1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The joint issuance of policies by four departments including the People's Bank of China is expected to benefit the cash - flow and credit quality of rural revitalization - related platforms and entities, and may lead to a reduction in the spread of rural revitalization special bonds. The measures proposed by the Hong Kong Special Administrative Region Government's Financial Secretary to improve the offshore RMB bond market are expected to lower the yield of short - term offshore RMB bonds and narrow the term spread of medium - and long - term bonds. In the bond market, there are opportunities for compression of structural spreads, such as long - term urban investment bonds, 3 - 5Y AA+ industrial bonds, and 3 - 5Y AA+ secondary perpetual bonds[11][13][51] 3. Summary by Directory 3.1 This Week's Credit Hot Events - **Four - department joint policy for rural revitalization**: On February 14, 2026, four departments issued an opinion to encourage financial institutions to issue special financial bonds and support eligible enterprises to issue bonds for rural revitalization. On February 24, they issued a notice to adjust the support target and loan amount of small - scale credit for assistance. These policies are expected to improve the financing and credit environment in rural areas and benefit relevant entities[10] - **Hong Kong's measures to improve the offshore RMB bond market**: On February 25, 2026, the Hong Kong Special Administrative Region Government's Financial Secretary proposed measures such as doubling the RMB business fund quota, promoting RMB foreign exchange trading, and regularly issuing RMB bonds. It is expected to improve the offshore RMB bond yield curve and lower short - term yields and narrow medium - and long - term term spreads[12][13] 3.2 Primary Market - **Net financing**: The net financing of traditional credit bonds decreased compared with last week, with a net financing of - 415 billion yuan, a decrease of 1515 billion yuan. The net financing of asset - backed securities was - 513 billion yuan, a decrease of 708 billion yuan. By product type, the net financing of urban investment bonds, industrial bonds, and financial bonds all decreased[14] - **Issuance and redemption quantity**: The issuance quantity of urban investment bonds, industrial bonds, and financial bonds decreased compared with last week, while the redemption quantity of urban investment bonds increased, and that of industrial and financial bonds decreased[16] 3.3 Secondary Market 3.3.1 Transaction Situation - **Trading volume**: The trading volume of credit bonds decreased by 480.1 billion yuan compared with last week. By product type, the trading volume of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all decreased[22] - **Turnover rate**: The turnover rate of credit bonds decreased overall compared with last week. The turnover rates of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all declined[22] 3.3.2 Yield - The yield of credit bonds with different ratings and maturities fluctuated by no more than 5BP compared with last week. Taking AA+ 5Y bonds of each type as an example, the yields of various bonds increased to varying degrees[26][28] 3.3.3 Credit Spread - **Overall situation**: The credit spread of the AA+ leisure service industry widened significantly, while the credit spreads of the AA mining, AA+ commercial trade, and textile and clothing industries compressed significantly. The credit spreads of other industries and ratings fluctuated by no more than 5BP[31] - **Urban investment bonds**: The credit spreads of urban investment bonds with different maturities compressed slightly compared with last week. Most regions' urban investment spreads compressed by no more than 7BP, while a few regions' spreads widened slightly[37][39] - **Industrial bonds**: The credit spreads of industrial bonds with different maturities fluctuated by no more than 5BP compared with last week[41] - **Bank capital bonds**: The credit spreads of bank secondary perpetual bonds with different maturities widened by 0 - 5BP compared with last week[43] 3.4 This Week's Bond Market Public Opinion - The "20 Huabi A1" issued by Country Garden Real Estate Group Co., Ltd. announced an extension[47] 3.5 Investment Suggestions - The central bank had a large - scale net withdrawal of 577.4 billion yuan this week. The credit spreads of the AA+ leisure service industry widened, while those of the AA mining, AA+ commercial trade, and textile and clothing industries compressed. The credit spreads of urban investment bonds compressed slightly, those of industrial bonds fluctuated slightly, and those of bank secondary perpetual bonds widened. There are opportunities for compression of structural spreads in long - term urban investment bonds, 3 - 5Y AA+ industrial bonds, and 3 - 5Y AA+ secondary perpetual bonds[49][51]

Group 1: Amino Acid Market Trends - Multiple amino acid prices in the Chinese market have increased, with methionine quoted at 18.8-19.2 CNY/kg and threonine at 7.4-7.8 CNY/kg[3] - The global pharmaceutical-grade amino acid market is projected to reach $1.14 billion in 2024 and $1.252 billion by 2031, with a CAGR of 1.4%[24] - Wuxi Jinghai, a leading player in the domestic amino acid market, reported a revenue of 406 million CNY in 2025, a 19.62% increase year-on-year[29] Group 2: Market Performance and Valuation - The median price change for consumer service stocks on the Beijing Stock Exchange was +0.77%, with 66% of companies experiencing an increase[37] - The total market capitalization of consumer service companies rose from 1074.91 billion CNY to 1077.02 billion CNY, while the median market cap decreased from 19.39 billion CNY to 19.24 billion CNY[41] - The median TTM P/E ratio for the consumer sector decreased from 52.0X to 50.9X, indicating a slight contraction in valuation[47] Group 3: Company Performance Highlights - Gai Shi Food achieved a revenue of 630.43 million CNY in 2025, up 18.01% year-on-year, with a net profit increase of 14.03%[55] - Vision Smart is expected to report a revenue of 301.88 million CNY in 2025, reflecting a 21.39% growth, with a net profit forecasted to rise by 41.07%[58] - Several companies, including Thunder God Technology and Qingju Technology, reported modest revenue growth, with increases of 2.93% and 0.89% respectively[55]

Investment Rating - The investment rating for the home appliance industry is "Positive" (maintained) [3] Core Viewpoints - The sponsorship of the Spring Festival Gala by Chasing Technology has led to high exposure, and emerging home appliances are expected to move towards "nationalization" [3] - The first quarter of 2026 is a critical observation point for Chasing's marketing cost-effectiveness, with a focus on its main business revenue, market share, and the progress of new business developments [4][20] - The emerging home appliance sector, such as robotic vacuum cleaners, is transitioning from "optional" to "essential," with Chasing leveraging national-level channels for category education, potentially boosting industry penetration rates [4][23] Summary by Sections Marketing and Brand Exposure - Chasing Technology has achieved significant brand exposure through high-profile sponsorships, including the Spring Festival Gala and the Super Bowl, resulting in a substantial increase in search volume and sales performance during the Spring Festival [5][14] - The company has become the first smart technology brand to partner with the Spring Festival Gala, with estimated sponsorship investments reaching several hundred million yuan [9] - Chasing's marketing efforts have led to its brand ranking first in various e-commerce platforms during the Spring Festival, indicating effective conversion of marketing exposure into sales [14] Industry Dynamics - The competitive landscape is expected to change due to Chasing's aggressive marketing, which may accelerate the exit of smaller brands and lead to a reshuffling of market shares among leading brands [4][23] - The home appliance industry is at a pivotal point where new categories are becoming necessities, similar to traditional white goods, driven by increased consumer education and marketing efforts [4][23] Key Data Tracking - The exchange rate of the Chinese yuan against the US dollar appreciated by 170 basis points during the week of February 23-27, 2026, which may not significantly impact the core competitiveness of export companies [6][33] - The LME copper spot price reached $13,439.5 per ton, reflecting a week-on-week increase of 5.4%, indicating upward pressure on raw material prices [6][33]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The report highlights that supply constraints and downstream price increases are driving tungsten prices to new highs [4] - The rare earth market is experiencing tight supply, with prices for praseodymium and neodymium oxide reaching new highs due to downstream restocking [6] - Molybdenum prices are rising due to post-holiday restocking demand, while tungsten prices are increasing due to supply reductions and downstream price adjustments [6] - Tin prices have surged significantly due to geopolitical tensions affecting supply chains, particularly from key producing regions [6] - Antimony prices are showing signs of recovery, with expectations for improved export data to support further price increases [6] Summary by Category Rare Earths - Praseodymium and neodymium oxide prices increased