Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Scale farms are increasing the weight - reducing slaughter, leading to a loose supply before the festival. Based on the analysis of the number of fertile sows and newborn piglets, the supply for slaughter in the next two months is relatively sufficient. On the demand side, the pre - festival stocking is coming to an end this week. The increase in consumption is less than the increase in supply, and the expected weakening of demand after the Spring Festival weakens the support for prices. Overall, the game between supply and demand continues, and considering that the increase in supply exceeds the demand, the pig price will still be under pressure. On the futures market, the main pig 2605 contract rose 0.13%, with two consecutive trading days of position reduction, and it will fluctuate before the festival [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs is 11,540 yuan/ton, down 15 yuan; the position volume of the main contract is 141,128 lots, down 6,442 lots; the number of warehouse receipts is 1,027 lots, up 300 lots; the net long position of the top 20 futures holders is - 47,152 lots, down 777 lots [2] Spot Market - The live pig price in Zhumadian, Henan is 12,200 yuan/ton, up 200 yuan; in Siping, Jilin is 11,400 yuan/ton, unchanged; in Yunfu, Guangdong is 11,700 yuan/ton, unchanged. The main basis of live pigs is 660 yuan/ton, up 215 yuan [2] Upstream Situation - The national live pig inventory is 42,9670,000 heads, down 7130,000 heads; the national fertile sow inventory is 3,9610,000 heads, down 290,000 heads [2] Industry Situation - The year - on - year growth rate of CPI is 0.2%, down 0.6 percentage points; the spot price of soybean meal in Zhangjiagang is 3,080 yuan/ton, unchanged; the spot price of corn is 2,372.16 yuan/ton, up 1.77 yuan; the DCE pig feed cost index is 923.35, up 2.65; the monthly output of feed is 30,086,000 tons, up 307,000 tons; the price of binary fertile sows is 1,431 yuan/head, unchanged; the breeding profit of purchased piglets is 91.42 yuan/head, down 32.71 yuan; the breeding profit of self - bred and self - raised pigs is - 38.09 yuan/head, down 63.19 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14 yuan/kg, up 0.3 yuan [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 4,8910,000 heads, up 9340,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, down 3.19 billion yuan [2] Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on February 12, 2026, the daily national live pig slaughter volume of key breeding enterprises was 332,976 heads, a 5.25% reduction from the previous day [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | JM主力合约收盘价（日，元/吨） | 1120.00 | -3.50↓ J主力合约收盘价（日，元/吨） | 1664.00 | -3.00↓ | | | JM期货合约持仓量（日，手） | 617345.00 | -24712.00↓ J期货合约持仓量（日，手） | 40629.00 | +433.00↑ | | | 焦煤前20名合约净持仓（日，手） | -86186.00 | +5019.00↑ 焦炭前20名合约净持仓（日，手） | -369.00 | -19.00↓ | | | JM9-5月合约价差（日，元/吨） | 80.00 | 0.00 J9-5月合约价差（日，元/吨） | 75.00 | 0.00 | | | 焦煤仓单（日，张） | 2000.00 | +300.00↑ 焦炭仓单（日，张） | 1380.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 1018.00 | 0.00 唐山一级冶金焦（日，元/吨 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The US January non - farm report was overall strong, pushing back traders' expectations of the first interest rate cut from June to July. China's January CPI year - on - year increase fell to 0.2%, and PPI year - on - year decline narrowed to 1.4%. It's expected that Shanghai Tin will experience short - term shock adjustments, with attention on the 400,000 - yuan resistance level [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the futures main contract of Shanghai Tin was 391,320 yuan/ton, down 3,380 yuan; the closing price of the March - April contract of Shanghai Tin was down 480 yuan, with a 320 - yuan increase in the difference. LME 3 - month tin was 50,065 US dollars/ton, up 835 US dollars. The main contract position of Shanghai Tin was 28,260 lots, down 3,027 lots. The net position of the top 20 futures of Shanghai Tin was - 6,462 lots, down 973 lots. LME tin total inventory was 7,550 tons, up 120 tons. The inventory of Shanghai Futures Exchange was 8,750 tons, down 1,718 tons. LME tin cancelled warrants were 375 tons, down 25 tons. The warehouse receipts of Shanghai Futures Exchange were 10,296 tons, up 3,780 tons [3] 3.2 Spot Market - The SMM 1 tin spot price was 391,650 yuan/ton, up 2,950 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 394,110 yuan/ton, up 6,160 yuan. The basis of the Shanghai Tin main contract was 330 yuan/ton, up 6,330 yuan. LME tin premium (0 - 3) was - 152 US dollars/ton, up 7 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore concentrates was 17,600 tons, up 2,500 tons. The average price of 40% tin concentrates was 377,650 yuan/ton, up 2,950 yuan; the average processing fee was 14,500 yuan/ton, unchanged. The average price of 60% tin concentrates was 381,650 yuan/ton, up 2,950 yuan; the average processing fee was 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the import volume of refined tin was 2,239.1 tons, up 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu was 248,370 yuan/ton, up 2,000 yuan. The cumulative output of tin - plated sheets (strips) was 1.5287 million tons, up 138,700 tons. The export volume of tin - plated sheets was 142,900 tons, down 45,000 tons [3] 3.6 Industry News - Li Qiang called for comprehensively promoting AI technological innovation, industrial development and application. China's January CPI year - on - year increase fell from 0.8% to 0.2% due to the lunar new year month shift and international oil price changes; January PPI year - on - year decline narrowed to 1.4%. The US added 130,000 non - farm jobs in January [3] 3.7 Fundamental Analysis - On the supply side, Myanmar's resumption of production and the end of the rainy season led to an increase in domestic tin ore imports, with a continued increase expected in Q1, and a slight rise in tin ore processing fees. On the smelting side, most enterprises' raw material inventory was low, in a loss - making situation, and refined tin production was limited due to more year - end overhauls, but there was pressure for production to rebound after the Spring Festival. In terms of imports, Indonesia's tin exports increased, and the import window gradually opened, increasing import pressure. On the demand side, the development of the AI field will drive a significant increase in solder demand. Recently, tin prices rebounded, inventory increased, and the spot premium was maintained at 2,000 yuan/ton; LME inventory remained stable, and the spot premium rebounded [3] 3.8 Technical Analysis - Positions remained stable, prices were adjusted, and the trading between long and short positions became less active [3]

碳酸锂产业日报 2026/2/12 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 149,420.00 | -840.00↓ 前20名净持仓（日，手） | -106,902.00 | -1086.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 353,975.00 | -2556.00↓ 近远月合约价差（日，元/吨） | -3,400.00 | -1940.00↓ | | | 广期所仓单（日，手/吨） | 37,282.00 | +1755.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 138,000.00 | +2000.00↑ 工业级碳酸锂平均价（日，万元/吨） | 139,000.00 | +4500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -11,420.00 | +2840.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,950.00 ...

塑料产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6787 | 12 1月合约收盘价:聚乙烯(日,元/吨) | 6854 | 15 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6787 | 12 9月合约收盘价:聚乙烯(日,元/吨) | 6836 | 10 | | | 成交量(日,手) | 278339 | -3921 持仓量(日,手) | 503917 | -8697 | | | 1-5价差 | 67 | 3 5-9价差 | -49 | 2 | | | 9-1价差 | -18 | -5 期货前20名持仓:买单量:聚乙烯(日,手) | 518180 | -7780 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 547300 | -4043 期货前20名持仓:净买单量:聚乙烯(日,手) | -29120 | -3737 | | 现货市场 | LLDPE(7042)均价:华北(日,元/ ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客 为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铝类产业日报 2026/2/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 23,660.00 | +145.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,842.00 | +7.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) | -145.00 | +20.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -133.00 | +7.00↑ | | | 主力合约持仓量:沪铝(日,手) | 174,403.00 | -10383.00↓ 主力合约持仓量:氧化铝(日,手) | 312,145.00 | -9395.00↓ | | | LME铝注销仓单(日,吨) | 46,325.0 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 持稳定。长假临近，短期注意风险控制。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 苹果产业日报 2026-02-11 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 101 主力合约持仓量:苹果(日,手) 期货前20名持仓:净买单量:苹果(日,手) | 9601 9580 | 3033 | | 102648 | 7854 | | 现货市场 | 甘肃静宁苹果现货价格(纸袋7 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14745 | 90 棉纱主力合约收盘价(日,元/吨) | 20590 | 150 | | | 棉花期货前20名净持仓(手) | -121791 | -1663 棉纱期货前20名净持仓(手) | -925 | 136 | | | 主力合约持仓量:棉花(日,手) | 696412 | -3860 主力合约持仓量:棉纱(日,手) | 11468 | -438 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10746 | 60 仓单数量:棉纱(日,张) | 0 | 0 | | | | 16029 | 41 中国纱线价格指数:纯棉普梳纱32支(日, | 21520 | 0 | | | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) 到港价:进口棉纱价格指数:纯棉普梳纱32 | | | | 现货市场 | | 12418 | 0 | ...

整。盘面来看，玉米今日增仓上涨，市场氛围有所转强，临近春节观望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 玉米系产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):(日,元/吨) | 2316 -15 | 30 玉米淀粉期货收盘价(活跃合约):(日,元/ 7 玉米淀粉月间价差(3-5):(日,元/吨) | 2571 -66 | 24 -5 | | | 玉米月间价差(5-9):(日,元/吨) | | 吨) | | | | | 期货持仓量(活跃合约):黄玉米(日 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On Wednesday, most prices of the container shipping index (European line) futures declined, with the main contract EC2604 closing down 4.57%. The latest SCFIS European line settlement freight index was 1657.94, down 134.2 points from last week, a 7.5% week - on - week decline [2] - The cancellation of full - tax refunds for photovoltaic products is expected to lead to a rush for shipping, which will boost long - term contract cargo volume. However, after the trading sentiment stabilizes, the increase brought by the news will be reversed [2] - China's foreign trade level in December 2025 rebounded unexpectedly, with both imports and exports improving significantly, possibly related to the cancellation of value - added tax export rebates for some commodities and pre - holiday rush exports. China's exports are expected to maintain a high growth rate in 2026 [2] - Although some shipping companies have announced price increases for Asia - to - Northwest Europe and the Mediterranean routes, due to the unchanged supply - demand pattern, the implementation may fall short of expectations [2] - The resumption of the IMX/ME11 route in the Red Sea Canal by Maersk and Hapag - Lloyd has actual execution risks, and the actual effect remains to be seen [2] - The market is optimistic about the economic recovery of the eurozone, and inflation is approaching the target level, supporting the expectation that the European Central Bank will keep interest rates unchanged in the foreseeable future [2] - The current freight market is greatly affected by seasonal demand. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1177.900, down 17.0; EC second - main contract closing price: 1501, down 14.10 [2] - EC2604 - EC2606 spread: - 323.10, down 2.30; EC2604 - EC2608 spread: - 403.10, down 5.80 [2] - EC contract basis: + 1.10, at 480.04 [2] - EC main contract open interest: 33027 lots, down 872 [2] 3.2 Spot Market Data - SCFIS (European line) (weekly): 1657.94, down 134.20; SCFIS (US West Coast line) (weekly): 1,155.66, up 54.26 [2] - SCFI (composite index) (weekly): 1266.56, down 50.19; Container ship capacity (in 10,000 TEUs): 1,227.97, down 0.10 [2] - CCFI (composite index) (weekly): 1122.15, down 53.44; CCFI (European line) (weekly): 1,535.03, down 39.66 [2] - Baltic Dry Index (daily): 1882.00, up 13.00; Panamax Freight Index (daily): 1,670.00, down 22.00 [2] - Average charter price of Panamax ships: 0.00, unchanged; Average charter price of Capesize ships: 18,955.00, down 750.00 [2] 3.3 Industry News - US President Trump is considering sending another aircraft carrier strike group to the Middle East if negotiations with Iran fail. The second round of US - Iran talks is expected to be held next week [2] - Fed officials Logan and Hamark believe that the Fed's policy stance is close to neutral and may remain unchanged for a long time if inflation falls and the labor market stabilizes [2] - The People's Bank of China will continue to implement a moderately loose monetary policy, use various policy tools such as reserve requirement ratio cuts and interest rate cuts, and conduct regular treasury bond trading operations [2] 3.4 Key Data to Watch - UK Q4 GDP annual rate preliminary value at 15:00 on February 12 [2] - UK December manufacturing output monthly rate at 15:00 on February 12 [2] - US initial jobless claims for the week ending February 7 (in 10,000 people) at 21:30 on February 12 [2]