1. Report Industry Investment Ratings - No information provided in the report. 2. Core Views of the Report - For PTA, recent TA has turned to inventory accumulation, with its processing fees and PXN compressed. Considering the improved cash - flow in downstream sectors and the limited potential for further increase in PX supply and TA unit load, the valuation is becoming reasonable, and attention can be paid to phased positive spreads and long - allocation opportunities [2]. - For MEG, after recent valuation compression, supply - side reduction has further increased. Although short - term inventory accumulation continues, the certainty of inventory reduction in the far - month at current prices has increased. During the production cycle, the overall elasticity is limited, and short - term put - selling opportunities can be considered [2]. - 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 medium - low valuation and weak drivers. The overall contradiction is limited, and attention should be paid to warehouse receipts [2]. - For natural rubber, the main strategy is to wait and see [4]. 3. Summary by Related Catalogs PTA - **Price and Margin Changes**: From February 6th to 12th, crude oil decreased by 1.9, PX CFR Taiwan increased by 7, PTA inner - market spot increased by 25, and polyester staple fiber POY 150D/48F increased by 45. The PTA processing margin increased by 69, and the polyester gross profit decreased by 28 [2]. - **Device and Market Situation**: Some proximal TA devices restarted, the start - up rate increased month - on - month, polyester load continued to decline, inventory continued to accumulate, the basis strengthened slightly, and spot processing fees weakened month - on - month. PX restarted in China, overseas load increased slightly, PXN continued to shrink month - on - month, and both disproportionation and isomerization benefits weakened [2]. MEG - **Price and Margin Changes**: From February 6th to 12th, MEG outer - market price decreased by 4, MEG inner - market price decreased by 13, and MEG coal - based profit decreased by 13 [2]. - **Device and Market Situation**: Proximal domestic oil - based devices restarted while coal - based devices were under maintenance, the overall start - up rate increased slightly, port inventory continued to be obvious at the beginning of next week, the arrival forecast decreased slightly during the week, the basis weakened slightly, and coal - based benefits shrank [2]. Polyester Staple Fiber - **Price and Margin Changes**: From February 6th to 12th, the price of 1.4D cotton - type staple fiber increased by 5, and the short - fiber profit decreased by 5 [2]. - **Device and Market Situation**: Proximal device pre - holiday maintenance continued, the start - up rate further dropped to 77.7%, sales were weak, inventory increased month - on - month, and spot processing fees improved month - on - month. On the demand side, the start - up rate of the polyester yarn sector continued to decline, raw material inventory and finished product inventory remained stable, and benefits remained the same month - on - month [2]. Natural Rubber and 20 - number Rubber - **Price Changes**: From February 6th to 12th, for natural rubber, the weekly increase of US - dollar Thai standard rubber was 45, and the weekly increase of Shanghai full - latex rubber was 610. For 20 - number rubber, the weekly increase of NR main contract was 235 [4]. - **Key Ratios and Situations**: The weekly change of the difference between mixed rubber and RU main contract was - 150, and the weekly change of the difference between US - dollar Thai standard rubber and NR main contract was - 49. The main contradiction is not clearly stated, and the strategy is to wait and see [4]. Styrene - **Price Changes**: From February 6th to 12th, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) increased by 11, and the price of benzene - ethylene (CFR China) increased by 3 [9]. - **Profit Changes**: The domestic profit of styrene decreased from 582 to 459, the domestic profit of EPS increased from 255 to 325, and the domestic profit of PS increased from - 438 to - 399 [9].

| | | | | 燃料油早报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心能化团队 2026/02/13 | | | 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 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375.60 | 422.78 | -9.21 | 665.89 | -243.11 | 22.24 | 47.18 | | 2026/02/10 | 375.29 | 420.18 | -9.00 | 657.32 | -237.14 | ...

油脂油料早报 研究中心农产品团队 2026/02/13 隔 夜 市 场 信 息 ： 2月5日止当周美国大豆出口销售合计净增28.31万吨，不及预期 USDA出口销售报告显示，2月5日止当周，美国当前市场年度大豆出口销售净增28.18万吨，较之前一周减少36%，较 前四周均值减少80%。市场预估为净增30-110万吨。其中，对中国大陆出口销售净增28.61万吨。 当周，美国大豆出口装船112.88万吨。较之前一周减少19%，较前四周均值减少20%。其中，对中国大陆出口装船 74.61万吨。 当周，美国当前市场年度大豆新销售37.76万吨，下一市场年度大豆新销售0.13万吨。 2月5日止当周美国豆粕出口销售合计净增35.7万吨，符合预期 USDA报告显示，2月5日止当周，美国当前市场年度豆粕出口销售净增35.7万吨，较之前一周减少4%，较前四周均值 减少10%。市场预估为净增20-45万吨。 当周，美国豆粕出口装船32.64万吨。较之前一周增加8%，较前四周均值减少8%。 当周，美国当前市场年度豆粕新销售38.87万吨，下一市场年度豆粕新销售0万吨。 民间出口商报告向埃及出售销售10.8万吨大豆 USDA公布，民 ...

EEAE FA | | | | | | | 研究中心能化团队 | | | 2026/2/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 EC2604 | | 昨日收盘价 1177.9 | 涨跌 -0.09% | 基差 480.0 | 昨日成交量 17204 | | 昨日持仓量 33027 | 持仓变动 -872 | | | EC2605 EC2606 | | 1275.3 1501.0 | 0.18% 0.08% | 382.6 156.9 | 84 રે રેસ્ટર | | 214 14185 | -14 Fires | | | EC2607 | | 1719.9 | 0.08% | -62.0 | 42 | | 119 | 14 | | | EC2608 | | 1581.0 | 0.30% | 76.9 | 263 | | 1371 | -45 | | | EC2609 | | 1240.0 | 0.40% | 417.9 | 64 | | 134 | 7 | | 期货 | EC2610 | | 110 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, crude oil prices fluctuated at high levels due to the Iranian situation, with the monthly spread declining and the North Sea Brent basis dropping to $1.005 per barrel. The first round of US - Iran nuclear negotiations on Friday was considered a good start by Iran, and a second round is expected in the coming days. Fundamentally, global oil inventories decreased this week. The US commercial crude oil inventory showed the impact of the cold wave, with a reduction of 3.455 million barrels and refined oil inventories down 5.553 million barrels. Saudi Arabia adjusted its official selling prices for Arab Light crude oil. In the short term, oil prices are still affected by the Iranian situation, and there is an oversupply in the global crude oil market in Q1 and Q2, which does not support high valuations. [5] 3. Summary by Relevant Catalogs 3.1 Daily News - US President Trump stated that aside from insisting on continuing negotiations with Iran to see if an agreement could be reached, no decisions were made during the meeting with Netanyahu. - JPMorgan expects Venezuela's oil production to reach 2 million barrels per day in the next few years. - Iran's Supreme Leader's advisor said Iran is in consultations with the US to determine the time for the next round of negotiations and that the US seems willing to reach an agreement. [3][4] 3.2 Inventory - According to the EIA report on February 6, US crude oil exports decreased by 308,000 barrels per day to 3.739 million barrels per day. - US domestic crude oil production increased by 498,000 barrels to 13.713 million barrels per day. - Commercial crude oil inventories excluding strategic reserves increased by 8.53 million barrels to 429 million barrels, a 2.03% increase. - The four - week average supply of US crude oil products was 20.827 million barrels per day, a 2.36% increase compared to the same period last year. - The US Strategic Petroleum Reserve (SPR) inventory decreased by 100,000 barrels to 415.2 million barrels, a 0.0% decrease. - US commercial crude oil imports excluding strategic reserves were 6.805 million barrels per day, an increase of 604,000 barrels per day compared to the previous week. [4] 3.3 Weekly View - Crude oil prices fluctuated at high levels due to the Iranian situation this week, with the monthly spread and North Sea Brent basis declining. - The first round of US - Iran nuclear negotiations on Friday was a good start, and a second round is expected soon. - Globally, total oil inventories decreased this week. In the US, commercial crude oil and refined oil inventories decreased. - Saudi Arabia adjusted the official selling prices of Arab Light crude oil for March. - In Singapore, all refined oil inventories increased; in ARA, crude oil inventories decreased, refined oil inventories decreased, and diesel and gasoline inventories increased. In China, both gasoline and diesel inventories increased. - In the short term, oil prices are affected by the Iranian situation, and the global crude oil market in Q1 and Q2 remains in an oversupply state, not supporting high valuations. [5]

研究中心宏观团队 2026/02/12 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，我们均不承担任何责任。 | 河 | | --- | | 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 | 4.173 | 4.476 | 3.378 | 2.791 | 3.396 | 3.161 | 0.283 | 3.391 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.232 | 6.145 | 1.797 | - | 4.756 | 4.485 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | ...

Report Information - Report Title: Coke Daily Report - Report Date: February 12, 2026 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Categories Coke Prices - **Shanxi Standard First - Wet Quenched Coke**: The latest price is 1485.59, with no daily or weekly change, a monthly increase of 54.61, and a year - on - year decrease of 1.09% [2] - **Hebei Standard First - Dry Quenched Coke**: The latest price is 1735.00, with no daily or weekly change, a monthly increase of 55.00, and a year - on - year increase of 18.84% [2] - **Shandong Standard First - Dry Quenched Coke**: The latest price is 1680.00, with no daily or weekly change, a monthly increase of 55.00, and no year - on - year change [2] - **Jiangsu Standard First - Dry Quenched Coke**: The latest price is 1700.00, with no daily or weekly change, a monthly increase of 55.00, and a year - on - year decrease of 1.16% [2] - **Inner Mongolia Second - Grade Coke**: The latest price is 1180.00, with no daily or weekly change, a monthly increase of 50.00, and a year - on - year decrease of 1.67% [2] Production and Capacity Utilization - **Blast Furnace Operating Rate**: The latest rate is 85.69, with a weekly increase of 0.22, a monthly decrease of 0.35, and a year - on - year decrease of 0.08% [2] - **Daily Average Hot Metal Output**: The latest output is 228.58, with a weekly increase of 0.60, a monthly decrease of 0.92, and a year - on - year increase of 0.06% [2] - **Coking Capacity Utilization**: The latest utilization rate is 70.75, with a weekly decrease of 0.66, a monthly increase of 0.01, and a year - on - year decrease of 2.96% [2] - **Daily Average Coke Output**: The latest output is 49.34, with a weekly decrease of 0.99, a monthly decrease of 0.41, and a year - on - year decrease of 5.35% [2] Inventory - **Coking Plant Inventory**: The latest inventory is 44.64, with a weekly increase of 0.65, a monthly increase of 0.47, and a year - on - year decrease of 54.64% [2] - **Port Inventory**: The latest inventory is 201.10, with a weekly increase of 3.04, a monthly increase of 17.00, and a year - on - year increase of 13.49% [2] - **Steel Mill Inventory**: The latest inventory is 692.38, with a weekly increase of 14.19, a monthly increase of 46.65, and a year - on - year increase of 0.21% [2] - **Steel Mill Inventory Days**: The latest number of days is 12.76, with a weekly increase of 0.22, a monthly increase of 0.74, and a year - on - year decrease of 3.84% [2] Futures Market - **Disk 05**: The latest price is 1669, with a daily decrease of 12.50, a weekly decrease of 75.50, a monthly decrease of 92.00, and a year - on - year decrease of 1.48% [2] - **Disk 09**: The latest price is 1742, with a daily decrease of 15.00, a weekly decrease of 67.50, a monthly decrease of 95.50, and a year - on - year decrease of 1.53% [2] - **Disk 01**: The latest price is 1835, with a daily decrease of 6.50, a weekly decrease of 53.00, a monthly increase of 335.00, and a year - on - year increase of 0.33% [2] - **05 Basis**: The latest basis is 132.71, with a daily increase of 12.50, a weekly increase of 75.50, a monthly increase of 166.85, and a year - on - year increase of 87.68 [2] - **09 Basis**: The latest basis is 59.71, with a daily increase of 15.00, a weekly increase of 67.50, a monthly increase of 170.35, and a year - on - year increase of 89.68 [2] - **01 Basis**: The latest basis is - 33.29, with a daily increase of 6.50, a weekly increase of 53.00, a monthly decrease of 260.15, and a year - on - year increase of 56.68 [2] - **5 - 9 Spread**: The latest spread is 166.00, with a daily increase of 6.00, a weekly increase of 22.50, a monthly increase of 427.00, and a year - on - year increase of 31.00 [2] - **9 - 1 Spread**: The latest spread is - 73.00, with a daily increase of 2.50, a weekly decrease of 8.00, a monthly increase of 3.50, and a year - on - year increase of 2.00 [2] - **1 - 5 Spread**: The latest spread is - 93.00, with a daily decrease of 8.50, a weekly decrease of 14.50, a monthly decrease of 430.50, and a year - on - year decrease of 33.00 [2]

