Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current supply and demand of lithium carbonate are still tight, with the price rising sharply during intraday trading. The price increase is mainly due to the strong supply - demand fundamentals, the expectation of a continued tight - balance situation after the holiday, and the pre - layout of funds with improved sentiment [2]. Group 3: Summary by Related Contents New Dynamics and Reasons - The price of lithium carbonate rose sharply during intraday trading today, with the main contract rising more than 5%. The reasons are strong supply - demand fundamentals, the expected continuation of the tight - balance situation after the holiday, and pre - layout by funds [2]. Fundamental Situation - Currently, the fundamentals of lithium carbonate are still strong despite marginal weakening, and the impact of macro sentiment has decreased. In January - February, both supply and demand sides face production suspension for maintenance by some enterprises, maintaining a tight balance overall. Social inventory is expected to continue to decline, but supply and demand are weakening marginally. In January 2020, the new - energy vehicle wholesale volume of national passenger - car manufacturers was about 900,000, a year - on - year increase of 1%. On February 6, the inventory of available imported ore was 282,000 tons, an increase of 87,000 tons compared to a month ago. In March, the demand - side production schedule is expected to be good, and the supply side will see a significant increase in imports. Before downstream resumption of production, a tight - balance situation is expected to continue [3]. Summary and Strategy - Currently, the supply - demand of lithium carbonate is strong, social inventory is continuously decreasing, and the price has an upward driving force. However, due to high macro uncertainties during the Spring Festival, it is recommended to temporarily exit the market and participate cautiously [4]

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究 | CITIC Futures International Research 2026/2/11 风险因素：1）地缘风险；2）东盟与印度经济增速不及预期；3）铁矿石与废钢供应超预期；4） 全球经济衰退。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或 阅读本报告内容而视相关人员为客户。 This report is not a service under the futures trading consulting business. The opinions and information provided are for reference only and do not constitute investment advice to anyone. CITIC Futures will not consider re ...

| 【中信期货航运】主力合约增仓下行,盘后MSK开舱3月环 | | | --- | --- | | 比持平于1900美元/FEU | | | 究 | 投资咨询业务资格: 工业与周期组 证监许可 2012】669号 | | 安婕锐 | 武嘉峪 | | 人业资格号: F03100682 从业资格号: F03117373 | | | 投资咨询号: 70021085 投资咨询号: Z0022651 | | | 现货市场仍处于降价周期、市场对3月淡季涨价函效果存一定怀疑、今日EC2605、EC2607、EC2609三个新合约上市。主力合约 | | | EC2604低开后中午跌幅扩大、盘中跌超5%，成交量有一定反弹。截至收盘04合约增仓，收于1179点，跌4.77%，当前持仓上涨至3.4万 | | | 手。部分合约波动较大，EC2607合约涨超12%收于1731点为盘面最高估值合约;EC2609跌22.99%收于1239.5点。 | | | 即期市场运价方面,据极羽科技,MSK3月首周运价持平于1900/2000美元。 | | | GEMINI: NSK开舱3月首周（3月6日）AE1上海-鹿特丹运价位于1200/1900 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Alumina - On February 10, the domestic ore price was 491 yuan/ton, with a 0 yuan/ton change compared to the previous day; the Guinea imported ore price was 61 US dollars/dry ton, also with a 0 US dollars/dry ton change [1] - On February 10, the spot price index was 2,646 yuan/ton, with no change compared to the previous day [1] - On February 10, the futures inventory was 251,010 tons, a net increase of 8,384 tons compared to the previous day [1] Electrolytic Aluminum - On February 10, the spot average price of electrolytic aluminum was 23,325 yuan/ton, a decrease of 91 yuan/ton compared to the previous day; the premium/discount was -190 yuan/ton, a decrease of 25 yuan/ton compared to the previous day [1] - On February 10, the futures inventory was 166,516 tons, a net increase of 2,004 tons compared to the previous day [1] - On February 10, the aluminum rod processing fee was 54 yuan/ton, an increase of 10 yuan/ton compared to the previous day [1] Aluminum Alloy - On February 10, the price of raw aluminum was 17,250 yuan/ton, with a 0 yuan/ton change compared to the previous day; the price of cooked aluminum was 17,650 yuan/ton, also with a 0 yuan/ton change [1] - On February 10, the ADC12 price was 23,100 yuan/ton, with no change compared to the previous day [1] - On February 10, the futures inventory was 67,300 tons, a net decrease of 1,235 tons compared to the previous day [1]

