Report Investment Rating - Unilateral: Neutral [3] Core View - The main port of EG continued to accumulate inventory last week. The closing price of the EG main contract was 3,739 yuan/ton, down 4 yuan/ton or 0.11% from the previous trading day. The spot price in the East China market was 3,635 yuan/ton, down 7 yuan/ton or 0.19%. The spot basis in East China was -110 yuan/ton, up 3 yuan/ton month-on-month. The production profit of ethylene-based EG was -$57/ton, up $3/ton month-on-month, and that of coal-based syngas EG was -938 yuan/ton, down 12 yuan/ton month-on-month. The inventory in the East China main port of MEG was 935,000 tons according to CCF and 645,000 tons according to Longzhong, both showing an increase. The actual arrival volume at the main port in East China last week was 110,000 tons, and the planned arrival volume from February 9th to 23rd was 181,000 tons. [1] - On the domestic supply side, the domestic ethylene glycol load is at a high level, and the pressure to accumulate inventory is still high under the high supply from January to February and the weakening demand. However, Satellite plans to switch production in February, and attention should be paid to the relative changes in the valuations of various ethylene downstream products after the price increase. Overseas, with the maintenance of plants in Saudi Arabia and Taiwan, the import pressure will ease around the end of February, but it will still be high from January to February, with a slight inventory reduction in March. On the demand side, the Spring Festival maintenance has been gradually implemented, the weaving and polyester loads have accelerated their decline, and the rigid demand support has weakened. [2] Summary by Directory Price and Basis - The closing price of the EG main contract was 3,739 yuan/ton, down 4 yuan/ton or 0.11% from the previous trading day. The spot price in the East China market was 3,635 yuan/ton, down 7 yuan/ton or 0.19%. The spot basis in East China was -110 yuan/ton, up 3 yuan/ton month-on-month. [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$57/ton, up $3/ton month-on-month, and that of coal-based syngas EG was -938 yuan/ton, down 12 yuan/ton month-on-month. [1] International Price Difference - No specific data provided in the given text. Downstream Sales and Operating Rate - The Spring Festival maintenance of downstream industries has been gradually implemented, the weaving and polyester loads have accelerated their decline, and the rigid demand support has weakened. [2] Inventory Data - The inventory in the East China main port of MEG was 935,000 tons according to CCF and 645,000 tons according to Longzhong, both showing an increase. The actual arrival volume at the main port in East China last week was 110,000 tons, and the planned arrival volume from February 9th to 23rd was 181,000 tons. [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the market conditions of pure benzene and styrene, including their basis, production profits, inventories, and downstream industry conditions. It also provides investment strategies and mentions potential risks such as styrene plant recovery progress and international situation changes [1][2][3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene's basis and inter - period spreads are presented, including the relationship between pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts [7][14] - Similar figures for styrene are also provided, such as the relationship between styrene's main basis and main contract, main contract basis, and the spread between the first and third contracts [16][17] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures show the production profits and internal - external spreads of pure benzene and styrene, including naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, non - integrated styrene production profits, and various price differences between different regions [21][25][29] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Figures display the inventories and operating rates of pure benzene and styrene, including pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [41][44][46] 4. Operating Rates and Production Profits of Styrene's Downstream Industries - Figures present the operating rates and production profits of styrene's downstream industries, including EPS, PS, and ABS [55][57][59] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Industries - Figures show the operating rates and production profits of pure benzene's downstream industries, such as caprolactam, phenol - ketone, aniline, and adipic acid, as well as other related products' production profits [65][67][85]

农产品日报 | 2026-02-10 棉价窄幅波动，郑糖小幅反弹 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2605合约14580元/吨，较前一日变动+0元/吨，幅度+0.00%。现货方面，3128B棉新疆到 厂价15689元/吨，较前一日变动-75元/吨，现货基差CF05+1109，较前一日变动-75；3128B棉全国均价15967元/吨， 较前一日变动-58元/吨，现货基差CF05+1387，较前一日变动-58。 近期市场资讯，1月巴西棉出口量为31.7万吨，环比（45.2万吨）减少29.9%，同比（41.6万吨）减少23.7%。截至 目前，巴西2025/26年度（2025.7-2026.6）累计出口棉花约172.2万吨，同比（约163.0万吨）增加5.6%。从累计出口 目的地看，中国（47.9万吨）为巴西棉花最大出口国，占总出口量的约27.8%；孟加拉（26.8万吨）位居第二，占 比约15.6%；土耳其（21.2万吨）排第三，占比约12.3%。 市场分析 昨日郑棉期价横盘整理。国际方面，25/26年度全球供需格局整体仍偏宽松，美棉出口签约进度仍偏慢，终端需求 受关税政策以及地缘政治局势恶化影响 ...

宏观日报 | 2026-02-10 上游价格持续回落 中观事件总览 生产行业：1）商务部召开汽车企业座谈会，研究汽车流通消费有关工作。商务部副部长盛秋平在会上指出，我国 超大规模市场基础牢，汽车消费链条长潜力大，政策接续实施支撑稳，全链条扩大汽车消费大有可为。2026年， 商务部将会同相关部门，坚持政策支持和改革创新并举，存量措施和增量政策集成发力，优化实施汽车以旧换新， 开展汽车流通消费改革试点，完善行业管理制度，多措并举推动汽车消费扩容提质。 服务行业：1）财政部、海关总署、税务总局发布关于跨境电子商务出口退运商品税收优惠政策的公告。支持跨境 电子商务新业态发展，现将跨境电子商务出口退运商品税收优惠政策公告如下：对自2026年1月1日至2027年12月 31日期间在跨境电子商务海关监管代码（1210、9610、9710、9810）项下申报出口，因滞销、退货原因，自出口 之日起6个月内原状退运进境的商品（不含食品），免征进口关税和进口环节增值税、消费税；出口时已征收的出 口关税准予退还，出口时已征收的增值税、消费税参照内销货物发生退货有关税收规定执行。 数据来源：iFind，华泰期货研究院 行业总览 上游： ...

黑色建材日报 | 2026-02-10 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 市场情绪一般，钢价震荡偏弱 钢材：市场情绪一般，钢价震荡偏弱 市场分析 期现货方面：昨日钢材盘面震荡下行，现货方面，周末杭州螺纹库存77万吨，螺纹出库1.6万吨，去年同期库存55.5 万吨，出库3.0万吨。钢银数据显示，建材库存季节性增长，卷板库存呈现累库趋势。 供需与逻辑：目前钢材整体矛盾暂未突显，建材需求表现不佳，下游采购情绪偏弱，季节性累库略高于去年，压 制螺纹价格。板材需求相对维稳，然而高库存压制热卷价格空间。总体来说，节前钢材库存持续增长，供需压力 略有加大，叠加原料价格走弱，钢材保持震荡偏弱运行，后期关注冬储补库及原料价格变化。 策略 风险 地缘政治、库存变化、钢厂利润、成本支撑等。 铁矿：供需矛盾加剧，铁矿弱势运行 市场分析 期现货方面：昨日铁矿石期货价格弱势运行，现货方面，唐山港口进口铁矿主流品种价格小幅波动，贸易商报价 多随行就市，钢厂采购以刚需为主。本期全球铁矿石发运明显回落，全球发运总量2535万吨，环比减少18.1%；本 期45港到港量持续回落，到港总量2361万吨，环比下跌5.0%。 供需与 ...

1. Report Industry Investment Rating - Unilateral: Aluminum: Cautiously bullish; Alumina: Cautiously bearish; Aluminum alloy: Cautiously bullish. Arbitrage: Neutral [9] 2. Core Viewpoints - After the Wash trade, the aluminum price has significantly corrected, releasing industrial contradictions. However, at the current time and price level, it is difficult to stimulate downstream active procurement. With downstream entering the holiday period, the social inventory is expected to accumulate seasonally, exerting significant pressure on prices. Although there are expectations for the Two Sessions after the holiday, the aluminum price is unlikely to perform well under inventory pressure. In the short term, it is advisable to avoid risks as the long holiday approaches. In the long term, consumption resilience and strength are expected to remain positive, especially in the export market, and with a strong macro environment of simultaneous easing at home and abroad, the long - term aluminum price is likely to rise rather than fall [6] - The domestic supply pressure of alumina has not been alleviated. Although there are rumors about an alumina plant in Hebei, it is unlikely to have a substantial impact. The pattern of oversupply remains unchanged, and social inventory continues to increase. With the decline in the price of domestic ore in the north, the procurement enthusiasm of alumina plants for ore has decreased, and the import ore price is also falling. The cost side is difficult to provide strong support, and alumina plants are unlikely to initiate large - scale production cuts. The futures price is still at a premium, and the oversupply pattern is difficult to change, with social inventory continuing to rise. Electrolytic aluminum plants have sufficient raw material inventory, and the winter storage expectation is low. Although the current futures price discount to the spot price will relieve the pressure on warehouse receipts, it is difficult to change the inventory pressure [8] 3. Summary by Relevant Catalogs Aluminum Spot - The price of East China A00 aluminum is 23,400 yuan/ton, a change of 260 yuan/ton from the previous trading day. The spot premium/discount of East China aluminum is - 170 yuan/ton, a change of - 20 yuan/ton from the previous trading day. The price of Central China A00 aluminum is 23,280 yuan/ton, and the spot premium/discount has changed - 30 yuan/ton to - 290 yuan/ton from the previous trading day. The price of Foshan A00 aluminum is 23,430 yuan/ton, a change of 290 yuan/ton from the previous trading day, and the aluminum spot premium/discount has changed 15 yuan/ton to - 135 yuan/ton from the previous trading day [1] Aluminum Futures - On February 9, 2026, the main contract of Shanghai aluminum opened at 23,500 yuan/ton, closed at 23,540 yuan/ton, a change of 185 yuan/ton from the previous trading day. The highest price reached 23,760 yuan/ton, and the lowest price was 23,425 yuan/ton. The trading volume for the whole trading day was 304,640 lots, and the position was 197,639 lots [2] Aluminum Inventory - As of February 9, 2026, the domestic social inventory of electrolytic aluminum ingots was 857,000 tons, a change of 21,000 tons from the previous period. The warehouse receipt inventory was 164,512 tons, a change of 8,979 tons from the previous trading day. The LME aluminum inventory was 488,975 tons, a change of - 2,000 tons from the previous trading day [2] Alumina Spot Price - On February 9, 2026, the SMM alumina price in Shanxi was 2,610 yuan/ton, in Shandong was 2,555 yuan/ton, in Henan was 2,635 yuan/ton, in Guangxi was 2,675 yuan/ton, in Guizhou was 2,740 yuan/ton, and the FOB price of Australian alumina was 311 US dollars/ton [2] Alumina Futures - On February 9, 2026, the main contract of alumina opened at 2,840 yuan/ton, closed at 2,868 yuan/ton, a change of 41 yuan/ton from the previous trading day's closing price, with a change rate of 1.45%. The highest price reached 2,937 yuan/ton, and the lowest price was 2,769 yuan/ton. The trading volume for the whole trading day was 1,076,076 lots, and the position was 333,870 lots [2] Aluminum Alloy Price - On February 9, 2026, the purchase price of Baotai civil aluminum scrap was 17,200 yuan/ton, and the purchase price of mechanical aluminum scrap was 17,600 yuan/ton, with no change from the previous day. The Baotai quotation for ADC12 was 23,100 yuan/ton, with no change from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy was 67,400 tons, and the in - plant inventory was 84,600 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost was 22,430 yuan/ton, and the theoretical profit was 570 yuan/ton [5]

