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 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Gold price oscillated and rebounded due to a political "black swan" event in the UK and active trading in the Japanese morning session. The premium of Shanghai Gold converged, and short - term volatility was high. It has not returned to the upward trend, so cautious operation is recommended. [4] - Silver price rose significantly again due to increased risk appetite. The premium of Shanghai Silver converged, and the price remained highly volatile without returning to the upward channel, also suggesting cautious operation. [5] - With the approaching mid - term elections, there is continuous turmoil and loose policies, high risk appetite, which supports gold and silver prices. However, the downward risks also increase. [10][14] 3. Summary by Directory 3.1 Previous Day's Review - **Gold**: The UK political "black swan" event occurred. US and European stock markets rose, US bond yields mostly fell, the US dollar index dropped, and COMEX gold futures rose 2.10% to $5084.20 per ounce. The basis was - 4.08, indicating the spot was at a discount to the futures. The gold futures warehouse receipts remained unchanged at 104,052 kilograms. The 20 - day moving average was upward, and the K - line was below it. The main net position was long, and the long position increased. [4] - **Silver**: Risk appetite increased, and the silver price rose significantly again. US and European stock markets rose, US bond yields mostly fell, the US dollar index dropped, and COMEX silver futures rose 8.00% to $83.05 per ounce. The basis was - 1123, indicating the spot was at a discount to the futures. The Shanghai silver futures warehouse receipts decreased by 62,559 kilograms to 349,900 kilograms. The 20 - day moving average was downward, and the K - line was below it. The main net position was long, and the long position increased. [5][6] 3.2 Daily Tips - **Gold**: Today, pay attention to the US December retail sales and import price index, as well as the speeches of Fed officials. The political "black swan" in the UK and active trading in the Japanese morning session led to a stronger Asian stock market and a rebound in the gold price. The premium of Shanghai Gold converged to about - 1.8 yuan/gram, and the sentiment converged. CME and SHFE raised margins again, with high short - term volatility and the price not yet back in the upward trend, so cautious operation is needed. [4] - **Silver**: The political "black swan" in the UK and active trading in the Japanese morning session led to a stronger Asian stock market and a significant rebound in the silver price, which declined in the morning. The premium of Shanghai Silver converged, and the domestic sentiment cooled rapidly. The silver price remained highly volatile without returning to the upward channel, so cautious operation is recommended. [5] 3.3 Today's Focus - Time TBD: The International Energy Week opens in London, UK (February 10 - 12) [17] - 21:30: US December retail sales and import price index [4][17] - 23:00: The New York Fed releases the Q4 2025 household debt and credit report [17] - Next day 01:00: Cleveland Fed President Beth Hammack talks about the banking industry and economic outlook [17] - Next day 02:00: Dallas Fed President Lorie Logan speaks at an asset management forum [17] 3.4 Fundamental Data - **Gold**: The mid - term elections are approaching, with continuous turmoil and loose policies, high risk appetite, which makes it difficult for the gold price to fall. However, as all metals are strengthening, the downward risk of the gold price also increases. [10] - **Silver**: With the approaching mid - term elections, there is continuous turmoil and loose policies, high risk appetite, and there is still macro - level support. The sentiment of bullishness and investment is high. Although the sentiment has cooled slightly under regulatory pressure, the price has not declined. [14] 3.5 Position Data - **Gold**: The long position of the top 20 in Shanghai Gold increased by 3.32% to 149,691 on February 9 compared with February 8, the short position decreased by 13.49% to 32,638, and the net position increased by 9.24% to 117,053. [33] - **Silver**: The long position of the top 20 in Shanghai Silver increased by 1.25% to 301,257 on February 9 compared with February 6, the short position increased by 2.04% to 203,025, and the net position decreased by 0.35% to 98,232. [35]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The supply of pigs and pork is expected to increase as the secondary fattening period in southern China ends and the demand for cured meat and sausages also finishes. Although the domestic macro - environment expectation has improved, pork consumption will enter the off - season after the Spring Festival, and the overall future consumption is not optimistic. The market this week may see an increase in supply and a weakening demand expectation, and pig prices may enter a short - term volatile and weak pattern. The LH2605 contract of live pigs is expected to oscillate in the range of 11,400 - 11,800 [10]. 