Report Overview - The report is a coal and coking morning report from Baocheng Futures on February 12, 2026, covering short - term, medium - term, and intraday views on coking coal and coke, along with their price driving logic [1] Report Industry Investment Rating - Not provided in the report Report's Core View - Coking coal and coke are expected to maintain a low - level oscillatory pattern before the Spring Festival, with coking coal influenced by Middle - East geopolitics and domestic policies, and coke having stable supply - demand and limited price - moving factors [1][5][6] According to Related Catalogs 1. Variety View Reference - For coking coal (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is strong, and the overall view is oscillatory, with attention on Middle - East geopolitics and domestic policy impacts [1] - For coke (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is oscillatory and slightly strong, and the overall view is oscillatory, due to stable supply - demand and range - bound price [1] 2. Main Variety Price Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - Intraday view is strong, medium - term view is oscillatory, and the reference view is oscillatory [5] - In the spot market, the latest quotation of Mongolian coal at Ganqimaodu Port is 1230.0 yuan/ton, a 2.50% week - on - week increase. Before the Spring Festival, coal mine production decreases, but downstream inventory is sufficient, and production will quickly resume after the festival. The long - term supply - demand is expected to be loose, so the price is expected to oscillate at a low level before the Spring Festival [5] - There are three major upside risks: potential escalation of US - Iran geopolitical conflicts during the Spring Festival, economic policy expectations around the Two Sessions after the Spring Festival, and possible "anti - involution" policies in the coal industry due to low coal prices [5] Coke (J) - Intraday view is oscillatory and slightly strong, medium - term view is oscillatory, and the reference view is oscillatory [6] - In the spot market, the latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a flat week - on - week change, and the ex - warehouse price at Qingdao Port is 1470 yuan/ton, a 0.68% week - on - week decrease. The supply - demand at both ends has a small increase at a low level, and the futures lack unilateral momentum. The main contract is expected to oscillate at a low level before the Spring Festival [6] - Uncertainties come from "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of TL2603 is oscillatory, the medium - term view is oscillatory, and the intraday view is weak. The overall view is oscillatory consolidation. The main reason is that the possibility of a comprehensive interest rate cut in the short term is low [1]. - For the TL, T, TF, and TS varieties, the intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. Due to the slowdown of the Fed's interest rate cut expectation in the short term and the central bank's structural interest rate cut policy, the possibility of a comprehensive interest rate cut in the short term is low, limiting the upward space of Treasury bond futures. With the 10 - year Treasury bond yield falling to around 1.8% and the approaching Spring Festival holiday leading to tightened liquidity, the upward momentum of Treasury bond futures weakens. In the long - term, the latest macro - economic indicators are weak, and there is still a problem of insufficient effective demand, so the expectation of future interest rate cuts still exists, providing strong support for Treasury bond futures. Overall, Treasury bond futures will mainly oscillate and consolidate in the short term [5]. Group 3: Summary According to Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2603 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weak, with an overall view of oscillatory consolidation. The core logic is that the possibility of a comprehensive interest rate cut in the short term is low [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For the TL, T, TF, and TS varieties, the intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that Treasury bond futures oscillated in a narrow range yesterday. The slowdown of the Fed's interest rate cut expectation and the central bank's structural interest rate cut policy limit the upward space of Treasury bond futures in the short term. As the 10 - year Treasury bond yield falls to around 1.8% and liquidity tightens approaching the Spring Festival, the upward momentum of Treasury bond futures weakens. In the long - term, weak macro - economic indicators and insufficient effective demand keep the expectation of future interest rate cuts, providing support for Treasury bond futures. In the short term, Treasury bond futures will mainly oscillate and consolidate [5].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2026 年 2 月 12 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 现实格局不佳，钢价弱势寻底 | 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 节前螺纹钢供需格局延续弱势，建筑钢厂有所减产，螺纹钢产量有所下降，但与去年农历同期 水平相当，累库预期偏强，供应收缩利好效应有限。与此同时，螺纹钢需求表现偏弱，高频需求指 标继续位于近年来农历同期最低，而下游行业持续低迷，弱势需求格局短期难改，继续拖累钢价。 目前来看，螺纹钢供应迎来收缩，而需求同样走弱，供需双弱局面下螺纹钢基本面延续季节性弱 势，淡季钢价继续承压，相对利好则是成本 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-12 一、 宏观数据速览 专业研究·创造价值 1 / 15 请务必阅读文末免责条款 期货研究报告 二、商品投资参考 综合 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | ...

