1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non - Jingbo) was -6 on 2/27, -177 on 3/20, -130 on 3/25, -183 on 3/26, -152 on 3/27, with a daily change of 31 [3] - The East China basis (Zhenjiang warehouse) was -66 on 2/27, -107 on 3/20, -180 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The South China basis (Foshan warehouse) was -146 on 2/27, -107 on 3/20, -210 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The 04 - 05 spread was -20 on 2/27, -10 on 3/20, 13 on 3/25, 11 on 3/26, -4 on 3/27, with a daily change of -15 [3] - The 04 - 06 spread was -26 on 2/27, -5 on 3/20, 15 on 3/25, 7 on 3/26, -4 on 3/27, with a daily change of -11 [3] - The 06 - 09 spread was 32 on 2/27, 277 on 3/20, 253 on 3/25, 273 on 3/26, 267 on 3/27, with a daily change of -6 [3] 3.2 Futures Contracts - The BU main contract price was 3346 on 2/27, 4457 on 3/20, 4410 on 3/25, 4543 on 3/26, 4532 on 3/27, with a daily change of -11 [3] - The trading volume was 224662 on 2/27, 1191491 on 3/20, 1073847 on 3/25, 1173067 on 3/26, 1165126 on 3/27, with a daily change of -7941 (-2) [3] - The open interest was 315006 on 2/27, 370977 on 3/20, 350606 on 3/25, 380087 on 3/26, 378989 on 3/27, with a daily change of -1098 (8) [3] - The warehouse receipt was 23510 on 2/27, 36100 from 3/20 to 3/26, and N/A on 3/27 [3] 3.3 Spot Market - Brent crude oil price was 70.8 on 2/27, 109.3 on 3/20, 100.8 on 3/25, 104.1 on 3/26, 107.9 on 3/27, with a daily change of 3.9 [3] - Jingbo asphalt price was 3290 on 2/27, 4220 on 3/20, 4250 on 3/25, 4300 on 3/26 and 3/27, with a daily change of 0 [3] - Shandong (non - Jingbo) asphalt price was 3260 on 2/27, 4200 on 3/20 and 3/25, 4280 on 3/26, 4300 on 3/27, with a daily change of 20 [3] - Zhenjiang warehouse asphalt price was 3280 on 2/27, 4350 on 3/20, 4230 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] - Foshan warehouse asphalt price was 3200 on 2/27, 4350 on 3/20, 4200 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] 3.4 Profit - The asphalt - Ma Rui profit was -661 on 3/20, -211 on 3/25, -315 on 3/26, and N/A on 3/27 [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The stock and bond markets are showing signs of improvement. For stock index futures, the downside is limited, and it is advisable to hold a bottom - position. For stock index options, it is recommended to continue holding call options for defense. For bond futures, the sentiment in the bond market is gradually recovering [1][6][7]. 3. Summary by Related Catalog 3.1 Market Outlook Stock Index Futures - On Wednesday, the equity market rebounded in a volatile manner, with the ChiNext and STAR Market leading the gains, while finance, real estate, and petrochemical sectors were weak. The decline in the center of crude oil futures led to a rotation of market styles. The sustainability of the market needs attention, as trading volume remained low (slightly exceeding 2 trillion yuan) and the open interest of stock index futures did not increase significantly. However, the overall downward space is judged to be limited, and it is recommended to hold a bottom - position of IM. The focus should be on geopolitical developments, especially the convergence of crude oil spot prices [1][6]. Stock Index Options - Affected by market conditions, the trading volume of each option variety slightly increased, the option sentiment indicator (open interest PCR) dropped significantly, and the implied volatility was relatively strong, indicating a strong hedging atmosphere. It is recommended to continue holding call options for defense to protect the systematic risks of the overall position [1][6]. Bond Futures - The bond market sentiment continued to recover. The T - contract of bond futures trended upward in a volatile manner, and the motivation for long - positions to enter the market was relatively strong. The ongoing Middle - East geopolitical conflict and the recent decline in oil prices may have spurred the long - position sentiment in the bond market, and inflation concerns may not have further intensified. Although there was tax payment and a small net withdrawal of funds by the central bank, the overall liquidity remained loose, which was favorable for the bond market. The short - end of the bond market remained relatively strong, and the long - end interest rate declined, showing a bullish steepening of the yield curve. It is necessary to pay attention to the development of the Middle - East conflict and inflation expectations, and the cost - effectiveness of bond allocation may increase again [2][7]. 3.2 Derivatives Market Monitoring - The report mentions the monitoring data of stock index futures, stock index options, and bond futures, but no specific content is provided in the given text [8][12][24].

