1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Pure benzene: The port inventory was still at a high level before the holiday. The domestic production rate has started to recover from the bottom. The arrival of imports has rebounded from the bottom, and there is still pressure on shipments to China in the future. The downstream production performance is acceptable, with the styrene production rate starting to recover from the bottom, the caprolactam production rate remaining at a low level, and the production rates of phenol, aniline, and adipic acid all performing well [1][3] - Styrene: The domestic production peak has passed, and Tianjin Bohua has resumed production. Attention should be paid to the resumption plans of Shandong Yuhuang and Jingbo, which have been shut down for a long time. The styrene production profit has started to peak and decline, and the market is worried that the supply may return more than expected under the current production profit. The port inventory declined again in the middle of the week, and the seasonal inventory accumulation was not realized before the holiday. EPS rapidly reduced its production load seasonally before the holiday, and the inventory increased seasonally; the PS production load declined again, but the inventory pressure was not large; after the ABS inventory pressure eased, the production rebounded [3] 3. Summary According to the Directory I. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is -1 yuan/ton (+63), and the spread between East China pure benzene spot and M2 is -125 yuan/ton (+10 yuan/ton) [1] - Styrene: The main basis is 152 yuan/ton (+34 yuan/ton) [1] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 161 dollars/ton (+7 dollars/ton), the FOB South Korea processing fee is 160 dollars/ton (+8 dollars/ton), and the US - South Korea spread is 154.3 dollars/ton (-4.0 dollars/ton). The production profits of downstream products vary, with aniline having a relatively high profit of 1235 yuan/ton (+174) [1] - Styrene: The non - integrated production profit is 403 yuan/ton (-17 yuan/ton), and it is expected to gradually compress [1] III. Inventory and Production Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 29.70 million tons (-0.80 million tons), and the production rate has started to recover from the bottom [1][3] - Styrene: The East China port inventory is 96,200 tons (-12,400 tons), the East China commercial inventory is 54,000 tons (-6,800 tons), and it is in the inventory rebuilding stage. The production rate is 71.1% (+1.1%) [1] IV. Production Rates and Profits of Styrene Downstream - EPS: The production profit is 321 yuan/ton (+10 yuan/ton), and the production rate is 48.02% (-8.22%) [2] - PS: The production profit is -329 yuan/ton (+10 yuan/ton), and the production rate is 54.00% (-1.20%) [2] - ABS: The production profit is -651 yuan/ton (+6 yuan/ton), and the production rate is 68.90% (+4.50%) [2] V. Production Rates and Profits of Pure Benzene Downstream - Caprolactam: The production profit is -630 yuan/ton (+30), and the production rate is 74.10% (+0.94%) [1] - Phenol - acetone: The production profit is -716 yuan/ton (+0), and the phenol production rate is 89.00% (+3.00%) [1] - Aniline: The production profit is 1235 yuan/ton (+174), and the production rate is 89.25% (+0.21%) [1] - Adipic acid: The production profit is -163 yuan/ton (-9), and the production rate is 69.00% (-0.10%) [1] 4. Strategy - Unilateral: None - Basis and Inter - Period: None - Cross - Variety: Short EB2604 and long BZ2603 [4]

Group 1: Investment Ratings - Unilateral investment ratings are neutral for aluminum, alumina, and aluminum alloy, while the arbitrage strategy is to go long on aluminum and short on aluminum alloy [8] Group 2: Core Views - For electrolytic aluminum, the downstream has entered the holiday period, resulting in sluggish spot market transactions and reduced absolute price fluctuations on the futures market. The Federal Reserve is likely to keep interest rates unchanged in March. Social inventory is expected to exceed seasonal levels, exerting significant pressure on prices. Although there are expectations for the Two Sessions after the holiday, aluminum prices are