Report Summary 1. Report Industry Investment Rating No information provided about the industry investment rating. 2. Core View of the Report The report is a daily data report on futures variety arbitrage of Baocheng Futures on February 12, 2026, presenting the basis, inter - period, and inter - variety data of multiple futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Thermal Coal - **Basis Data**: The basis data from February 5 to February 11, 2026, shows that the basis has gradually increased from - 107.4 to - 96.4 [2]. 3.2 Energy Chemicals - **Energy Commodity Basis**: The basis data of fuel oil, crude oil, and asphalt from February 5 to February 11, 2026, is presented, with specific values changing daily [7]. - **Chemical Commodity**: - **Inter - period**: Inter - period data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, such as the 5 - month minus 1 - month value of rubber is - 570 yuan/ton [9]. - **Inter - variety**: Inter - variety data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from February 5 to February 11, 2026, are shown, for example, the LLDPE - PVC value on February 11 is 1806 yuan/ton [9]. - **Basis**: The basis data of rubber, methanol, etc. from February 5 to February 11, 2026, are presented, like the value of rubber on February 11 is - 175 yuan/ton [10]. 3.3 Black Metals - **Inter - period**: Inter - period data of rebar, iron ore, coke, and coking coal are provided, e.g., the 5 - month minus 1 - month value of rebar is - 78 yuan/ton [19]. - **Inter - variety**: Inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from February 5 to February 11, 2026, are given, such as the rebar/iron ore value on February 11 is 4.00 [19]. - **Basis**: The basis data of rebar, iron ore, etc. from February 5 to February 11, 2026, are shown, for example, the value of rebar on February 11 is 156.0 yuan/ton [20]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from February 5 to February 11, 2026, are presented, like the value of copper on February 11 is - 860 yuan/ton [28]. - **London Market**: LME premium/discount, Shanghai - London ratio, CIF, domestic spot, and import profit/loss data of copper, aluminum, etc. on February 11, 2026, are given, for example, the LME premium/discount of copper is (76.01) [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from February 5 to February 11, 2026, are shown, such as the value of soybeans No.1 on February 11 is - 359 yuan/ton [39]. - **Inter - period**: Inter - period data of soybeans No.1, soybeans No.2, etc. are provided, e.g., the 5 - month minus 1 - month value of soybeans No.1 is - 33 yuan/ton [39]. - **Inter - variety**: Inter - variety data of soybeans No.1/corn, soybeans No.2/corn, etc. from February 5 to February 11, 2026, are given, for example, the soybeans No.1/corn value on February 11 is 1.96 [38][39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 5 to February 11, 2026, are presented, like the value of CSI 300 on February 11 is 29.01 [51]. - **Inter - period**: Inter - period data of CSI 300, SSE 50, etc., including the next - month minus the current - month and the next - quarter minus the current - quarter values, are given, such as the next - month minus the current - month value of CSI 300 is - 53.2 [51].

期货研究报告 宝城期货豆类油脂早报（2026 年 2 月 12 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 投资咨询业务资格：证监许可【2011】1778 号 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：美国农业部 2 月报告虽上调巴西大豆产量至 1.8 亿吨，但对美豆供需数据未作调整，报告符合 市场预期。美豆走强实源于双重外部预期，一是市场持续交易中国可能额外采购美国大豆的预期，二是美 国政府 3 月初将确定的 2026 年生物燃料强制掺混配额政策，提振豆油及大豆需求前景。国内市场节前备 货结束，下游采购意愿低迷，油厂陆续停机致合同量收紧、部分压车，为豆粕现货提供阶段性支撑，但整 体购销情绪偏淡，且油厂库存偏高、供应宽松格局未改；菜粕受加菜籽进口传闻、澳菜籽压榨 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated within a narrow range. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2001.0 billion - 2037.0 billion yuan. Due to the approaching holiday, investors' trading willingness was relatively weak. The inflation data for January showed that CPI continued to grow year - on - year, and the year - on - year decline of PPI narrowed. The repair of inflation expectations promoted the repair of corporate profit expectations, and the macro expectations improved. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remained unchanged, and the core logic for the long - term upward movement of stock indices was relatively solid. Overall, the risk appetite of the stock market was cautious before the holiday, and stock indices mainly fluctuated within a range. For options, the implied volatility of at - the - money options has rebounded recently. Given the relatively solid long - term upward logic of stock indices, the bull spread strategy is maintained [4]. 3. Summary of Each Section 3.1 Option Indicators - **Index Performance**: On February 11, 2026, the 50ETF remained unchanged at 3.105, the SSE 300ETF fell 0.21% to 4.920, the CSI 300 Index fell 0.22% to 4713.82, the CSI 1000 Index fell 0.13% to 8239.51, the SSE 500ETF rose 0.41% to 8.411, the SZSE 500ETF rose 0.24% to 3.338, the ChiNext ETF fell 1.15% to 3.273, the Shenzhen 100ETF fell 0.97% to 3.462, the SSE 50 Index rose 0.03% to 3088.46, the STAR 50ETF fell 1.10% to 1.53, and the E Fund STAR 50ETF fell 0.93% to 1.49 [6]. - **Volume and Open Interest PCR**: The volume and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 114.09 (previous day: 100.99), and the open interest PCR was 78.18 (previous day: 79.57) [7]. - **Implied Volatility and Historical Volatility**: The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options were provided. For instance, the implied volatility of at - the - money SSE 50ETF options in February 2026 was 11.14%, and the 30 - day historical volatility of the underlying asset was 15.06% [8]. 3.2 Related Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [10][11][12]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [21][22]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [24][25]. - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [37][38]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [43][44]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [58][59]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [71][72]. - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [83][84]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [93][94]. - **SSE 50 Index Options**: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [106][107]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [119][120]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [127][128].

