焦炭日报 研究中心黑色团队 2026/2/9 | | 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 | 54.61 | 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 | 55.00 | 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 | 55.00 | 55.00 | 0.00% 盘面05 | 1722 | -22.50 | 4.00 | -58.50 | 0.97% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 55.00 | -1.16% 盘面09 | 1789.5 | -20.00 | 4 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Price - For silicon iron, on February 9, 2026, the latest price of Ningxia 72 was 5300 with no daily change and a weekly change of -50; Inner Mongolia 72 was 5370 with no daily change and a weekly change of 40; etc [1]. - For silicon manganese, on the same day, the latest price of Inner Mongolia 6517 was 5650 with no daily change and a weekly change of -50; Ningxia 6517 was 5610 with no daily change and a weekly change of -10; etc [1]. 3.2 Supply - There are data on the production volume of silicon iron and silicon manganese in China over the years, including monthly production of 136 silicon - iron enterprises in China, weekly production of 136 silicon - iron enterprises in China (with a capacity share of 95%), and weekly production of silicon manganese in China [4][6]. - Capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4]. 3.3 Demand - There are data on the demand for silicon iron and silicon manganese in China over the years, such as the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber) [4][7]. - Data on the production of related products like crude steel, stainless - steel crude steel, and metal magnesium are also presented to reflect the demand situation [4]. 3.4 Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, there are data on warehouse receipts, effective forecasts, inventory + effective inventory, and the inventory of 63 sample enterprises in China on a weekly basis [7]. 3.5 Cost and Profit - For silicon iron, there are data on electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon iron in Ningxia and Inner Mongolia [5]. - For silicon manganese, there are data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract [7].

| | | 研究中心宏观团队 2026/02/09 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.208 | 4.514 | 3.446 | 2.841 | 3.466 | 3.220 | 0.243 | 3.454 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.222 | 6.169 | 1.806 | 3.697 | 4.826 | 4.535 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.500 | 3.617 | 2.082 | 1.275 | 2.231 | 1.308 | 3.00 ...

| | | | | | | 研究中心能化团队 | | | 2026/2/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基岩 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | | EC2602 | | 1739.9 | -0.18% | 52.2 | 223 | | 1429 | -173 | | | EC2604 | | 1231.2 | -2.92% | 560.9 | 29451 | | 31427 | -3234 | | | EC2606 | | 1531.0 | -2.37% | 261.1 | 4900 | | 14812 | -76 | | | EC2608 | | 1613.2 | -1.06% | 178.9 | 482 | | 1387 | -13 | | | EC2610 | | 1119.0 | -1.13% | 673.1 | 1114 | | 7878 | -272 | | | 月差 | | 前一日 | 即树目 | 前三日 | 日环比 | | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Brazil's 2025/26 soybean harvest progress is faster than last year, with a national harvest rate of 16.55% and Mato Grosso state reaching 39.61% as of February 6, but there are regional differences in progress [1] - Despite slow farmer sales, Brazil's soybean exports in February 2026 are expected to soar, with an estimated 1 - 2 month export volume of 14 million tons and a projected annual export of 112 million tons [1] - Canada's rapeseed inventory increased by 18.1% year - on - year to 15.6 million tons as of December 31, 2025, while exports decreased by 36.1% to 2.8 million tons [1] - Malaysia's palm oil production from February 1 - 5, 2026, increased by 7.65% month - on - month [1] 3. Summary by Related Catalogs Overnight Market Information - Brazil's 2025/26 soybean harvest rate is 16.55%, higher than 9.84% last year, with good yield in most regions but harvest in the central - north and Parana state being affected [1] - Mato Grosso's 2025/26 soybean harvest rate reached 39.61% as of February 6, far higher than last year and the five - year average, with a 14.64 - percentage - point increase this week [1] - Brazil's soybean exports in February 2026 are expected to increase. Although farmer sales are slow, the 1 - 2 month export volume may reach 14 million tons, and the annual export is expected to be 112 million tons. The current sales rate is lower than the historical average [1] - Canada's rapeseed inventory increased by 18.1% year - on - year to 15.6 million tons as of December 31, 2025, mainly due to a 21.2% increase in farm inventory. Exports decreased by 36.1% to 2.8 million tons, likely due to Chinese tariffs [1] - Malaysia's palm oil production from February 1 - 5, 2026, increased by 7.65% month - on - month, with a 5.71% increase in fresh fruit bunch yield and a 0.37% increase in oil extraction rate [1] Spot Prices - Spot prices of soymeal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 2 - 6, 2026, are provided, with price fluctuations during this period [2] Other Information - Information on main - producing country precipitation, imported soybean crushing profit, and grease import profit is mentioned, but no specific data is provided [1] - Information on grease basis, grease - oilseed price difference, and protein meal basis is mentioned, but no specific data is provided [6][8][12]

