a state of oscillation, with various factors influencing different sectors. For example, the stock index futures show a trend of decreased trading volume and narrowed fluctuations, while the bond market sentiment remains relatively stable before the Spring Festival. In the agricultural product market, factors such as supply - demand relationships, weather conditions, and policy changes affect the prices of different products. In the energy and chemical sectors, geopolitical risks and supply - demand fundamentals play important roles in price trends. [20][23][29] 3. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: The trading volume decreased and fluctuations narrowed. The market is expected to maintain an oscillatory trend, with a suggestion of a slightly bullish bias and a strategy of buying on dips. [20][21] - **Treasury Bond Futures**: The pre - holiday sentiment remained warm. The short - term probability of policy interest rate cuts is low, and after the holiday, the bond market sentiment may become more cautious. Suggestions include waiting and trying to short the TS contract on rallies. [23][25] Agricultural Products - **Protein Meal**: The price increased significantly due to increased position - reduction on the disk. The international supply is relatively loose, and the domestic market is expected to oscillate. It is recommended to wait and use a strategy of selling wide - straddle options. [28][29] - **Sugar**: The international sugar price is expected to be weak, and the domestic Zhengzhou sugar price is also expected to follow suit. It is recommended to wait and sell call options in the short term. [30][33] - **Oilseeds and Oils**: The sector oscillated and declined as the holiday approached, maintaining a wide - range oscillation. It is recommended to try shorting on rallies or buying on dips after the correction, and consider reverse arbitrage for y59. [35][37] - **Corn/Corn Starch**: The spot price in the production area is stable, and the disk is oscillating at a high level. It is recommended to take a long - term bullish view on the outer - market 03 corn after it stabilizes, and short the 05 corn on rallies. [39][40] - **Hogs**: The supply pressure has improved, and the spot price has some support. It is recommended to wait and use a strategy of selling wide - straddle options. [42][45] - **Peanuts**: The spot price is stable, and the disk oscillates in a narrow range. It is recommended to go long on the 05 peanuts on dips and sell the pk603 - C - 8200 option. [46][48] - **Eggs**: As the pre - holiday stocking is coming to an end, the egg price has declined. It is recommended to short the June contract on rallies. [49][50] - **Apples**: The pre - holiday sales are good, and the price is firm. It is recommended to go long on the May contract on dips and short the October contract on rallies, and conduct long - May and short - October arbitrage. [53][55] - **Cotton - Cotton Yarn**: The fundamentals have not changed much, and the cotton price has some support. It is expected that the US cotton will oscillate weakly in the short term, and the Zhengzhou cotton will oscillate within a range. It is recommended to hold a light position during the Spring Festival. [57] Black Metals - **Steel**: The demand continues to decline, and the steel price is under oscillatory pressure. It is recommended to follow the market sentiment and maintain an oscillatory and weak trend, and short the coil - coal ratio on rallies and continue to hold the short - position on the coil - rebar spread. [60][61] - **Coking Coal and Coke**: As the Spring Festival approaches, coal mines are on holiday. After the holiday, changes in the domestic and international coal markets need to be monitored. It is recommended to conduct band - trading, go long on dips, and sell out - of - the - money put options. [61][64] - **Iron Ore**: The fundamentals are continuously weakening, and the ore price is running weakly. It is recommended to hold a small short position. [66] - **Ferroalloys**: As the long holiday approaches, it is recommended to take partial profits on long positions on rallies. [68][69] Non - ferrous Metals - **Gold and Silver**: The non - farm payroll data shows differences, and the market focus has shifted to the CPI. It is recommended that conservative investors wait and hold no positions during the holiday, while aggressive investors can hold long positions on Shanghai gold and silver with reference to the moving averages. [71][72] - **Platinum and Palladium**: The non - farm payroll data is contradictory, and asset fluctuations are high. It is recommended to be cautiously bullish, go long on dips, conduct long - platinum and short - palladium arbitrage, and wait for the right time to enter the market. [74][75] - **Copper**: The non - farm payroll data is positive, and the expectation of interest rate cuts has decreased. The copper price is in a high - level consolidation. It is recommended to operate cautiously during the Spring Festival. [77][78] - **Alumina**: Attention should be paid to the marginal changes in supply - side production capacity. It is recommended to be cautious in participation, with short - term oscillation and the possibility of increased volatility. It is advisable to buy call options. [79][80] - **Electrolytic Aluminum**: The strong non - farm payroll data has suppressed the expectation of interest rate cuts. It is recommended to wait and see before the holiday and pay attention to the power negotiation progress of the Mozal aluminum plant in Mozambique. [82][84] - **Cast Aluminum Alloy**: It oscillates with the outer - market aluminum price. It is recommended to wait and see before the holiday, with high - level oscillation in the short term. [85][86] - **Zinc**: It is recommended to wait and see. [88][89] - **Lead**: It oscillates within a range. It is recommended to wait and see and control positions. [90][91] - **Nickel**: The news of nickel ore quotas has boosted the price. It is recommended to hold a light long position or no position during the holiday and sell out - of - the - money put options. [92][94] - **Stainless Steel**: It is supported by cost and follows the nickel price. It is recommended to observe more and take a long - position on dips before the holiday. [96][97] - **Industrial Silicon**: Attention should be paid to the support near the previous low. It is recommended to wait for the disk to stabilize. [98] - **Polysilicon**: There are expectations of industry self - discipline and price support. It is recommended to wait for low - price opportunities on the disk, and consider buying call options. [99][103] - **Lithium Carbonate**: The demand is good, but the spot market is weakening. It is recommended to take a long - position on dips and sell out - of - the - money put options. [104][105] - **Tin**: The non - farm payroll is strong, and the tin price is resilient. It is recommended to control positions before the holiday. [107][108] Shipping - **Container Shipping**: It is recommended to wait and see before the holiday and pay attention to the risks of the Iranian situation. It is recommended not to hold positions during the holiday and conduct 6 - 10 positive arbitrage on a rolling basis. [110][111] Energy and Chemicals - **Crude Oil**: The tense situation in Iran is driving the oil market. The international oil price is expected to oscillate strongly. [113][114] - **Asphalt**: The trading is light, and the inventory is at a low level. The spot prices in various regions are basically stable. It is recommended to conduct long - position trading on dips for the BU2606 contract. [114][116] - **Fuel Oil**: Attention should be paid to geopolitical risks before the year, and it is advisable to enter the market cautiously. It is recommended to conduct positive arbitrage on the FU59 contract and take profit on rallies, and pay attention to the near - month reverse arbitrage of LU. [117][119] - **LPG**: Geopolitical risks still need to be monitored. It is recommended to conduct wide - range oscillation trading. [120][121] - **Natural Gas**: The US natural gas and LNG are waiting for guidance. It is recommended to continue to hold short positions on the TTF and JKM third - quarter contracts and the HH second - quarter contract. [123][125] - **PX & PTA**: The cost support is increasing. It is recommended to conduct oscillatory and bullish trading. [127][128] - **BZ & EB**: The supply is returning. It is recommended to conduct oscillatory consolidation trading. [129][131] - **Ethylene Glycol**: The inventory accumulation pressure is obvious. It is recommended to conduct oscillatory consolidation trading. [132][134] - **Short - fiber**: The short - fiber factories are reducing production as planned. It is recommended to conduct oscillatory and bullish trading. [135] - **Bottle Chips**: The market is light as the holiday approaches. It is recommended to conduct oscillatory and bullish trading. [137][138] - **Propylene**: The supply - demand support is acceptable. It is recommended to conduct oscillatory consolidation trading. [140][141] - **Plastic PP**: The export delivery value of the rubber and plastic industry is increasing. It is recommended to hold long positions on the L and PP 2605 contracts and set stop - losses. [143][144] - **Caustic Soda**: The caustic soda price is oscillating. It is recommended to conduct oscillatory trading. [146][147] - **PVC**: It is mainly oscillating. It is recommended to take a long - position on dips. [148][150] - **Soda Ash**: The price is oscillating weakly. It