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 2 月 11 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 强势 | 震荡 | 多空交织，焦煤延续震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 焦炭维持低位调整 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：强势 中期观点：震荡 参考观点：震荡 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 1230.0 元/吨，周环 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Since February, the supply - demand pattern of domestic styrene has changed from tight - balance to loose, and the styrene futures contract 2603 has shown a downward trend. Given the difficult improvement of the short - term supply - demand structure, the future price is expected to maintain a weak and volatile trend [2]. - The domestic styrene supply will shift from "tight" to "relatively loose", and the increase brought by device restart is the core variable. The demand shows a seasonal decline and is suppressed by profits, forming a "supply increase and demand decrease" combination. With the inventory starting to accumulate, the domestic styrene futures are expected to maintain a weak and volatile trend [4][5][6]. Summaries by Related Catalogs Supply Side - In January 2026, some domestic styrene devices had unexpected overhauls, resulting in a tight supply. The industry's operating rate was at a low level in recent years, and the monthly output's year - on - year increase narrowed. After entering February, as the overhauled devices restarted, the supply recovery became the main line. As of the week of February 6, the national styrene operating rate rose to 69.96%, and the weekly output was 35.09 tons, with a week - on - week increase of 0.68% and 0.98% respectively. It is expected that this week, the domestic styrene output will be about 36.5 tons, and the capacity utilization rate will be about 73.5% [3]. - In the first half of 2026, there are few new production capacities, and the industry is in a "production capacity vacuum period". The supply elasticity mainly comes from the operating rate fluctuations. From January to February this year, the port inventory of pure benzene in China was high, and the Asian arbitrage space was limited. The import volume of styrene remained neutral without obvious incremental impact [4]. Demand Side - Styrene demand highly depends on EPS, PS, and ABS. The Spring Festival effect and profit negative feedback jointly suppress demand. As of the week of February 6, the consumption of domestic styrene's main downstream was 26.04 tons, with a week - on - week increase of 0.18 tons and an increase of 0.70%. It is expected that the overall demand of the three major downstream factories this week will be between 23.5 - 24 tons, showing a decrease. As the Spring Festival approaches, the downstream enters the pre - holiday shutdown stage, with demand reduction and only rigid - demand procurement. The price increase of styrene cannot be smoothly transmitted downstream, and some downstream enterprises are in a loss state and reduce production, further weakening the demand [5]. Inventory - In January, domestic styrene achieved a de - stocking of about 60,000 tons, and the inventory in the main ports of East China and factories was at a low level. In February, the inventory accumulation cycle gradually started, and the port and factory inventories increased simultaneously. As of February 2, 2026, the total inventory of styrene samples in Jiangsu ports was 108,600 tons, with a week - on - week increase of 8,000 tons and an increase of 7.95%. The social inventory accumulation weakens the support for styrene [6].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 碳酸锂 | 日报 2026 年 2 月 11 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 【期货市场】主力合约 LC2605.GFE 收盘价 150260 元/吨，较前日 上涨 12920 元/吨，近 10 个交易日整体呈现下降走势。 【现货市场】碳酸锂现货价格为 138120 元/吨，较前日上涨 1.53%，近 10 个交易日整体呈现下降走势。 【基差分析】当前基差为-6020 点，负基差（现货贴水），较前日 走弱 4440 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸锂注册仓单量 ...