1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term zinc market is expected to fluctuate and weaken. The previous trading day saw the Shanghai zinc futures show a volatile downward trend. With the approaching holiday, both long and short positions are cautious. Technically, the price is above the long - term moving average with strong support, but the long - position strength is decreasing while the short - position strength is increasing, and the advantage of the long - position is narrowing. The operation suggestion for Shanghai zinc ZN2603 is to expect a weakening trend in the short term [2][18]. 3. Summary According to Related Catalogs 3.1 Fundamental Analysis - In November 2025, the global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, the global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, the global zinc ore production was 1.069 million tons. From January to November, the global zinc ore production was 12.1419 million tons, which is a bullish factor [2]. 3.2 Basis Analysis - The spot price is 24,530, and the basis is - 120, showing a neutral situation [2]. 3.3 Inventory Analysis - On February 12, the LME zinc inventory decreased by 1,750 tons to 103,500 tons, and the SHFE zinc inventory warrant increased by 725 tons to 43,060 tons, presenting a neutral condition [2]. 3.4 Market Trend Analysis - The previous trading day, the Shanghai zinc futures showed a volatile downward trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish signal [2]. 3.5 Main Position Analysis - The main net position is long, and the long - position is increasing, which is a bullish factor [2]. 3.6 Futures Market Quotes - On February 12, different delivery months of zinc futures had different performances in terms of opening price, high price, low price, closing price, settlement price, trading volume, and open interest. For example, for the 2603 contract, the opening price was 24,750, the high price was 24,775, the low price was 24,415, the closing price was 24,650, the settlement price was 24,590, the trading volume was 96,396 lots, and the open interest decreased by 6,527 lots [3]. 3.7 Spot Market Quotes - On February 12, the price of zinc concentrate's domestic spot TC was 1,300 yuan/metal ton, and the imported comprehensive TC was 30 US dollars/dry ton. The price of 0 zinc ingot in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang had different price ranges and increases [4]. 3.8 Zinc Ingot Inventory Statistics - From February 2 to February 12, 2026, the total inventory of zinc ingots in major domestic markets increased from 111,200 tons to 138,100 tons. Compared with February 5, it increased by 19,800 tons, and compared with February 9, it increased by 10,000 tons [5]. 3.9 Zinc Futures Warrant Report - On February 12, the total zinc futures warrant was 43,060 tons, with an increase of 725 tons. Different regions and warehouses had different warrant quantities and changes. For example, in Shanghai, the total warrant was 6,120 tons, with an increase of 551 tons [6]. 3.10 LME Zinc Inventory Distribution - On February 12, the LME zinc inventory decreased in some regions. The total inventory decreased by 1,750 tons to 103,500 tons, and the注销占比 in different regions also varied [7]. 3.11 Zinc Ingot Smelter Price Quotes - On February 12, the prices of 0 zinc ingots from different smelters such as Torch, Huzinc, Nanhua, etc. all increased by 20 yuan/ton [12]. 3.12 Domestic Refined Zinc Production in January 2026 - The planned production in January 2026 was 485,500 tons, the actual production was 479,200 tons, with a month - on - month increase of 1.25%, a year - on - year increase of 7.78%, and a 1.29% shortfall compared with the planned value. The capacity utilization rate was 67.02%, and the planned production in February was 468,700 tons [14]. 3.13 Zinc Concentrate Processing Fee Quotes - On February 12, the zinc concentrate processing fees in different domestic regions with a 50% grade had different ranges, and the imported zinc concentrate processing fee with a 48% grade was 20 - 40 US dollars/dry ton, with an average of 30 US dollars/dry ton [16]. 3.14 SHFE Member Zinc Trading and Position Ranking - On February 12, in terms of trading volume, members such as CITIC Futures, Guotai Junan, and Dongzheng Futures had different trading volumes and changes. In terms of long - positions, CITIC Futures, Guotai Junan, etc. held different long - positions and had different changes. In terms of short - positions, CITIC Futures, Guotai Junan, etc. also had different short - positions and changes [17].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-2-13） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦炭： 1、基本面：近期原料煤竞拍价格多有回落，受原料煤价格下跌影响，焦炭成本下移，焦企利润稍有修 复，焦炭供应量有所增加。