Report Overview - The report is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on March 12, 2026 [1][2][5] Key Data Summary 1. Basis and Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) changed from -63 on 2/10 to -64 on 3/11, with a daily change of -128; the East China basis (Zhenjiang warehouse) was -24 on 3/11, with a daily change of 22; the South China basis (Foshan warehouse) was -74 on 3/11, with a daily change of 32 [3] - **Spread**: 04 - 05 spread was 8 on 3/11, with no daily change; 04 - 06 spread was 33 on 3/11, with a daily change of 17; 06 - 09 spread was 129 on 3/11, with a daily change of 34 [3] 2. Futures Contracts - **BU Main Contract**: The price was 3874 on 3/11, with a daily increase of 128; the trading volume was 526,278, a decrease of 347,113; the open interest was 344,777, a decrease of 6,728 [3] 3. Spot Prices - **Brent Crude Oil (Jingbo)**: The price was 90.2 on 3/11, a decrease of 9.7 [3] - **Zhenjiang Warehouse**: The spot price was 3850 on 3/11, an increase of 150 [3] - **Foshan Warehouse**: The spot price was 3800 on 3/11, an increase of 160 [3] - **Shandong (non-Jingbo)**: The spot price was 3730 on 3/11, with no change [3] 4. Profit - **Asphalt Marrow Profit**: It was -150 on 3/11, with an increase of 519 [3] 5. Weekly Changes - The weekly changes in basis, spread, trading volume, open interest, spot prices, and profit are also provided, such as a weekly change of -34 in the Shandong basis (+80) [6]

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 Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non - Jingbo) changed from -54 on 2/9 to -3751 on 3/10, with a daily change of -3751 [3]. - The East China basis (Zhenjiang warehouse) changed from -4 on 2/9 to -3771 on 3/10, with a daily change of -3771 [3]. - The South China basis (Foshan warehouse) changed from -54 on 2/9 to -3721 on 3/10, with a daily change of -3721 [3]. - The 04 - 05 spread changed from 6 on 2/9 to 7 on 3/10, with a daily change of 7 [3]. - The 04 - 06 spread changed from 7 on 2/9 to -5 on 3/10, with a daily change of -5 [3]. - The 06 - 09 spread changed from 32 on 2/9 to -15 on 3/10, with a daily change of -15 [3]. 3.2. Futures Contracts - The BU main contract price changed from 3334 on 2/9 to 3746 on 3/10, with a daily change of -329 [3]. - The trading volume changed from 273,099 on 2/9 to 873,391 on 3/10, with a daily change of 456,049 [3]. - The open interest changed from 379,965 on 2/9 to 351,505 on 3/10, with a daily change of -30,779 [3]. - The contract quantity remained at 24,640 from 3/3 to 3/10 [3]. 3.3. Spot Prices - The Brent crude oil price for Jingbo changed from $68.3 (3200) on 2/9 to $99.9 (0) on 3/10, with a daily change of 8.1 (-4130) [3]. - The Shandong (non - Jingbo) spot price changed from 3200 on 2/9 to 0 on 3/10, with a daily change of -4080 [3]. - The Zhenjiang warehouse spot price changed from 3330 on 2/9 to 0 on 3/10, with a daily change of -4100 [3]. - The Foshan warehouse spot price changed from 3280 on 2/9 to 0 on 3/10, with a daily change of -4050 [3]. 3.4. Profits - The asphalt - Ma Rui profit changed from 316 on 2/9 to -762 on 3/10, with a daily change of -762 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) on 3/5 was -3579, with a daily change of -3549 [3]. - The East China basis (Zhenjiang warehouse) on 3/5 was -3659, with a daily change of -3549 and a weekly change of -3602 [3][6]. - The South China basis (Foshan warehouse) on 3/5 was -3659, with a daily change of -3499 and a weekly change of -3502 [3][6]. - The 03 - 06 spread on 3/5 was -36, with a daily change of 5 [3]. - The 04 - 06 spread on 3/5 was -1, with a daily change of 12 [3]. - The 06 - 09 spread on 3/5 was 67, with a daily change of 2 [3]. 3.2. Futures Trading Data - The BU main contract price on 3/5 was 3659, with a daily change of -1 [3]. - The trading volume on 3/5 was 706321, with a daily decrease of 137258 [3]. - The open interest on 3/5 was 370385, with a daily decrease of 3568 [3]. - The contract volume on 3/5 was 24640, with no daily change [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price on 3/5 was 82.1, with a daily decrease of 2.3 [3]. - The Jingbo asphalt price on 3/4 was 3580 [3]. - The Shandong (non-Jingbo) asphalt price on 3/4 was 3550 [3]. - The Zhenjiang warehouse asphalt price on 3/4 was 3550 [3]. - The Foshan warehouse asphalt price on 3/4 was 3500 [3]. 3.4. Asphalt Profit - The asphalt Ma Rui profit on 3/5 was -2, with a daily increase of 132 [3].

