研究所 农产品研发报告 白糖日报 2026 年 2 月 9 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/2/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 5,274 | 35 | 0.67% | 27,307 | 1448 | 121,060 | 3977 | | SR01 | | 5,379 | 32 | 0.60% | 1,066 | 714 | 3,627 | 739 | | SR05 | | 5,261 | 33 | 0.63% | 253,424 | -4701 | 453,913 | 7005 | | 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 | | 5360 | 5155 | 5620 | 5340 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Singapore's high-sulfur spot window has seen a large number of high - price transactions, supporting the high - level oscillation of high - sulfur spot discounts. Geopolitical factors are the main bullish drivers. The supply of low - sulfur fuel oil has increased significantly in the short term [4]. - The trading strategy suggests a strong oscillation for unilateral trading, paying attention to geopolitical fluctuations; for arbitrage, take profit on the FU59 long - spread at high levels and pay attention to the LU near - month reverse spread; and adopt a wait - and - see approach for options [6]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - High - sulfur: Singapore's high - sulfur spot window transactions support high - level oscillation of discounts. Geopolitical and macro - disturbances persist, with fuel export restrictions and concerns in Russia and Iran. China's state - owned procurement volume increase reflects feedstock demand. - Low - sulfur: The Dangote refinery's gasoline unit maintenance delay and the full - scale recovery of Kuwait's Al - Zour refinery have led to an increase in low - sulfur supply and exports [4]. 3.1.2 Strategies - Unilateral: Strong oscillation, focus on geopolitical fluctuations. - Arbitrage: Take profit on the FU59 long - spread at high levels; pay attention to the LU near - month reverse spread. - Options: Wait - and - see [6] 3.2 Core Logic Analysis 3.2.1 High - Sulfur Fuel Oil Supply - Russia: The Tuapse port has resumed exports, and the refinery's processing and export volume are expected to increase in February. In January, high - sulfur fuel oil exports increased by 27% month - on - month and 30% year - on - year [10]. - Mexico: High - sulfur exports are at a historical low. In 2026, with the full - load operation of the Olmeca refinery and the stable operation of the Tula coking unit, high - sulfur exports will decline marginally [18]. - Middle East: Iran's situation is volatile. In January, high - sulfur fuel oil exports were 110 tons, down 10 tons month - on - month and 9% year - on - year. Iraq plans to supply over 6 million tons of high - sulfur fuel oil from January to June 2026 [21]. 3.2.2 High - Sulfur Fuel Oil Demand - Feedstock demand: PetroChina has been actively purchasing high - sulfur fuel oil in the Singapore spot window. In January, China's high - sulfur arrivals increased by 5% month - on - month [24]. - Marine fuel demand: Singapore's high - sulfur marine fuel bunkering in December 2025 increased by 14% month - on - month and 15% year - on - year. The proportion of high - sulfur marine fuel consumption continued to increase marginally [27]. 3.2.3 Low - Sulfur Fuel Oil Supply - Nigeria: The Dangote refinery's RFCC unit restart has been postponed. In January, low - sulfur exports were about 360,000 tons, up 49% month - on - month [30]. - South Sudan: Energy facilities' supply is gradually recovering. In January, exports declined to about 190,000 tons but have room for further growth [31]. - Middle East: The Al - Zour refinery in Kuwait has fully recovered production. In January, low - sulfur fuel oil exports reached a record high of about 1.15 million tons [34]. - Pan - Singapore region: The Balikpapan refinery in Indonesia has completed its transformation and upgrading project, with expected offsetting changes in VLSFO production [37]. 3.2.4 Low - Sulfur Fuel Oil Demand - There is no specific driving force. Singapore's low - sulfur marine fuel bunkering in December 2025 increased by 2.4% month - on - month and 15.0% year - on - year, but the proportion decreased by 0.4 percentage points [40]. 3.2.5 Marine Fuel Oil - The proportion of high - sulfur marine fuel demand continues to increase marginally. The Red Sea suspension has indirectly promoted the growth of the high - sulfur marine fuel market share. The installation of desulfurization towers on global ships has accelerated [43]. 3.3 Weekly Data Tracking - The report provides various data charts on fuel oil prices, spreads, inventories, etc., including fuel oil spot prices, high - sulfur and low - sulfur fuel oil cross - regional and cross - period spreads, natural gas - fuel oil price ratios, cross - regional freight rates, Singapore bunkering spreads, and fuel oil inventory structures in different regions [47][52][62]

股指期货数据日报 2026年2月9日 IM四合约分红影响分别为0.15点、0.15点、0.15点和 64.63点。 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 8233.78 | 2.26% | 28,285 | | 1 % | 4,826 | 9 % | | | | | | IM2602 | 8256.00 | 2.15% | 28,961 | | -25% | 476 | -24% | 45,633 | -6,572 | | 9 0 | | IM2603 | 8232.60 | 2.17% | 112,370 | | -24% | 1,841 | -22% | 179,169 | -8,746 | | 354 | | IM2606 | 8063.20 | 2.20% | 31,900 ...

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: 09 February 2026 [2] Group 2: Futures Market Data - DCE01 price today is 732.0, down 0.5 from yesterday [2] - DCE05 price today is 761.5, up 1.0 from yesterday [2] - DCE09 price today is 743.0, up 0.5 from yesterday [2] - I01 - I05 spread is -29.5 today, down 1.5 from yesterday [2] - I05 - I09 spread is 18.5 today, up 0.5 from yesterday [2] - I09 - I01 spread is 11.0 today, up 1.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price is 761 today, down 7 from yesterday [2] - Newman powder price is 761 today, down 7 from yesterday [2] - Mac powder price is 756 today, down 11 from yesterday [2] - Jinbuba powder (60.5%) price is 715 today, down 8 from yesterday [2] - Roy Hill powder price is 751 today, down 7 from yesterday [2] - Super Special powder price is 651 today, down 6 from yesterday [2] - BRBF (62.5%) price is 794 today, down 8 from yesterday [2] - BRBF (63%) price is 800 today, down 8 from yesterday [2] - FMG price is 707 today, down 10 from yesterday [2] - Carajás powder price is 858 today, down 6 from yesterday [2] - Karara concentrate price is 846 today, down 8 from yesterday [2] - Ukrainian concentrate price is 835 today, down 8 from yesterday [2] - IOC6 price is 737 today, down 8 from yesterday [2] - KUMBA price is 832 today, down 7 from yesterday [2] - SP10 price is 685 today, down 10 from yesterday [2] - Minmetals standard powder price is 774 today, down 6 from yesterday [2] - The optimal delivery product is Carajás powder [2] Group 4: Spot Price Spread and Import Profit - Carajás powder - PB powder spread is 93 today, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread is 46 today, up 1 from yesterday [2] - Carajás powder - Jinbuba powder spread is 143 today, up 2 from yesterday [2] - PB - Jinbuba powder spread is 50 today, up 1 from yesterday [2] - Newman lump - Newman powder spread is 81 today, up 5 from yesterday [2] - Roy Hill lump - Roy Hill powder spread is 14 today, unchanged from yesterday [2] - Mac powder - Super Special powder spread is 105 today, down 5 from yesterday [2] - PB powder - Super Special powder spread is 114 today, down 1 from yesterday [2] - PB lump - PB powder spread is 74 today, up 1 from yesterday [2] - Carajás powder import profit is -1 today, up 5 from yesterday [2] - Newman powder import profit is 55 today, up 3 from yesterday [2] - PB powder import profit is 29 today, up 5 from yesterday [2] - Jinbuba powder import profit is 57 today, up 3 from yesterday [2] - Super Special powder import profit is 7 today, up 4 from yesterday [2] - PB lump import profit is 117 today, up 5 from yesterday [2] - BRBF import profit is 26 today, up 3 from yesterday [2] - Mac powder import profit is 52 today, down 1 from yesterday [2] - FMG import profit is 8 today, unchanged from yesterday [2] Group 5: Platts Index and USD Spread - Platts Iron Ore 61% price is 98.7 today, down 1.6 from yesterday [2] - Platts Iron Ore 65% price is 115.0 today, down 1.6 from yesterday [2] - Platts Iron Ore 58% price is 91.3 today, down 1.2 from yesterday [2] - SGX main - DCE01 spread is 3.5 today, down 0.1 from yesterday [2] - SGX main - DCE05 spread is -0.1 today, down 0.2 from yesterday [2] - SGX main - DCE09 spread is 2.2 today, down 0.1 from yesterday [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply pressure of US corn has weakened, and it is expected to fluctuate strongly at the bottom. North China corn supply has decreased, and the spot price is relatively strong, while Northeast corn is stable. The spot price is still weak in the short - term, but the purchase price at the northern ports is strong today. The price of North China wheat is strong, and the price difference between Northeast and North China corn has widened. The market expects North China corn to be stable before the Spring Festival, while Northeast corn may face selling pressure later. Corn spot prices still have room to fall, and the 03 corn contract will also decline, but the 07 corn contract has limited downside space. The 03 starch contract is