Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current valuation of the 04 contract is neutral. In the medium term, the recommended strategy is to short on rallies [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and it's hard to predict shipping companies' price - adjustment behavior. So, cautious operation is advised. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and long the 07 contract, but the valuation given by the market is already relatively reasonable. The 05 contract is at the off - peak to peak season transition point, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, frequent position - closing operations by funds are expected to cause large market fluctuations. Prudent operation is advised this week [3]. Group 3: Summary of Related Catalogs Futures Contract Information - EC2604 closed at 1179.0 with a - 4.77% change, EC2605 at 1273.0, EC2606 at 1499.8 with a - 3.43% change, EC2608 at 1576.3 with a - 2.38% change, EC2610 at 1110.9 with a - 1.35% change, and EC2612 at 1380.0 with a - 3.19% change [2]. - The trading volume of EC2604 and EC2605 combined was 29560, and the open interest was 33899 with a change of 2767. The trading volume of EC2606 was 4155, and the open interest was 14740 with a change of 14. The trading volume of EC2608 was 340, and the open interest was 1416 with a change of 2. The trading volume of EC2610 was 1093, and the open interest was 8071 with a change of 178. The trading volume of EC2612 was 38, and the open interest was 127 with a change of - 11 [2]. - The month - spread of EC2604 - 2606 was - 320.8 (day - on - day change: - 5.8, week - on - week change: - 34.4), and the month - spread of EC2606 - 2610 was 388.9 (day - on - day change: - 38.0, week - on - week change: 5.8) [2]. Spot Market Information - The spot price (European line) on 2026/2/9 was 1657.94 points, a - 7.49% change from the previous period [2]. - The SCFI (European line) on 2026/2/6 was 1403 dollars/TEU, a - 1.06% change from the previous period [2]. - In Week 7, MSK's opening price was 1950 dollars (a decrease of 100 dollars compared to the previous period), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the futures market. In Week 8 - 9, MSK's opening price remained at 1950 dollars. In March, MSC led a price - increase notice, followed by CMA, COSCO, and HPL, with the European line price expected to rise to 3000 - 3100 dollars. On Tuesday, MSK's opening price for Week 10 remained at 1950 dollars [4]. Related News - On February 10, Israel's Defense Forces were formulating a plan to launch a new offensive in the Gaza Strip to disarm Hamas [5]. - On February 11, the US military in Qatar loaded missiles onto mobile platforms. Since January, as the tension between the US and Iran escalated, the US military at the Al - Udeid Air Base in Qatar loaded missiles onto mobile launch platforms this month [5].

金十数据2月11日讯，据华尔街日报报道，特朗普政府官员已讨论是否扣押更多运输伊朗石油的油轮，以进一步向德黑 兰施压。但由于担忧伊朗几乎必然的报复行动以及对全球石油市场的影响，美国官员表示目前尚未采取行动。如果美国 采取行动阻止其他受制裁船只在伊朗装载石油，将挤压德黑兰的主要收入来源。此举将扩大白宫去年12月在加勒比海地 区实施的激进战略。然而，一些官员表示，该方案作为白宫迫使德黑兰达成限制核计划协议的数个选项之一，面临重重 障碍，扣押行为甚至被视为一种战争行为。针对美国升级的打击行动，伊朗很可能通过扣押该地区美国盟友的油轮，甚 至在霍尔木兹海峡布设水雷作为回应。任何一种举动都可能导致油价大幅攀升，使白宫面临政治风暴的风险。 ·伊朗官员：若美伊核问题谈判成功 对话或将拓展至其他领域 金十数据2月11日讯，当地时间10日，伊朗最高国家安全委员会秘书、最高领袖顾问拉里贾尼表示，前一阶段的美伊谈 判进程逐步取得了进展。他指出，只要谈判具备现实可行性，伊朗愿意继续参与相关谈判。拉里贾尼称，伊朗在首轮谈 判中的立场是积极的，并表示，下一阶段可能带来战略缓和的契机，或者至少能实现政治立场的重新调整，而这取决于 对话的最终结 ...

锌 当月合约-现货 次月合约-现货 价差 110 15 理论价差 118 265 铅 当月合约-现货 次月合约-现货 价差 20 140 理论价差 94 204 跨品种套利跟踪 2026/02/11 | 铜/锌 | | 铜/铝 | 铜/铅 | 铝/锌 | 铝/铅 | 铅/锌 | | --- | --- | --- | --- | --- | --- | --- | | 沪（三连） | 4.16 | 4.31 | 6.10 | 0.96 | 1.41 | 0.68 | | 伦（三连） 3.86 4.24 6.64 0.91 1.57 0.58 | | | | | | | | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 | | | | | | | | 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 | | | | | | | | 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承 ...