Report Industry Investment Rating - Not provided Core Viewpoint - Not provided Summary by Relevant Catalog Spot Market - Newman powder: price 758, daily change -8, weekly change -28, discounted to the futures price 810.7, import profit 20.02 [1] - PB powder: price 762, daily change -8, weekly change -28, discounted to the futures price 810.5 [1] - Macfayden powder: price 756, daily change -8, weekly change -28, discounted to the futures price 825.8, import profit 40.55 [1] - Jinbuba powder: price 715, daily change -8, weekly change -28, discounted to the futures price 805.4, import profit 48.11 [1] - Mixed powder: price 705, daily change -10, weekly change -23, discounted to the futures price 841.2, import profit 1.08 [1] - Super special powder: price 648, daily change -6, weekly change -30, discounted to the futures price 865.6, import profit -5.19 [1] - Carajás powder: price 862, daily change -8, weekly change -28, discounted to the futures price 794.2, import profit -3.25 [1] - Brazilian blended powder: price 801, daily change -8, weekly change -20, discounted to the futures price 805.9, import profit 21.08 [1] - Brazilian coarse IOC6: price 737, daily change -8, weekly change -17, discounted to the futures price 808.4 [1] - Brazilian coarse SSFG: price 742, daily change -8, weekly change -17 [1] - Ukrainian iron concentrate: price 835, daily change -8, weekly change -38, discounted to the futures price 920.4 [1] - 61% Indian powder: price 704, daily change -8, weekly change -28 [1] - Karara iron concentrate: price 844, daily change -8, weekly change -34, discounted to the futures price 860.8 [1] - Roy Hill powder: price 749, daily change -8, weekly change -28, discounted to the futures price 824.5, import profit 61.14 [1] - KUMBA powder: price 821, daily change -8, weekly change -28, discounted to the futures price 799.7 [1] - 57% Indian powder: price 583, daily change -6, weekly change -30 [1] - Atlas powder: price 700, daily change -10, weekly change -23 [1] - Tangshan iron concentrate: price 963, daily change -1, weekly change -19, discounted to the futures price 850.0 [1] Futures Market - i2701 contract: price 732.5, daily change -8.5, weekly change -27.5, monthly spread 10.0 [1] - i2605 contract: price 760.5, daily change -8.0, weekly change -31.0, monthly spread -28.0 [1] - i2609 contract: price 742.5, daily change -8.5, weekly change -30.0, monthly spread 18.0 [1] - FE01 contract: price 98.17, daily change -2.16, weekly change -7.53, monthly spread 1.26 [1] - FE05 contract: price 100.35, daily change -2.05, weekly change -4.45, monthly spread -2.18 [1] - FE09 contract: price 99.43, daily change -2.14, weekly change -4.34, monthly spread 0.92 [1]

音烙橡胶呈报 图1 研究中心能化团队 2026/02/09 P 不 As 占 商品 POY 1 石脑油日 PX CFR PTA内盘现 PTA加 PTA平衡 仓单+有 PTA负 石脑油裂 50D/4 聚酯毛利 TA基美 日期 PX加工美 产销 原油 工美 台湾 न्ह 解价差 效预报 K 荷 负荷 8F Half 2026/0 5095 7120 0.25 66.3 581 892 95.40 311.0 382 367 75.4 77.6 103558 -76 2/02 2026/0 67.3 584 897 5080 7095 90.22 313.0 345 372 75.4 77.6 103568 -68 0.15 2/03 图H 2026/0 7020 244 75.4 0.30 69.5 598 902 5140 89.11 304.0 375 77.6 103568 -55 2/04 2026/0 67.6 604 893 5100 7000 103568 0.20 109.11 289.0 387 267 75.4 77.6 -55 2/05 2026/0 (图H 5085 7005 103.82 ...