expected to fluctuate at the bottom in the short - term [4][7][9] Summary by Directory Part 1: Data - **Futures Market**: For corn futures, C2601 closed at 2257 with no change; C2605 closed at 2274, down 5 (-0.22%); C2509 closed at 2301, up 1 (0.04%). For corn starch futures, CS2601 closed at 2587, up 4 (0.15%); CS2605 closed at 2596, up 2 (0.08%); CS2509 closed at 2618, up 2 (0.08%). The trading volume and open interest of each contract also changed to varying degrees [2] - **Spot and Basis**: Corn spot prices in different regions showed different trends, with prices in some areas rising slightly. The basis of corn and starch also varied by region. The price difference of corn and starch across different periods and varieties also changed [2] Part 2: Market Judgment - **Corn**: US corn prices have fallen, but the global supply pressure has weakened, and it is still in a bottom - oscillating state. The import profit of foreign corn has increased. The ex - warehouse price at northern ports is strong, and the spot price in the Northeast is stable. The supply in North China has decreased, and the spot price is stable. The price difference between North China and Northeast corn has widened. Wheat prices are strong, and corn is still cost - effective. Domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the inventory - building situation of downstream enterprises [4][7] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, the corn spot price in Shandong is strong, and the starch price is around 2780 yuan. The starch inventory in Northeast China is stable, and the overall corn starch inventory has declined this week. The starch price mainly depends on corn price and downstream inventory - building. By - product prices are weakening but are still higher than last year. The spot price difference between corn and starch is at a low level. The 03 starch contract oscillated narrowly following corn, and the spot price is expected to stabilize in the short - term [8] - **Trading Strategies**: For single - side trading, the 03 US corn has support at 420 cents per bushel, and the 07 and 05 corn contracts can be short - bought on dips. For arbitrage, conduct a reverse spread of 3 - 7 corn and widen the spread between 05 corn and starch on dips [10] Part 3: Corn Options - Option Strategy: Adopt a short - term put - accumulation strategy with rolling operations [11] Part 4: Related Attachments - The attachments show the historical trends of North Port's corn ex - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread [15][16][17][18][20][21]

研究所 燃料油研发报告 第一部分 相关数据 F03108405 Z0021537 @chinastock.com.cn | 研究员： | | | 2026/2/9 | 2026/2/6 | 2026/2/2 | 2026/1/12 | Δ日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 吴晓蓉 | | FU主力 | 2794 | 2831 | 2679 | 2461 | -37 | | 期货从业证号： | | FU主力持仓(万手) | 28.1 | 28.3 | 12.2 | 23.4 | -0.1 | | | | FU仓单(吨) | 9930 | 9930 | 44540 | 79450 | 0 | | F03108405 | | LU主力 | 3248 | 3298 | 3128 | 3026 | -50 | | 投资咨询从业证号： | | LU主力持仓(万手） | 7.0 | 7.6 | 9.0 | 7.8 | -0.6 | | Z0021537 | | LU仓单 | 23140 | 23140 | 27860 | 22760 | 0 | | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - Geopolitical fluctuations intensify, and the asphalt market follows crude oil fluctuations [6] - Demand in various regions is gradually weakening due to cooling and approaching the Spring Festival, but supported by low inventory and supply, spot prices remain stable, showing a supply - demand dual - weak situation [6] - There are still expectations of a raw material shortage and cost increase in the long - term asphalt market [6] Group 3: Summary by Relevant Catalogs Part 1: Related Data - **Futures Prices and Positions**: On February 9, 2026, compared with February 6, 2026, BU2603 (the main contract) fell 52 points to 3334, a decline of 1.54%; BU2604 fell 54 points to 3347, a decline of 1.59%; BU2605 fell 48 points to 3341, a decline of 1.42%; SC2603 fell 1.2 points to 464.2, a decline of 0.26%; Brent first - line fell 1 point to 67.34, a decline of 1.49%. The main contract position decreased by 1.6 million hands to 6.7 