1. Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" - Date: February 6, 2026 - Research Institution: Guangda Futures Research Institute [1] 2. Core Viewpoints - The report presents the latest data on iron ore contract spreads, basis, and variety spreads, and also shows the relevant historical data charts, which can help investors understand the current market situation of iron ore [3][7][15] 3. Summary of Each Section 3.1 Contract Spreads - The closing prices of I05, I09, and I01 contracts decreased by 13.0, 13.5, and 12.5 respectively compared with the previous day - The spreads of I05 - I09 and I01 - I05 increased by 0.5, while the spread of I09 - I01 decreased by 1.0 [3] 3.2 Basis - The prices of most iron ore varieties decreased, with the price of Ukrainian iron concentrate dropping by 16.0, and the prices of some varieties remaining unchanged - The basis of most varieties increased, among which the basis of FMG mixed powder increased by 4, and the basis of some varieties of iron concentrate increased by 13 [7] 3.3 Variety Spreads - The spreads of PB block - PB powder and Newman block - Newman powder increased by 6.0 - The spreads of PB powder - mixed powder and Jinbuba - mixed powder decreased by 3.0 - The spreads of other varieties remained mostly unchanged or changed slightly [15] 3.4 Exchange Rule Adjustments - Four new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) were added starting from the I2202 contract, with a brand premium of 0 - The brand premiums of PB powder, BRBF, and Carajas powder were adjusted to 15 yuan/ton, and the premiums of other deliverable brands were set to 0 - The allowable ranges of iron grade and other element indicators were adjusted, and a dynamic adjustment mechanism for the premium of iron element indicators was introduced - Four new deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Powder, SP10 Powder) were added with a brand premium of 0, applicable to contracts starting from I2312 [13]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [2][5][7] 2. Core Views - For methanol, the situation in Iran continues to ferment, MTO shows resistance with several plant shutdowns and production cuts planned. The price is likely to be range - bound, with the MTO profit capping the upside. A bearish view or selling call options may be appropriate [2] - For plastics, the futures market fluctuates, the spot price is stable, and the basis is weak. The supply of standard products is increasing, and the supply - demand balance of LL in May is expected to face significant pressure [2] - For PP, the futures market is stable, the basis is weak. The import and export profits are negative, and the export volume declines slightly. The overall inventory is neutral, and the supply - demand balance in May and later is expected to be slightly under pressure [5] - For PVC, the basis improves slightly, the trading volume is average. The overall profit is low, the inventory is moderately high, and the long - term outlook is poor due to weak real - estate demand [6][7] 3. Summary by Different Categories Methanol - **Price Changes**: From 2026/01/30 to 2026/02/05, the price of Jiangsu spot decreased by 70, the price of South China spot decreased by 20, and the main contract basis changed from - 55 to - 35 [2] - **Market Situation**: Iran's situation affects the market, MTO plants show resistance, and the price is restricted by MTO profit [2] Plastics - **Price and Basis**: The futures price of L fluctuates, the spot price is stable, and the basis is weak. The regional basis and price differences change [2] - **Profit and Inventory**: The oil - and coal - based production profits decline, the upstream coal chemical industry and Sinopec & PetroChina reduce inventory, while the social inventory accumulates. The supply of standard products increases [2] PP - **Price and Basis**: The futures price is stable, the basis is weak, and the regional price differences change [5] - **Profit and Inventory**: The import and export profits are negative, the downstream profit improves, the supply has temporary maintenance plans, and the inventory situation is complex with overall neutrality [5] PVC - **Price and Basis**: The basis improves slightly, the trading volume is average, and the prices of raw materials and products change [6][7] - **Profit and Inventory**: The comprehensive profit is low, the upstream starts production at a moderate rate, the demand is stable, the inventory is moderately high, and the export remains stable [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The raw - material end crude oil price has fallen and stabilized, the Middle - East geopolitical situation is uncertain, the ethylene monomer segment is weak, and the PE ethylene process profit has been repaired [2]. - The downstream agricultural film has weakened recently, while the packaging film industry maintains rigid demand [2]. - The supply side sees BASF Zhanjiang gradually starting trial production, the maintenance plan in February has decreased compared to the previous month, some FD has switched back to standard products. After the pre - Spring Festival inventory transfer, the fundamental contradictions are not significant for the time being. Attention should be paid to the inventory accumulation during the festival and the destocking slope after the festival [2]. 3. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2605 yesterday was 6777, with a daily decline of 2.04%, the trading volume was 635,809, and the position decreased by 6,547 [1]. - **Basis and Spread Changes**: The basis of the 05 contract was - 147 yesterday, compared with - 188 the day before; the spread between the 05 - 09 contracts was - 51 yesterday, compared with - 57 the day before [1]. - **Important Spot Prices**: The spot price of North China was 6,630 yuan/ton yesterday, down from 6,730 yuan/ton the day before; East China was 6,780 yuan/ton, down from 6,880 yuan/ton; South China was 6,790 yuan/ton, down from 6,950 yuan/ton [1]. Spot News - The futures price has corrected, the upstream's previous inventory has been transferred, enterprise quotes remain stable, and agency orders and mid - stream sales are weak. Yulong Petrochemical has resumed production of 7042, and the standard product production schedule is neutral [1]. - Downstream product profits are compressed, and there is resistance to high prices. The foreign - market offer has increased, and there is a shortage of LL supplies. The long - term import profit has opened, but the import volume of importers has not increased significantly. Downstream factories are mostly cautiously waiting and watching. It is expected that the intensifying geopolitical situation may support the strength of the US - dollar market [1]. Market Condition Analysis - The raw - material end crude oil price has fallen and stabilized, the Middle - East geopolitical situation is uncertain, the ethylene monomer segment is weak, and the PE ethylene process profit has been repaired [2]. - The downstream agricultural film has weakened recently, while the packaging film industry maintains rigid demand [2]. - The supply side sees BASF Zhanjiang gradually starting trial production, the maintenance plan in February has decreased compared to the previous month, some FD has switched back to standard products. After the pre - Spring Festival inventory transfer, the fundamental contradictions are not significant for the time being. Attention should be paid to the inventory accumulation during the festival and the destocking slope after the festival [2]. Trend Intensity - The LLDPE trend intensity is - 1 [3]

消息面 本周PTA工厂库存在3.74天，较上周+0.16天，较去年同期+0.08天。 聚酯供需来看，目前PX与PTA加工利润均处于相对高位，但PX与PTA短期开工预期变化不大，对PX利 润高位形成支撑，PX基本面短期带来的驱动不强；而下游聚酯及终端处于需求淡季，相关装置开工率 持续走低，需求的减弱可能会导致PTA进一步累库，PTA加工利润偏压缩看待，PTA短期价格承压。 东海期货： 聚酯板块受负反馈影响回落，PTA仓位基本稳定，前期主力对前高进行突破测试过程中，资金持仓逐渐 减量，向上驱动减弱。下游开工进一步减少，除去年前正常降负荷外，减产存续也进一步降低对PTA采 购需求，基差近期持续缓慢走低，近期价格将进一步有回调驱动。 数据显示，PTA装置暂无明显变化，PTA负荷维持在76.6%。西南一套100万吨PTA装置重启准备中，预 计近日恢复正常，该装置11月上旬停车检修。 机构观点 迈科期货： 数据显示，2月4日华东地区精对苯二甲酸（PTA）现货价格报5150元/吨，较上一日上涨65元/吨，当日 涨幅为1.28%。最近一周，华东地区精对苯二甲酸（PTA）价格累计下跌100元/吨，下跌幅度为1.90%； 最近一 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a daily monitoring of iron ore basis and price spreads, including contract spreads, basis data and charts, and variety price spreads and charts. It also details the adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts [3][7][13] 3. Summary by Relevant Catalog 3.1 Contract Spreads - The closing price of I05 is 781.5 yuan/ton, up 4.0 yuan from the previous day; I09 is 764.5 yuan/ton, up 4.5 yuan; I01 is 753.5 yuan/ton, up 4.5 yuan [3] - The spread of I05 - I09 is 17.0 yuan/ton, down 0.5 yuan; I09 - I01 is 11.0 yuan/ton, unchanged; I01 - I05 is -28.0 yuan/ton, up 0.5 yuan [3] 3.2 Basis 3.2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás), BRBF, Newman fines, etc., their prices, delivery costs, basis, and changes are presented. For example, the price of Carajás fines is 881 yuan/ton, up 4.0 yuan, with a basis of 57 yuan, unchanged [7] 3.2.2 Basis Charts - Charts show the basis of different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc., from May 2025 to January 2026 [10][11][12] 3.3 Adjustment of Deliverable Brands and Premiums/Discounts - Four new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added with a brand premium/discount of 0, effective from the I2202 contract [13] - The brand premiums/discounts of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [13] - The quality differences and quality premiums/discounts of substitutes are modified, including the adjustment of the allowable range of iron grade and other element indicators, and the introduction of a dynamic adjustment mechanism for the premium/discount value of iron element indicators [13] - Four more brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added as deliverable brands with a brand premium/discount of 0 yuan/ton, applicable to the I2312 and subsequent contracts [13] 3.4 Variety Price Spreads 3.4.1 Variety Price Spread Data - The price spreads of different iron ore varieties are presented, such as the spread of PB lump - PB fines is 69.0 yuan/ton, down 3.0 yuan; PB fines - FMG mixed fines is 58.0 yuan/ton, up 2.0 yuan [15] 3.4.2 Variety Price Spread Charts - Charts show different types of price spreads, including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc [16][17][18]

20260205申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低2.44%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和 | | | 下游需求等变化。 | | 锌 | 锌：夜盘锌价收低0.46%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电排 | | | 产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和下游 | | | 需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | (美元/吨） | （美元/吨） | （吨） | ...

Group 1: Report Summary - The report is a methanol polyolefin morning report released by the Energy and Chemicals Team of the Research Center on February 5, 2026, covering methanol, plastics, PP, and PVC [2] Group 2: Methanol Analysis - **Price Data**: From January 29 to February 4, 2026, the price of动力煤期货 remained at 801, the price of江苏现货 decreased from 2300 to 2250, and the price of西北折盘面 increased from 2385 to 2398 [2] - **Market Outlook**: The conflict in Iran continues to ferment, MTO is showing resistance. Some factories have parking or production reduction plans. It is difficult for methanol to go up or down. MTO profit caps the upside. It is currently appropriate to be bearish or sell call options [2] Group 3: Plastic Analysis - **Price Data**: From January 29 to February 4, 2026, the price of东北亚乙烯 decreased from 700 to 695, the price of华东LL decreased from 7025 to 6940, and the price of华东LD decreased from 8925 to 8800 [2] - **Market Outlook**: The futures market is oscillating, the spot price is stable, and the basis is weak. The oil - making profit and coal - making profit are deteriorating. The upstream coal chemical industry and Sinopec & PetroChina are destocking, while social inventory is accumulating this week. The supply of standard products is growing rapidly, and the supply of 05 PE is expected to be under pressure [2] Group 4: PP Analysis - **Price Data**: From January 29 to February 4, 2026, the price of山东丙烯 increased from 6370 to 6410, the price of华东PP increased from 6675 to 6620, and the price of主力期货 increased from 6870 to 6801 [3] - **Market Outlook**: The futures market is stable, and the basis is weak. The import profit is - 334, and the export profit is - 225. The export volume has slightly declined. The upstream profit is stable, and the downstream profit has improved. The supply is temporarily flat in January, and the overall inventory is neutral. The supply of 05 and later is expected to be slightly under pressure [3] Group 5: PVC Analysis - **Price Data**: From January 29 to February 4, 2026, the price of西北电石 increased from 2500 to 2575, the price of电石法 - 华东 increased from 4720 to 4950, and the price of电石法 - 西北 increased from 4330 to 4550 [4][5] - **Market Outlook**: The V basis is - 330, up 10 compared to the previous period. This week's trading volume is average. The upstream is stable, and the downstream demand is stable. The overall inventory level is still moderately high, and the export is flat. The current comprehensive profit of PVC is low, and the short - term seasonal production starts to recover. The long - term demand in the real estate market is weak, and the medium - to - long - term outlook for PVC is poor [5]

| 股指期货价差日报 | 投资咨询业务费格: 证监许可【2011】1292号 2026年2月5日 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 全历史分位数 | 展新值 | 较前一日变化 | 历史1年分位数 | F期现价差 | -5.08 | 77.40% | 51.00% | 2.02 | | | | | | | | H期现价去 | 2.56 | 4.14 | 78.60% | 71.10% | 期现价差 | IC期现价差 | 14.54 | 19.24 | 98.30% | 96,70% | IM期现价差 | -3.72 | 77.53 | 80.00% | 79.40% | | 次月-当月 | -5.20 | -0.60 | 77.4096 | 48.80% | 零月-当月 | -33.80 | -1.20 | 48.30% | 32.60% | 远月-当月 ...

| 81.00 | 期货 | œ | | --- | --- | --- | | GF FUTURES | | | 苹果 现值 前值 涨跌 涨跌幅 单位 苹果2605 (主力) 9594 109 9485 1.15% 苹果2610合约 8310 8256 54 0.65% 元/吨 基差 -1394 -1285 -109 -8.48% 苹果5-10价差 1284 1229 55 4.48% 槎龙果品批发市场到货 60 53 7 13.21% 江门水果批发市场到货 35 27 8 29.63% 车 下桥水果批发市场到货 42 34 8 23.53% 115274 5380 期货持仓量 120654 4.67% # 全国冷库库存 654.05 682.78 -28.73 -4.21% 万吨 盘面利润 -1525 -1434 -91 -6.35% 元/吨 主产区现货成交价格 | 油脂产业期现日报 | 1 75 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On February 4, the LPG night - market fluctuated lower. The 03 - 04 spread was - 290 (- 25), and the 03 basis was - 110 (calculated using Shanghai civilian price of 4100). The external market FEI rose 5 dollars to 533, and CP increased 3 dollars to 533, with the number of warehouse receipts unchanged [1]. - This week, the futures price fluctuated and rose with crude oil due to geopolitical and macro - sentiment disturbances. The 03 basis was 64 (- 32), the 03 - 04 spread was - 294 (- 16), - 203 (- 8). The cheapest deliverable was East China civilian gas at 4418 (+ 46). There were 5867 warehouse receipts (- 31), with 31 less from Haiyu Petrochemical. The February CP official price was in line with expectations, with propane and butane at 545/540 (+ 20/+ 20). FEI spread fluctuated, while CP and MB spreads declined. The oil - gas ratio decreased, and the North American natural gas - LPG ratio increased. The internal - external spread weakened significantly, with PG - FEI at 37.5 (- 17.8) and PG - CP at 59 (- 8). Freight rates rose significantly due to North American cold snaps delaying loading operations and supply - demand tightness, along with high risk of the Strait of Hormuz blockade due to the tense Iranian situation. The East China propane arrival premium was 91 (+ 6); AFEI, Middle East, and US propane FOB premiums were 19.25 (- 16.75), - 15 (- 35), 46.89 (- 15.6). The FEI - MOPJ spread was - 29 (- 11). China's PDH propylene production profit strengthened significantly, with the latest at - 237 (a month - on - month increase of 200). PDH operating rate was 60.72% (- 1.53pct). Geopolitical risks remain, and the rising external price supports the domestic LPG futures sentiment. However, domestic downstream profits are poor, and there is pre - holiday inventory reduction, so the spot price support is weak. The domestic basis is weak, the spread valuation is neutral. Follow - up attention should be paid to warehouse receipts and the external market. The internal - external valuation is moderately high, and the external market may remain tight in the short term, with attention needed on the February cold snap in the US and the Iranian situation [1]. Group 3: Summary by Relevant Catalog Day - to - day Data - From January 29 to February 4, 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, Shandong alkylated oil, paper import profit, and主力基差 had different changes. For example, on February 4 compared to the previous day, South China LPG decreased by 15, East China LPG remained unchanged, Shandong LPG decreased by 10, propane CFR South China increased by 11, etc [1]. Day - to - day View - On February 4, the LPG night - market fluctuated lower. The 03 - 04 spread was - 290 (- 25), and the 03 basis was - 110 (calculated using Shanghai civilian price of 4100). The external market FEI rose 5 dollars to 533, and CP increased 3 dollars to 533, with the number of warehouse receipts unchanged [1]. Weekly View - This week, the futures price fluctuated and rose with crude oil due to geopolitical and macro - sentiment disturbances. The 03 basis was 64 (- 32), the 03 - 04 spread was - 294 (- 16), - 203 (- 8). The cheapest deliverable was East China civilian gas at 4418 (+ 46). There were 5867 warehouse receipts (- 31), with 31 less from Haiyu Petrochemical. The February CP official price was in line with expectations, with propane and butane at 545/540 (+ 20/+ 20). FEI spread fluctuated, while CP and MB spreads declined. The oil - gas ratio decreased, and the North American natural gas - LPG ratio increased. The internal - external spread weakened significantly, with PG - FEI at 37.5 (- 17.8) and PG - CP at 59 (- 8). Freight rates rose significantly due to North American cold snaps delaying loading operations and supply - demand tightness, along with high risk of the Strait of Hormuz blockade due to the tense Iranian situation. The East China propane arrival premium was 91 (+ 6); AFEI, Middle East, and US propane FOB premiums were 19.25 (- 16.75), - 15 (- 35), 46.89 (- 15.6). The FEI - MOPJ spread was - 29 (- 11). China's PDH propylene production profit strengthened significantly, with the latest at - 237 (a month - on - month increase of 200). PDH operating rate was 60.72% (- 1.53pct). Geopolitical risks remain, and the rising external price supports the domestic LPG futures sentiment. However, domestic downstream profits are poor, and there is pre - holiday inventory reduction, so the spot price support is weak. The domestic basis is weak, the spread valuation is neutral. Follow - up attention should be paid to warehouse receipts and the external market. The internal - external valuation is moderately high, and the external market may remain tight in the short term, with attention needed on the February cold snap in the US and the Iranian situation [1].