2026年2月5日，银河期货有限公司收到28封来自新疆喀什市帕哈太克里乡的手写信。寄信人既有收到善款的大学 生，也有受捐地区的基层干部。信纸朴素，字迹工整，没有华丽的辞藻，只有最真挚的心声："有了这笔助学金，我 对大学生活更有信心了""以后我一定努力学习，毕业后回到家乡，为建设边疆出一份力"。这些滚烫的文字，既是对 爱心帮扶的由衷致谢，更是企业践行社会责任、传递温暖力量的生动见证。 2025年11月，在公司党委的统筹部署下，公司联合永安期货共同捐赠助学善款12万元，用于资助帕哈太克里乡5个村 家庭经济困难但品学兼优的大学新生，银河期货作为发起方和主要出资方承担7.2万元。善款经乡政府严格审核后全 额发放，惠及30名贫困学子。 2026年1月，帕哈太克里乡人民政府专门致函银河期货，感谢公司"以实际行动助力乡村人才振兴"，并指出这笔资 金"不仅缓解了学子们的学费、生活费负担，更让他们真切感受到社会各界的关怀与厚爱"。 这份行动，既是金融行业服务国家大局的一个缩影，也是银河期货党建工作成效的具体体现。当前，我国正处于巩 固拓展脱贫攻坚成果同乡村振兴有效衔接的关键阶段，中央明确要求"守牢不发生规模性返贫致贫底线"，并 ...

每日经济新闻 每经AI快讯，2月9日，据上期所公告，为切实强化风险防范，加强一线监管，规范期货交易行为，保 障期货市场参与者的合法权益，上海期货交易所持续开展自律监管工作。2026年1月份自律监管信息如 下：异常交易行为管理方面，处理异常交易行为125起，其中自成交超限44起，频繁报撤单超限41起， 大额报撤单超限2起，日内开仓量超限38起，均通过会员单位对上述达到异常交易处理标准的客户进行 提示。对1个客户和39个实际控制关系账户组采取限制开仓的监管措施并进行全市场公告。实际控制关 系账户认定与协查方面，对252组564个客户进行实际控制关系认定，对19组70个客户进行实际控制关系 协查。上期所提醒交易者在日常交易中注意合规风险并做好实际控制关系账户的报备。 ...

徽商期货公司党委召开2025年度党组织书记抓基层党建述职评议工作会议 2月3日上午，徽商期货公司党委召开2025年度党组织书记抓基层党建述职评议工作会议。公司党委书记 杨群山主持会议，并对现场述职党组织书记进行逐一点评。公司党委委员、党员领导班子成员，各党支 部书记、党员代表参加会议。 会上书面学习了1月8日中共中央政治局常务委员会会议精神、《党委（党组）书记抓基层党建工作述职 评议考核办法（试行）》、梁言顺书记在2025年度市委（工委）书记抓基层党建工作述职评议会议上的 讲话精神。公司第一、第三、第五以及上海徽丰公司等4个党支部书记围绕2025年抓基层党建工作履职 情况进行了现场述职。其他3个党支部书记进行了书面述职。有关人员对公司7个党支部书记2025年度抓 基层党建工作进行了评议。 杨群山强调，2026年是实施"十五五"规划的开局之年，也是公司面临转型升级的关键一年。一是压实党 建责任。各党支部书记要切实担负起党建"第一责任人"职责，加强党员教育、监督、管理，提升兼职党 务工作人员业务能力和积极性，规范"三会一课"、党费收缴等基础工作，推动支部工作标准化、规范化 水平不断提升。二是深化融合赋能。各党支部 ...

【粕类周报】 内盘弱于外盘，关注巴西卖压 国贸期货 农产品研究中心 2026-02-09 国贸期货研究院 农产品研究中心：黄向岚 从业资格证号：F03110419 投资咨询证号：Z0021658 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 投资咨询业务资格：证监许可【2012】31号 粕类：内盘弱于外盘表现，关注巴西卖压 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏空 | （1）巴西大豆目前处于收割期，根据CONAB，截至1月31日，巴西大豆收割率为11.4%，上周为6.6%，去年同期为8%，五年均值为11.8%。巴西目前新作 的预售进度在32%左右，同比偏慢；USDA预估25/26年度巴西大豆产量达1.78亿吨，预期贴水将面临卖压。（2）根据BAGE，截至1月28日，阿根廷 | | | | 2025/26年度大豆播种完成99.5%，高于一周前的96.2%。目前83.8%的大豆作物评级正常至良好，略低于上期报告的水平。（3）标普全球发布的预估数据 | | ...

Report Title and Information - Report Title: "Pre - holiday Market Sluggish, Disk Oscillates and Adjusts - Double - coking Weekly Report 20260209" [1] - Author: Zhou Guisheng [1] Report Industry Investment Rating - Not mentioned in the report. Core Viewpoints - **For Coking Coal**: Last week, the coking coal market had weak supply and demand, and market sentiment turned weak. With more coal mines shutting down near the Spring Festival, domestic supply tightened. Mongolian coal imports declined slightly. Although the daily average iron - water output on the demand side increased, it basically remained stable, and coke production remained stable. Downstream purchasing enthusiasm weakened. Overall, pre - holiday market sentiment was weak, coking coal supply and demand were relatively balanced, and it would maintain an oscillating trend in the short term. Attention should be paid to post - holiday demand recovery [3]. - **For Coke**: In terms of supply, most coke enterprises maintained normal production, coke production remained stable, and steel mill coke production increased, with overall supply increasing slightly. On the demand side, terminal steel consumption was still in the off - season, steel mill profits were poor, iron - water production remained stable, and with steel mill coke inventories at a medium - high level, they mainly replenished stocks as needed. Currently, coke supply and demand were relatively balanced, inventory levels remained high, and the disk was expected to follow and maintain low - level oscillations. Attention should be paid to post - holiday demand recovery [4]. Summary by Directory Part One: Market Views Coking Coal - **Supply**: The开工率 of 523 sample mines was 86.67% (-2.46%), and the daily average output of clean coal from 523 sample mines was 75.45 tons (-1.62). The capacity utilization rate of 314 coal - washing plants was 35.54% (-1.26%), and the daily average output of clean coal was 26.31 tons (-0.46). The customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly last week, and overall supply continued to tighten [3]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), the available days of coking coal in 247 steel mills were 13.12 days (+0.09), and the available days of coking coal in 230 independent coking plants were 16.51 days (+0.79). Downstream purchasing enthusiasm declined [3]. - **Inventory**: The clean - coal inventory of 523 sample mines was 264.65 tons (-2.53), the inventory of all - sample independent coking plants was 1302.39 tons (+67.6), the steel mill inventory was 824.2 tons (+9.84), the clean - coal inventory of 314 sample coal - washing plants was 334.46 tons (+22.89), and the inventory at major ports was 272.76 tons (-13.62). Downstream inventories were relatively high, and purchasing enthusiasm declined [3]. Coke - **Supply**: The average profit per ton of coke for coking plants was - 10 yuan/ton (+45), the capacity utilization rate of all - sample independent coking plants was 72.2% (+0.34%), the daily output of all - sample independent coking plants was 63.14 tons (+0.3), and the daily coke output of 247 steel mills was 47.24 tons (+0.23). The profit situation improved, but there was still price pressure [4]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), and the available days of coke in 247 steel mills were 12.76 days (+0.22). Steel mills maintained on - demand procurement [4]. - **Inventory**: The inventory of all - sample independent coking plants was 82.74 tons (-1.65), the inventory at major ports was 201.1 tons (-3.04), and the steel mill inventory was 692.38 tons (+14.19). The overall social inventory of coke increased [4]. Part Two: Macroeconomic and Real Estate Tracking - The report presents data on national fixed - asset investment cumulative year - on - year, national real - estate new construction, construction, completion, and sales area cumulative year - on - year, 30 - large - city weekly commercial housing transaction area, steel industry PMI, and manufacturing PMI, but no specific data analysis is provided [6][10][14][17] Part Three: Coking Coal Supply and Demand Tracking - The report shows data on Shanxi Jinzhong Jiexiu medium - sulfur main coking coal purchase price, national mainstream coking coal spot price comparison, coking coal spread