unlikely to perform well due to the expected inventory pressure. In the short term, it is advisable to avoid risks as the long holiday approaches. In the long term, consumption resilience and strength are expected to remain positive, especially in the export market, and the macro - environment of simultaneous easing at home and abroad remains strong, making long - term aluminum prices more likely to rise than fall [6] - For alumina, India has completed a 30,000 - ton transaction at an FOB price of $311.5 per ton, with a price increase of $3.5 per ton compared to the previous period for March shipments. There may still be supply disruptions at an alumina plant in Hebei in the spot market. Although the impact on roasting volume is not high, the long - term contract gap may need to be filled through additional purchases. Coupled with the current substantial profits in electrolytic aluminum, the short - term spot price may remain firm. However, the actual domestic supply pressure has not eased, supply has not been substantially affected, and the pattern of static supply surplus remains unchanged, with social inventory continuing to increase. The prices of domestic northern ore have declined, the alumina plants' enthusiasm for ore procurement has decreased, and the import ore quotes are also falling, making it difficult for the cost side to provide strong support [6][7] Group 3: Key Data Aluminum Spot - The price of East China A00 aluminum is 23,350 yuan/ton, a change of 90 yuan/ton from the previous trading day, and the spot premium/discount is - 160 yuan/ton, a change of 30 yuan/ton from the previous trading day. The price of Central China A00 aluminum is 23,260 yuan/ton, and the spot premium/discount has changed by 40 yuan/ton to - 250 yuan/ton from the previous trading day. The price of Foshan A00 aluminum is 23,430 yuan/ton, a change of 20 yuan/ton from the previous trading day, and the aluminum spot premium/discount has changed by - 40 yuan/ton to - 80 yuan/ton from the previous trading day [1] Aluminum Futures - On February 12, 2026, the main contract of Shanghai aluminum opened at 23,795 yuan/ton, closed at 23,610 yuan/ton, a change of 35 yuan/ton from the previous trading day, with a maximum price of 23,795 yuan/ton and a minimum price of 23,500 yuan/ton. The trading volume for the whole trading day was 181,308 lots, and the open interest was 159,738 lots [2] Inventory - As of February 12, 2026, the domestic social inventory of electrolytic aluminum ingots was 892,000 tons, a change of 35,000 tons from the previous period. The warehouse receipt inventory was 200,654 tons, a change of 33,088 tons from the previous trading day. The LME aluminum inventory was 483,550 tons, a change of - 2,200 tons from the previous trading day [2] Alumina Spot - On February 12, 2026, the SMM alumina price in Shanxi was 2,610 yuan/ton, in Shandong was 2,555 yuan/ton, in Henan was 2,635 yuan/ton, in Guangxi was 2,670 yuan/ton, in Guizhou was 2,740 yuan/ton, and the FOB price of Australian alumina was $311 per ton [2] Alumina Futures - On February 12, 2026, the main contract of alumina opened at 2,850 yuan/ton, closed at 2,808 yuan/ton, a change of - 10 yuan/ton or - 0.35% from the previous trading day's closing price, with a maximum price of 2,855 yuan/ton and a minimum price of 2,805 yuan/ton. The trading volume for the whole trading day was 261,414 lots, and the open interest was 296,788 lots [2] Aluminum Alloy Price - On February 12, 2026, the procurement price of Baotai civil - use primary aluminum was 17,200 yuan/ton, the procurement price of mechanical primary aluminum was 17,600 yuan/ton, with no change from the previous day. The Baotai quotation for ADC12 was 23,100 yuan/ton, with no change from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy was 68,500 tons, and the in - plant inventory was 92,700 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost was 22,468 yuan/ton, and the theoretical profit was 632 yuan/ton [5]