by 4.71% to 890,000 CNY/ton, dysprosium by 9.83% to 1,620,000 CNY/ton, and terbium by 1.56% to 6,525,000 CNY/ton [11][6] - Supply remains tight due to policy and supply-side constraints, with downstream magnetic material companies shifting from just-in-time purchasing to stockpiling [6] Molybdenum - Molybdenum concentrate prices rose by 6.48% to 4,435 CNY/ton, and molybdenum iron (Mo60) prices increased by 5.42% to 282,000 CNY/ton [18][6] - The market is experiencing a decrease in liquidity due to reduced mine output and low inventory levels at smelters [6] Tungsten - Black tungsten concentrate prices increased by 13.13% to 784,000 CNY/ton, and ammonium paratungstate prices rose by 13.66% to 1,165,000 CNY/ton [25][6] - Supply constraints from stricter mining regulations and reduced operational rates are pushing prices higher [6] Tin - SHFE tin prices surged by 24.04% to 453,240 CNY/ton, while LME tin prices increased by 18.89% to 57,425 USD/ton [31][6] - Supply chain concerns from geopolitical tensions in key producing regions are contributing to price volatility [6] Antimony - Antimony ingot prices rose by 1.82% to 167,500 CNY/ton, and antimony concentrate prices increased by 2.08% to 147,500 CNY/ton [46][6] - The market is awaiting signals of export recovery to support further price increases [6]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report indicates that after the Spring Festival, there has been a significant accumulation of copper and aluminum inventories, which may lead to short-term price fluctuations [3][5] - The report highlights that the supply side for copper is facing challenges, with Chile's copper production in January down by 3% year-on-year, while domestic copper inventories have surged by 50.37% [5] - The report suggests that the demand for copper may stabilize with the upcoming peak season, but the short-term outlook remains cautious due to inventory pressures [5] - For aluminum, the report notes a similar trend of inventory accumulation, with a potential for price fluctuations in the short term, while long-term demand may increase due to the "aluminum replacing copper" trend in the home appliance sector [5] - Lithium prices are expected to rise due to supply disruptions in Zimbabwe and increasing demand, with carbonate lithium prices up by 19.65% to 172,000 yuan/ton [5][78] - Cobalt prices are also on the rise, with domestic cobalt prices increasing by 2.11% to 435,000 yuan/ton, driven by tight supply conditions [5][90] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has shown strong performance, with the sector index rising by 9.77%, outperforming the Shanghai Composite Index by 7.79 percentage points [11][12] - The report notes that the overall market sentiment is positive, with specific stocks like Yunnan Zhenye and Zhangyuan Tungsten showing significant gains [11] 2. Industrial Metals - Copper prices have increased, with LME copper up by 5.16% and SHFE copper up by 3.53%, while inventories have also risen significantly [26] - Aluminum prices have seen a modest increase, with LME aluminum up by 2.76% and SHFE aluminum up by 1.41%, despite rising inventories [38] - Lead and zinc prices have shown slight increases, with lead prices up by 1.44% and zinc prices up by 0.15%, while zinc inventories have seen a notable rise [49] 3. Energy Metals - Lithium prices have surged, with lithium carbonate up by 19.65% and lithium spodumene up by 18.60%, indicating a strong demand outlook [78] - Cobalt prices have also increased, with MB cobalt up by 0.58% to 26.08 USD/pound, reflecting ongoing supply constraints [90]

Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [4][6] Core Viewpoints - The recent surge in gold and silver prices is attributed to geopolitical tensions, particularly between the US and Iran, and changes in US tariff policies. Gold prices increased by 4.55% to $5222.30 per ounce, while silver prices rose by 16.32% to $89.98 per ounce [5][10] - The report highlights that the "Trump 2.0" and "rate cut trade" will continue to provide strong momentum for gold prices in the medium term, with potential for further increases due to ongoing geopolitical risks and inflation concerns [5][6] - Central banks are expected to maintain significant gold purchases, with China's gold reserves reaching 74.19 million ounces by the end of January 2026, an increase of 40,000 ounces from the previous month [6] Summary by Sections Price Trends - In the last two weeks, London spot gold rose by 4.55% to $5222.30 per ounce, while the Shanghai gold price increased by 3.41% to 1147.90 yuan per gram. London spot silver surged by 16.32% to $89.98 per ounce, and the Shanghai silver price rose by 16.36% to 23019 yuan per kilogram [10][15] US Economic Data and