is recommended to expect a possible rise followed by a fall after the holiday, and conduct short - glass and long - soda - ash arbitrage before the holiday and sell call options. [151][153] - **Glass**: The price is oscillating weakly. It is recommended to expect a downward trend after the holiday, and conduct short - glass and long - soda - ash arbitrage before the holiday and sell call options. [154][155] - **Methanol**: It is oscillating within a range. It is recommended to take a long - position on dips, pay attention to the 59 positive arbitrage, and sell put options on corrections. [156][158] - **Urea**: It is oscillating strongly. It is recommended to operate cautiously in the futures market. [159][160] - **Natural Rubber and 20 - grade Rubber**: The price difference between Thai glue and cup - lump rubber is continuously strengthening. It is recommended to hold long positions on the RU 05 contract and short the NR 04 contract, and conduct long - RU2605 and short - RU2609 arbitrage. [162][167] - **Butadiene Rubber**: The apparent demand for butadiene rubber is decreasing marginally. It is recommended to hold long positions on the BR 04 contract and set stop - losses. [168][170]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The fundamentals of cotton remain strong, with an upward trend in the long - term. It is recommended to build long positions on dips. The short - term trend of US cotton and Zhengzhou cotton is likely to be range - bound [5][6] 3. Summary by Directory 3.1 Market Information - **Futures Disk**: The closing prices of CF01, CF05, and CF09 contracts decreased by 70, CY01 remained unchanged, CY05 decreased by 45, and CY09 decreased by 25. The trading volume of most contracts decreased, and the open interest of some contracts changed. For example, the trading volume of CF05 decreased by 13,325, and the open interest decreased by 270 [2] - **Spot Price**: CCIndex3128B decreased by 45 to 15,967 yuan/ton, Cot A was 72.80 cents/pound, and the price of some other products remained stable or changed slightly [2] - **Price Difference**: The cotton inter - period spreads such as 1 - 5 months, 5 - 9 months, and 9 - 1 months had different values and changes, and the same for the yarn inter - period spreads. The cross - variety spreads and internal - external spreads also had corresponding values and changes [2] 3.2 Market News and Views - **Cotton Market News** - On February 11, 2026, the road transportation price index of Xinjiang cotton was 0.1402 yuan/ton·km, remaining flat. It is expected to be relatively stable in the short term [4] - As of January 31, 2026, the CAI's assessment of India's 2025/26 cotton balance sheet was the same as last month. Compared with the previous year, the beginning inventory increased by 360,000 tons, production increased by 80,000 tons, imports increased by 150,000 tons, domestic demand decreased by 150,000 tons, exports decreased by 50,000 tons, and the ending inventory increased by 800,000 tons [4] - According to the latest February production and sales forecast of USDA, the total supply increased by 90,000 tons to 2.609 million tons, the total demand decreased by 44,000 tons to 2.5847 million tons, and the ending inventory increased by 140,000 tons to 1.635 million tons [4] - **Trading Logic**: There are news that the cotton planting area in Xinjiang will decrease by 2660000 mu to 36.21 million mu in 2026, a decrease of 7%. The implementation of the reduction plan is expected to be strong. At the same time, several large textile projects are expected to be launched in Xinjiang, which is beneficial to cotton consumption [5] - **Trading Strategy** - Unilateral: It is expected that the short - term trend of US cotton and Zhengzhou cotton will be range - bound. It is advisable to build long positions on dips [6] - Arbitrage: Wait and see [6] - Options: Wait and see [6] - **Cotton Yarn Industry News** - The trading in the pure cotton yarn market has almost stopped, only Xinjiang maintains a certain level of sales. The cotton yarn price is generally stable, with some spinning mills raising prices, and some planning to raise prices after the Spring Festival. Spinning mills will start to have a concentrated holiday tomorrow [6][8] - As the Spring Festival approaches, the delivery and shipment in the all - cotton grey fabric spot market have gradually decreased, and the trading is sluggish. Most factories have already had a holiday. Weaving factories will start work from the eighth to the tenth day of the first lunar month, but full resumption of production will be after the fifteenth day of the first lunar month [8] 3.3 Options - **Option Contract Information**: On January 19, 2026, for CF605C14600.CZC, the closing price was 334.00, with a decrease of 16.9%, and the implied volatility was 13.3%. Similar information is provided for other option contracts [10] - **Volatility**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase. The implied volatilities of different option contracts were different [10] - **Option Strategy**: Wait and see [12]