1. Report Industry Investment Rating - Unilateral: Neutral [2] - Inter - period: None [2] - Inter - variety: None [2] 2. Core Viewpoints - The closing price of the EG main contract was 3,723 yuan/ton, down 41 yuan/ton or 1.09% from the previous trading day. The spot price in the East China market was 3,630 yuan/ton, down 33 yuan/ton or 0.90%. The spot basis in East China was - 116 yuan/ton, down 2 yuan/ton [1]. - According to Longzhong data, the production gross profit of ethylene - based EG was - $55/ton, up $3/ton; the production gross profit of coal - based syngas EG was - 923 yuan/ton, up 32 yuan/ton [1]. - According to CCF data, the inventory of the main ports in East China was 93.5 million tons, up 3.8 million tons. The actual arrivals at the main ports in East China last week were 11 million tons, and 3 million tons at the secondary ports. The planned arrivals from February 9th to 23rd were 18.1 million tons at the main ports and 5.8 million tons at the secondary ports [1]. - The domestic ethylene glycol load is at a high level. There is still great pressure to build up inventory from January to February due to high supply and weakening demand. Satellite plans to switch production in February. Overseas supply pressure will ease around the end of February, but remains high from January to February. There will be a slight inventory draw in March. On the demand side, Spring Festival maintenance is being implemented, and the weaving and polyester loads are declining rapidly [1]. 3. Summary by Directory 3.1 Price and Basis - The report presents the ethylene glycol spot price and basis in East China, with data sources from Longzhong and CCF [1][5][7] 3.2 Production Profit and Operating Rate - It shows the gross profit and operating rate of ethylene - based, coal - based syngas, naphtha - integrated, and methanol - based ethylene glycol production, with data from Tonghuashun and Longzhong [9][13][15] 3.3 International Price Difference - The report provides the international price difference between US FOB and Chinese CFR of ethylene glycol, sourced from Longzhong [16][19] 3.4 Downstream Sales, Production, and Operating Rate - Information on the sales of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips is presented, with data from CCF [17][20][22] 3.5 Inventory Data - It includes the inventory of ethylene glycol in East China ports, Zhangjiagang, Ningbo Port, Jiangyin + Changzhou Port, and Shanghai + Changshu Port, as well as the inventory days of MEG raw materials in Chinese polyester factories and the daily outbound volume in East China ports, with data from CCF and Longzhong [26][27][30]

化工日报 | 2026-02-13 轮胎开工率季节性下降 市场要闻与数据 期货方面，昨日收盘RU主力合约16450元/吨，较前一日变动-125元/吨；NR主力合约13370元/吨，较前一日变动-75 元/吨；BR主力合约12715元/吨，较前一日变动-305元/吨。 现货方面，云南产全乳胶上海市场价格16250元/吨，较前一日变动-150元/吨。青岛保税区泰混15350元/吨，较前一 日变动-50元/吨。青岛保税区泰国20号标胶1990美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标胶1930 美元/吨，较前一日变动-10美元/吨。中石油齐鲁石化BR9000出厂价格12800元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价12600元/吨，较前一日变动-50元/吨。 2025年12月我国汽车产销分别完成329.6万辆和327.2万辆，环比分别下降6.7%和4.6%，同比分别下降2.1%和6.2%。 2025年全年，汽车产销量分别为3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，产销量再创历史新高，连续 17年稳居全球第一。 ANRPC最新发布的2025年12月报告预测 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For the nickel market, due to continuous fermentation of the Indonesian nickel mine event, nickel prices are in high - level oscillations. Near the Spring Festival, prices are expected to fluctuate, and interval operations are recommended. If the price drops significantly, consider buying on dips [2][3][4] - For the stainless - steel market, influenced by the cost support from nickel and factors such as pre - holiday capital withdrawal and stagnant spot trading, prices are also expected to fluctuate near the Spring Festival. Interval operations are recommended, and buying on dips can be considered when the price drops substantially [4][5] 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - **Futures**: On February 12, 2026, the main contract of Shanghai nickel 2601 opened at 139,960 yuan/ton and closed at 139,610 yuan/ton, a change of 1.79% from the previous trading day's closing. The trading volume was 433,838 (-84,787) lots, and the open interest was 70,629 (-5,811) lots. The main contract of Shanghai nickel rose with a reduction in positions and closed up. Driven by the significant reduction of the Indonesian nickel mine quota policy, the