Federal Reserve Tracking - The report notes that the US core PCE inflation rate returned to 3%, and GDP growth significantly slowed to an annualized rate of 1.4% for Q4 2025, below all economists' forecasts [5][6] Positioning and Trading Volume - The report indicates an increase in trading volumes for both gold and silver, with Shanghai gold holdings rising by 0.67% to 302,300 contracts and Shanghai silver holdings increasing by 3.91% to 524,700 contracts [10][15] Domestic and International Price Differences - The report states that the gold price difference between domestic and international markets is -30.94 yuan per gram, while the silver price difference is 2011.45 yuan per kilogram [61] Futures Basis Situation - As of the last week, the international gold basis (spot-futures) was -74.10 USD per ounce, a decrease of 5.25 USD from two weeks prior, while the domestic gold basis was -5.42 yuan per gram, down by 3.82 yuan [64]

Investment Strategy Summary - The report indicates that the long-term bond market experienced a rebound in early February, followed by a phase of adjustment towards the end of the month, primarily due to profit-taking by brokers and funds after the relaxation of real estate policies in Shanghai [1] - The net selling of ultra-long-term bonds (over 20 years) by brokers and funds amounted to 40.3 billion on February 26 and 27, contributing to a total net selling of 97 billion from January 1 to February 27, compared to 51.5 billion during the same period last year [1] - Despite the significant net selling by trading accounts, the rise in bond yields has increased the allocation value of ultra-long bonds, prompting banks to increase their holdings [1] Market Dynamics - The report highlights that the central bank's bond purchasing scale has expanded, with a purchase of 100 billion in January, an increase of 50 billion from the previous month, which is expected to improve the supply-demand relationship for government bonds [1] - The report suggests that the investment strategy for the bond market in 2026 should focus on monitoring the scale of central bank bond purchases, the timing of policy interest rate cuts, and when risk appetite may decline [1] Yield Expectations - The report anticipates that the yield on 10-year government bonds may reach a low of 1.75% in Q1 and potentially drop to 1.70% in Q2, with the overall yield expected to fluctuate between 1.6% and 1.9% throughout 2026 [1] - The report also notes that the current steep yield curve makes it challenging for banks to cover their funding costs with bonds maturing within 5 years, suggesting that extending the duration of bond holdings may be a practical choice [1] Investment Recommendations - The report recommends taking advantage of trading opportunities in the long-term bond market, especially given the recent appreciation of the RMB and the decline in yields of developed countries' 10-year bonds, which is favorable for the Chinese bond market [1] - It is suggested that the allocation of ultra-long bonds by insurance funds may increase in March, with the yield on 30-year government bonds expected to drop below 2.20% [1]

Group 1 - The North Exchange 50 Index increased by 0.36% in February 2026, outperforming the ChiNext 50 and Sci-Tech 50 indices [3][6][30] - In February 2026, 14 companies saw their stock prices rise by 10% or more, with *ST Yun Chuang, Yi Neng Power, and Can Neng Power exceeding 20% growth, primarily in the power and related industries [3][13][10] - The average daily trading volume on the North Exchange fell to 191 billion yuan in February 2026, with a monthly turnover rate of 28% [3][18][31] Group 2 - As of February 27, 2026, the overall price-to-earnings (PE) ratio of the North Exchange A-shares reached 49 times, which is 103% of the ChiNext's valuation and 58% of the Sci-Tech board's valuation [21][30][32] - The report highlights that 295 companies on the North Exchange released their 2025 performance reports, with 63% showing revenue growth, and 21 companies reported net profit growth exceeding 100% [24][25][26] - Companies such as Tian Gong Co., Zhuo Zhao Adhesive, and Hai Neng Technology are noted for significant revenue and profit growth, indicating strong performance in the market [24][25][26] Group 3 - The report emphasizes the importance of focusing on companies with strong performance forecasts, particularly those with significant improvements in Q4 2025, such as Tian Gong Co. and Zhuo Zhao Adhesive [26][27] - The upcoming quarterly adjustment of the North Exchange 50 Index on March 16, 2026, is expected to attract passive fund allocations to newly included stocks, with Bi Kang Technology being highlighted for its potential impact [26][27] - The report suggests monitoring