Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Views - The current supply and demand in the steel market are both weak, with steel prices showing small fluctuations [1]. - The trading atmosphere in the glass and soda ash market is cold, and the prices are weakly oscillating [1]. - The market fluctuations of ferrosilicon and silicomanganese have weakened, and the alloys are oscillating within a narrow range [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The main glass contract showed a weakly oscillating trend throughout the day. With the Spring Festival holiday approaching, the trading volume decreased, and the trading atmosphere in the spot and futures markets was cold [1]. - Soda Ash: The main soda ash contract continued to operate weakly, with narrow - range oscillations. The trading atmosphere in the spot market was cold, and the market was mainly for rigid - demand purchases [1]. Supply and Demand Logic - Glass: The fundamentals are still weak. There is an increasing expectation of production suspension in the Shahe area, which supports the market. However, the downstream is in the traditional consumption off - season, and the demand is cold. The current low price allows the market to tolerate higher inventory. In the short term, it will continue to operate in an oscillating manner [1]. - Soda Ash: The supply of soda ash remains loose. With the progress of new production projects, the supply pressure continues to increase. As the Spring Festival approaches, downstream consumption shows a seasonal decline due to more cold repairs. The total inventory of domestic soda ash manufacturers is still at a high level, and the de - stocking process is slow, with large overall supply - demand contradictions [1]. Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating [2] Ferrosilicon and Silicomanganese Market Analysis - Silicomanganese: The silicomanganese futures showed a small - scale oscillation, and the volatility decreased compared to the previous period. The spot market was stable. There were new ignition situations in northern factories, with the price of 6517 in the northern market ranging from 5580 - 5680 yuan/ton and in the southern market from 5700 - 5750 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures followed the overall black market and operated weakly. The spot market was weak, and the market was full of a strong wait - and - see sentiment. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5250 - 5350 yuan/ton, and the price of 75 - grade ferrosilicon was 5850 - 6000 yuan/ton [3]. Supply and Demand Logic - Silicomanganese: The fundamentals of silicomanganese have improved. There is an expectation of an increase in molten iron production, and the demand for silicomanganese has marginally improved. However, the inventory pressure is still large, and the supply - demand pattern remains loose. The recent South African tariff policy may increase the cost of manganese ore, and attention should be paid to the cost support of manganese ore and inventory changes [3]. - Ferrosilicon: The fundamental contradictions of ferrosilicon are controllable. Enterprises have actively reduced production loads. Considering the resumption of production in steel mills, the demand for ferrosilicon is expected to improve marginally. The overall over - capacity of ferrosilicon suppresses the price increase, and continuous attention should be paid to the de - stocking situation and power price policies in production areas [3]. Strategy - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]

策略 石油沥青日报 | 2026-02-12 现货端矛盾有限，节前注意地缘风险 市场分析 1、2月11日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3358元/吨，较昨日结算价上涨17元/吨，涨幅 0.51%；持仓41191手，环比下跌16545手，成交58932手，环比下跌23976手。 2、卓创资讯重交沥青现货结算价：东北，3506—3600元/吨；山东，3180—3240元/吨；华南，3290—3350元/吨； 华东，3250—3280元/吨。 昨日沥青现货价格整体企稳。临近春节，沥青现货市场供需双弱，产业端对价格指引有限。就期货盘面而言，由 于中东地缘风险并未完全消退，地缘风险溢价仍存，盘面震荡偏强运行。然而伊朗局势是加剧还是缓和目前缺乏 确定性信号，包括沥青在内的能化板块商品可能受到消息面的反复扰动，需要保持谨慎。此外，国内炼厂已经开 始准备3月份之后的原料切换，已经有炼厂采购浮仓与保税罐中的伊朗原油来替代马瑞原油，还有炼厂在竞标加拿 大冷湖原油。整体来看，原料端替代并无绝对瓶颈，但成本相比过去的抬升或难以避免。此外，如果中东局势恶 化，则替代原料供应也将面临更大威胁，市场上行风险仍存。 ...

1. Report Industry Investment Ratings - Steel: Oscillating [2] - Iron Ore: Oscillating with a bearish bias [4] - Coking Coal and Coke: Oscillating [6] - Thermal Coal: Stable with a slight upward trend before the holiday, potentially under pressure after the holiday [7] 2. Core Views - The current supply - demand situation of steel is weak, with prices slightly fluctuating. The overall contradiction is not prominent, but the pre - holiday inventory is increasing, and the supply - demand pressure is slightly rising [1]. - The iron ore market is in a state of cautious waiting, with prices oscillating. The supply - demand contradiction is deepening, and the support from raw material prices is weakening [3]. - The downstream replenishment of coking coal and coke is completed, and the trading atmosphere is dull. The prices are expected to oscillate before the holiday [5][6]. - The output of thermal coal is continuously shrinking, and the price lacks driving force. The pre - holiday price is expected to be stable with a slight upward trend, and may face pressure after the holiday [7]. 3. Summary by Related Catalogs Steel - **Market Analysis**: The steel futures market oscillated downward yesterday, while the spot prices were generally stable. This week, the inventory accumulation of building materials continued to increase, and the plate inventory also rose. The output of building materials decreased significantly, and the output of hot - rolled coils increased slightly [1]. - **Supply - Demand and Logic**: Before the holiday, the production and sales of building materials declined simultaneously. The short - process production suspension scale increased, and the inventory continued to grow. The demand for plates was relatively stable, but the high inventory restricted the price space of hot - rolled coils. Overall, the pre - holiday inventory of steel continued to increase, the supply - demand pressure increased slightly, and the raw material prices weakened. The steel price is expected to oscillate weakly, and the margin increase and position reduction before the holiday may affect the market fluctuations [1]. - **Strategy**: Unilateral trading: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Yesterday, the iron ore futures prices oscillated. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. Traders' quotes mostly followed the market, and steel mills' purchases were mainly for rigid demand. The total transaction volume at major domestic ports was 238,000 tons, a 57.21% decrease from the previous day; the total transaction volume of forward - looking spot was 380,000 tons (5 transactions), a 45.32% decrease from the previous day [3]. - **Supply - Demand and Logic**: On the supply side, the non - mainstream shipments remained high at high ore prices, and the global shipment volume decreased seasonally. On the demand side, the daily average pig iron output remained stable, and the iron ore consumption increased slightly month - on - month. The port inventory of iron ore continued to increase, and as the steel mills' replenishment was nearing completion, the support from raw material prices weakened. The supply - demand contradiction of iron ore continued to deepen, and if the port liquidity factors were removed, the port supply would cause a great impact [3]. - **Strategy**: Unilateral trading: Oscillation with a bearish bias; No strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the main futures contracts of coking coal and coke oscillated within a narrow range. For coking coal, as the holiday approached, coal mines successively announced production suspension and holiday plans, and downstream procurement slowed down or stopped, resulting in a dull trading atmosphere. For coke, the spot price was relatively stable. After the first price increase was implemented, the profits of coke enterprises gradually recovered. Most steel mills had completed their winter stockpiling [5]. - **Supply - Demand and Logic**: For coke, the supply increased slightly recently. Most steel mills had completed their winter stockpiling. As the holiday approached, coking plants adjusted their production independently, and the price was expected to oscillate in the short term, following the cost fluctuations. For coking coal, the pig iron output of steel mills increased slightly, and the rigid demand for coking coal remained resilient. As the downstream replenishment was nearing completion, the speculative demand shrank. As the Spring Festival approached, coal mines successively stopped production for holidays, and the Mongolian coal customs clearance was suspended during the Spring Festival, so the supply pressure of coking coal was relieved. The coal price before the Spring Festival was expected to be stable with a narrow - range adjustment [6]. - **Strategy**: Coking coal: Oscillation; Coke: Oscillation; No strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In terms of production areas, the number of coal mines on holiday in the main production areas continued to increase, and the operating mines were mainly large state - owned mines, with the supply continuously decreasing. Under the current situation of weak supply and demand, the main transactions were concentrated in long - term contracts, and the pre - holiday price was expected to change little. At ports, the market trading was dull, mainly with long - term contract coal. More traders were on holiday, and basically all had entered the holiday state. Affected by the shortage of imported coal and the rise in domestic prices, sellers were more willing to hold prices. In the import market, the RKAB in Indonesia was not fully implemented, the offers from Indonesian miners were scarce, and the market quotes and tender prices increased significantly [7]. - **Supply - Demand and Logic**: Recently, the supply decreased due to coal mine holidays, and downstream factories were also gradually on holiday, so both supply and demand were weak. Affected by the supply in the import market, the price of domestic trade coal continued to rise slightly. Recently, the full approval of RKAB by leading mines in Indonesia was expected, and the approval results of other mines were expected to be announced successively. The supply in Indonesia was expected to recover. Overall, the pre - holiday price increase was limited, and it was expected to run stably with a slight upward trend. After the holiday, as the coal mine supply recovered and the peak season was approaching the end, the coal price may be under pressure [7].

1. Report Industry Investment Rating - The report gives a mid - term cautious and bullish rating for PX/PTA/PF/PR, suggesting to control positions before the Spring Festival [3] 2. Core Viewpoints - Cost side: The market is still fluctuating around the Iran situation, and attention should be paid to the geopolitical situation. The PXN has significantly declined, and the floating price of PX remains weak. Although the short - term fundamentals are weak, the mid - term expectation is good [1] - TA: The spot processing fee of PTA has significantly declined, the supply - demand pattern has weakened, and the spot basis is weak. In the short term, the supply - demand situation is accumulating, but in the long - term, the processing fee is expected to improve [1] - Demand: The polyester operating rate is 78.2% (a 6.0% month - on - month decrease). The weaving load has accelerated its decline, and the polyester load has also dropped to a low level. The inventory has started to accumulate. The average monthly load in February is estimated to be 79% [2] - PF: The spot production profit is - 16 yuan/ton (a 42 - yuan/ton month - on - month decrease). The demand before the Spring Festival is weak, and the load is gradually declining [2] - PR: The spot processing fee of polyester bottle chips is 619 yuan/ton (a 42 - yuan/ton month - on - month decrease). The pre - holiday inventory reduction is smooth, and the processing fee has rebounded [2] 3. Summary by Related Catalogs Price and Basis - The report includes figures on TA and PX's main contract, basis, and inter - period spread trends, as well as PTA's East China spot basis and short - fiber basis [7][8][13] Upstream Profit and Spread - It shows figures on PX processing fee (PXN), PTA spot processing fee, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit [15][19] International Spread and Import - Export Profit - Figures on toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR, and PTA's export profit are presented [21][23] Upstream PX and PTA Operation - The report provides figures on the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [24][27][29] Social Inventory and Warehouse Receipts - Figures on PTA's weekly social inventory, PX's monthly social inventory, PTA's total warehouse receipts + forecast volume, and various warehouse receipt inventories are included [34][37][38] Downstream Polyester Load - It shows figures on the production and sales of filaments and short - fibers, polyester load, and the inventory days and profits of filament factories, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [46][48][56] PF Detailed Data - Figures on the load of polyester staple fibers, factory equity inventory days, physical and equity inventories, and the operating rates and profits of pure polyester yarns and polyester - cotton yarns are provided [66][73][77] PR Fundamental Detailed Data - Figures on the load of polyester bottle chips, factory inventory days, spot and export processing fees, export profit, and month - on - month spreads are presented [82][84][90]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cost side of propylene has strong support, and the market performance is firm. The supply of propylene is expected to have a slight increase, while the demand follow - up may be limited due to high prices. The future trend mainly depends on the cost side and downstream demand. The strategy suggests a wait - and - see approach for the single - side trading, and there are no suggestions for inter - period and inter - variety trading [1][2] 3. Summary According to the Catalog 3.1 Propylene Basis Structure - Propylene main contract closing price is 6272 yuan/ton (+48), propylene East China spot price is 6430 yuan/ton (+0), propylene North China spot price is 6445 yuan/ton (+5), propylene East China basis is 158 yuan/ton (-48), and propylene Shandong basis is 173 yuan/ton (-43) [1] 3.2 Propylene Production Profit and Capacity Utilization - Propylene capacity utilization is 72% (+1%), China propylene CFR - Japan naphtha CFR is 213 US dollars/ton (-15), propylene CFR - 1.2 propane CFR is 76 US dollars/ton (-8), and import profit is - 385 yuan/ton (-49) [1] 3.3 Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization is 31% (-0.61%), production profit is - 245 yuan/ton (-5); epoxy propane capacity utilization is 70% (-3%), production profit is - 783 yuan/ton (-328); n - butanol capacity utilization is 85% (-2%), production profit is 422 yuan/ton (-53); octanol capacity utilization is 91% (+0%), production profit is 88 yuan/ton (-203); acrylic acid capacity utilization is 82% (-2%), production profit is 235 yuan/ton (+0); acrylonitrile capacity utilization is 69% (+0%), production profit is - 1252 yuan/ton (-55); phenol - acetone capacity utilization is 86% (-2%), production profit is - 716 yuan/ton (+0) [1] 3.4 Propylene Inventory - Propylene plant inventory is 40470 tons (-2320) [1]

Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: Postpone [9] Core Viewpoints - The market has basically priced in the slowdown of the interest rate cut rhythm in 2026. The unexpectedly strong non-farm payroll data has a short-term negative impact on gold prices. Therefore, it is expected that the gold price will remain in a volatile and slightly bullish pattern in the near future. The Au2604 contract may oscillate between 1,100 yuan/gram and 1,200 yuan/gram [8]. - The macro logic of silver is similar to that of gold. However, due to the recovery of risk sentiment, the silver price is slightly stronger than that of gold, and the gold-silver ratio is expected to narrow. The silver price is also expected to maintain a volatile and slightly bullish pattern. The Ag2604 contract may oscillate between 20,000 yuan/kilogram and 23,000 yuan/kilogram [8]. Summary by Relevant Catalogs Market Analysis - In January, the seasonally adjusted non-farm payrolls in the US increased by 130,000, the largest increase since April last year, exceeding the expected 70,000. The unemployment rate was 4.3%, lower than the expected 4.4%. The average hourly wage increased by 3.7% year-on-year, higher than the expected 3.6%. Traders are now fully pricing in a Fed rate cut in July, compared with the previous expectation of June. Geopolitically, there is uncertainty as Trump is privately considering withdrawing from the North American trade agreement [1]. Futures Quotes and Trading Volume - On February 11, 2026, the Shanghai Gold main contract opened at 1,122.68 yuan/gram and closed at 1,130.40 yuan/gram, a change of 0.82% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session opened at 1,133.80 yuan/gram and closed at 1,118.20 yuan/gram, a 0.44% increase from the afternoon close. The Shanghai Silver main contract opened at 20,420.00 yuan/kilogram and closed at 20,944.00 yuan/kilogram, a change of 3.25% from the previous trading day's close. The trading volume was 504,079 lots, and the open interest was 211,818 lots. The night session opened at 21,718 yuan/kilogram and closed at 20,965 yuan/kilogram, a 2.27% increase from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On February 11, 2026, the US 10-year Treasury yield closed at 4.16%, a change of -0.06% from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.71%, a change of -0.03% from the previous trading day [3]. Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On February 11, 2026, on the Au2604 contract, the long positions changed by 93,387 lots compared with the previous day, and the short positions changed by 24,886 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 282,196 lots, a change of -3.31% from the previous trading day. On the Ag2604 contract, the long positions changed by 126,073 lots, and the short positions changed by 129,594 lots. The total trading volume of the silver contract on the previous trading day was 1,084,057 lots, a change of -14.39% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF holdings were 1,079.32 tons, a decrease of 0.34 tons from the previous trading day. The silver ETF holdings were 16,216 tons, an increase of 25 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On February 11, 2026, the domestic premium for gold was 0.14 yuan/gram, and the domestic premium for silver was 54.63 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was approximately 53.97, a change of -2.36% from the previous trading day. The foreign market gold-silver ratio was 61.35, a change of -1.25% from the previous trading day [6]. Fundamentals - On February 11, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 28,974 kilograms, a change of -7.91% from the previous trading day. The trading volume of silver was 232,512 kilograms, a change of -19.36% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7].