price rebounded strongly, but near the Spring Festival, funds and trading were cautious. On February 11, the Indonesian government planned to significantly cut the production quota of the world's largest nickel mine, Weda Bay Nickel. Its ore production quota this year dropped from 42 million tons to 12 million tons, a decrease of up to 71%, far exceeding market expectations [2] - **Nickel Mines**: The RKAB quota of Indonesian nickel mines in 2026 is between 260 million and 270 million tons. With a large - scale mine's quota reduced by over 70%, the premium of Indonesian nickel mines continued to rise, driving up the nickel - iron quotation. The supply of nickel mines was tight, and the premium of some large - island Indonesian nickel mines rose to 32 - 35 US dollars/wet ton, strongly supporting the bottom price of nickel - iron. In January, the nickel - iron production in Indonesia decreased significantly due to raw - material shortages and pre - holiday centralized maintenance of some projects. It is expected that the production will continue to decline in February. Currently, the quotes of high - nickel pig iron from suppliers are mainly concentrated around 1,060 - 1,070 yuan/nickel (including tax at the hatch bottom), and the market quotes tend to rise [3] - **Spot**: The sales price of Jinchuan Group in the Shanghai market was 149,800 yuan/ton, a rise of 3,100 yuan/ton from the previous trading day. The spot market basically entered the vacation state, and spot transactions were suspended. The spot premiums and discounts of various refined - nickel brands mostly remained stable. Among them, the premium of Jinchuan nickel changed by - 750 yuan/ton to 8,750 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 50 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 52,027 (0) tons, and the LME nickel inventory was 286,386 (636) tons [3] Strategy - Near the Spring Festival holiday, prices are expected to fluctuate. It is recommended to conduct interval operations. However, due to the continuous fermentation of nickel - ore supply interference, there is a certain support at the cost end. If the price drops significantly, consider buying on dips. Unilateral: mainly conduct interval operations; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [4] Stainless - Steel Variety Market Analysis - **Futures**: On February 12, 2026, the main contract of stainless steel 2604 opened at 14,190 yuan/ton and closed at 13,970 yuan/ton. The trading volume was 115,890 (+3,307) lots, and the open interest was 100,602 (-4,171) lots. The main contract of stainless steel opened high and closed low, fluctuating and closing down. Supported by the cost of Shanghai nickel but suppressed by pre - holiday capital withdrawal and stagnant spot trading, its overall performance was weaker than that of Shanghai nickel. Near the Spring Festival, downstream processing enterprises basically stopped work, spot - market transactions were suspended, and traders gradually took holidays. Stainless - steel social inventories entered the seasonal accumulation stage, and supply pressure gradually emerged [4][5] - **Spot**: Spot trading was basically suspended, and market quotes remained stable. The stainless - steel price in the Wuxi market was 14,100 (+0) yuan/ton, and that in the Foshan market was 14,050 (+0) yuan/ton. The premium and discount of 304/2B were 90 to 290 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 8.50 yuan/nickel point to 1,051.5 yuan/nickel point [5] Strategy - Near the Spring Festival holiday, prices are expected to fluctuate. It is recommended to conduct interval operations. However, due to the continuous fermentation of nickel - ore supply interference, there is a certain support at the cost end. If the price drops significantly, consider buying on dips. Unilateral: mainly conduct interval operations; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [5] Figures - There are 14 figures in the report, including LME closing price and spot price, Shanghai nickel main - contract closing price and SMM spot price, refined - nickel import profit and loss, Shanghai nickel warehouse receipts, LME nickel registered warehouse receipts, SMM nickel six - region total inventory, red - soil nickel - ore mainstream quotes, Chinese mainstream nickel - iron prices, Chinese mainstream imported chrome - ore prices, main - producing - area high - carbon ferrochrome prices, Foshan stainless - steel coil prices, 304/2B cold - rolled stainless - steel coil prices, 304 stainless - steel mainstream production profit margins, and stainless - steel total inventory. The data sources mainly include SMM and Mysteel [6][7][8]

