期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 铁矿石到货、发运周度数据（2026 年第 6 周） 一、简评 1、国内 47 港到货量为 2455.60 万吨，环比减 213.60 万吨，再度回落并降至相对低位。减量主要源于 巴西矿，环比降 341.50 万吨，而澳矿、非澳巴矿则是周环比增 77.40 万吨、50.50 万吨。 2、海外矿石发运大幅回落，全球矿石发运总量为 2535.30 万吨，环比减 559.30 万吨。主流矿商发运 均有所回落，四大矿商发运环比减 486.67 万吨；细分地区看澳矿环比减 540.61 万吨，因飓风扰动所致； 巴西矿环比降 31.58 万吨，非澳巴矿环比微增 12.90 万吨。 3、按船期推算国内港口澳巴矿到货量将回落，海外供应短期收缩，关注持续性。 二、矿石到货与发运数据 | | | | | | 铁矿石周度到货和发运数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 本期值 | 上期值 | 周度变化 | 周度 ...

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 10 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 | 焦煤维持区间震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 焦炭期货低位整理 | 期货研究报告 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：截至 2 月 6 日当周，全国 523 家炼焦煤矿精煤日均产量为 75.5 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 期货研究报告 期货研究报告 资讯早班车-2026-02-10 一、 宏观数据速览 | 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 | | 2026-01-1 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given report 2. Core View of the Report - The report presents the arbitrage data of various futures varieties on February 10, 2026, including basis, inter - month spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] 3. Summary by Directory 3.1 Power Coal - The basis data for power coal from February 3 to February 9, 2026, shows values ranging from - 109 to - 104 yuan/ton. The inter - month spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0 [2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from February 3 to February 9, 2026, are provided, with basis values such as 178.39, 190.88, etc. and the ratio values like 0.1361, 0.1368, etc [7] - **Chemical Commodities**: Inter - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, as well as inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol. Basis data for these chemical commodities from February 3 to February 9, 2026, are also presented [9][10] 3.3 Black Metals - Inter - month spreads for rebar, iron ore, coke, and coking coal are provided, along with inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil. Basis data for these black metals from February 3 to February 9, 2026, are also shown [19][20] 3.4 Non - ferrous Metals - **Domestic Market**: Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from February 3 to February 9, 2026, are presented, with values like - 340, - 120, etc [28] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on February 9, 2026, are provided [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from February 3 to February 9, 2026, are given. Inter - month spreads for multiple agricultural products and inter - commodity spreads for some agricultural products are also presented [41] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from February 3 to February 9, 2026, are provided, along with inter - month spreads for these stock indices [52][54]

Rating of the Industry Investment - No information provided Core Viewpoints of the Report - The short - term and intraday view of rebar 2605 is oscillating weakly, and the medium - term view is oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. - The supply - demand pattern of rebar has not changed much. The supply has shrunk due to the production cut of short - process steel mills near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, and the fundamentals of rebar remain weak. The steel price in the off - season is still under pressure, and the cost support is a relative positive factor. It is expected to continue the oscillating and weak operation, and the inventory changes should be noted [3]. Summary According to Relevant Catalogs Variety Viewpoint Reference - For rebar 2605, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. Market Driving Logic - The supply - demand pattern of rebar has little change. The supply has shrunk as short - process steel mills cut production near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, with high - frequency demand indicators declining and at the lowest level in the same lunar period in recent years. The downstream industries remain sluggish, and the weak demand pattern remains unchanged, dragging down the steel price. The fundamentals of rebar remain weak in the situation of weak supply and demand. The steel price in the off - season is under pressure, and the cost support is a positive factor. It is expected to continue the oscillating and weak operation, and attention should be paid to inventory changes [3].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 2 月 10 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 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 短期恐慌抛售暂缓，去美元化长 期趋势不变 | | 铜 | 2603 | 强势 | 震荡 | 震荡 偏强 | 长线看强 | 国内供应收缩给予铜价支撑 | 说明： 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 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 期货研究报告 品种：铜（CU） 参考观点：观望 核心逻辑：上周黄金市场经历剧 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The methanol 2605 contract is expected to run strongly, with short - term and medium - term trends being volatile and the intraday trend being bullish. The overall view is that the methanol futures will maintain a volatile and bullish pattern on Tuesday, February 10, 2026 [1][5]. 3. Summary by Related Content 3.1 Price Trend and View - **Short - term**: The methanol 2605 contract is expected to be volatile (within one week) [1]. - **Medium - term**: The methanol 2605 contract is expected to be volatile (from two weeks to one month) [1]. - **Intraday**: The methanol 2605 contract is expected to be bullish, and the overall reference view is a bullish run [1][5]. 3.2 Core Logic - **Supply - side factor**: Overseas supply has a "hard contraction". Iran, the main source of imports, is in the stage of natural gas supply guarantee and production limitation in winter. Most methanol plants have reduced production or shut down, and the output is at a low level for the year. China's methanol imports may decline significantly in January and February, leading to tight external supply [5]. - **Geopolitical factor**: Due to the large differences between the US and Iran, the "pizza index" of the US Pentagon has risen again, increasing geopolitical risks. Although the domestic methanol futures showed a volatile and bearish trend on the night session of Monday, the downside space of the futures price is limited [5].

投资咨询业务资格：证监许可【2011】1778 号 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。 期货研究报告 宝城期货铁矿石早报（2026 年 2 月 10 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 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 现实格局偏弱，矿价承压运行 | 说明： 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 铁矿石供需两端有所变化，节前钢厂生产趋稳，矿石终端消耗低位小幅回升，但钢厂盈利状况改 善有限，且钢市产业矛盾在累积，需求延续弱势，继续拖累矿价。与此同时，国内港口到货量再度回 落，而飓风扰动下矿商发运大幅下降，海外矿石供应迎来收缩，但持续性存疑，且矿石库存 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2026-02-10 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，沪胶震荡偏强 | | 合成胶 | 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 偏多氛围支撑，合成胶震荡偏强 | 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 ------------------------------------------------------------------------------------------------ ...

投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2026-02-10 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | | 原油 2604 | 震荡 | 震荡 | 偏强 | 偏强运行 | 地缘风险升温，原油震荡偏强 | 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—商品期货能源化工板块 原油（SC） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：近期供需基本面的边际改善提供坚实支撑。OPEC+八大主要产油国明确宣布 2026 年 3 月 继续暂停增产，产量维持 2025 年 12 月水平，有效缓解了市场对于供应过剩的担忧。同时，美国冬 季风暴 ...