Group 1: Report Investment Ratings - The investment rating for both the soybean meal and corn sectors is neutral [4][7] Group 2: Core Views - Brazilian new - season soybean supply pressure will suppress US soybean and domestic soybean meal prices, and with sufficient domestic supply, soybean meal prices will maintain a volatile trend. Future focus should be on US soybean procurement and Brazilian harvest [3] - Due to factors such as last - season's low corn imports, this - season's flood disasters in North China, and uncertain substitute grain auctions, corn supply is not loose. Corn prices are expected to oscillate, and future focus should be on spot purchases and sales, imports, and grain auctions [6] Group 3: Market News and Important Data for Soybean Meal Futures - The closing price of the soybean meal 2605 contract was 2729 yuan/ton, a change of - 6 yuan/ton (- 0.22%) from the previous day; the rapeseed meal 2605 contract was 2238 yuan/ton, a change of - 1 yuan/ton (- 0.04%) [1] Spot - In Tianjin, the soybean meal spot price was 3140 yuan/ton, a change of - 30 yuan/ton, and the spot basis was M05 + 411, a change of - 24; in Jiangsu, it was 3020 yuan/ton, a change of - 10 yuan/ton, and the spot basis was M05 + 291, a change of - 4; in Guangdong, it was 3000 yuan/ton, a change of - 10 yuan/ton, and the spot basis was M05 + 271, a change of - 4; in Fujian, the rapeseed meal spot price was 2400 yuan/ton, a change of - 10 yuan/ton, and the spot basis was RM05 + 162, a change of - 9 [1] Market Information - Brazilian farmers' 2025/26 soybean harvest progress reached 16.55%, higher than 9.84% in the same period last year; Brazilian 2025/26 soybean sales reached 33.9% of the expected output, down from 42.4% in the same period last year; in Argentina, 75% of the 2025/26 soybean crops were rated normal to good, 8.6% less than a week ago, and 59% of the planting areas had suitable to optimal moisture conditions, 5.6% less than a week ago [2] Group 4: Market News and Important Data for Corn Futures - The closing price of the corn 2603 contract was 2265 yuan/ton, a change of - 9 yuan/ton (- 0.40%); the corn starch 2603 contract was 2538 yuan/ton, a change of - 2 yuan/ton (- 0.08%) [4] Spot - In Liaoning, the corn spot price was 2150 yuan/ton, with no change, and the spot basis was C03 + 75, a change of + 14; in Jilin, the corn starch spot price was 2630 yuan/ton, with no change, and the spot basis was CS03 + 92, a change of + 2 [4] Market Information - The 2025 global grain output is expected to reach a record 3.023 billion tons, and the 2025/26 global grain inventory is expected to increase, with the inventory - to - consumption ratio rising to 31.8%, the highest since 2001 [4] Group 5: Market Analysis - In the soybean meal market, good weather in Brazil and expected high - yield new - season soybeans will suppress prices. With sufficient domestic supply, prices will oscillate, and attention should be paid to US soybean procurement and Brazilian harvest [3] - In the corn market, due to factors like last - season's low imports, this - season's floods in North China, and uncertain substitute grain auctions, supply is not loose. Corn prices will oscillate, and attention should be paid to spot purchases and sales, imports, and grain auctions [6] Group 6: Strategies - The strategy for both soybean meal and corn is neutral [4][7]

氯碱日报 | 2026-02-10 液氯价格下调 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4992元/吨（+11）；华东基差-212元/吨（-1）;华南基差-102元/吨（+29）。 现货价格：华东电石法报价4780元/吨（+10）；华南电石法报价4890元/吨（+40）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2930元/吨（+0）；电石利润52元/吨（+0）；PVC电石法生产毛 利-659元/吨（+86）；PVC乙烯法生产毛利103元/吨（+82）；PVC出口利润8.9美元/吨（+9.9）。 PVC库存与开工：PVC厂内库存28.8万吨（-0.2）；PVC社会库存59.3万吨（+0.8）；PVC电石法开工率80.37%（+0.39%）； PVC乙烯法开工率73.25%（+2.64%）；PVC开工率78.21%（+1.08%）。 下游订单情况：生产企业预售量107.1万吨（+11.1）。 烧碱： 期货价格及基差：SH主力收盘价1937元/吨（+75）；山东32%液碱基差-100元/吨（-78）。 现货价格：山东32%液碱报价588元/吨（-1）；山东50%液碱报价1010 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The bond market is in the process of repair, with all Treasury bond futures closing higher. The bond market oscillates between stable growth and easing expectations, and short - term attention should be paid to policy signals at the end of the month [1][3] - The macro - policy in 2026 will continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and there is room for further RRR cuts and interest rate cuts this year [1] - The fiscal revenue and expenditure in 2025 did not meet expectations, but the fiscal policy in 2026 is expected to remain proactive, with increased spending and a pre - emptive rhythm [2] 3. Summary by Relevant Catalogs 3.1 Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) has a month - on - month increase of 0.20% and a year - on - year increase of 0.80%; China's PPI (monthly) has a month - on - month increase of 0.20% and a year - on - year decrease of 1.90% [9] - Monthly economic indicators: The social financing scale is 442.12 trillion yuan, with a month - on - month increase of 2.05 trillion yuan and an increase rate of 0.47%; M2 year - on - year is 8.50%, with a month - on - month increase of 0.50% and a growth rate of 6.25%; the manufacturing PMI is 49.30%, with a month - on - month decrease of 0.80% and a decline rate of 1.60% [10] - Daily economic indicators: The US dollar index is 96.85, with a month - on - month decrease of 0.83 and a decline rate of 0.85%; the US dollar against the offshore RMB is 6.9148, with a month - on - month decrease of 0.014 and a decline rate of 0.20%; SHIBOR 7 - day is 1.51, with a month - on - month increase of 0.07 and a growth rate of 4.88%; etc. [11] 3.2 Overview of the Treasury Bond and Treasury Bond Futures Market - On February 9, 2026, the closing prices of TS, TF, T, and TL were 102.48 yuan, 106.03 yuan, 108.49 yuan, and 112.73 yuan respectively, with price increases of 0.04%, 0.08%, 0.06%, and 0.14% [3] - The average net basis of TS, TF, T, and TL is 0.003 yuan, 0.003 yuan, 0.010 yuan, and 0.013 yuan respectively [3] 3.3 Overview of the Money Market Liquidity - The central bank conducted a 7 - day reverse repurchase operation of 113 billion yuan at a fixed interest rate of 1.4% on February 9, 2026 [2] - The main term repurchase rates of 1D, 7D, 14D, and 1M are 1.270%, 1.505%, 1.584%, and 1.550% respectively, and the repurchase rates have recently declined [2] 3.4 Spread Overview - Various spread indicators such as the inter - period spread of Treasury bond futures and the spread between spot bond term spreads and futures cross - variety spreads are presented in the form of figures, including (4*TS - T), (2*TS - TF), etc [37][34] 3.5 Two - year Treasury Bond Futures - Figures show the implied interest rate and Treasury bond yield to maturity of the two - year Treasury bond futures main contract, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [41][43] 3.6 Five - year Treasury Bond Futures - Figures show the implied interest rate and Treasury bond yield to maturity of the five - year Treasury bond futures main contract, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [45][54] 3.7 Ten - year Treasury Bond Futures - Figures show the implied yield and Treasury bond yield to maturity of the ten - year Treasury bond futures main contract, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [55] 3.8 Thirty - year Treasury Bond Futures - Figures show the implied yield and Treasury bond yield to maturity of the thirty - year Treasury bond futures main contract, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [59][64] 4. Strategies - Unilateral: As the repurchase rate declines, the price of Treasury bond futures oscillates [4] - Arbitrage: Pay attention to the decline of the 2603 basis [4] - Hedging: There is medium - term adjustment pressure, and short - sellers can moderately hedge with far - month contracts [4]

Report Industry Investment Rating - The investment rating is cautiously bearish [3] Core View of the Report - Before the Spring Festival, the supply and demand of the lead market both decline. Logistics stops operating and enterprises go on holiday, resulting in light trading. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3] Summary of Relevant Catalog Market News and Important Data Spot - On February 9, 2026, the LME lead spot premium was -$50.67/ton. The SMM 1 lead ingot spot price increased by 25 yuan/ton to 16,425 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead spot remained unchanged at 16,475 yuan/ton. SMM Henan lead spot increased by 25 yuan/ton to 16,400 yuan/ton. SMM Tianjin lead spot premium increased by 25 yuan/ton to 16,475 yuan/ton. The lead refined-scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,900 yuan/ton. The price of waste white shells decreased by 25 yuan/ton to 9,975 yuan/ton. The price of waste black shells decreased by 25 yuan/ton to 10,200 yuan/ton [1] Futures - On February 9, 2026, the main SHFE lead contract opened at 16,525 yuan/ton and closed at 16,585 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 49,645 lots, a decrease of 775 lots from the previous trading day. The open interest for the whole trading day was 50,305 lots, a decrease of 1,722 lots from the previous trading day. The intraday price fluctuated, reaching a high of 16,665 yuan/ton and a low of 16,485 yuan/ton. In the night session, the main SHFE lead contract opened at 16,610 yuan/ton and closed at 16,690 yuan/ton, up 0.51% from the afternoon close of the previous day [2] Inventory - On February 9, 2026, the total SMM lead ingot inventory was 50,000 tons, a change of 9,500 tons from the previous week. As of February 9, the LME lead inventory was 232,750 tons, a decrease of 100 tons from the previous trading day [2] Strategy - The strategy is to be cautiously bearish. Before the Spring Festival, the supply and demand of the lead market both decline, with light trading due to logistics suspension and enterprise holidays. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The current price of lithium carbonate fluctuates greatly. As the Spring Festival holiday approaches, attention should be paid to position risks, and short - term trading should be mainly range - based. However, the fundamentals of lithium carbonate remain good. If the callback is too large, consider going long at low prices after the holiday [3]. 3. Summary by Related Catalog Market Analysis - On February 9, 2026, the lithium carbonate main contract 2605 opened at 139,500 yuan/ton and closed at 137,000 yuan/ton, with a 3.55% change in the closing price compared to the previous day's settlement price. The trading volume was 305,321 lots, and the open interest was 344,071 lots (the previous day's open interest was 328,575 lots). The current basis was - 3,000 yuan/ton, and the lithium carbonate warehouse receipts were 34,597 lots, a change of 820 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 131,000 - 140,000 yuan/ton, a change of 1,000 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate was 128,000 - 136,000 yuan/ton, also a change of 1,000 yuan/ton. The price of 6% lithium concentrate was 1,965 US dollars/ton, a change of 15 US dollars/ton from the previous day [1]. - The downstream material factories' inventory preparation for February is almost over. Most enterprises are turning to cautious waiting and watching, with a low psychological purchase price. Only a few manufacturers still maintain just - in - time purchases. Overall, the market inquiry and trading situation are a bit light [1]. Inventory - According to SMM statistics, the spot inventory was 105,463 tons, a month - on - month decrease of 2,019 tons. Among them, the smelter inventory was 18,356 tons, a month - on - month decrease of 647 tons; the downstream inventory was 43,657 tons, a month - on - month increase of 3,058 tons; other inventories were 43,450 tons, a month - on - month decrease of 4,430 tons [2]. - The demand market in February is in the traditional off - season. Although the medium - and long - term expectations for energy - storage demand remain optimistic, and there is "rush - export" support due to the adjustment of export tax - refund policies in the first quarter, the short - term purchase demand has slowed down [2]. Strategy - Unilateral: Short - term range trading. If the callback is large, consider going long at low prices [3]. - Inter - period: None [4] - Inter - variety: None [4] - Spot - futures: None [4] - Options: None [4]

1. Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [1][3][5] 2. Core Viewpoints of the Report - For soybeans, although the market is in a pre - holiday transition phase with dull supply and demand and light trading volume, due to positive post - holiday expectations from traders, potential replenishment demand from enterprises, and a tight supply pattern, the market still has a strong bullish sentiment [1][2] - For peanuts, as the end of the year approaches, the trading activity in the peanut market slows down significantly. With oil mills' raw material purchase prices generally stable, most factories stopping procurement, and limited national arrivals, peanut prices are expected to remain stable and fluctuate before the holiday [3][4] 3. Summary by Related Catalogues Soybean Market Analysis - **Futures and Spot Market Data**: The closing price of the soybean 2605 contract was 4387.00 yuan/ton, up 9.00 yuan/ton or 0.21% from the previous day. The spot basis of edible soybeans was A05 + 213, up 151 or 32.14% from the previous day [1] - **Market Information**: Northeast soybeans rose by 80 - 140 yuan yesterday. Farmers have limited remaining grain, and traders are reluctant to sell and raise prices. The market is gradually entering the pre - holiday closure, but there is strong confidence in the future market [1] - **Spot Price Changes**: In different regions of Heilongjiang, such as Harbin, the price of national standard first - class soybeans with 39% protein increased by 0.08 yuan/jin; in Shuangyashan, it increased by 0.02 yuan/jin; in other regions, the prices were either stable or slightly increased [1] Peanut Market Analysis - **Futures and Spot Market Data**: The closing price of the peanut 2603 contract was 8044.00 yuan/ton, down 10.00 yuan/ton or 0.12% from the previous day. The average spot price of peanuts was 8018.00 yuan/ton, down 932.00 yuan/ton or 10.41% month - on - month. The spot basis was PK03 - 1244.00, up 10.00 or - 0.80% month - on - month [3] - **Market Information**: The average price of national peanut general rice was basically stable. The prices of different types of peanuts in various regions, such as Henan, Shandong, Hebei, Liaoning, and Jilin, were reported, and the contract purchase price of oil - producing peanuts by oil mills was also stable [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Industrial silicon prices are expected to remain range - bound. Supply has significantly contracted, providing price support, but high polysilicon inventory suppresses demand, and prices lack upward momentum. The upside depends on downstream demand recovery and inventory clearance, while the downside is limited by cost support and production cut expectations [1][2] - Polysilicon prices are expected to continue to fluctuate. Supply has shrunk in February, supporting prices, but downstream cost pressure has led to weak demand. High inventory is being cleared slowly, suppressing price increases. Before April, the "rush to export" phenomenon has no obvious driving force, and the market is waiting for the supply - demand game [5] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On February 9, 2026, the industrial silicon futures price fluctuated and declined. The main contract 2605 opened at 8,515 yuan/ton and closed at 8,450 yuan/ton, down 70 yuan/ton (-0.82%) from the previous settlement. The position of the main contract 2605 at the close was 277,011 lots, and the total number of warehouse receipts on February 8, 2026, was 16,737 lots, an increase of 564 lots from the previous day [1] - Industrial silicon spot prices fell slightly. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,200 - 9,400 yuan/ton (-50 yuan/ton), 421 silicon was 9,500 - 9,800 yuan/ton (unchanged), Xinjiang oxygen - passing 553 silicon was 8,600 - 8,800 yuan/ton (unchanged), and 99 silicon was 8,600 - 8,800 yuan/ton (unchanged). Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1] - As of February 5, the total social inventory of industrial silicon in major regions was 562,000 tons, a 1.44% increase from the previous week [1] - The demand for industrial silicon continued to slump. The pre - holiday stocking was nearing the end, there were no new orders, major polysilicon manufacturers cut production, supply shrank, and the market mainly focused on inventory reduction [1] - In February, large manufacturers had plans to cut production and shut down, and with the Spring Festival approaching, supply was expected to decrease [1] Strategy - Industrial silicon prices are expected to remain range - bound. Short - term range trading is recommended. There is no strategy for cross - period, cross - variety, and options trading [2] Polysilicon Market Analysis - On February 9, 2026, the main polysilicon futures contract 2605 fluctuated and rose. It opened at 49,500 yuan/ton and closed at 49,370 yuan/ton, a - 0.17% change from the previous trading day. The position of the main contract reached 38,347 lots (37,934 lots the previous day), and the trading volume was 4,706 lots [2] - Polysilicon spot prices rose slightly. According to SMM statistics, N - type material was 48.50 - 58.80 yuan/kg (+0.05 yuan/kg), and n - type granular silicon was 49.00 - 51.00 yuan/kg (unchanged) [3] - Polysilicon manufacturers' inventory and silicon wafer inventory increased. The latest polysilicon inventory was 341,000 tons, a 2.40% change from the previous period, and silicon wafer inventory was 28.32 GW, a 3.77% change. The weekly polysilicon production was 20,100 tons, a - 0.50% change, and silicon wafer production was 10.38 GW, a - 11.66% change [3] - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.18 yuan/piece (-0.05 yuan/piece), N - type 210mm was 1.48 yuan/piece (-0.03 yuan/piece), and N - type 210R silicon wafers were 1.28 yuan/piece (-0.03 yuan/piece) [3] - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W (unchanged), PERC210 battery cells were about 0.28 yuan/W (unchanged), Topcon M10 battery cells were about 0.44 yuan/W (unchanged), Topcon G12 battery cells were 0.44 yuan/W (unchanged), Topcon 210RN battery cells were 0.44 yuan/W (unchanged), and HJT210 half - cell batteries were 0.37 yuan/W (unchanged) [3][4] - In terms of components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W (unchanged), PERC210mm was 0.69 - 0.73 yuan/W (unchanged), N - type 182mm was 0.73 - 0.74 yuan/W (unchanged), and N - type 210mm was 0.75 - 0.77 yuan/W (unchanged) [4] Strategy - Polysilicon prices are expected to continue to fluctuate. Short - term range trading is recommended, and the main contract is expected to maintain a slight fluctuation in the short term. There is no strategy for cross - period, cross - variety, and options trading [5]

果蔬品日报 | 2026-02-10 苹果走货速度加快，红枣供应压力仍在 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9517元/吨，较前一日变动-18元/吨，幅度-0.19%。现货方面，山东栖霞80# 一二 级晚富士价格4.00元/斤，较前一日变动+0.00元/斤，现货基差AP05-1517，较前一日变动+18；陕西洛川70# 以上半 商品晚富士价格4.20元/斤，较前一日变动+0.00元/斤，现货基差AP05-1117，较前一日变动+18。 近期市场资讯，产区备货陆续进入尾期，交易陆续减少。目前产地打包发货为主，主产区果农货调货有限。目前 陕西果农货成交以少量两极货源为主，仍以客商发自存货源为主，客商货源成交略有增加；甘肃静庄秦产区多以 打包客商货源发货为主，庆阳产区交易有所好转。山东产区成交一般，礼盒发运陆续收尾，少量75#货源、三级货 源出库为主。栖霞80#一二级片红果农货3.2-4.5元/斤，80#统货2.5-3元/斤附近。陕西洛川产区果农统货出库价格 3.5-4.0元/斤，半商品出库价格4.0-4.3元/斤。甘肃产区静宁果农半商品5-6元/斤，果农一般通货出库价格3.7-5元/ ...

新能源及有色金属日报 | 2026-02-10 长假临近淡季价格小幅波动 重要数据 现货方面：LME锌现货升水为-21.56美元/吨。SMM上海锌现货价较前一交易日变化110元/吨至24660元/吨，SMM 上海锌现货升贴水-35元/吨；SMM广东锌现货价较前一交易日120元/吨至24640元/吨，广东锌现货升贴水-55元/吨； 天津锌现货价较前一交易日110元/吨至24610元/吨，天津锌现货升贴水-85元/吨。 期货方面：2026-02-09沪锌主力合约开于24630元/吨，收于24540元/吨，较前一交易日50元/吨，全天交易日成交 122879手，全天交易日持仓63501手，日内价格最高点达到24745元/吨，最低点达到24420元/吨。 库存方面：截至2026-02-09，SMM七地锌锭库存总量为14.85万吨，较上期变化1.45万吨。截止2026-02-09，LME 锌库存为106925吨，较上一交易日变化-675吨。 市场分析 实际消费进入季节性淡季，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，冶炼厂采购需求下滑，进口矿同样成交寥 ...

期货方面，昨日收盘生猪 2605合约11565元/吨，较前交易日变动-60.00元/吨，幅度-0.52%。现货方面，河南地区 外三元生猪价格12.47元/公斤，较前交易日变动-0.06元/公斤，现货基差 LH05+905，较前交易日变动-190；江苏地 区外三元生猪价格 12.43元/公斤，较前交易日变动+0.04元/公斤，现货基差LH05+865，较前交易日变动-60；四川 地区外三元生猪价格10.87元/公斤，较前交易日变动-0.25元/公斤，现货基差LH05+-695，较前交易日变动-590。 据农业农村部监测，2月9日"农产品批发价格200指数"为129.51，比上周五下降0.25个点，"菜篮子"产品批发价格指 数为132.33，比上周五下降0.29个点。全国农产品批发市场猪肉平均价格为18.34元/公斤，与上周五持平；牛肉66.08 元/公斤，比上周五下降0.6%；羊肉64.51元/公斤，比上周五上升0.1%；鸡蛋8.39元/公斤，比上周五下降1.4%；白 条鸡17.18元/公斤，比上周五下降1.3%。 市场分析 周初生猪价格延续周末偏弱震荡走势，全国各区域价格以震荡下行为主，其中北方地区均价跌幅相 ...