tracking, 523 sample coal mines' clean - coal daily output and开工率, 314 sample coal - washing plants' clean - coal daily output and capacity utilization rate, 247 steel mills' daily iron - water output and blast - furnace开工率, inventory data of various parties, and Ganqimaodu Port Mongolian coal customs clearance vehicle numbers, but no specific data analysis is provided [20][25][30][35] Part Four: Coke Supply and Demand Tracking - The report provides data on Lvliang quasi - first - grade metallurgical coke ex - factory price, coke spot price adjustment schedule, coke spot price comparison, coke contract basis, coking enterprise ton - coke profit, independent coking enterprise coke daily output and capacity utilization rate, inventory data of various parties, and 247 steel mills' coke available days, but no specific data analysis is provided [58][60][62][65]

2026年1月31日，徽商期货有限公司在深圳成功举办第十四届"徽商之星"实盘大赛年度及第四季度颁奖 典礼与经验交流会。本次活动以"表彰优秀、交流赋能、共启新程"为核心，汇聚了80余名期货投资爱好 者与行业精英，现场气氛热烈、互动频繁，不仅为获奖选手送上荣誉与肯定，更搭建了一场兼具专业性 与实用性的投资经验共享盛宴，圆满达成预期效果。 作为徽商期货打造的核心投资者服务品牌，"徽商之星"实盘大赛已成功举办十四届，始终秉持"感恩 合 作 共赢 使命"的理念，为广大期货投资者搭建了切磋技艺、交流成长、展示风采的专业平台。历经多季 度的激烈角逐，一批交易功底扎实、投资策略成熟的优秀选手脱颖而出。活动现场，主办方为获得大赛 年度及第四季度佳绩的选手隆重颁奖，见证荣耀时刻的同时，也向所有参赛选手传递了"坚守纪律、理 性投资、持续精进"的交易理念。 经验交流环节是本次活动的核心亮点，徽商期货特别邀请9位获奖精英上台，结合自身实战经历，分享 最前沿、最实用的交易心得与策略技巧，覆盖多个投资维度、兼顾不同交易风格，为现场参会者带来了 一场干货满满的思想碰撞。分享会上，选手们各抒己见、倾囊相授：有的深入拆解交易的底层逻辑，结 合市 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **Pig Industry**: In the short - term, there is an increase in both supply and demand, and the price is not optimistic. In the medium - to - long - term, the supply in the first half of 2026 is expected to increase year - on - year, and the price after the Spring Festival may be under pressure. The price in the second half of the year is expected to strengthen due to capacity reduction, but the process may be slow [4][51]. - **Egg Industry**: Currently, supply is strong and demand is weak, with the near - term contract being weak and the far - term contract being strong. In the medium - to - long - term, the supply reduction process is slow, and one should not be overly optimistic [5][79]. - **Corn Industry**: In the short - term, the market is balanced in terms of purchase and sales, and the price is expected to remain high. In the medium - to - long - term, the supply - demand pattern in the 25/26 season is relatively loose, which will put pressure on the upside space [7][110]. 3. Summary by Directory 3.1 Pig 3.1.1 Periodic and Spot Market - As of February 6, the national spot price was 12.05 yuan/kg, down 0.16 yuan/kg from last week; the Henan pig price was 12.72 yuan/kg, up 0.26 yuan/kg from last week; the pig 2605 contract closed at 11,625 yuan/ton, down 25 yuan/ton from last week; the 05 contract basis was 1,095 yuan/ton, up 285 yuan/ton from last week. The weekly national pig price first rose and then fell, with the center of gravity moving down [4][51]. 3.1.2 Supply Side - The inventory of breeding sows decreased slightly in September 2025 and the capacity reduction accelerated in October. However, due to previous profits, the anti - loss ability increased, and the self - breeding and self - raising profit turned positive in December, so the capacity reduction slowed down. The inventory of breeding sows in December was still above the normal level of 39 million. In the first half of 2026, the supply will remain high, and it will decrease marginally after August but remain in a balanced state. According to piglet and feed data, the supply pressure in the first half of the year is still large [4][51]. 3.1.3 Demand Side - The weekly slaughtering start - up rate and slaughter volume first increased, then decreased, and then increased again, slowly rising. As the Spring Festival approached, the demand improved, but was briefly affected by the sharp drop in pig prices in the middle of the week. The weekly fresh - sales rate increased slightly, and the frozen - product inventory digestion was slow, with the frozen - product storage rate decreasing slightly [4][51]. 3.1.4 Cost Side - The weekly piglet price fluctuated slightly, and the price of binary breeding sows was stable. The self - breeding and self - raising profit narrowed, and the profit of purchasing piglets for breeding turned negative. The cost of self - breeding and self - raising fattening pigs for 5 months decreased compared with last week [4][51]. 3.1.5 Weekly Summary - In the short - term, both supply and demand increase, and the price is not optimistic. In the medium - to - long - term, the supply in the first half of the year increases year - on - year, and the price may be under pressure after the Spring Festival if the inventory is not effectively reduced. The price in the second half of the year is expected to strengthen due to capacity reduction, but the process may be slow [4][51]. 3.1.6 Strategy Suggestion - In the short - term, for near - month off - season contracts, partially close short positions after the price drops and adopt a strategy of shorting on rebounds. For far - month contracts, be cautious about bullish views, and the industry can hedge at high prices when there is profit before the capacity is effectively reduced [4][51]. 3.2 Egg 3.2.1 Periodic and Spot Market - As of February 6, the average price in the main egg - producing areas was 4 yuan/jin, down 0.56 yuan/jin from last Friday; the average price in the main egg - selling areas was 4.02 yuan/jin, down 0.55 yuan/jin from last Friday; the main egg 2603 contract closed at 2,904 yuan/500 kg, down 98 yuan/500 kg from last Friday; the basis of the main contract was - 84 yuan/500 kg, 702 yuan/500 kg weaker than last Friday. The weekly egg price dropped significantly [5][79]. 3.2.2 Supply Side - The inventory of laying hens in January 2026 was at a historical high. The newly - opened laying hens in February corresponded to the replenishment in September 2025, with both month - on - month and year - on - year declines. The current egg price drop has increased the farmers' enthusiasm for culling, but due to the approaching Spring Festival, the culling of old hens is difficult, and the inventory remains high. In the medium - to - long - term, the supply reduction process is slow [5][79]. 3.2.3 Demand Side - As the Spring Festival approaches, the egg price has risen to a relatively high level, and the procurement demand of channels has decreased significantly. The demand in different regions has diverged, and the substitution demand at the terminal has weakened. The inventory in production and circulation links has increased [5][79]. 3.2.4 Weekly Summary - Currently, the supply is sufficient, the demand is weak, and the price is in a weak shock. In the medium - to - long - term, the supply reduction process is slow [5][79]. 3.2.5 Strategy Suggestion - For non - holders, be cautious about shorting; for holders, hold light positions during the Spring Festival. Consider hedging the 05 and 06 contracts at high prices after a rebound [5][79]. 3.3 Corn 3.3.1 Periodic and Spot Market - As of February 6, the closing price of corn at Jinzhou Port in Liaoning was 2,335 yuan/ton, down 5 yuan/ton from last Friday; the main corn 2603 contract closed at 2,274 yuan/ton, up 3 yuan/ton from last Friday; the basis of the main contract was 61 yuan/ton, 8 yuan/ton weaker than last Friday. The weekly national corn price was slightly weak [7][110]. 3.3.2 Supply Side - The national grass - roots grain sales reached 61%, and the post - festival sales pressure may be small. The import of corn in December was 800,000 tons, a significant increase year - on - year. The inventory in the north and south ports increased [7][110]. 3.3.3 Demand Side - The inventory of breeding sows is slowly decreasing, and the poultry inventory is also slowly declining. The current high inventory supports the rigid demand for feed. The deep - processing profit is in a loss state, which limits the increase in deep - processing demand [7][110]. 3.3.4 Weekly Summary - In the short - term, the market is balanced in terms of purchase and sales, and the price is expected to remain high. In the medium - to - long - term, the supply - demand pattern in the 25/26 season is relatively loose, which will put pressure on the upside space [7][110]. 3.3.5 Strategy Suggestion - In the short - term, the spot market is balanced, and the futures price fluctuates within a range. Grain - holding entities can hedge at high prices after a rebound. In the medium - to - long - term, the supply - demand situation in the 25/26 season is relatively loose, which limits the increase in price [7][110].