1. Report Industry Investment Rating - The investment ratings for both the pig and egg sectors are neutral [3][6] 2. Core Viewpoints - The national average pig price continues its narrow - range oscillation, with regional price differentiation. Most areas are stable or slightly rising, while the Northeast is experiencing a slight decline. As the Spring Festival approaches, the slaughter volume has decreased after peaking, and the market's buying and selling sentiment has weakened. Attention should be paid to the pre - festival price callback and post - festival restocking [2] - The national egg spot price continues to decline, and the daily average decline has widened. With the approaching Spring Festival, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] 3. Summary by Relevant Catalogs Pig Market Market News and Key Data - Futures: The closing price of the pig 2605 contract yesterday was 11,540 yuan/ton, a change of - 15.00 yuan/ton (- 0.13%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 12.38 yuan/kg, a change of + 0.26 yuan/kg from the previous trading day; in Jiangsu, it was 11.93 yuan/kg, a change of + 0.17 yuan/kg; in Sichuan, it was 10.79 yuan/kg, with no change from the previous trading day [1] - Agricultural product prices: On February 12, the "200 - index of agricultural product wholesale prices" was 129.48, up 0.03 points from the previous day; the "vegetable basket" product wholesale price index was 132.31, up 0.04 points. The average wholesale price of pork in the national agricultural product market was 18.07 yuan/kg, down 0.5% from the previous day; beef was 66.57 yuan/kg, up 0.6%; mutton was 65.06 yuan/kg, up 0.7%; eggs were 8.28 yuan/kg, up 0.5%; and white - striped chickens were 17.24 yuan/kg, down 0.9% [1] Market Analysis - The national average pig price shows a narrow - range oscillation, with regional differences. As the Spring Festival approaches, the scale farms' slaughter volume has decreased slightly, but the supply remains abundant. Some farmers are resisting price cuts, which supports price stability. The pre - festival centralized stocking is almost over, and the market's buying and selling sentiment has weakened. The slaughter volume has decreased after peaking, and southern regions will stop slaughtering later than the north. Attention should be paid to the pre - festival price callback and post - festival restocking [2] Strategy - The investment strategy for the pig market is neutral [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2603 contract yesterday was 3200 yuan/500 kg, a change of + 277.00 yuan (+ 9.48%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.51 yuan/jin, with no change from the previous trading day; in Shandong, it was 3.45 yuan/jin, a change of - 0.10 yuan; in Hebei, it was 2.89 yuan/jin, with no change from the previous trading day [3] Market Analysis - The national egg spot price continues to decline, and the daily average decline has widened. As the Spring Festival approaches, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] Strategy - The investment strategy for the egg market is neutral [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The overall downstream start - up of propylene increased month - on - month. The supply of propylene is expected to increase slightly, and downstream demand has a rigid support but may be limited due to cost pressure. The cost side is volatile, and the future trend mainly depends on the cost end and downstream demand [1][2] - For investment strategies, it is recommended to take a wait - and - see approach for single - sided trading, and there are no suggestions for inter - period and inter - variety trading [3] Summary by Relevant Catalogs 1. Propylene Basis Structure - The