然近期下游钢厂控制焦炭到货，且中间投机贸易商离市观望，焦企厂内库存 稍有累积，部分焦企库存压力进一步显现；中性 2、基差：现货市场价1620，基差-44；现货贴水期货；偏空 3、库存：钢厂库存692万吨，港口库存201万吨，独立焦企库存45万吨，总样本库存938万吨，较上周 增加18万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦炭主力净空，多减；偏多 6、预期：年末钢厂设备检修密集，复产计划寥寥，需求端延续疲态，钢厂对焦炭采购意愿较低，对焦 炭多有控制 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月13日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 5 PTA 每日观点 PTA： 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5、主力持仓：净空 空增 偏空 6、预期：基本面来看，1-2月乙二醇季节性强累库预期依旧存在，但中期供需结构存在适度好转。海外装置存在推迟重启以及新增 检修量，二季度内进口量存在下修预期，后续关注伊朗地区供货稳定性。乙二醇绝对价格已经处于低位，低位存在买气支撑，预计 节前市场维持低区间整理为主。 1、基本面：周四，乙二醇价格重心震荡走弱，市场 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The fundamentals of PVC are bearish, with supply pressure increasing this week and expected to rise slightly next week, while demand may remain sluggish. The overall cost is strengthening, and the inventory is at a neutral level. The PVC2605 contract is expected to fluctuate between 4940 - 5040. There are both bullish and bearish factors in the market, and the main logic is the strong overall supply pressure and the slow recovery of domestic demand [8][9][10]. - Bullish factors include the resumption of supply, cost support from calcium carbide and ethylene, and export benefits. Bearish factors include the rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand [12]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply Side**: In January 2026, PVC production was 2.14863 million tons, a month - on - month increase of 0.53%. This week, the capacity utilization rate of sample enterprises was 79.26%, with no change from the previous week. The production of calcium carbide enterprises was 348,330 tons, a month - on - month increase of 0.34%, and that of ethylene enterprises was 136,960 tons, a month - on - month increase of 0.62%. Supply pressure increased this week, and next week, maintenance is expected to decrease, with production scheduled to increase slightly [8]. - **Demand Side**: The overall downstream operating rate was 41.42%, a decrease of 3.33 percentage points from the previous week, but still higher than the historical average. The operating rates of downstream profiles, pipes, films, and paste resin all decreased compared to the previous week but were higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are not competitive. Current demand may remain sluggish [8]. - **Cost Side**: The profit of calcium carbide method was - 658.58 yuan/ton, and the loss decreased by 11.00% month - on - month, lower than the historical average; the profit of ethylene method was 102.91 yuan/ton, a profit increase of 91.60% month - on - month, lower than the historical average; the double - ton spread was 1,818.35 yuan/ton, a profit increase of 0.80% month - on - month, lower than the historical average. Production scheduling may be under pressure [9]. - **Other Aspects**: On February 11, the price of East China SG - 5 was 4,830 yuan/ton, and the basis of the 05 contract was - 160 yuan/ton, with the spot at a discount to the futures. Factory inventory was 287,700 tons, a month - on - month decrease of 0.85%, calcium carbide factory inventory was 210,390 tons, a month - on - month decrease of 0.37%, ethylene factory inventory was 77,310 tons, a month - on - month decrease of 2.15%, and social inventory was 592,860 tons, a month - on - month increase of 1.40%. The MA20 is upward, and the price of the 05 contract closed above the MA20. The main positions are net short, with an increase in short positions [10]. 3.2 PVC Market Overview - The report provides yesterday's market overview, including enterprise indicators, monthly spreads, inventory, downstream operating rates, profits, costs, and other data, as well as their changes from the previous period [15]. 3.3 PVC Futures Market - **Base Price Trend**: The report presents the base price trend chart of PVC futures from 2022 to 2026, including the base price, PVC East China market price, and the closing price of the main contract [18]. - **Futures Price and Volume Trends**: It shows the price, volume, and open interest trends of PVC futures in January - February 2026, including the opening price, highest price, lowest price, closing price, and changes in the net positions of the top 5 and top 20 seats [21]. - **Spread Analysis**: The report provides the spread analysis chart of the main contracts of PVC futures from 2024 to 2025, including the 1 - 9 spread and 5 - 9 spread [24]. 