2月9日盘中，纸浆期货主力合约遭遇一波急速下挫，最低下探至5200.00元。截止收盘，纸浆主力合约 报5200.00元，跌幅0.99%。 纸浆期货主力跌近1%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 西南期货 预计节前纸浆盘面起伏有限 中原期货 预计浆价短期维持偏弱震荡 港口库存持续累积，加剧供应宽松预期；终端需求阶段性停滞，市场缺乏成交基础；节前资金回笼需 求，引发部分持货商让价出货。整体支撑性均偏弱，预计节前盘面起伏有限。 中原期货：预计浆价短期维持偏弱震荡 基本面看，供应压力持续，港口库存连续累库至216.9万吨，环比上涨4.9%，供大于求格局未变。需求 端，春节前备货已基本结束，下游纸厂采购清淡，对高价原料接受度低，整体需求支撑疲软。行情判断 上，高库存与弱需求压制下，预计浆价短期维持偏弱震荡，下方关注5200元/吨附近支撑。风险点在 于，若库存持续累积，价格可能跌破支撑位进一步下探。 国投安信期货 短期纸浆基本面仍然偏弱 西南期货：预计节前纸浆盘面起伏有限 国投安信期货：短期纸浆基本面仍然偏弱 国内纸浆价格偏弱，强势未能延续，其中阔叶浆表现相对偏强。下游纸厂对于高价原料备货意愿谨慎， ...

南华期货生猪产业周报 ——节前备货即将结束 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 2026年2月09日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周生猪市场陷入典型的"节前困境"，其核心矛盾在于：长期产能去化迟缓的背景下，短期供给的集中释放 与"旺季不旺"的终端需求发生激烈碰撞，导致猪价持续探底并击穿行业成本线。具体来看，节前养殖端出于资 金回笼与计划完成压力，推动大体重猪源及二次育肥猪集中上市，供给压力凸显；而终端消费受节前备货带 动的回暖力度有限，无法消化供应增量，市场呈现"供需双弱、供大于求"的格局。这一矛盾更因高企的出栏均 重与积压的二次育肥"活体库存"被进一步加剧，意味着供应压力已形成延续至节后淡季的预期。从根本上说， 当前疲弱态势源于行业产能去化进程缓慢，能繁母猪存栏居于高位，致使市场缺乏反转根基。值得注意的 是，2026年中央一号文件已将生猪产能调控升级为"综合调控"，标志着政策层面主动化解过剩产能的决心， 这将成为影响中长期格局的关键变量。 白条肉宰后均重季节性 source： 南华研究 千克 2022 2023 2024 2025 ...

Report Summary 1. Report's Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Core Viewpoints - In the short - term, the stock index is expected to consolidate after a rebound on low volume. In the long - term, with a low - interest - rate environment and "asset shortage", the domestic market has abundant funds and the economy is bottoming out, so the medium - to - long - term upward trend of the stock index is not expected to end [1]. - Asset shortage and weak economy are beneficial for bond futures, but the central bank has recently warned about interest - rate risks, so attention should be paid to the Bank of Japan's interest - rate decision [1]. - Market sentiment has recovered. In the context of tightening nickel ore supply in Indonesia, supply concerns may continue to disrupt the market. For different metals and commodities, their prices are affected by various factors such as supply and demand, policies, and macro - sentiment [1]. 3. Summary by Related Catalogs Macro - finance - Stock index: Short - term consolidation after rebound, medium - to - long - term upward trend remains [1]. - Bond futures: Asset shortage and weak economy are favorable, but central bank warns of interest - rate risks, focus on Bank of Japan's decision [1]. Non - ferrous Metals - Copper: Prices have rebounded due to improved downstream demand and increased risk appetite [1]. - Aluminum: Prices are oscillating strongly with limited industrial - end drivers and improved macro - sentiment [1]. - Alumina: Operating capacity has declined, but inventories have increased, and prices remain oscillating [1]. - Zinc: Cost center is stable, prices are expected to rebound after a correction due to increased risk - aversion sentiment [1]. - Nickel: Prices have rebounded in the short term, affected by the situation in Indonesia. In the long term, high global inventories may be a constraint [1]. - Stainless steel: Futures are oscillating, with support from the raw - material side and improved macro - sentiment. Attention should be paid to actual production by steel mills [1]. - Tin: Prices are volatile in the short term, and investors should focus on risk management and profit protection [1]. Precious Metals and New Energy - Gold and silver: Have rebounded due to improved liquidity, weak dollar index, and weak inflation expectations. They are expected to stabilize and oscillate before the Spring Festival [1]. - Platinum and lithium: May fluctuate strongly in a wide range in the short term due to improved liquidity [1]. Industrial Products - Industrial silicon: Northwest production is increasing while southwest production is decreasing. Scheduled production of polysilicon and organic silicon decreased in December [1]. - Polysilicon: Suggested to wait and see due to liquidity risks [1]. - Carbonate lithium: In the off - season for new - energy vehicles, with strong demand for energy storage and battery exports. There is a need for a correction after a large increase [1]. - Rebar and hot - rolled coil: High production and high inventory limit price increases, and the transmission from futures to spot prices is not smooth. Unilateral long positions should be closed, and positive arbitrage positions can be taken [1]. - Iron ore: There is obvious pressure above the current level, and chasing long positions is not recommended [1]. - Manganese silicon and ferrosilicon: There is a combination of weak reality and strong expectations. Current supply and demand are weak, but energy - consumption control and anti - involution may affect supply [1]. - Soda ash: Follows glass, with looser supply and demand in the medium term, and prices are under pressure [1]. - Coke and coking coal: Similar logic, mainly depending on capital sentiment during the off - season. Opportunities for high - point realization of spot goods or establishment of positive arbitrage positions should be grasped [1]. Agricultural Products - Palm oil, soybean oil, and rapeseed oil: Are expected to turn to an oscillating trend due to various factors such as the end of pre - festival stocking, purchase expectations, and tariff adjustments [1]. - Cotton: The market is currently in a situation of "having support but no driver". Future policies, planting area, weather, and demand should be monitored [1]. - Sugar: There is a consensus on short - selling due to global surplus and increased domestic supply. If prices continue to fall, there is strong cost support, but the short - term fundamentals lack continuous drivers [1]. - Corn: Is expected to oscillate narrowly in the short term. After the Spring Festival, attention should be paid to the selling pressure of ground - stored grain and policy changes [1]. - Soybean meal: Is expected to oscillate in a range in the short term, affected by factors such as US soybean exports and Brazilian discounts. The spot basis is expected to weaken [1]. - Pulp: With disturbances on the supply side and weakening demand after restocking, it is advisable to wait and see [1]. - Logs: Spot prices have risen, and with a decrease in February arrivals and rising foreign quotes, the futures price has an upward driving force [1]. - Pigs: Spot prices are stabilizing, demand is supportive, and production capacity still needs to be further released [1]. Energy and Chemicals - Crude oil and fuel oil: OPEC+ has suspended production increases until the end of 2026, the US and Iran may hold peace talks, and the geopolitical situation in the Middle East has cooled down. The commodity market sentiment has turned bearish [1]. - Asphalt: Short - term supply - demand contradictions are not prominent, following crude oil. The "14th Five - Year Plan" construction demand may be falsified, and supply is sufficient [1]. - BR rubber: The cost side has strong support, and there are expectations of export increases. Short - term downstream negative feedback is being realized, and the market should pay attention to pre - Spring Festival inventory clearance [1]. - PTA and short - fiber: The PX market is strong, driving up chemical products. PTA production is increasing, and short - fiber prices follow costs closely [1]. - Ethylene glycol: Overseas prices have rebounded, and the reduction in Middle East exports has boosted market confidence [1]. - Styrene: The futures price has rebounded due to improved supply - demand fundamentals, and the inventory has decreased [1]. - Methanol: Affected by the situation in Iran, there are both long and short factors. Downstream negative feedback is obvious [1]. - PVC: Global production capacity expansion is limited in 2026, but the fundamentals are poor. There may be a rush for exports, and capacity may be cleared in the northwest [1]. - LPG: The CP price has risen, and the market is expected to weaken. The basis is expected to widen, and demand is short - term bearish [1]. - Container shipping on the European route: Pre - festival freight rates have peaked and declined. Airlines are cautious about resuming flights and plan to increase prices after the off - season in March [1].