市场分析 期现货方面：昨日EG主力合约收盘价3764元/吨（较前一交易日变动+31元/吨，幅度+0.83%），EG华东市场现货价 3663元/吨（较前一交易日变动+38元/吨，幅度+1.05%），EG华东现货基差-114元/吨（环比-4元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-58美元/吨（环比-2美元/吨），煤基合成气制EG生产毛利为-955 元/吨（环比-16元/吨）。 化工日报 | 2026-02-12 卫星转产兑现，EG小幅反弹 核心观点 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为93.5万吨（环比+3.8万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为64.5万吨（环比+2.8万吨）。据CCF数据，上周华东主港实际到港总数11万吨，副 港到港量3万吨；2.9~2.23华东主港计划到港总数18.1万吨，副港到港量5.8万吨。 整体基本面供需逻辑：国内供应端，国内乙二醇负荷高位，1~2月高供应和需求转弱下累库压力仍大，但卫星计划 2月转产，关注价格上涨后乙烯下游各品种估值的相对变化；海外供应方面，随着沙特、台湾装置检修，后续2月 底前后进口压力将有所缓 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the market liquidity overview of various sectors on February 11, 2026, including trading volume, position value, and trading - position ratio, as well as their changes compared to the previous trading day [1][2] Summary by Catalog I. Plate Liquidity - The report shows the trading volume, position value, and trading - position ratio of different sectors, and their changes compared to the previous trading day [1][2] II. Stock Index Plate - On February 11, 2026, the trading volume of the stock index plate was 5054.80 billion yuan, a +2.31% change from the previous trading day; the position value was 15974.82 billion yuan, a +0.06% change; the trading - position ratio was 31.07% [1] III. Treasury Bond Plate - On February 11, 2026, the trading volume of the treasury bond plate was 5135.73 billion yuan, a +30.17% change from the previous trading day; the position value was 9380.43 billion yuan, a +0.81% change; the trading - position ratio was 53.06% [1] IV. Basic Metals and Precious Metals (Metal Plate) - On February 11, 2026, the trading volume of the basic metals plate was 5233.07 billion yuan, a +15.19% change from the previous trading day; the position value was 6528.19 billion yuan, a +1.40% change; the trading - position ratio was 85.02%. The trading volume of the precious metals plate was 6468.62 billion yuan, a -9.18% change; the position value was 5112.69 billion yuan, a +0.79% change; the trading - position ratio was 158.76% [1] V. Energy and Chemical Plate - On February 11, 2026, the trading volume of the energy and chemical plate was 3741.54 billion yuan, a -17.06% change from the previous trading day; the position value was 4803.18 billion yuan, a -0.15% change; the trading - position ratio was 65.59% [1] VI. Agricultural Products Plate - On February 11, 2026, the trading volume of the agricultural products plate was 2349.22 billion yuan, a -0.73% change from the previous trading day; the position value was 6066.20 billion yuan, a -0.09% change; the trading - position ratio was 41.11% [1] VII. Black Building Materials Plate - On February 11, 2026, the trading volume of the black building materials plate was 1131.09 billion yuan, a -15.41% change from the previous trading day; the position value was 3175.65 billion yuan, a -0.79% change; the trading - position ratio was 34.73% [2]

尿素日报 | 2026-02-12 厂内库存节前去库 市场分析 价格与基差：2026-02-11，尿素主力收盘1797元/吨（+12）；河南小颗粒出厂价报价：1800 元/吨（0）；山东地区小 颗粒报价：1800元/吨（+0）；江苏地区小颗粒报价：1810元/吨（+0）；小块无烟煤800元/吨（+0），山东基差：3元 /吨（-12）；河南基差：3元/吨（-12）；江苏基差：13元/吨（-12）；尿素生产利润235元/吨（+0），出口利润1048元/ 吨（-15）。 供应端：截至2026-02-11，企业产能利用率89.14%（0.08%）。样本企业总库存量为83.47 万吨（-8.38），港口样本 库存量为16.50 万吨（+2.10）。 需求端：截至2026-02-11，复合肥产能利用率32.46%（-9.33%）；三聚氰胺产能利用率为57.95%（-8.50%）；尿素企 业预收订单天数11.12日（+2.30）。 厂家春节收单无压力，预计春节前价格坚挺维持为主。供应端1月部分气头叠加技改企业恢复，供应量增加。需求 端农需冬腊肥和返青肥持续采购中，厂家春节收单基本结束。部分淡储货源2月投放10%。复合肥开工 ...

Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][6] Core Viewpoints of the Report - The soybean futures market continued to rise, and the market has entered a pre - Spring Festival calm period. With low trading activity, traders are generally optimistic about the future. After the Spring Festival, companies may have a round of concentrated restocking demand, and the bullish sentiment in the market is accumulating due to the tight supply situation [1][2] - The peanut futures market rose and then fell. As the Spring Festival approaches, the peanut market in major producing areas has basically stagnated, and most processing enterprises have gradually shut down for the holiday. It is expected that the peanut market will remain stable before the festival [3][4][5] Summary by Related Categories Soybean Market - **Futures and Spot Data**: The closing price of the soybean 2605 contract was 4519.00 yuan/ton, up 20.00 yuan/ton or 0.44% from the previous day. The spot basis of edible soybeans was A05 + 81, down 20 or 32.14% from the previous day [1] - **Market News**: The primary market in the Northeast region had no quotes, and the main producing areas had basically entered the pre - holiday shutdown state. Traders were generally confident about the future market. The prices of standard first - class soybeans in various regions of Heilongjiang remained stable [1] Peanut Market - **Futures and Spot Data**: The closing price of the peanut 2603 contract was 7970.00 yuan/ton, down 74.00 yuan/ton or 0.92% from the previous day. The average spot price of peanuts was 8018.00 yuan/ton, with no change from the previous day. The spot basis was PK03 - 1170.00, up 74.00 or - 5.95% from the previous day [3] - **Market News**: The average price of national peanut kernels was basically stable. The procurement price of oil - processing enterprises' raw materials was also stable, and the prices varied according to quality [3]

据外媒报道，印尼棕榈油生产商协会（GAPKI）表示，2026年上半年棕榈油价格预计在每吨4100至4400林吉特区 间波动，随后因供应增加而趋于温和。GAPKI官员Fadhil在吉隆坡行业会议上表示："2026年下半年，由于通常下 半年季节性收成增加，以及来自豆油、葵花籽油的竞争，棕榈油价格预计将降至4000至4300林吉特的区间。"他称， 印尼毛棕榈油产量在2025年增长8%至5198万吨后，预计今年将再增长2%至3%。Fadhil谈及政府没收其宣称非法经 营的油棕种植园时表示："尽管政府进行干预，2025年产量仍实现增长。希望在2026年，即便政府持续介入棕榈油 行业，情况依然如此。"印尼去年棕榈油出口量为3211万吨，同比增长8.7%；2025年底印尼棕榈油库存为266万吨。 USDA将阿根廷2025/2026年度大豆产量预期维持此前的4850万吨不变，市场预期为4838万吨；将巴西2025/2026年 度大豆产量预期从此前的1.78亿吨上调至1.8亿吨，市场预期为1.7939亿吨。 油脂日报 | 2026-02-12 USDA报告发布，巴西大豆产量创新高 油脂观点 市场分析 期货方面，昨日收盘棕榈油2 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port inventory of methanol has risen again, and the decline cycle has not been realized. The import volume in February has dropped to a seasonal low, but the downstream is also in the off - season, and the MTO maintenance of some enterprises has dragged down the demand [2] - In the inland area, the coal - based methanol plants maintain high operation rates. The downstream pending orders are in good condition, and the inland factory inventory has declined again, failing to achieve the pre - holiday seasonal inventory build - up. The traditional downstream is in the seasonal off - season [3] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis, including methanol Taicang basis and the main contract, and the basis of methanol in different regions compared with the main futures contract. It also shows the price differences between different methanol futures contracts, such as the 01 - 05, 05 - 09, and 09 - 01 contracts [6][12][19] II. Methanol Production Profit, MTO Profit, and Import Profit - The report includes charts on the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price differences, such as the price difference between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [23][24][29] III. Methanol Operation and Inventory - Charts show the total port inventory of methanol, the MTO/P operation rate (including integrated enterprises), the inland factory sample inventory, and the overall methanol operation rate in China [31][38] IV. Regional Price Differences - The report provides charts on regional price differences, such as the price difference between northern Shandong and northwest, East China and Inner Mongolia, Taicang and southern Shandong, etc. [35][43][45] V. Traditional Downstream Profits - Charts display the production gross profits of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [47][51]

燃料油日报 | 2026-02-12 盘面震荡偏强运行，节前注意地缘风险 市场分析 上期所燃料油期货主力合约日盘收涨1.38%，报2860元/吨；INE低硫燃料油期货主力合约日盘收涨2.32%，报3357 元/吨。 高硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 低硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 近期能源板块波动受到伊朗局势影响较大，目前来看形势仍未完全明朗。短期需要保持谨慎，密切关注局势发展。 站在品种自身基本面的角度来看，高硫燃料油近期市场结构偏强运行，下游船燃需求良好，国内炼厂对委油的原 料替代也促进了燃料油的进口需求。但市场暂无短缺预期，俄罗斯1月发货量明显回升，将传递到亚洲2月份到港 量的增加上。整体来看，在地缘局势相对可控的前提下，高硫燃料油自身基本面不具备持续走强的动力，尤其在 高运费的环境下，估值过高会抑制下游炼厂端需求。 低硫燃料油方面，当前基本面矛盾不明显，科威特等局部地区供应存在增量 ...