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on February 9, 2026 [1][3][4] Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 99,625, LME price is 12,720, with a ratio of 7.90; March price in China is 100,320, LME price is 12,791, ratio 7.86. Spot import equilibrium ratio is 7.87, profit is - 1123.62; spot export profit is - 689.98 [1] - **Zinc**: Spot price in China is 24,570, LME price is 3,264, ratio 7.53; March price in China is 24,490, LME price is 3,286, ratio 5.05. Spot import equilibrium ratio is 8.28, profit is - 2443.91 [1] - **Aluminum**: Spot price in China is 23,140, LME price is 2,994, ratio 7.73; March price in China is 23,390, LME price is 3,017, ratio 7.75. Spot import equilibrium ratio is 8.35, profit is - 1869.88 [1] - **Nickel**: Spot price in China is 129,800, LME price is 16,615, ratio 7.81. Spot import equilibrium ratio is 8.02, profit is - 2777.23 [1] - **Lead**: Spot price in China is 16,375, LME price is 1,898, ratio 8.64; March price in China is 16,580, LME price is 1,949, ratio 12.61. Spot import equilibrium ratio is 8.54, profit is 189.67 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is - 580, March - spot month spread is - 360, April - spot month spread is - 240, May - spot month spread is - 190; theoretical spreads are 605, 1109, 1621, 2134 respectively [4] - **Zinc**: Sub - month - spot month spread is 55, March - spot month spread is 95, April - spot month spread is 130, May - spot month spread is 135; theoretical spreads are 225, 356, 487, 618 respectively [4] - **Aluminum**: Sub - month - spot month spread is - 25, March - spot month spread is 50, April - spot month spread is 100, May - spot month spread is 150; theoretical spreads are 228, 356, 485, 614 respectively [4] - **Lead**: Sub - month - spot month spread is 10, March - spot month spread is 80, April - spot month spread is 145, May - spot month spread is 200; theoretical spreads are 208, 311, 415, 518 respectively [4] - **Nickel**: Sub - month - spot month spread is - 2300, March - spot month spread is - 2060, April - spot month spread is - 1810, May - spot month spread is - 1740 [4] - **Tin**: 5 - 1 spread is - 2420, theoretical spread is 7371 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current month contract - spot spread is 1115, sub - month contract - spot spread is 535; theoretical spreads are 390, 855 respectively [4] - **Zinc**: Current month contract - spot spread is - 175, sub - month contract - spot spread is - 120; theoretical spreads are 91, 233 (also mentioned 141, 275) respectively [4][5] - **Lead**: Current month contract - spot spread is 125, sub - month contract - spot spread is 135; theoretical spreads are 123, 233 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 4.10, 4.29, 6.05, 0.96, 1.41, 0.68 respectively; in London (three - continuous) are 3.88, 4.21, 6.63, 0.92, 1.57, 0.59 respectively [5]

废钢早报 研究中心黑色团队 2026/02/09 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/02 | 2191 | 2270 | 2061 | 2237 | 2218 | 2108 | | 2026/02/03 | 2194 | 2269 | 2063 | 2234 | 2218 | 2108 | | 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 | | 环比 | 0 | -2 | 0 | -4 | 3 | -1 | 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 ...

示 沥青早报 周度变化 -87 -57 -77 -18 12 0 87 -218173 -4027 0 -3.4 -50 0 30 10 142 2026 2020 2022 2023 2024 2025 2026 2021 2020 -2022 2023 ·2021 ·2024 2025 ·2026 BU06-09 BU03-06 200 200 1 20 150 100 100 50 50 0 9/1 8/1 -50 -50 -100 -100 And -150 -150 -200 -200 2020 2024 2020 2026 2021 2022 2023 2025 2026 2021 2023 2025 2022 2024 BU主力合约 BU远期结构 5000 3450 4500 3400 3350 3300 4000 3250 3200 3500 3150 3100 3000 3050 ww 3000 S 2500 2950 9/1 3/1 4/1 7/1 10/1 11/1 12/1 1/1 2/1 5/1 6/1 8/1 BU03 BU04 BU02 BU06 BU07 BU08 BU09 - ...