新能源及有色金属日报 | 2026-02-12 下游逐步放假 铅价维持震荡格局 市场要闻与重要数据 现货方面：2026-02-11，LME铅现货升水为-50.95美元/吨。SMM1#铅锭现货价较前一交易日变化50元/吨至16575 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化50元/吨 至16625元/吨，SMM河南铅现货较前一交易日变化25元/吨至16575元/吨，SMM天津铅现货升贴水较前一交易日变 化50元/吨至16650元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/吨 至9875元/吨，废白壳较前一交易日变化0元/吨至9975元/吨，废黑壳较前一交易日变化0元/吨至10200元/吨。 期货方面：2026-02-11，沪铅主力合约开于16660元/吨，收于16740元/吨，较前一交易日变化75元/吨，全天交易日 成交29976手，较前一交易日变化-28124手，全天交易日持仓38060手，手较前一交易日变化-4235手，日内价格震 荡，最高点达到16770元/吨，最低点达到16635元/吨。夜盘方 ...

1. Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [2][6] 2. Core Viewpoints - For soybean meal, the good weather in Brazil and the expected record - high soybean production will put pressure on US soybean and domestic soybean meal prices. With feed enterprises' procurement basically completed, oil mills' soybean meal and soybean inventories are high, so the soybean meal price will fluctuate. Future focus should be on US soybean procurement and Brazil's harvest [1][2] - For corn, last season's low corn imports led to significant depletion of channel inventories. Although there was a good harvest in Northeast China this season, affected by floods in North China and the uncertainty of substitute grain auctions, the corn supply is not loose. The corn price is expected to fluctuate, and future focus should be on spot trading, imports, and grain auctions [3][5] 3. Summaries by Related Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2605 contract was 2773 yuan/ton, up 39 yuan/ton or 1.43% from the previous day; the rapeseed meal 2605 contract was 2288 yuan/ton, up 44 yuan/ton or 1.96% [1] - Spot: In Tianjin, the soybean meal spot price was 3150 yuan/ton, up 20 yuan/ton; in Jiangsu, it was 3060 yuan/ton, up 40 yuan/ton; in Guangdong, it was 3040 yuan/ton, up 40 yuan/ton. The rapeseed meal spot price in Fujian was 2410 yuan/ton, up 10 yuan/ton [1] - Market Information: Brazil's February soybean exports are expected to be 11.71 million tons, and soybean meal exports are expected to be 1.93 million tons. The US Department of Agriculture estimated Brazil's 2025/26 soybean production at 180 million tons and exports at 114 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2603 contract was 2316 yuan/ton, up 30 yuan/ton or 1.31%; the corn starch 2603 contract was 2571 yuan/ton, up 24 yuan/ton or 0.94% [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2630 yuan/ton, unchanged [3] - Market Information: The US Department of Agriculture estimated the US 2025/26 corn planting area at 98.8 million acres, harvest area at 91.3 million acres, yield per acre at 186.5 bushels, production at 17.021 billion bushels, exports at 3.3 billion bushels, and ending stocks at 2.127 billion bushels. Brazil's 2025/26 corn production is estimated at 131 million tons, and exports at 43 million tons [3] 3.2 Market Analysis - For soybean meal, Brazil's good weather and expected high - yield soybean production will suppress US soybean and domestic soybean meal prices. With sufficient domestic supply, the soybean meal price will fluctuate, and future focus should be on US soybean procurement and Brazil's harvest [2] - For corn, due to last season's low imports and this season's flood in North China, and the uncertainty of substitute grain auctions, the corn supply is not loose. The corn price is expected to fluctuate, and future focus should be on spot trading, imports, and grain auctions [5] 3.3 Strategy - The investment strategy for both soybean meal and corn is neutral [2][6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After the previous panic - driven decline, market sentiment has recovered, and bullish confidence has gradually returned, leading to the rebound of lithium carbonate. Although the demand is in the off - season before the Spring Festival, the expected significant increase in lithium battery production in March supports the price increase. The support of energy storage demand, the short - term tight supply situation, and the strong performance of the non - ferrous sector will keep the current price at a high level [1][2] 3. Summary by Relevant Catalogs Market Analysis - On February 11, 2026, the lithium carbonate main contract 2605 opened at 138,000 yuan/ton and closed at 150,260 yuan/ton, with a 9.18% change in the closing price compared to the previous day's settlement price. The trading volume was 351,877 lots, and the open interest was 356,531 lots (the previous day's open interest was 345,989 lots). The current basis is - 5,120 yuan/ton (average price of electric carbon - futures), and the lithium carbonate warehouse receipts were 35,527 lots, a change of - 10 lots from the previous trading day [1] Spot Market - According to SMM data, the battery - grade lithium carbonate is quoted at 134,000 - 142,000 yuan/ton, a change of 2,000 yuan/ton from the previous day; the industrial - grade lithium carbonate is quoted at 131,000 - 138,000 yuan/ton, also a 2,000 - yuan/ton change. The price of 6% lithium concentrate is 1,980 US dollars/ton, a 15 - dollar/ton change from the previous day. The total spot inventory is 105,463 tons, a month - on - month decrease of 2,019 tons. Among them, smelter inventory is 18,356 tons, a month - on - month decrease of 647 tons; downstream inventory is 43,657 tons, a month - on - month increase of 3,058 tons; other inventory is 43,450 tons, a month - on - month decrease of 4,430 tons [2] Strategy - Given the large price fluctuations of lithium carbonate and the approaching Spring Festival, it is necessary to pay attention to position risks. Short - term trading should focus on range operations. If the price correction is too large, consider going long at low levels after the festival. For single - side trading, conduct short - term range operations and consider going long at low levels if the correction is significant. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents the trading data of various index options in the market on February 10, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index), to help investors understand the market situation [1] 3. Summary by Directory 3.1 Option Trading Volume - On February 10, 2026, the trading volumes of different index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai) had 879,800 contracts; CSI 500 ETF options (Shanghai) had 1,262,400 contracts; Shenzhen 100 ETF options had 65,700 contracts; ChiNext ETF options had 969,400 contracts; SSE 50 index options had 24,500 contracts; Shanghai - Shenzhen 300 index options had 85,000 contracts; and CSI 1000 options had 217,900 contracts. The trading volume of SSE 50 ETF options was 823,600 contracts [1] - The table also shows the call, put, and total trading volumes of each option, such as the total trading volume of SSE 50 ETF options was 524,000 contracts, with 260,700 call contracts and 263,300 put contracts [20] 3.2 Option PCR - The PCR data of different options on February 10, 2026, are as follows: The turnover PCR of SSE 50 ETF options was reported at 0.66, with a month - on - month change of +0.02; the position PCR was reported at 0.82, with a month - on - month change of +0.05. Similar data are provided for other options [2][36] 3.3 Option VIX - The VIX data and their month - on - month changes of various options on February 10, 2026, are presented. For example, the VIX of SSE 50 ETF options was reported at 16.26%, with a month - on - month change of - 0.80%. Similar data are provided for other options [3][51]