股指期货：盘⾯平淡 股指期权：买权防御为主 国债期货：窄幅震荡 投资咨询业务资格：证监许可【2012】669号 股指期货方面，盘面平淡。周二权益市场走势平淡，全A指数微涨， 传媒表现一枝独秀，食品、地产相对弱势。同时节前开始显现出交投情绪 下降的信号，其一，A股量能略超2万亿，近期换手水平在低位，第二，股 指期货持仓量连续第二日下降超万手，为规避假日波动，部分资金选择进 行降仓处理。同时观察到美元指数下跌及贵金属反弹趋势有所放缓，节前 A股大概率偏震荡状态，上方下方空间均有限。展望后市，两会之前的走 势值得关注，在流动性等负面因素缓和之后有望重回温和反弹走势，而在 两会节点之后，需关注潜在风险，近年两会之后A股表现相对一般。 中信期货研究|⾦融衍⽣品策略⽇报 2026-02-11 情绪偏暖，⾛势偏震荡 股指期权方面，买权防御为主。昨日权益指数震荡整理。期权方面， 各个品种市场成交额再度回落。相较于前两周市场波动下的流动性升温， 本周期权交投量能相对平稳。结合隐含波动率的回落，推测目前市场情绪 偏暖。但考虑到节假日和行权日的临近，期权端建议买权防御为主。需要 说明的是，此时建议买权对冲并不意味着看空，而是对整体 ...

Report Industry Investment Rating The report does not explicitly mention the industry investment rating. Core Viewpoints of the Report - Geopolitical tensions continue to support oil prices, and the chemical industry remains in a sideways consolidation. It is advisable to hold light positions during the holiday. - The pre - Spring Festival oscillation pattern in the chemical industry is difficult to change in the short term. Higher - inventory varieties face greater pressure, and inventory pressure may rise again during the Spring Festival. - Coal prices are stabilizing, and crude oil and chemical prices will continue to oscillate and consolidate. [2] Summary by Relevant Catalogs 1. Market Views Crude Oil - **View**: Geopolitical premiums fluctuate, and risks remain high around the holiday. - **Main Logic**: After the US cold wave, the recovery of crude oil production has led to renewed inventory pressure. The current fundamentals of the crude oil market are not optimistic, with high inventory levels and pressured refinery margins. The market is trading on the theme of "weak reality, strong expectation", with geopolitical factors influencing supply expectations. Uncertainties in the US - Iran situation and potential impacts on Russian crude exports still support oil prices. - **Outlook**: Oscillation. [7] Asphalt - **View**: Asphalt futures prices oscillate at high levels. - **Main Logic**: The US - Iran situation is complex, and the partial lifting of US sanctions on Venezuela will increase the long - term supply of asphalt raw materials. High profits may prompt refiners to switch to alternative raw materials. Current asphalt inventory is accumulating, and the market is in a situation of both weak supply and demand. The current asphalt price is over - valued compared to other products. - **Outlook**: Oscillation, with the long - term valuation expected to decline. [8] High - Sulfur Fuel Oil - **View**: Fuel oil futures prices operate at high levels. - **Main Logic**: The US - Iran situation is still under negotiation, and the increase in Venezuelan oil production is expected to put long - term pressure on high - sulfur fuel oil. Tensions in the Iran region have mixed effects on the short - term market. In the long run, the substitution of fuel oil power generation by natural gas and photovoltaic will be a negative factor. - **Outlook**: Oscillation. Pay attention to the geopolitical situation in the Middle East in the short term. [9] Low - Sulfur Fuel Oil - **View**: Low - sulfur fuel oil follows the oscillation of crude oil. - **Main Logic**: Low - sulfur fuel oil is affected by crude oil and natural gas prices. It faces negative factors such as a decline in shipping demand, green energy substitution, and high - sulfur substitution. However, its current valuation is low. The export tax - rebate policy for low - sulfur fuel oil and the pressure of "reducing oil and increasing chemicals" will lead to an increase in supply and a decline in demand. - **Outlook**: Oscillation, following the movement of crude oil. [10] PX - **View**: The cost side still provides support, and PTA plant maintenance has been implemented. - **Main Logic**: International oil prices oscillate and consolidate, and PX oscillates slightly stronger. Although PTA plant maintenance provides some support, weak demand limits the increase in PX prices. The