Group 1: Report Summary - The report is an agricultural product research report focusing on the egg market, dated February 11, 2026, written by researcher Liu Qiannan [1]. Group 2: Market Data Futures Market - JD01 closed at 3787, up 6 from the previous close; JD05 closed at 3375, up 11; JD09 closed at 3797, down 37 [2]. - The 01 - 05 spread was 412, down 5; 05 - 09 spread was -422, up 48; 09 - 01 spread was 10, down 43 [2]. - The 01 egg/corn ratio was 1.66, down 0.01; 01 egg/soybean meal ratio was 1.28, down 0.01. Similar declines were seen in other contracts [2]. Spot Market - The average price in the main producing areas was 3.30 yuan/jin, unchanged, and in the main selling areas was 3.54 yuan/jin, also unchanged [2][4]. - The average price of culled chickens was 4.38 yuan/jin, unchanged [2][5]. Profit Calculation - The average price of culled chickens was 4.38 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 [2]. - The profit per chicken was 12.82 yuan, down 0.05 from the previous day [2]. Group 3: Fundamental Information - The national mainstream egg price remained stable. Beijing's egg prices were reported as stable, and prices in other regions were mostly stable with some fluctuations [4]. - In January, the national laying - hen inventory was 1.344 billion, down 0.08 billion from the previous month but up 5% year - on - year, lower than expected. The monthly chick output of sample enterprises (about 50% of the national total) was 43.22 million, up 9% month - on - month and little changed year - on - year [4]. - From February 6, the weekly culled - hen slaughter in the main producing areas was 16.55 million, up 2% from the previous week, and the average culling age was 495 days, up 2 days [5]. - As of February 5, the weekly egg sales volume in representative selling areas was 7210 tons, down 2.3% from the previous week, at a relatively high level in the same period of previous years [5]. - As of February 5, the weekly average profit per jin of eggs was 0.52 yuan, down 0.14 yuan/jin from the previous week. On February 6, the expected profit of laying - hen farming was - 12.65 yuan/hen, down 0.37 yuan/jin from the previous week [5]. - As of February 5, the weekly average inventory in the production link was 1.02 days, up 0.05 days, and in the circulation link was 1.07 days, up 0.02 days [5]. Group 4: Trading Logic - As the Spring Festival approaches, the Spring Festival stocking is almost over. Due to the previous good profit situation, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the upcoming off - peak consumption season after the Spring Festival, although the inventory has eased, the overall reduction has weakened recently due to the good egg price. It is recommended to consider shorting the June contract on rallies [6]. Group 5: Trading Strategy - Unilateral trading: Consider shorting the June contract on rallies [7]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The overall trend of the Apple May contract is expected to be strong due to low cold storage inventory, high-quality issues, increased downstream stocking enthusiasm, and relatively high warehouse receipt costs [5] Group 3: Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 107.22, with a decrease of 0.30 compared to the next working day. The prices of various apple varieties such as Luochuan semi-commodity paper bags 70, Qixia first and second-grade paper bags 80, etc., remain stable. The average wholesale price of 6 kinds of fruits is 7.97, with a decrease of 0.03 [2] - **Futures Prices**: For AP01, the price is 8153, up 33 from the previous night; AP05 is 9601, up 101; AP10 is 8258, up 44. The spreads between different contracts also show corresponding changes [2] - **Basis**: The basis of Qixia first and second-grade 80 against different contracts shows a downward trend [2] Second Part: Market News and Views - **Market News** - As of February 4, 2026, the apple cold storage inventory in the main producing areas of China is 619.81 million tons, a decrease of 34.25 million tons from the previous week, and the de-stocking speed is accelerating compared to the previous week, higher than the same period last year [7] - In December 2025, the export volume of fresh apples is about 15.65 million tons, a month-on-month increase of 28.63% and a year-on-year increase of 26.76%. The import volume is 0.31 million tons, a month-on-month increase of 21.31% and a year-on-year increase of 20.02%. The cumulative import volume for the whole year of 2025 is 11.68 million