sectors likely to receive policy support, such as quantum technology and commercial aerospace, to identify quality investment opportunities [26][27]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Views of the Report - Forecasts for February 2026: 750 billion yuan in new loans, 1.99 trillion yuan in social financing increment, M2 reaching 349.2 trillion yuan with a YoY increase of 8.9%, new - caliber M1 YoY increase of 5.0%, and social financing growth rate of 8.1% [2] - New loans in February may be less than the same period last year due to weak real - economy financing demand, mortgage prepayment pressure, and weak consumer credit demand. It is expected that short - term personal loans will be - 30 billion yuan, medium - and long - term personal loans will be - 15 billion yuan, short - term corporate loans will be + 30 billion yuan, medium - and long - term corporate loans will be + 45 billion yuan, and bill financing will be + 30 billion yuan [3] - M2 growth rate in February may be stable. The new - caliber M1 growth rate is expected to be 5.0% at the end of February 2026, with little change from the previous month. M2 growth rate is expected to be 8.9% [3] - Social financing increment in February may be less than the same period last year, and the growth rate will decline slightly. The social financing growth rate may continue to decline in the next few months and reach about 7.5% by the end of 2026. The social financing increment in 2026 is predicted to be about 35 trillion yuan [3] - The adjustment of long - term bonds may be an opportunity. After the adjustment at the end of February, the yield of long - term bonds is expected to fall again after the sentiment stabilizes. The target points for the 10Y Treasury bond are 1.75% in Q1 and 1.70% in Q2. It is expected that the 10Y Treasury bond yield will fluctuate between 1.6% - 1.9% in 2026 [3] 3. Summary by Relevant Catalogs Forecast of New Loans - In February 2026, new loans are expected to be 750 billion yuan, less than the same period last year. Due to factors such as weak real - economy financing demand, mortgage prepayment pressure, and weak consumer credit demand, the new loans in 2026 may still be less than the same period last year [2][3][7] Forecast of M2 and M1 - The new - caliber M1 growth rate at the end of February 2026 is expected to be 5.0%, with little change from the previous month. The M2 growth rate at the end of February is expected to be 8.9%, relatively stable [3] Forecast of Social Financing - The social financing increment in February 2026 is predicted to be 1.99 trillion yuan, less than the 2.23 trillion yuan in February 2025. The social financing growth rate at the end of February is expected to drop to 8.1%. The social financing growth rate may continue to decline in the next few months and reach about 7.5% by the end of 2026. The social financing increment in 2026 is predicted to be about 35 trillion yuan [2][3][10] Analysis of Long - Term Bonds - The adjustment of long - term bonds at the end of February may be an opportunity. After the sentiment stabilizes, the yield of long - term bonds is expected to fall again. The target points for the 10Y Treasury bond are 1.75% in Q1 and 1.70% in Q2. It is expected that the 10Y Treasury bond yield will fluctuate between 1.6% - 1.9% in 2026. The allocation of ultra - long bonds by insurance funds may increase in March, and the yield of the 30Y Treasury bond active bond is expected to reach 2.2% [3]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights the ongoing price adjustments by Lao Pu Gold, which is expected to maintain high gross margins due to the rising gold prices, with a year-to-date increase of 15% as of February 27, 2026 [5] - Taobao Flash Sale is increasing its investment, with a focus on instant retail, which is anticipated to benefit the tea beverage sector, particularly brands like Gu Ming and Mi Xue Group [5] - The recent submission of the prospectus by Han Mu Hua Tian for listing on the Hong Kong Stock Exchange indicates the company's growth in the personal care market, where it holds leading positions in several categories [5] - The report emphasizes the importance of understanding new consumer narratives to capture growth opportunities in emerging consumer goods, recommending attention to high-quality domestic brands in beauty care, gold jewelry, trendy toys, and ready-to-drink tea [5][19] Summary by Relevant Sections Industry Performance - The new consumption sector saw a weekly performance with the beauty care index up by 1.45%, while the retail index decreased by 1.64% [8] Key Industry Data - Retail sales in the cosmetics category increased by 8.8% year-on-year, while gold and silver jewelry retail sales rose by 5.9% [11][12]