holiday atmosphere in the downstream market is strong, and spot trading volume is gradually decreasing. - **Outlook**: In the short term, PX prices will oscillate under the guidance of sentiment. Pay attention to the support level of around 7100 yuan/ton for the PX05 contract, and PXN is expected to be in the range of [280, 300] US dollars/ton. [12] PTA - **View**: PTA plant maintenance has been implemented, alleviating the seasonal inventory accumulation pressure. - **Main Logic**: The upstream cost still provides short - term support, and the news of PTA plant maintenance boosts the futures price. However, polyester production has declined to a low level, and the spot market is quiet during the holiday. The PTA processing fee is expected to be significantly supported in the short term. - **Outlook**: PTA is expected to oscillate and consolidate in the short term. Pay attention to the strengthening support of the TA05 - 09 spread, and consider positive - spread positions. The support level of around 5100 yuan/ton for the TA05 contract is relatively strong. [13] Pure Benzene - **View**: The price oscillates, mainly affected by crude oil prices and capital sentiment. - **Main Logic**: The US - Iran situation is unclear, leading to repeated geopolitical premiums. The correction of non - ferrous metals and precious metals has dragged down the commodity market sentiment. In the medium term, the fundamentals of pure benzene may be in a transition period, with less inventory accumulation in Q1 compared to Q4, but there are significant differences in market expectations for Q2. In the short term, there is an expectation of inventory accumulation in East China ports, and some profit - taking may cause price fluctuations. - **Outlook**: Oscillation. Although the fundamentals in Q1 have improved compared to Q4, inventory pressure remains high. [15] Styrene - **View**: Overseas and domestic plant restarts have led to a marginal loosening of supply and demand. - **Main Logic**: The upward momentum of styrene has weakened. Crude oil prices are at the upper end of the range, and geopolitical premiums have been fully priced in. The supply and demand of styrene have become more relaxed due to plant restarts, and downstream acceptance is weak. Although there are some export orders, the overseas supply is expected to increase. - **Outlook**: Oscillation. The height of seasonal inventory accumulation in February has been reduced, but the improvement in the overseas supply - demand situation has weakened the support. [18] Ethylene Glycol (MEG) - **View**: The import volume in the second quarter has been revised downwards, and there is a weak expectation of supply - demand repair. The price has limited downside. - **Main Logic**: The price is in a narrow - range consolidation at a low level. There is still seasonal inventory accumulation in January - February, but the medium - term structure is expected to improve. Due to the planned maintenance and postponed restarts of overseas plants in March - April, the import volume in the second quarter is expected to decline, providing some support for the price. - **Outlook**: In the short term, the price will be in the range of [3700, 4050] yuan/ton. Pay attention to the operation in the range of [- 120, - 85] yuan/ton for the EG05 - 09 spread. [20] Short - Fiber - **View**: Both supply and demand decline, and trading is light. - **Main Logic**: The prices of upstream polyester raw materials oscillate and rise, providing some cost support. However, the operating rate of polyester short - fiber has dropped significantly to a low level compared to the same period in previous years, and downstream demand has entered the holiday mode, resulting in less trading. - **Outlook**: The price of short - fiber will follow the movement of upstream products, and the support for the processing fee will be strengthened. [24] Polyester Bottle Chips - **View**: Volatility narrows, and the trading atmosphere weakens. - **Main Logic**: The prices of upstream polyester raw materials rise slightly, and polyester bottle chips follow the increase. The price has been in a narrow - range