晨间洞察：2026年2月10日

Morning Insight:February 10,2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： LNG:Supply has rapidly returned to a loose balance. With the U.S. coldweather over, gas output has recovered to around 550 MMcm/d, back tonormal levels. LNG loadings from Australia, Qatar, Russia, Nigeria, andother exporters have increased month on month,leaving overall supply European gas storage stands at around 40%, 12–14 percentage points lowerthan in previous years, and the inventory gap between Europe and the U.S. Platinum and Palladium:Platinum and palladium rebounded yesterday intandem with gold and silver as valuations recovered, with the main SHFE divergence between the two: the forward structure of London platinumcontinues to ease marginally, while palladium’s forward discount remainsaround 4% across all tenors. In the New York market, although calendarspreads are still in contango, with annualized premiums of 2.6% forplatinum and 5.9% for palladium at Monday’s close, inventories have begunto flow out, alongside continued ETF outflows. These features suggest Ferrous metals:weakening support from raw materials has driven thecomplex’s center of gravity lower. From a medium-term perspective, upside end of winter stockpiling of raw materials and a phase of weakeningdemand expectations, as well as the potential release of liquidity fromhigh iron ore inventories following progress in negotiations, with spotprices leading futures lower. In the short term, bullish factors Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. The People's Bank of China on Monday announced that it has authorizedthe Bank of China's (BOC's) London branch as a renminbi (RMB) clearing The central bank announced the decision in a memorandum of understanding Drawing on a century of expertise in cross-border finance and its well- supportive infrastructure for the internationalization of the renminbi, It said that in the future, further efforts will be made to promote thedevelopment of London's offshore RMB market while pursuing continued 2. The Shanghai, Shenzhen and Beijing stock exchanges on Monday announced The move aims to better support the innovative development of high-quality listed companies, accommodate the refinancing needs of sci-tech For well-performing companies with standardized governance andinformation disclosure, as well as strong market recognition, the To address the needs of sci-tech firms, the Shanghai and Shenzhenexchanges have proposed that they will solicit public opinion on the Companies listed on the Shanghai, Shenzhen and Beijing exchanges that aretrading below their issue prices may raise funds through such means as 3. Chinese stocks opened higher on Monday, with the benchmark Shanghai Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks assoc