Report Industry Investment Rating No relevant content provided. Core View - The overall sentiment in the commodity market has weakened due to macro - external factors, and the EG price has dropped back to the previous low - level range. The EG fundamentals remain weak, with significant inventory accumulation pressure from January to February, which may ease in March. [1][2] Summary by Directory Price and Basis - The closing price of the EG main contract was 3767 yuan/ton (down 146 yuan/ton or 3.73% from the previous trading day), and the spot price in the East China EG market was 3712 yuan/ton (down 112 yuan/ton or 2.93% from the previous trading day). The East China spot basis was - 98 yuan/ton (up 14 yuan/ton month - on - month). [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 51 US dollars/ton (down 4 US dollars/ton month - on - month), and the production gross profit of coal - based syngas - based EG was - 748 yuan/ton (down 26 yuan/ton month - on - month). The extrusion of the syngas - based load was not obvious, and the domestic ethylene glycol load was at a high level. [1][2] International Spread No relevant content provided. Downstream Sales, Production, and Operating Rate - Since mid - January, the Spring Festival maintenance plans have been gradually implemented. The weaving load and polyester load have declined rapidly, and the support from rigid demand has weakened. [2] Inventory Data - According to CCF data released every Monday, the inventory at the main ports in East China was 85.8 tons (up 6.3 tons month - on - month); according to Longzhong data released every Thursday, the inventory at the main ports in East China was 64.5 tons (up 2.8 tons month - on - month). The total planned arrivals at the main ports in East China this week are 12.3 tons, and the arrivals at the secondary ports are 2.3 tons. Overall, it is neutral, and the inventory at the main ports is expected to remain stable. There are plans for large Saudi contract vessels to enter the warehouse in early February, and the near - term arrivals are still relatively high, but the pressure will ease in mid - to late February. [1][2] Strategy - Unilateral: In the short term, affected by the macro - external environment, the sentiment in the commodity market has weakened, and the EG price has dropped back to the previous low - level range. Observe the market dynamics. - Inter - period: None - Inter - variety: None [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Cost - side support for polyolefins has declined, leading to a correction in polyolefin futures. The supply - demand fundamentals of both PE and PP are weak, and the rebound sustainability is limited. It is recommended to adopt a wait - and - see strategy for L and PP [3][4][5] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,878 yuan/ton (-136), and that of the PP main contract is 6,714 yuan/ton (-110). LL North China spot is 6,800 yuan/ton (-50), LL East China spot is 6,850 yuan/ton (-70), and PP East China spot is 6,680 yuan/ton (+40). LL North China basis is -78 yuan/ton (+86), LL East China basis is -28 yuan/ton (+66), and PP East China basis is -34 yuan/ton (+150) [1] - **Upstream Supply**: PE开工率 is 85.4% (+0.7%), and PP开工率 is 74.8% (-1.2%) [1] - **Production Profit**: PE oil - based production profit is -115.3 yuan/ton (-30.1), PP oil - based production profit is -635.3 yuan/ton (-30.1), and PDH - based PP production profit is -505.3 yuan/ton (+25.9) [1] - **Import and Export**: LL import profit is 76.7 yuan/ton (-31.9), PP import profit is -328.7 yuan/ton (-43.8), and PP export profit is -74.1 US dollars/ton (+0.3) [2] - **Downstream Demand**: PE downstream agricultural film开工率 is 34.6% (-1.8%), PE downstream packaging film开工率 is 42.1% (-2.9%), PP downstream plastic weaving开工率 is 42.0% (+0.0%), and PP downstream BOPP film开工率 is 64.2% (+0.2%) [2] 3.2 Market Analysis - **PE**: International oil prices have dropped significantly, weakening the cost - side support for plastics. The supply is expected to increase due to the restart of many devices and more arriving imported resources, while the demand is in the off - season with a decline in overall downstream开工率. The supply - demand fundamentals are weakening, and the de - stocking pressure is large [3] - **PP**: The cost - side support of propane has declined, and international oil prices have dropped, causing the PP futures and spot prices to fall. The supply is difficult to be strongly supported, and the demand is in the off - season with limited new orders. The supply - demand structure is weak, and the de - stocking pressure may limit the rebound space [4] 3.3 Strategy - **Single - sided**: Adopt a wait - and - see strategy for L and PP. The short - term cost - side fluctuates strongly, and the macro and capital factors cause greater disturbances. The current supply - demand fundamentals of polyolefins are weak, and the rebound sustainability may be limited [5] - **Inter - period**: Not provided - **Inter - variety**: Not provided

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On February 2nd, varieties in the polyester industry chain significantly reduced positions and declined. The PX/PTA/PF/PR/MEG main contracts fell by 4.84%, 4.89%, 3.57%, 4.05%, and 4.63% respectively [1]. - The decline was due to a sharp drop in crude oil prices with the retracement of geopolitical premiums, and a significant drop in precious metals and non - ferrous metals which led to a rapid decline in market risk appetite and the outflow of incremental funds from the chemical sector [1]. - The cost side has recently fluctuated around the Iran situation. The Brent oil price dropped from around $70 per barrel at the end of last month to around $65 - $66 per barrel [1][2]. - In the short term, PX/PTA/PF/PR markets are greatly affected by external funds and are highly volatile. It is recommended to hold light positions and wait and see. In the long term, it is advisable to go long on hedging at low prices [4]. 3. Summary According to Relevant Catalogs Price and Basis - Figures include TA main contract, basis and inter - period spread trends; PX main contract trends, basis and inter - period spread; PTA East China spot basis; short - fiber 1.56D*38mm semi - bright natural white basis [9][10][12] Upstream Profits and Spreads - Figures cover PX processing fee PXN (PX China CFR - naphtha Japan CFR); PTA spot processing fee; South Korean xylene isomerization profit; South Korean STDP selective disproportionation profit [18][22] International Spreads and Import - Export Profits - Figures include toluene US - Asia spread (FOB US Gulf - FOB South Korea); toluene South Korea FOB - Japan naphtha CFR; PTA export profit [24][26] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [27][30][32] Social Inventory and Warehouse Receipts - Figures involve PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][41] Downstream Polyester Load - Figures include filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament DTY factory inventory days, filament FDY factory inventory days, filament POY factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing machine start - up rate, Jiangsu and Zhejiang printing and dyeing start - up rate, filament FDY profit, and filament POY profit [49][51][59] PF Detailed Data - Figures cover 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, pure polyester yarn start - up rate, pure polyester yarn production profit, recycled cotton - type staple fiber load, raw - recycled spread (1.4D polyester staple - 1.4D imitation large - chemical fiber), polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [71][75][85] PR Fundamental Detailed Data - Figures include polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip, bottle - chip next - month spread (next month - base month), and bottle - chip next - next - month spread (next - next month - base month) [88][90][95]

宏观日报 | 2026-02-03 生产行业：1）市场监管总局会同中央空管办、国家发展改革委等十部门联合发布《低空经济标准体系建设指南（2025 年版）》，重点围绕低空航空器、低空基础设施、低空空中交通管理、安全监管和应用场景五大核心领域，建立技 术标准与管理规范融合、国内标准与国际规则融合、强制性标准与推荐性标准融合、基础标准与场景标准融合的"四 维融合"标准供给体系。 服务行业：1）2日，上海收购二手住房用于保障性租赁住房项目工作实质性启动。上海市住建委有关负责人表示， 上海将强化供给与需求匹配、租赁与购置联动，形成"政策引导、市场运作、多方协同、群众得益"的良好格局。 同时，上海还将推动保障性租赁住房筹措模式创新，探索在二手房市场中收购存量住宅，进一步拓宽保障房源筹 措渠道；并通过存量房源收购，有效缩短建设周期，优化区域布局，完善房型结构，加快形成有效供给。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）有色：铝、镍价格回落较多。2）农业：鸡蛋价格小幅回落。3）能源：国际原油价格回升。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 地产下游回落 中观事件总览 中游： ...

Group 1: Report Industry Investment Rating - The strategy is neutral [4] Group 2: Report's Core View - External environmental impacts are putting pressure on the prices of edible oils. The prices of the three major edible oils fluctuated and declined yesterday. Due to changes in the macro - environment, the overall commodity market trended downward, causing the prices of edible oils to face pressure and the market to weaken [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract yesterday was 9014.00 yuan/ton, a decrease of 226 yuan or 2.45% compared to the previous period. The closing price of the soybean oil 2605 contract was 8092.00 yuan/ton, a decrease of 190.00 yuan or 2.29%. The closing price of the rapeseed oil 2605 contract was 9136.00 yuan/ton, a decrease of 244.00 yuan or 2.60% [1] Spot - In Guangdong, the spot price of palm oil was 8950.00 yuan/ton, a decrease of 220.00 yuan or 2.40%, with a spot basis of P05 - 64.00, an increase of 6.00 yuan. In Tianjin, the spot price of first - grade soybean oil was 8400.00 yuan/ton, a decrease of 110.00 yuan/ton or 1.29%, with a spot basis of Y05 + 308.00, an increase of 80.00 yuan. In Jiangsu, the spot price of fourth - grade rapeseed oil was 9910.00 yuan/ton, a decrease of 240.00 yuan or 2.36%, with a spot basis of OI05 + 774.00, an increase of 4.00 yuan [1] Group 4: Recent Market Information Summary Brazil's Agricultural Situation - As of last Thursday, Brazilian farmers had completed 10% of the 2025/26 soybean harvest area, a 5 - percentage - point increase from the previous week and higher than the 9% progress of the same period last year. The second - season corn sowing area in Brazil has reached 13% of the expected total area, higher than 9% in the same period last year, while the first - season corn harvest progress is 10%, lower than 14% in the same period last year. Attention should be paid to the weather in Rio Grande do Sul in February, and the late - maturing areas of Paraná, Santa Catarina, and Mato Grosso do Sul may also suffer losses [2] International Commodity Prices - The C&F price of Canadian rapeseed (March shipment) is 546 US dollars/ton, a decrease of 5 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (May shipment) is 554 US dollars/ton, a decrease of 5 US dollars/ton. The C&F price of Argentine soybean oil (March shipment) is 1202 US dollars/ton, a decrease of 6 US dollars/ton; the C&F price of Argentine soybean oil (May shipment) is 1143 US dollars/ton, a decrease of 6 US dollars/ton. The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (February shipment) is 1080 US dollars/ton, an increase of 40 US dollars/ton; Canadian rapeseed oil (April shipment) is 1060 US dollars/ton, an increase of 40 US dollars/ton [2] Group 5: Figures List - The report includes 30 figures related to the prices, production, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil, such as the daily average price, futures closing price, basis, and monthly export volume [5]

新能源及有色金属日报 | 2026-02-03 市场成交低迷 铅价低位震荡 市场要闻与重要数据 现货方面：2026-02-02，LME铅现货升水为-45.87美元/吨。SMM1#铅锭现货价较前一交易日变化-100元/吨至16575 元/吨，SMM上海铅现货升贴水较前一交易日变化 -75元/吨至50.00元/吨，SMM广东铅现货较前一交易日变化-100 元/吨至16650元/吨，SMM河南铅现货较前一交易日变化-100元/吨至16575元/吨，SMM天津铅现货升贴水较前一交 易日变化-100元/吨至16650元/吨。铅精废价差较前一交易日变化0元/吨至-50元/吨，废电动车电池较前一交易日变 化-75元/吨至9975元/吨，废白壳较前一交易日变化-50元/吨至10075元/吨，废黑壳较前一交易日变化-75元/吨至 10250元/吨。 期货方面：2026-02-02，沪铅主力合约开于16915元/吨，收于16680元/吨，较前一交易日变化-185元/吨，全天交易 日成交101052手，较前一交易日变化-21807手，全天交易日持仓57029手，手较前一交易日变化549手，日内价格震 荡，最高点达到16990元/吨 ...

Report Investment Rating - The investment strategy for both the apple and red date industries is neutral [4][8] Core Viewpoints - The apple market shows a pattern of increased shipping in production areas due to pre - holiday stocking, but weak demand in sales areas. The price is polarized, with high - quality fruit prices remaining firm and farmers' general goods prices under pressure. The overall inventory is still high despite the accelerated de - stocking [3] - The red date market has a large supply pressure due to the combination of old and new inventories. Although the inventory de - stocking speed has increased, the price is still suppressed. The consumption in sales areas has not increased significantly before the Spring Festival, and substitutes are squeezing the market space [7] Market News and Important Data Apple - The closing price of the apple 2605 contract yesterday was 9380 yuan/ton, a change of - 138 yuan/ton from the previous day, a decrease of 1.45%. The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.00 yuan/jin, with no change from the previous day. The spot basis AP05 was - 1380, a change of + 138 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, with no change from the previous day. The spot basis AP05 was - 980, a change of + 138 from the previous day [1] Red Date - The closing price of the red date 2605 contract yesterday was 8820 yuan/ton, a change of - 130 yuan/ton from the previous day, a decrease of 1.45%. The spot price of first - grade grey dates in Hebei was 8.00 yuan/kg, with no change from the previous day. The spot basis CJ05 was - 820, a change of + 130 from the previous day [5] Recent Market Information Apple - In production areas, pre - holiday stocking is ongoing, but the overall atmosphere is average. The shipment of gift - boxed apples is okay, and the overall packaging and shipping have slightly accelerated. The transaction volume of farmers' general goods is average, mainly high - grade and third - grade fruits. Some farmers are more eager to sell. In sales areas, the number of incoming trucks has increased, but the sales of apples are not fast due to the impact of competing fruits. It is expected that the shipping volume will slightly increase in the short term, and the price will be stable with a weak trend [2] Red Date - In the 2025 production season, the purchase price range of Xinjiang grey dates is 5.00 - 6.50 yuan/kg. In Hebei Cuierzhuang market, the arrival of goods is small, and downstream buyers purchase as needed. In Guangdong Ruyifang market, 9 trucks of red dates arrived, and the price is stable. The market trading atmosphere is average, and the market will be closed from the 25th of the twelfth lunar month to the 8th of the first lunar month. It is expected that the price will be stable in the short term [6] Market Analysis Apple - Yesterday, the apple futures price fluctuated and declined. With the Spring Festival approaching, pre - holiday stocking has started, and the market trading atmosphere is active, with the出库 speed significantly increasing. Some purchasers still try to lower the price, putting pressure on farmers. In sales areas, the overall shipping rhythm has accelerated, and the market has improved. However, the price is still high compared with competing fruits such as tangerines and cherries. The high - quality fruit price remains firm. In January 2026, the apple market shows a differentiated feature of increased shipping