consolidation recently, with small fluctuations and a slightly weaker trading atmosphere. - **Outlook**: The absolute price will follow the movement of raw materials, and the support for the processing fee will be strengthened. Consider the position of going long PR and short TA. [26] Methanol - **View**: Coastal trading has paused before the holiday, and inventory reduction in the inland is coming to an end. Methanol oscillates and consolidates. - **Main Logic**: The price of methanol oscillates and consolidates. The inland market shows mixed trends, and the pre - holiday inventory reduction by upstream and inventory replenishment by downstream are approaching the end. The market will gradually enter a state of "price but no trading" during the holiday. The inventory of methanol production enterprises and ports has decreased. The US - Iran negotiation still has uncertainties. - **Outlook**: Oscillation. The situation in Iran remains uncertain, and the coastal market has paused trading before the holiday. The inland market is in the final stage of inventory reduction and replenishment, with limited new orders but firm prices. [28] Urea - **View**: Pre - holiday orders are coming to an end, and urea oscillates and consolidates. - **Main Logic**: The supply of urea is at a high level, and industrial demand is gradually weakening as the Spring Festival approaches. Agricultural demand is mainly for flexible replenishment. The inventory of urea production enterprises has decreased. Most enterprises have completed pre - holiday order pre - sales, and the spot price is firm, with only small fluctuations. - **Outlook**: Oscillation. The supply of urea is stable. Pay attention to the order - receiving progress of enterprises. The market will gradually enter a state of "price but no trading" during the holiday, and the price is expected to remain firm until after the holiday, waiting for the recovery of demand. [30] LLDPE (Plastic) - **View**: Both long and short positions are cautious before the long holiday, and plastic may oscillate after a decline. - **Main Logic**: Oil prices oscillate, and the fundamentals of the crude oil market are not optimistic. The uncertainty of the US - Iran situation still supports oil prices. The commodity market sentiment is cautious before the holiday, and there is an indirect impact on plastic. The mid - stream inventory pressure of plastic is not large, and downstream enterprises have gradually stopped production for the holiday. There is still an expectation of macro - consumption policy support. - **Outlook**: Short - term oscillation. [33] PP - **View**: Both long and short positions are cautious before the holiday, and PP oscillates after a decline. - **Main Logic**: Oil prices oscillate, and the fundamentals of the crude oil market are not optimistic. The US - Iran situation supports oil prices. The commodity market sentiment has weakened, which also suppresses PP. The PDH profit of PP refineries is still under pressure, providing some support for the price. The downstream of PP is in the off - season, and downstream enterprises have gradually stopped production before the holiday. There is an expectation of macro - consumption policy support. - **Outlook**: Short - term oscillation. [34] PL - **View**: Supported by the spot market, PL oscillates. - **Main Logic**: PDH maintenance still provides some support. The overall supply increase is limited, and enterprise inventory is controllable. Propylene supply has no pressure, and enterprises aim to stabilize the market. Downstream demand is weak, and short - term powder profit fluctuates within a narrow range. - **Outlook**: Short - term oscillation. [35] PVC - **View**: Low valuation and weak expectation, PVC oscillates. - **Main Logic**: Geopolitical factors may cause fluctuations and affect the commodity market sentiment. Domestic policies such as mercury - free technology and carbon - neutrality will help eliminate backward production capacity, but the implementation period may be long. The support of "export rush" for demand may weaken, and inventory reduction has slowed down. The production of PVC may remain high around the Spring Festival, downstream operating rate is high but trending downward, and the willingness to replenish inventory is poor. The export price of Formosa Plastics has been raised, and the enthusiasm of foreign buyers needs to be observed. Coal price is expected to rise, supporting the price of calcium carbide, and the dynamic cost of PVC is stable. - **Outlook**: Oscillation. Market sentiment has weakened, and the support of export has decreased, but the low valuation of PVC makes the price oscillate. [36] Caustic Soda - **View**: The comprehensive profit is poor, and caustic soda weakly stabilizes. - **Main Logic**: Geopolitical factors still affect the commodity market sentiment. Domestic policies will help eliminate backward production capacity, but the implementation period is long. The price of liquid chlorine has dropped, and the comprehensive profit of chlor - alkali has weakened, increasing the risk of production reduction after the holiday. The marginal profit of alumina production is poor, and the implementation of production reduction may be slow. A large alumina plant in Shandong has a high receiving volume of caustic soda, and the vehicle - pressing phenomenon has improved. The commissioning of alumina plants in Guangxi is advancing, providing marginal support for caustic soda demand. Non - aluminum production has weakened, and low prices have boosted the willingness of middle - and downstream enterprises to replenish inventory. The upstream production has changed little, and the production of caustic soda remains at a high level. The price of liquid chlorine has declined, and the dynamic cost of caustic soda in Shandong is high. - **Outlook**: Oscillation. The chlor - alkali profit is poor, but the futures price has a high premium. It is expected to oscillate before the holiday. [37] 2. Variety Data Monitoring Energy Chemical Daily Indicator Monitoring - **Inter - period Spread**: The report provides the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, MEG, etc., including the latest values and changes. For example, Brent's M1 - M2 spread is 0.68 with a change of 0.06, and Dubai's M1 - M2 spread is 0.32 with a change of - 0.13. [39] - **Basis and Warehouse Receipts**: It shows the basis and warehouse receipts of different varieties, including asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. For instance, the basis of asphalt is - 133 with a change of - 9, and the number of warehouse receipts is 43290 tons. [40] - **Inter - variety Spread**: The report presents the inter - variety spreads, such as the spreads between PP and MA, TA and EG, etc. For example, the 1 - month PP - 3MA spread is - 286 with a change of 37. [41] Chemical Basis and Spread Monitoring The report lists the basis and spread monitoring for multiple varieties including methanol, urea, styrene, etc., but specific detailed data summaries for each sub - item are not fully presented in the given text. Commodity Index - **Comprehensive Index**: The commodity 20 index is 2722.24 with a +0.43% change, the industrial products index is 2281.60 with a +0.12% change, and the comprehensive index is 2383.17 with a +0.35% change. - **Energy Index**: On February 10, 2026, the energy index was 1152.81, with a daily increase of +0.92%, a 5 - day increase of +1.28%, a 1 - month increase of +3.02%, and a year - to - date increase of +6.10%. [281][283]

中信期货研究|⿊⾊建材策略⽇报 2026-02-11 节前需求回落，盘⾯表现疲软 投资咨询业务资格：证监许可【2012】669号 钢材节前需求回落，基本⾯缺乏亮点，盘⾯表现疲软。钢⼚复产节奏 偏缓，但铁矿⽯发运端存在扰动，盘⾯有企稳迹象。冬储临近尾声， 煤焦补库⽀撑逐步转弱，盘⾯⽀撑有限。玻璃供应端存在扰动，但玻 纯供需过剩压制盘⾯价格。 钢材节前需求回落，基本面缺乏亮点，盘面表现疲软。钢厂复产节奏 偏缓，但铁矿石发运端存在扰动，盘面有企稳迹象。冬储临近尾声， 煤焦补库支撑逐步转弱，盘面支撑有限。玻璃供应端存在扰动，但玻 纯供需过剩压制盘面价格。 1. 铁元素方面：库存压力持续增加，供应端仍存天气扰动预期，当 前市场对节后需求预期一般，盘面表现承压，但节后即将召开重要会 议，宏观预期仍存，盘面快速回落后压力有所释放，关注市场情绪变 化。废钢供应、日耗均有季节性下降的预期，随着补库接近尾声，整 体基本面将边际转弱，预计现货价格跟随成材为主。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有限， 现货预计暂稳运行，盘面预计仍将跟随成本端焦煤运 ...

