1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 773, down 5 daily and 18 weekly; PB powder is 777, down 5 daily and 18 weekly; Macfarlane powder is 771, down 5 daily and 18 weekly; Jinbuba powder is 730, down 5 daily and 18 weekly; Super Special powder is 663, down 8 daily and 10 weekly; Roy Hill powder is 764, down 5 daily and 18 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 816, down 5 daily and 7 weekly; Brazilian coarse IOC6 is 752, down 5 daily and 7 weekly; Brazilian coarse SSFG is 757, down 5 daily and 7 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder is 856, down 7 daily and 19 weekly; 61% Indian powder is 719, down 5 daily and 18 weekly; Karara concentrate powder is 861, down 7 daily and 18 weekly; KUMBA powder is 836, down 5 daily and 18 weekly; 57% Indian powder is 598, down 8 daily and 10 weekly; Atlas powder is 716, down 4 daily and 5 weekly [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder is 969, down 2 daily and 10 weekly [1] Futures Market - **DCE Contracts**: i2701 is 749.0, down 4.5 daily and 8.0 weekly; i2605 is 777.5, down 5.5 daily and 10.5 weekly; i2609 is 760.0, down 6.0 daily and 9.5 weekly [1] - **SGX Contracts**: FE01 is 100.71, down 4.91 daily and 4.91 weekly; FE05 is 102.99, down 0.73 daily and 0.55 weekly; FE09 is 101.97, down 0.76 daily and 0.25 weekly [1]

Group 1: Report Information - Report Name: Asphalt Morning Report [2] - Report Date: February 4, 2026 [4] - Research Team: Research Center Energy and Chemicals Team [4] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - No information provided Group 4: Basis and Spread - Shandong basis (+80) (non-Jingbo) changed from -52 on 12/31 to -19 on 2/3, with a daily change of -40 [3] - East China basis (Zhenjiang warehouse) changed from -82 on 12/31 to -9 on 2/3, with a daily change of -10 [3] - South China basis (Foshan warehouse) changed from -122 on 12/31 to -29 on 2/3, with a daily change of -50 [3] - 03 - 06 spread changed from -23 on 12/31 to 5 on 2/3, with a daily change of -10 [3] - 04 - 06 spread changed from -20 on 12/31 to 8 on 2/3, with a daily change of 8 [3] - 06 - 09 spread changed from 5 on 12/31 to 19 on 2/3, with a daily change of -6 [3] Group 5: Futures Contracts - BU main contract price was 3022 on 12/31 and 3309 on 2/3, with a daily change of 10 [3] - Trading volume decreased from 311,277 on 12/31 to 303,609 on 2/3, a daily decrease of 242,358 [3] - Open interest decreased from 426,006 on 12/31 to 381,498 on 2/3, a daily decrease of 16,182 [3] - Aggregate contracts remained at 13,580 from 1/28 to 2/3 [3] Group 6: Spot Prices - Brent crude price was 66.5 on 1/28 and 66.1 on 2/3, a daily decrease of 4.6 [3] - Jingbo spot price was 2980 on 12/31 and 3260 on 2/3, a daily decrease of 20 [3] - Shandong (non-Jingbo) spot price was 2890 on 12/31 and 3210 on 2/3, a daily decrease of 30 [3] - Zhenjiang warehouse spot price remained at 3300 from 2/2 to 2/3 [3] - Foshan warehouse spot price was 2900 on 12/31 and 3250 on 2/3, a daily decrease of 40 [3] Group 7: Profits - Asphalt Ma Rui profit was N/A on 12/31 and 440 on 2/3, a daily increase of 199 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the LPG futures market fluctuated and rose following crude oil due to geopolitical and macro - emotional disturbances. The 03 basis was 64 (-32), and the 03 - 04 spread was -294 (-16). The current cheapest deliverable is East China civil gas at 4418 (+46). The geopolitical risk is not over, and the rising external prices support the positive sentiment of domestic LPG futures. However, the domestic downstream profit is poor, and there is inventory reduction before the festival, so the support for spot prices is weak. The domestic basis is weak, the spread valuation is neutral, and attention should be paid to warehouse receipts and the external market. The internal - external valuation is slightly on the high side, and the external market may remain tight in the short term. Attention should be paid to the February cold wave in the US and the development of the Iranian situation [1]. 3. Summary by Relevant Catalogs Daily Data - From January 28 to February 3, 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 - after carbon four, and Shandong alkylated oil showed different degrees of change. The daily change on February 3 compared with the previous day was -10 for South China LPG, 0 for East China LPG and Shandong LPG, -3 for propane CFR South China, -8 for propane CIF Japan, 2 for CP forecast contract price, -10 for Shandong ether - after carbon four, -20 for Shandong alkylated oil, 18 for paper import profit, and -39 for the main basis [1]. Daily Viewpoint - On Monday, the market fluctuated upward. The cheapest spot, Shanghai Gaoqiao, was 4120, with a basis of -89. The 03 - 04 spread was -260 (+24), the 03 - 05 spread was -176 (+14), and the 04 - 05 spread was 84 (-10). The warehouse receipts of Wuchan Zhongda Chemical increased by 1000 [1]. Weekly Viewpoint - This week, the market fluctuated and rose following crude oil due to geopolitical and macro - emotional disturbances. The 03 basis was 64 (-32), the 03 - 04 spread was -294 (-16), and the 03 - 05 spread was -203 (-8). The current cheapest deliverable is East China civil gas at 4418 (+46). There were 5867 warehouse receipts (-31), with 31 fewer from Haiyu Petrochemical. The February CP official price met expectations, with propane and butane at 545/540 (+20/+20). The FEI spread fluctuated, while the CP and MB spreads declined. The oil - gas ratio decreased, and the North American natural gas - LPG ratio increased. The internal - external relationship weakened significantly, with PG - FEI at 37.5 (-17.8) and PG - CP at 59 (-8). Freight rates rose significantly due to loading delays caused by the North American cold wave and supply - demand tightness, as well as the high risk of the Strait of Hormuz blockade due to the recent tense situation in Iran. The East China propane arrival discount was 91 (+6); the FOB discounts for AFEI, Middle East, and US propane were 19.25 (-16.75), -15 (-35), and 46.89 (-15.6) respectively. The FEI - MOPJ spread was -29 (-11). The profit of China's PDH to produce propylene strengthened significantly, with the latest at -237 (a month - on - month increase of 200). The PDH operating rate was 60.72% (-1.53 pct) [1].

● 2015 ● 2016 ● 2017 ● 2018 ● 2019 100 0 -100 -200 -300 -400 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 基差: 混合 - RU主力 ● 2013 ● 2014 ● 2015 ● 2016 ● 2017 1,000 _ ● 2018 ● 2019 ● 2020 音烙橡胶呈报 81+ 研究中心能化团队 2026/02/04 P 不 As 占 段 F POY 1 石脑油日 PX CFR PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 工差 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Half 2026/0 7055 103960 0.25 68.4 585 924 5235 83.13 339.0 351 144 77.1 76.6 -78 1/28 2026/0 70.7 596 921 5245 7030 77.70 325.0 374 113 77.1 76.6 103558 -78 0.30 1/29 图H 2026/0 7120 ...

【行情分析】： 玉米：市场情绪些许扰动，本周港口报价走弱，但是产区价格提涨。短期看，在产地依旧挺价惜售的氛围下，虽然有储备轮储补充，但是供应 增量依旧受限。再加上当期渠道整体库存量不高，下游又有备货的预期的支撑下，玉米价格有望维持阶段性偏强的表现。中长期来看，需重点 关注结构变化，今年粮源依旧存在供应缺口的情况下，重点关注未来进口政策和国内拍储政策变化。 淀粉：深加工行业整体产销保持稳定，开机保持高位，下游季节性备货也使得去库加快。短期看，在节日备货预期和库存去化的背景下，支撑 企业报价维持偏强的态势。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，季节性旺季过后，企业库存是否会持续 去化将成为未来淀粉定价的关键因素。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2026/01/28 5330 5270 5155 143 195 372 14169 2026/01/29 5370 5320 5190 113 235 412 14208 2026/01/30 5380 5330 5190 132 363 540 14208 2026/02/02 5 ...