tons, a year-on-year increase of 19.72% [7] - The mainstream price of apples in the producing areas is stable. The cold storage packaging in Shandong is nearing completion, while there are still many cold storage facilities in the northwest region continuing to package, with a relatively large shipment volume in recent days. The market arrival volume has increased significantly, and the sales are acceptable, with the mainstream price remaining stable [7] - The mainstream transaction price of semi-commodity apple cold storage in Luochuan, Shaanxi is 3.8 - 4.2 yuan per catty, and the market is stable, with some customers still making purchases but with reduced transactions [7] - **Trading Logic**: Low cold storage inventory, poor apple quality, increased pre - Spring Festival stocking enthusiasm, and high warehouse receipt costs lead to an expected strong trend for the Apple May contract [5] - **Trading Strategy** - For single - sided trading, go long on the May contract on dips and short the October contract on rallies [8] - For arbitrage, go long on the May contract and short the October contract [8] - For options, it is recommended to wait and see [8] Third Part: Related Attachments - The report provides multiple charts, including the price trends of Qixia first and second - grade paper bags 80 and Luochuan semi - commodity paper bags 70, the basis of AP contracts, the spreads between different AP contracts, the arrival volume of apples in certain markets, the prices of 6 kinds of fruits, the national cold storage apple inventory, and the national cold storage apple outbound volume [10][11][12]

Report Information - Report Title: Crude Oil Daily Report, February 11, 2026 [1] - Researcher: Zhao Ruochen [2] - Futures Practitioner Certificate Number: F03151390 [2] - Investment Consulting Practitioner Certificate Number: Z0023496 [2] - Email: zhaoruochen_qh@chinastock.com.cn [2] Core Viewpoint - International oil prices are trending strongly. There are continuous contradictory reports about the progress of diplomatic negotiations between the US and Iran, and the market is interpreting different signals regarding the risk of supply disruptions in the Middle East. The market is closely watching the meeting between Trump and Israeli Prime Minister Benjamin Netanyahu, with the general expectation that Netanyahu will urge the US to take a tougher stance on Tehran's ballistic missile program. It is expected that international oil prices will fluctuate strongly, with the Brent main contract focusing on the range of $67 - $69 [3] Summary by Directory Trade Logistics - The Indian Coast Guard seized three oil tankers suspected of oil smuggling, the country's first tough measure against the so - called "dark fleet" [3] Spot Transactions - Bharat Petroleum Corporation and Mangalore Refinery and Petrochemicals Limited in India have purchased Venezuelan Merey crude oil, expected to arrive in April [3] Oilfield Pipelines - Petronas of Malaysia announced on Wednesday that it will launch nine exploration blocks in the "2026 Malaysia Tender Round" [3] - Two Saudi Arabian companies and three US companies plan to form a consortium for oil and gas exploration and energy production in northeastern Syria [3] - Equinor plans to significantly increase its overseas oil and gas production by 2030, and its international oil and gas asset portfolio will resume growth in the coming years [3] - The US government issued a general license allowing oilfield service companies to operate in Venezuela, and the Trump administration is relaxing sanctions to promote the reconstruction of Venezuela's crude oil infrastructure [3] Geopolitics - Israeli Prime Minister Benjamin Netanyahu met with Donald Trump at the White House on Wednesday, as Israel's concerns about a possible diplomatic agreement between Iran and the US are increasing [3] Refinery Dynamics - The sale of the parent company of Citgo Petroleum, owned by Venezuela, to an affiliate of Elliott Investment Management is still frozen months after the US court approved the sale process, making it difficult for the US refiner to make key investment and financial decisions [3] - The management of a Russian - owned refinery in Germany has privately warned the Berlin authorities that US sanctions are harming its business and threatening the fuel supply in the German capital and surrounding areas [3]

