光大期货煤化工商品日报（2026 年 2 月 12 日）-20260212

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Urea futures prices showed a strong and volatile trend on Wednesday, with the closing price of the main 05 contract at 1,797 yuan/ton, a 0.34% increase. The spot market remained stable, with prices in Shandong and Henan markets at 1,800 yuan/ton. The supply level was high, with a daily output of 213,900 tons, and the demand continued to decline. The sales rate in the mainstream areas dropped to 5 - 40%. The inventory of urea enterprises decreased by 9.12% this week, and the post - holiday market will enter the demand season. The urea market will gradually stabilize before the Spring Festival, and the futures prices will fluctuate. It is recommended to control positions and hold light or no positions during the holiday [1] - Soda ash futures prices fluctuated narrowly on Wednesday, with the closing price of the main 05 contract at 1,178 yuan/ton, unchanged from the previous day. The spot price remained stable, and the traders' quotes fluctuated with the market. The supply level continued to rise, with an industry start - up rate of 86.41%, a 0.41 - percentage - point increase. The demand was weak, and the market was under pressure. The market activity decreased before the festival, and the market trend was unclear. It is recommended to approach it with a volatile mindset and hold light or no positions during the holiday [1] - Glass futures prices fluctuated narrowly on Wednesday, with the closing price of the main 05 contract at 1,071 yuan/ton, a 0.74% decrease. The spot price was stable, with an average price of 1,107 yuan/ton. The supply level was stable after a decline, and the subsequent supply fluctuations will increase. The demand was weak due to the decline in logistics capacity and seasonal weakening of rigid demand. The supply - demand contradiction was difficult to improve significantly. The futures market will mainly fluctuate before the Spring Festival, and there is an expectation of a phased market after the festival. It is recommended to hold light or no positions during the holiday [1] Group 3: Summary by Relevant Catalogs Market Information Urea - On February 11, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 10,949, a decrease of 87 from the previous trading day, and the valid forecast was 325 [4] - On February 11, the daily output of the urea industry was 213,900 tons, the same as the previous working day and an increase of 228,000 tons compared with the same period last year. The industry start - up rate was 90.86%, a 3.94 - percentage - point increase compared with 86.92% in the same period last year [4] - On February 11, the spot prices of small - particle urea in various domestic regions were stable, with Shandong, Henan, and Hebei at 1,800 yuan/ton, Anhui and Jiangsu at 1,810 yuan/ton, and Shanxi at 1,680 yuan/ton [4] - On February 11, the inventory of urea enterprises was 834,700 tons, a decrease of 83,800 tons (9.12%) from the previous week [5] Soda Ash & Glass - On February 11, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 5,634, a decrease of 258 from the previous trading day, and the valid forecast was 879. The number of glass futures warehouse receipts was 1,000, unchanged from the previous trading day [7] - On February 11, the spot prices of soda ash in different regions were provided, including prices for light and heavy soda ash in North China, Central China, East China, South China, Southwest China, and Northwest China [7] - On February 11, the start - up rate of the soda ash industry was 86.41%, up from 86% on the previous working day [8] - On February 11, the average price of the float glass market was 1,107 yuan/ton, unchanged from the previous day, and the daily output was 149,000 tons per day, also unchanged [8] Chart Analysis - Multiple charts were presented, including those showing the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price trends of urea and soda ash spot, and the price differences between urea - methanol and glass - soda ash futures [10][12][14] Research Team Introduction - The resource product research team members include Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, with their respective professional backgrounds, research areas, and honorary titles introduced [25] Contact Information - The company's address is Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [28]