晨间洞察：2026年2月11日

Morning Insight:February 11,2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Naphtha:Near-term Asian naphtha premiums have continued to rise, withthe premium of heavy naphtha over light naphtha reaching a year-on-yearhigh, triggering market concerns over refining and reforming margins inAsia. On the supply side, reduced East–West arbitrage flows appear to bethe main driver of this round of naphtha premium increases. On the onehand, the United States’processing of Venezuelan heavy crude has although a clear short-term inflection point in supply and demand remains Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1.China's central bank on Tuesday said it will continue implementing amoderately loose monetary policy, pledging to support stable economic In its report of the monetary policy implementation in the fourth quarterof 2025, the People's Bank of China (PBOC) said it will calibrate the Last year, the PBOC rolled out a package of monetary and financialmeasures, stepping up countercyclical adjustment to bolster the real It said that overall financial aggregates expanded at a relatively fastpace in 2025, and the credit structure continued to improve. Lending in Looking ahead, the central bank said it will strengthen financial supportfor key areas such as domestic demand, technological innovation, and improvements to its macroprudential and financial stability policy 2. China's 10 top provincial regions by gross domestic product (GDP)accounted for 62.2 percent of the country's overall economic growth in The 10 top-performing regions, including Guangdong, Jiangsu and Shandong, Their combined GDP totaled approximately 85.5 trillion yuan (about 12.3 3. Multiple Chinese authorities have jointly issued guidelines to bolster The guidelines, which were released by the Ministry of Industry andInformation Technology and four other government departments, establish The guidelines call for the active development of the 5G-Advancedindustry, upgrades to existing ground base stations, and the accelerated 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 associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai