Core Insights - The pig industry is a crucial pillar of the agricultural economy in Guigang City, Guangxi, playing a significant role in market supply, stabilizing farmers' income, and promoting rural revitalization [1] Group 1: Risk Management Initiatives - The Dalian Commodity Exchange has implemented a "Farmer Income Guarantee Program" to provide financial support to farmers, ensuring stable operations for livestock producers [2] - The "Insurance + Futures" price insurance project, initiated by Nanhua Futures in collaboration with local governments and insurance institutions, covers 25,659 pigs with a project amount of approximately 36.33 million yuan [2] - The project utilized a two-month enhanced Asian put option to lock in target prices, resulting in effective compensation of about 1.38 million yuan, significantly exceeding the farmers' self-paid premiums [2] Group 2: Targeted Support for Small Farmers - The "Insurance + Futures" project focuses on small and medium-sized farmers, encouraging participation through cooperative organizations and ensuring that financial resources are directed towards frontline farming groups [3] - The project has successfully reduced insurance costs for small farmers, making it affordable and accessible, thus reflecting the inclusive intent of financial support for agriculture [3] Group 3: Economic Impact and Future Prospects - The ongoing development of the "Insurance + Futures" model in Guigang not only mitigates market risks in the pig industry but also empowers the implementation of local rural revitalization strategies [3] - Nanhua Futures plans to enhance its experience in price risk management and expand the project’s coverage, aiming for a more standardized and high-quality development of the pig industry [4] - The continuous improvement and promotion of this model are expected to inject stronger momentum into rural revitalization in Guigang and provide a replicable model for the stable development of the pig industry in Guangxi and nationwide [4]

| 冠 | | --- | | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 4123.09 | 4719.06 | 3081.78 | 3332.77 | 8311.28 | | 涨跌（%） | 1.41 | 1.63 | 1.45 | 2.98 | 2.02 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.20 | 11.71 | 37.60 | 27.81 | 19.41 | | 环比变化 | 0.16 | 0.12 | 0.70 | 0.13 | 0.23 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.61 | 2.31 | | 环比变化 | - | - | - | -0.01 | -0.06 | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新值 ...

Group 1: Report's Industry Investment Rating - Not provided in the content Group 2: Report's Core View - In early 2026, the global financial market volatility intensified. The right - wing political trend after the Japanese election and the political crisis in the UK resonated, further increasing market uncertainty. The chaos in the two countries is the result of the transmission of internal economic contradictions. The global market risk has further increased due to the external factors of global geopolitical conflicts and industrial transformation [2] - The RMB exchange rate was supported. The US dollar against the RMB fell below the 6.93 mark during the session. In the short term, it may be supported by seasonal settlement demand and maintain low - level volatile operation. After the holiday, the endogenous appreciation power of the RMB against the US dollar may decline, and its linkage with the US dollar index may further strengthen [4] - The upward sustainability of the stock index remains to be observed. It is recommended to hold positions and wait and see. The bond market is not advisable to chase the high. The container shipping European line futures are expected to maintain high - level fluctuations in the short term. The new energy, non - ferrous metals, and other industries have different trends and corresponding investment suggestions based on their respective fundamentals [13][18][27] Group 3: Summary by Related Catalogs Financial Futures - **Macro**: The political changes in Japan and the UK have pushed up global market risks. Key events include the optimization of refinancing measures by stock exchanges, political turmoil in the UK, expected slowdown in US employment growth, the early departure of the French central bank governor, and Japan's plan to discuss food tax cuts [1] - **RMB Exchange Rate**: The RMB appreciated against the US dollar. The US dollar index declined due to factors such as the recovery of the precious metal and technology stock markets, the strengthening of the yen, and China's suggestion to financial institutions to reduce US debt exposure. The RMB exchange rate was supported, and it is necessary to focus on US employment data and the Fed chairman's speech [3][4] - **Stock Index**: The stock index rose collectively, but the upward sustainability remains to be observed. It is recommended to hold positions and wait and see due to factors such as approaching the Spring Festival and the upcoming release of important data [5][6] - **Treasury Bond**: The bond market continued the upward trend last week. It is not advisable to chase the high, and it is recommended to close out previous long positions. Consider moving positions for the March contract this week [6][7] - **Container Shipping European Line**: The futures market showed a volatile pattern. The core contradiction is the game between the shipping companies' price - holding determination and the fundamental cargo volume support, with geopolitical factors as uncertainties. The short - term is expected to maintain high - level fluctuations [9][10][11] Commodities New Energy - **Lithium Carbonate**: The futures price showed a narrow - range shock with reduced volatility. The downstream pre - holiday stocking was basically completed, and the supply - demand pattern remained stable. It is recommended to arrange a strategy to sell volatility [13][14] - **Industrial Silicon & Polysilicon**: The industrial silicon market is under pressure, and the polysilicon market is relatively cold. Both are expected to maintain narrow - range fluctuations, and the industry is mainly focused on destocking [15][16] Non - ferrous Metals - **Copper**: The copper price showed an oscillatory trend. Near the Spring Festival, the capital speculation degree decreased, and the volatility also declined. It is recommended to pay attention to the decline in volatility when choosing option strategies [18][21] - **Aluminum Industry Chain**: Aluminum is expected to oscillate and adjust, and it is recommended to build long positions or sell options at low levels in the support range. Alumina has a weak fundamental outlook and is recommended to sell deep out - of - the - money options or short after the sentiment subsides. Cast aluminum alloy has strong follow - up ability to aluminum, and it is recommended to pay attention to the price difference between the two [21][22] - **Zinc**: The zinc price showed a narrow - range shock. The market has a strong wait - and - see sentiment, and it may follow the sector to oscillate in the short term. It is recommended to arrange a small - scale internal - external reverse hedging strategy [22][23] - **Nickel - Stainless Steel**: The nickel - stainless steel market oscillated. The supply - demand pattern is weak, and the long - term supply reduction logic remains unchanged. It is necessary to pay attention to the impact of Indonesian policies on the supply - demand pattern [23][24] - **Tin**: The tin price stopped falling and rebounded. It is necessary to pay attention to the US employment and CPI data this week. It is expected to follow the sector to conduct a wide - range shock adjustment [25] - **Lead**: The lead price fluctuated narrowly following the sector. The supply is expected to be relatively loose after the holiday, and the demand is flat. It is expected to show a weak shock [25][26] Oils and Fats and Feeds - **Oilseeds**: The external soybean market rebounded weakly, and the internal market was under pressure. The supply gap in the first quarter is expected to be filled in the second quarter. The soybean meal is expected to follow the cost of US soybeans to rebound in the short term, and the rapeseed meal is difficult to have an independent upward trend [27][28] - **Oils**: The external oil market oscillated, and the internal market was waiting for the report. The palm oil is waiting for the MPOB report, the soybean oil supply is sufficient in the future, and the rapeseed oil supply expectation is optimistic. It is recommended to sell put options [29] Energy and Oil and Gas - **Fuel Oil**: The supply of high - sulfur fuel oil is gradually recovering, and the demand is mainly in the bunkering market. The fundamental situation is still poor, but the Iranian issue provides support at the bottom. It is necessary to pay attention to the geopolitical repetition [31] - **Low - Sulfur Fuel Oil**: The supply is relatively abundant, the demand is stable, and the inventory has decreased. The internal and external markets have limited upward drive, and it mainly follows the cost fluctuations [32][33] - **Asphalt**: The trading enthusiasm is gradually decreasing. The demand has dropped to zero before the holiday. It mainly follows the cost of crude oil to fluctuate, and the price may decline after the holiday [34][35] Precious Metals - **Gold & Silver**: The prices continued to rise. It is necessary to pay attention to important data and events in the future. Although the short - term operation is difficult, the medium - and long - term upward trend remains. It is recommended to buy on dips in steps and pay attention to position control [37][38] Chemicals - **Pulp - Offset Paper**: The pulp futures price decline was supported at a relatively low level. The fundamental situation is still relatively bearish, and it is recommended to partially close out short positions and conduct short - term range trading. The offset paper futures price oscillated, and the market is affected by multiple factors. It is recommended to return to range trading [40][41] - **LPG**: The LPG market is affected by geopolitical risks. The supply is relatively low, and the demand is at a low level. It is necessary to pay attention to the change of warehouse receipts and the impact of funds before the holiday [42][43] - **PTA - PX**: The PX - PTA market's valuation has been adjusted back to the fundamentals. The PX supply is expected to be tight in the first half of the year, and the PTA potential supply is large. It is recommended to buy on dips for PX and shrink the processing margin of PTA on rallies [45][48] - **MEG - Bottle Chip**: The demand for ethylene glycol is seasonally weak, and the supply - demand balance has improved. It is expected to fluctuate widely with the macro - atmosphere. It is necessary to pay attention to the geopolitical impact [49][50] - **Methanol**: The methanol market follows geopolitical and non - ferrous metals. The unilateral participation is difficult, and it is recommended to be out of the market during the holiday [51][52] - **Plastic PP**: The plastic and PP market continued to oscillate weakly. The supply and demand fundamentals have changed little, and it is necessary to pay attention to the inventory accumulation and marginal profit after the holiday [53][54] - **Pure Benzene - Styrene**: The supply of pure benzene is increasing, and the demand is stable. The supply of styrene will increase in February. It is recommended to wait and see in the short term [55][56] - **Rubber**: The natural rubber market oscillated strongly under the support of macro - expectations and costs. The synthetic rubber market is expected to maintain range fluctuations. It is recommended to be light - position before the holiday and consider selling deep out - of - the money options [57][58][90] - **Urea**: The urea market is in a stage of over - supply. The price of the 05 contract is expected to rise, but the short - term may回调. It is recommended to be out of the market during the holiday [61][62] - **Glass Soda Ash**: The soda ash market oscillates weakly, and the industrial contradiction is accumulating. The glass market is in a situation of weak supply and demand, and the cold - repair of production lines before the holiday helps to relieve the inventory pressure [63][64] - **Propylene**: The propylene market is supported by fundamentals, and the cost fluctuates greatly. It is necessary to pay attention to the impact of cost, supply - demand, and market sentiment, as well as the risk of funds before the holiday [65][66] Black Metals - **Rebar & Hot - Rolled Coil**: The rebar and hot - rolled coil market oscillated weakly. The inventory is accumulating, and the supply is slightly stronger than the demand. The steel price may test the lower limit of the shock range. It is necessary to pay attention to the price range of the main contracts [67][68] - **Iron Ore**: The iron ore market is in a situation of weak supply and demand. The overseas shipment is seasonally decreasing, and the port inventory pressure is large. It is recommended to be cautious and wait and see before the holiday [69][70] - **Coking Coal and Coke**: The coking coal and coke market is in a state of weak supply and demand with narrowed fluctuations. The coking coal supply is seasonally shrinking, and the coke supply and demand are recovering simultaneously. It is necessary to pay attention to the resumption rhythm after the holiday [71][73] - **Ferrosilicon & Ferromanganese**: The ferrosilicon and ferromanganese market oscillated weakly. The cost provides support, and the downstream inventory accumulation exerts pressure. It is expected to maintain range fluctuations [74][75] Agricultural and Soft Commodities - **Live Pigs**: The pig price continued to decline. The supply is relatively abundant, and the demand increment is difficult to match. It is recommended to buy on the rebound for the 05 contract [77] - **Cotton**: The cotton market is affected by factors such as the expected reduction of the new - season cotton planting area and the increase of the internal - external price difference. The short - term is expected to oscillate, and it is necessary to pay attention to the downstream import and new orders [78][79][80] - **Sugar**: The international raw sugar price is weakly operating, which is expected to drag down the domestic sugar price. The upward space of the domestic