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: It includes the price, cost - profit, operating rate, inventory, and production of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and the cost - profit of the chlor - alkali industry, as well as the double - ton spread and caustic soda consumption and inventory [27][30][32][35][38]. - **PVC Supply Trend**: It shows the capacity utilization rates of calcium carbide and ethylene methods, production profits, daily and weekly production, and weekly maintenance volume of PVC from 2018 - 2026 [41][43]. - **Demand Trend**: It includes the daily sales volume of PVC traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of profiles, pipes, films, paste resin, as well as the profit, cost, production, and apparent consumption of paste resin. It also shows real estate investment, construction area, new construction area, sales area, completion area, and macro - economic data such as social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment year - on - year [46][48][50][54][56]. - **Inventory**: It presents the exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days of PVC from 2019 - 2026 [58]. - **Ethylene Method**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, and the FOB spread of ethylene method (Tianjin - Taiwan) and the import spread of vinyl chloride (Jiangsu - Far East CIF) from 2018 - 2026 [60]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand situation of PVC from December 2024 to January 2026, including export, demand, social inventory, factory inventory, production, import, and supply - demand difference [63].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The short - term and intraday view of rebar 2605 is oscillating and weakening, while the medium - term view is oscillating. It is recommended to pay attention to the pressure at the MA5 line, as the current situation is poor and steel prices are weakly seeking the bottom [2]. - The rebar supply and demand pattern remains weak before the festival. The supply contraction has limited positive effects, and the weak demand pattern is difficult to change in the short term. The rebar fundamentals continue the seasonal weakness, with steel prices under pressure. The cost support is a relative positive factor, and the trend is expected to remain in a weak bottom - seeking state. Attention should be paid to the holiday inventory increase [3]. 3. Summary by Relevant Catalogs 3.1. Variety View Reference - For rebar 2605, the short - term view is oscillating and weakening, the medium - term view is oscillating, and the intraday view is oscillating and weakening. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is that the real - world situation is poor and steel prices are weakly seeking the bottom [2]. 3.2. Market Driving Logic - Before the festival, the rebar supply and demand pattern is weak. Although steel mills have reduced production and rebar output has declined, it is comparable to the same period last lunar year, and the inventory accumulation expectation is strong, so the positive effect of supply contraction is limited [3]. - The rebar demand is weak, with high - frequency demand indicators at the lowest level in the same lunar period in recent years. The downstream industries are in a continuous slump, and the weak demand pattern is difficult to change in the short term, dragging down steel prices [3]. - Currently, the rebar supply is contracting while the demand is also weakening. In the situation of weak supply and demand, the rebar fundamentals continue the seasonal weakness. The steel prices in the off - season are under pressure, and the cost support is a relative positive factor. The trend is expected to be in a weak bottom - seeking state, and attention should be paid to the holiday inventory increase [3].

1 每日观点 2 基本面/持仓数据 交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2026年2月12日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 每日观点 供给端来看，根据隆众，2026年2月份国内地炼沥青排产量为102.3万吨，环比降幅 3.30%。本周国内石油沥青样本产能利用率为26.1266%，环比减少1.20个百分点，全 国样本企业出货21.16万吨，环比减少1.32%,样本企业产量为43.6万吨，环比减少 4.38%,样本企业装置检修量预估为103万吨，环比增加0.78%,本周炼厂有所减产，降 低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为24.5%，环比减少0.04个百分点，低于历史平均水平； 建筑沥青开工率为3.3%，环比持平，低于历史平均水平；改性沥青开工率为 4.6163%， ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The fundamentals of the PVC market are currently bearish, mainly due to increased supply pressure, weak demand, and cost - related factors. The overall supply pressure is strong, and domestic demand recovery is not smooth. The PVC2605 contract is expected to fluctuate between 4920 - 5022. [8][10][13] 3. Summary According to Relevant Catalogs 3.1 Daily Views - **Supply Side**: In January 2026, PVC production was 2.14863 million tons, a 0.53% month - on - month increase. The weekly capacity utilization rate of sample enterprises was 79.26%, with no change from the previous week. The production of calcium carbide enterprises was 348,330 tons, a 0.34% increase, and that of ethylene enterprises was 136,960 tons, a 0.62% increase. Supply pressure increased this week, and next week, expected maintenance is to decrease with a slight increase in scheduled production. [8] - **Demand Side**: The overall downstream operating rate was 41.42%, a 3.33 - percentage - point decrease. The operating rates of downstream profiles, pipes, films, and paste resin all decreased compared to the previous week, but were still higher than historical average levels. Shipping costs are