3. Summary According to Relevant Catalogs 3.1 Daily Tips - The fundamental situation of live pigs: The end of the secondary fattening period in southern China leads to a short - term increase in the number of pigs for sale, suppressing pig prices. The demand for cured meat and sausages has ended, and overall, the supply of pigs and pork is expected to increase. The domestic macro - environment expectation has improved, but pork consumption will enter the off - season after the Spring Festival, and future consumption is not optimistic. The market this week may have more supply and weaker demand expectations, and pig prices may enter a short - term volatile and weak pattern. Attention should be paid to the change in the slaughter rhythm of large - scale farms in the middle of the month and the dynamic changes in the spot price of the secondary fattening market, which may support the bottom of the futures market. The view is neutral. - The basis: The national average spot price is 11,710 yuan/ton, and the basis of the 2605 contract is 145 yuan/ton, with the spot price at a premium to the futures price. This is a bullish factor. - Inventory: As of December 31, the live pig inventory was 429.67 million heads, a monthly decrease of 0.8% and a year - on - year increase of 0.5%. As of the end of December, the inventory of breeding sows was 39.61 million heads, a monthly decrease of 0.5% and a year - on - year decrease of 2.9%. This is a bearish factor. - The disk: The price is below the 20 - day moving average and moving downward. This is a bearish factor. - Main positions: The main positions are net short, and the short positions are decreasing. This is a bearish factor. - Expectation: In the near term, both the supply and demand of live pigs are increasing. It is expected that pig prices will bottom out and rebound this week and generally maintain a range - bound pattern. The LH2605 contract of live pigs is expected to oscillate in the range of 11,400 - 11,800 [10]. 3.2 Recent News - The domestic live pig consumption market is affected by the peak demand season. With the end of secondary fattening in southern China, the number of live pigs for sale has increased, and the supply expectation has increased. The spot price is weak in the short term and will maintain a range - bound pattern in the medium term. - As the demand for cured meat at the end of the year gradually fades, the live pig spot market enters a stage of increasing supply and weakening demand. The room for further price decline in the short term may be limited, and the price may bottom out and return to a range - bound pattern. - The loss of domestic live pig breeding profit has fluctuated slightly recently and remains slightly in the red in the short term. The enthusiasm for selling large pigs has increased in the short term, and the situation of increasing supply and weakening demand suppresses the short - term price expectations of live pig futures and spot markets. - The live pig spot price is weak in the short term, and the futures price will oscillate and decline in the short term, bottom out and rebound in the medium term, or maintain a range - bound pattern. Further observation of the growth of supply and demand is needed [12]. 3.3 Long and Short Concerns - Bullish factors: The domestic demand for live pigs is still in the peak season at the end of the year; the domestic pig - grain ratio has fallen to the historical low range. - Bearish factors: The secondary fattening of live pigs at the end of the year in China has increased, and there is concentrated slaughter; the year - on - year decrease in the live pig inventory is lower than expected. - Current main logic: The market focuses on the slaughter situation of live pigs and the demand for fresh meat [13]. 3.4 Fundamental Data - The report provides data on live pig futures, warehouse receipts, and spot prices from February 2 to February 9, including the prices of near - month 2603 and main 2605 contracts, the number of warehouse receipts, and the spot prices of outer - ternary live pigs in different regions [14]. - It also shows the historical trends of live pig basis, contract spreads, the average prices of different specifications of live pigs, and the prices of related indicators on the supply side (such as the average price of binary sows, 7kg piglets, and culled sows; piglet feed - to - meat ratio and survival rate; monthly live pig inventory and its month - on - month trend; monthly inventory of breeding sows; live pig inventory of large - scale farms; monthly pork import trend; fattening cost; feed profit expectation; live pig slaughter volume and average weight; slaughter profit; self - breeding and self - raising and purchased piglet profit; price difference between pigs and other meats), on the slaughter side (such as the average price of白条, the price difference between live pigs and白条, the slaughter settlement price, the average price in 36 cities), on the demand side (such as the annual pork consumption volume), the pig - grain ratio, and the historical trends of live pig price increases and decreases, and the situation of live pig storage and release [15][17][23][50][60][63][67]. 3.5 Position Data - Not provided in the document

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 原油2603： 1.基本面：根据交易商和伦敦证交所集团(LSEG)航运数据，俄罗斯油轮正越来越多地将新加坡列为官方目的 地，这意味着出口流向正从印度转向中国，以及对西方制裁的担忧日益加剧；美国向途经霍尔木兹海峡的商 船发布最新指南。据美国交通部海事管理局发布的指导意见，该机构建议"悬挂美国国旗的商船尽可能远离 伊朗领海，并在被伊朗军队要求登船时口头拒绝——如果伊朗军队登船，船员不应强行抵抗"；中性 2.基差：2月9日，阿曼原油现货价为67.21美元/桶，卡塔尔海洋原油现货价为66.56美元/桶，基差31.55元/桶， 现货升水期货；偏多 3.库存：美国截至1月30日当周API原油库存减少1107.9万桶，预期减少25.6万桶；美国至1月30日当周EIA库存 减少345.5万桶，预期增加48.9万桶；库欣地区库存至1月30日当周减少74.3万桶，前值减少27.8万桶；截止 至2月9日，上海原油期货库存为346.4万桶，不变；偏多 4.盘面：20日均线偏上，价格在均线 ...

2026年2月10日，全球贵金属市场迎来标志性行情——纽约期金主力合约盘中强势突破5080美元/盎司关 键阻力位，截至今日早盘收盘，报5040.6美元/盎司(盘中最高触及5100.9美元/盎司，今开5084.3美元/盎 司)，日内最高涨幅达2.02%，创下近期单日最大涨幅之一。从技术面来看，此次突破并非偶然，而是前 期震荡蓄力、指标共振后的必然结果，5080美元/盎司作为前期多次测试未果的核心阻力位，其成功突 破意味着长期震荡格局被打破，技术面发出明确的看涨信号，大概率开启新一轮上涨行情。本文将从技 术形态、量价配合、指标共振三个核心维度，深度解读此次突破的有效性与后续走势，结合市场情绪给 出实操性交易策略，同时警示潜在波动风险，为黄金投资者提供专业、精准的技术参考，助力把握市场 机遇。 在技术分析体系中，关键点位的突破往往是趋势反转或加速的核心信号，而纽约期金此次突破的5080美 元/盎司，更是兼具"前期高点+均线共振+形态颈线"三重关键属性，其突破意义远超普通阻力位突破。 回顾近期纽约期金走势，自2月6日早盘快速下探至4650美元/盎司附近完成技术性洗盘后，期金便开启 震荡回升态势，逐步依托5日均线、10 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The overall MPOB report for December is slightly bearish, with inventory data exceeding expectations. However, the current shipping survey institutions show a 29% month-on-month increase in Malaysian palm oil export data in January, and as the subsequent production season approaches, the supply pressure of palm oil will decrease [2][3][4]. - The prices of edible oils are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic edible oil supply is stable. Sino-US relations are tense, which has affected the export of new US soybeans and put pressure on prices. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic edible oil fundamentals are neutral, and import inventory is stable [2][3][4]. - The main logic currently revolves around the relatively loose global edible oil fundamentals. The main bullish factor is that the US soybean stock-to-sales ratio remains around 4%, indicating tight supply. The main bearish factors are that edible oil prices are at a relatively high historical level, domestic edible oil inventories are continuously increasing, the macro - economy is weak, and the expected production of related edible oils is high [5]. Summary by Related Catalogs Supply - **Soybean Oil Inventory**: On January 9th, the commercial inventory of soybean oil was 1020000 tons, a decrease of 60000 tons from the previous period and a year - on - year increase of 14.7% [2]. - **Palm Oil Inventory**: On January 9th, the port inventory of palm oil was 736000 tons, an increase of 2200 tons from the previous value and a year - on - year increase of 46% [3]. - **Rapeseed Oil Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250000 tons, a decrease of 20000 tons from the previous value and a year - on - year decrease of 44% [4]. - **Rapeseed Inventory**: Not provided with specific data. - **Domestic Total Edible Oil Inventory**: Not provided with specific data. - **Soybean Meal Inventory**: Not provided with specific data. - **Oil Mill Soybean Crushing**: Not provided with specific data. Demand - **Soybean Oil Apparent Consumption**: Not provided with specific data. - **Soybean Meal Apparent Consumption**: Not provided with specific data.

Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [9] Core View - The supply of natural rubber is increasing, the spot market is strong, and domestic inventories are starting to decrease while tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday. The overall situation is neutral, with both positive and negative factors present [4] Summary by Directory Daily Hints - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are starting to decrease, and tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday [4] Fundamental Data - **Supply and Demand**: Supply is increasing, and domestic inventories are starting to decrease. Tire operating rates are at a high level, but automobile production and sales are declining. Tire production is increasing year - on - year, and tire industry exports are recovering [4][23][29] - **Inventory**: Exchange inventories have changed little recently, while Qingdao area inventories have rebounded. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year, and the Qingdao area inventory increased both week - on - week and year - on - year [4][14][17] - **Import**: Import volume has rebounded [20] - **Spot Price**: The spot price of 2024 whole latex (non - deliverable) increased on February 9, and the US dollar quotation in Qingdao Free Trade Zone is also provided [8][11] Long - Short Factors and Main Risk Points - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - **Likely to Fall Factors**: Negative domestic economic indicators and trade frictions [6] Basis - The spot price is 16,100, and the basis is - 145, showing a bearish signal. The basis weakened on February 9 [4][35]

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: February 10, 2026 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE and PP markets are expected to fluctuate today. The suspension of OPEC's production increase in the first quarter and geopolitical factors have led to strong cost support, but the downstream demand is weak due to the approaching Spring Festival [4][7] Summary by Section LLDPE Overview - **Fundamentals**: The official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ suspended the production increase plan in the first quarter of 2026 due to weak seasonal demand. The current crude oil has returned to volatility, and polyolefins have followed with large fluctuations. Near the Spring Festival, most agricultural film and packaging film enterprises have stopped work, with few overall orders. The current LLDPE delivery spot price is 6650 (+30), and the overall fundamentals are neutral [4] - **Basis**: The basis of the LLDPE 2605 contract is -71, with a premium/discount ratio of -1.1%, which is bearish [4] - **Inventory**: The comprehensive PE inventory is 403,000 tons (+54,000), which is bullish [4] - **Disk**: The 20-day moving average of the LLDPE main contract is upward, and the closing price is below the 20-day line, which is neutral [4] - **Main Position**: The net short position of the LLDPE main contract has increased, which is bearish [4] - **Expectation**: The LLDPE main contract is expected to fluctuate today. With OPEC's suspension of production increase in the first quarter and geopolitical factors affecting oil prices, the cost support is strong. The industrial inventory is neutral, and the downstream has stopped work near the Spring Festival [4] PP Overview - **Fundamentals**: Similar to LLDPE, the official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ suspended the production increase plan in the first quarter of 2026 due to weak seasonal demand. The current crude oil has returned to volatility, and polyolefins have followed with large fluctuations. Near the Spring Festival, the overall start-up of plastic weaving has significantly declined, and the demand for pipes has also been affected by the Spring Festival shutdown. The current PP delivery spot price is 6650 (-0), and the overall fundamentals are neutral [7] - **Basis**: The basis of the PP 2605 contract is 20, with a premium/discount ratio of 0.3%, which is neutral [7] - **Inventory**: The comprehensive PP inventory is 416,000 tons (+15,000), which is bullish [7] - **Disk**: The 20-day moving average of the PP main contract is upward, and the closing price is below the 20-day line, which is neutral [7] - **Main Position**: The net short position of the PP main contract has decreased, which is bearish [7] - **Expectation**: The PP main contract is expected to fluctuate today. With OPEC's suspension of production increase in the first quarter and geopolitical factors affecting oil prices, the cost support is strong. The industrial inventory is neutral, and the downstream has stopped work near the Spring Festival [7] Supply and Demand Balance Tables - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene have generally shown an upward trend, while the import dependence has gradually decreased. The expected production capacity in 2025E is 4.3195 billion tons, with a growth rate of 20.5% [14] - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene have also generally shown an upward trend, and the import dependence has gradually decreased. The expected production capacity in 2025E is 4.906 billion tons, with a growth rate of 11.0% [16] Other Information - **Spot and Futures Market Data**: The report provides detailed spot and futures market data for LLDPE and PP, including prices, changes, and inventory information [9] - **Charts**: The report includes multiple charts showing the price trends, basis, inventory, and production cash flow of LLDPE and PP [10][12][17]