1. Report Industry Investment Rating - The report does not mention the industry investment rating [1] 2. Core View of the Report - The report indicates that the log market is in a state of oscillatory consolidation [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For the 2603 contract, the closing price on February 5, 2026, was 802, with a daily decline of 0.7% and a weekly increase of 0.5%. The trading volume was 6656, a daily decrease of 22.1% and a weekly decrease of 57%. The open interest was 8922, a daily decrease of 4.4% and a weekly decrease of 12% [1] - For the 2605 contract, the closing price was 797.5, a daily decline of 0.6% and a weekly change of 0%. The trading volume was 2497, a daily increase of 4.8% and a weekly decrease of 36%. The open interest was 5085, a daily decrease of 1.2% and a weekly increase of 7% [1] - For the 2607 contract, the closing price was 801.5, a daily decline of 0.7% and a weekly change of 0%. The trading volume was 82, a daily decrease of 18.0% and a weekly decrease of 75%. The open interest was 1125, a daily increase of 1.4% and a weekly increase of 7% [1] - **Spread Data**: - The spread between the spot and the 2603 contract was -52 on February 5, 2026, with a daily decline of 9.6% and a weekly decline of 10% - The spread between the spot and the 2605 contract was -47.5, a daily decline of 8.7% and a weekly decline of 16% - The spreads between different contracts (2603 - 2605, 2603 - 2607, 2605 - 2607) also showed certain changes [1] - **Spot Market Data**: - In the log spot market, the prices of various types of logs in Shandong and Jiangsu markets were mostly stable, with only a few showing slight increases. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.4% week - on - week [1] - In the wood square spot market, the prices of 3 - meter and 4 - meter radiata pine wood squares in some regions also showed slight increases, such as a 4.1% week - on - week increase in the 3 - meter radiata pine wood square in Rizhao [1] 3.2 Macro and Industry News - China's January RatingDog Manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [3] - Multiple real - estate enterprise related personnel stated that currently, their companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly. However, some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [3][4] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Fuel oil shows a continuous rebound, and the short - term weakness has暂缓. Low - sulfur fuel oil has a narrow - range adjustment, and the price difference between high - and low - sulfur in the overseas spot market remains at a historical low [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - For FU2603, the closing price is 2,824 yuan/ton with a daily increase of 0.97%, and the settlement price is 2,815 yuan/ton with a 1.40% increase. The trading volume is 545,609 lots with a decrease of 44,176 lots, and the open interest is 84,406 lots with a decrease of 13,781 lots. - For FU2604, the closing price is 2,817 yuan/ton with a 1.40% increase, and the settlement price is 2,804 yuan/ton with a 1.23% increase. The trading volume is 26,763 lots with a decrease of 11,478 lots, and the open interest is 22,058 lots with a decrease of 709 lots. - For LU2603, the closing price is 3,299 yuan/ton with a 0.70% increase, and the settlement price is 3,293 yuan/ton with a 1.26% increase. The trading volume is 4,646 lots with a decrease of 2,578 lots, and the open interest is 14,539 lots with a decrease of 720 lots. - For LU2604, the closing price is 3,285 yuan/ton with a 1.26% increase, and the settlement price is 3,283 yuan/ton with a 1.14% increase. The trading volume is 91,440 lots with a decrease of 15,961 lots, and the open interest is 80,624 lots with a decrease of 1,300 lots [1] - **Warehouse Receipts**: The total market warehouse receipts for fuel oil (FU) are 9,930 lots, and for low - sulfur fuel oil (LU) are 23,140 lots [1] - **Spot Prices**: - In Singapore FOB, the high - sulfur (3.5%S) price is 425.0 dollars/ton with a 1.93% daily increase, and the low - sulfur (0.5%S) price is 461.2 dollars/ton with a 1.55% daily increase. - In Singapore Bunker, the high - sulfur price is 432.0 dollars/ton with a 1.17% daily increase, and the low - sulfur price is 490.0 dollars/ton with a 1.66% daily increase. - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there are also corresponding price increases for both high - and low - sulfur fuel oils [1] - **Price Spreads**: - The spread between FU03 - 04 is 7 yuan/ton, and the settlement spread is 11 yuan/ton. - The spread between LU03 - 04 is 14 yuan/ton, and the settlement spread is 10 yuan/ton, with a spread difference of - 4 yuan/ton. - The spread between LU03 - FU03 is 475 yuan/ton, and the settlement spread is 478 yuan/ton, with a spread difference of 3 yuan/ton. - The spread between FU2603 and Singapore MOPS (3.5%S) is - 126.0 yuan/ton, with a change of - 28.9 yuan/ton compared to the previous day. - The spread between LU2603 and Singapore MOPS (0.5%S) is 98.2 yuan/ton, with a change of - 25.9 yuan/ton compared to the previous day. - The spread between Singapore MOPS (0.5%S - 3.5%S) is 36.1 dollars/ton, with a change of - 1.0 dollars/ton compared to the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and that of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：2月4日PTA主力期货合约TA605今天上涨1.36%，基差走强至-52元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5150元/吨，较前一交易日上涨65元/吨。成本端布伦特原油再度反弹至67.5美元/桶左右；PTA产能 利用率较上一工作日+1.07至76.90%；周度PTA工厂库存天数3.58天，较上周-0.04天。 主力动向：多头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：春节假期临近，终端放假在即，聚酯减产幅度扩大，终端订单天数、库存水平显示需求弱化，2月份PTA有累库预期。当 前成本端扰动偏大，原油走势波动较大，PX远端向好，短期PTA价格震荡偏空看待。 2 0 2 6 / 0 2 / 0 4 MEG 主力合约：2月4日乙二醇主力期货合约eg2605上涨0.64%，基差走强至- ...