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 秦皇岛5500 700.0 0.0 5.0 6.0 -65.0 25省终端可用天数 19.8 0.6 -0.1 -1.1 2.2 秦皇岛5000 615.0 0.0 6.0 12.0 -55.0 25省终端供煤 620.4 -5.3 11.9 -19.6 -2.4 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2314.0 -3.0 -48.0 -248.0 -17.3 鄂尔多斯5500 500.0 0.0 10.0 5.0 -40.0 北方锚地船舶 85.0 0.0 -15.0 20.0 35.0 大同5500 555.0 0.0 10.0 5.0 -65.0 北方港调入量 130.1 -21.1 -33.2 16.8 11.5 榆林6000 670.0 0.0 0.0 -20.0 -82.0 北方港吞吐量 151.2 -25.7 -11.0 9.7 15.7 榆林6200 745.0 0.0 0.0 0.0 -35.0 CBCFI海运指数 596.2 -18.6 -83.0 -13.0 121.1 ...

jis 合成橡胶早报 研究中心能化团队 2026/2/4 数据来源: Mysteel、Wind 免责 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，但我司对信息来源的推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。我们提 供的全部分析及建议内容仅供参考，不构成时您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果、凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 | 品种 | 类别 | 指标 | 12/31 | 1/28 | 1/30 | 2/2 | 2/3 | 日度变化 | 周度变化 | | --- | --- | ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/02/04 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2026/01/28 | 357.51 | 403.54 | -10.69 | 673.15 | -269.61 | 23.85 | 46.03 | | 2026/01/29 | 370.52 | 415.73 | -11.26 | 690.85 | -275.12 | 23.92 | 45.21 | | 2026/01/30 | 374.71 | 420.56 | -11.05 | 716.50 | -295.94 | 25.95 | 45.85 ...

废钢早报 研究中心黑色团队 2026/02/04 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/28 | 2191 | 2271 | 2061 | 2245 | 2218 | 2107 | | 2026/01/29 | 2191 | 2270 | 2061 | 2244 | 2218 | 2108 | | 2026/01/30 | 2191 | 2271 | 2061 | 2244 | 2218 | 2108 | | 2026/02/02 | 2191 | 2270 | 2061 | 2237 | 2218 | 2108 | | 2026/02/03 | 2194 | 2269 | 2063 | 2234 | 2218 | 2108 | | 环比 | 3 | -1 | 2 | -3 | 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 容的客观、公正，研究方法专业审慎，分析 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The US Treasury issued proposed rules for biofuel producers to obtain tax credits, which was welcomed by the biofuel trade organization but some issues remain unanswered [1] - Malaysian palm oil export data from different institutions showed different trends in January 2026, with production also showing a decline [1] - India's palm oil imports in January reached a four - month high, with a significant increase, while soybean oil and sunflower oil imports decreased [1] Summary by Related Content Biofuel Policy - The US Treasury released proposed rules on Tuesday to regulate how biofuel producers can get a $1 - per - gallon tax credit for low - carbon transportation fuels, including aviation fuel. The "45Z" plan under the Inflation Reduction Act was revised in the Great America Act last year, allowing the use of Canadian and Mexican raw materials and adjusting the calculation method of land - use intensity. The plan was welcomed by the biofuel trade organization, but some questions remained unanswered [1] Malaysian Palm Oil - SGS data showed that Malaysia's palm oil exports in January 2026 were 944,885 tons, a 5.58% decrease from December 2025. AmSpec data showed an increase of 14.89% to 1,375,718 tons. SPPOMA data indicated a 13.08% decline in production, a 13.78% drop in fresh fruit bunch yield, and a 0.16% increase in oil extraction rate [1] Indian Vegetable Oil Imports - Indian palm oil imports in January soared 51% to 766,000 tons, a four - month high, while soybean oil imports plunged 45% to 280,000 tons (the lowest since June 2024) and sunflower oil imports dropped 23% to 269,000 tons. Total edible vegetable oil imports decreased 3.5% to 1.32 million tons. It is expected that palm oil imports in February will further increase [1] Price and Basis Data - Spot prices of various oilseeds and oils from January 28 - February 3, 2026, in different regions were provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2] - Multiple basis charts were presented, including soybean meal (January, September, May basis in Jiangsu), rapeseed meal (January, May, September basis in Guangdong), soybean oil (January, September, May basis in Zhangjiagang), palm oil (January, May, September basis in Guangzhou), and rapeseed oil (January, May, September basis in East China) [3][4][5] Price Spread Data - Various seasonal price spread charts were provided, including spreads between different contracts of soybean meal, rapeseed meal, soybean oil, palm oil, rapeseed oil, as well as spreads between different types of oilseeds and oils such as soybean - rapeseed meal, soybean - palm oil, and rapeseed - soybean oil [4]