1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Domestic commodity futures market closed with mixed results, with base metals leading the gains. Energy products all rose, precious metals were mixed, agricultural and sideline products mostly increased, shipping futures declined, black commodities mostly fell, new energy materials mostly dropped, and chemical products were mixed [1][2]. - The US economy shows a weak - stable total volume with a differentiated structure. The manufacturing PMI in January was good, but the non - manufacturing sector weakened and employment data was below expectations [2]. - In China, the fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally [2]. - For assets, domestic equity markets can get upward support from policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are still promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2]. 3. Summary by Relevant Catalogs 3.1 Today's Market - Base metals led the gains, with Shanghai tin up 3.33%. Energy products all rose, with crude oil up 2.17%. Precious metals were mixed, with Shanghai silver up 1.97%. Agricultural and sideline products mostly increased, with corn up 0.44%. Shipping futures declined, with the container shipping index (European line) down 4.57%. Black commodities mostly fell, with coke down 1.71%. New energy materials mostly dropped, with industrial silicon down 1.53%. Chemical products were mixed, with styrene down 0.98%. Oils and fats mostly declined, with palm oil down 0.69%. Non - metallic building materials all fell, with PVC down 0.44% [2] 3.2 Overseas Macro - The US economy shows a weak - stable total volume and a differentiated structure. The manufacturing PMI in January 2026 was good, and the positive feedback from the looser liquidity since H2 2025 may have gradually affected the manufacturing industry. However, the non - manufacturing sector weakened and employment data was below expectations [2] 3.3 Domestic Macro - The fundamental changes this week were limited. The boost from the incremental policies in Q4 2025 to the fundamentals was not significant yet, but policy expectations were strengthening. The manufacturing PMI in January declined, with both supply and demand decreasing marginally. The expectation of policy support for a "good start" in Q1 is rising, and the policy intention to stabilize investment since Q4 2025 may continue into Q1 2026 [2] 3.4 Asset Views - Domestic equity markets can be supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - end opportunities but limited odds. Gold in precious metals is a long - term standard allocation, while silver is on hold. Non - ferrous metals are promising under industrial logic, and investors can buy on dips after market volatility reduces. Black commodities are generally volatile, and crude oil may rise due to geopolitical support but with high uncertainty, so it's advisable to stay on the sidelines [2] 3.5 Market Conditions of Different Sectors - **Finance**: The market sentiment is warm. Stock index futures are expected to rebound following the external market, stock index options are volatile, treasury bond futures are volatile, and gold and silver are in a stage of price adjustment and are volatile [6] - **Shipping**: Before the Spring Festival, the decline in freight rates slowed down. The three major alliance shipping companies issued a price increase notice for the European line in March. The container shipping European line is expected to be volatile and slightly stronger [6] - **Black Building Materials**: The current situation and expectations are not good, and the market still faces pressure. Steel, iron ore, coke, coking coal, silicon iron, manganese silicon, glass, and soda ash are all expected to be volatile [6] - **Non - ferrous and New Materials**: The sentiment in the non - ferrous market has warmed up, but inventories have accumulated significantly. Base metals have stopped falling and are volatile. Copper, aluminum, zinc, lead, nickel, stainless steel, tin, and other metals are expected to be volatile or volatile and slightly stronger [6] - **Energy and Chemicals**: The national thermal coal has generally reduced inventories, and the chemical industry continues to be volatile. Crude oil, LPG, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, and other products are all expected to be volatile [6][7] - **Agriculture**: As the Spring Festival approaches, most agricultural products are volatile. Grains, oils, livestock, and other products are expected to be volatile or volatile and slightly weaker [7] 3.6 Financial Market Price and Change Data - Stock index futures: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Treasury bond futures: The 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Foreign exchange: The US dollar index and the US dollar intermediate price had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] - Interest rates: The 7 - day inter - bank pledged repo rate, 10 - year US Treasury bond yield, 10 - year Chinese Treasury bond yield, 10Y - 2Y US Treasury bond spread, and 10 - year break - even inflation rate had different price levels and daily, weekly, monthly, quarterly, and annual changes [10] 3.7 Industry Index Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of various industries in the CITIC Industry Index, including agriculture, forestry, animal husbandry and fishery, national defense and military industry, commerce and retail, non - ferrous metals, etc., are provided [11][12] 3.8 Overseas Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of overseas commodities such as energy (NYMEX WTI crude oil, ICE Brent oil, etc.), precious metals (COMEX gold, COMEX silver), non - ferrous metals (LME copper, LME aluminum, etc.), and agricultural products (CBOT soybeans, CBOT corn, etc.) are provided [13][15] 3.9 Domestic Commodity Price and Change Data - The prices and daily, weekly, monthly, quarterly, and annual changes of domestic commodities in various sectors such as shipping (container shipping European line), precious metals (gold, silver), non - ferrous metals (copper, aluminum), black building materials (rebar, hot - rolled coil), energy and chemicals (crude oil, fuel oil), and agriculture (soybeans, corn) are provided [16][17][18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The China - Southeast Asia shipping route is the world's largest trade corridor, showing resilience in trade tensions. The Southeast Asian container shipping market has strong growth momentum driven by economic growth and industrial transfer [8][33]. - In 2025, the North Asia - Southeast Asia route had the highest capacity share and the fastest growth rate among intra - Asia trades. However, future capacity growth may be constrained by the high average age and low orderbook of feeder vessels [26][34]. - Southeast Asian shipping routes generally have lower freight rate volatility than long - haul routes, with certain correlations to Northern Europe rates. New contracts listed by the Shanghai International Energy Exchange provide more options for hedging [2][35]. 3. Summary by Directory 3.1 Current Situation of the Southeast Asia Container Shipping Market - The China - Southeast Asia route is the world's largest trade corridor. In 2025, the trade value between China and ASEAN reached 1,055.87 billion USD, up 7.3% year - on - year. Asian intra - regional routes are the world's largest container shipping market. From January to October 2025, the cargo volume in this regional market reached 41.234 million TEUs, accounting for 25.9% of the global total, with a year - on - year growth rate of 5.1% [8]. - Due to short shipping distances, the China - Southeast Asia route is highly competitive, with carriers including global giants and regional specialists. Major routes include services from China to Singapore/Malaysia, Thailand/Vietnam, and Indonesia [11]. - Freight rates on Southeast Asian routes generally have lower volatility than long - haul routes, with seasonal patterns. Rates usually retreat from highs in January and February, rebound in early March, and are driven up in mid - April by the Songkran Festival. In 2025, due to tariff - driven front - running, rates surged prematurely between March and May, fell during the traditional peak period (June - August), hit a floor in the August - September off - season, and rebounded in October [12][13]. 3.2 Demand in Southeast Asian Shipping Market - The six major economies of ASEAN (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have shown economic resilience, with a three - year compound GDP growth rate of 3% in 2024, surpassing the overall GDP growth rate of Asia by 0.3 percentage points [16]. - The trade war between China and the United States has led to a global supply chain restructuring, and Southeast Asia has become an important destination for industrial transfer. From January to November 2025, China's exports to five ASEAN countries reached 492.33 billion US dollars, a year - on - year increase of 14.6%. By October 2025, the container cargo volume in the Asian market reached 41.234 million TEUs, a cumulative year - on - year increase of 5.3% [20]. - Among the commodities transported by general cargo containers, Vietnam accounts for the highest proportion (31.5%) of China's exports to the five ASEAN countries. In 2025, the total value of China's exports of 33 categories of commodities to the five ASEAN countries reached US$202.48 billion [24]. 3.3 Southeast Asian market capacity and competition landscape - In 2025, the North Asia - Southeast Asia route had the highest capacity share (56.1%) and the fastest growth rate (19.1% year - on - year) among all intra - Asia trades. By the end of 2025, the total capacity deployed by carriers within the intra - Asia market reached 3.415 million TEUs, a year - on - year increase of 11.7% [26]. - Regional carriers such as Wan Hai, SITC, and TS Lines maintain a strong presence in the intra - Asia market. They focus on strategic layouts within Southeast Asian feeder routes and offer differentiated services, serving as essential supplements to regional market coverage [30]. 3.4 Outlook - From a demand perspective, the Southeast Asian market shows diversified and high - growth characteristics in importing Chinese goods, driven by economic growth and industrial transfer dividends [33]. - Future capacity growth may be constrained by the high average age and low orderbook of feeder vessels. - Southeast Asian routes typically have lower freight rate volatility than long - haul routes, with a 75.8% correlation between rates from China to Singapore and Malaysia and Northern Europe rates, and a 51.7% correlation for Thailand, Vietnam, and the Philippines. New contracts EC2605, EC2607, and EC2609 listed on February 10th provide more options for hedging [35].

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，不构成对任何人的投资建议。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;市场有风险,投资需谨慎。 免责声明:除非另有说明、中信期货有限公司（以下简称"中信期货）拥有本报告的版权/或其他相关知识产权。未经 授权,不得发送或复制本报告任何内容。中信期货对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性 以及完整性不作任何明确或隐含的保证。本报告并不构成中信期货给予的任何私人咨询建议。 苯乙烯利润回升,海外多套装置重启 2026/02/10 投资咨询业务资格: 册 尹伊君 证监许可【2012】669号 究 从业资格号:F03107980 投资咨询号: Z0021451 员 最新数据: 国内苯乙烯开工略升。根据隆众,截至2026年2月5日,国内苯乙烯开工率69.96%,环比+0.68pct,同比- 6.67pct。周度产量35.09万吨,较上期增0.34万吨。本周华东一套苯乙烯装置重启产出但时间有限,华南提 负荷装置影响时间增加,周内无装置降负、停车,整体产出小幅增量。 近期海外多套装置重启,日本NSSM装置存检修计划。根 ...

Interpreting DCE Iron Ore Brand & Premium Changes | 徐 柯 Xu Ke | 从业资格号 Qualification No: F03123846 投资咨询号 Consulting No.: Z0019914 | | --- | --- | | 桂晨曦 Gui ChenXi | 从业资格号 Qualification No: F3023159 | 2026/02/09 Event 事件点评 Recently, DCE released an announcement with the following adjustments: 1. Removal of Yangdi Fines and Bengang Concentrate from the list of deliverable brands. . Adjustment of premiumdiscount levels: premium for Carajas Fines reduced from 15 yuantome to 5 yuantome ; premium/discount for IOC6 ...

供应端预期反复，新能源金属延续宽幅 震荡 新能源观点：供应端预期反复，新能源⾦属延续宽幅震荡 交易逻辑：碳酸锂供需延续偏紧格局，江西部分锂矿复产预期继续延 后，供应扰动担忧持续；工业硅和多晶硅生产企业主动适应弱需求而 减产，工业硅和多晶硅供需略微改善。中短期来看，供应端预期反 复，新能源金属延续宽幅震荡。长期来看，硅供应端收缩预期较强， 尤其多晶硅，价格重心可能抬升；锂矿产能还处于上升阶段，但需求 预期也在不断拔高，供需过剩量预期在收窄，供需改善预期将推高价 格重心。 投资咨询业务资格：证监许可【2012】669号 中信期货研究（新能源⾦属每⽇报告） 2026-02-10 ⼯业硅观点：⻓期过剩压⼒仍在，硅价震荡运⾏。 多晶硅观点：政策预期反复，多晶硅价格宽幅震荡。 碳酸锂观点：供需驱动不强，碳酸锂震荡运⾏。 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 杨飞 从业资格号F03108013 投资咨询号Z0021455 王雨欣 从业资格号F03108000 投资咨询号Z0 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2026-2-10 春节临近，板块品种多震荡 油脂：油脂窄幅震荡 蛋⽩粕：交投清淡，双粕盘⾯震荡 ⽟⽶：临近春节，购销清淡 ⽣猪：供应宽松，猪价偏弱 天然橡㬵：节前区间震荡为主 合成橡㬵：关注短期⽀撑⼒度 棉花：节前震荡为主 ⽩糖：巴西产糖已进⼊尾声，糖价中⻓期震荡偏弱 纸浆：期货弱势不改，现货年前难有起⾊ 双㬵纸：双㬵纸低位窄幅震荡 原⽊：上⾏驱动不⾜，原⽊⾛弱 风险因素：宏观大幅变动；气候异常；供需超预期变化 【异动品种】 原木观点：原木走弱 逻辑：综合来看，原木估值抬升带动价格底部上移，但供需偏宽松背 景下，短期利多出尽，上行动力或不足。中期来看，一月新西兰因天 气发运延迟，二月预计发运偏大，一季度中旬旺季过后或将再度累 库，无新增利多背景下或有转弱风险，预计维持区间运行为主。操作 上：短期03合约770-830元/方区间操作。 展望：震荡。短期市场无新增驱动，基本面宽松延续，原木维持区间 运行。 风险因素：地产需求、现货流动性、国际贸易关系、资金因素等。 农业团队 研究员： 王聪颖 从业资格号：F0254714 投资咨询号：Z ...

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） 2026-02-10 沃仕鹰派预期交易弱化，基本金属震荡 止跌 有⾊观点：沃仕鹰派预期交易弱化，基本⾦属震荡⽌跌 交易逻辑：据财联社消息，特朗普提名的下届美联储主席出乎市场预期， 投资者对沃仕印象解读为鹰派；不过，随着美国疲软的就业数据披露，沃 仕鹰派预期交易有所弱化，整体上看，宏观面预期有所改善。原料端延续 偏紧局面；冶炼端仍有扰动预期，整体供应端支撑较强。终端偏弱，现实 供需偏宽松，但中期供需收紧预期仍在。整体来看，随着沃仕鹰派预期交 易弱化，中期美联储独立性风险和供应扰动担忧仍在，铜铝锡等品种有望 维持震荡偏强走势，短期基本金属有望震荡回升，考虑到春节长假临近， 铜铝锡短多交易为宜。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 杨飞 从业资格号F03108013 投资咨询号Z0021455 王雨欣 从业资格号F03108000 投资咨询号Z0021453 王美丹 从业资格号F03141853 投资咨询号Z0022534 铜观点：库存延续⾼位，铜价⾼位震荡。 氧化铝观点：减产预期 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2026-02-10 ⾼位震荡中修复，配置资⾦回补⽀撑价 格 贵⾦属在前期剧烈波动后出现修复性反弹，⻩⾦重返关键整数位附近，⽩ 银同步回升但弹性更⼤。短期交易逻辑由单边趋势转向⾼波动下的结构性 再平衡，配置与对冲资⾦回补对价格形成⽀撑，宏观与政策不确定性仍是 核⼼背景。 黄金观点：高位震荡中企稳修复，中期多头逻辑未被破坏。 逻辑：前期去杠杆与情绪踩踏结束后，黄金在关键价位附近获得配置 盘承接。官方需求延续，对价格波动的容忍度较高，压缩了下行空 间。海外方面，市场继续围绕美国就业与通胀数据交易，美联储政策 路径与独立性讨论反复，对实际利率与美元形成扰动，利好黄金的防 御与配置属性。 展望：在宏观数据未形成一致指向前，黄金更可能维持高位宽幅震 荡，回调阶段关注配置资金承接力度，中期仍受官方购金与美元信用 逻辑支撑。 展望：短期随黄金震荡偏强运行，但需警惕快速拉升后的技术性回 吐，中期仍取决于贵金属整体配置需求与宏观风险定价。 风险提示：特朗普政策变化；美联储货币政策变化；地缘冲突变化。 白银观点：波动显著放大，跟随黄金修复但节奏更快。 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2026-02-10 股指期货：跟随外部市场反弹 股指期权：期权市场情绪偏暖 国债期货：债市多头情绪继续有所升温 股指期货方面，跟随外部市场反弹。周一权益市场高开之后高位震 荡，全A指数涨幅接近2%，通信、传媒、电子表现强势。A股反弹与上周五 全球风险资产情绪修复有关，伴随美国降息预期升温，以及比特币、贵金 属等资产止跌，对于流动性负向传导的担忧弱化。展望后市，节前快速反 弹的概率相对不大，有利因素在于美元指数见顶回落，而不利因素在于节 前整体参与度较低，在近期风险事件频发的背景下，资金偏好更倾向保 守，建议轻仓过节。进入节后，进入重要会议窗口期，现阶段市场倾向政 策看涨期权，节后预计温和上行但斜率较1月放缓。 市场情绪偏暖 股指期权方面，情绪偏暖。相较于前两周市场波动下的流动性升温， 昨日市场上涨后，期权交投量能相对平稳。结合期权情绪指标持仓量PCR 的整体走强，以及隐含波动率的回落，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，而是对整体持仓的系 ...

中信期货研究|⿊⾊建材策略⽇报 2026-02-10 现实预期不佳，盘⾯仍有压⼒ 淡季钢材端累库压⼒渐显，基本⾯缺乏亮点，盘⾯延续弱势。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，盘⾯表现偏弱。玻璃供应端存在扰 动，但玻纯供需过剩压制盘⾯价格。 淡季钢材端累库压力渐显，基本面缺乏亮点，盘面延续弱势。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，盘面表现偏弱。玻璃供应端存在扰 动，但玻纯供需过剩压制盘面价格。 投资咨询业务资格：证监许可【2012】669号 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 ...