in production areas but weak demand in sales areas. The inventory is still high despite the accelerated de - stocking [3] Red Date - Yesterday, the red date futures price fluctuated and declined. Although the inventory de - stocking speed has increased, the overall supply pressure still exists due to the combination of old and new inventories, and the price is still suppressed. As the number of purchasing merchants increases, the shipping pressure on the inventory has been alleviated to some extent. Before the Spring Festival, the consumption in sales areas has not increased significantly. It is necessary to pay close attention to the shipping situation and consumption atmosphere during the festival [7]

燃料油日报 | 2026-02-03 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 市场波动加剧，盘面大幅回撤 市场分析 上期所燃料油期货主力合约日盘收跌7.01%，报2681元/吨；INE低硫燃料油期货主力合约日盘收跌5.92%，报3128 元/吨。 近期能源板块整体上涨背后有来自宏观、地缘、资金面等多重因素的驱动，上周五特朗普提名凯文沃什作为新一 任美联储主席，美元指数低位反弹，宏观情绪有所转弱，大宗商品流动性整体出现阶段性退潮。站在地缘层面来 看，上周伊朗局势较为紧张，市场担忧美国与以色列对伊朗采取军事打击，导致油市地缘溢价一度大幅攀升。周 末并未爆发冲突，从伊朗和美方最新表态来看局势有边际缓和的迹象，地缘溢价有所回落。在前期推涨因素退潮 后，昨日能源板块整体出现大幅下跌，高硫燃料油与伊朗关联较为紧密，之前上涨时弹性较大，回撤时幅度同样 大于低硫燃料油。 站在基本面的角度来看，高硫燃料油呈现"东强西弱"格局，亚太地区现货收紧，新加坡库存连续下滑，国内注册 仓单量减少，排除宏观与地缘层面的扰动外，自身市场结构仍存在支撑。低硫燃料油整体市场矛盾 ...

新能源及有色金属日报 | 2026-02-03 板块集体回调，镍不锈钢价格大幅回撤 镍品种 市场分析 2026-02-02日沪镍主力合约2603开于138000元/吨，收于129650元/吨，较前一交易日收盘变化-11.00%，当日成交量 为808140（-204303）手，持仓量为110945（-21503）手。 期货方面：昨日沪镍主力合约以跌停收盘，核心驱动是宏观紧缩预期升温、外盘大跌传导与产业高库存共振，叠 加多头恐慌性平仓，技术面破位加剧抛压。宏观方面，特朗普提名沃什任美联储新掌门，鹰派预期升温，美元走 强、美债收益率回升，大宗商品全线下挫，沪镍受系统性风险冲击。伦镍大跌形成外盘负向传导，加剧内盘抛压。 此外，国内精炼镍库存连续三周累库，供应宽松而下游节前备货意愿不足，高库存压制价格。精炼镍对镍铁溢价 偏高，镍铁转产高冰镍增加，进一步冲击现货市场。 镍矿方面：Mysteel方面消息，菲律宾方面，受上周北方矿山高价成交的坚实支撑，贸易商挺价意愿坚决，国内CIF 价格议价重心被迫上移。1.3%品位镍矿价格上涨至48美元/湿吨，1.5%品位价格区间也上探至59-62美元，表明市场 正在逐步消化极端成本。印尼 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various index options on January 30, 2026, including trading volume, PCR, and VIX, to reflect the market conditions of index options [1][2][3] Summary by Directory Option Trading Volume - On January 30, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 129.96 million contracts; the trading volume of CSI 300 ETF options (Shanghai Stock Exchange) was 128.78 million contracts; the trading volume of CSI 500 ETF options (Shanghai Stock Exchange) was 151.38 million contracts; the trading volume of Shenzhen 100 ETF options was 3.86 million contracts; the trading volume of ChiNext ETF options was 152.31 million contracts; the trading volume of Shanghai Stock Exchange 50 index options was 6.43 million contracts; the trading volume of CSI 300 index options was 13.48 million contracts; the total trading volume of CSI 1000 options was 37.92 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as the total trading volume of Shanghai Stock Exchange 50 ETF options was 111.10 million contracts [19] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.79, with a month - on - month change of +0.23; the open interest PCR was reported at 0.77, with a month - on - month change of - 0.08. Similar data for other types of options are also presented [2] - The table shows the turnover PCR, month - on - month change, open interest PCR, and month - on - month change of various index ETF options [34] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 18.74%, with a month - on - month change of +0.39%. Similar data for other types of options are also presented [3] - The table shows the VIX and month - on - month change values of various index ETF options [47]