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].

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 Title and Date - The report is titled "Commodity Quantitative CTA Weekly Tracking" by Guotou Futures Research Institute's Financial Engineering Group, dated February 10, 2026 [1][2] 2. Core Viewpoints - The proportion of commodities this week has changed little. The factor strength of the precious metals and non - ferrous sectors has stabilized and rebounded, while the black and agricultural product sectors have declined due to cross - sectional rotation. Currently, the non - ferrous and chemical sectors are cross - sectionally strong, and the black sector is cross - sectionally weak [3] 3. Industry Analysis 3.1 Sector - by - Sector Momentum and Structure - **Precious Metals**: Gold shows signs of momentum reversal and is gradually stabilizing, and the trading volume of silver has increased slightly [3] - **Non - Ferrous Metals**: The short - cycle momentum of the non - ferrous sector has increased, and the term structure differentiation has narrowed. Aluminum and nickel are cross - sectionally strong [3] - **Black Metals**: The time - series momentum of the black sector has declined marginally, and rebar is weak cross - sectionally [3] - **Energy and Chemicals**: The cross - sectional differentiation of short - cycle momentum in the energy and chemical sector has expanded. Styrene is cross - sectionally strong, and soda ash is weak [3] - **Agricultural Products**: The short - cycle momentum has not reversed significantly, and the trading volume remains below neutral [3] 3.2 Factor Performance and Signals 3.2.1 Methanol - Last week, the supply factor weakened by 0.11%, the inventory factor decreased by 0.17%, the spread factor decreased by 0.02%, and the synthetic factor decreased by 0.13%. This week, the comprehensive signal is long. Fundamentally, the supply side is long, the demand side is short, the inventory side is long, and the spread side is neutral to long [5] 3.2.2 Iron Ore - Last week, the comprehensive factor trend was flat compared to the previous week. This week, the comprehensive signal has changed from short to neutral. The supply side signal feedback is enhanced and remains neutral, the demand side signal has changed from short to long, the inventory side has a long feedback and remains neutral, and the spread side signal has changed from neutral to short [11] 3.2.3 Shanghai Lead - Last week, the supply factor increased by 0.84%, the demand factor strengthened by 0.81%, the inventory factor decreased by 0.83%, the spread factor increased by 0.72%, and the synthetic factor strengthened by 0.39%. This week, the comprehensive signal remains short. The supply side short signal intensity is further enhanced, the inventory side long feedback is slightly weakened and the signal has changed from long to neutral, and the spread side signal has changed from short to neutral [11] 3.2.4 Glass - Last week, the inventory factor increased by 0.11%, the profit factor decreased by 0.44%, and the synthetic factor strengthened by 0.25%. This week, the comprehensive signal remains short. Fundamentally, the supply side is neutral, the demand side short intensity has weakened and become neutral, the inventory side remains neutral, and the profit side remains short [12] 4. Performance Data 4.1 Methanol | Factor | Last Week's Return (%) | This Month's Return (%) | | --- | --- | --- | | Supply | - 0.11 | 0.64 | | Demand | 0.00 | - 0.45 | | Inventory | - 0.17 | 0.01 | | Spread | - 0.02 | 0.73 | | Aggregate | - 0.13 | 0.00 | [4] 4.2 Glass | Factor | Last Week's Return (%) | This Month's Return (%) | | --- | --- | --- | | Pin de | 0.00 | - 0.32 | | Demand | 0.00 | - 0.35 | | Inventory | 0.11 | - 0.37 | | Spread | 0.00 | 0.00 | | Profit | - 0.44 | 1.47 | | Aggregate | 0.25 | - 0.32 | [8] 4.3 Iron Ore | Factor | Last Week's Return (%) | This Month's Return (%) | | --- | --- | --- | | Supply | 0.00 | 0.20 | | Inventory | 0.00 | - 0.24 | | Spread | 