商 品 研 究 2026 年 2 月 4 日 LLDPE：进口缩窄递盘有限，油价支撑转弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6865 | -0.19% | 627843 | 15259 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -185 | | -158 | | | | 05-09合约价差 | -51 | | -41 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华 北 | 6680 | | 6720 | | | | 东 华 | 6800 | | 6880 | | | | 华 南 | 6900 | | 6940 | | 资料来源：卓创资讯，国泰君安期货 期货研究 【现货消息】 期货震荡，上游前期库存转移，企业报价维持，代理开单及中游销售较弱 ...

每经AI快讯，2月3日，沪锡期货主力合约涨5.30%，报393100元/吨。 每日经济新闻 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

| 【基本面跟踪】 | | | | | | | --- | --- | --- | --- | --- | --- | | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | 沪铅主力收盘价 | 16680 | -1.10% | 伦铅 3M 电子盘收 | 1995 | -0.77% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 101052 | -21807 | 伦铅成交量（手） | 10642 | -4770 | | （手） | | | | | | | 沪铅主力持仓量 | 57029 | 549 | 伦铅持仓量（手） | 170925 | -336 | | （手） | | | | | | | 上海 1# 铅升贴水 | 50 | 0 | LME CASH-3M 升 | -45.87 | 1.85 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -95 | -370 | 进口升贴水（美 | 85 | 0 | | | | | 元/吨） | | | | 铅锭现货进口盈亏 | -97.18 | - ...

2026 年 2 月 3 日 锡：回落整理 | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | | --- | --- | --- | | 唐文豪（联系人） | 期货从业资格号：F03152608 | tangwenhao@gtht.com | 【基本面跟踪】 锡基本面数据 | | 昨日收盘价 | | 日涨幅% | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 沪锡主力合约 | | 392,650 | -11.00% | 360,000 | -12.38% | | 伦锡3M电子盘 期 货 | | 45,605 | -9.87% | - | - | | 及 现 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 沪锡主力合约 货 电 | | 190,922 | -277,948 | 38,322 | -1,757 | | 伦锡3M电子盘 子 盘 | | 1,143 | 153 | 25,211 | -14 | | | | 昨日期货库存 | 较前日变动 | 注销仓单 ...

商 品 研 究 2026 年 02 月 03 日 焦炭：高位震荡 焦煤：事件发酵，高位震荡 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1141.5 | -14 | -1.2% | | 期货价格 | | 12605 | 1680. 5 | -41 | -2.4% | | | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 1342773 | 431903 | -19459 | | | | 12605 | 23708 | 36086 | -378 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主售 吕梁低硫主焦 | 1630 1483 | 1630 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1243 | 1243 | 0 | | | ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - Iron ore is expected to trade in a narrow range [2][4]. - Rebar and hot - rolled coil are expected to trade weakly in resonance with market sentiment [2][7]. - Ferrosilicon is expected to trade weakly as cost expectations loosen, and silicomanganese is expected to trade weakly in resonance with commodity sentiment [2][12]. - Coke is expected to trade at high levels, and coking coal is expected to trade at high levels as events unfold [2][18][19]. - Thermal coal supply and demand are in a weak balance, and prices are expected to remain stable before the Spring Festival [2][23]. - Logs are expected to see a slight price increase [2][25]. 3. Summaries According to Relevant Catalogs Iron Ore - **Fundamental Data**: The closing price of I2605 was 783.0 yuan/ton, down 8.5 yuan/ton or 1.07%. The open interest decreased by 20,544 to 520,684 lots. Spot prices of various iron ore types decreased, and some basis and price spreads changed [4]. - **Macro and Industry News**: China's January RatingDog manufacturing PMI was 50.3, and some real - estate companies are no longer required to report "three red lines" indicators monthly [4]. - **Trend Intensity**: The trend intensity is 0, indicating a neutral view [5]. Hot - Rolled Coil and Rebar - **Fundamental Data**: In the week of January 29, rebar production increased by 0.28 million tons, hot - rolled coil production increased by 3.8 million tons. Rebar inventory increased by 23.43 million tons, and hot - rolled coil inventory decreased by 2.2 million tons. Rebar apparent demand decreased by 9.12 million tons, and hot - rolled coil apparent demand increased by 1.45 million tons [8][10]. - **Macro and Industry News**: There were various production, inventory, and price data from the China Iron and Steel Association, and an accident at Baotou Steel's plate plant. Also, BHP's iron ore production hit a record high, and China implemented export license management for some steel products [10][11]. - **Trend Intensity**: The trend intensity for both rebar and hot - rolled coil is 0, indicating a neutral view [11]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices of ferrosilicon in Inner Mongolia increased by 20 yuan/ton, and that of silicomanganese decreased by 20 yuan/ton. Various price spreads changed [12]. - **Macro and Industry News**: The proportion of fixed - cost recovery of coal - fired power units through capacity prices will be increased. There were price quotes and production data of ferrosilicon, silicomanganese, and manganese ore from different sources. River Steel's 75B ferrosilicon tender price decreased, and manganese ore inventory increased [12][15][16]. - **Trend Intensity**: The trend intensity for both ferrosilicon and silicomanganese is 0, indicating a neutral view [17]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal (JM2605) and coke (J2605) decreased. Spot prices of most coking coal and coke types remained stable. Some basis and price spreads changed [19]. - **Macro and Industry News**: The CCI metallurgical coal index decreased, and the coking coal online auction had a higher failure rate and mixed price changes [19]. - **Trend Intensity**: The trend intensity for both coke and coking coal is 0, indicating a neutral view [22]. Thermal Coal - **Fundamental Data**: There were price data of thermal coal from different regions, including origin, port, and overseas prices. The February long - term contract prices of thermal coal in some regions decreased [23]. - **Macro and Industry News**: The port market was stable with weak trading. Some Indonesian coal mines may have a significant production cut. The National Development and Reform Commission and the National Energy Administration issued a notice on improving the power - generation - side capacity price mechanism [23][24]. Logs - **Fundamental Data**: There were price, trading volume, and open - interest data of log futures contracts. Spot prices of various log types in different markets had different fluctuations [25]. - **Macro and Industry News**: China's January RatingDog manufacturing PMI was 50.3, and some real - estate companies are no longer required to report "three red lines" indicators monthly [27]. - **Trend Intensity**: The trend intensity is 1, indicating a slightly bullish view [28].

Group 1: Rubber Market - Domestic all-latex rubber price is 15,800 yuan/ton, down 350 yuan/ton from the previous day; Thai 20 mixed rubber price is 15,000 yuan/ton, down 230 yuan/ton [4][27] - As of February 1, 2026, Qingdao's total inventory of natural rubber in bonded and general trade is 591,700 tons, an increase of 7,200 tons, or 1.23% from the previous period [5][28] - With the arrival of winter in the Northern Hemisphere, the market is expected to shift from dynamic pricing based on supply and demand to static pricing based on inventory levels, leading to high volatility in RU&NR&Sicom prices in the short term [5][28] Group 2: PX Market - PX industry load in China increased by 0.3 percentage points to 89.2%, while the Asian industry load increased by 0.6 percentage points to 81.6%, indicating a stable supply [6][29] - The demand side shows that downstream PTA facilities have many maintenance plans in the first quarter, which may affect PX demand [6][29] - The first quarter is expected to see a loosening of the PX supply-demand structure, with short-term price fluctuations anticipated [6][29] Group 3: PTA Market - PTA industry load remains stable at 76.6%, which is low compared to historical levels, with expectations of tightening supply due to maintenance plans [7][30] - The demand side is weak, with new orders declining and factory operating rates in Jiangsu and Zhejiang continuing to fall [7][30] - The PTA spot basis is expected to weaken due to reduced polyester production, leading to inventory pressure in the first quarter [7][30] Group 4: Polyester Market - Several polyester production facilities are undergoing maintenance, with a total capacity of 1.8% affected [8][31] - The average sales estimate for polyester in Jiangsu and Zhejiang is around 20-30% as of 3:30 PM on Monday, indicating weak demand [8][31] Group 5: Soda Ash Market - Soda ash futures experienced a slight decline, with the latest production increasing by 11,000 tons to 783,000 tons, indicating rising supply pressure [15][38] - Downstream demand has slightly decreased, with the latest soda ash factory inventory increasing by 16,000 tons to 156,000 tons [15][38] - The market sentiment is weak, with soda ash prices expected to remain low in the short term [15][38] Group 6: Glass Market - Glass futures saw a slight decline, with inventory decreasing by 33,000 tons to 2,628,000 tons, while production remained stable [40][41] - The demand for glass is weak due to seasonal factors, with the latest deep processing order quantity decreasing [40][41] Group 7: Caustic Soda Market - As of February 2, 2026, caustic soda futures increased by 29 yuan/ton to 2,004 yuan/ton, with stable prices in the market [42][43] - Demand is generally weak, but some caustic soda companies are reducing production, leading to stable prices [42][43] Group 8: PVC Market - PVC futures decreased by 49 yuan/ton to 5,014 yuan/ton, with supply pressure remaining high due to elevated operating rates [44][45] - Short-term expectations for PVC are optimistic due to a significant reduction in production growth in 2026 [44][45] Group 9: Polyolefins Market - Polyolefins are experiencing wide fluctuations, with LLDPE futures up and PP futures down, indicating mixed market conditions [46] - The overall supply trend remains high, but demand is entering a seasonal downturn [46]