Group 1: Price Performance - London Gold's latest price is 5077.85, with a change of 46.45 [1] - London Silver's latest price is 86.10, with a change of 3.82 [1] - London Platinum's latest price is 2120.00, with a change of 25.00 [1] - London Palladium's latest price is 1733.00, with a change of 27.00 [1] - WTI Crude Oil's latest price is 63.96, with no change [1] - LME Copper's latest price is 13170.00, with a change of 94.00 [1] - The latest value of the US Dollar Index is 96.87, with no change [1] - The latest exchange rate of Euro to US Dollar is 1.19, with no change [1] - The latest exchange rate of British Pound to US Dollar is 1.36, with no change [1] - The latest exchange rate of US Dollar to Japanese Yen is 154.40, with no change [1] - The latest value of US 10 - year TIPS is 1.84, with no change [1] Group 2: Trading Data - COMEX Silver's latest inventory is 12014.43, with no change [2] - SHFE Silver's latest inventory is 342.10, with a change of 18.73 [2] - Gold ETF's latest holding is 1081.32, with a change of 2.00 [2] - Silver ETF's latest holding is 16236.18, with a change of 19.73 [2] - SGE Silver's latest inventory is 504.96, with no change [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 1.00 [2] - Another SGE Silver's latest deferred fee payment direction is 2, with no change [2]

| 2026/02/05 | -2419.70 | -2597.13 | 130 | -21 | 107800 | 13275 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/06 | -2443.91 | -2565.15 | 130 | -22 | 107600 | 13475 | | 2026/02/09 | -2829.45 | -3032.40 | 130 | -24 | 106925 | 12475 | | 2026/02/10 | -3144.42 | -3150.64 | 130 | -20 | 106750 | 11825 | | 2026/02/11 | -3574.97 | -3428.10 | 130 | -18 | 105250 | 10350 | | 变化 | -430.55 | -277.46 | 0 | 2 | -1500 | -1475 | 供应端，国产和进口TC加速下滑，系冬储临近国内治炼厂收货所致，预计年后北方矿复产后有所缓解；目前在硫酸、 贵金属等副产品支撑下利润上课。11月，火烧云锌锭正式投产(月产量预计 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints No relevant information provided. Summary by Related Catalogs 1. Price - The latest prices of 72% FeSi in different regions are: 5270 in Ningxia, 5320 in Inner Mongolia, 5250 in Qinghai, 5250 in Shaanxi, 5750 in Jiangsu, and 5700 in Tianjin [1] - The latest prices of 75% FeSi in Shaanxi and Tianjin are 6000 and 1115 respectively [1] - The latest prices of 6517 FeMn in different regions are: 5650 in Inner Mongolia, 5570 in Ningxia, 5750 in Guangxi, 5700 in Guizhou, 5700 in Yunnan, and 5780 in Jiangsu [1] - The latest price of 6014 FeMn in Guangxi is 5050 [1] 2. Supply - The production data of ferrosilicon and ferromanganese from 2022 - 2026 are presented, including the monthly production of 136 ferrosilicon enterprises in China, weekly production of 136 ferrosilicon enterprises in China (with a 95% capacity - share), and weekly production of ferromanganese in China [4][6] - The capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are shown [4] - The开工率 of 87 independent electric - arc furnace steel mills in China (with a 60.45% sample - share) from 2022 - 2026 is provided [4] 3. Demand - The demand - side data include the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of FeSi75 - B by HeSteel Group, the procurement volume and price of 6517 FeMn by HeSteel Group, and the demand for ferromanganese in China (from the Steel Union's perspective) from 2022 - 2026 [4][6][7] - The export - related data such as the export price and quantity of ferrosilicon, and the export quantity of ferromanganese from 2022 - 2026 are also presented [4][7] 4. Inventory - The inventory data of ferrosilicon and ferromanganese from 2022 - 2026 are provided, including the weekly inventory of 60 sample ferrosilicon enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the total daily warehouse - receipt quantity of CZCE ferrosilicon, the daily effective forecast of ferrosilicon, the total daily warehouse - receipt quantity of CZCE ferromanganese, the total daily effective forecast of ferromanganese, and the inventory of 63 sample ferromanganese enterprises in China [5][7] - The average available inventory days of ferrosilicon in East China, South China, North China, and China, and the average available inventory days of ferromanganese in China from 2022 - 2026 are shown [5][7] 5. Cost and Profit - The cost - related data include the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the开工率 of semi - coke in China, the production profit of semi - coke in China, the market price of 98% silica in Northwest China, the market price of 70% Fe iron oxide scale in Shijiazhuang from 2022 - 2026 [5] - The profit - related data include the production cost and the profit converted to the main contract price of ferrosilicon in Ningxia and Inner Mongolia, the spot profit of ferrosilicon in Ningxia, the export profit of 75% ferrosilicon, the profit of ferromanganese in Inner Mongolia, Guangxi, North China, and South China, the profit of Guangxi ferromanganese converted to the main contract price, and the profit of Ningxia ferromanganese converted to the contract price from 2022 - 2026 [5][7]