million hands, a decline of 18.95%, and the trading volume decreased by 3.9 million hands to 12.3 million hands, a decline of 24.22%. The warehouse receipt quantity remained unchanged at 40,070 tons [2] - **Basis and Spread**: BU04 - 05 decreased by 6 points to 6, a decline of 50%; BU04 - 03 increased by 2 points to - 13, an increase of 13.33%. The Shandong - main contract basis increased by 24 points to - 7, an increase of 77.42%; the East - China - main contract basis increased by 64 points to - 87, an increase of 42.38%; the South - China - main contract basis increased by 54 points to - 37, an increase of 59.34% [2] - **Industrial Chain Spot Prices**: The Shandong market price fell 30 points to 3210, a decline of 0.93%; the East - China market price increased 10 points to 3260, an increase of 0.31%; the South - China market price remained unchanged at 3310. Shandong gasoline increased 13 points to 7183, an increase of 0.18%; Shandong diesel fell 35 points to 5613, a decline of 0.62%; Shandong petroleum coke fell 20 points to 2760, a decline of 0.72%. The diluted asphalt discount remained unchanged at - 13.2, and the exchange - rate mid - price fell 0.01 to 6.9523, a decline of 0.10% [2] - **Spread and Profit**: The asphalt refinery profit increased 27.44 to - 50.98, an increase of 34.99%; the refined - oil comprehensive profit increased 37.03 to - 99.38, an increase of 27.14%; the BU - SC cracking decreased 39.03 to - 426.71, a decline of 10.07%; the gasoline spot - Brent increased 68.12 to 734.38, an increase of 10.23%; the diesel spot - Brent increased 25.65 to 35, an increase of 274.27% [2] Part 2: Market Judgment - **Market Overview**: On February 9, the domestic asphalt market average price remained unchanged at 3324 yuan/ton. In the north, terminal projects were stagnant, and prices were stable. In the south, the rush - work demand decreased, and prices were firm. In Shandong, the mainstream transaction price was stable at 3220 - 3230 yuan/ton. In the Yangtze River Delta, the mainstream transaction price was stable at 3260 - 3260 yuan/ton. In South China, the mainstream transaction price was stable at 3240 - 3300 yuan/ton [4][5] - **Market Outlook**: The asphalt market follows crude oil due to geopolitical factors. Demand is weakening, but low inventory and supply support stable prices. There are still expectations of raw material shortages and cost increases in the long - term [6] Part 3: Related Attachments - The report provides charts including BU main - contract closing price, BU main - contract position, East - China asphalt market price, Shandong asphalt market price, Shandong refinery gasoline, and Shandong refinery diesel [9]

研究所 农产品研发报告 油脂日报 2026 年 02 月 09 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/9 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8114 | 12 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8494 | | | | 8614 | 8394 | | 500 | 0 | 380 | 0 | 280 | 0 | | 棕榈油 | 9014 | (12) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8964 | | | | 8954 | ...

研究所 液化气研发报告 赵若晨 期货从业证号： F03151390 液化气日报 2026 年 2 月 9 日 液化气日报 日度数据 | | | 液化气数据汇总表 | | | | --- | --- | --- | --- | --- | | 类别 | 名称 | 2026/2/9 | 2026/2/6 | 涨跌 | | 国内期货 | PG2602 | 4194 | 4258 | -64.0 | | | 主力持仓 | 36863 | 44652 | -7789 | | | 仓单数量 | 6932 | 6902 | 30 | | 国内现货 | 华南炼厂气 | 4765 | 4835 | -70 | | | 华南进口气 | 4890 | 4915 | -25 | | | 华东炼厂气 | 4475 | 4475 | O | | | 华东进口气 | 2019 | 4979 | 40 | | | 山东炼厂气 | 4470 | 4440 | 30 | | | 山东醚后C4 | 4370 | 4240 | 130 | | 基差 | | 554.0 | 540.0 | J 4 | | 外盘价格 | BRENT | 67.5 | ...

研究所 天然气研发报告 天然气日报 2026 年 2 月 9 日 天然气市场日报 | | | | 国际天然气价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美元/MMBTU | 2026/2/6 | 2026/2/5 | 2026/2/2 | | 2026/1/9 日度涨跌幅 7日涨跌幅 | | 30日涨跌幅 | | HH 2603 | 3.422 | 3.509 | 3.237 | 2.634 | -2.48% | 5.72% | 29.92% | | HH 2604 | 3.23 | 3.331 | 3.173 | 2.674 | -3.03% | 1.80% | 20.79% | | JKM 2603 | 11.105 | 11.08 | 11.15 | 9.45 | 0.23% | -0.40% | 17.51% | | JKM 2604 | 10.76 | 10.42 | 10.335 | 9.185 | 3.26% | 4.11% | 17.15% | | TFU 2603 | 35.694 | 33.735 | 3 ...