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 ...

Group 1: Report Overview - Report Title: Methanol Polyolefin Morning Report [1] - Report Date: February 10, 2026 [1] - Research Team: Energy and Chemicals Team of the Research Center [1] Group 2: Methanol Analysis Data Summary - From February 3rd to 9th, the price of动力煤期货 remained stable at 801. The江苏现货 price increased from 2225 to 2210, the华南现货 price increased from 2223 to 2218, and the鲁南折盘面 price increased from 2385 to 2395. The西北折盘面 price increased from 2385 to 2470. The进口利润 improved from -36 to -25, and the主力基差 improved from -45 to -30 [2]. Core View - The conflict in Iran continues to ferment, MTO shows resistance, with Xingxing shutting down, Shenghong shutting down in February, and Luxi shutting down next week. Others also have plans to reduce production, waiting to restart after the situation in Iran normalizes. Currently, it is difficult for methanol prices to go up or down. The MTO profit caps the upper limit, and unless other downstream products increase in price, a bearish outlook or selling call options is more appropriate [2]. Group 3: Plastic Analysis Data Summary - From February 3rd to 9th, the东北亚乙烯 price decreased from 695 to 690. The华北LL price decreased from 6680 to 6570, the华东LL price remained at 6875, and the华东LD price decreased from 8875 to 8650. The LL进口利润 decreased from 91 to -91, and the主力期货 price decreased from 6865 to 6721. The两油库存 decreased from 51 to 43, and the仓单 remained at 9428 [2]. Core View - The futures market is oscillating, the spot market is stable, and the basis is weak. The L01 basis in North China is -180, a decrease of 40 compared to the previous period; in East China, it is -100, a decrease of 30. The regional price difference in North China is oscillating, with North China - East China at -80, a decrease of 30; South China - East China at 50, an increase of 50. Crude oil is oscillating, the oil - based profit is deteriorating, and the coal - based profit is also deteriorating. The Northeast Asian ethylene price is 745, the theoretical LL import price is 63, the HD - LLD price difference is 110, a decrease of 40, and the LD - LL price difference is 2210, an increase of 210. Upstream coal chemical industry is destocking, and the two major oil companies are destocking. Social inventory has increased this week, with HD inventory at a low level, LD inventory increasing, and LL inventory slightly higher than normal. From the supply side, the growth rate of standard product supply is high. The linear production schedule has increased month - on - month, there were few maintenance in January, and the full - density production has recovered. In the future, supply will recover. According to the balance sheet, the overall PE supply growth rate for 05 is neutral, and the LL supply - demand balance sheet is still under relatively high pressure [2]. Group 4: PP Analysis Data Summary - From February 3rd to 9th, the山东丙烯 price remained at 6400, the东北亚丙烯 price remained at 785. The华东PP price increased from 6610 to 6530, the华北PP price decreased from 6638 to 6588, and the山东粉料 price decreased from 6520 to 6500. The PP美金 price decreased from 825 to 835, and the出口利润 improved from -57 to -37. The主力期货 price decreased from 6730 to 6630, and the基差 remained at -140. The两油库存 decreased from 51 to 42, and the仓单 decreased from 17223 to 17195 [3]. Core View - The futures market is stable, and the basis is weak. The basis in East China is -200, a decrease of 80 compared to the previous period. The import profit is -334, and the export profit is -225, with the export volume slightly decreasing month - on - month. The domestic regional price difference shows North China - East China at -70, an increase of 35; South China - East China at 100, a decrease of 30. In terms of upstream profits, the oil - based profit is stable, the PDH comprehensive profit is -970, an increase of 230, and the PHD operating rate is stable this week. The profits of downstream BOPP and plastic weaving have improved. The number of temporary maintenance plans on the supply side has increased, and the supply in January is flat month - on - month. Downstream purchases slightly at low prices during the festival. Upstream, the two major oil companies are destocking, the coal chemical industry is increasing inventory, and social inventory is increasing. Currently, the overall PP inventory is neutral. According to the balance sheet, the outlook for 05 and the following periods is slightly on the high side, and PDH maintenance or continuous exports are needed for improvement [3]. Group 5: PVC Analysis Data Summary - From February 3rd to 9th, the西北电石 price remained at 2550, the山东烧碱 price decreased from 622 to 617. The电石法 - 华东 price increased from 4860 to 4830, and the进口美金价 remained at 700. The出口利润 decreased from 268 to 186, and the基差 remained at -220 [4][5]. Core View - The V basis is -330, an increase of 10 compared to the previous period. This week's trading volume is average. The FOB price of ethylene - based PVC is 575, and that of calcium carbide - based PVC is 570, and the sustainability needs further observation. The coal price is 600, unchanged, and the semi - coke price is 820, unchanged. The semi - coke profit is poor, and the calcium carbide profit is also poor. The Shandong spot ex - factory price is 4560, and the comprehensive profit of the purchased calcium carbide chlor - alkali is around -600. The ethylene - calcium carbide price is stable. Upstream, the operating rate this week is 79.7%, an increase of 1.1%. The operating rate of calcium carbide - based PVC is 79.7%, an increase of 1.3%, and that of ethylene - based PVC is 79.6%, an increase of 0.3%. Downstream demand is stable. The upstream factory inventory is 30.9, an increase of 0.4w, the PVC social inventory is 111.4w, an increase of 5w, with 106w in East China, an increase of 5w, and 5.4w in South China, unchanged. The overall inventory level is still slightly high, and the export volume is flat month - on - month. Currently, the comprehensive profit of PVC is low. In the short term, the seasonal operating rate is recovering, and attention should be paid to downstream inventory replenishment. Overall, the export volume this year is relatively large, and the sustainability of future exports needs to be observed. In the long term, the new construction demand in the domestic and international real estate markets is still weak. In the medium - to - long - term, the outlook for PVC remains poor [5].