sugar price is limited [81][82] - **Eggs**: The egg spot price continued to decline. The pre - holiday stocking is basically over, the supply is relatively sufficient, and the futures price is expected to oscillate weakly [83][84][85] - **Apples**: The apple market is at the end of the Spring Festival stocking. The short - term demand weakens, but the delivery contradiction provides support, and the downward space is limited [91][92] - **Red Dates**: The red date market has reduced arrivals before the holiday. The short - term price is expected to maintain low - level fluctuations, and the medium - and long - term price is under pressure [93] - **Logs**: The log market has insufficient liquidity. The inventory is at a low level, the overseas shipment has changed, and the market is recommended to wait and see [94][95][96]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian low - sulfur fuel oil market structure remains stable, with sufficient supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market cools after a recent rise due to moderate demand and sufficient supply. The market is neutral overall. Short - term fuel oil still has support, with FU2604 expected to operate in the 2800 - 2850 range and LU2604 in the 3260 - 3320 range [3]. 3. Summary According to the Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market has stable structure, high - sulfur market cools. The basis shows spot premium over futures. Singapore fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week of February 4. The price is above the 20 - day line. High - sulfur and low - sulfur主力持仓 are both short positions and the short positions are increasing. Investors should focus on the Middle East geopolitical situation. Short - term fuel oil has support, with specific price ranges for FU2604 and LU2604 [3]. 3.2 Long and Short Concerns - **Likely Positive Factors**: Iran's situation is unstable, and China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified, and the upstream crude oil is under pressure [4]. - **Market Drivers**: The supply side is affected by geopolitical risks and the demand is neutral [4]. 3.3 Fundamental Data - **Futures Market**: The previous FU主力合约期货 price was 2808, the current price is 2785, a decrease of 23 or 0.82%. The previous LU主力合约期货 price was 3288, the current price is 3253, a decrease of 35 or 1.06%. The previous FU basis was 178, the current basis is 167, a decrease of 11.19 or 6.28%. The previous LU basis was - 10, the current basis is - 43, a decrease of 33 or 336% [5]. - **Spot Market**: The previous price of Zhoushan high - sulfur fuel oil was 478.00, the current price is 472.00, a decrease of 6.00 or 1.26%. The previous price of Zhoushan low - sulfur fuel oil was 492.00, the current price is 487.00, a decrease of 5.00 or 1.02%. The previous price of Singapore high - sulfur fuel oil was 422.24, the current price is 416.19, a decrease of 6.05 or 1.43%. The previous price of Singapore low - sulfur fuel oil was 462.50, the current price is 451.52, a decrease of 10.98 or 2.37%. The previous price of Middle - East high - sulfur fuel oil was 390.56, the current price is 384.60, a decrease of 5.96 or 1.53%. The previous price of Singapore diesel was 642.21, the current price is 649.24, an increase of 7.03 or 1.10% [6]. 3.4 Inventory Data - Singapore fuel oil inventory on February 4, 2026, was 25.529 million barrels, an increase of 950,000 barrels compared to the previous period. The inventory data from November 26, 2025, to February 4, 2026, shows fluctuations in inventory levels [8]. 3.5 Spread Data - The report provides a chart of the high - low sulfur futures spread, but no specific numerical analysis of the spread is given [10].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 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。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 ✸豆粕观点和策略 豆粕M2605：2700至2760区间震荡 1.基本面：美豆震荡收跌，巴西大豆收割推进和技术性震荡整理，美豆短期维持区间震荡等 待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕冲高回 落，美豆走势带动和年底需求进入旺季现货价格升水支撑盘面底部，消息面多空交织短 期或维持震荡格局。中性 2.基差：现货3020（华东），基差291，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic methanol market is expected to fluctuate within a range this week. The inland methanol market is entering the pre - holiday rest period. Demand is decreasing as traditional downstream devices such as formaldehyde have stopped for holidays and some downstream has completed pre - holiday stockpiling. The supply side remains sufficient with no obvious pressure as domestic methanol factories are increasing sales efforts and inventory levels are low. The port market is expected to oscillate at the bottom before the holiday, with the suggestion to reduce risk exposure. The report also mentions to watch whether and when US President Trump will launch a real armed action against Iran, with a neutral stance. It is expected that the methanol price will mainly fluctuate this week, with MA2605 operating between 2210 - 2280 [5]. 