投资咨询业务资格：证监许可【2012】669号 黄金观点：高位消化波动，结构性支撑依然稳固。 逻辑：逻辑上看，近期黄金回调过程中，ETF仅出现约20吨的小幅流 出，且更接近阶段性止盈而非趋势性撤离，前期流出压力基本释放， 后续具备重新累积的条件。官方部门需求仍是中长期核心支撑，中国 央行1月继续增持黄金，延续对储备结构安全性的配置取向。政策层 面，虽然短期仍需观察通胀与就业数据对利率路径的影响，但2026年 降息预期并未被证伪，新一届美联储主席人选落地后，货币政策独立 性与美元信用问题重新进入定价框架，强化"去信用化交易"叙事。 地缘层面，美国外交与安全政策不确定性仍高，避险资产配置需求难 以消退。（以上新闻及数据均来自彭博终端） 展望：若宏观数据未显著逆转宽松预期，黄金仍具备震荡偏强基础。 白银观点：跟随金价调整，弹性逻辑尚未破坏。 逻辑： 白银在前期快速拉升后随黄金进入高位整理阶段，短期波动 更多反映风险偏好回落与多头获利了结。 展望：从中期看，白银对金价的跟随属性仍在，而其自身的弹性优势 尚未被系统性削弱。在金价维持高位运行的前提下，白银仍具备相对 收益空间，但需要警惕高波动环境下的阶段性回撤风险。若后 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2026-02-11 静待关键数据，铂钯持稳整理 据华尔街⻅闻消息，美国1⽉⾮农就业报告因上周国会短暂预算纠纷，推 迟⾄本周三发布，此外，本周五还将发布1⽉CPI数据。在两⼤关键经济数 据出炉前，市场维持观望态度，铂⾦与钯⾦价格呈现窄幅震荡⾛势。据同 花顺数据，截⾄2026年2⽉10⽇收盘，GFEX铂主⼒合约收盘价545.05元/ 克，跌幅0.50%；GFEX钯主⼒合约收盘价为438.15元/克，跌幅1.06%。 铂观点：美国就业与通胀数据将揭晓，铂金窄幅震荡 主要逻辑：短期来看，当前欧洲对俄罗斯铂族金属制裁预期抬升、美伊地 缘问题反复、美联储降息预期波动均持续扰动市场，加之长假临近资金交 投趋于谨慎，市场仍处于震荡整理的阶段。长期来看，美国仍处于降息通 道中，特朗普造成的美联储独立性受损和全球政治经济秩序松动，促使美 元信用走弱的长期趋势延续，有利于价格长期弹性的释放。策略方面，本 周铂钯比值回落到偏低位区间，建议择机关注多铂空钯机会。 展望：震荡偏强。供需基本面健康叠加宏观预期向好，中长期我们维持价 格震荡偏强预期。 钯观点：关 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On February 10, equity index futures rose, CGB futures were stable, and commodity futures were mixed, with the energy sector leading the increase [2][10][12] - The turnover of China's futures market in January 2026 reached RMB 100.26 trillion, a year - on - year increase of 105.14%, and the trading volume was 912.49 million contracts, a year - on - year increase of 65.09%. By the end of January, the total open interest increased by 14.65% month - on - month [3][37] 3. Summary According to Relevant Catalogs 3.1 China Futures 3.1.1 Overview - On Feb 10, in equity index futures, IH rose 0.4% and IC rose 0.1%; in CGB futures, T rose 0.01% and TL rose 0.01% [10] - In commodity futures, the top three gainers were Tin (up 3.3% with open interest decreasing 4.2% month - on - month), Sodium Hydroxide (up 3.3% with open interest decreasing 13.9% month - on - month), and No.1 Soybean (up 2.4% with open interest increasing 27.5% month - on - month). The top three decliners were SCFIS(Europe) (down 4.6% with open interest increasing 8.9% month - on - month), Coke (down 1.7% with open interest increasing 4.3% month - on - month), and Coking Coal (down 1.7% with open interest increasing 6.4% month - on - month) [11][12][13] 3.1.2 Daily Raise - **Crude Oil**: On February 10, the front - month contract rose 2.2% to 476.1 yuan/barrel. The fundamentals are in supply surplus, but geopolitical factors frequently disrupt supply expectations. The short - term trend will be range - bound volatility. The current fundamentals are not optimistic, with high inventories and pressured refining margins. Geopolitical factors, such as the US - Iran relationship and India's Russian crude imports, affect supply expectations and support oil prices [17][18][19] - **Fuel Oil**: On February 10, the front - month contract rose 2.2% to 2,845 yuan/ton. The futures prices are at high levels. The expectation of rising oil production in Venezuela will weigh on HSFO in the long term, and short - term focus is on Middle East geopolitical developments. Key logics include the US - Iran negotiation situation, potential heavy oil supply increase from Venezuela, and the long - term replacement of fuel oil for power generation in the Middle East [25][26][27] 3.1.3 Daily Drop - **Ethenylbenzene**: On Feb 10, the front - month contract dropped 1.0% to 7,473 yuan/ton. The upward momentum has weakened recently due to three factors: crude oil prices near the upper end of the trading range, marginal loosening of supply and demand, and expected improvement in the overseas supply - demand balance. Although the seasonal inventory build - up in February is revised lower, the positive impact of exports on futures prices is gradually weakening [30][31][32] 3.2 China News - Industry News - **Stock Exchanges' Measures**: The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing, streamlining the review process for high - quality listed companies and revising rules for "asset - light, high R&D investment" listed companies [37] - **Futures Market Turnover**: In January 2026, China's futures market recorded 912.49 million contracts traded and a turnover of RMB 100.26 trillion, up 65.09% and 105.14% year on year respectively, and the total open interest increased by 14.65% month on month by the end of January [37]