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - No core view information provided in the report Group 3: Summary of Key Data Futures Prices - DCE01: 733.5 today, up 1.5 from yesterday [2] - DCE05: 762.5 today, up 1.0 from yesterday [2] - DCE09: 745.0 today, up 1.0 from yesterday [2] Spread between Futures Contracts - I01 - I05: -29.0 today, up 0.5 from yesterday [2] - I05 - I09: 17.5 today, unchanged from yesterday [2] - I09 - I01: 11.5 today, down 0.5 from yesterday [2] Spot Prices - PB powder (60.8%): 763 today, unchanged from yesterday [2] - Newman powder: 763 today, unchanged from yesterday [2] - Macfarlane powder: 755 today, unchanged from yesterday [2] Spot - Futures Basis - PB powder (60.8%): 01 factory basis 88, 05 factory basis 59, 09 factory basis 76 [2] - Newman powder: 01 factory basis 95, 05 factory basis 65, 09 factory basis 83 [2] - Macfarlane powder: 01 factory basis 94, 05 factory basis 65, 09 factory basis 82 [2] Spot Variety Spreads - Carajás powder - PB powder: 97 today, unchanged from yesterday [2] - Newman powder - Jimbobara powder: 47 today, unchanged from yesterday [2] - Carajás powder - Jimbobara powder: 148 today, unchanged from yesterday [2] Import Profits - Carajás powder: -1 today, unchanged from yesterday [2] - Newman powder: 49 today, down 2 from yesterday [2] - PB powder: 23 today, up 1 from yesterday [2] Platts Index - Platts Iron Ore 61% price: 100.2 today, unchanged from yesterday [2] - Platts Iron Ore 65% price: 116.5 today, unchanged from yesterday [2] - Platts Iron Ore 58% price: 92.2 today, up 0.4 from yesterday [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01: 4.1 today, down 0.3 from yesterday [2] - SGX main - DCE05: 0.3 today, down 0.3 from yesterday [2] - SGX main - DCE09: 2.6 today, down 0.4 from yesterday [2]

1. Report Information - Report Title: "Stock Index Futures Data Daily Report" [1] - Report Date: February 11, 2026 [2] 2. IM Futures 2.1 Daily Quotes - The main contract of IM rose 0.01% to close at 8,241 points. The total trading volume of the four IM contracts was 133,571 lots, an increase of 401 lots from the previous day; the total open interest was 380,000 lots, an increase of 1,372 lots from the previous day. The main contract of IM had a premium of 1.49 points, an increase of 22.79 points from the previous day; the annualized basis rate was 0.17%. The dividend impacts of the four IM contracts were 0.15 points, 0.15 points, 0.15 points, and 64.96 points respectively [4][5]. 2.2 Main Seats - The top five seats in trading volume, long positions, and short positions of IM2602, IM2603, and IM2606 are detailed in the report, including the names of member companies, trading volumes, and changes from the previous day [16][18][20]. 3. IF Futures 3.1 Daily Quotes - The main contract of IF fell 0.12% to close at 4,714.8 points. The total trading volume of the four IF contracts was 62,400 lots, a decrease of 2,853 lots from the previous day; the total open interest was 281,980 lots, a decrease of 464 lots from the previous day. The main contract of IF had a premium of 0.98 points, an increase of 1.28 points from the previous day; the annualized basis rate was 0.2%. The dividend impacts of the four IF contracts were 0.56 points, 0.56 points, 0.56 points, and 82.38 points respectively [21][22]. 3.2 Main Seats - The top five seats in trading volume, long positions, and short positions of IF2602, IF2603, and IF2606 are detailed in the report, including the names of member companies, trading volumes, and changes from the previous day [34][36][37]. 4. IC Futures 4.1 Daily Quotes - The main contract of IC rose 0.43% to close at 8,336.4 points. The total trading volume of the four IC contracts was 101,790 lots, an increase of 7,140 lots from the previous day; the total open interest was 294,295 lots, a decrease of 1,888 lots from the previous day. The main contract of IC had a premium of 10.59 points, an increase of 26.23 points from the previous day; the annualized basis rate was 1.22%. The dividend impacts of the four IC contracts were 0 points, 0 points, 0 points, and 92.51 points respectively [39][40][41]. 4.2 Main Seats - The top five seats in trading volume, long positions, and short positions of IC2602, IC2603, and IC2606 are detailed in the report, including the names of member companies, trading volumes, and changes from the previous day [55][56][58]. 5. IH Futures 5.1 Daily Quotes - The main contract of IH rose 0.08% to close at 3,091.4 points. The total trading volume of the four IH contracts was 30,833 lots, an increase of 1,354 lots from the previous day; the total open interest was 101,315 lots, an increase of 254 lots from the previous day. The main contract of IH had a premium of 2.94 points, a decrease of 3.25 points from the previous day; the annualized basis rate was 0.91%. The dividend impacts of the four IH contracts were 0.75 points, 0.75 points, 0.75 points, and 63.63 points respectively [60][61]. 5.2 Main Seats - The top five seats in trading volume, long positions, and short positions of IH2602, IH2603, and IH2606 are detailed in the report, including the names of member companies, trading volumes, and changes from the previous day [74][76][78].