0.00 | - 0.29 | | Aggregate | 0.00 | - 0.18 | [11] 4.4 Shanghai Lead | Factor | Last Week's Return (%) | This Month's Return (%) | | --- | --- | --- | | Supply | 0.84 | 2.14 | | Demand | 0.81 | 2.84 | | Inventory | - 0.83 | - 1.86 | | Spread | 0.72 | 1.35 | | Aggregate | 0.39 | 1.06 | [11] 5. Momentum and Other Indicators by Sector | Sector | Momentum Time - Series | Momentum Cross - Section | Term Structure | Trading Volume | | --- | --- | --- | --- | --- | | Black | 0.21 | - 0.29 | 0.85 | 1.25 | | Non - Ferrous | 0.06 | 0.93 | - 2.2 | - 0.64 | | Energy and Chemicals | - 0.37 | 0.57 | 0.02 | 0.16 | | Agricultural Products | 0.75 | - 0.67 | 0.93 | 1.37 | | Stock Index | 0.31 | - 0.1 | - 0.32 | 0.48 | | Precious Metals | 0 | | | - 0.15 | [6]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Directory 1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) changed from -4 on 1/6 to -31 on 2/4, with a daily change of -12 [3] - The East China basis (Zhenjiang warehouse) changed from 6 on 1/6 to -11 on 2/4, with a daily change of -2 [3] - The South China basis (Foshan warehouse) changed from -14 on 1/6 to -61 on 2/4, with a daily change of -2 [3] - The 03 - 06 spread changed from 10 on 1/6 to 2 on 2/4, with a daily change of -3 [3] - The 04 - 06 spread was 8 on 2/4, with no daily change [3] - The 06 - 09 spread changed from 15 on 1/6 to 23 on 2/4, with a daily change of 4 [3] 2. Futures Contracts - The BU main contract price was 3361 on 2/4, with a daily increase of 52 [3] - The trading volume was 282,920 on 2/4, a decrease of 20,689 (-33%) compared to the previous day [3] - The open interest was 387,150 on 2/4, a decrease of 6% compared to the previous day [3] - The combined volume was 13,580 on 2/4, with no change [3] 3. Spot Market - Brent crude oil price was 67.0 on 2/4, with a daily increase of 0.8 [3] - Jingbo's asphalt price was 3260 on 2/4, with no change [3] - The non-Jingbo Shandong asphalt price was 3250 on 2/4, an increase of 40 [3] - The Zhenjiang warehouse asphalt price was 3350 on 2/4, an increase of 50 [3] - The Foshan warehouse asphalt price was 3300 on 2/4, an increase of 50 [3] 4. Profit - The asphalt - Ma Rui profit was 405 on 2/4, a decrease of 35 compared to the previous day [3]

Group 1: Report Information - Report Name: Asphalt Morning Report [2] - Report Date: February 4, 2026 [4] - Research Team: Research Center Energy and Chemicals Team [4] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - No information provided Group 4: Basis and Spread - Shandong basis (+80) (non-Jingbo) changed from -52 on 12/31 to -19 on 2/3, with a daily change of -40 [3] - East China basis (Zhenjiang warehouse) changed from -82 on 12/31 to -9 on 2/3, with a daily change of -10 [3] - South China basis (Foshan warehouse) changed from -122 on 12/31 to -29 on 2/3, with a daily change of -50 [3] - 03 - 06 spread changed from -23 on 12/31 to 5 on 2/3, with a daily change of -10 [3] - 04 - 06 spread changed from -20 on 12/31 to 8 on 2/3, with a daily change of 8 [3] - 06 - 09 spread changed from 5 on 12/31 to 19 on 2/3, with a daily change of -6 [3] Group 5: Futures Contracts - BU main contract price was 3022 on 12/31 and 3309 on 2/3, with a daily change of 10 [3] - Trading volume decreased from 311,277 on 12/31 to 303,609 on 2/3, a daily decrease of 242,358 [3] - Open interest decreased from 426,006 on 12/31 to 381,498 on 2/3, a daily decrease of 16,182 [3] - Aggregate contracts remained at 13,580 from 1/28 to 2/3 [3] Group 6: Spot Prices - Brent crude price was 66.5 on 1/28 and 66.1 on 2/3, a daily decrease of 4.6 [3] - Jingbo spot price was 2980 on 12/31 and 3260 on 2/3, a daily decrease of 20 [3] - Shandong (non-Jingbo) spot price was 2890 on 12/31 and 3210 on 2/3, a daily decrease of 30 [3] - Zhenjiang warehouse spot price remained at 3300 from 2/2 to 2/3 [3] - Foshan warehouse spot price was 2900 on 12/31 and 3250 on 2/3, a daily decrease of 40 [3] Group 7: Profits - Asphalt Ma Rui profit was N/A on 12/31 and 440 on 2/3, a daily increase of 199 [3]