closing price of the propylene main contract is 6225 yuan/ton (-47), the East China spot price is 6430 yuan/ton (+0), and the North China spot price is 6445 yuan/ton (+0). The East China basis is 205 yuan/ton (+47), and the Shandong basis is 220 yuan/ton (+47) [1] - Figures related to this section include the closing price of the propylene main contract, East China basis, Shandong basis, 03 - 04 contract spread, PL03 - 05 contract spread, and market prices in East China, Shandong, and South China [5][6][15] 2. Propylene Production Profit and Capacity Utilization Rate - The propylene production capacity utilization rate is 73% (+1%), the China CFR - Japan naphtha CFR is 208 US dollars/ton (-5), and the import profit is - 387 yuan/ton (-2) [1] - Figures related to this section include China CFR - Japan naphtha CFR, propylene production capacity utilization rate, PDH production gross profit, PDH production capacity utilization rate, MTO production gross profit, methanol - to - olefins production capacity utilization rate, naphtha cracking production gross profit, crude oil main refinery production capacity utilization rate, South Korea FOB - China CFR, and propylene import profit [5][21][31] 3. Propylene Downstream Profit and Capacity Utilization Rate - PP powder production capacity utilization rate is 26% (-5.74%) with a production profit of - 245 yuan/ton (+0); epoxy propane production capacity utilization rate is 71% (+1%) with a production profit of - 352 yuan/ton (+20); n - butanol production capacity utilization rate is 86% (+1%) with a production profit of 242 yuan/ton (-180); octanol production capacity utilization rate is 95% (+4%) with a production profit of 88 yuan/ton (+0); acrylic acid production capacity utilization rate is 84% (+2%) with a production profit of 235 yuan/ton (+0); acrylonitrile production capacity utilization rate is 72% (+3%) with a production profit of - 1252 yuan/ton (+0); phenol - acetone production capacity utilization rate is 89% (+3%) with a production profit of - 716 yuan/ton (+0) [1] - Figures related to this section include the production profit and capacity utilization rate of PP powder, epoxy propane, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [5][38][53] 4. Propylene Inventory - The propylene in - plant inventory is 43330 tons (+2860) [1] - Figures related to this section include propylene in - plant inventory and PP powder in - plant inventory [5][63]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Directory Option Trading Volume - On February 11, 2026, the trading volume of SSE 50 ETF options was 524,000 contracts; CSI 300 ETF options (Shanghai) was 744,400 contracts; CSI 500 ETF options (Shanghai) was 1,114,900 contracts; Shenzhen 100 ETF options was 42,900 contracts; ChiNext ETF options was 1,030,100 contracts; SSE 50 index options was 20,400 contracts; CSI 300 index options was 67,000 contracts; and CSI 1000 options was 201,000 contracts [1] - The detailed breakdown of call, put, and total trading volumes for each option type on the same day is as follows: SSE 50 ETF options (call: 265,400, put: 302,800, total: 568,300); CSI 300 ETF options (Shanghai) (call: 255,700, put: 370,500, total: 626,200); CSI 500 ETF options (Shanghai) (call: 465,700, put: 480,900, total: 946,600); Shenzhen 100 ETF options (call: 33,900, put: 15,200, total: 49,100); ChiNext ETF options (call: 466,700, put: 563,500, total: 1,030,100); SSE 50 index options (call: 7,500, put: 12,900, total: 20,400); CSI 300 index options (call: 28,100, put: 21,500, total: 61,400); CSI 1000 index options (call: 108,300, put: 92,800, total: 201,000) [21] Option PCR - The turnover PCR and position PCR, along with their环比 changes, for different options are as follows: SSE 50 ETF options (turnover PCR: 0.72, 环比 change: +0.06; position PCR: 0.82, 环比 change: -0.01); CSI 300 ETF options (Shanghai) (turnover PCR: 1.05, 环比 change: +0.17; position PCR: 0.88, 环比 change: +0.00); CSI 500 ETF options (Shanghai) (turnover PCR: 0.69, 环比 change: -0.24; position PCR: 1.20, 环比 change: +0.01); Shenzhen 100 ETF options (turnover PCR: 1.29, 环比 change: +0.24; position PCR: 1.18, 环比 change: +0.00); ChiNext ETF options (turnover PCR: 0.86, 环比 change: +0.26; position PCR: 1.04, 环比 change: -0.04); SSE 50 index options (turnover PCR: 0.36, 环比 change: -0.14; position PCR: 0.65, 环比 change: +0.01); CSI 300 index options (turnover PCR: 0.42, 环比 change: -0.07; position PCR: 0.65, 环比 change: -0.01); CSI 1000 index options (turnover PCR: 0.56, 环比 change: -0.04; position PCR: 0.93, 环比 change: +0.01) [2][34] Option VIX - The VIX and its环比 changes for different options are as follows: SSE 50 ETF options (VIX: 16.49%, 环比 change: +0.24%); CSI 300 ETF options (Shanghai) (VIX: 16.80%, 环比 change: +0.20%); CSI 500 ETF options (Shanghai) (VIX: 24.78%, 环比 change: +0.23%); Shenzhen 100 ETF options (VIX: 20.45%, 环比 change: +0.03%); ChiNext ETF options (VIX: 25.86%, 环比 change: -0.10%); SSE 50 index options (VIX: 17.14%, 环比 change: -0.18%); CSI 300 index options (VIX: 17.77%, 环比 change: -0.18%); CSI 1000 index options (VIX: 26.22%, 环比 change: +0.55%) [3][49]

Group 1: Report Industry Investment Rating - Unilateral investment rating is neutral [2] Group 2: Report's Core View - The pre - holiday atmosphere is dull, and domestic LPG spot prices are generally stable with partial slight declines [1] - The upstream in the East China market has good sales volume, no inventory pressure, and industry players are actively supporting the market. The East China market is still at a low level considering the main delivery areas of PG futures [1] - Recently, overseas LPG supply has tightened marginally, especially due to the significant decline in US production and inventory affected by the cold wave, providing phased support to the outer - market. But there are still resistance factors in the market [1] - High raw material costs suppress the profits of downstream PDH and other devices, causing negative demand feedback. Although some devices restarted this week, the profit situation has not improved significantly [1] - The price inversion between ether - after carbon four and civil gas also exerts additional pressure on the PG disk [1] - The game between warehouse receipts and delivery disturbs the market, and the pressure of centralized cancellation of warehouse receipts is more obvious for the main PG2603 contract [1] - The potential uncertainty in the market before the Spring Festival comes from the geopolitical level. If the conflict between Iran and the US escalates, it may lead to a significant tightening of domestic LPG supply, which is a potential upward risk factor for the disk. Otherwise, the LPG fundamentals are still expected to be oversupplied after the impact of the US cold wave fades [1] Group 3: Market Analysis Summary Regional Prices - On February 11, the regional prices of LPG in different markets were as follows: Shandong market 4380 - 4480 yuan/ton; Northeast market 3740 - 4150 yuan/ton; North China market 4150 - 4460 yuan/ton; East China market 4150 - 4570 yuan/ton; Yangtze River market 4590 - 4830 yuan/ton; Northwest market 4250 - 4350 yuan/ton; South China market 4680 - 4800 yuan/ton [1] Imported Prices in March 2026 - In the first half of March 2026, the CIF prices of frozen propane in East China and South China increased by 1 US dollar/ton to 643 US dollars/ton and 633 US dollars/ton respectively, and the CIF prices of butane also increased by 1 US dollar/ton to 633 US dollars/ton and 623 US dollars/ton respectively. The corresponding RMB - converted prices of propane and butane increased by 6 yuan/ton [1] Group 4: Strategy Summary - Unilateral strategy: Be neutral, pay attention to the development of the Iran situation, and operate with a light position before the Spring Festival [2] - No strategies for inter - period, inter - variety, spot - futures, and options [2]

FICC日报 | 2026-02-12 主力合约短期走势震荡，关注节后马士基3月第二周开价态 度 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹 WEEK8 报价1210/1920，WEEK9报价 1200/1900，WEEK11报价 1205/1910（其中上海-伦敦基本港WEEK11周报价涨至1320/2100）；HPL 2月上半月船期报价1135/1835，2月下半 月船期报价1135/1835，3月份船期报价1835/2935 。HPL发布3月份涨价函1900/3100 MSC+Premier Alliance：MSC 2月上半月价格1280/2140，2月下半月船期价格1280/2140；ONE 2月上半月船期报 价1290/2035，2月下半月船期报价1290/2035，3月上半月船期报价1620/2535；HMM上海-鹿特丹2月上半月船期报 价1233/2036，2月下半月船期1233/2036 ，3月份船期报价1783/3136.MSC发布3月份涨价函1800/3000. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/229 ...