Report Industry Investment Rating - No relevant information provided Core Views of the Report - The LPG futures market showed a volatile decline this week mainly due to the fall in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil gas). The 3 - 4 month spread was -303 (-9), and the warehouse receipts increased by 1035 to 6902 lots. The current cheapest deliverable is Shanghai civil gas at 4150 (+30). The outer - market paper cargo month spread increased, and the oil - gas ratio oscillated. The internal and external market weakened, with PG - FEI c1 at 75.26 (-9.6), FEI - MB at 185.6 (+16.6), and FEI - CP at 10 (+13). Freight rates rose. The actual landed cost oscillated weakly. The FEI - MOPJ spread widened to -44.75 (-15.75). PDH profit decreased. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22% (mainly in East China), refinery storage capacity decreased by 0.39 pct, and external sales increased by 0.94%. Chemical demand increased, with PDH operating rate at 62.66% (+1.94 pct). The temperature was still low with fair rigid demand for combustion. As the Spring Festival approaches, the downstream restocking is coming to an end, and it is expected that the transportation capacity will decline next week, with factories focusing on inventory clearance. Overall, the internal basis is still weak; due to the large price difference between propane and civil gas, the decline space of civil gas may be limited before the festival; the 3 - 4 month spread is neutrally valued, and the situation of warehouse receipts needs to be monitored. The outer market is still tight in the short term, with high freight rates, and geopolitical and cold wave factors are still crucial and need continuous attention [1] Summary According to the Catalog Daily Data - From February 4 to February 10, 2026, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - post carbon four, and Shandong alkylated oil changed. The daily changes on February 10 were -15, 0, 20, 2, 2, 4, 80, 0 respectively for these items. The paper import profit decreased by 24, and the main basis decreased by 57 [1] Daily Views - On Tuesday, the 3 - 4 month spread rebounded, with the 3 - 4 month spread at -297 (+50) and the 4 - 5 month spread at 91 (+1). Warehouse receipts changed with Shanghai Yuchi +5 and Haiyu Petrochemical -175. LPG spot prices stabilized with a slight downward adjustment expected. The cheapest deliverable was Shanghai Gaoqiao civil gas at 4150, with a basis of -122. Domestic spot prices were generally stable. The mainstream transaction price in East China was 4150 - 4800, and refineries shipped stably before the festival. Shandong civil gas prices continued to rise, with the mainstream price at 4400 - 4530. With the approaching Spring Festival, there was an expectation of a decline under increased supply. The mainstream price of ether - post carbon four rose, and the low - supply situation led to smooth sales [1] Weekly Views - The futures market oscillated down this week. The basis strengthened, the 3 - 4 month spread decreased, and warehouse receipts increased. The outer - market paper cargo month spread increased, and the oil - gas ratio oscillated. The internal and external market weakened. Freight rates rose, and the actual landed cost oscillated weakly. PDH profit decreased. Port storage capacity, ship arrivals, and refinery storage capacity decreased, while external sales increased. Chemical demand increased, and the PDH operating rate rose. The temperature was still low with fair rigid demand for combustion. As the Spring Festival approaches, the downstream restocking is coming to an end, and it is expected that the transportation capacity will decline next week, with factories focusing on inventory clearance. The internal basis is still weak, the decline space of civil gas may be limited before the festival, the 3 - 4 month spread is neutrally valued, and the outer market is still tight in the short term [1]

研究中心农产品团队 2026/02/11 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 潍坊 | 锦州 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2026/02/04 2180 | 2288 | 2270 | 2410 | 7 | 10 289 | 2750 | 2820 | 185 | -83 | | 2026/02/05 2180 | 2288 | 2280 | 2410 | 16 | 0 288 | 2750 | 2820 | 178 | -83 | | 2026/02/06 2180 | 2288 | 2280 | 2410 | 6 | 10 272 | 2750 | 2820 | 155 | -83 | | 2026/02/09 2180 | 2282 | 2280 | 2420 | 15 | 20 208 | 2750 | 2820 | 157 | -83 | | 2026/02 ...

| 冠 | | --- | | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 4123.09 | 4719.06 | 3081.78 | 3332.77 | 8311.28 | | 涨跌（%） | 1.41 | 1.63 | 1.45 | 2.98 | 2.02 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.20 | 11.71 | 37.60 | 27.81 | 19.41 | | 环比变化 | 0.16 | 0.12 | 0.70 | 0.13 | 0.23 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.61 | 2.31 | | 环比变化 | - | - | - | -0.01 | -0.06 | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新值 ...

价 格 和 利 润 | | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/02/10 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/02/03 | 3120 | 3210 | 3370 | 3240 | 3400 | 3310 | | 2026/02/04 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 2026/02/05 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 2026/02/06 | 3100 | 3210 | 3320 | 3240 | 3400 | 3300 | | 2026/02/09 | 3100 | 3210 | 3320 | 3240 | 3400 | 3300 | | 变化 | 0 | 0 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the provided content 3. Summary by Related Catalogs Price - For silicon iron, prices in different regions such as Ningxia, Inner Mongolia, Qinghai, and Shaanxi vary, with some showing daily and weekly changes. For example, Ningxia 72 silicon iron is priced at 5,270, with a daily change of -30 and a weekly change of -80 [1]. - The prices of silicon manganese also have different trends in different regions and contracts. For instance, the CZCE silicon manganese main - contract closing price has shown different fluctuations from 2022 - 2026 [6]. Supply - The production of silicon iron by 136 Chinese enterprises (monthly and weekly) and their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are presented. The weekly production of 136 silicon iron enterprises (with a 95% capacity share) has been tracked from 2022 - 2026 [4]. - The production of silicon manganese in China (weekly) and the purchase volume and price of silicon manganese 6517 by Hebei Steel Group (monthly) are provided [6]. Demand - The demand - related data for silicon iron includes the production of crude steel, metal magnesium, and stainless - steel crude steel in China, as well as the export volume of silicon iron [4]. - For silicon manganese, the demand data includes the estimated production of crude steel in China, the demand in China, and the export volume [7]. Inventory - The inventory data of silicon iron includes the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), as well as CZCE silicon iron warehouse receipts, effective forecasts, and the sum of them (daily) [5]. - For silicon manganese, the inventory data includes CZCE silicon manganese warehouse receipts, effective forecasts, and the sum of them (daily), the inventory of 63 sample enterprises in China (weekly), and the average available inventory days in China [7]. Cost and Profit - The cost - related data of silicon iron includes electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coke in Shaanxi, and the production cost in Ningxia and Inner Mongolia. The profit data includes the main - contract profit and spot profit of Ningxia silicon iron and the export profit of 75 silicon iron [5]. - For silicon manganese, the profit data includes the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the main - contract profit of Guangxi silicon manganese [7].

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1485.59 | 0.00 | 0.00 | 54.61 | -1.09% 高炉开工率 | 85.69 | | 0.22 | -0.35 | -0.08% | | 河北准一干熄 | 1735.00 | 0.00 | 0.00 | 55.00 | 18.84% 铁水日均产量 | 228.58 | | 0.60 | -0.92 | 0.06% | | 山东准一干熄 | 1680.00 | 0.00 | 0.00 | 55.00 | 0.00% 盘面05 | 1694 | -28.00 | -27.00 | -52.50 | 0.36% | | 江苏准一干熄 | 1700.00 | 0.00 | 0.00 | 55.00 | -1.16% 盘面09 | 1766.5 | -23.00 | -18.00 | -54.50 | -0.03% | ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content 2. Core View - No information provided in the given content 3. Summary by Related Catalogs Price Performance - London Gold latest price: $13,069.50, change: +$91.55 [1] - London Silver latest price: $5,039.55, change: +$5.42 [1] - London Platinum latest price: $80.36, change: +$30.00 [1] - WTI Crude latest price: $2,054.00, change: +$0.81 [1] - LME Copper latest price: $1,693.00, change: +$279.00 [1] - Dollar - Yen latest: 155.89, change: -0.76 [1] - Dollar Index latest: 96.85, change: +0.01 [1] - Euro - Dollar latest: 1.19, change: +0.01 [1] - Pound - Dollar latest: 1.37, change: -1.34 [1] - US 10 - year TIPS latest: 1.88, change: 0.00 [1] Trading Data - COMEX Silver latest: 1,079.66, change: -1.00 [1] - SHFE Silver latest: 12,144.85, change: 0.00 [1] - SGE Gold latest: 318.55, change: -125.83 [1] - SGE Silver latest: 16,191.09, change: +3.43 [1] - Silver ETF持仓 latest: 504.96, change: 0.00 [1] - Gold ETF持仓 latest: 2, change: -31.35 [1] Precious Metal Ratios - The report presents various precious metal ratios such as gold - crude oil ratio, gold - copper ratio, COMEX gold - silver ratio, gold - platinum ratio, and platinum - palladium ratio through charts [1] Import Profits - The report shows the import profits of gold and silver through charts [1] US Treasury Rates and Spreads - The report presents the relationship between US Treasury rates, spreads and London spot gold price through charts [2] ETF Holdings Changes - The report shows the changes in COMEX silver inventory, LBMA silver inventory, SGE silver inventory, SHFE silver inventory, gold ETF holdings, and silver ETF holdings through charts [2] SGE Holdings and Deliveries - The report shows the holdings and deliveries of SGE gold and silver through charts [2] SGE Deferred Fees - The report shows the deferred fee payment directions of SGE gold and silver through charts [2] COMEX Non - Commercial Long Positions - The report shows the proportion of non - commercial long positions of COMEX gold and silver through charts [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report indicates that due to the Middle - East tensions increasing the risk premium, crude oil prices have risen for two consecutive days. The geopolitical tensions this year have overshadowed concerns about global supply surplus. The market will get insights from a series of data this week, starting with the EIA's monthly short - term energy outlook report. The short - term oil prices are still affected by the Iran situation, and the global crude oil supply - demand fundamentals in the first and second quarters remain in a surplus state, not supporting high valuations [3][5]. 3. Summary by Directory 3.1 Daily News - Middle - East tensions have pushed up the risk premium, causing oil prices to rise for two consecutive days. WTI crude oil has traded above $64 per barrel after a 1.7% increase in the past two trading days, and Brent crude oil has closed above $69. The US warned that US - flagged vessels should stay away from Iranian waters when passing through the Strait of Hormuz [3]. - The US Maritime Administration's warning was related to an incident on February 3 when a US - flagged oil tanker was approached by Iranian gunboats in the Strait of Hormuz [4]. - Venezuelan crude oil production has approached 1 million barrels per day after returning to the pre - cut level [4]. - US sanctions have led to a continuous decline in Russian crude oil production. In January, Russia's average daily crude oil production was 9.28 million barrels, 46,000 barrels per day less than in December and nearly 300,000 barrels per day lower than the quota in the OPEC+ agreement. The amount of Russian oil stored on tankers has been increasing [5]. 3.2 Inventory - This week, crude oil has fluctuated at a high level due to the Iran situation, with the month - spread falling and the North Sea Brent basis dropping to $1.005 per barrel. The US and Iran held a six - hour nuclear negotiation on Friday, with Iran calling it a good start. A second round of negotiations is expected in the coming days. - Globally, the total petroleum inventory has decreased. In the US, commercial crude oil inventory decreased by 3.455 million barrels and refined oil inventory decreased by 5.553 million barrels. Saudi Arabia adjusted the official selling prices of Arabian light crude oil for March. - In Singapore, all refined oil products have seen inventory accumulation. In ARA, crude oil inventory has decreased, while refined oil products, diesel, and gasoline have seen inventory accumulation. In China, both gasoline and diesel inventories have increased [5]. 3.3 EIA Report - For the week ending January 30, US crude oil exports decreased by 542,000 barrels per day to 4.047 million barrels per day [15]. - US domestic crude oil production decreased by 481,000 barrels to 13.215 million barrels per day [15]. - Commercial crude oil inventory (excluding strategic reserves) decreased by 3.455 million barrels to 420 million barrels, a decrease of 0.82% [15]. - The four - week average supply of US crude oil products was 20.802 million barrels per day, a year - on - year increase of 0.94% [15]. - The US Strategic Petroleum Reserve (SPR) inventory increased by 214,000 barrels to 415.2 million barrels, an increase of 0.05% [15]. - US imports of commercial crude oil (excluding strategic reserves) were 6.201 million barrels per day, an increase of 559,000 barrels per day compared to the previous week [15].

纸浆早报 研究中心能化团队 2026/02/10 SP主力合约收盘价： 5200.00 | 日期 | 2026/02/09 | 2026/02/06 | 2026/02/05 | 2026/02/04 | 2026/02/03 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5200.00 | 5234.00 | 5254.00 | 5324.00 | 5276.00 | | 折美元价 | 655.25 | 658.48 | 660.96 | 670.20 | 664.21 | | 距上一日涨跌 | -0.64960% | -0.38066% | -1.31480% | 0.90978% | 0.18990% | | 山东银星基差 | 110 | 76 | 81 | 51 | 99 | | 江浙沪银星基差 | 140 | 106 | 136 | 66 | 114 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | ...

焦煤日报 研究中心黑色团队 2026/2/10 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1483.00 | 0.00 | 0.00 | 28.00 | 13.47% Peak Downs | 224.00 | 0.00 | 2.00 | -4.50 | 22.60 | | 原煤口岸库提价 | 1010.00 | -27.00 | -17.00 | -59.00 | 10.99% Goonyella | 224.00 | 0.00 | 2.00 | -5.50 | 22.90 | | 沙河驿蒙5# | 1400.00 | 0.00 | -30.00 | 60.00 | 3.70% 盘面05 | 1138.00 | -16.00 | -29.00 | -83.50 | 4.55% | | 安泽主焦 | 1570.00 | 0.00 | -60.00 | 70.00 | 12.14 ...