expected to decline, and domestic PVC export prices are not competitive, so current demand may remain low. [8] - **Cost Side**: The profit of the calcium carbide method was - 658.58 yuan/ton, with a 11.00% decrease in losses. The profit of the ethylene method was 102.91 yuan/ton, a 91.60% increase. The double - ton spread was 1,803.67 yuan/ton, a 1.00% decrease. Scheduled production may be under pressure. [9] - **Other Factors**: On February 10, the price of East China SG - 5 was 4,820 yuan/ton, and the basis of the 05 contract was - 151 yuan/ton, with the spot at a discount to the futures. Factory inventory decreased by 0.85% month - on - month, while social inventory increased by 1.40%. The MA20 of the market was upward, and the price of the 05 contract closed above the MA20. The main positions were net short, with an increase in short positions. [10] 3.2 PVC Market Overview - The report provides a table of yesterday's market overview, including futures closing prices, some monthly spreads, weekly inventory, weekly downstream operating rates, weekly profits, weekly costs, electricity - ethylene spreads, and registered warehouse receipt quantities, along with their changes compared to the previous period. [15] 3.3 PVC Futures Market - **Base Price Trend**: The report presents a graph of the base price trend, showing the relationship between the base price, PVC East China market price, and the main contract closing price from 2022 to 2026. [17][18] - **Futures Market Analysis**: The report shows the price, trading volume, and position changes of the PVC futures main contract in 2026, including opening price, highest price, lowest price, closing price, and the changes in the net positions of the top 5 and top 20 seats. [20][21] - **Spread Analysis**: A graph of the main contract spreads from 2024 to 2025 is presented, including 1 - 9 spreads and 5 - 9 spreads. [23][24] 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: The report includes the price, cost, profit, operating rate, inventory, and production volume trends of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda in the calcium carbide method from multiple years. [26][27][29][30] - **PVC Supply Trend**: It shows the capacity utilization rates, profits, daily production, weekly maintenance volume, and weekly production volume trends of the calcium carbide method and ethylene method in PVC production from multiple years. [40][41][43] - **Demand Trend**: The report presents the daily trading volume of PVC traders, weekly pre - sales volume, weekly production - sales ratio, apparent consumption, downstream average operating rate, and the operating rates of profiles, pipes, films, and paste resin in the PVC market from multiple years. It also includes the cost, profit, production volume, and apparent consumption of paste resin, as well as real estate - related indicators and some macro - economic indicators. [45][46][48] - **Inventory**: The report provides the trends of exchange warehouse receipts, calcium carbide factory warehouses, ethylene factory warehouses, social inventories, and production enterprise inventory days in the PVC market from multiple years. [57][58] - **Ethylene Method**: It shows the import volumes of vinyl chloride and ethylene dichloride, PVC export volume, ethylene FOB spread, and vinyl chloride import spread in the ethylene method from multiple years. [59][60] - **Supply - Demand Balance Sheet**: The report provides the PVC monthly supply - demand balance sheet from December 2024 to January 2026, including export, demand, social inventory, factory inventory, production, import, and supply - demand differences. [62][63]

交易咨询业务资格：证监许可【2012】1091号 指标体系 沪锌: 1、基本面： 外媒1月21日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年11月，全球锌板产量为119.7万吨,消费量为116.8万吨,供应过剩 2.9万吨.1-11月,全球锌板产量为1275.61万吨,消费量为1310.65万吨,供应 短缺35.04万吨.11月份,全球锌矿产量为106.9万吨.1-11月,全球锌矿产量为 1214.19万吨；偏多。 2、基差：现货24510，基差+55；中性。 沪锌期货早报-2026年2月11日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 3、库存：2月10日LME锌库存较上日减少175吨至106750吨，2月10日上期所 锌库存仓单较上日增加2971吨至34235吨；中性。 4、盘面：昨日沪锌震荡走势，收20日均线之下 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2026年2月11日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 6、结论：沪镍2603：节前控制仓位，日内交易为主。 2、基差：现货138950，基差5600，偏多 3、库存：LME库存285750，+678，上交所仓单52039，+318，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净多，多增，偏多 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格上涨，看涨情绪浓重，镍铁价格出现回落，成本线下移， 不锈钢库存持续回升。中性 2、基差：不锈钢平均价格14987.5，基差1162.5，偏多 3、库存：期货仓单：54070，+607，中性 4、盘面：收盘价在20均线以下，20均线向上，中性 5、结论：不锈钢2603：节前控制仓位，日内交易为主。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投 ...

PTA&MEG早报-2026年2月11日 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 1、基本面：昨日PTA期货震荡上涨，现货市场商谈氛围一般，现货基差变动不大。本周在05贴水75附近商谈成交，价格商谈区 间在5080~5145。2月下在05贴水57~60成交，3月中在05贴水43成交。今日主流现货基差在05-75。中性 2、基差：现货5145，05合约基差-85，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比增加0 ...