甲醇聚烯烃早报 研究中心能化团队 2026/02/11 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2026/02/0 4 801 2250 2235 2380 - 2300 2398 268 323 -29 -40 - 2026/02/0 5 801 2205 2215 2380 - 2300 2398 264 323 -25 -35 - 2026/02/0 6 801 2208 2210 2375 - 2300 2405 262 323 -9 -35 - 2026/02/0 9 801 2210 2218 2395 - 2300 2470 262 323 -7 -30 - 2026/02/1 0 801 2210 2205 2398 - 2315 2443 - - - -40 - 日度变化 0 0 -13 3 - 15 -27 - - - -10 - 观点 伊朗矛盾继续发酵，mto出现抵抗，兴兴停车，盛虹2月停车，鲁西下周停车，其余也有降幅计划，预计等待伊朗 正常后重新开车， 目前看 ...

| 乖 亦安期货 | | --- | 废钢早报 研究中心黑色团队 2026/02/11 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/04 | 2194 | 2267 | 2063 | 2233 | 2216 | 2108 | | 2026/02/05 | 2194 | 2266 | 2063 | 2228 | 2212 | 2108 | | 2026/02/06 | 2194 | 2264 | 2063 | 2224 | 2215 | 2107 | | 2026/02/09 | 2191 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/10 | 2190 | 2265 | 2063 | 2220 | 2215 | 2107 | | 环比 | -1 | 0 | 0 | 0 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容 ...

燃料油早报 研究中心能化团队 2026/02/11 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/04 | 363.79 | 413.32 | -9.48 | 657.55 | -244.23 | 20.61 | 49.53 | | 2026/02/05 | 365.13 | 411.49 | -9.29 | 658.02 | -246.53 | 22.58 | 46.36 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375. ...

纸浆早报 研究中心能化团队 2026/02/11 SP主力合约收盘价： 5202.00 | 日期 | 2026/02/10 | 2026/02/09 | 2026/02/06 | 2026/02/05 | 2026/02/04 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5202.00 | 5200.00 | 5234.00 | 5254.00 | 5324.00 | | 折美元价 | 656.97 | 655.25 | 658.48 | 660.96 | 670.20 | | 距上一日涨跌 | 0.03846% | -0.64960% | -0.38066% | -1.31480% | 0.90978% | | 山东银星基差 | 108 | 110 | 76 | 81 | 51 | | 江浙沪银星基差 | 138 | 140 | 106 | 136 | 66 | 以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

1. Report's Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The USDA's February supply - demand report shows stable data for the US 2025/26 soybean year, while Brazil's soybean production estimate has increased, and global soybean production and ending stocks are also expected to rise. Malaysia's palm oil inventory decreased in January due to strong exports despite lower production, and the decline is expected to continue. Global rapeseed, rapeseed oil, and rapeseed meal production and ending stocks are projected to increase in the 2025/26 year [1] 3. Summary by Related Catalogs 3.1 2025/26 US Soybean Information - The USDA's February report estimates the US 2025/26 soybean production at 4.262 billion bushels, exports at 1.575 billion bushels, and ending stocks at 350 million bushels, all unchanged from January estimates [1] 3.2 2025/26 Global Soybean Information - Brazil's 2025/26 soybean production estimate is 180 million tons (up from 178 million tons in January), with exports estimated at 114 million tons (unchanged from January). Argentina's production is estimated at 48.5 million tons and exports at 8.25 million tons, both unchanged from January. Global 2025/26 soybean production estimate is 428.18 million tons (up from 425.68 million tons in January), and ending stocks are estimated at 125.51 million tons (up from 124.41 million tons in January) [1] 3.3 Brazil's Soybean Harvest and Export - As of the week of February 7, 2026, Brazil's 2025/26 soybean harvest rate was 17.4%, up from 11.2% the previous week, compared to 14.8% the previous year and a five - year average of 18.7%. Anec predicts Brazil's February soybean exports to reach 1.171 million tons (up from the previous week's forecast of 1.142 million tons) and February soybean meal exports to reach 193,000 tons (up from 163,000 tons) [1] 3.4 Malaysia's Palm Oil Information - ITS data shows Malaysia's February 1 - 10 palm oil exports decreased 10.5% month - on - month; AmSpec data shows a 14.3% decrease. MPOB data shows Malaysia's January palm oil inventory decreased 7.72% to 2.82 million tons (the lowest since October 2025), production decreased 13.78% to 1.58 million tons (the lowest since March 2025), and exports increased 11.44% to 1.48 million tons (the highest since October 2025) [1] 3.5 Global Rapeseed and Related Products in 2025/26 - Global 2025/26 rapeseed production is expected to be 95.022 million tons (up 9.024 million tons year - on - year), ending stocks at 12.104 million tons (up 2.215 million tons). Rapeseed oil production is expected to be 35.68 million tons (up 1.511 million tons), ending stocks at 3.237 million tons (up 0.029 million tons). Rapeseed meal production is expected to be 50.952 million tons (up 1.884 million tons), ending stocks at 1.518 million tons (up 0.079 million tons). Canada's 2025/26 rapeseed exports are expected to be 7.6 million tons (down 1.731 million tons), rapeseed oil exports at 3.525 million tons (up 0.185 million tons), and rapeseed meal exports at 5.85 million tons (up 0.051 million tons) [1] 3.6 Spot Prices - Spot prices for various products from February 4 - 10, 2026, are provided, including prices for soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [4] 3.7 Others - The report also mentions protein meal basis, grease basis, and grease and oilseed futures spreads, but no specific data is provided [5][7][10]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - For PTA, recently it has turned to weekly inventory accumulation, with its processing fee and PXN compressed. Considering the improved cash - flow in downstream sectors, limited potential for PX supply increase at current valuation, and no obvious load increase in TA devices, the valuation is becoming reasonable. One can focus on phased positive spreads and long - position opportunities [1] - For MEG, after the recent compression of its valuation, the reduction in supply has further increased. Although short - term inventory accumulation continues, the certainty of inventory reduction in the far - month at the current price has increased. During the production - expansion cycle, its overall elasticity is limited, and one can focus on short - term put - selling opportunities [4] - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, and it has entered the pre - holiday load - reduction stage. The absolute inventory pressure is not large, with low - to - medium valuation and weak driving force, and the overall contradiction is limited. One should pay attention to the situation of warehouse receipts [4] Group 3: Summary by Related Catalogs PTA - **Device and load**: Some PTA devices restarted, with the operating rate rising month - on - month. Polyester load continued to decline, and inventory continued to accumulate [1] - **Price and spread**: The basis strengthened slightly, and the spot processing fee weakened month - on - month. PX restarted in China, with the overseas load rising slightly. PXN continued to contract month - on - month, and both disproportionation and isomerization benefits weakened. The aromatics spread between the US and Asia remained weak [1] - **Transaction information**: The average daily basis of PTA spot transactions was 2605(-60), and Dushan Energy's 2.5 million - ton device was under maintenance [1] MEG - **Device and load**: Near - term domestic oil - based production restarted while coal - based production was under maintenance, with the overall operating rate rising slightly. The arrival at ports was stable, and the port inventory continued to increase significantly at the beginning of next week. The forecast of arrivals during the week declined slightly [4] - **Price and spread**: The basis weakened slightly, and the coal - based production benefit contracted [4] - **Transaction information**: The basis of MEG spot transactions was against 05(-112), and Shanxi Woneneng's 300,000 - ton device was under maintenance [4] Polyester Staple Fiber - **Device and load**: The pre - holiday maintenance of some devices continued, with the operating rate further dropping to 77.7%. The sales were weak, and the inventory increased month - on - month [4] - **Price and spread**: The spot processing fee improved month - on - month. The operating rate of the polyester yarn end continued to decline, and both raw material inventory and finished - product inventory remained stable. The benefit remained stable month - on - month [4] - **Transaction information**: The spot price was around 6594, and the market basis was around - 70 against 03 [4] Natural Rubber and No. 20 Rubber - **Price information**: There were daily and weekly changes in the prices of various types of rubber, such as美金泰混,美金泰标, etc. For example, the weekly change of美金泰混 was 25 [4] - **Spread and profit information**: There were also changes in various spreads and processing profits, like the spread between混合 and RU主力, and the processing profit of泰标 [4] Styrene - Related Products - **Price information**: The prices of ethylene, pure benzene, styrene, and related products changed daily. For example, the price of EPS (East China general) decreased by 105 from February 9th to 10th [6] - **Profit information**: The domestic profits of ABS, EPS, PS, and other products also changed. For example, the domestic profit of ABS decreased by 80 from February 9th to 10th [6] - **Operating rate information**: The operating rates of EPS, ABS, and PS had their own trends over time [6] POY - **Cash - flow information**: The POY cash - flow had a certain trend from 2020 to 2026 [7]

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]