Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - The 04 contract is priced based on the external market, with a reasonable valuation, and the 4 - 5 month spread valuation is neutral. The external market remains tight in the short - term but is expected to weaken in the second quarter, and geopolitics is a key factor that requires continuous attention. After the holiday, downstream replenishment may occur, chemical demand is supported, and there is room for a rebound in spot prices [4] Group 3: Summary by Related Catalogs 1. Daily Quotes - On February 25th, the main contract PG2604 closed up at 4510 (-78) during the day session, with a 4 - 5 month spread of 66 (-13). At night, it rose significantly due to Saudi news, with the 04 contract closing up at 4588 (+64) and a 4 - 5 month spread of 84 (+18) [4] - In the domestic spot market, the cheapest deliverable is still Shanghai civil gas at 4150. In Shandong, civil gas prices declined slightly, with refinery inventories increasing slightly, expected to stabilize or face pressure. Shandong ether - after carbon four remained stable overall, with stable downstream profits, and a mix of positive and negative news in the oil price and information. In East China, prices remained stable overall, with mainstream transactions between 4150 - 4700, demand slowly increasing, and refineries less willing to adjust prices at the end of the month, waiting for CP price guidance [4] 2. Weekly Views - In the week before the holiday, the market trended upward, and the month - spread fluctuated greatly due to capital behavior. The basis was -102 (-31), the 3 - 4 month spread was -164 (+139), and the 4 - 5 month spread was 81 (-10). The current cheapest deliverable is Shanghai civil gas at 41.50 (+0) [4] - During the holiday, the external market price increased with the oil price due to geopolitical tensions. The PDI profit increased slightly but remained poor, and the short - term start - up remained resilient. The domestic basis is still weak [4]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - There is no clear core viewpoint presented in the provided content. Group 3: Summary by Relevant Catalogs 1. Basis and Spread - **Shandong Basis (+80) (Non-Jingbo)**: On 1/26, it was -79; on 2/24, it was 32, with a daily change of 32 [3]. - **East China Basis (Zhenjiang Warehouse)**: On 1/26, it was -79; on 2/24, it was -18, with a daily change of -68 [3]. - **South China Basis (Foshan Warehouse)**: On 1/26, it was -49; on 2/24, it was -68, with a daily change of -68 [3]. - **03 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -38, with a daily change of -14 [3]. - **04 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -24, with a daily change of -16 [3]. - **06 - 09 Spread**: On 1/26, it was 22; on 2/24, it was 30, with a daily change of 0 [3]. 2. Futures Contracts - **BU Main Contract**: On 1/26, the price was 3279; on 2/24, it was 3348, with a daily change of 68 [3]. - **Trading Volume**: On 1/26, it was 353,797; on 2/24, it was 257,381, with a daily change of -8,631 [3]. - **Open Interest**: On 1/26, it was 420,188; on 2/24, it was 332,156, with a daily change of 546 [3]. 3. Spot Market - **Brent Crude Oil**: On 1/26, the price was 65.6; on 2/13, it was 71.4 [3]. - **Jingbo**: On 1/26, the price was 3180; on 2/24, it was 3340, with an increase of 140 [3]. - **Shandong (Non-Jingbo)**: On 1/26, the price was 3120; on 2/24, it was 3300, with an increase of 100 [3]. - **Zhenjiang Warehouse**: On 1/26, the price was 3200; on 2/24, it was 3330, with no change [3]. - **Foshan Warehouse**: On 1/26, the price was 3230; on 2/24, it was 3280, with no change [3]. 4. Profit - **Asphalt Marrow Profit**: On 1/26, it was 362; on 2/12, it was 168; on 2/13, it was 178 [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints -节前 week, the futures price mainly went up, and the monthly spread fluctuated greatly due to capital behavior. The basis was -102 (-31), the 3 - 4 monthly spread was -164 (+139), and the 4 - 5 monthly spread was 81 (-10). The current cheapest deliverable is Shanghai civil gas at 4150 (+0). During the holiday, the external market price increased following the oil price due to geopolitical tensions. PDH profit increased slightly but remained poor, and the short - term operating rate still had resilience. The domestic basis was still weak. After the holiday, downstream replenishment might occur, and chemical demand was also supported, so the spot price had room for rebound. The 04 contract was priced based on the external market, and its valuation was within a reasonable range, while the 4 - 5 monthly spread valuation was neutral. The external market was still tight in the short term, but there was an expectation of weakening in the second quarter, and geopolitics was a key factor that needed continuous attention [1]. 3. Summary by Relevant Catalogs Daily Quotes - On February 24, PG2604 closed up at 4582 (+119) during the day session, with the 3 - 4 monthly spread at -285 (-129) and the 4 - 5 monthly spread at 79 (-18); it fell to 4535 (-47) during the night session, with the 3 - 4 monthly spread at -280 (+5) and the 4 - 5 monthly spread at 81 (+2). The absolute price of the external market increased slightly, with the FEI monthly spread at 26 (-2) and the CP monthly spread at 14 (+0) [1]. - The cheapest deliverable in the domestic spot market was Shanghai civil gas at 4150. In Shandong, the price of civil LPG was stable with a slight decline, with the mainstream transaction price ranging from 4450 to 4580 yuan/ton. Downstream had replenishment demand, but external resources were flowing in, so there was an expectation of short - term stabilization or decline. In the East China market, the price was generally stable, with the mainstream transaction price ranging from 4150 to 4700 yuan/ton. The market transportation capacity had not fully recovered, and refineries needed to digest inventory accumulated during the holiday, so they were not willing to adjust prices. It was expected that the East China market would run stably in the short term. In the South China market, the price was generally stable with minor adjustments, and some areas had a slight increase. The mainstream price of domestic LPG in South China was 4600 - 4800 yuan/ton, and that of imported LPG was 4700 - 5100 yuan/ton. The prices of major refineries in western Guangdong and Guangxi increased slightly, but in the Pearl River Delta, the post - holiday replenishment demand was lower than expected, the upstream supply was relatively abundant, and the downstream demand recovered slowly. The market supply - demand fundamentals were loose, so the price increase momentum was insufficient [1].

Group 1: Report Core View - The LPG market showed an upward trend on the pre - holiday week, and the monthly spread fluctuated significantly due to capital behavior. The basis was - 102 (- 31), the 3 - 4 monthly spread was - 164 (+ 139), and the 4 - 5 monthly spread was 81 (- 10). The current cheapest deliverable is Shanghai civil gas at 4150 (+ 0). During the holiday, the overseas market price increased following the oil price due to geopolitical tensions [1] - The PDH profit increased slightly but remained poor, and the short - term operation still showed resilience. The domestic basis was still weak. After the holiday, downstream replenishment might occur, and chemical demand was also supported, so there was room for the spot price to rebound. The 04 contract was priced based on the overseas market, and its valuation was within a reasonable range, and the 4 - 5 monthly spread valuation was neutral [1] - The overseas market was still tight in the short term, but there was an expectation of weakening in the second quarter. Geopolitical factors were still crucial and needed continuous attention [1] Group 2: Data Summary Daily Price Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after C4 | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/02/09 | 4765 | 4475 | 4470 | 636 | 576 | 534 | 4370 | 7280 | - 281 | 381 | | 2026/02/10 | 4750 | 4475 | 4490 | 638 | 578 | 538 | 4450 | 7280 | - 305 | 324 | | 2026/02/11 | 4750 | 4475 | 4430 | 635 | 581 | 538 | 4450 | 7250 | - 282 | 313 | | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | - 274 | 296 | | 2026/02/13 | 4750 | 4467 | 4470 | 621 | 551 | 529 | 4460 | 7280 | - 171 | 315 | | Daily Change | 0 | 0 | 30 | - 14 | - 20 | - 5 | 0 | 0 | 103 | 19 | [1]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogues 3.1. Basis and Spread - The daily change of Shandong basis (+80) (non-Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) is 30 [3] - The daily change of 03 - 06 spread is -9, 04 - 06 is -8, and 06 - 09 is -5 [3] 3.2. Futures Contracts - The BU main contract price on 2/12 is 3343, with a daily change of -30 [3] - The trading volume on 2/12 is 271643, with a daily change of 37601; the open interest is 347769, with a daily change of -17689 [3] 3.3. Spot Prices - The spot prices of Jingbo, Shandong (non-Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged on 2/12 [3] 3.4. Profits - The asphalt Ma Rui profit on 2/12 is 176, with a daily change of 8 [3] 3.5. Weekly Changes - The weekly changes of basis, spread, trading volume, open interest, etc., are -9, -9, -9, -15, -12, -6, 9, -1456, -32196, 1780, 3.0, 0, 0, 0, -133 [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The daily changes in Shandong basis (+80, non - Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) are all 30. The daily changes in 03 - 06, 04 - 06, and 06 - 09 are -9, -8, and -5 respectively [2][3]. 3.2 Futures Contract Data - The BU main contract price is 3343, with a daily change of -30. The trading volume is 271643, with a daily change of 37601 and a weekly change of -5. The open interest is 347769, with a daily change of -17689 and a weekly change of -4 [2][3]. 3.3 Spot Price - The prices of Jingbo, Shandong (non - Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged at 3200, 3200, 3330, and 3280 respectively [2][3]. 3.4 Profit - The asphalt - Marey profit is 250, with a daily change of -19 [2][3]. 3.5 Total Inventory - No specific data analysis is provided, but the total inventory (Longzhong) is mentioned in the report [7].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The intraday 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). The warehouse receipts remain unchanged. The East China market is mostly stable with the local transaction center moving down. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30). The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1] 3. Summary by Relevant Catalogs Daily Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after C4 | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/02/06 | 4835 | 4475 | 4440 | 635 | 569 | 532 | 4240 | 7230 | -213 | 317 | | 2026/02/09 | 4765 | 4475 | 4470 | 636 | 576 | 534 | 4370 | 7280 | -281 | 381 | | 2026/02/10 | 4750 | 4475 | 4490 | 638 | 578 | 538 | 4450 | 7280 | -305 | 324 | | 2026/02/11 | 4750 | 4475 | 4430 | 635 | 581 | 538 | 4450 | 7250 | -282 | 313 | | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | Daily Change | 0 | -8 | 10 | 0 | -10 | -4 | 10 | 30 | 8 | -17 | [1] Daily Viewpoint - The 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). Warehouse receipts remain unchanged. The East China market is mostly stable, with local transaction centers moving down, and the mainstream transaction price is 4150 - 4800 yuan/ton. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] Weekly Viewpoint - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30) [1] - The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PG - FEI c1 is 75.26 (-9.6), FEI - MB is 185.6 (+16.6), and FEI - CP is 10 (+13). Freight rates have increased. The actual landed cost has fluctuated weakly. The FEI - MOPJ spread has widened, with the latest at -44.75 (-15.75) [1] - PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). The temperature has slightly warmed up but is still low, and the rigid demand on the combustion side is still acceptable [1] - As the Spring Festival approaches, the downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly focus on inventory clearance. Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1. Basis and Calendar Spread - The Shandong basis (+80) (non-Jingbo) decreased from 10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The East China basis (Zhenjiang warehouse) decreased from 30 on 1/13 to -43 on 2/11, with a daily change of -30 [3]. - The South China basis (Foshan warehouse) decreased from -10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The 03 - 06 spread decreased from -15 on 1/13 to -12 on 2/11, with a daily change of -4 [3]. - The 04 - 06 spread increased from -11 on 1/13 to 3 on 2/11, with a daily change of 4 [3]. - The 06 - 09 spread remained at 31 on 2/11, with a daily change of 0 [3]. 3.2. Futures Contract Information - The BU主力合约 price increased from 3140 on 1/13 to 3373 on 2/11, with a daily change of 30 [3]. - The trading volume decreased from 409443 on 1/13 to 234042 on 2/11, with a daily change of 2427 and a decrease of 4 compared to the previous day [3]. - The open interest decreased from 434852 on 1/13 to 365458 on 2/11, with a daily change of -8941 and a decrease of 1 compared to the previous day [3]. - The contract value remained at 13580 from 2/5 to 2/11, with a daily change of 0 [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price increased from 63.3 on 1/13 to 69.4 on 2/11, with a daily change of 0.7 [3]. - The Jingbo asphalt price decreased from 3260 on 2/5 to 3200 on 2/11, with a daily change of -10 [3]. - The Shandong (non-Jingbo) asphalt price remained at 3200 from 2/9 to 2/11, with a daily change of 0 [3]. - The Zhenjiang warehouse asphalt price remained at 3330 from 2/9 to 2/11, with a daily change of 0 [3]. - The Foshan warehouse asphalt price remained at 3280 from 2/9 to 2/11, with a daily change of 0 [3]. 3.4. Profit - The asphalt - Ma Rui profit decreased from 411 on 1/13 to 269 on 2/11, with a daily change of -31 [3]. 3.5. Weekly Changes - The weekly changes of various indicators are as follows: -104, -54, -54, -9, -7, 9, 34, -42033, -18419, 0, 1.8, -60, -70, -20, -20, -109 [6].

Report Industry Investment Rating - No relevant information provided Core Views of the Report - The LPG futures market showed a volatile decline this week mainly due to the fall in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil gas). The 3 - 4 month spread was -303 (-9), and the warehouse receipts increased by 1035 to 6902 lots. The current cheapest deliverable is Shanghai civil gas at 4150 (+30). The outer - market paper cargo month spread increased, and the oil - gas ratio oscillated. The internal and external market weakened, with PG - FEI c1 at 75.26 (-9.6), FEI - MB at 185.6 (+16.6), and FEI - CP at 10 (+13). Freight rates rose. The actual landed cost oscillated weakly. The FEI - MOPJ spread widened to -44.75 (-15.75). PDH profit decreased. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22% (mainly in East China), refinery storage capacity decreased by 0.39 pct, and external sales increased by 0.94%. Chemical demand increased, with PDH operating rate at 62.66% (+1.94 pct). The temperature was still low with fair rigid demand for combustion. As the Spring Festival approaches, the downstream restocking is coming to an end, and it is expected that the transportation capacity will decline next week, with factories focusing on inventory clearance. Overall, the internal basis is still weak; due to the large price difference between propane and civil gas, the decline space of civil gas may be limited before the festival; the 3 - 4 month spread is neutrally valued, and the situation of warehouse receipts needs to be monitored. The outer market is still tight in the short term, with high freight rates, and geopolitical and cold wave factors are still crucial and need continuous attention [1] Summary According to the Catalog Daily Data - From February 4 to February 10, 2026, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - post carbon four, and Shandong alkylated oil changed. The daily changes on February 10 were -15, 0, 20, 2, 2, 4, 80, 0 respectively for these items. The paper import profit decreased by 24, and the main basis decreased by 57 [1] Daily Views - On Tuesday, the 3 - 4 month spread rebounded, with the 3 - 4 month spread at -297 (+50) and the 4 - 5 month spread at 91 (+1). Warehouse receipts changed with Shanghai Yuchi +5 and Haiyu Petrochemical -175. LPG spot prices stabilized with a slight downward adjustment expected. The cheapest deliverable was Shanghai Gaoqiao civil gas at 4150, with a basis of -122. Domestic spot prices were generally stable. The mainstream transaction price in East China was 4150 - 4800, and refineries shipped stably before the festival. Shandong civil gas prices continued to rise, with the mainstream price at 4400 - 4530. With the approaching Spring Festival, there was an expectation of a decline under increased supply. The mainstream price of ether - post carbon four rose, and the low - supply situation led to smooth sales [1] Weekly Views - The futures market oscillated down this week. The basis strengthened, the 3 - 4 month spread decreased, and warehouse receipts increased. The outer - market paper cargo month spread increased, and the oil - gas ratio oscillated. The internal and external market weakened. Freight rates rose, and the actual landed cost oscillated weakly. PDH profit decreased. Port storage capacity, ship arrivals, and refinery storage capacity decreased, while external sales increased. Chemical demand increased, and the PDH operating rate rose. The temperature was still low with fair rigid demand for combustion. As the Spring Festival approaches, the downstream restocking is coming to an end, and it is expected that the transportation capacity will decline next week, with factories focusing on inventory clearance. The internal basis is still weak, the decline space of civil gas may be limited before the festival, the 3 - 4 month spread is neutrally valued, and the outer market is still tight in the short term [1]

1. Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: February 10, 2026 [3] 2. BR (Butadiene Rubber) Data Summary Futures Data - On February 9, the closing price of the BR main contract was 12,810, up 20 from the previous day and down 375 week - on - week [4] - The position was 27,608, up 331 from the previous day and down 9,713 week - on - week [4] - The trading volume was 174,314, down 30,875 from the previous day and down 103,781 week - on - week [4] - The number of warehouse receipts was 32,270, up 100 from the previous day and up 4,380 week - on - week [4] - The long - short ratio was 4.28, unchanged from the previous day and down 2 week - on - week [4] Basis and Spread Data - The butadiene - styrene basis was 190, down 70 from the previous day and up 175 week - on - week [4] - The 02 - 03 spread was - 255, down 270 from the previous day and down 60 week - on - week [4] - The 03 - 04 spread was - 15, up 40 from the previous day and up 45 week - on - week [4] - The RU - BR spread was 3435, up 145 from the previous day and up 440 week - on - week [4] - The NR - BR spread was 340, up 80 from the previous day and up 430 week - on - week [4] Spot and Price Data - The Shandong market price was 12,500, down 200 from the previous day and down 300 week - on - week [4] - The Chuanhua market price was 12,600, down 100 from the previous day and down 100 week - on - week [4] - The Qilu ex - factory price was 12,800, unchanged from the previous day and down 200 week - on - week [4] - CFR Northeast Asia was 1700, up 75 from the previous day and up 75 week - on - week [4] - CFR Southeast Asia was 1850, up 25 from the previous day and up 25 week - on - week [4] Profit Data - The spot processing profit was - 382, down 328 from the previous day and down 224 week - on - week [4] - The import profit was - 1294, down 756 from the previous day and down 842 week - on - week [4] - The export profit was 1297, up 318 from the previous day and up 392 week - on - week [4] 3. BD (Butadiene) Data Summary Spot and Price Data - The Shandong market price was 10,475, up 125 from the previous day and down 75 week - on - week [4] - The Jiangsu market price was 10,300, up 50 from the previous day and down 200 week - on - week [4] - The Yangzi ex - factory price was 10,300, unchanged from the previous day and down 200 week - on - week [4] - CFR China was 1270, unchanged from the previous day and unchanged week - on - week [4] Profit Data - The ethylene cracking profit data on February 9 was N/A [4] - The C4 extraction profit data on February 9 was N/A [4] - The butene oxidative dehydrogenation profit was 1780, up 100 from the previous day and down 130 week - on - week [4] - The import profit was 215, up 74 from the previous day and down 166 week - on - week [4] - The export profit was - 804, down 63 from the previous day and up 2090 week - on - week [4] Production Profit Data - The styrene - butadiene production profit was 900, up 38 from the previous day and up 188 week - on - week [4] - The ABS production profit data after February 5 was N/A [4] - The SBS production profit was - 860, up 45 from the previous day and up 185 week - on - week [4]