化工日报 | 2026-02-10 青岛港口库存环比回升 市场要闻与数据 期货方面，昨日收盘RU主力合约16245元/吨，较前一日变动+165元/吨；NR主力合约13150元/吨，较前一日变动+100 元/吨；BR主力合约12810元/吨，较前一日变动+20元/吨。 现货方面，云南产全乳胶上海市场价格16100元/吨，较前一日变动+200元/吨。青岛保税区泰混15200元/吨，较前 一日变动+100元/吨。青岛保税区泰国20号标胶1955美元/吨，较前一日变动+15美元/吨。青岛保税区印尼20号标胶 1895美元/吨，较前一日变动+15美元/吨。中石油齐鲁石化BR9000出厂价格12800元/吨，较前一日变动+0元/吨。浙 江传化BR9000市场价12600元/吨，较前一日变动-100元/吨。 市场资讯 根据第一商用车网初步掌握的数据，2026年1月份，我国重卡市场共计销售约10.1万辆，同比增长约40%。 2025年12月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量80.34万吨，环比增 加24.84%，同比增加25.4%，2025年1-12月累计进口数量667.51万吨，累计同 ...

农产品团队 | 作者： | 辛旋 | | --- | --- | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月09日星期一 更多精彩内容请关注方正中期官方微信 期货研究院 天然橡胶日度策略报告 摘要 【行情复盘】春节长假节前一周，金属板块多头资金集中调仓，流 动性及杠杆效应引发商品系统性调整，橡胶期价在前高附近剧烈震 荡，上周海外美国1月挑战者企业裁员人数10.8万，为自2009年以 来最高的年初数据；美国12月职位空缺录得654.2万人，为2020年 9月以来新低；数据端开始显示出经济的弱势，市场的降息预期有 所回升。上海全乳胶周均价16030元/吨，周环比-60；青岛市场20 号泰标周均价1950美元/吨，周环比-6；青岛市场20号泰混周均价 15168元/吨，周环比-52/。海外产区进入 ...

2026 年 02 月 10 日 短纤：短期震荡市 20260210 瓶片：短期震荡市 20260210 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2603 | ୧୧୮୧ | 6498 | 28 | PF03-04 | -80 | -80 | 0 | | PF | 短纤2604 | 6606 | 6578 | 28 | PF04-05 | ব | 12 | -8 | | | 短纤2605 | 6602 | 6566 | 36 | PF主力基差 | -61 | -48 | -13 | | | 短纤主力持仓量 | 175302 | 107824 | 67478 | 短纤华东现货价格 | 6. 545 | 6.530 | 15 | | | 短纤主力成交量 | 157886 昨日 | 78904 前日 | 78982 变化 | 短纤产销率 | 38% 昨日 | ...

商 品 研 究 2026 年 02 月 10 日 纸浆：震荡运行 20260210 | | | 昨日纸浆期货市场午后临近收盘快速下跌，对市场情绪有一定的打压。现货市场走势同样清淡，实际交投 十分有限，业者普遍持观望态度。市场结构呈现分化，主要以期现商出货为主，而下游纸厂因春节假期临近， 入市采购已接近停滞。当前供需基本面未提供新的消息指引，市场缺乏打破僵局的驱动因素，建议关注纸浆市 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5, 200 | 5, 234 | -34 | | | | 夜盘收盘价(元/吨) | 5. 180 | 5, 216 | -36 | | | | 成交量(手) | 185. 219 | 204. 913 | -19. 694 | | | (05合约) | 持仓量(手) | 300. 912 | 287. 362 | +13, 550 | | | | 仓单数量(吨) | 146, 447 | 146. 447 ...