重要数据 现货方面：LME锌现货升水为-1.50美元/吨。SMM上海锌现货价较前一交易日变化-50元/吨至22510元/吨，SMM上 海锌现货升贴水-50元/吨；SMM广东锌现货价较前一交易日-50元/吨至22490元/吨，广东锌现货升贴水-70元/吨； 天津锌现货价较前一交易日-50元/吨至22500元/吨，天津锌现货升贴水-60元/吨。 新能源及有色金属日报 | 2026-02-12 节前现货市场交投两淡 期货方面：2025-08-14沪锌主力合约开于22600元/吨，收于22480元/吨，较前一交易日-190元/吨，全天交易日成交 78030手，全天交易日持仓80798手，日内价格最高点达到22640元/吨，最低点达到22430元/吨。 库存方面：截至2025-08-14，SMM七地锌锭库存总量为12.92万吨，较上期变化1.00万吨。截止2025-08-14，LME 锌库存为77450吨，较上一交易日变化-1025吨。 市场分析 市场进入放假状态交投两淡，几乎无报价，绝对价格波动降低。下游开工明显回落，但季节性表现节奏与往年同 步，并无额外利空表现。矿端方面，国内矿山冶炼厂均进入减产检修周期，冶炼厂采 ...

新能源及有色金属日报 | 2026-02-12 氧化铝仍存在扰动的可能 重要数据 铝现货方面：SMM数据，华东A00铝价23260元/吨，较上一交易日变化-30元/吨，华东铝现货升贴水-190元/吨， 较上一交易日变化0元/吨；中原A00铝价23160元/吨，现货升贴水较上一交易日变化20元/吨至-290元/吨；佛山 A00铝价录23410元/吨，较上一交易日变化30元/吨，铝现货升贴水较上一交易日变化60元/吨至-40元/吨。 铝期货方面：2026-02-11日沪铝主力合约开于23515元/吨，收于23660元/吨，较上一交易日变化115元/吨，最 高价达23700元/吨，最低价达到23460元/吨。全天交易日成交146496手，全天交易日持仓174403手。 库存方面，截止2026-02-11，SMM统计国内电解铝锭社会库存85.7万吨，较上一期变化2.1万吨，仓单库存167566 吨，较上一交易日变化1050吨，LME铝库存485750吨，较上一交易日变化-1225吨。 氧化铝现货价格：2026-02-11SMM氧化铝山西价格录得2610元/吨，山东价格录得2555元/吨，河南价格录得 2635元/吨， ...

Group 1: Report Industry Investment Rating - The investment rating for copper is neutral, and the recommendation for arbitrage is to hold off, while the option strategy is to sell put options [8] Group 2: Core Viewpoints - As the Spring Festival approaches, downstream demand is decreasing, and the price of precious metals is still volatile. The price of copper is expected to range between 97,800 yuan/ton and 106,600 yuan/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [8] Group 3: Summary by Directory 1. Market News and Important Data Futures Quotes - On February 11, 2026, the opening price of the main Shanghai copper contract was 101,660 yuan/ton, and the closing price was 102,180 yuan/ton, a 0.61% increase from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,620 yuan/ton, and the closing price was 101,840 yuan/ton, a 0.26% increase from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 100 yuan/ton to par against the current 2602 contract, with an average discount of 50 yuan/ton, a 55 yuan/ton decrease from the previous trading day. The price of SMM 1 electrolytic copper ranged from 101,100 to 101,530 yuan/ton [2] 2. Important Information Summary Macro and Geopolitical Aspects - In January, the US seasonally adjusted non - farm payrolls increased by 130,000, the largest increase since April last year. The unemployment rate was 4.3%, and the average hourly wage increased by 3.7% year - on - year. Traders now fully expect the Fed to cut interest rates in July, instead of June as previously expected. There are uncertainties regarding the North American trade agreement due to Trump's potential withdrawal [3] Mine End - Codelco's El Teniente project will have low production for about the next five years after a fatal accident last year. It is expected to produce 301,000 tons of copper this year. In December 2025, Codelco's copper production increased by 3.7% to 181,400 tons, while Escondida's production decreased by 16.5% to 111,500 tons, and Collahuasi's production decreased by 12.1% to 36,200 tons [4] Smelting and Import - The US has built up its largest copper inventory in decades. Traders are shipping copper to the US due to concerns about potential import tariffs. As of February 6, Comex copper inventory was about 534,405 tons, more than five times the level of a year ago. The total US copper reserve is estimated to be about 1 million tons, which can meet about 7 months of demand [5] Consumption - Spot trading was dull yesterday. Downstream enterprises are on holiday and inventory preparation is almost complete, leading to weak demand. The futures spread is in a contango structure, and holders are selling casually. In January 2026, the domestic copper rod production was 107,800 tons, a 3.21% decrease from December, with a comprehensive capacity utilization rate of 54.89%, a 1.83% decrease from the previous month [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 4,800 tons to 192,100 tons, SHFE warehouse receipts changed by 12,958 tons to 178,897 tons. On February 11, the domestic electrolytic copper spot inventory was 331,300 tons, a decrease of 4,500 tons from the previous week [7]