3. Summary According to the Table of Contents 3.1 Daily Tips - The methanol 2605 contract: In terms of fundamentals, the inland market will maintain a light consolidation pattern, and the port market will oscillate at the bottom. The basis shows that the spot in Jiangsu is at a discount to the futures. As of February 5, 2026, the social inventory in East and South China ports decreased slightly, and the tradable supply in coastal areas also decreased. The 20 - day line is flat with the price below the average. The main positions are net short with an increase in short positions. It is expected that the methanol price will oscillate this week, with MA2605 operating in the range of 2210 - 2280 [5]. 3.2 Long - Short Concerns - **Likely to be bullish**: Some devices like Yulin Kaiyue and Xinjiang Xinya have stopped. The methanol operation rate in Iran has decreased, and port inventories are at a low level. The 600,000 - ton/year acetic acid device in Jingmen has produced products on May 16, and Xinjiang Zhonghe Hezhong's 600,000 - ton/year acetic acid device is planned to be put into production in the second half of this month. Northwest CTO plants are purchasing methanol externally [6]. - **Likely to be bearish**: Some previously stopped devices such as Inner Mongolia Donghua have resumed operation. There is a concentrated arrival of ships at the port in the second half of the month. Formaldehyde has entered the traditional off - season, and the MTBE operation rate has dropped significantly. Coal - based methanol has a certain profit margin and is actively selling. Some factories in the production area have accumulated inventory due to poor sales [7]. 3.3 Fundamental Data - **Price data**: In the spot market, the prices of some varieties such as coking coal in the Bohai Rim and CFR China Main Port remained unchanged, while the prices in Inner Mongolia and Fujian increased by 65 yuan/ton and 10 yuan/ton respectively. The futures closing price decreased by 13 yuan/ton. The basis of Jiangsu - Lunan increased by 11 yuan/ton, and the import spread increased by 1 yuan/ton [8]. - **Operation rate data**: The weighted average national operation rate decreased by 3.81% to 74.90%. The operation rates in Shandong, Southwest, and Northwest regions decreased by 2.39%, 1.22%, and 3.55% respectively [8]. - **Inventory data**: As of February 5, 2026, the social inventory of methanol in East and South China ports decreased by 3.24 million tons to 961,400 tons, and the tradable supply in coastal areas decreased by 355,000 tons to 463,900 tons [5]. 3.4 Maintenance Status - **Domestic device maintenance**: Many domestic methanol plants are under maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, etc. The maintenance time and loss vary by region and enterprise [60]. - **Foreign device operation**: In Iran, some devices are in the process of restarting or operating at a low level. Devices in other countries such as Saudi Arabia, Malaysia, and the United States are generally operating normally, but some have low operation rates or are in the process of maintenance [61]. - **Olefin device operation**: Some olefin devices in Northwest, East China, Central China, Shandong, Northeast, and other regions are operating normally, while some are under maintenance or have low loads [62].

2026年开年，全球金融市场率先奏响"迎春曲"，迎来久违的开门红行情。A股三大指数开年以来累计涨幅超3%，创业板指表现尤为强势；美 股道琼斯工业平均指数一度站上49000点高位，纳斯达克综指同步走高，即便偶有回调仍难掩上行势头；国际金价表现更为亮眼，截至2月10 日，伦敦金现报价已达5042.11美元/盎司，开年以来涨幅逐步扩大，避险与增值属性双重凸显，国内黄金T+D价格也同步攀升至1122.09元/ 克，金店零售价普遍突破1500元/克大关。但这份暖意背后，宏观局势正加速进入"博弈深水区"，特朗普对美联储的施压层层加码，鲍威尔遭 刑事调查的风波持续发酵，1月美联储利率会议如期落幕且维持利率不变，进一步激化白宫与央行的矛盾，"美联储影子银行"热度攀升引发市 场对流动性风险的担忧，再叠加国内持续升温的"存款搬家"浪潮，黄金、美元、债市、A股、美股、港股六大核心资产的走向，不仅取决于短 期利好共振，更受制于长期宏观逻辑的切换，其背后的机遇与风险值得每一位投资者深度审视。 结合上述宏观博弈与市场动态，我们可清晰拆解六大核心资产的后续走向，其逻辑均围绕"美联储政策不确定性""影子银行风险""存款搬家结 构化"三大核心 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [8][9].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2026年2月10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。 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24720，基差+180；偏多。 3、库存：2月9日LME锌库存较上日减少675吨至106925吨，2月9日上期所锌 库存仓单较上日增加176吨至31264吨；中性。 4、盘面：昨日沪锌震荡回落走势，收20日均线之下 ...

交易咨询业务资格：证监许可【2012】1091号 2026-02-10锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：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 锰硅2605： 2 1.基本面：从成本端来看，整体锰矿成交价格仍处于高位且整体市场暂稳，对硅锰合金价格仍有较强成本支撑；2026年内 蒙地区地方电价以及南方电价对合金的成本预计上涨可能性较大。上周硅锰合金成本支撑暂稳。从供应端来看，前期北方 主产区新增硅锰炉子陆续出铁，普硅硅锰供应压力增加。春节将近，南方合金厂开工率稳定较低，厂家选择暂时停产，观 望态度浓厚，等待年后的电费结算价格。当前硅锰供应宽松压力仍存。从需求端来看，河钢集团26年2月硅锰采购情况等 待验证。当前硅锰市场仍以震荡运行为主基调；中性。 2.基差：现货价5750元/吨，05合约基差-62/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅 ...